WiBiologics Corporate Analysis

WiBiologics Corporate Analysis

[Overview]
•Antibody drug development platform

•Profit model: Self-development platform, joint development platform, and contract research service (average sales of 3.5 billion won per year)

• The number of technologies transferred to overseas companies based on the company's antibody substances is 3, 12 types of co-development pipelines, and 4 new antibody drug platform technologies

•Antibodies, a key component of the company, are a key component in giving high-tech biopharmaceuticals their targetability (excellent scalability)

[Core competitiveness - Antibody Discovery Platform]
•The main point of the antibody discovery platform is antibody discovery technology, which is centered on the complete human antibody library 'Ymax-ABL', and the T-cell double antibody platform 'ALiCE'

•Ymax-ABL (Full Human Antibody Library) has more than 100 billion diversity and has antibodies that can respond to almost all antigens (global top tier level)
→ Existing other companies make antibodies through animal experiments and use them modified to suit humans, and we have strengths in this area because we conduct targeted tests for humans from the beginning

•ALiCE is a 2-by-1 structure that binds to cancer cells and T-cells to limit toxicity and enhance anticancer effects
→ It's a T-cell double antibody of its own structure
→ At the bottom, cd3 acts as an immunoactive on button (other companies do not have it), which reduces toxicity caused by excessive activation of T-cells

•The above technology has established Ymax-ENGENE technology and pH-sensitive antibody detection technology
→ The pH-sensitive antibody discovery technology uses cancer cells' low pH index to create a technology that allows only cancer cells to have antibodies (originally, it just sticks to all cells)
[Pipeline development status]

• Acrixolimab, YBL-011, and AR062 Three Pipelines Have High Expectations for 24-Year L/O

(1) Acryxolimab
•PD-1 antibody (monoclonal antibody)
•In clinical 1/2a phase, CR: 2, PR: 8, ORR: 15.9% encouraging results are announced, superior to the objective response rate of Keytruda monotherapy of 4-12%
•To avoid competition with companies like Kitruda, the company plans to target rare carcinomas
•Target market represents 186,000 out of 200,000 rare cancer patients in the U.S., meaning it is not a small market
•We are planning to license out in 24 years, and expect a total amount of 265.5 billion won in technology exports and 10.6 billion won in advance (4%) in advance

(2) (2) AR148(TGF beta SelecTrap)
•Blocking of TGF beta2 causes strong cardiac toxicity and side effects that prevent blood cell formation, so the recent development trend of selective inhibitors against TGF beta 1 and 2

(3) (3) YBL-013
•Produced based on patent-protected T-cell double antibody platform ALICE, it has excellent anticancer efficacy and low toxicity
•Completion of technology transfer in China region to 3D MED and joint development between the U.S. and Europe are expected
→ China's 24-year cmc, mass production process & manufacturing method established, 25-year toxicity trial, and 26-year clinical administration proceeded
•Excellent results in toxicity and efficacy as a result of the drug efficacy test
Acryxolimab, YBL-011, AR062 Preparing for 24 License Out, Top 3 Questions Coming Up In U.S./European Conference Presentation

[QnA]
1. Acryxolimab Targeting rare carcinoma will reduce the market size? -> 200,000 rare cancers in the U.S. -> 184,000 neuroendocrine cancers are targeted -> It is not a small market because it targets a large number of rare cancers
2. Competitor in Acrixolimab's rare carcinoma field? -> No approved immuno-cancer drugs yet -> Currently, only chemical-based anticancer drugs can be used if neuroendocrine cancer is diagnosed
3. What is the rate of L/0 before entering the clinical trial?
-> 50% of the total is technology transfer at an early stage
4. Annual R&D costs -> Last year, 180-19 billion was incurred -> Largely used in the development of acrixolimab -> 100-12 billion is used annually -> Currently, 20 billion won in cash is held -> It is expected that total sales will be around 5 billion won in 2024, and plans to secure cash by transferring technology in 24 years
5. External financing plan -> Currently, efforts are being made to resolve the issue on its own rather than receiving additional external funds