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  <li>iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.</li>
  <li>The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&amp;D and operational activities.</li>
  <li>Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
  The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&amp;D and operational activities.
  Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: iX Biopharma Ltd (IXBIO SP) - Nov 2025

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;</strong>SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
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<h2>iX Biopharma Ltd</h2>
<h3>Wafermine out-licensed for c.US$248m</h3>
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<ul>
<li>IXBIO announced the out-licensing of Wafermine, its sublingual Ketamine wafer, to Seelos Therapeutics (SEEL US, Non rated) for up to US$248m.</li>
<li>IXBIO is a specialty pharmaceutical and nutraceutical company that has developed WaferiX, a patented drug delivery platform technology.</li>
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<h3>Payout from out-licensing deal in phases</h3>
<p>According to the announcement by IXBIO, the out-licensing deal consists of an upfront payment of US$9m (US$3.5m in cash and US$5.5m in SEEL shares), which exceeds IXBIO’s FY21 (Y/E Jun 21) net losses of US$8.2m, and potentially up to US$239m in subsequent payments upon achieving various development and sales milestones (Fig 1), which will confer IXBIO periodic payouts before the product registration of Wafermine after successful phase 3 of clinical trials for commercialisation. In a separate announcement, SEEL has disclosed its recent capital raising exercise accounted for the expected development costs for initiating studies with Wafermine.</p>
<h3>Recurring income from royalties upon product registration</h3>
<p>Wafermine will further unlock its true value upon completion of phase 3 clinical trials as commercialisation prospects materialise, with double-digit percentage points in royalty fees attributable to IXBIO as per IXBIO’s announcement. As disclosed in the same announcement by IXBIO, the drug markets for acute pain and depression, the two clinical indications that Wafermine will be developed for with SEEL, were estimated to be worth US$74bn and US$12.7bn, respectively, in 2020, according to market research company IMARC Group.</p>
<h3>Portfolio includes other drugs incorporating WaferiX</h3>
<p>According to IXBIO, the company will retain rights and ownership to WaferiX, the underlying technology of Wafermine, post the out-licensing deal with SEEL. WaferiX is a patented drug delivery platform technology developed by IXBIO that allows drugs incorporated with the technology to be delivered sublingually via the mucosa for better absorption, faster onset of action and predictable effect, according to its annual report. Apart from Wafermine, IXBIO has developed other products such as Wafesil (sublingual Sildenafil), Xativa (sublingual medicinal cannabis), as well as a range of nutraceuticals being sold in countries such as Australia, China, and the United Kingdom as at FY21.</p>
<h3>Out-licensing as a revenue model</h3>
<p>Since pivoting its business towards commercialisation in 2019, IXBIO has successfully out- licensed Wafermine, and entered into a licensing agreement with China Resources Pharmaceutical Commercial Group (CRPCG) for Wafesil, its sublingual Sildenafil wafer to treat male erectile dysfunction, alongside a strategic cooperation framework agreement to collaborate on the commercialisation of its product portfolio in China as per IXBIO’s company announcements on 30 Sep 21 and 6 Apr 21 respectively. According to IXBIO, the company will continue its out-licensing efforts to generate additional revenue streams.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.




iX Biopharma Ltd
Wafermine out-licensed for c.US$248m





IXBIO announced the out-licensing of Wafermine, its sublingual Ketamine wafer, to Seelos Therapeutics (SEEL US, Non rated) for up to US$248m.
IXBIO is a specialty pharmaceutical and nutraceutical company that has developed WaferiX, a patented drug delivery platform technology.





Payout from out-licensing deal in phases
According to the announcement by IXBIO, the out-licensing deal consists of an upfront payment of US$9m (US$3.5m in cash and US$5.5m in SEEL shares), which exceeds IXBIO’s FY21 (Y/E Jun 21) net losses of US$8.2m, and potentially up to US$239m in subsequent payments upon achieving various development and sales milestones (Fig 1), which will confer IXBIO periodic payouts before the product registration of Wafermine after successful phase 3 of clinical trials for commercialisation. In a separate announcement, SEEL has disclosed its recent capital raising exercise accounted for the expected development costs for initiating studies with Wafermine.
Recurring income from royalties upon product registration
Wafermine will further unlock its true value upon completion of phase 3 clinical trials as commercialisation prospects materialise, with double-digit percentage points in royalty fees attributable to IXBIO as per IXBIO’s announcement. As disclosed in the same announcement by IXBIO, the drug markets for acute pain and depression, the two clinical indications that Wafermine will be developed for with SEEL, were estimated to be worth US$74bn and US$12.7bn, respectively, in 2020, according to market research company IMARC Group.
Portfolio includes other drugs incorporating WaferiX
According to IXBIO, the company will retain rights and ownership to WaferiX, the underlying technology of Wafermine, post the out-licensing deal with SEEL. WaferiX is a patented drug delivery platform technology developed by IXBIO that allows drugs incorporated with the technology to be delivered sublingually via the mucosa for better absorption, faster onset of action and predictable effect, according to its annual report. Apart from Wafermine, IXBIO has developed other products such as Wafesil (sublingual Sildenafil), Xativa (sublingual medicinal cannabis), as well as a range of nutraceuticals being sold in countries such as Australia, China, and the United Kingdom as at FY21.
Out-licensing as a revenue model
Since pivoting its business towards commercialisation in 2019, IXBIO has successfully out- licensed Wafermine, and entered into a licensing agreement with China Resources Pharmaceutical Commercial Group (CRPCG) for Wafesil, its sublingual Sildenafil wafer to treat male erectile dysfunction, alongside a strategic cooperation framework agreement to collaborate on the commercialisation of its product portfolio in China as per IXBIO’s company announcements on 30 Sep 21 and 6 Apr 21 respectively. According to IXBIO, the company will continue its out-licensing efforts to generate additional revenue streams.













(Non-SGX Report) IX Biopharma Ltd - Wafermine Out-Licensed for C.US$248m

Singapore

iX Biopharma Ltd is a specialty pharmaceutical company. The Company works primarily on drug delivery and formulation required to reduce the loss of drugs due to hepatic and gastrointestinal metabolism.

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iX Biopharma Ltd (IXBIO SP)

Primer: iX Biopharma Ltd (IXBIO SP) - Nov 2025

iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to...

αSK

(Non-SGX Report) IX Biopharma Ltd - Wafermine Out-Licensed for C.US$248m

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)