Tego Science Reshapes Ownership Through Family Gift, Laying Groundwork for Management Stability and Global Expansion

The combined stake held by Tego Science CEO and largest shareholder Se-hwa Jeon and five specially related parties has declined to 41.79%. According to the Financial Supervisory Service’s electronic disclosure system on the 22nd, their holdings totaled 3,388,864 shares, down 41,400 shares from the previous report, dated March 29, 2021. The changes resulted from an open-market sale by a specially related party and the gifting and receipt of shares between specially related parties, indicating a restructuring of family ownership rather than a simple reduction in holdings.

Ownership structure changes through family gift and open-market sales

The key change was Byeong-sik Jeon’s gift of 162,177 shares to Jae-wook Jeon on the 17th. As a result, Byeong-sik Jeon’s stake fell by 2.49 percentage points, while Jae-wook Jeon’s stake increased by 2.00 percentage points. Jae-wook Jeon became the largest holder among the specially related parties, with 543,577 shares, or 6.70%, while Byeong-sik Jeon’s holdings fell substantially to 56,055 shares, or 0.69%.

Byeong-sik Jeon repeatedly sold shares on the open market from July 2021 through February of this year, steadily reducing his holdings. Eun-soon Cheon also sold 1,400 shares through open-market transactions in March and April 2024. Se-hwa Jeon, the reporting party, continues to hold 2,781,960 shares, or 34.31%, and stated in the disclosure that, as the company’s largest shareholder, she “exercises influence over the company,” with the purpose of affecting management control.

Strengthening technology through key patent acquisition and expanded R&D investment

On Sept. 16, immediately before the ownership-change disclosure, Tego Science obtained a patent for a method of manufacturing a 3-dimensional cultured skin model containing hair follicle structures using fibroblasts. Dermal papilla cells, which have been used in conventional hair research, lose their characteristics when cultured in vitro. The core of the technology is replacing them with fibroblasts, which are easier to culture in large quantities, to reproduce human hair follicle structures. The technology is also the foundational technology for Neoderm-DF, the world’s first commercially available 3-dimensional cultured skin model.

A Tego Science official said, “This patent further solidifies the technological advantage of the Neoderm brand,” adding, “We plan to aggressively expand domestic and international sales by targeting the global hair loss treatment market, which is worth approximately 14 trillion won.” Current operating R&D expenses in the first half of 2026 reached 3.1 billion won, an 84% increase from the same period a year earlier, showing that the company is concentrating capital on securing global pipelines, including a U.S. clinical trial.

Tego Science, which developed Kaloderm, Korea’s first cell therapy for burn treatment, is currently conducting a U.S. clinical trial of TPX-115, a treatment for rotator cuff tears. In May this year, it also acquired pharmaceutical distributor P&P Pharm to expand its sales network. Although the company is currently operating at a loss, analysts say the deficit is largely attributable to accounting factors, including a sharp increase in R&D expenses and valuation losses on derivatives related to convertible bonds.

Focus on long-term growth strategy amid management stabilization

The stabilization of management control through the share gift is being interpreted as a sign of the company’s intention to focus on long-term global projects rather than short-term share-price support. The stock, which reached 5,230 won at the end of July 2026, its lowest level in three years, recovered to approximately 7,600 won by mid-September on the acquisition of the patent and a rebound in the biotechnology sector, representing an increase of approximately 45% from its low.

Judal Research, a domestic securities analysis firm, said, “After undergoing a deep correction of approximately 80% from its three-year high, the stock hit a meaningful low and is rebounding strongly,” adding, “Given the characteristics of biotechnology companies, if fundamental improvement accompanies clinical success of a new pipeline or a technology transfer, the stock has significant potential for a strong medium- to long-term revaluation.” As laws banning animal testing spread worldwide, whether the fibroblast-based 3-dimensional hair follicle skin model, which can be mass-produced, is adopted as a global standard screening platform is expected to be a key catalyst for increasing the company’s value.