Neurophet makes Alzheimer’s pitch with Lilly and Roche ahead of IPO

Neurophet, a Korean brain imaging software firm, is making a high-stakes bet on Alzheimer’s, and it’s counting on Eli Lilly and Roche to help it land a seat at the global drug table.

The company is positioning its flagship platform, AQUA AD, as an essential companion diagnostic for anti-amyloid drugs such as Leqembi (lecanemab) and Kisunla (donanemab). These treatments require regular brain scans to monitor how well they are working and to detect dangerous side effects, including brain swelling. 

On Thursday, the FDA approved a revised Kisunla dosing schedule intended to lower that risk.

Neurophet executives on Friday took the stage at a press conference in Seoul, framing the decision as further validation of their software’s role in Alzheimer’s care. 

The company’s AI, they said, is designed to integrate directly into this clinical workflow, from initial diagnosis through long-term treatment monitoring.

“With these new Alzheimer’s drugs, you don’t just treat once and walk away,” said Been Jun-kil, Neurophet’s co-chief executive. “You need to continuously check how patients are responding and whether they should stay on treatment.”

At the event, held ahead of Neurophet’s July 25 initial public offering, executives described their strategy not as competing with pharma, but completing it. 

Neurophet has already begun joint performance evaluations with Lilly and Roche. Internal validation, they said, is nearly complete.

“We expect to be selected as a companion solution by early next year,” Been said. Most key products, he added, are on track to clear technical testing by the end of this year or shortly after.

AQUA AD is already being used in 31 hospitals across Korea. Two of those hospitals, according to the company, have moved from pilot use to full commercial adoption since Leqembi entered the local market late last year.

Both Kisunla and Leqembi require repeated imaging throughout the course of treatment. Neurophet’s pitch is that its platform provides millimeter-level readouts of structural MRI and amyloid PET scans, offering speed and precision sufficient to guide decisions about whether to continue or pause therapy.

“Even a 0.2 cm difference in lesion size can lead to treatment discontinuation,” Been noted. “That makes accurate measurement tools not optional but essential.”

The company was founded in 2016 by Been and Kim Dong-hyun, formerly a neuromodulation researcher at the Gwangju Institute of Science and Technology.

“You’re not just looking at one lesion,” Kim said. “You have to interpret structural atrophy, connectivity, progression over time. That’s not plug-and-play AI.”

The company’s portfolio includes SCALE PET, a tool for quantifying amyloid uptake, and tES Lab, which supports planning for brain stimulation therapies. That latter product began generating reimbursed revenue in Korea this month.

Neurophet has secured regulatory approval in 35 markets, including the United States, Europe and Japan. It recently signed an exclusive distribution deal in China with Beijing LADO Technology. Singapore General Hospital has adopted the platform, the company said.

Still, financials remain an uphill climb. Last year, Neurophet posted an operating loss of 14.6 billion won (roughly $10.6 million), with three-year cumulative losses of 151 billion won. Revenue hit 3.6 billion won in 2024 and is projected to more than double this year. 

Executives said international sales could account for more than 30 percent of revenue in 2025.

The IPO is expected to raise as much as 28 billion won, or about $20 million. The company will offer 2 million shares at a target price between 11,400 and 14,000 won. 

Retail subscriptions open July 15 and 16, with listing on Korea’s Kosdaq exchange scheduled for July 25. Mirae Asset Securities is serving as the lead underwriter.