- NG101 Selected as a 'Hot Topic' at ARVO… Demonstrating an 89% Reduction in Injection Frequency.
- Chungju Smart Plant to Take Charge of Exclusive Global Manufacturing… Strengthening R&D Driven by Production Platforms.
- Q1 Revenue at 36.1 Billion KRW with an Operating Loss of 6.7 Billion KRW… Maintaining a Positive EBITDA.
Reyon Pharmaceutical is accelerating the expansion of its biopharmaceutical business, spearheaded by its ophthalmic gene therapy 'NG101'. While the burden of large-scale investments is reflected in its financial performance as it reinforces its production platform strategy centered on the Chungju Smart Plant, the chemical segment successfully defended its profitability through cost optimization. This is according to an analysis of Reyon Pharmaceutical's quarterly report.
According to the quarterly report, Reyon Pharmaceutical holds the exclusive global manufacturing and supply rights for 'NG101', a co-developed gene therapy for wet age-related macular degeneration (wet AMD). The company executed a joint development agreement with Elysigen in 2020, and the Chungju Smart Plant is slated to handle future commercial production.
NG101 recently unveiled the 52-week results of its Phase 1/2a low-dose cohort at ARVO 2026, the world's largest ophthalmology congress. According to the presentation, patients required an average of 9.8 anti-VEGF injections in the year prior to administration, which drastically dropped to an average of 1.1 injections over the 52 weeks post-administration. This represents a staggering 89% reduction compared to conventional treatments.
Five out of six patients maintained their vision with one or fewer additional injections, and three required no additional injections at all. Key indicators such as Best-Corrected Visual Acuity (BCVA) and Central Retinal Thickness (CST) remained stable, and no serious adverse events (SAEs) or dose-limiting toxicities (DLTs) were reported.
NG101 was also named a 'Hot Topic' by the organizing committee at this year's ARVO. The company plans to disclose further follow-up data at one or two global conferences in the second half of this year.
Reyon Pharmaceutical is pursuing a "production platform-driven R&D" strategy centered on its Chungju plant. The Chungju plant has established a one-stop production system capable of manufacturing both pDNA and AAV, and is currently tasked with supplying the pDNA required for the production of clinical-grade AAV for NG101.
Chemical Segment Defends Profitability The financial burden of investments impacted the company's first-quarter earnings. On a consolidated basis, Reyon Pharmaceutical recorded a revenue of 36.1 billion KRW, an operating loss of 6.7 billion KRW, and a net loss of 10.7 billion KRW for the first quarter of this year.
Revenue from the chemical segment stood at 26.4 billion KRW, down slightly year-on-year due to factors such as drug price cuts. However, operating profit for the chemical segment increased marginally to 2.7 billion KRW, driven by cost optimization efforts.
Conversely, the operating loss for the biopharmaceutical segment widened to 9.2 billion KRW, compared to 6.0 billion KRW in the same period last year. This was primarily driven by increased depreciation and amortization expenses resulting from investments in the Chungju Smart Factory. In fact, depreciation and amortization expenses for the first quarter were tallied at 7.6 billion KRW.
Nevertheless, the company explained that it continues to maintain a positive trend in terms of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which excludes non-cash accounting expenses such as depreciation. Consequently, scaling up operations at the Chungju plant and securing bio-manufacturing contract orders are cited as the pivotal variables for future financial performance.
