INGENIA Therapeutics — Business Review

Prepared as of 24 August 2026 Source data as of the semi-annual report filed 19 August 2026 and other public filings (DART filing receipt numbers not cited — see Appendix B)

Nature of this document This is a review of the company's business structure, technology, contracts and financial facts. It does not contain a valuation (fair value, fair share price, or target price) and does not contain an investment opinion.

Labelling convention

[Fact] — figures taken directly from filings or financial statements
[Interpretation] — the author's judgement or estimate
[Company filing] — statements the company made in its own filings or explanatory materials
[Secondary source] — material the author could not verify against the original record and accessed through an intermediary source
[Source not cited] — figures for which the author could not secure a citation

Units The company is a US entity and reports in US dollars. This document uses USD as the base unit, adding Korean won only where useful, converted at the 30 June 2026 closing rate (USD 1 = KRW 1,541.50). Fiscal year ends in December.

⚠ Correction to the conversion basis — All won figures in this document apply the single rate of KRW 1,541.50 above. In the earlier version, revenue lines alone had been converted at roughly KRW 1,000 per dollar, which was inconsistent with every other line. That is corrected here.

0. Thirty-second summary

① The company develops antibody drug candidates that tighten leaking blood vessels, licenses development and commercial rights to global pharmaceutical companies, and earns upfront and milestone payments [Fact]. Its target markets are ophthalmology and nephrology. The eye markets, where a licence is already in place, are cited at compound annual growth of 3–7%; the kidney market, where no licence exists yet, is cited at 19.6% [Company filing].

Basis for comparison, stated first — Growth rates run higher off a smaller base. On the 2024 figures cited, wet age-related macular degeneration (AMD) is a USD 8.4bn market and chronic kidney disease (CKD) is USD 2.6bn — a 3.2x difference [Company filing]. Comparing growth rates alone conceals that gap.

② This is not a single-asset company; it holds two technology frameworks [Fact]. What the listing review assessed was not a specific molecule but two frameworks (TIE-body and the LCIDEC platform), and all five molecules currently in development came out of them [Company filing]. However, there has been one out-licensing transaction to date, and 100% of first-half 2026 revenue came from that single transaction [Fact].

③ Two confirmed facts shape the next three years — the company's molecule was licensed worldwide before any human data existed [Fact], and the counterparty is currently funding late-stage trials [Fact].

④ Revenue fell for three consecutive years: USD 4.31m in 2023 → USD 2.59m in 2024 → zero in 2025 [Fact]. First-half 2026 revenue of USD 5.00m (about KRW 7.71bn) was a milestone payment recognised at a single point in time, from one customer [Fact]. Within the author's estimate window (through 2028), no path to a full-year profit is identified under the base assumptions [Interpretation]. The IPO brought in about KRW 57.8bn net, taking post-raise net cash to about USD 48.2m (about KRW 74.3bn) [Fact].

Basis for comparison, stated first — In out-licensing business models, upfront and milestone payments are recognised in full at the point conditions are met. Revenue that does not recur every year, and that appears only in certain years, is the normal pattern for this business model. The figures below should be read on that basis.

⑤ The company is headquartered in Watertown, Massachusetts, and listed on KOSDAQ [Fact]. It did not state its reason for choosing the listing venue in its filings. What is verifiable: the foundational technology was in-licensed from KAIST and the Institute for Basic Science; the pre-IPO major shareholders were Korean venture capital institutions; and the listing route was the KOSDAQ Technology Growth Company track, which permits listing on a technology assessment without profits [Fact]. The filings do not settle which of the possible reasons applies, so the author does not judge and records only the facts (Section 1).

1. What kind of company is this?

One-sentence description — The company holds a worldwide exclusive licence to foundational patents from KAIST and the Institute for Basic Science, develops TIE2-activating antibodies on that basis, and out-licenses them to global pharmaceutical companies in stages [Fact].

Item	Content
Entity	INGENIA Therapeutics Inc. · incorporated in Delaware, USA · headquartered in Watertown, Massachusetts · founded March 2018 [Fact]
Listing	Listed on KOSDAQ 18 August 2026 · Technology Growth Company track · via Korean Depositary Receipts (KDR) [Fact]
Business	Drug candidate development and out-licensing — one reportable segment [Fact]
Manufacturing	No in-house facilities. All clinical drug substance and product outsourced to Contract Development and Manufacturing Organizations (CDMO) [Fact]
Headcount	15 research staff (9 PhD · 5 MSc · 1 BSc) [Fact]
Management	CEO Sangyeul Han, Chief Development Officer Jinsam You, Head of Discovery Steven Verrasi [Fact] (career details as stated in company filings)
Largest shareholder	Largest shareholder and related parties, 20.5% combined (post-IPO) [Fact]
Subsidiaries	One each in Korea and Australia (100%-owned, unlisted) [Fact]
Audit opinion	Unqualified for the 7th and 8th fiscal years · no material uncertainty related to going concern disclosed [Fact]

Litigation, sanctions, debt guarantees, contingent liabilities and pledged collateral are all disclosed as "none" [Fact].

Why a US-headquartered company listed on KOSDAQ

The company did not state its reason for the listing venue in its filings [Fact]. Only the verifiable facts are set out below.

