Nanyang Biologics
Definitive (DA signed)Pre-revenueHealthcare · Preclinical biopharma / AI drug discovery · Singapore, Singapore · founded 2021 · 5 employees
- What it is
- Three verticals: (1) fee-for-service/SaaS AI-driven natural-compound drug discovery (DTIGN + Vecura platforms, upfront fees, milestones, licensing, revenue-share); (2) consumer nutraceuticals (longevity line, first product launched Q3-2025); (3) internal preclinical oncology pipeline (NB-A002 lead) monetized only via future out-licensing or approval - no drug revenue possible until after clinical development and approval, if ever.
- What it’s doing now
- Merging with RF Acquisition II (RFAI) — definitive (da signed), announced Oct 2, 2025.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 6% above the announced $1.5B.
The business, per its filings
SEC primaryNanyang Biologics (Singapore, incorporated 2021, reg. 202116184H) is a PRECLINICAL-stage biopharmaceutical company with 5 full-time employees plus 6 consultants (8 Singapore, 3 Vietnam) that screens tropical medicinal plants for drug and nutraceutical candidates using its DTIGN/Vecura AI platforms; lead candidate NB-A002 is an oral ILF2-targeting small molecule for DDR-defective/high-replication-stress solid tumors (incl. PARP-inhibitor-resistant cancers), still in GLP toxicology ahead of any IND. Total FY2025 (ended 30-Sep-2025) revenue was $84,586 - its FIRST year of any commercial revenue ($79,207 AI-platform services, of which one customer >10%; $5,379 nutraceutical sales incl. CaraViva-Holistic Revival launched Q3-2025) - against a fixed $1.5bn all-share consideration (~17,700x revenue; Nanyang initially sought $2.0bn). FY2025 net income of ~$1.3M exists only because of a one-time NON-CASH $4.7M gain on terminating its NTU (Nanyang Technological University) Master Research Collaboration Agreement; operating cash burn was ~$1.7M, cash just ~$0.9M at FY-end, with going-concern-style dependency language and a disclosed ICFR material weakness. Leadership: PubCo CEO/Exec Chairman Ong Toon Wah Roland (gaming/digital-media background: CEO IAHGames 2006-2010, co-founder China The9 Interactive, CloudMoolah chairman; Nanyang Exec Chairman since Jan-2019); co-founders Prof. Li Hoi Yeung and Wai-Kin Adams Kong plus CTO Nguyen Hoang Truong Giang hold 25% of AI subsidiary NYB.AI Pte. Ltd.; CFO Lim Teck King, CSO-Therapeutics Dr. Yi Chieh Lim, CSO-Nutraceuticals Dr. Winifred Yau.
| Revenue | $0.1M (FY2025A (fiscal year ended 30-Sep-2025; $84,586 actual - first year of any commercial revenue)) |
| Gross margin | 41.6% |
| Cash | $0.9M |
| Debt | $1.8M |
Source: F-4/A, accession 0001829126-26-005976 · as of Sep 30, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedSite pitches an integrated 'decoding nature' value chain - AI-prioritized natural-compound hits routed either to nutraceuticals or clinical development - claiming 40% AI hit rate (40x virtual screening), 27.03% better bioactivity-prediction accuracy than leading models, and plant-to-preclinical-candidate in under three years.
- Markets:
- AI-First Discovery Platform; Nutraceuticals; Therapeutics (oncology, healthy aging, metabolic health)
- Products:
- DTIGN/Vecura AI discovery engine (graph neural networks over a claimed 1.5M+ natural-compound library); NB-A002 (DDR/HRD cancers); botanical nutraceutical portfolio
- Customers:
- Unnamed platform clients (site cites screening 700,000 compounds for one client in five months and 3,500 mental-health candidates for another); NTU and academic partners
Site markets a 1.5M+ compound library and heavy client traction language; the F-4/A shows total service revenue of $79,207 with a single customer >10% of revenue. Bio states Ong has been Executive Chairman 'since January 2019' though the company was incorporated in 2021.
