What Y-Biologics does

Y-Biologics Inc. (KOSDAQ: 338840) is a South Korean clinical-stage biotech founded in 2007 and headquartered in Daejeon with R&D operations and a Seoul translational center. The company develops next-generation immuno-oncology therapeutics built on a vertically integrated antibody platform stack, anchored by four proprietary technology pillars: Ymax-ABL (fully human antibody library for antibody discovery), ALiCE (bispecific antibody engineering for dual-targeting constructs), Multi-AbKine (world's first triple-target antibody-cytokine fusion platform combining a PD-1 bispecific with an IL-2 variant that activates conditionally only in the tumor microenvironment), and pH-sensitive antibody technology enabling tumor-selective binding for ADC applications. Its clinical-stage lead is Acrixolimab (YBL-006), a wholly owned PD-1 antibody with reported 5-7x stronger binding affinity than Keytruda/Opdivo and a 25% ORR in NET G3/NEC patients from Phase 1/2a trials. The pipeline behind it includes AR170 (PD-1×VEGF×IL-2v), AR166 (PD-1×LAG-3×IL-2v), AR153 (pH-sensitive B7-H3 ADC with MMAE payload co-developed with Intocell), AR062 (anti-CD39), and YBL-011 (anti-LAG-3).

The company's business model is asset-light technology transfer. Y-Biologics develops antibody candidates to preclinical or IND-enabling stage and licenses them to global pharmaceutical partners for upfront payments, development milestones, and sales royalties. It supplements this with a co-development equity-stake model (e.g., joint programs with Intocell, IM BioLogic, HK Innoen, Rigakum Bio) and a CRO services subsidiary (ybioservice.com) that monetizes the antibody discovery platform through contract research. Cumulative tech-transfer contract value across nine deals is approximately KRW 2.1 trillion (USD 1.5B), anchored by the IMB-101 out-licensing to Navigator Medicines (USD 924M total) and Huadong Pharmaceutical (USD 315.5M total) in 2024. Its customer base is global Big Pharma facing the Keytruda 2028 patent cliff, with active deal-making pipelines targeting US/EU and China separately to leverage faster Chinese clinical timelines.

Name

Y-Biologics

Legal name

주식회사 와이바이오로직스

Website

https://ybiologics.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Immuno-oncology antibody drug development

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)

akta.pro secondary industries

Oncology & Hematology Pharmaceuticals (HLAIAAAC), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), AI/ML-Enabled Biologic Discovery Platforms (computational design, in silico screening) (HLAAAIAE)

Keywords

• Antibody drug development
• Immuno-oncology therapeutics
• Bispecific antibody platform
• Technology licensing pharma
• Antibody discovery services

Headquarters

HQ city

Daejeon

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Technology Licensing / Technology Transfer (L/O): The primary revenue model. Y-Biologics develops antibody candidates to the preclinical or IND-enabling stage and licenses them out to global pharmaceutical companies for upfront payment, development milestones, and sales royalties. Cumulative tech transfer contracts total approximately KRW 2.1 trillion (~USD 1.5B). Examples: IMB-101 licensed to Navigator Medicines (USD 924M total, including USD 20M upfront) and Huadong Pharmaceutical (USD 315.5M total, including USD 8M upfront). Multiple additional undisclosed transfers. The company holds equity stakes in partnered programs and receives proportional milestone/royalty distributions.
2. Co-Development Revenue Sharing: Joint drug development with partner companies (e.g., Intocell for B7H3 ADC ITC-6146RO, IM BioLogic for IMB-101). Y-Biologics contributes antibody assets and receives share of milestone payments and royalties proportional to its equity stake in each co-development program. Revenue recognized proportionally per agreed-upon sharing arrangement.
3. Contract Research Services (CRO Services): CRO service subsidiary (ybioservice.com) provides antibody discovery and related contract research services to other pharmaceutical and biotech companies, generating stable cash inflows. The company website links to https://ybioservice.com/kr/ as the CRO services portal.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Y-Biologics is a clinical-stage Korean biotechnology company that discovers, develops, and out-licenses proprietary antibody therapeutics for immuno-oncology and autoimmune diseases. The company operates proprietary antibody discovery (Ymax-ABL), multi-specific engineering (Multi-AbKine, ALiCE), and pH-sensitive antibody platforms to generate pipeline drug candidates such as Acrixolimab (PD-1), AR170 and AR166 (multi-antibody-cytokine fusions), AR153 (pH-sensitive B7-H3 ADC), AR062 (CD39), and YBL-011 (LAG-3), which it licenses to global pharmaceutical partners through technology transfer agreements.