Verified fact	Content
The technology originates in Korea	The foundational patents are held by KAIST and the Institute for Basic Science, and the company holds an exclusive licence to them. It maintains a research and development subsidiary in Korea [Fact]
Pre-IPO shareholders were Korean	Pre-IPO holders above 5% were Intervest 13.6% · Aurum-Korea New Technology Investment Fund I 13.2% · Fund II 8.8% · an individual 7.2%, totalling 42.8% [Fact]
It utilised the Technology Growth Company track, which permits listing prior to profitability	The KOSDAQ Technology Growth Company track. It received an A rating from each of eCredible and NICE Information Service on 5 December 2025, and cleared the preliminary listing review on 21 May 2026. What was assessed was not a specific molecule but the two technology frameworks [Fact]
It incurred the cost of conforming to Korean rules	The company stated that it amended a substantial portion of its articles of incorporation to incorporate the shareholder protections required by Korean commercial and capital markets law [Company filing]. At the same time it wrote directly that, as a Delaware entity, it differs fundamentally from a Korean company and that shareholder rights are not guaranteed in every respect at the level a Korean company provides [Company filing]

[Interpretation] The filings do not distinguish between "US listing was difficult, so it came to Korea" and "Korea was more favourable, so it was chosen." What the filings do establish is the fourth row above: this security represents shares of a US entity held in depositary receipt form, so the route for exercising shareholder rights differs from that of a domestic Korean company. Detail is in Section 9.

2. The core technology — what is different?

In one sentence — Where existing drugs block the leak, this company's antibody tightens the vessel wall itself [Company filing].

Many diseases leading to severe visual impairment or renal decline share one underlying cause: leaking blood vessels. Current standard-of-care drugs (Eylea, Vabysmo and others) work by capturing and blocking Vascular Endothelial Growth Factor (VEGF), the signalling protein that makes vessels leak. Patients need frequent eye injections, and roughly 30% do not get an adequate response, as cited [Company filing] [Source not cited].

The company targets a different pathway. Vessel wall cells carry a receptor called TIE2; when it is switched on, the vessel wall tightens and leakage falls. The company's antibody is designed to switch TIE2 on directly (an agonist) [Company filing].

Two technology frameworks, not one molecule

Framework	What it does	Where it came from	Molecules from it
TIE-body	Repairs damaged vessel walls, reducing inflammation and leakage. It clusters multiple TIE2 receptors into a complex and protects TIE2 from the cleavage that occurs in disease	In-licensed from KAIST and the Institute for Basic Science	IGT-302 (glaucoma) · IGT-303 (kidney)
LCIDEC platform	Normalises the vessel wall while also pulling disease-driving proteins out of circulation into the cell for degradation. One antibody does both jobs	Built in-house	IGT-427 (retina) — first application

The table reflects the technology assessment opinions written by two specialist assessment agencies during the listing review [Company filing].

[Fact] All five molecules currently in development came out of these two frameworks. [Fact] One out-licensing transaction has been completed to date. [Interpretation] A structure that repeatedly generates molecules is confirmed. A structure that repeatedly out-licenses them rests on a single instance so far (Sections 4-1 and 4-4).

Three points of differentiation (company filings · assessment opinions · patent records)

1. Blocking and tightening in one molecule. The lead molecule IGT-427 is a bispecific antibody that both blocks VEGF and switches on TIE2. The development rationale is that addressing two targets at once can extend the dosing interval [Company filing].

2. The mode of activation. Vabysmo, already on the market, switches TIE2 on indirectly, and competitor antibodies (Roche, Astellas) bind at the TIE2 ligand-binding site and must compete with the native ligand. The company's antibody binds at a different site and can switch TIE2 on even in the presence of the interfering protein ANG2, according to the assessment agencies [Company filing].

3. Rights and patents. The company holds a worldwide exclusive licence to the anti-ANG2/anti-TIE2 foundational patents of KAIST and the Institute for Basic Science (two agreements, 2019 and 2024), with 14 patents granted and 79 applications filed (granted in 5 countries, filed in over 50) [Fact].

Basis for comparison — The author could not establish the average number of filings and grants for comparable drug developers of this size. There is no basis on which to read these counts as high or low.

[Fact] Because the company does not own the foundational patents, it owes royalties on commercialisation and separate consideration if it grants a sublicence to a third party. The amounts are not disclosed, and nothing has been incurred to date.

3. Pipeline — what has been built, and how far

Molecule	Indication	Stage	Who runs it
IGT-427 (MK-8748)	Wet AMD · diabetic macular edema (DME)	Phase 2b/3 — MALBEC began 27 March 2026 and is recruiting / TORRONTES registered (start not confirmed) [Secondary source]	Partner (Merck)
IGT-303	CKD · diabetic kidney disease	Phase 1/2a — Australia, New Zealand, Korea; 94 patients in total. Korean MFDS approval for Phase 2a on 26 June 2026 [Fact]	Company
IGT-302	Glaucoma	Preclinical complete · intraocular pressure reduction shown in primates [Company filing]. Trial sponsor listed as "partner or company" — undecided [Fact]	Undecided
IGT-532	Oncology (trispecific antibody)	Preclinical · molecule selected [Company filing]	Company
IGT-627	Pulmonary arterial hypertension	Preclinical · proof-of-concept study planned [Company filing]	Company

Note on stage labelling — The earlier version used both "Phase 2b/3" and "Phase 3" for the same trials. This document standardises on Phase 2b/3, following the semi-annual report, and sets out the company's own "Phase 3" wording side by side in Section 4-3.