Source: https://www.nyb.group/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Nanyang Biologics is merging with RF Acquisition II (RFAI), a $115M SPAC currently marked Deal announced and trading at $32.00 against $11.08 in trust per share.
| Headline equity value | $1.5B |
| Effective valuation (all shares) | $1.6B+6% vs headline |
| Sponsor promote | 20% |
| Pro-forma shares | 158.9M |
Structure per SEC accession(s) 0001829126-26-007878, 0001829126-25-007836, 0001829126-24-003792. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
Nanyang Biologics has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $1.59bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity + target net debt.
FY2025A (fiscal year ended 30-Sep-2025; $84,586 actual - first year of any commercial revenue) — a reported actual.
Not computable — the filings record only $0.1M of revenue and treat the company as pre-revenue — a multiple struck on a nominal figure is noise, not a valuation.
$1 of their sales costs $23.57 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 0.14× to 913.62×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $1.59bn, not the announced $1.5bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- OKUR, APRE, ZNTL have no revenue to divide by, so they are shown but left out of the peer median.
- The peer group does not agree with itself: its revenue multiples run from 0.14× to 913.62×. A median drawn across that spread is a weak benchmark, so treat the verdict as a rough bearing, not a measurement.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| RXRX | Recursion Pharmaceuticals, Inc. | $1.7B | 23.6x | — | Recursion Pharmaceuticals is the scaled listed AI-driven drug-discovery platform-plus-pipeline model Nanyang's DTIGN/Vecura story aspires to; benchmarks what the market pays for AI discovery with real partner revenue.more ▾less ▴ |
| OKUR | Onkure Therapeutics Inc | $39M | — | — | Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($39m); shares initially, targeting, cancers, drug, inhibitor, candidates with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SDGR | Schrodinger, Inc. | $1.3B | 4.2x | — | Schrodinger sells computational molecular-discovery software and services to pharma - the closest listed comp for NYB.AI's fee-for-service/SaaS discovery revenue line.more ▾less ▴ |
| APRE | Aprea Therapeutics Inc | $7M | — | — | Operational comp: Bio Therapeutic Drugs; micro-cap ($7m); shares ddr, replication, stress, inhibitor, molecule, master with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| RLAY | Relay Therapeutics, Inc. | $4.3B | 336.9x | — | Relay Therapeutics pairs a computational discovery engine with a clinical-stage precision-oncology small-molecule pipeline, the same platform+oncology-pipeline hybrid one stage ahead of Nanyang.more ▾less ▴ |
| ZNTL | Zentalis Pharmaceuticals, Inc. | $256M | — | — | Zentalis Pharmaceuticals is a clinical-stage oncology company targeting DNA-damage-response/replication-stress vulnerabilities (WEE1), the same biology as lead candidate NB-A002.more ▾less ▴ |
| ABSI | Absci Corporation | $1.6B | 913.6x | — | Absci is a pre-commercial generative-AI drug-creation company with small partner-fee revenue and a large platform narrative - a valuation reality-check for AI-discovery stories without products.more ▾less ▴ |
| USNA | USANA Health Sciences, Inc. | $255M | 0.1x | 1.7x | USANA Health Sciences is a profitable listed nutraceuticals/supplements manufacturer benchmarking what Nanyang's consumer-longevity vertical would be worth at commercial scale.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Nanyang Biologics going public?
Nanyang Biologics has a signed merger with the SPAC RF Acquisition II (RFAI), announced Oct 2, 2025. Deal status: Definitive (DA signed).
What is Nanyang Biologics's SPAC deal valuation?
The announced headline equity value is $1.5B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.6B, 6% above the headline.
Was Nanyang Biologics bought at an expensive or a cheap valuation?
Nanyang Biologics has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $1.59bn.
Does Nanyang Biologics have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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