Product overview

Y-Biologics is a next-generation multi-antibody drug development company operating primarily through its Multi-AbKine platform (triple-target antibody-cytokine fusion for immuno-oncology) and pH-responsive antibody technology platform for ADC applications. The core product portfolio includes Acrixolimab (YBL-006, PD-1 antibody in Phase 1/2a), pipeline candidates AR170 (PD-1×VEGF×IL-2v) and AR166 (PD-1×LAG-3×IL-2v) under the Multi-AbKine platform, AR153 (pH-responsive B7-H3 ADC), AR062 (CD39), and YBL-011 (LAG-3). The company also offers CRO services via ybioservice.com and maintains a joint development partnership with Intocell for B7-H3 ADC (YBL-015/ITC-6146RO).

Differentiator

Problem solved

Functional benefit

Brands

• Multi-AbKine: Multi-target antibody-cytokine fusion platform combining PD-1 bispecific antibodies with IL-2 variants for enhanced cancer immunotherapy
• Ymax-ABL
• Ymax-NANO
• Acrikzimab (YBL-006)

Products and services

• Multi-AbKine Platform Triple-target immuno-oncology platform combining PD-1 bispecific antibodies (with VEGF or LAG-3) with an IL-2 cytokine variant for enhanced anti-tumor immune response and memory T-cell formation. The cytokine is conditionally activated in cis only when the antibody binds PD-1 on T-cells in the tumor microenvironment, minimizing systemic toxicity.
• Acrixolimab (YBL-006) Proprietary PD-1 monoclonal antibody that completed Phase 1/2a clinical trials in 67 patients with advanced solid tumors, demonstrating 5-7x stronger PD-1 binding than Keytruda/Opdivo in preclinical studies and 25% ORR in neuroendocrine tumor (NET G3/NEC) patients. Korea's only proprietary original PD-1 antibody.
• pH-Responsive Antibody Technology Antibody engineering platform enabling pH-dependent antigen binding: antibodies bind strongly in acidic tumor microenvironments (pH ~6.0, ~0.011nM IC50) and minimally at physiological pH (7.4, ~0.118nM IC50) for enhanced tumor selectivity and reduced off-target toxicity. Particularly applicable to ADC payloads.
• AR153 pH-responsive B7-H3 antibody-drug conjugate (ADC) with MMAE payload targeting solid tumors through tumor-selective payload release, co-developed with Intocell using OHPAS linker technology. IND approvals received from both FDA and MFDS in 2026.
• AR170 PD-1×VEGF×IL-2v triple-target antibody-cytokine fusion (Multi-AbKine) for solid tumors including colorectal cancer, targeting PD-1-resistant tumors. Demonstrated 100% complete response (CR) in preclinical models with 3x survival improvement vs. competing drugs. IND planned H1 2027 via WuXi Biologics CDMO.
• AR166 PD-1×LAG-3×IL-2v triple-target antibody-cytokine fusion (Multi-AbKine) targeting NSCLC with first-in-class potential, demonstrating immune memory formation and tumor eradication in preclinical PD-1-resistant models. IND planned H2 2027 via WuXi Biologics CDMO.
• AR062 Anti-CD39 antibody regulating ATP metabolism in the tumor microenvironment to prevent immune function blockade and enhance anti-tumor immunity.
• YBL-011 Anti-LAG-3 antibody showing 3x higher T-cell activation than competitors when combined with anti-PD-1/PD-L1 therapy.
• Ymax-ABL Fully Human Antibody Library Proprietary fully human antibody library platform for high-throughput antibody discovery, supporting generation of multiple therapeutic antibody candidates including monoclonal antibodies, bispecifics, multi-AbKine constructs, and ADCs. Underpins proprietary assets including Acrixolimab (PD-1), B7-H3 antibodies, CD39 (AR062), and LAG-3 (YBL-011).
• CRO Services (ybioservice.com) Contract research organization subsidiary providing antibody discovery and related development services to pharmaceutical and biotech partners as a stable revenue stream separate from pipeline licensing.

