Business Model

Our business model is composed of three models:

1) In-house development
We independently develop the product until it reaches the market. In this case, we can expect sales of the products, but there is no such product as of now.
2) Joint research and development
We expect revenue of R&D cooperation fee from the partner. There are a few product pipelines in this category.
3) License-out
We expect revenues of up-front payment at the time of licensing, R&D cooperation fee for study drug, milestones according to the development stage, and royalty when the product goes on the market. There are a few product pipelines in this category.

By strategically develop our business, we can expect revenues of up-front payment, R&D cooperation fee, milestones, and royalties to cover R&D cost and reduce the financial risk.