[Special Stock] Shaperon, a 'Game Changer' in the 38 Trillion Atopy Market... Overcoming Limitations of Existing Treatments

Shaperon is showing strong performance. It appears that securities firms' analysis highlighting the potential for technology export of the atopic dermatitis treatment Nugel is influencing the stock price.

As of 9:23 AM on the 19th, Shaperon is trading at 3,550 KRW, up 20.95% compared to the previous trading day.

According to market research firm Facts&Factors, the global atopic dermatitis treatment market size is projected to grow from $14.26 billion (approximately 18.5 trillion KRW) in 2023 to $29.15 billion (approximately 37.9 trillion KRW) by 2032.

Researcher Han Song-hyeop from Daishin Securities explained, "The global atopic dermatitis treatment market is showing high growth," but added, "Most of the current market is dominated by steroid and non-steroidal treatments, which have limitations in terms of efficacy and safety." He further stated, "Nugel, with its differentiated mechanism of action and excellent safety profile, is expected to overcome the limitations of existing treatments and secure a significant market share."

He said, "Shaperon is actively pursuing global technology transfer for Nugel," and "has achieved results such as signing confidentiality agreements (CDA) with multiple companies." He analyzed, "If efficacy and safety are further proven during the ongoing Phase 2 clinical trial in the United States, technology export can be anticipated."

Nugel is expected to overcome the limitations of existing treatments by demonstrating superior efficacy through a differentiated mechanism of action and improving safety by minimizing the impact on the immune system. The researcher judged that it could be applied to a broad patient group, including pediatric atopic dermatitis patients, and is likely to secure a significant market share in the future. Currently, Nugel confirmed safety and efficacy in a domestic Phase 2 clinical trial in 2020.

In response to a request from the U.S. Food and Drug Administration (FDA), an additional Phase 2 clinical trial is underway involving 210 patients with mild to moderate atopic dermatitis of various ethnicities, including Koreans. After conducting a dose-escalation study with 33 patients in the U.S., safety and efficacy will be evaluated in 177 patients in Korea and the U.S., with the goal of completing the clinical trial by the first half of 2026.

The researcher explained, "Due to the nature of new drug development companies, operating losses are expanding because of increased R&D expenses," and added, "The current stock price is about 40% lower than the initial public offering price." He also noted, "There is potential for recognition of marketability and technological capability of innovative pipelines including the atopic dermatitis treatment Nugel, which could lead to an increase in corporate value."

He stated, "If short-term financial risks are well managed and achievements such as technology transfer contracts for key pipelines, clinical progress, and government project awards become visible, corporate value re-rating will occur." He also emphasized, "Since the company was listed on KOSDAQ as a technology growth company in October 2022, the sales criteria for designation as a management item apply until 2027, and the net loss criteria apply until 2028."