Quantifiable outcome

• Acrixolimab demonstrated 5-7x stronger PD-1 binding affinity compared to Keytruda (pembrolizumab) and Opdivo (nivolumab) in preclinical studies
• +6 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Intocell (인투셀)coreStrategic or Co-development Partner · 24 March 2026Co-development partnership for B7-H3 ADC pipeline (ITC-6146RO, YBL-015). Y-Biologics provides the anti-B7-H3 antibody; Intocell provides its OHPAS linker and PMT payload modification technologies. ITC-6146RO received IND approvals from both FDA (US) and MFDS (Korea) for Phase 1 clinical trial in solid tumors (up to 102 patients). Global first patient dosing completed March 2026. Additional pipeline (unconfirmed YBL-015) also co-developed.
• Daejeon Technopark / Daejeon Metropolitan Government / BioCenturyminorStrategic or Co-development Partner · 11 March 2026Trilateral MOU establishing a global biotech gateway for Daejeon-based companies. BioCentury (California-based biotech media firm) will provide investor relations pitching sessions connecting Daejeon biotech companies with global investors and pharma partners including Eli Lilly, SBC Group, and Temasek sovereign wealth fund. Y-Biologics benefits as a Daejeon-based biotech with global partnering access. Daejeon Bio Startup Hub scheduled for completion H1 2027.
• Boehringer IngelheimminorStrategic or Co-development Partner · 11 February 2026Joint research agreement with Boehringer Ingelheim. Galux's partnership announcement noted collaborations with Boehringer Ingelheim alongside Celltrion, LG Chem, Hanall Biopharma, and Y-Biologics, suggesting Y-Biologics is included in a broader AI-driven antibody research network.
• WuXi Biologics (우시바이오로직스)coreTechnology or Integration · 7 January 2026CDMO (Contract Development and Manufacturing Organization) agreement for Multi-AbKine pipeline. Covers CMC development for AR170 (IND planned H1 2027) and AR166 (IND planned H2 2027), including mass production capabilities for complex multi-antibody drugs and data packages for U.S. IND submissions. WuXi Biologics (global #2 CDMO by market share) was selected for its capabilities in complex bispecific and trispecific antibody manufacturing. The agreement is a critical enabler of Y-Biologics' global clinical entry.
• Korea Research Institute of Bioscience and Biotechnology (KRIBB)minorStrategic or Co-development Partner · 2 July 2025Participating research institution in the government-funded KEIT Bio-Specialized District Support Project for Multi-AbKine manufacturing technology. Led by Y-Biologics, with KRIBB contributing to the 4.5-year R&D program.
• Korea Advanced Institute of Science and Technology (KAIST)minorStrategic or Co-development Partner · 2 July 2025Participating research institution in the KEIT Bio-Specialized District project. KAIST joins Daejeon Technopark, KRIBB, KIT, and KBSI in the consortium led by Y-Biologics.
• Korean Institute of Toxicology (KIT)minorStrategic or Co-development Partner · 2 July 2025Participating institution in the government-funded Multi-AbKine manufacturing technology development project.
• Korea Basic Science Institute (KBSI)minorStrategic or Co-development Partner · 2 July 2025Participating institution in the government-funded Multi-AbKine manufacturing technology development project.
• Samsung Seoul Hospital / Osong Medical Innovation FoundationminorStrategic or Co-development Partner · 2 July 2025Off-site collaboration partners in the KEIT Bio-Specialized District project, contributing clinical research and translational research capabilities.
