“Beyond RNA 1.0 (Silencing) to RNA 2.0 (Replacement)”

Rznomics’ core value lies in its world-first RNA Trans-splicing Ribozyme platform. While traditional RNAi technologies (like siRNA) focus on “cutting and destroying” harmful mRNA, Rznomics focuses on “reprogramming” it.

1. Core Platform: RNA Trans-splicing Ribozyme

This technology utilizes a “molecular pair of scissors and glue” that operates at the RNA level.

• The Mechanism: The ribozyme recognizes a specific disease-causing RNA sequence and cleaves it. Simultaneously, it “splices” (attaches) a therapeutic gene sequence to the target RNA.
• Dual Action: It suppresses the expression of the target disease gene while simultaneously inducing the expression of a therapeutic protein.

2. Flagship Asset: RZ-001 (hTERT-Targeted Cancer Therapy)

RZ-001 is a first-in-class gene therapy targeting hTERT (Human Telomerase Reverse Transcriptase), which is overexpressed in over 90% of cancers but absent in most normal cells.

• How it works: RZ-001 identifies hTERT RNA in cancer cells, cuts it, and replaces it with a “suicide gene” (HSV-tk).
• Bystander Effect: The suicide gene not only kills the host cancer cell but also spreads to neighboring tumor cells, maximizing the anti-cancer effect while sparing healthy tissue.

3. Next-Gen Engine: Self-Circularizing RNA (circRNA)

Rznomics is aggressively expanding into the Circular RNA market, which solves the stability issues of conventional linear mRNA.

• Enhanced Stability: Its closed-loop structure is naturally resistant to degradation by exonucleases, leading to a much longer half-life and sustained protein production.
• Simplified Manufacturing: Rznomics’ proprietary self-circularization technology simplifies the production process, potentially reducing costs and increasing purity compared to competitors.[Image comparing the molecular stability of linear mRNA versus circular RNA (circRNA)]

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Valuation Report: Rznomics (March 2, 2026)

Following its successful KOSDAQ listing in late 2025, Rznomics has entered the “Commercial Proof” stage. Its recent research funding from Eli Lilly (Feb 2026) regarding hereditary hearing loss further validates the platform’s global scalability.

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rNPV Analysis: Sum-of-the-Parts (SOTP) Valuation

Calculated at 1 USD = 1,450 KRW. Probabilities (PoS) reflect positive interim Phase 1b data for HCC presented in late 2025.

Pipeline	Target Indication	Status	PoS	rNPV (USD)	rNPV (KRW)
RZ-001	Hepatocellular Carcinoma (HCC)	Phase 1b/2a (FDA Fast Track)	18%	$0.58B	0.84T KRW
RZ-001	Glioblastoma (GBM)	Phase 1/2a (FDA ODD)	15%	$0.43B	0.62T KRW
Hearing Loss	Hereditary Hearing Loss	Lilly Partnership (Pre-clinical)	7%	$0.28B	0.40T KRW
RNA Platform	Circular RNA / Tool Value	Platform Licensing Value	–	$0.21B	0.30T KRW
Operating Assets	Cash & Milestone Equity	N/A	100%	$0.06B	0.09T KRW
Total Value				$1.56B	2.25T KRW

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Technology-Driven Multiples (Peer Comparison)

Company	Core Platform	Clinical Stage	Market Cap (USD)	Market Cap (KRW)
Beam Therapeutics	Base Editing	Phase 1/2	~$1.82B	~2.64T KRW
Prime Medicine	Prime Editing	Phase 1/2	~$0.91B	~1.32T KRW
Rznomics	RNA Trans-splicing	Phase 1/2a	~$1.42B	~2.06T KRW

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Why the “Premium” is Justified: The Rznomics Logic

• Global Validation (The Lilly Deal): The $1.3B (1.9T KRW) deal with Eli Lilly (May 2025) for hearing loss was not just a financial win; it proved that Rznomics’ platform can handle “non-liver” targets, significantly expanding its addressable market.
• FDA Fast-Track Moat: Having both HCC and GBM on FDA Fast Track and Orphan Drug status allows for accelerated clinical review and extended market exclusivity upon approval.
• The “Precision” Edge: Unlike CRISPR-Cas9, which can cause permanent genomic scars (off-target mutations), RNA editing/splicing is transient and safer, making it a preferred choice for conservative Big Pharma partners.

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Strategic Conclusion

“The Standard of RNA Editing: 2026 is the Year of Efficacy”

1. Near-Term Catalyst: The full Phase 1b results for HCC (Liver Cancer) expected by mid-2026 will be the definitive proof-of-concept for the ribozyme platform.
2. Investment Verdict: Accumulate (Focus on Clinical Data Milestones)Rznomics’ fair value is conservatively estimated at 2.06T to 2.25T KRW. While the stock has seen post-IPO volatility, the steady inflow of milestone payments and the expansion into Circular RNA provide a strong valuation floor.