NKMAX's stock price has plummeted overnight, raising questions in the market. However, the company hurriedly tried to calm down the jitters, saying there were “no internal issues.”

On Wednesday morning, NKMAX’s stock price fell by 29.87 percent, or 1,550 won ($1.15), to 3,640 won from the previous day's closing price of 5,190 won. At noon, the price slightly rebounded to 3,865 won.

NKMAX has been showing active clinical development recently, with its natural killer (NK) cell therapy, SNK01, entering phase 1/2a clinical trials for Alzheimer's disease in Korea through its U.S. affiliate NKGen Biotech.

As interest grew in the biotech industry and the investment market on the reason for the stock price plunge, NKMAX issued a separate statement that there was no reason for the stock price to plunge.

"There are no internal issues that could cause problems in the company's management," the company said. "We will respond strongly to unfounded rumors that undermine shareholder value."

Responding to a rumor that company stocks may be placed under management, NKMAX also drew a line, denying any such possibility.

"As our U.S. subsidiary, NKGen Biotech, will be converted to an affiliate, the losses of the U.S. subsidiary will not be reflected in the financial statements of the Korean headquarters," an NKMAX official said. "Instead, it is expected that our financial structure will improve due to the valuation gains of the shares held due to the listing of NKGen Biotech on the Nasdaq market."

He said that NKMAX is focusing on various businesses to increase sales in earnest this year.

The official noted that NK cell therapy sales are expected to begin this year based on the GMP approval from Japan's Ministry of Health, Labor and Welfare in November last year.

Besides, NKMAX is preparing for the cell therapy business in the Middle East by attracting investment and establishing a joint venture.