[Company filing] The earlier Phase 1/2a study of IGT-427 (RIOJA) started in November 2024 and completed on 30 April 2026. The company states that interim results in October 2025 showed safety, visual acuity improvement and reduced retinal thickness.

[Company filing] The company's stated timeline for IGT-427 is Phase 2b/3 from April 2026 to July 2028, approval in 2029 and launch in 2030, with trial costs borne by the partner and zero cost to the company.

4. Validation — how far has the evidence come?

Since no profit has yet been generated, the backbone of this assessment is the stage of validation rather than earnings. Five axes.

4-1. The asset was licensed before any human data existed

[Fact] On 31 October 2022 the company signed a worldwide licence and collaboration agreement with Eyebiotech (UK) covering IGT-427 and IGT-302. The stated total of upfront and milestone payments is about KRW 1,039.1bn [Source not cited] (the original dollar amount and the conversion date are not disclosed). Cumulative receipts to date are about USD 47m [Source not cited] (the breakdown is not disclosed).

[Interpretation] At signing, IGT-427 was preclinical. A worldwide rights agreement for a molecule with no human data is validation paid for with someone else's money.

[Fact] In July 2024 Merck (MSD) acquired Eyebiotech. INGENIA received USD 26.8m on transferring its holding and retained the right to future milestone payments. The 2024 net profit of about USD 15.73m did not come from operations but from this disposal gain.

[Interpretation] The next checkpoint is whether a second molecule is out-licensed.

4-2. The counterparty is funding late-stage trials

[Secondary source] MALBEC, the late-stage trial of IGT-427, opened on 27 March 2026 and is recruiting. This is confirmed from an international clinical trial registry rather than from company statements, though what the author examined was an intermediary source reproducing that registry entry (registry identifier not cited). It is a three-arm trial testing two doses against aflibercept (Eylea) as comparator, with change in visual acuity at one year as the primary endpoint.

[Interpretation] Late-stage trials are the most expensive part of drug development. That the counterparty is spending its own money there means the molecule sits within the partner's development priorities as of now.

[Company filing] The company states that Merck referred to the molecule as one of its first-in-class candidates in a Q1 2026 investor presentation (original material not verified).

[Source not cited] Press reports put the combined enrolment target of four late-stage trials at about 3,984 patients (Yakup Shinmun, Edaily · publication dates not cited). However, two of those four trials are not confirmed as registered (Section 4-3), so the four-trial figure cannot be used as it stands [Interpretation].

4-3. The trial counts in company filings differ from the external registry

Basis for comparison, stated first — A semi-annual report describes the position as of its reporting date, while a clinical trial registry shows the position as of the date it is queried. There can be a lag between a trial opening and the registry reflecting it. The comparison below should be read with that lag in mind; it is not a finding that either side is wrong.

Source	IGT-427 trial count as stated
Semi-annual report	Four Phase 3 trials ongoing [Company filing]
Prospectus	Two ongoing + two planned [Company filing]
International clinical trial registry (via secondary source)	One confirmed open (MALBEC) + one confirmed registered (TORRONTES) [Secondary source]

[Fact] The two DME trials the company described as "scheduled to begin in August and September 2026 with 960 and 1,104 patients respectively" are not confirmed as registered [Secondary source].

[Interpretation] Because the three sources state different counts, the registry record needs to be checked directly before the company's stated trial counts are used in a revenue estimate.

[Source not cited] Over the same period, external literature identifies the partner's late-stage DME programme as Merck's own molecule MK-3000 rather than this company's.

[Interpretation] If registration and start of those two trials are confirmed by Q4 2026, the discrepancy resolves. If not, those two trials should be excluded from the revenue path and the estimate rebuilt.

4-4. The second asset has not yet reached external validation

[Fact] IGT-303, aimed at CKD, is in Phase 1/2a in Australia, New Zealand and Korea, enrolling 94 patients in total.

[Company filing] The company states that a urinary protein marker fell by about 58% in primate studies.

Basis for comparison, stated first — That 58% is a preclinical result in primates. Proteinuria reduction for the standard-of-care drugs already in use is cited in the 25–40% range in human Phase 3 trials [Source not cited]. The two figures cannot be compared directly, since both the subject (primate versus human) and the stage (preclinical versus Phase 3) differ, and there is no assurance that a preclinical figure carries into human trials. The direction is the only thing to take from it.

[Fact] The standard-of-care drugs act mainly on the renal tubule while this molecule acts on the glomerulus, so the site of action also differs.

[Company filing] The company states that it began discussions with several large pharmaceutical companies from April 2026, that one of them is reviewing materials, and that it expects substantive negotiation in the first half of 2027. [Fact] No counterparty has been confirmed.

4-5. The counterparty controls when revenue is recognised

[Fact] Three things overlap. 1. All revenue is out-licensing consideration recognised at a single point in time, and 100% of first-half 2026 revenue of USD 5.00m came from one external customer (UK-based). 2. Pricing is set by the contract terms, not by the company. 3. TIE2 activation is not an approach unique to this company — a small-molecule TIE2 activator (AKB-9778) has completed a Phase 2 trial in diabetic retinopathy [Source not cited].

[Interpretation] Milestone payments arise only when the counterparty advances a trial, while research spending continues on plan in the meantime.

