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As the KOSDAQ index continues to fluctuate around the 851.37 level, the market's attention is focused on the key drug clinical schedules and momentum of pharmaceutical and biotech companies, which are the core pillars driving domestic growth stocks in the second half of 2026.
This is because the market sentiment, which previously moved solely on vague expectations, is gradually evolving toward verifying "actual clinical data" and "tangible global partnerships."
Executive Summary
In the second half of 2026, the KOSDAQ bio sector is moving away from simple theme-driven trends, reaching an inflection point where winners and losers will be determined by actual clinical data "Proof of Concept (PoC)" and global regulatory approvals.
At the center of this shift are LigaChem Biosciences (141080), which successfully attracted the first direct investment from the government-backed National Growth Fund, and ABL Bio (298380), which has materialized its schedule for entering global Phase 3 trials.
In addition, companies with peerless platform technologies form the core of the H2 clinical calendar, such as Peptron (086520), which is approaching the end of its joint research with global big pharma Eli Lilly, and Voronoi (310210), which presented meaningful oncology data at ASCO 2026.
AprilBio (397030), which recently bolstered its R&D momentum through large-scale funding and a management takeover, is also visualizing scenarios to seek additional out-licensing deals powered by its next-generation platform.
Market Overview
According to the "Daily Stock Fear & Greed Index," which represents current investment sentiment in the domestic stock market, the KOSPI remains in the "Neutral" zone (41.7), while the Nasdaq has entered the "Fear" stage (25.5), indicating a cautious tone across global tech and growth stocks.
Under these circumstances, liquidity in the KOSDAQ market is condensing toward "proven biotech companies" that possess clear timelines and high probabilities of success for individual pipelines.
Below are the key pipeline clinical and development schedules for major KOSDAQ pharmaceutical and biotech companies to watch from the second half of 2026 through the end of the year.
| Company (Ticker) | Core Pipeline | Major Target / Indication | Key H2 2026 ~ Year-End Schedule & Momentum |
|---|---|---|---|
| **LigaChem Biosciences** (141080) | LCB14 (HER2 ADC)<br>LCB84 (Trop2 ADC) | Breast cancer, solid tumors, etc. | - LCB14 BLA submission in China materializing<br>- LCB84 Phase 1 completion & Phase 2 initiation (Janssen's decision on exercising the $200M option) |
| **ABL Bio** (298380) | Givastomig (ABL111) | Gastric cancer (CLDN18.2 x 4-1BB) | - Official goal to enter global Phase 3 trials in December<br>- H2 disclosure of Phase 1b efficacy dose group data |
| **Peptron** (086520) | PT403 (SmartDepot)<br>MUC1 ADC | Obesity/Diabetes (Semaglutide)<br>Solid tumors | - Technology export expectations around the expiration of the platform evaluation agreement with Eli Lilly (~Oct 7)<br>- Launch of joint research on MUC1 ADC with Switzerland-based Debiopharm |
| **Voronoi** (310210) | VRN10<br>VRN11 | HER2 solid tumors<br>EGFR non-small cell lung cancer (NSCLC) | - Entry into Enhertu combination Phase 1b & expansion cohorts post-ASCO presentation of VRN10<br>- Advancing VRN11 global clinical trials |
| **AprilBio** (397030) | REMAP Platform<br>APB-R3 | ADC/AOC expansion<br>Atopic dermatitis | - First public disclosure of the next-gen "REMAP" platform PoC at BIO USA<br>- Secured abundant R&D funds via management takeover by TKG Huchems & IMM |
Financial Analysis
The risk of "capital impairment and R&D cash depletion," often cited as a chronic weakness of biotech companies, is rapidly clearing up among leading KOSDAQ biotech firms.
Most notably, on June 25, 2026, LigaChem Biosciences became the first listed company to successfully secure a massive direct investment of 500 billion KRW from the government-led "National Growth Fund."
With this investment, LigaChem Biosciences combined 250 billion KRW from the Advanced Strategic Industry Fund with another 250 billion KRW from major shareholders and private capital, securing a total of 500 billion KRW in long-term R&D funding. This builds the financial strength required to independently run late-stage clinical trials.
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AprilBio also changed its largest shareholder to a joint structure of TKG Huchems and IMM Investment on June 24, 2026, through a third-party allotment paid-in capital increase and management stake sale worth approximately 340 billion KRW.
Through this, AprilBio is evaluated to have established the financial stability necessary to stably push forward with the development of its new platform "REMAP" and global clinical trials for the next several years, despite the prolonged high-interest-rate environment.
Valuation
In the valuation department—a core indicator for analyzing KOSDAQ growth stocks—the trend is shifting away from simply summing up upfront technology transfer payments. Instead, it is moving toward incorporating the Net Present Value (NPV) of individual pipelines and royalty premiums based on platform scalability.
