1. What Happened? Key Highlights of GI Innovation’s 2025 Half-Year Report

GI Innovation recorded marginal revenue in the first half of 2025 but posted operating and net losses due to R&D investments. Its core business model, licensing out new drug candidates, is progressing smoothly with three global contracts signed to date. The clinical progress of key pipelines and licensing-out achievements are expected to determine the company’s future value. Capital increase through rights offerings and convertible bonds improved the debt ratio, securing financial soundness.

2. Why Does it Matter? Growth Drivers and Potential Risks

Growth Drivers:

  • ▶ Innovative new drug development based on the GI-SMART™ platform technology
  • ▶ Promising pipelines including GI-101/GI-102 (immuno-oncology), GI-301 (allergy treatment), and GI-108 (metabolic immuno-oncology)
  • ▶ Successful licensing-out track record to global pharmaceutical companies

Potential Risks:

  • ▶ Continuous losses due to high R&D costs
  • ▶ Inherent risks of new drug development (uncertainty of clinical success)
  • ▶ Intensifying competition in the immuno-oncology and allergy treatment markets

3. So What? Investment Strategy and Considerations

GI Innovation has high growth potential, but the uncertainty of new drug development and intensifying competition are factors to consider when investing. Careful monitoring of the clinical success of the pipeline and licensing-out achievements from a long-term perspective is crucial. Attention should be paid to the results of the Phase 2 clinical trials for GI-101/GI-102, the progress of GI-108 licensing out, and the expansion of collaboration with global pharmaceutical companies.

4. Key Action Plan for Investors

  • ▶ Check the timing and content of the announcement of GI-101/GI-102 Phase 2 clinical trial results.
  • ▶ Continuously monitor the progress of GI-108 licensing out.
  • ▶ Understand the development status of competitors’ pipelines and market trends.
  • ▶ Make investment decisions from a long-term perspective and consider diversified investments.