What Kanaph Therapeutics does

Kanaph Therapeutics is a Seoul-based clinical-stage biotech founded in February 2019 by Byoung Chul Lee that develops large- and small-molecule therapeutics for oncology, autoimmune, and ophthalmic diseases using a genome-based drug discovery approach. The company operates four proprietary technology pillars — Human Genome Analysis (GWAS/PheWAS plus ML validation against 23andMe and UK Biobank data), Bispecific Antibody Technology (including the TMEkine antibody-cytokine fusion platform), Small-Molecule Drug Technology, and the SoluFlex LinK ADC platform (co-developed with Lotte Biologics) — feeding a seven-asset pipeline that spans FAP-targeted IL-12 cytokine fusion (KNP-101), C3b/VEGF bispecific Fc-fusion for AMD (KNP-301), EP2/EP4 and SHP2/SOS1 small-molecule oncology candidates (KNP-502/503/504), and a bispecific EGFRxcMET ADC (KNP-701).

The company's revenue model is a relay-style out-licensing approach: preclinical assets are licensed to Korean pharmaceutical partners (Dong-A ST, Oscotec, Yuhan, GC Biopharma, Lotte Biologics) for upfront and milestone payments, after which Kanaph may pursue early clinical development independently or with partners and target secondary global technology transfer. Cumulative upfront payments of approximately KRW 15.9 billion have been collected from five licensing agreements with aggregate deal value exceeding KRW 774.8 billion, and the company raised an additional KRW 40 billion (~$26.7M) via KOSDAQ IPO in March 2026 to fund clinical development and pipeline expansion. Net loss was KRW 28.3 billion in 2024, with management targeting profitability by 2028.

The company serves two customer segments: pharmaceutical partners that license assets for late-stage development and commercialization, and indirectly patients with solid tumors (NSCLC, CRC, pancreatic, head & neck, esophageal, glioblastoma), RAS-mutated cancers, and retinal diseases (wet AMD, geographic atrophy, DME). Operating from a Seoul headquarters plus Gwanggyo and Dongtan R&D centers, the company employs 11–50 staff and has secured KDDF national project funding, FDA IND approval for KNP-502, and strategic equity investments from Lotte Biologics and GC Biopharma alongside its public listing.

Name

Kanaph Therapeutics

Legal name

KANAPH Therapeutics Inc.

Website

https://kanaphtx.com

Company type

Public

Founded year

2019

Operating status

Ipo

Headcount range

11–50 employees

Short description

Kanaph Therapeutics is a Seoul-based clinical-stage biotech developing genome-discovered bispecific antibodies, small molecules, and ADCs for oncology and ophthalmology, generating revenue through early out-licensing deals with Korean pharmaceutical partners and targeting global technology transfer.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

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

SIC

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

akta.pro primary industry

Bispecific & Multispecific Antibodies (HLAAAAAF)

akta.pro secondary industries

Engineered Protein Therapeutics (de novo/AI-designed proteins, novel scaffolds) (HLAAAAAJ), Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI)

Keywords

• Oncology drug development
• Antibody drug conjugates
• Bispecific antibody therapy
• Drug licensing services
• Biopharmaceutical research

Headquarters

HQ city

Yongsan

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Technology Licensing/Out-licensing: The company generates revenue through technology out-licensing deals with pharmaceutical companies, receiving upfront payments, milestone payments tied to development and regulatory achievements, and future royalties from product sales. Deals include transfers to Oscotec (KNP-502), Dong-A ST (KNP-101), Yuhan (KNP-504), and co-development agreements with GC Biopharma and Lotte Biologics.
2. IPO Proceeds: Raised KRW 40 billion (US$26.7 million) through Kosdaq IPO in March 2026, with all proceeds directed to fund operations and clinical development programs. The IPO implied a market capitalization of USD 179.45 million.
3. Research Service Fees: The company conducts joint R&D with pharmaceutical partners and receives funding for research services as part of co-development agreements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Kanaph Therapeutics is a genome-based biotech company that discovers and develops multi-modality drug candidates (bispecific antibodies, small molecules, and antibody-drug conjugates) targeting oncology, autoimmune, and ophthalmology indications. The company operates a relay-style business model that transfers drug candidate technology at non-clinical stage to domestic pharmaceutical partners via licensing and co-development agreements, while advancing additional candidates through early clinical trials.