Basis for comparison — The competitor list in the company's semi-annual report does not include TIE2-activating candidates [Company filing]. The company's list and the author's search were compiled for different purposes and with different scope. Their absence from the list is not treated as evidence that no competition exists, and neither is this a finding that the list omitted something [Interpretation].

[Fact] In 2025 no milestone-triggering event occurred, so full-year revenue was zero.

[Interpretation] This structure changes only when revenue arises from a molecule the company develops itself.

Artificial Intelligence (AI) — two directions

Axis	Upside	Downside	Indicator to watch
Substitution / defensibility	No material found	If AI-designed antibodies spread, the supply of similar candidates rises and design scarcity falls [Interpretation]	Registration of new TIE2-directed candidates — checked as they appear (international clinical trial registry)

[Interpretation] This item does not appear in company filings and is the author's own judgement. The upside column is left empty because no supporting material was found.

5. Business model — how the money is made

[Fact] Three layers: ① an upfront payment at signing, ② milestone payments each time a trial clears a stage, and ③ royalties proportional to product sales. Layers ① and ② have been received; ③ has not arisen because no product has been approved.

Four characteristics of this structure

1. Revenue is concentrated at specific points. Milestones are recognised in full when conditions are met. That produces years with zero revenue alongside half-years with USD 5.00m [Fact].

2. Cash received is not the same as revenue recognised. USD 3.00m of research service consideration under the contract has sat as a contract liability for nearly two years because conditions have not been met. The cash is with the company but is not recognised as revenue [Fact].

3. A substantial portion is contingent. The company described the agreement as one in which, aside from part of the upfront and the joint research funding, a substantial portion is contingent [Company filing].

4. There are outgoing obligations too. The company owes royalties to the owners of the foundational patents and separate consideration if it sublicences to a third party (amounts undisclosed) [Fact].

[Fact] All first-half 2026 revenue came from one UK-based external customer. That customer was acquired by Merck in July 2024 and became a wholly owned subsidiary.

6. Market environment — what field is this played on?

Market	2024 size	Forecast	Growth rate as cited	Rate implied by the two size figures
Wet AMD	USD 8.4bn	USD 9.0bn in 2029	3.2% [Company filing]	1.4% [Interpretation]
DME	USD 6.5bn	USD 9.7bn in 2029	7.1% [Company filing]	8.3% [Interpretation]
Glaucoma	USD 2.4bn	—	about 3% [Company filing]	Cannot be derived
CKD	USD 2.6bn	USD 13.1bn in 2033	19.6% [Company filing]	19.7% [Interpretation]

Author's note — For the first two rows, the cited growth rate and the rate implied by the two size figures do not agree. The period underlying the growth-rate source may differ from the period of the size forecast. The author does not assert which is correct and sets both out side by side [Interpretation].

Source: market research materials cited by the company (Evaluate Pharma and GlobalData) [Company filing] [Source not cited] (report titles and publication dates not disclosed). Market size is a reference coordinate for direction, not a basis for this company's revenue.

[Interpretation] The eye markets, where a licence exists, are cited at lower growth; the kidney market, where no counterparty exists yet, at higher growth. Per the comparison basis above, the 2024 kidney market is less than one third the size of the eye markets.

Two tailwinds, three headwinds

(Tailwind) The CKD market is growing at the rate cited above [Company filing].
(Tailwind) Unmet need in current treatment is concentrated in injection burden, dosing interval and non-responders, which leaves room for a drug that extends the interval [Company filing].
(Headwind) Large pharmaceutical companies are shifting toward preferring late-stage assets. The company stated this itself [Company filing], and the direction is unfavourable for a company out-licensing preclinical and early-clinical molecules [Interpretation].
(Headwind) Upfront payments are shrinking as a share of deal value while contingent payments grow. Industry tallies put 2026 upfronts at about 7% of total deal value, and 8–15% for preclinical and Phase 1 assets [Source not cited] (deal tracker and licensing benchmark, 2026 tallies · report titles and publication dates not disclosed · figures mix multiple therapeutic areas).
(Headwind) As Eylea biosimilars spread, eye-drug prices fall, and so does the sales base on which future royalties would be calculated [Interpretation].

7. Competitive landscape — who is on the other side?

The structure in one line — Large pharmaceutical companies holding the standard of care, against a small company holding candidate molecules [Interpretation].

Basis for comparison, stated first — The market shares below cover different geographies. The first is global and the second is US, so the two cannot be added together or compared directly.

Position	Who	How much	Geography
Wet AMD	Eylea (Regeneron)	about 52% [Source not cited]	Global
Wet AMD	Vabysmo (Roche)	about 31% [Source not cited]	US
Glaucoma	Latanoprost class	about 38% [Source not cited]	Global
This company	No approved product	0% [Fact]	—

[Fact] There are also late-stage competing molecules. In ophthalmology, Roche (vamikibart, Susvimo), Regeneron (pozelimab plus cemdisiran) and AbbVie (single-administration gene therapy); in nephrology, AstraZeneca, Boehringer Ingelheim and Bayer are running combination regimens.

Two things to hold together.

[Interpretation] The direction of differentiation is the mechanism: tightening the vessel wall rather than blocking a single target.
[Interpretation] But the approach is not unique to this company (Section 4-5), the lead asset has already been licensed out so the counterparty drives development, and within that same partner the DME indication is being pursued alongside Merck's own molecule. Development priority between two assets inside one company is not disclosed.

