Kyobo Securities, in a report published on 17th September 2026, said OliX Pharmaceuticals (KOSPI: 226950) — a developer of RNA-based therapeutics — could complete at least one technology licensing deal in the second half of this year, maintaining a Not Rated investment opinion on the stock.
Analyst Jung Hee-ryung identified four pipeline candidates most likely to generate near-term deals: OLX702, a dual-target treatment for metabolic-associated steatohepatitis (MASH); an expansion of the existing agreement with L'Oréal; OLX301A, targeting age-related macular degeneration; and OLX501A, an obesity treatment targeting the ALK7 receptor. With clinical data now secured across several of these programmes, the analyst judged that the probability of successive deal announcements beginning in the fourth quarter is very high.
Pipeline by pipeline
OLX702 has completed preclinical trials for cardiovascular and metabolic indications using its dual-target approach, and licensing discussions are already under way. OLX501A has distinguished itself among ALK7-targeting developers by achieving a visceral fat reduction rate of 29.2%, far ahead of the closest competitor at 10.0%. The report also cited Eli Lilly's participation — via an equity stake — in the Series B fundraising round of MoonWalk Biosciences, an RNA-based obesity drug developer, as evidence that large pharmaceutical companies remain keenly interested in RNA therapeutics.
OLX301A, the macular degeneration candidate, has generated data showing improved retinal function preservation at half the dose of a single-target treatment, thanks to its dual-target small interfering RNA (siRNA) design. OLX104C, an alopecia treatment, has completed its Phase 1b trial and is awaiting the clinical study report (CSR); a Phase 2a trial enrolling 134 patients is expected to conclude in 2027.
Overhang lifted
On the supply side, a significant source of share-price pressure has been removed. Of approximately 1.97 million convertible preference shares (CPS) issued last year, 1.78 million shares eligible for conversion were listed as new ordinary shares on 15th September. The report concluded that the associated overhang — the risk of dilution from pending conversions — is now largely resolved, allowing investors to refocus on the company's underlying fundamentals.
Risks to watch
Investors should nonetheless weigh several material risks. OliX has recorded an operating loss in every financial year from 2021 to 2025. Revenue peaked at 17 billion won in 2023, plunged 66.7% to 6 billion won in 2024, then recovered to 15 billion won in 2025 — yet operating losses held at roughly 25 billion won per year throughout this period. The lumpy, milestone-driven nature of licensing revenues means income can be highly irregular, and the terms and scale of any new agreement will remain uncertain until publicly disclosed.
The share price stood at 111,100 won at the close on 16th September, some 46% below its 52-week high of 207,000 won, giving the company a market capitalisation of approximately 2.53 trillion won (roughly $1.8 billion). The stock has fallen 40.5% over the past six months. Sustained interest from global pharmaceutical majors in RNA therapies provides a structural tailwind for OliX, but whether licensing negotiations actually close — and on what terms — remains the decisive variable for the share price.