Product overview

Kanaph Therapeutics is a genome-based biotech company developing a multi-modality drug portfolio including bispecific antibodies, small-molecule inhibitors, and antibody-drug conjugates (ADCs) for oncology and ophthalmology. The core technology platform combines human genome analysis for target discovery with three therapeutic modalities: the TMEkine™ bispecific antibody-cytokine platform, SoluFlex LinK™ ADC platform (co-developed with Lotte Biologics), and small-molecule drug discovery. The pipeline spans six clinical-stage candidates: KNP-101 (FAP-IL12 bispecific, partnered with Dong-A ST), KNP-301 (C3b-VEGF bispecific for AMD), KNP-502 (EP2/EP4 dual inhibitor, licensed to Oscotec), KNP-503 (SHP2 inhibitor), KNP-504 (SOS1 inhibitor, licensed to Yuhan), and KNP-701 (EGFR×cMET bispecific ADC, partnered with GC Biopharma). The company operates a relay-type business model with early-stage technology out-licensing followed by clinical development and global technology transfer.

Differentiator

Problem solved

Functional benefit

Products and services

• TMEkine™ Platform Antibody-cytokine fusion protein platform for developing immunotherapies that overcome immunosuppressive tumor microenvironment. Used for bispecific antibody candidates targeting cold tumors; out-licensed to partners including Dong-A ST.
• SoluFlex LinK™ ADC Platform Hydrophilic linker and novel payload ADC platform co-developed with Lotte Biologics to overcome limitations of current ADC therapies, improving solubility, PK, stability, and productivity. Offered to external ADC developers as a toolbox.
• Human Genome Analysis Platform Disease signature discovery platform leveraging human genomic databases and bioinformatics to identify drug targets with high likelihood of clinical success.
• Small-Molecule Drug Technology Efficient compound screening platform integrating design, synthesis, evaluation, analysis, feedback, and library/database development for small-molecule drug discovery.
• KNP-101 First-in-class FAP-targeted IL-12 cytokine therapy for solid tumors with immunosuppressive tumor microenvironment, designed to minimize systemic toxicity. Licensed to Dong-A ST.
• KNP-301 Bispecific Fc-fusion protein combining C3b blocker and VEGF blocker for wet AMD, geographic atrophy (GA), and diabetic macular edema (DME).
• KNP-502 Best-in-class dual EP2 and EP4 prostaglandin receptor antagonist designed to overcome PGE2-mediated immunosuppression in the tumor microenvironment. Licensed to Oscotec Inc.
• KNP-503 Best-in-class SHP2 allosteric inhibitor for KRAS-mutated cancers including NSCLC, CRC, and glioblastoma, available in brain-penetrant and non-brain-penetrant versions.
• KNP-504 Best-in-class SOS1 inhibitor for RAS-mutated cancers including NSCLC, CRC, PDAC, and NF1-mutant solid tumors. Licensed to Yuhan Corporation.
• KNP-701 Anti-cMET and anti-EGFR bispecific ADC for NSCLC targeting drug-resistant EGFR-mutant and cMET-overexpressing cancers with optimized hydrophilic linkers and DAR6 payload. Co-developed with GC Biopharma.

Quantifiable outcome

• KNP-301 demonstrated ~3.5x stronger complement inhibition (IC50) vs Syfovre and ~4.7x vs Izervay in preclinical studies
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered major, supporting and core.

