Onconic Therapeutics (476060.KQ), which has established a stable cash-generating base with the domestically developed gastroesophageal reflux disease treatment "Zaqbo," is accelerating the development of next-generation anticancer drugs to diversify its growth engines. The move marks the beginning of a virtuous cycle, in which profits secured from a commercialized drug are reinvested into new drug development, analysts said.
NH Investment & Securities on Tuesday forecast that Onconic Therapeutics will see a full-fledged improvement in earnings this year, driven by the steep prescription growth of Zaqbo. Zaqbo, a P-CAB class gastroesophageal reflux disease treatment approved last year as Korea's 37th domestically developed new drug, has been rapidly expanding its market share since its launch in October last year.
As of June this year, cumulative prescriptions exceeded 20 billion won, and monthly prescriptions rose to around 8.5 billion won starting in April. NH Investment & Securities forecast that Zaqbo sales will reach 111.8 billion won this year. The brokerage expected mid- to long-term growth to continue, as overseas technology exports to China, India and South America are also being pursued.
The company is focusing the cash secured through Zaqbo on developing its next-generation anticancer drug "Nesuparib." Nesuparib is distinguished by its combination of a tankyrase inhibition mechanism, which raises the potential for expanding indications.
The development scope is currently being broadened to various cancer types, including endometrial cancer, ovarian cancer, gastric cancer and pancreatic cancer. Based on Phase 2 data presented at the American Society of Clinical Oncology (ASCO) this year, additional clinical trials and technology transfer discussions are also expected. In 2026, Phase 1 results for pancreatic cancer and combination data with GemAbrax are scheduled to be released.
Securities analysts believe that as Zaqbo establishes itself as a stable source of cash generation, Onconic Therapeutics' corporate value may also be reassessed with a focus on new drug development results. In particular, the expansion of Zaqbo's overseas product approvals and the progress of Nesuparib's clinical trials are cited as key variables that will determine the company's future value.