• IM BioLogic (아이엠바이오로직스)coreStrategic or Co-development Partner · 31 March 2025Joint research contract for autoimmune disease antibody drug new target candidates with IM BioLogic. Building on prior successful collaboration for IMB-101 (OX40L/TNF-α bispecific, licensed to Navigator Medicines for ~USD 924M and to Huadong Pharmaceutical for ~USD 315.5M). The new agreement targets a different autoimmune disease mechanism. Y-Biologics provides antibody discovery capabilities; IM BioLogic provides autoimmune disease therapeutic expertise.
• HK Innoen (HK이노엔)coreStrategic or Co-development Partner · 31 March 2025Co-development partner for IMB-101 (OX40L/TNF-α bispecific antibody for autoimmune diseases). HK Innoen, Y-Biologics, and IM BioLogic jointly developed IMB-101, which was subsequently licensed out to Navigator Medicines and Huadong Pharmaceutical. HK Innoen spun off its antibody research team to form IM BioLogic in 2020.
• Rigakum Bio (리가켐바이오)minorStrategic or Co-development Partner · 15 May 2024Long-term co-development partner for YBL-001 (DLK1 targeting antibody). First technology transfer to Pyxis Oncology was made through the Rigakum Bio partnership in 2020. Ongoing ADC co-development relationship.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• ABL Bio: Korean clinical-stage biotech developing bispecific antibodies for immuno-oncology and neurodegenerative diseases. Comparable to Y-Biologics in antibody platform focus, Korean origin, and out-licensing-driven business model.
• LegoChem Biosciences: Korean ADC platform company with proprietary linker technology (ConjuAll). Highly comparable to Y-Biologics' AR153 ADC program and shares the same Korean out-licensing model targeting global pharma partners.
• AbClon: Korean antibody discovery platform company developing novel antibodies for oncology and autoimmune diseases. Closely comparable to Y-Biologics' Ymax-ABL discovery platform and therapeutic focus areas.
• PharmAbcine: Korean clinical-stage biotech focused on oncology antibody therapeutics including anti-VEGFR2 and bispecific antibodies. Comparable pipeline focus and Korean biotech out-licensing profile.
• Hanall Biopharma: Korean specialty pharma developing novel biologics including antibodies for immunology and oncology. Comparable to Y-Biologics in Korean origin, antibody platform focus, and licensing-driven growth model.
• Zymeworks: Canadian clinical-stage biotech with proprietary bispecific and multispecific antibody platforms (Azymetric, EffiFunction). Closely comparable to Y-Biologics' Multi-AbKine and ALiCE bispecific engineering technology.
• Macrogenics: US clinical-stage biotech developing bispecific antibodies (e.g., PD-1×LAG-3, B7-H3 ADCs) for oncology. Comparable to Y-Biologics in PD-1×LAG-3 targeting (AR166) and B7-H3 ADC space (AR153).
• Compass Therapeutics: US clinical-stage biotech with bispecific antibody pipeline including PD-1×VEGF (CTX-009) and NK cell engagers. Directly comparable to Y-Biologics' AR170 PD-1×VEGF×IL-2v construct and bispecific platform strategy.
• Xencor: US clinical-stage biotech with proprietary XmAb bispecific and multispecific antibody engineering platforms. Comparable to Y-Biologics' ALiCE platform for bispecific engineering and Fc silencing (StealthBody-like) technology.
• Genexine: Korean clinical-stage biotech developing antibody and fusion protein therapeutics for oncology and autoimmune. Comparable Korean peer with similar hybrid out-licensing and co-development business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds8 records

Investors15 records

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M&A

Investments1 record

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Frequently asked questions about Y-Biologics