New Risk • Jun 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩32b free cash flow). Shareholders have been substantially diluted in the past year (75% increase in shares outstanding). Revenue is less than US$1m (₩1.0b revenue, or US$651k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (₩111.3b market cap, or US$71.3m). New Risk • May 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩32b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩32b free cash flow). Shareholders have been substantially diluted in the past year (75% increase in shares outstanding). Revenue is less than US$1m (₩1.0b revenue, or US$679k). Announcement • Apr 07
ABION Announces Preclinical Data Showing IFN-? Antibody Fusion Abn202 Outperforms Trop2-Targeting ADCs ABION announced that its next-generation immuno-oncology candidate, ABN202, demonstrated a superior anti-cancer mechanism compared with TROP2-targeting antibody-drug conjugates (ADCs) in preclinical studies. The findings will be presented as a poster at the American Association for Cancer Research (AACR 2026), to be held April 17–22 in San Diego, USA. ABN202 is a next-generation immuno-oncology drug candidate based on the company’s proprietary iRAC (Interferon-ß Antibody Conjugate) platform, designed to enable both direct tumor cell killing and robust immune activation. In the study, ABN202 demonstrated a superior anti-cancer mechanism compared with currently approved TROP2-targeting ADCs. Notably, ABN202 overcame resistance to TROP2-targeting ADCs and showed superior anti-tumor efficacy compared with ADCs combined with anti-PD-1 immune checkpoint inhibitors in preclinical models. In addition, ABN202 induced sustained and systemic CD8-positive T cell-mediated immune responses, suggesting the potential for durable anti-tumor immunity. These findings suggest that ABN202 represents a novel immuno-oncology strategy capable of overcoming resistance associated with existing ADC therapies, highlighting its strong potential as a new treatment option for patients with solid tumors who have failed prior ADC-based therapies. ABION’s first-in-class iRAC platform can be applied not only to TROP2-targeting antibodies but also to a broad range of solid tumor targets. This platform's versatility positions iRAC as a promising next-generation immuno-oncology approach with potential pipeline expansion opportunities. 
