[IPO] 밸류 절반 낮춘 애스톤사이언스…관건은 AST-301

Aston Science's 60% valuation collapse—from 150 billion to 60 billion won—illustrates how biotech companies face reality checks when clinical data and technical assessments fail to meet market expectations. AST-301's Phase 2 trial results become the decisive factor for IPO reapplication, demonstrating that regulatory approval hinges on concrete clinical evidence rather than platform ambitions. This down round signals a broader market recalibration toward outcomes-based investing in biotech, where historical valuations are reset by execution risk and competitive validation requirements.