BnH Research Co., Ltd.
June 24, 2026
Theater 4
Type: Company Presentation
Focus Area:
Brain Health
BnH Research is a clinical-stage biotech redefining dementia therapy by restoring cortical synaptic plasticity. Our lead asset, BnH-015B, is the world's first GluN2B-NMDAR Positive Allosteric Modulator (PAM) — an oral small molecule with a unique dual mechanism: clearing amyloid-beta plaques via IL-33/OPN-mediated anti-neuroinflammation, while reactivating cortical synaptic plasticity to drive genuine cognitive recovery beyond the disease-slowing limits of current therapies.
Phase 1 was successfully completed with a favorable safety profile, and Phase 2a in Alzheimer's patients is scheduled to begin in June 2026. Robust preclinical efficacy in APP/PS1 models and a wide therapeutic margin position BnH-015B for global license-out.
Beyond Alzheimer's, our cortical-plasticity platform extends to vascular dementia, PTSD, presbycusis, and pain. Founded in 2016 and based in Seoul, Korea, BnH Research welcomes strategic partnering discussions at BIO US 2026.
Company HQ City:
Goyang-si
Company HQ State:
Gyeonggi-do
Company HQ Country:
Korea, Republic of
Year Founded:
2016
Lead Product in Development:
BnH-015B is the world's first GluN2B-subtype-selective NMDA receptor Positive Allosteric Modulator (PAM) in clinical development for Alzheimer's disease. As an oral, once-daily small molecule, BnH-015B is differentiated from IV anti-amyloid antibodies (Lecanemab, Kisunla) through a dual mechanism that not only clears amyloid-β but actively reactivates cortical synaptic plasticity — the cellular foundation of learning and memory.
DUAL MECHANISM OF ACTION
1. Cortical and Hippocampal Plasticity Reactivation: BnH-015B selectively potentiates GluN2B-containing NMDA receptors, driving BDNF expression and restoring long-term potentiation (LTP). It uniquely targets the cerebral cortex — where plasticity declines with age and is unaddressed by current AD therapies. Direct GluN2B binding is confirmed by CETSA; PAM activity validated by brain-slice patch-clamp electrophysiology.
2. Amyloid-β Clearance via Anti-Neuroinflammation: BnH-015B induces IL-33 in both astrocytes and neurons, suppresses pathogenic CD11c+/OPN+ microglia, and enhances CD11c+/OPN- microglia-mediated inflammation-free Aβ phagocytosis — reprogramming microglial subsets toward a protective phenotype.
PRECLINICAL EFFICACY (aged APP/PS1 model) - Significant reduction in cortical Aβ plaque burden, GFAP+ astrocyte reactivity, and Iba1+/OPN+ microglial activation - Normalization of plasma biomarkers — most notably osteopontin (OPN), with Aβ42/40, p-Tau181, NfL, GFAP - Restoration of both hippocampal and cortical synaptic plasticity, with head-to-head superiority over Aducanumab - Improved learning and memory in active avoidance, shallow water maze, and head-fixed texture discrimination tasks - In cortical learning tasks, BnH-015B outperformed Lecanemab and Sage-718 in learner conversion (~50% vs. 15–25%; internal data, manuscripts in preparation)
CLINICAL STATUS - KFDA Phase 1 IND approved June 2024 - Phase 1 SAD/MAD in healthy adults completed Dec 2025 with favorable safety profile (8 SAD cohorts: 5–320 mg; 2 MAD cohorts: 160, 320 mg); PK supports once-daily oral dosing - Phase 2a in early-to-moderate Alzheimer's patients initiates June 2026 under integrated Phase 1/2a protocol; interim readout anticipated PK / SAFETY 80% oral bioavailability; 20% brain/plasma penetration; >200× NOAEL margin in rat/beagle GLP toxicology — wide therapeutic window.
CEO
Seung Soo Chung, M.D., Ph.D.
Development Phase of Lead Product
Phase II
Number of Unlicensed Products Looking for Licensing
1
When you expect your next catalyst update?
Q3 2026 — Phase 2a first patient dosed (clinical execution de-risked)
Q4 2026 — OPN plasma biomarker PoC data (independent early human pharmacodynamic evidence)
Q4 2026 — Series C close (post-money KRW 80B; full runway secured through interim readout)
What is your next catalyst (value inflection) update?
Our primary value inflection is the Phase 2a interim readout in H1 2027, which will provide efficacy and plasma biomarker data (OPN, Aβ42/40, p-Tau181, NfL, GFAP) to anchor global out-licensing discussions with pharma partners.
Preceding supporting catalysts:
Q3 2026 — Phase 2a first patient dosed (clinical execution de-risked)
Q4 2026 — OPN plasma biomarker PoC data (independent early human pharmacodynamic evidence)
Q3 2026 — Series C close (post-money KRW 80B; full runway secured through interim readout)
The Phase 2a interim data package is designed to support a global out-licensing transaction benchmarked against Adel/Sanofi (USD 1.04B, Dec 2025) and AC Immune/Takeda (USD 2.2B, May 2024).
Primary Speaker
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