Neurophet

Neurophet is a brain-disease AI company founded in 2016 by co-CEOs Bin Jun-gil and Kim Dong-hyun, who researched brain-imaging technology at the Gwangju Institute of Science and Technology (GIST).

Its core products are the MRI-based neurodegenerative disease analysis software Neurophet AQUA, the PET quantitative analysis software Neurophet SCALE PET, and the integrated Neurophet AQUA AD (Plus) solution for Alzheimer's drug prescription and side-effect monitoring.

These are complemented by an Imaging CRO service for pharmaceutical companies and hospitals, and a transcranial direct current stimulation (tDCS) medical device for stroke rehabilitation.

According to a report by Eugene Investment & Securities, the 2024 product revenue mix was estimated at AQUA 18.4%, SCALE PET 31.9%, Imaging CRO 23.2%, and other 26.4%.

Domestically, the company supplies solutions to more than 100 hospitals, with SCALE PET installed at 47 of 120 PET-equipped institutions in Korea, a roughly 40% share, while AQUA is installed at about 110 institutions, 60 of which are paid contracts.

Neurophet has research partnerships with global pharma majors Roche and Eli Lilly, and in Korea it cooperates with Aribio on imaging analysis for a Phase 3 oral Alzheimer's drug trial.

Competitors include Lunit, VUNO, JLK, and Deepnoid, and while many of these peers focus on MRI-only analysis, Neurophet emphasizes its full diagnosis-to-treatment-monitoring portfolio spanning both MRI and PET. It has been expanding into Asia and North America through a US subsidiary established in October 2025.

Consolidated 2025 revenue came to about KRW 2.615 billion, up from roughly KRW 2.216 billion in 2024, while the operating loss widened from about KRW 14.65 billion in 2024 to about KRW 16.55 billion in 2025.

The operating margin improved slightly from -661.0% in 2024 to -632.8% in 2025, but losses still run at more than six times revenue. Net loss attributable to owners increased from about KRW 15.10 billion in 2024 to about KRW 22.39 billion in 2025.

However, following the 2025 listing, owners' equity swung from a fully impaired position of about -KRW 51.20 billion in 2024 to a positive KRW 19.45 billion in 2025, and total liabilities fell sharply from about KRW 61.06 billion to about KRW 7.43 billion, improving the debt ratio from -119.3% to 38.2%.

Operating cash flow worsened from about -KRW 12.61 billion in 2024 to about -KRW 15.07 billion in 2025, indicating faster cash burn.

On a quarterly basis, 2025Q3 revenue was about KRW 763 million with an operating loss of about KRW 4.23 billion and a net loss attributable to owners of about KRW 6.77 billion, while the seasonally weaker 2026Q1 saw revenue of about KRW 481 million alongside a wider operating loss of about KRW 5.82 billion and a net loss of about KRW 5.74 billion.

In 2026Q2, revenue recovered to about KRW 782 million, and the operating loss narrowed slightly to about KRW 5.23 billion with a net loss of about KRW 5.66 billion, a modest improvement versus the prior quarter.

Overall, while revenue is growing gradually, fixed R&D and sales-expansion costs continue to outpace revenue growth, sustaining the loss-making structure.

Korea's medical AI diagnostics market features intense competition among Lunit, VUNO, JLK, Deepnoid and others, with market observers suggesting it is approaching saturation and most players still lacking a stable profit structure.

In contrast, the global AI diagnostics market is projected to grow at roughly a 37% CAGR from 2021 to 2030, reaching about USD 190 billion by 2030, while Korea's market is estimated to expand from about KRW 77.3 billion in 2020 at roughly a 46% CAGR to about KRW 745 billion by 2026.

Industry sources note that in Korea, hospital adoption remains difficult even after clinical efficacy is proven if national health insurance coverage is not granted, and that usage guidelines within hospitals remain underdeveloped even after regulatory clearance, slowing diffusion.

As a result, domestic firms have tended to prioritize overseas expansion over domestic-focused growth, and Neurophet is likewise emphasizing the US and Asian markets.

Notably, the commercialization of anti-amyloid Alzheimer's drugs such as Leqembi and Kisunla is increasing demand for repeated brain imaging to monitor side effects, which aligns with Neurophet's business direction.

Within this competitive landscape, Neurophet positions its integrated MRI-and-PET product lineup, FDA clearance track record, and partnerships with global pharma majors as differentiators.

Neurophet has described 2026 as a potential inflection point for its revenue structure, pursuing new supply contracts with US hospitals and imaging centers, with plans to convert these into subscription-based revenue between the second half of 2026 and early 2027 to build a more stable earnings base.

The company stated that its subscription revenue mix rose from 20% in 2024 to 32% in 2026.

The growth hub is the US subsidiary established in October 2025, and the company said it confirmed growing demand for quantitative imaging analysis across the treatment journey at the recent Alzheimer's Association International Conference (AAIC 2026).

On the product side, Neurophet AQUA AD Plus received its third FDA 510(k) clearance in early 2026, and the same product was designated an innovative product by the Ministry of Trade, Industry and Energy in July 2026, enabling sole-source contracts with public institutions for up to six years.

Domestically, the company continues to supply its solutions to tertiary hospitals including Seoul National University Hospital and to the Gwangju Dementia Cohort Research Group.

In earlier remarks, the company indicated an aim to raise the overseas revenue mix to the 30%-plus range by year-end and to pursue a profit turnaround in subsequent years, though this remains a company target subject to market conditions.