iX BIOPHARMA: Will These Upcoming Milestones Re-rate The Stock?

Last week, at a webinar hosted by Phillip Securities, iX Biopharma's chief commercial officer, Eva Tan, presented the investment story of her company.

She delved into:

1) iX's patented drug delivery technology,

2) the support -- financial and more -- and validation from the U.S. Department of Defense, and new US consumer business opportunities.

3) the multiple milestones that may affect how the market values the business.

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1. Waferix: Effective Drug Delivery

At the heart of iX Biopharma’s value is its drug delivery platform known as Waferix which is patented.

Unlike oral medications or painful injections, Waferix packs active ingredients into small, freeze-dried, round wafers.

When placed under the tongue (ie, sublingual), the wafers dissolve, enabling the active pharmaceutical ingredients to enter the dense network of blood vessels.

This route addresses two limitations of existing delivery methods:

• Oral tablets must survive stomach acid, intestinal enzymes and liver action. Typically, a substantial amount of the dose is lost before it reaches the blood stream.

• Injections avoid that loss but require trained personnel, and add procedural costs. Patients eschew injections, more so if these are frequent.

Waferix graphic7.26

2. The Road Ahead: Wafermine and Consumer Milestones

iX Biopharma is advancing two business divisions: a pharmaceutical arm and a fast-growing consumer telehealth arm.

Wafermine and EUA Timeline: The flagship pharmaceutical product is Wafermine, a sublingual wafer with ketamine as the active ingredient. It is designed to treat acute moderate-to-severe pain without the dangerous side effects of opioids.

iX has been granted a US$41 million grant from the U.S. Department of Defense (DOD) to fund Phase 3 clinical trial of Wafermine. Typically, the number of subjects in a Phase 3 study ranges from several hundred to several thousand patients.

Before awarding the grant in February 2026, the DoD conducted a thorough assessment of 17 competing options before deciding that iX had the best.

Additionally, the DoD consulted with the FDA and scrutinised iX's Phase 2 data.

With active backing from the DoD, iX will shortly be applying for an Emergency Use Authorization (EUA) for Wafermine use by US soldiers on the battlefield.

iX expects to commence the EUA supply by 2Q2027, marking a rare milestone in pharmaceutical industry.

In part, it reflects also the opioid crisis in the US, with the government stepping in with a "No Pain Act" that will severely restrict opioid prescriptions by 2030.

Big excitement

"Now, if you think that Wafermine is exciting, we still have 40 other sublingual drugs that we can immediately monetize, and that's going to be even more exciting, I believe."

Phase 3 Clinical Trials: Simultaneously, iX is preparing for Phase 3, its final stage, of FDA trials for Wafermine.

The trial is expected to complete in 2028, after which iX will file for full FDA approval for the broader non-military market.

iX retains all commercial rights to Wafermine, which sets iX up to be immensely rewarded in due course.

"The non-opioid pain space has seen a lot of M&A activity with big pharmaceutical companies purchasing pain drug candidates. So we're very excited about this as valuations of drug assets treating pain will increase," said Eva.

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Q from investor: What is the difference between wafermine and any other options in the market?

Eva: Wafermine distinguishes itself from other severe pain treatments in the market—primarily opioids and emerging non-opioids—through its delivery mechanism, speed, efficacy, and safety profile.

Compared to Opioids (e.g., Fentanyl and Morphine): Opioids have been the standard of care for severe pain for the last 100 years, but they carry a high risk of addiction and fatal side effects, such as causing a patient's breathing to shut down.

Wafermine is a non-opioid treatment that provides "opioid-level analgesia" without the dangerous side effects.
Compared to Journavx (a competing non-opioid): An oral medication, Journavx, approved in January 2025, has a slower onset of action, taking 1-2 hours to work, and demonstrates moderate efficacy.

In contrast, Wafermine takes effect in 10-20 minutes, and has shown stronger efficacy.

Consumer Business: iX is not a one-drug play but holds a broad swathe of about 40 novel sublingual formulations ready for commercialisation.

To capitalize on this, the company is restructuring its consumer assets into a standalone company called Ligo Pharma and building a vertically integrated telehealth platform focused on longevity and lifestyle.

Management expects to finalize a JV with a US compounding pharmacy partner by the end of August.

To accelerate production, iX is relocating manufacturing equipment from Australia to the United States, targeting to become "production ready" by 4Q this year.

3. Multiple Catalysts for Stock Re-rating

For investors, the future looks catalyst-rich. Eva outlined several milestones that could trigger a re-rating of the company's stock.

• First, securing the EUA.

"When we hit the emergency use authorization approval, I think this will signal to the market that Wafermine has great potential and probability of success, and the value of this asset will really expand."

It would pave the way (in 2027) for iX (current market cap: S$400 million) to transfer its listing from Catalist to the mainboard, opening the doors to institutional investors.

• Second, simply initiating Phase 3 trials (in 2027) will be a de-risking event. "For any biotech, the start of Phase 3 is a huge achievement," said Eva.

• The telehealth (consumer) business is expected to grow strongly and the plan is to list it. (On NYSE, a telehealth business, Hims & Hers Health, is valued at over 50x PE and US$8 billion).

• Completing Phase 3 (in 2028) with positive results will "be a re-rating moment for any biotech" and where "the value of the asset, again, will absolutely grow."

• Finally, the ultimate catalyst for Wafermine is a trade sale or out-licensing deal with a major pharmaceutical company after Phase 3, rather than iX building out a massive sales force to market Wafermine directly to hospitals, clinics, and patients.

Keep in mind ... execution risks, regulatory risks and what not.

lamp9.25 → See the Powerpoint deck here.

See also:iX Biopharma: Broker Issues Rare 5X Target. How Did It Arrive At That?

iX BIOPHARMA: Will These Upcoming Milestones Re-rate The Stock?

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