8. Defensibility — what protects this company?

Source	Holds?	Content
Foundational technology rights	Holds	Worldwide exclusive licence to KAIST and Institute for Basic Science foundational patents [Fact]
In-house platform	Holds	The LCIDEC platform, built by the company on top of the in-licensed technology [Company filing]
Patents	Holds	14 granted, 79 filed; granted in 5 countries, filed in over 50 [Fact]
Partner relationship	Holds	A large pharmaceutical company is funding late-stage trials [Fact]
Brand and distribution	Does not hold	No approved product [Fact]
Economies of scale	Does not hold	No in-house manufacturing; fully outsourced [Fact]
Customer base	Does not hold	100% of first-half 2026 revenue from one external customer [Fact]

[Fact] Four defensive elements hold; three do not.

[Interpretation] Among them, exclusivity over the TIE2-activation approach itself does not hold, since a molecule in the same class has been separately identified (Section 4-5). What remains is the differentiation in binding site and mode of activation, the in-house platform, and the patent estate.

[Interpretation] The in-house platform row was established from the technology assessment opinions prepared for the listing review and was not reflected in the author's earlier-stage work. Had it been reflected, the competitiveness assessment would move higher, not lower.

How the defensive position weakens — [Interpretation] If another company's TIE2-activating molecule reaches a more advanced clinical stage than this company's, what remains narrows to rights over a specific antibody design.

9. Financials — facts only

Basis for comparison, stated first — A clinical-stage drug developer with no approved product normally passes through a period in which research spending exceeds revenue. The loss figures below should be read on that basis.

Summary financials (actual) [Fact]

(USD m)	2023	2024	2025	H1 2026
Revenue	4.31	2.59	0	5.00
Operating profit	(1.68)	(7.72)	(23.34)	(4.98)
Net income attributable to shareholders	(1.00)	+15.73	(18.60)	(4.57)
Operating cash flow	(1.54)	(13.45)	(21.79)	(2.11)
R&D expense	3.48	6.05	18.20	7.05
Cash and financial assets	—	—	14.67	11.74
Total borrowings	—	—	0	0
Total equity	—	—	—	9.86

Won reference (USD 1 = KRW 1,541.50): revenue of KRW 6.64bn in 2023 → KRW 3.99bn in 2024 → zero in 2025 → KRW 7.71bn in H1 2026.

Three points.

1. Revenue fell for three consecutive years and was zero in 2025 [Fact]. The USD 5.00m in first-half 2026 was one milestone from one customer [Fact]. Per the comparison basis above, revenue that does not carry across years is normal where recognition occurs in full at a single point.

2. The 2024 profit did not come from operations [Fact]. It followed from the USD 26.8m received on transferring the partner stake to Merck, recorded as non-operating income; operating loss that year was USD 7.72m. (The roughly USD 3.35m difference between USD 26.8m less USD 7.72m and the reported net income of USD 15.73m is not explained in the filings [Source not cited].)

3. Most of the loss is research spending [Fact]. Of USD 9.98m in total first-half operating expenses, USD 7.05m (70.6%) was R&D.

Cash Position and Estimated Runway

Item	Amount
Cash and financial assets at 30 June 2026	USD 11.74m [Fact]
(−) Lease liabilities	about USD 1.02m [Fact]
= Net cash at that date	about USD 10.72m (about KRW 16.5bn)
(+) Net IPO proceeds received 4 August 2026	about USD 37.50m (about KRW 57.8bn) — gross KRW 63.07bn (about USD 40.91m) less issuance costs of KRW 5.26bn (about USD 3.41m) [Fact]
= Net cash after the raise	about USD 48.20m (about KRW 74.3bn)
Total borrowings	0 [Fact]

[Fact] The post-raise figure is as at the 4 August 2026 payment date and does not reflect spending since. The confirmed figure will appear in the Q3 report in November 2026.

Basis for comparison, stated first — The runway is not a single number. The actual burn rate basis and the company's disclosed spending plan basis rest on different inputs, so both are set out with their derivations.

Basis	Quarterly burn	Runway	Derivation
ⓐ Actual burn over the past year	USD 2.83m	about 17 quarters (4 years 3 months)	[Source not cited] — measurement period and calculation not disclosed
ⓑ Author's estimate applying the company's disclosed spending plan	USD 9.50m (2027 basis)	about 5 quarters (1 year 3 months)	[Interpretation] — applies the disclosed use-of-proceeds plan
ⓒ Author's estimated spending path	—	Largely depleted by end-2027 → additional financing needed during 2028	[Interpretation]

[Fact] The company stated it will use about 69% of net IPO proceeds for pipeline research and development and about 31% for personnel, with the main purpose being to advance IGT-303 and IGT-532 into global clinical stages [Company filing].

[Interpretation] The gap between ⓐ and ⓑ is the widest divergence in this company's financial picture. Since the USD 2.83m in ⓐ does not disclose its measurement period and cannot be reproduced, the narrative uses ⓑ while showing ⓐ alongside it.

