1. What Happened at Chaperone?

On September 16, 2025, a disclosure was released detailing changes in the stake held by Chaperone’s CEO, Seung-Yong Sung, and other related parties. While the total stake decreased from 20.09% to 15.43%, it’s crucial to note that this change resulted from the ‘addition’ of related parties. Key among these is Do-Seon Kim, who conducted on-market purchases on September 12th and 15th. The fact that a new related party absorbed the shares sold by existing shareholders allows for a positive interpretation.

2. Why is Chaperone Important?

Chaperone boasts a diverse pipeline of drug candidates, including NuGel (atopic dermatitis), NuSepin (COVID-19), NuCerin (Alzheimer’s), and Papiliximab (immuno-oncology). They are also expanding into cosmetics (‘Dr.SHAWN’) and animal pharmaceuticals. The ongoing Phase 2b clinical trial of NuGel in the US is particularly noteworthy. However, high R&D expenses and accumulated operating losses pose financial risks.

3. What’s Next for Chaperone?

In the short term, the insider stake purchases could be a positive factor, but the overall stake decrease and existing fundamental concerns may create stock volatility. The mid-to-long-term outlook hinges on the success of new businesses and the clinical results and potential licensing deals for key pipelines, including NuGel. The macroeconomic environment, such as US interest rate policy and exchange rate fluctuations, will also play a significant role in Chaperone’s future.

4. What Should Investors Do?

  • Hold: Despite short-term uncertainty, we maintain a ‘hold’ recommendation considering the mid-to-long-term growth potential.
  • Monitor Closely: Investors should continuously monitor the progress of new businesses, NuGel’s clinical results, licensing negotiations, and financial performance.
  • New Investment: Approach new investments cautiously, focusing on long-term growth potential rather than short-term stock fluctuations.