SyntekaBio posts about 1.7 billion won in YTD sales through Q3

Company says platform-based, recurring revenue model now in place

[Song Young Doo, Edaily Reporter] AI drug discovery company SyntekaBio, Inc.(SyntekaBio) said on the 14th that it posted 450 million won in consolidated revenue in the third quarter, bringing its year-to-date sales to 1.67 billion won. The figure comfortably clears KOSDAQ’s minimum revenue requirements for maintaining listing status, which are 700 million won on a half-year basis and 300 million won per quarter, easing concerns previously raised in the market.

Most of SyntekaBio’s revenue this year has come from service contracts based on its AI drug discovery platforms. Compared with last year’s full-year sales of around 100 million won, the ramp-up of platform-based projects in 2024 is seen as evidence that the company is securing references for its technology while putting stable top-line growth in sight.

Centering on its AI drug discovery platforms, SyntekaBio has built a diversified revenue mix that includes a system integration(SI) business and an Internet data center(IDC) leasing business, further strengthening business stability. The company expects additional revenue to be recognized as ongoing service contracts are completed by year-end, and projects that this will support continued improvement in its full-year performance.

Recently, SyntekaBio unveiled an upgraded version of its flagship AI drug discovery platform, LMVS(Language Model Virtual Screening), further bolstering its technological competitiveness. LMVS screens a library of 10 billion compounds using a language model–based approach to rapidly identify hit molecules, and is regarded as a core differentiator in SyntekaBio’s drug discovery capabilities.

The newly released upgraded version can, through 50 iterative AI training loops, generate about 200 optimal candidate molecules per target protein, delivering more than 70 percent cost savings compared with conventional drug discovery processes. Priced at around US$20,000 per target protein, the service significantly lowers the barrier to entry for small and mid-sized biotech companies seeking to identify novel drug candidates.

Offered in a software-as-a-service(SaaS) model, LMVS is available to research institutions and pharmaceutical companies via annual subscriptions or API-based usage. The platform can also be provided under a fee-for-service structure for projects tailored to specific targets requested by clients. SyntekaBio aims to enhance the reliability of its services through ongoing platform upgrades and, in doing so, to build a repeatable, stable revenue base.

“This year has been a meaningful inflection point in which we are seeing tangible revenue growth driven by our AI drug discovery platforms,” a SyntekaBio official said. “We will continue to upgrade LMVS and other platforms and push forward with business diversification so that we can establish a stable and sustainable profit structure.”

송영두 (songzio@edaily.co.kr)