Factors that can change the share count

Factor	Figure	Nature
Shares outstanding	49,444,607 [Fact]	Post-IPO
Stock options outstanding	4,325,814 (including 2,429,396 currently exercisable) [Fact]	Share count rises on exercise
Stock option allocation cap	15% of shares outstanding [Fact]	Articles of incorporation limit
Convertible bonds / bonds with warrants	None [Fact]	—

The rights structure of this security — worth checking

[Fact] The company is a US entity and is listed on KOSDAQ in Korean Depositary Receipt (KDR) form. What the company stated directly in its prospectus is set out below [Company filing].

Voting rights are in principle exercised indirectly through the depositary.
Shareholder proposal rights, the right to convene a general meeting, minority shareholder rights and the right to sue the company can be exercised directly only after converting the depositary receipts into underlying shares, and the holder bears a conversion fee of KRW 30–50 per receipt.
The company stated that Delaware corporate law has no equivalent, or only a limited equivalent, to the Korean commercial law actions to void a resolution or to void a share issuance.
There are exceptions to pre-emptive rights: general public offerings up to 50%, issuances for business purposes up to 30%, and third-party allocations to institutions or strategic partners up to 20% may be made without the pre-emptive rights procedure.

[Fact] There have been no dividends, share buybacks or cancellations in any of the past three years, and the accumulated deficit is USD 21.5m.

Basis for comparison — For a clinical-stage drug developer with no approved product, the absence of a dividend history is normal.

10. Three business paths — where does it lean?

Path	2028 picture (revenue / net to shareholders)	What it becomes
Upside	USD 114m / +USD 68.6m [Interpretation]	If partner trial results arrive on schedule and a second molecule is out-licensed, the company enters a structure in which out-licensing repeats
Base	0 / (USD 45.4m) [Interpretation]	Waiting on the partner's timetable while spending research budget — no revenue of its own within the estimate window
Conservative	0 / (USD 45.4m) + additional financing needed	If mechanistic differentiation erodes and the second molecule is not out-licensed, additional financing is needed once cash is depleted

[Interpretation] The downside path shows the same profit figures as the base because the base already assumes zero revenue, leaving nothing further to remove. The difference between downside and base shows up in equity and share count, not in the income statement.

[Interpretation] The assumption behind the upside path, stated explicitly — Revenue of USD 114m translating into exactly USD 114m of additional profit is the result of assuming zero incremental cost against milestone income. Milestone income does carry little matching cost, but setting it to exactly zero is the author's simplifying assumption.

What each path requires to hold

Direction	Size	Conditions
Upside	Revenue of +USD 114m over base	[Interpretation] Three unconfirmed conditions must be met in sequence — ① the two DME trials actually open, ② IGT-303 human data exceeds the standard-of-care range, and ③ the 2027 negotiation closes in a contract. Of the three, the part the company directly controls is enrolment management within ②
Downside	Annual losses of USD 39–45m across 2027–2028	[Interpretation] Nothing new needs to happen. The spending plan is already disclosed and the proceeds are already in hand

[Interpretation] The upside path requires three unconfirmed conditions in sequence; the downside path holds on the disclosed spending plan alone. The number of conditions differs between the two.

Correction to the loss period — The USD 39–45m annual range applies to 2027 and 2028, two years. Estimated net to shareholders for 2026 is (USD 17.4m), outside that range. The earlier version's "three years" is corrected here.

Variables That Could Alter the Author's Estimates.

The author's pillars	Material	The opposing pillars	Material
Revenue fell three years running; zero in 2025	Verified fact	A large pharmaceutical company has opened and is running late-stage trials	Verified fact
H1 2026 revenue recognised at a point in time; one customer at 100%	Verified fact	Agreement signed with about KRW 1,039.1bn in total value; about USD 47m received to date	Verified fact (source not cited)
Zero items over which the company controls revenue timing	Verified fact	14 patents granted, 79 filed; exclusive licence to foundational technology	Verified fact
The R&D spending plan is disclosed	Verified fact	About KRW 57.8bn raised; zero borrowings	Verified fact
The TIE2 approach is not unique to this company	Verified fact (source not cited)	Two DME trials scheduled to open	Still a possibility
Revenue set to zero for 2027 and 2028	Author's assumption	IGT-303 human data exceeding the standard-of-care range	Still a possibility
—	—	An out-licensing agreement closing in 2027	Still a possibility

Two places where the author's estimate could be wrong.

1. Holding costs at the company's plan. [Interpretation] The estimate assumes the company spends the full plan even with zero revenue. If revenue does not materialise the company can cut spending, in which case the loss estimate is overstated. The counter-argument is that the proceeds are already in hand and the use is disclosed. Checkpoint: actual R&D spending rate in the Q3 report, November 2026.

2. Setting 2027 and 2028 revenue to zero. [Interpretation] This is not a forecast that milestones will not arrive; it is a record that no basis for their arrival has been confirmed. The moment one is confirmed, the figure changes. Checkpoint: DME trial registration (Q4 2026) and IGT-303 results (Q4 2026 – H1 2027).

11. Public indicators that show how the business is progressing

[Interpretation] If only one of the seven mattered, it would be whether revenue resumes. The other six all feed into it.

