[E-Daily YU JIN-HEE Reporter] “Key executives at Ingenia Therapeutics recently met with major financial investors (FIs), including Intervest and Aurum Asset Management, and secured commitments to hold their stakes in the company for the long term. Given that Ingenia’s enterprise value has not yet been properly recognized due to domestic market conditions and other factors, this appears to be a strategy aimed at securing high investment returns through long-term holdings.”

Management Takes a Hands-On Approach to Secure Commitments for Long-Term FI Holdings… Avoiding Concerns of Shares Being Sold One Month Later

A senior securities industry official familiar with Ingenia’s internal affairs made these remarks during a recent meeting with E-Daily. According to investment banking (IB) industry sources on the 24th, Ingenia’s management recently held a series of meetings with senior executives from key institutional investors—including Intervest and Aurum Asset Management—that hold more than a 5% stake in the company.

At these meetings, major investors agreed that they would not rush to sell their holdings on the market once the one-month mandatory holding period following the IPO ends, but would instead hold them for the long term. Previously, during the process of listing in the form of Korean Depositary Receipts (KDRs), estimates indicated that the total tradable supply would increase to 58.3% (28,871,128 DRs) of the total number of securities scheduled for listing one month after the IPO, raising concerns about a large potential selling burden (overhang).

The main contributors to this increase were major institutional investors holding 5% or more of the shares. As of the pre-IPO period, Intervest (13.61%) held 4,734,862 DRs, Aureum Asset Management’s New Technology Investment Fund No. 1 (13.19%) with 4,454,811 DRs, and No. 2 (8.83%) with 1,659,747 DRs—the combined holdings of these three entities alone totaled 10,849,420 DRs. This represents 66.9% of the shares scheduled to be released one month after listing.

As these institutions have clarified their intention to hold the shares long-term, and given that Financial Investors (FIs)—who held approximately 67% of the new shares that had raised concerns about a sell-off one month after listing—have also expressed their intention to hold long-term, concerns regarding a short-term overhang are expected to be largely alleviated.

However, during the first week of listing, Ingenia’s stock price exhibited high volatility as market anticipation clashed with short-term profit-taking. On the 18th, the first day of trading, the stock closed at 17,990 won—a 49.92% surge from the initial public offering price (12,000 won)—but fell to 14,100 won on the 19th due to profit-taking. Subsequently, on the 20th, the stock hit the daily price limit, soaring to 18,330 won. On the 21st, it closed at 15,770 won, marking a pause in its upward momentum.

Against this backdrop, institutional investors opted for a long-term holding strategy based on the assessment that the current stock price is significantly undervalued relative to the company’s intrinsic value. They believe that fully capitalizing on the upcoming major research and development (R&D) achievements and global technology export successes—rather than seeking short-term profits—is the path to maximizing investment returns.

Ingenia’s financial performance is already on a steep upward trajectory. The company successfully returned to profitability in the second quarter of this year, posting revenue of $5 million (approximately 6.94 billion won), operating profit of $360,000 (approximately 500 million won), and net income of $470,000 (approximately 650 million won).

This was largely driven by the inflow of milestone payments following the initiation of two global Phase 3 clinical trials for “IGT-427” (Merck code name: MK-8748), a treatment for retinal diseases led by the global big pharma company Merck (MSD) in the U.S., targeting wet age-related macular degeneration (wAMD).

The cumulative loss for the first half of the year was also reduced by more than half. The operating loss for the first half of this year was $4.98 million (approximately 6.91 billion won), a sharp 52.9% decrease compared to the same period last year ($10.56 million). With two global Phase 3 clinical trials for diabetic macular edema (DME) also launched consecutively in August and September, the trend toward improved profitability is expected to gain further momentum in the second half of the year as additional milestone payments are received.

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Trillion-Won Technology Export Deal for ‘IGT-303’: Following in the Footsteps of Alteogen Inc. and LigaChem Biosciences

Analysts say it is only a matter of time before the value of Ingenia’s core assets expands. Merck has even designated IGT-427 as one of its “Top 10 Core Assets” to defend against the 2028 patent expiration of its immuno-oncology drug “Keytruda.” IGT-427, based on Ingenia’s proprietary platform technology “LCIDEC,” has demonstrated superior efficacy compared to existing blockbuster therapies “Eylea” and “Bavismo” through its innovative mechanism of action that repairs damaged microvessels. If clinical trials conclude in 2028, followed by U.S. Food and Drug Administration (FDA) approval in 2029 and successful commercialization in 2030, Ingenia will secure substantial global sales-linked royalties.

A technology export (L/O) deal worth trillions of won for its next pipeline candidate is also imminent. “IGT-303,” a treatment for chronic kidney disease (CKD), is currently undergoing a global Phase 2a clinical trial in South Korea, Australia, and New Zealand, and the company is in negotiations with multiple global pharmaceutical companies regarding a technology export agreement. Utilizing “TIE-body” antibody technology that activates the TIE2 receptor in renal glomeruli, the drug demonstrated a 58% reduction in proteinuria in preclinical studies in non-human primates.

This year, the global chronic kidney disease market is projected to reach $33.62 billion (approximately 46.66 trillion won), which is significantly larger than the ophthalmic disease market. Unlike IGT-427, which was valued at 1 trillion won during the preclinical stage, IGT-303 has entered negotiations based on clinical data from human trials; as a result, a mega-deal worth trillions of won is expected to be finalized as early as the first half of next year.

In addition, by investing 60 billion won raised through a public offering along with its existing liquidity, the company is pursuing a series of technology exports for its follow-up pipeline, including a glaucoma treatment (IGT-302), a solid tumor treatment (IGT-532), and a pulmonary arterial hypertension treatment (IGT-627). The pharmaceutical and biotech industry anticipates that if Ingenia’s technology export achievements and commercialization roadmap bear fruit sequentially, the company will establish itself as a leading large-cap biotech stock on the KOSDAQ market, following in the footsteps of Alteogen Inc.(196170)and LigaChem Biosciences(141080).

An Ingenia official emphasized, “We are proving the value of our independently developed microvascular normalization platform technology in the global market,” adding, “Through overwhelming clinical data and major global licensing agreements, we will maximize shareholder value and achieve a quantum leap in corporate value.”

However, regarding the series of meetings with financial investors (FIs), the official remained tight-lipped, stating, “We cannot confirm any details regarding this matter.”