Ingenia Therapeutics announced that it has received approval from the Korea Exchange (KRX) to proceed with its initial public offering (IPO). The IPO advancement comes as Ingenia continues to build momentum around its proprietary vascular biology platform and a growing pipeline of clinical-stage therapies targeting ophthalmology, nephrology, oncology, central nervous system (CNS), and cardiovascular diseases.

At the core of Ingenia’s technology is its breakthrough approach to directly activating the TIE2 signaling pathway—a mechanism designed to restore vascular stability and repair damaged endothelial barriers independent of traditional ligand balancing approaches involving Ang1 and Ang2. The company’s proprietary TIE-body and LCIDEC (Ligand Capture & Internalization into Endothelial Cells) platforms directly bind and activate the TIE2 receptor, helping “seal” endothelial cells and restore vascular barrier integrity in diseases driven by chronic inflammation and microvascular dysfunction.

Ingenia’s lead ophthalmology program, MK-8748 (formerly IGT-427 and also known as Tiespectus), is an investigational bispecific antibody targeting both VEGF and TIE2 pathways. The therapy is expected to enter phase 3 clinical development this year in both wet age-related macular degeneration (AMD) and diabetic macular edema (DME).

The asset is being developed by Merck following Ingenia’s 2022 research collaboration and licensing agreement with EyeBio, which became a wholly owned subsidiary of Merck after its acquisition in 2024. By combining VEGF inhibition with direct TIE2 activation to stabilize retinal vasculature, MK-8748 aims to improve outcomes beyond current standards of care for retinal disease patients.

“Targeting TIE2 remains one of the most compelling strategies for managing multiple retinal diseases, and the complexity of the pathway may have limited prior efforts,” said Charles C. Wykoff, MD, PhD, Director of Research at Retina Consultants of Texas and Chair of Research for Retina Consultants of America.

“Ingenia’s ability to trigger ligand-independent activation of the TIE2 pathway, while also inhibiting VEGF signaling, holds promise of becoming a clinical breakthrough,” Dr. Wykoff added. “As MK-8748 enters phase 3 trials this year, we are aiming to demonstrate a meaningful shift in how exudative retinal diseases can be managed, and uniquely stabilized.”

Ingenia Therapeutics is headquartered in Watertown, Massachusetts, with operations in South Korea and Australia.