#	Variable	Assumption applied by the author	If it changes	Signal and timing
1	Revenue resumption	Zero revenue in 2027 and 2028	If it holds, losses continue · if it changes, the whole estimate is rebuilt	Quarterly revenue above the prior-year quarter twice in a row — currently one · Q3 report, November 2026
2	IGT-303 human data	Result not yet available — not reflected	If proteinuria reduction exceeds 25–40% and 94 patients are enrolled, the out-licensing case becomes fact	First Phase 2a results · Q4 2026 – H1 2027
3	Partner trial progress	Two DME trials not started	If they open, the milestone path holds · if they slip, the "validation is complete" premise does not stand	Trial registration and start · Q4 2026 · international clinical trial registry
4	Cash burn rate	17 quarters on the actual basis / 5 quarters on the plan basis	On plan, additional financing becomes relevant by end-2027	Actual Q3 cash and R&D spending · November 2026
5	TIE2 exclusivity	The approach itself is not exclusive	If a competing molecule moves ahead, defensibility weakens further	A competing molecule entering late-stage trials · as it occurs · international clinical trial registry
6	Neurological combination potential	Not reflected — not yet a fact, watched as a signal only	If confirmed, the addressable market changes	A disclosed joint research agreement with an anti-amyloid antibody developer · as it occurs · Korean electronic disclosure system
7	Measuring earnings quality	Cannot be measured until profitability	Re-measured annually	Next annual report · March 2027

Three indicators verifiable from quarterly and semi-annual reports (thresholds set in advance)

Signal	Where	Improving / deteriorating
Quarterly consolidated revenue	Quarterly and semi-annual reports	Improving: above the prior-year quarter twice in a row / Deteriorating: zero for four consecutive quarters
IGT-427 (MK-8748) trial registration status	International clinical trial registry	Improving: both DME Phase 2b/3 trials move to recruiting / Deteriorating: one or more existing trials suspended or on hold
Quarter-end cash ÷ quarterly R&D expense	Quarterly reports	Improving: 8 quarters or more / Deteriorating: fewer than 4 quarters

[Interpretation] Item 6 (neurological combination) rests entirely on a single line in company materials, with no preclinical work and no partner. It is not yet a fact and is watched as a signal only.

12. Strengths, weaknesses, opportunities and threats at a glance

Strengths (already confirmed)	Weaknesses (not yet confirmed · cash)
A record of being licensed worldwide at the preclinical stage — about KRW 1,039.1bn in total value, about USD 47m received [Fact]	Revenue down three years running, zero in 2025 · H1 revenue recognised at a point in time [Fact]
A large pharmaceutical company is bearing late-stage trial costs [Fact]	One external customer at 100% of revenue · no pricing control [Fact]
Exclusive licence to foundational technology plus 14 patents granted, 79 filed [Fact]	Trial counts in company filings differ from the external registry [Secondary source]
Development capability that produced five molecules from an in-house platform [Company filing]	One out-licensing transaction to date [Fact]
Zero borrowings · about KRW 57.8bn raised [Fact]	On the disclosed spending plan, about 1 year 3 months of cash [Interpretation]

Opportunities (external tailwinds)	Threats (external headwinds)
CKD market growing at 19.6% a year [Company filing]	A competing TIE2-activating molecule exists [Source not cited]
If the two DME trials are actually registered, the milestone path holds [Interpretation]	Indication overlap with the partner's own molecule [Fact]
IGT-303 out-licensing negotiation under way [Company filing]	Large pharmaceutical companies cutting upfronts and favouring late-stage assets [Company filing]
—	Eylea biosimilars spreading and pushing eye-drug prices down [Interpretation]

[Interpretation] In one sentence — The company has the frameworks to produce molecules repeatedly; whether out-licensing repeats rests on a single instance and is not yet established.

13. Summary — what is confirmed and what is not

[Fact] What is confirmed: a large pharmaceutical company took worldwide rights to a preclinical molecule, acquired the company that held them, and is currently running late-stage trials with its own money. This is established by filings and registry records, not narrative.

[Interpretation] What is not confirmed is when those contractual rights are recognised as revenue. The timing of milestone recognition is set by the counterparty's trial schedule, and the author has not confirmed a basis for that schedule producing profit within the visible window (through 2028).

Item	Content
Earnings direction	[Interpretation] Revenue of zero in 2025 → USD 5.00m in 2026 (point-in-time recognition) → zero in 2027 → zero in 2028, with net to shareholders of (USD 18.6m) → (USD 17.4m) → (USD 39.5m) → (USD 45.4m), a widening loss path. Confidence is low, however — 100% of revenue is tied to partner decisions, so the estimate could equally be wrong to the upside
What the author could not confirm	[Interpretation] ① a basis for milestones in 2027 and 2028 ② registration of the two DME trials ③ IGT-303 human data ④ the terms of the 2027 negotiation

Public signals that the business situation has changed

[Interpretation] The points below are where public materials would show the business departing from the assumptions above.

Moving away from the assumptions — Quarterly revenue above the prior-year quarter confirmed twice in a row (currently one, next check the Q3 report in November 2026). Or first IGT-303 human results showing proteinuria reduction above the 25–40% range (Q4 2026 – H1 2027).
A qualification — Even with two consecutive revenue increases, the direction does not change if losses persist within the estimate window. This signal confirms that revenue recognition has resumed, not that profit has arrived.
The assumptions hardening — Q3 revenue of zero, resetting the consecutive count (November 2026), together with cash falling below four quarters.

[Interpretation] In closing — This company's technology has already been paid for by an outside party. What remains to be established is not the merit of the technology but that the party deciding when that payment is recognised as revenue is not this company.

14. Limitations — please read alongside

Limitations of cash flow validation. [Interpretation] The tool that checks the quality of earnings against cash flow had nothing to check, since there are no earnings. Cash runway was used instead.

