On the 19th, Daishin Securities analyzed that there is a need to pay attention to Shaperon (378800) due to the high technology export potential of its atopic dermatitis treatment, NuGel. No investment opinions or target prices were provided.
Shaperon is a biotech venture company originating from Seoul National University, focusing on the development of treatments for various diseases based on new mechanism inflammatory complex inhibitors and nanobody antibody technology. Its major pipelines include NuGel, an atopic dermatitis treatment that has completed Phase 2 clinical trials in Korea and is currently undergoing Phase 2 trials in the US; NuCerin, an Alzheimer’s disease treatment that has completed technology transfer for domestic rights and is undergoing Phase 1 trials in Korea; and Papiliximab, a dual-target nanobody antibody immuno-oncology drug with a goal for technology transfer after completing preclinical studies.
Song-Hyup Han, a researcher at Daishin Securities, stated, “Due to the nature of new drug development companies, research and development costs are increasing, leading to a widening operating loss, and the current stock price has decreased by approximately 40% compared to the IPO price. However, there is potential for increased corporate value if the innovative pipelines, including the atopic dermatitis treatment NuGel, are recognized for their market potential and technological capabilities.”
The researcher further noted, “The global atopic dermatitis treatment market is showing high growth, but current market products, including steroids and non-steroidal treatments, have limitations in terms of effectiveness and safety. NuGel, with its differentiated mechanism of action and excellent safety profile, is expected to overcome the limitations of existing treatments and secure a significant market share.”
Han Song-kyup also mentioned, “Shaperon is actively pursuing global technology transfer for NuGel and has achieved success by signing confidentiality agreements (CDAs) with multiple companies. If efficacy and safety are further demonstrated during the US Phase 2 trials, there is potential for technology export.”
He added, “If short-term financial risks are well managed and achievements in technology transfer contracts, clinical progress, and government project awards for major pipelines are visualized, there could be a re-rating of corporate value. Since Shaperon was listed on KOSDAQ as a growth technology company in October 2022, the revenue-based criteria for management designation will apply until 2027, and the loss criteria will apply until 2028.”