Onconic Therapeutics (476060.KQ) is expected to leverage its gastroesophageal reflux disease (GERD) treatment Zacubo for continued earnings growth while its next-generation anticancer drug Nesuparib serves as a key catalyst for corporate value appreciation, according to analyst projections. The company's dual structure of commercialized products and clinical pipeline is now taking full shape.
"Alongside Zacubo's domestic sales growth, clinical data for Nesuparib will be presented at conferences including the American Association for Cancer Research (AACR) and the American Society of Clinical Oncology (ASCO)," Lee Ji-soo, an analyst at Daol Investment & Securities, said in a report Wednesday. "Commercialization milestones and royalty payments are also expected if Zacubo receives regulatory approval in China in the second quarter of this year."
Zacubo is a novel drug in the potassium-competitive acid blocker (P-CAB) class that directly inhibits gastric acid secretion enzymes regardless of stomach acid conditions. The drug takes effect within approximately one hour and maintains pH levels above 4 at a rate of 85.2%, demonstrating effectiveness in suppressing nocturnal acid breakthrough. In domestic Phase 3 trials, Zacubo achieved a 95.1% healing rate at four weeks, outperforming the comparator esomeprazole at 87.7%.
Financial performance is growing rapidly. Onconic Therapeutics posted revenue of 53.4 billion won in 2025, up 259% year-on-year, with operating profit reaching 12.6 billion won. The company turned profitable within approximately one year of Zacubo's launch, demonstrating strong commercialization capabilities. Despite being a latecomer in Korea's P-CAB market, prescriptions have expanded quickly, with cumulative sales surpassing 50 billion won over five quarters.
Indication expansion is also underway. Starting with erosive GERD, Zacubo is broadening its approved uses to include non-erosive reflux disease (NERD), gastric ulcers, and prevention of nonsteroidal anti-inflammatory drug (NSAID)-induced peptic ulcers. This is expected to accelerate market penetration through expanded prescription scope.
Overseas expansion is gaining momentum. The company has signed a technology licensing agreement with Chinese partner Livzon Pharmaceutical and completed its regulatory filing in China last year. Marketing approval is expected in the second quarter of this year, which would bring approximately 7 billion won in milestone payments along with local sales royalties.
The key to mid-to-long-term growth is the next-generation anticancer pipeline drug Nesuparib. Nesuparib is a dual inhibitor that simultaneously blocks poly ADP-ribose polymerase (PARP) and Tankyrase. Unlike existing PARP inhibitors, it can extend treatment coverage to BRCA wild-type patients as well as hard-to-treat cancers including pancreatic and gastric cancers. By blocking cancer cell survival signals through the Wnt/β-catenin pathway, the drug shows potential to overcome resistance to existing treatments.
The company is conducting clinical trials for Nesuparib across multiple indications and plans to sequentially present clinical data at major conferences including AACR and ASCO. Technology licensing prospects are expected to increase as clinical data accumulates.
"Zacubo serves as a cash cow providing a stable revenue base while Nesuparib provides clinical momentum in a dual structure," Lee said. "With data presentations coming at AACR and ASCO, attention should be paid to the potential for new drug value to be reflected."
