Daeshin Securities announced on June 23rd that OliX Pharmaceuticals (KOSDAQ: 226950) is broadening its therapeutic ambitions — into obesity and dermatology — on the strength of a small interfering RNA (siRNA) platform that has already won the confidence of Eli Lilly, one of the world's largest drugmakers.
The assessment follows a non-deal roadshow (NDR) hosted by Daeshin on June 18th and 19th, at which four topics dominated investor attention: the progress of a phase 2 clinical trial for a metabolic liver disease treatment; preclinical data for an obesity drug; a strategic equity investment by L'Oréal; and the status of the company's broader pipeline.
The Eli Lilly deal bears fruit
The centrepiece of OliX's story is OLX702A, a treatment for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver condition formerly known as non-alcoholic fatty liver disease (NASH). In February last year, OliX licensed the drug to Eli Lilly in a deal worth up to $630m (approximately 912bn Korean won). The therapy is administered just once every six months and demonstrated a 60–80% reduction in liver fat — and up to 90% in some patients — in those with non-alcoholic fatty liver disease (NAFLD).
Phase 1 trials have concluded, and OliX expects to receive the clinical study report (CSR) between August and October. Phase 2 enrolment and the associated milestone payments from Eli Lilly are then anticipated to follow.
Obesity: a new frontier
OliX's obesity candidate, OLX501A, has produced encouraging early results. In a single-dose primate study, it reduced target messenger RNA by as much as 84%. More strikingly, when combined with tirzepatide (sold as Zepbound) at just one-tenth of the standard high dose, the drug maintained its fat-reduction effect while also blunting the weight rebound typically seen after treatment is stopped — a persistent problem with existing therapies.
Full data are scheduled to be disclosed at an R&D day on July 14th. The company is seeking to license the asset to a partner before initiating clinical trials.
L'Oréal takes a stake
OliX has deepened its partnership with the French cosmetics giant L'Oréal, which has made an equity investment through the company's latest share issuance — a paid-in capital increase of 110bn won announced this month. L'Oréal's venture arm, BOLD, contributed 10bn won, while asset manager Wise Asset provided a further 100bn won; both payments are due by the end of June. The two companies are jointly developing products across both cosmetic and pharmaceutical applications of siRNA technology.
Broader pipeline
Beyond its lead assets, OliX is advancing a treatment for age-related macular degeneration, OLX301A, which showed signs of visual improvement in a US phase 1 trial. The company plans to file an investigational new drug (IND) application for a multi-country phase 2 trial in the second half of this year, alongside efforts to license the asset.
Its hair-loss treatment, OLX104C, is currently in a phase 1b/2a trial in Australia, with the phase 1b portion expected to conclude in July or August.
Turning the corner financially
OliX is forecast to record revenues of 17bn won and operating profit of 8bn won in 2025, marking a return to profitability. As of June 22nd, the company's shares were trading at 130,700 won, giving it a market capitalisation of approximately 265.6bn won (roughly $190m).