Assumptions and Limitations of the Estimate.

Pre-2022 results could not be obtained, so a window normally set at five years was shortened to three. The short observation window may make the judgement coarse [Interpretation].
There are no sell-side estimates. Because the listing is recent, no external estimates exist to check the author's figures against [Interpretation].
The exchange rate used is the 30 June 2026 closing rate. Actual rates may differ [Interpretation].
On five of the measures used to assess business character, the author's framework found nothing to measure. That framework does not distinguish "low" from "nothing to measure yet." The possibility that this tilted the assessment lower than warranted is left open [Interpretation].
The international clinical trial registry was not checked against the original record. The registry-related statements in Sections 4-2, 4-3 and 11 came through a secondary source [Secondary source].
Fourteen figures in this document lack a secured citation. They are collected in Appendix B.

Appendix A — Key figures on one page

Item	Value
Company	INGENIA Therapeutics (KOSDAQ 950260) · Korean Depositary Receipt (KDR)
Listing date / route	18 August 2026 · KOSDAQ Technology Growth Company track (technology ratings A and A, 5 December 2025 · preliminary review cleared 21 May 2026)
Core technology	TIE-body (in-licensed from KAIST and the Institute for Basic Science) + LCIDEC platform (built in-house)
Net cash (post-IPO)	about USD 48.2m (about KRW 74.3bn) · zero borrowings
Cash runway	about 4 years 3 months on the actual burn basis / about 1 year 3 months on the disclosed spending plan basis
Revenue (actual)	USD 4.31m in 2023 → USD 2.59m in 2024 → zero in 2025 → USD 5.00m in H1 2026
Net to shareholders (actual)	(USD 1.00m) in 2023 → +USD 15.73m in 2024 → (USD 18.60m) in 2025 → (USD 4.57m) in H1 2026
Net to shareholders (estimate · base)	(USD 17.4m) in 2026 → (USD 39.5m) in 2027 → (USD 45.4m) in 2028
Net to shareholders (estimate · upside)	+USD 68.6m in 2028
Dividends	None on record
Principal agreement	31 October 2022, Eyebiotech (now a Merck subsidiary) · worldwide · total about KRW 1,039.1bn · about USD 47m received to date
Patents	14 granted · 79 filed (granted in 5 countries, filed in over 50)
Largest shareholder and related parties	20.5% (post-IPO)
Next filing	November 2026 (Q3 report) · interim check Q4 2026 (trial registration)

Appendix B — Citation status (items not cited)

[Fact] Fourteen of the underlying figures in this document lack a secured citation. Rather than inventing sources, they are marked as not cited.

#	Item	What is missing	Where in the document
1	Semi-annual report, prospectus, registration statement	No DART filing receipt numbers at all	Throughout
2	International clinical trial registry	No registry identifier · accessed via secondary source	Sections 3, 4-2, 4-3, 11
3	Market size and growth rates	Research house named, but no report title or publication date	Section 6
4	Market shares of 52% / 31% / 38%	No source	Section 7
5	Standard-of-care proteinuria reduction of 25–40%	No source	Sections 4-4, 11
6	Non-responder rate of about 30%	No source	Section 2
7	Enrolment of about 3,984 across four late-stage trials	No publication date (Yakup Shinmun, Edaily)	Section 4-2
8	Upfronts at 7% · preclinical at 8–15%	No report title or publication date	Section 6
9	AKB-9778 Phase 2 record	No source	Section 4-5
10	Agreement total of KRW 1,039.1bn	Original dollar amount and conversion date not disclosed	Sections 4-1, 12, Appendix A
11	Cumulative receipts of USD 47m	Breakdown (upfront / milestone / equity disposal) not disclosed	Sections 4-1, 12, Appendix A
12	Merck Q1 2026 investor presentation reference	Via company filing · original material not verified	Section 4-2
13	Quarterly burn of USD 2.83m	Measurement period and calculation not disclosed	Section 9
14	The roughly USD 3.35m difference in 2024 net income	Breakdown not disclosed	Section 9

[Disclosure]

This is an individual's business review based on publicly available filings. It is not a recommendation to buy or sell any security and is not investment advice. The author is not a licensed financial investment business operator or investment adviser and does not provide individual consultations.

All data and figures in this document are drawn from public sources including electronic disclosure systems, but their accuracy and completeness cannot be guaranteed. Estimates reflect the author's assumptions and may differ from actual outcomes. All figures are as of the reference dates stated in the text. Items for which a citation could not be secured are listed separately in Appendix B.

This document does not contain a valuation (fair value, fair share price, or target price). Investment decisions and their consequences rest with the investor. Principal loss is possible. This material may not be used as evidence in determining legal liability.

Filings and results after the preparation date are not reflected.

The author does not hold shares in this company.

The author may buy or sell the shares after publication without prior notice.

*(Korean original of the two sentences above: 필자는 동 주식을 보유하고 있지 않습니다. / 보고서 발행 이후에는 예고 없이 매수 또는 매도할 수 있습니다.)*

The analysis in this document is an opinion offered for the public purpose of investor information and disclosure. There is no intent to damage the reputation of any company or to interfere with its business.

INGENIA Therapeutics Inc. (KOSDAQ: 950260) _ Merck Paid for the Molecule. The Revenue Hasn't Followed.