ABL Bio is seen to have surpassed 100 billion won in sales last year. It is the first time in nine years since its founding. This is analyzed to be because it transferred technology to GSK plc and received about 70 billion won as an upfront payment.
According to FnGuide, a financial information firm, on the 1st, ABL Bio is estimated to have posted 110.4 billion won in sales last year. That is a 230% increase from 33.4 billion won in 2024. It is also 64% higher than the previous record high of 67.3 billion won in 2022.
◇ Sales up 230% on receipt of GSK upfront payment
ABL Bio's receipt of an upfront payment by transferring technology to GSK plc helped improve results. ABL Bio has its Grabody-B technology that helps drugs cross the blood-brain barrier. Applying this technology allows the use of less drug than before and lowers the risk of side effects.
ABL Bio signed an export contract for its Grabody-B technology with GSK plc in April last year. A month later, it received an upfront payment of 73.9 billion won. GSK plans to apply this technology to Alzheimer's and Parkinson's treatments in clinical trials. If it clears the hurdles of clinical success and commercialization, it can receive separate milestone and royalty payments. In that case, the aggregates for the upfront payment are 4.1104 trillion won.
ABL Bio also transferred the Grabody-B technology to U.S.-based Eli Lilly and Company in November last year. It received an upfront payment of 58.5 billion won from Lilly in January this year. Including milestones and royalties, the aggregates for the upfront payment are 3.8072 trillion won.
By contrast, ABL Bio is seen to have posted an operating loss of 7.9 billion won last year. The deficit narrowed from the 59.4 billion won operating loss in 2024, but it did not return to profit. ABL Bio's cumulative research and development expenses for the third quarter last year were 72.2 billion won, up 42% from a year earlier. Operating expenses were 90.1 billion won, up 39% from a year earlier.
An ABL Bio official said, "Sales increased due to the GSK upfront payment, and losses occurred due to research and development investment."
◇ Sanofi adjusts clinical priorities… ABL Bio says "this is not a contract termination"
On the 30th, it became known that development of a Parkinson's treatment for which ABL Bio transferred technology to France's Sanofi had been pushed down the priority list. As the news spread, the stock fell 19%. An ABL Bio official said, "Clinical trials have not been halted, nor has the contract been terminated."
In 2022, ABL Bio transferred its Parkinson's treatment candidate ABL301 to Sanofi and received an upfront payment of 90.2 billion won. The total contract amount is 1.272 trillion won.
Parkinson's disease occurs when synuclein proteins accumulate in the brain. ABL301 combines an alpha-synuclein antibody and Grabody-B technology. Phase 1 is being co-developed, and Sanofi is responsible for subsequent trials. However, Sanofi said in its fourth-quarter results materials last year that it lowered the priority of ABL301's development.
An ABL Bio official said, "The clinical priority was lowered due to alpha-synuclein, not Grabody," adding, "Because the specific timeline for subsequent trials has not been finalized due to reasons such as clinical strategy development and feasible timing, that phrasing was used."
The official added, "ABL301 remains in Sanofi's pipeline (new drug candidates) and subsequent trials are being prepared," calling it "a strategic choice to increase the likelihood of clinical success."