LigaChem Biosciences is undergoing an upward valuation re-rating as it transforms its corporate identity from a simple platform licensing company into a "global commercial-stage biotech" that independently advances its core assets through late-stage clinical trials.
Optimistic outlooks suggest that its operating profit margin could exceed 60% once massive milestones begin flowing in from partners like Janssen in the future.
"Givastomig (ABL111)," ABL Bio's highly anticipated candidate, is estimated to have a pipeline value of approximately $2.5 billion (approx. 3.4 trillion KRW) upon successful entry into the first-line gastric cancer treatment market and commercialization.
Depending on the likelihood that its high efficacy data (83% objective response rate) seen in early trials will be replicated in large-scale Phase 3 trials, there is a scenario where the target for enterprise value re-rating will rise in tandem.
Professional & Institutional Analysis
Domestic brokerage analysts and biotech fund managers are speaking with one voice: "2026 is no longer a period when stock prices rise on vague expectations, but a year that will be thoroughly proven by results (data)."
This is because big pharma companies, seeking to fill revenue gaps caused by drug price reduction pressures and patent expirations, prefer "late-stage clinical assets" with confirmed human data over early-stage candidates.
From this perspective, ABL Bio's announcement of entering global Phase 3 trials within the year—bringing it a step closer to commercialization—and Voronoi's demonstration of a 75% intracranial disease control rate in brain metastasis patients for "VRN10" at ASCO 2026 are receiving highly positive feedback.
Additionally, regarding Peptron's drug delivery platform "SmartDepot," analysts see a high possibility of signing a formal contract before the October deadline of its joint research with Lilly, indicating that the value of the exclusivity contract is highly likely to be pre-reflected in the stock price.
Risk Factors
The most fundamental risk factor remains the "inherent uncertainty of clinical trials."
Although ABL Bio's Givastomig showed outstanding efficacy in a small-scale Phase 1b trial, there is still a risk of failing to control side effects or verify the reproducibility of efficacy in a large-scale global Phase 3 trial.
Furthermore, as the USD/KRW exchange rate enters an ultra-high territory of 1,538.30 KRW, the burden of overseas clinical trial expenses may intensify for companies trying to directly conduct global clinical trials.
For small-and-medium-sized KOSDAQ biotech firms, excluding top-tier companies that have secured the National Growth Fund or large-scale investments, there is a persistent risk that volatility gaps may widen due to profit-taking sell-offs amid a prolonged low-liquidity market.
Investment Perspective Summary
In conclusion, KOSDAQ biotech investing in the second half of 2026 must be approached strictly from a "calendar-based milestone tracking" perspective.
Rather than chasing speculative theme stocks, a strategy focused on industry leaders that have proven their platform scalability (e.g., LigaChem Bio's ConjuAll, AprilBio's REMAP, Peptron's SmartDepot) and hold sufficient cash assets to support them seems highly effective.
The upcoming expiration of Peptron's joint research with Lilly in October, ABL Bio's global Phase 3 IND application in December, and whether LigaChem Bio's Janssen option will be exercised are expected to serve as major turning points determining the liquidity strength of the entire KOSDAQ bio sector.
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Investor Checklist Q&A
Q1. What is the biggest stock price catalyst for the KOSDAQ bio sector in the second half of 2026?
A1. Beyond simple expectations of technology transfers, "tangible outcomes" such as clinical data announcements and whether global big pharma companies exercise their options are highly likely to act as the strongest catalysts.
Q2. What is the significance of LigaChem Biosciences' recent 500 billion KRW investment attraction?
A2. As the first case of the National Growth Fund directly investing in the biotech sector, it means the company has secured a powerful financial buffer to independently conduct late-stage clinical trials for promising pipelines, pivoting from its previous licensing-only strategy.
Q3. What is the schedule for ABL Bio's Givastomig (ABL111) to enter Phase 3 clinical trials?
A3. According to disclosures at BIO USA in June, the company is conducting detailed working-level operations with US-based NovaBridge, aiming to initiate global Phase 3 clinical trials this December.
Q4. What is the key momentum regarding Peptron's drug delivery platform 'SmartDepot'?
A4. The joint research agreement with Eli Lilly is extended until October 7, 2026. Whether a global master contract for a once-monthly obesity treatment formulation will be signed around this time is the key point to watch.
Q5. What is the biggest risk that individual investors should watch out for when investing in bio stocks?
A5. Investors must always keep in mind the "clinical reproducibility risk"—where excellent data shown in early trials like Phase 1b might not be replicated in large-scale Phase 3 trials—and financing risks stemming from prolonged high interest rates affecting individual companies.