ST Pharm (237690) Korea Investors Conference 2025 presentation summary

Business platform and capacity

• GMP capabilities span small-molecule APIs, oligonucleotide APIs, mRNA, lipid nanoparticles and sgRNA for CRISPR-CasX.

• Oligo production capacity is 6.4 mole (2.2 tonnes) across four lines; a second Banwol oligo plant was 95% complete.

• Oligo Plant 2 was scheduled to start operations in 25.Q4 with 8-mole capacity and KRW 110B CAPEX; a further 10-line expansion was listed with KRW 40B CAPEX.

Oligo CDMO market and backlog

• Global oligo therapeutics market forecast at $7B in 2023 and $22B in 2030, with ~18% CAGR; global oligo API CDMO market at $1B and $3B, respectively, with 17% CAGR.

• Oligo CDMO project backlog totaled $255.2M as of 3Q24, with $158.2M progress and 38% completion.

• Client programs span hyperlipidemia, CVD, SMA, MDS, myelofibrosis, hereditary angioedema, IgA nephropathy, chronic hepatitis B and Huntington’s disease.

RNA platforms and technology

• SmartCap has a registered Korean patent, an ongoing PCT publication and more than 30 customizable capping analogues; STLNP has nonclinical delivery-efficacy data.

• Supply agreements and partnerships announced with Quantoom Biosciences in Aug. 2024 and Evonik in Jan. 2025; STLNP+mRNA showed 1.72x delivery efficiency versus ALC-0315 in the presented comparison.

• Enzymatic ligation aims to improve scalability, reduce production costs and enable longer oligos using water-based solvents; LPOS shortmer batches were described as 10x current SPOS batch size.

• 100-mer sgRNA achieved 79–87% post-purification results; 130-mer development was underway, with a dedicated line installation scheduled for 1Q25.