• 23andMemajorTechnology or Integration · 21 April 2026Data provision agreement for human genomic data analysis. 23andMe provides non-identified genomic data from 11 million+ individuals to support Kanaph's disease signature discovery system for next-generation ADC and immuno-oncology target identification.
• AxceleadsupportingStrategic or Co-development Partner · 16 June 2025Three-party MOU with Lotte Biologics and Axcelead (CRO spun off from Takeda) to build ADC toolbox. Axcelead contributes Takeda's legacy library of 1.2M+ compounds for novel payload discovery.
• GC Biopharma (녹십자)coreStrategic or Co-development Partner · 17 December 2024Joint development agreement with option rights for EGFRxcMET bispecific ADC (KNP-701) targeting NSCLC. GC Biopharma exercised its option in December 2025 to advance the preclinical pipeline into development stage. CMC development led by Kanaph; clinical development by GC Biopharma.
• Yuhan CorporationcoreOEM/ Whitelabel/ Licensing Partner · 7 March 2024Licensed SOS1 inhibitor KNP-504 to Yuhan Corporation for RAS-mutated cancers. Total contract value KRW 2,080 billion including KRW 60 billion upfront plus milestones. Jointly developed with Cyrus Therapeutics.
• Lotte BiologicscoreStrategic or Co-development Partner · 27 December 2023Lotte Biologics participated as a new strategic investor in Kanaph's Series C funding (KRW 23 billion). The companies co-developed the SoluFlex LinK ADC platform with hydrophilic linkers and novel payloads to overcome limitations of current ADCs. Expanded to second joint R&D agreement in 2025, with plans to provide ADC toolbox services to external developers.
• Cyrus Therapeutics (사이러스테라퓨틱스)coreStrategic or Co-development Partner · 1 January 2023Jointly developed SOS1 inhibitor KNP-504 with Cyrus Therapeutics. Both companies contributed preclinical candidates; jointly presented data at AACR showing superior efficacy vs competitors.
• Dong-A STcoreOEM/ Whitelabel/ Licensing Partner · 21 December 2022Licensed FAP-IL12mut KNP-101 (DA-3101) to Dong-A ST for solid tumor development. Deal includes joint research and licensing components. KNP-101 demonstrated favorable safety profile with reduced systemic toxicity in preclinical studies.
• OscoteccoreOEM/ Whitelabel/ Licensing Partner · 31 March 2022Licensed EP2/4 dual inhibitor KNP-502 (OCT-598) to Oscotec for global development. Received KRW 2 billion upfront payment with additional milestones and royalties. KNP-502 received FDA IND approval for solid tumors in May 2025; first patient dosing planned for Q4 2025.
• Samsung BiologicsmajorStrategic or Co-development Partner · 15 September 2020CDO (Contract Development Organization) agreement for KNP-301 retinal disease drug development, covering entire process from cell line development to clinical material manufacturing. First drug substance project for a biotech venture.
• Chung-Ang UniversitysupportingStrategic or Co-development Partner · 23 October 2019Technology transfer agreement for next-generation anticancer drug candidate technology from Prof. Kyoung-Hoon Min's research team. Provides access to academic research capabilities.
• KDDF (Korea Drug Development Fund)supportingOthersSelected for multiple KDDF national projects including: SHP2 allosteric inhibitor development (2022), FAP-IL12 variant fusion protein development (2022), and SOS1 inhibitor development (2023). Receives government R&D funding support.
• Yungjin Pharm (영진약품)supportingStrategic or Co-development PartnerTwo-year joint research collaboration on SHP2 allosteric inhibitor development, contributing synthetic chemistry expertise. Selected for KDDF national project support.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ABL Bio: South Korean clinical-stage biotech focused on bispecific antibodies for oncology and neuro-degeneration. Directly comparable to Kanaph's bispecific antibody platform (TMEkine, KNP-301, KNP-701), similar size, stage, and Korean biotech ecosystem with overlapping investor base.
• Revolution Medicines: Clinical-stage US biotech developing RAS(ON) inhibitors including SOS1-targeted candidates (RMC-6291, RMC-6236). Direct mechanistic competitor for KNP-504 and adjacent to KNP-503 SHP2 program; validates commercial interest in RAS pathway inhibition.
• Erasca: Clinical-stage oncology biotech focused on the RAS/MAPK pathway including SHP2 inhibitors (ERAS-601) and downstream targets. Directly comparable to Kanaph's KNP-503 SHP2 program and overall KRAS-mutated solid tumor strategy.
• Apellis Pharmaceuticals: US biotech with FDA-approved complement C3 inhibitor Syfovre for geographic atrophy and Empaveli for PNH. Direct comparator for Kanaph's KNP-301 C3b/VEGF bispecific for AMD, with benchmark preclinical IC50 data (Syfovre) cited in Kanaph's value proposition.
• Iveric Bio (Astellas): Developed Izervay (avacincaptad pegol), a C5 complement inhibitor approved for geographic atrophy, now part of Astellas. Direct clinical-stage competitor to KNP-301 in AMD/GA with benchmark IC50 data cited in Kanaph's value proposition.
• Mersana Therapeutics: Clinical-stage US ADC biotech developing novel linker-payload platforms (Dolasynthen, Immunosynthen). Directly comparable to Kanaph's SoluFlex LinK ADC platform strategy of differentiating through proprietary linker chemistry.
• Pyxis Oncology: Clinical-stage US biotech developing ADC therapeutics including EGFR×cMET bispecific ADC programs. Direct competitor to Kanaph's KNP-701 EGFR×cMET bispecific ADC partnered with GC Biopharma.

Broad incumbents

• Mirati Therapeutics (Bristol-Myers Squibb): Acquired by BMS for $4.8B in 2024, develops KRAZATI (adagrasib) and earlier-stage SOS1 inhibitors. Large incumbent in the same RAS-mutated cancer space where Kanaph's KNP-504 competes; validates the market but raises the competitive bar.
• Regeneron Pharmaceuticals: Global leader in bispecific antibodies with approved assets (Vabysmo for AMD, Linvoseltamab). Sets clinical and commercial benchmark for both KNP-301 (AMD) and Kanaph's broader bispecific antibody pipeline strategy.

Emerging players

• BridgeBio Pharma: Commercial-stage US biotech pursuing genetically targeted oncology therapies with multiple programs in RAS-mutated cancers and rare diseases. Comparable business model of targeting genetically defined patient populations with partnered/out-licensed programs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kanaph

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors12 records

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M&A

Investments

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Frequently asked questions about Kanaph Therapeutics