[Edaily Reporter Minji Son ] Overnight, pharmaceutical and biotech stocks performed strongly on the New York Stock Exchange, bringing a tailwind to domestic pharmaceutical and biotech stocks on the 16th. On the Korea Composite Stock Price Index (KOSPI) market, #SAMSUNG EPIS HOLDINGS and #SAMYANG BIOPHARM CORPORATION rose. On the KOSDAQ market, #LivsMed Inc., HANS BIOMED CORPORATION(042520), L&C BIO(290650), and #LigaChem Biosciences all saw significant gains.

However, this was largely driven by improved sector-wide investor sentiment as the market continued its sharp rally—including the temporary suspension of program buy orders (the “buy sidecar”) on the KOSDAQ market that day. There were few distinct individual catalysts driving the gains in specific stocks. Many in the industry agreed that the day’s gains were largely a reversal of the sector-wide decline, and that specific factors such as individual companies’ clinical trials or earnings were only minimally reflected in stock prices.

A biotech industry official stated, “Domestic pharmaceutical and biotech stock prices have fallen significantly recently as funds have been heavily concentrated in semiconductor stocks,” adding, “It appears the rebound occurred as this trend stabilized somewhat, but there is still a long way to go before a full recovery.”

Rigacem Takes First Step in CLDN18.2 ADC Clinical Trial

Amid this situation, LigaChem Biosciences was highlighted as a stock with specific catalysts. According to KG Zeroin’s MP DOCTOR (formerly Marketpoint), LigaChem Biosciences closed at 68,200 won on the KOSDAQ market that day, up 8.60% (5,400 won) from the previous trading day. During the session, the stock even surpassed the 70,000 won mark.

The stock price rise is believed to be driven by news that “LCB02A,” a Claudin 18.2 (CLDN18.2)-targeted antibody-drug conjugate (ADC) candidate currently under development by LigaChem Biosciences, has completed the first patient dosing in its global Phase 1/2 clinical trial. The U.S. Food and Drug Administration (FDA) approved the Investigational New Drug (IND) application for LCB02A last May. The first patient dosing took place on the 15th (local time) at a clinical site in North America.

This clinical trial targets patients with CLDN18.2-positive advanced solid tumors who have failed prior treatments. Up to 191 patients will be enrolled; the Phase 1 trial will first evaluate safety and tolerability and determine the appropriate dosage. Subsequently, in the Phase 2 dose-escalation phase, the company plans to assess the anticancer efficacy in patients with solid tumors that express CLDN18.2, such as gastric cancer, gastroesophageal junction cancer, and pancreatic cancer.

CLDN18.2 is a protein found in certain solid tumors, such as gastric cancer and pancreatic cancer. It has become a focus of anticancer drug research because it enables the development of therapies that deliver drugs by targeting molecules that are highly expressed in cancer cells. Currently, the only approved therapy targeting CLDN18.2 is Astellas’ “Viloiy” (generic name: zolbetuximab); however, this is a monoclonal antibody, not an ADC. No CLDN18.2-targeted ADC has yet been approved worldwide. From LigaChem Biosciences’ perspective, since the market is still in its formative stages, the company aims to secure commercialization potential by first demonstrating efficacy and safety in clinical trials.

Ligacem Bio’s Strategy as a Latecomer: ‘A Different Payload’

The company emphasizes the “payload”—the anticancer drug component—as the key differentiator of LCB02A. An ADC is a therapeutic that delivers an anticancer drug to cancer cells by attaching it to an antibody that seeks out those cells. LCB02A is based on LigaChem Biosciences’ proprietary ADC platform, “Conjuol,” and combines exatecan with a CLDN18.2-targeting antibody. Exatecan is a payload belonging to the topoisomerase 1 (Topo1) inhibitor class. The company explained that it achieved a uniform structure by attaching four drug molecules to a single antibody using a highly stable linker in the bloodstream.

LigaChem Biosciences official stated, “Candidate compounds from Chinese or global companies that are further along in clinical development are using payloads from different classes,” adding, “We expect LCB02A to be competitive in terms of efficacy and safety compared to benchmark ADCs in preclinical trials.”

The company believes that this difference in payload could broaden its opportunities to enter the market as a latecomer. The company envisions that even if candidate drugs developed by other companies are approved and enter the market first, LCB02A could serve as an alternative for patients who develop resistance to that treatment or who require other treatment options.

A representative from LigaChem Biosciences said, “We have considered not only the market where we compete directly with existing candidates but also the market where we provide treatment options using a different payload for patients who have developed resistance after using those drugs.”

LigaChem Biosciences plans to present two posters detailing the preclinical study results and global clinical trial design for LCB02A at the European Society for Medical Oncology (ESMO) Annual Congress 2026, to be held in Madrid, Spain, from the 23rd to the 27th. Through these presentations, the company intends to disclose the rationale behind the development of this candidate drug, which combines the Conjuol platform with exatecan.

The first clinical results are expected to be available as early as the second half of next year. A LigaChem Biosciences official stated, “Since we are still in the initial phase of patient dosing, it is difficult to pinpoint the exact timing for the results announcement,” but added, “We anticipate that initial results will begin to emerge in the second half of next year, and we should be able to confirm some results by the first half of the year after next at the latest.”

The company is keeping both in-house development and technology transfer as options for commercialization. Whether to develop LCB02A in-house through late-stage clinical trials or to form a partnership with a global pharmaceutical company during the clinical process will be determined based on future data and contract terms.

A LigaChem Biosciences official said, “If a good partnership opportunity arises, we may pursue technology transfer,” adding, “We are currently preparing for both in-house clinical trials and technology transfer.”