Despite Halved Revenue, Inventage Lab Secures Sixfold Increase in Cash to Target Obesity Drug Market

Inventage Lab reported consolidated revenue of 568.43 million won in the first half of this year, nearly half the 1.03443 billion won recorded in the same period a year earlier. Its operating loss also widened to 18.66894 billion won from 13.42673 billion won. Nevertheless, the company raised a total of 98.45 billion won through convertible bonds, bonds with warrants and convertible preferred shares during the period, increasing its cash more than sixfold.

The increase followed the issuance in March of 37.25 billion won in fourth-series convertible bonds, 8.5 billion won in fifth-series bonds with warrants and 52.7 billion won in eighth-series convertible preferred shares. Cash and cash equivalents at the end of the half-year stood at 97.59485 billion won, surging from 14.46802 billion won at the end of the previous period in just six months. Net loss for the period fell sharply to 3.29951 billion won from 8.44444 billion won a year earlier, helped by increased financial income.

■ CDMO infrastructure completed through acquisition of Quratis

The key point is that the funds are not merely for securing operating capital. Earlier this year, Inventage Lab acquired about 40% of its subsidiary Quratis for approximately 25 billion won, securing a GMP-certified bioplant in Osong, North Chungcheong Province. In July, Quratis carried out a capital reduction without consideration, consolidating nine common shares into one to improve its capital structure. After the reduction, its total number of issued shares fell to 12,827,753. Inventage Lab also provided financial support to address Quratis’ capital impairment by mandatorily converting the entire 15 billion won in convertible bonds into shares.

Combining Inventage Lab’s microfluidics-based drug delivery system (DDS) platform and lipid nanoparticle (LNP) manufacturing technology with Quratis’ Osong plant has established an integrated CDMO production system covering “mRNA synthesis → LNP formulation → finished-product filling.” Based on this infrastructure, the company plans to begin generating CDMO revenue in earnest in the second half of the year, including production of clinical trial materials for commercial development of long-acting injectable obesity drugs. Separate-basis revenue was reported at 4.7476 billion won, suggesting that the subsidiary’s earnings are having a substantial effect on consolidated results when the difference from the consolidated figures is taken into account.

■ Second contract with Boehringer Ingelheim validates technology

After signing long-acting injectable technology-transfer agreements with Daewoong Pharmaceutical, Chong Kun Dang and Yuhan Corp., Inventage Lab entered into a joint research agreement with global pharmaceutical company Boehringer Ingelheim in September 2024 for a long-acting injectable peptide drug candidate. In November 2025, it additionally signed a second material transfer agreement (MTA). Because the second agreement resulted from a proactive proposal by Boehringer Ingelheim, industry observers expect it could lead to a large deal worth at least 1.5 trillion won if a definitive technology-export agreement becomes imminent.

Inventage Lab’s core pipeline is IVL-DrugFluidic, a technology that converts GLP-1 obesity treatments requiring daily or weekly administration into long-acting injections administered once every 1 to 3 months. According to preclinical data presented at the American Diabetes Association (ADA) in June 2026, the 1-month long-acting semaglutide candidate IVL3021 produced greater weight loss in an animal model than Novo Nordisk’s repeated-dose Wegovy group and also showed the potential to suppress rebound weight gain after treatment discontinuation. The 2-month long-acting tirzepatide candidate IVL3024 maintained stable blood concentrations for 2 months without the initial excessive-release adverse effect.

The current GLP-1 obesity treatment market is considered to be constrained by frequent dosing and declining medication adherence. Industry experts say that if Inventage Lab succeeds in commercializing long-acting injections, it could emerge as a key player directly addressing this unmet need. The company has also secured approximately 8.5 billion won in government support after being selected as the lead institution for the Ministry of Trade, Industry and Energy’s national project, “Development of an AI-Based Digital Automated Process System for Customized LNPs for Nucleic Acid Therapeutics.” The transition from an R&D-focused company to a commercial-stage company is progressing in stages, but with the operating loss wider than a year earlier, the pace at which this translates into actual revenue is expected to be critical to financial soundness.