[Edaily Reporter KIM SUNG-JIN ] On the 21st, the stock price of NeoImmuneTech, Inc.(950220), a developer of immuno-oncology drugs, hit the daily price limit, marking its second consecutive day at the limit following the previous trading day (the 20th). NeoImmuneTech, Inc.’s consecutive sharp rises are attributed to a technology transfer agreement with a U.S. biotech company. This agreement marks NeoImmuneTech, Inc.’s first technology export achievement since its KOSDAQ listing in 2021.

However, it is noteworthy that NeoImmuneTech, Inc. received the upfront payment for this technology export in the form of equity in the partner company rather than cash. In particular, since this is the company’s first technology export while its core compound, NT-I7, has yet to demonstrate concrete results, some observers say the company’s technological capabilities are now being put to the test.

First Technology Export Drives Stock to Daily Price Limit for Two Consecutive Days… Expanding NT-I7 as a Thymus Treatment

According to KG Zeroin MP Doctor (formerly Marketpoint), NeoImmuneTech, Inc.’s stock price closed at 2,850 won today, up 29.84% from the previous day. The stock had already hit the daily price limit the day before with a 29.88% gain, marking two consecutive days of sharp price surges.

NeoImmuneTech, Inc.’s recent surge in stock price is attributed to a technology transfer agreement signed with the U.S. biotech company Tolerance. NeoImmuneTech, Inc. announced on the 19th that it had signed a technology transfer agreement with Tolerance to transfer exclusive development and commercialization rights for NT-I7 (efineptakin alfa) for indications related to thymic insufficiency. The total contract value is 366.9 billion won, and the company is set to receive additional tiered running royalties at an agreed-upon rate based on annual net sales following commercialization.

What NeoImmuneTech, Inc. exported in this deal is not all indications for the drug NT-I7, but rather the commercialization rights for the indication related to thymic hypofunction. NT-I7 is a cytokine that aids in the generation, differentiation, proliferation, and survival of T cells in the body, and is known to promote the function of the thymus—the organ where T cells are produced and mature. Tolerance plans to utilize NeoImmuneTech, Inc.’s technology to actively pursue the development of a thymus therapy. The company has set a goal of commencing a Phase 2 clinical trial.

Tolerance is a relatively new biotech company founded in 2023 by Francisco León, who has a track record of developing new drugs at companies such as Bristol-Myers Squibb (BMS), AstraZeneca, and Janssen (J&J). Francisco León, CEO of Tolerance, is an executive with experience co-founding two biotech companies: his first startup, Celymun, was sold to Amgen in 2017, and his second, ProGen Bio, was sold to Sanofi in 2023.

Upfront Payment in Equity, Not Cash… “Expectations for Tolerance’s Enterprise Value to Rise”

The total value of this agreement is $260 million (approximately 366.9 billion won), which includes milestone payments tied to clinical development and sales targets. The company will also receive additional tiered royalties at an agreed-upon rate based on annual net sales following commercialization.

However, one notable feature of this agreement is that NeoImmuneTech, Inc. agreed to receive the upfront payment in the form of equity rather than cash. NeoImmuneTech, Inc. agreed to receive shares representing a 4% stake in Tolerance as the upfront payment. Consequently, no immediate cash inflow is expected from this transaction.

Regarding the decision to acquire equity instead of cash, a representative of NeoImmuneTech, Inc. explained, “We expect the value of Tolerance to rise significantly in the future.”

According to its first-half report, NeoImmuneTech, Inc. currently holds approximately $24 million (about 33 billion won) in cash. Although the company has never posted an operating profit since its IPO, it has raised capital through measures such as rights offerings.

Clinical Trials Suspended One After Another… “NT-I7 Results” Put to the Test with This Technology Export

NeoImmuneTech, Inc. has pursued a strategy of expanding its core pipeline, NT-I7, in multiple directions. This includes combination therapies with immune checkpoint inhibitors such as Keytruda, as well as treatments for acute radiation syndrome (ARS) and multiple myeloma. Among these, multiple myeloma is an area where clinical trials have recently begun. NeoImmuneTech, Inc. received approval for its Investigational New Drug (IND) application from the U.S. Food and Drug Administration (FDA) in November 2025 and is currently conducting a clinical trial in combination with Janssen’s BCMA CAR-T therapy.

However, there have been quite a few instances where plans to expand into various indications were halted. Last May, the company announced that it was voluntarily withdrawing its Phase 2 clinical trial for non-small cell lung cancer. This was the result of the company’s failure to enroll 83 patients, despite receiving IND approval from the FDA in October 2020.

At the time, NeoImmuneTech, Inc. stated, “This is to focus on the areas where our strengths can be best utilized,” adding, “We will accelerate development centered on the ARS and CAR-T combination program.”

Previously, in 2023, the company had decided to voluntarily halt clinical trials for three solid tumors—glioblastoma, skin cancer, and stomach cancer—and also decided to voluntarily withdraw a clinical trial targeting high-risk skin cancer that same year.

Consequently, industry interest in NeoImmuneTech, Inc.’s latest technology export is expected to be even higher. This is because the company achieved this technology export success at a time when it had been attempting to secure various indications based on NT-I7 but had yet to produce concrete results.

A NeoImmuneTech, Inc. official explained, “Considering the pipeline the company has developed so far, the thymus is an area we have never directly developed in, so the contract was structured as a combination of technology export and equity investment to expand into this new business.”