[메자닌 투자파일] 이뮨온시아, 불확실 LO 의존…CB 카드 꺼내나

ImmuOncia's 30% capital shortfall combined with heavy reliance on uncertain technology licensing proceeds creates critical execution risk for IMC-001's 2028 commercialization timeline. The planned ₩500B mezzanine backup financing underscores how biotech valuations are vulnerable to partnership timing and clinical milestones, where delayed licensing deals could force program cuts or significant shareholder dilution. This reveals the structural funding challenges inherent in pre-revenue biopharma development.