This article was published on Signal, a capital markets compass, at 3:55 p.m. on September 1, 2026.
Heuron, a developer of solutions for brain and neurological disorders, has cleared the technology assessment, the first hurdle in the process of going public on the KOSDAQ market. The company secured grades above the threshold at a time when the passing rate has fallen to around 20%, derailing listing plans at numerous firms. Analysts said the outcome shows regulators can look favorably on a company with weak current results, such as revenue of 300 million won last year, if it documents the potential for improvement in detail.
Heuron, which applied for the technology assessment, recently received an "A" grade from each of two specialized assessment agencies, according to investment banking sources on the 1st. Companies with strong technology but operating losses must undergo a technology assessment before the KOSDAQ special listing review, and must secure grades of at least "A" and "BBB" from two external agencies designated by the Korea Exchange.
The result is unusual given how difficult it has become to earn an "A" grade in recent assessments. With the government signaling an all-out push to attract high-quality companies, the scale of financial results has become a core criterion in the technology assessment as well. Autonomous a2z and Persona AI, both of which posted consolidated revenue of more than 10 billion won last year, failed to clear the assessment. "Internally, brokerages put the odds of passing the technology assessment at around 20%," an investment banking source said. "There is open talk that annual revenue needs to exceed 10 billion won to be anywhere near safe."
Heuron's revenue last year came to 351.45 million won, down more than half from 886.54 million won in 2024. Among domestic companies that filed for KOSDAQ listing review with the exchange this year, only Innovo Therapeutics, at 200 million won, had lower revenue. Growth has not been pronounced either, and several financial investors are said to have told Heuron it should first build up its revenue base, right up until the company filed for the technology assessment.
Detailed documentation is credited with helping the company pass. Heuron argued that its results could turn around by minimizing fixed costs and leaning on its global business structure and new businesses such as imaging contract research organization (CRO) work. To support the case, the company submitted materials showing that first-half revenue had recovered to the full-year level of 2024, along with emails exchanged with clients on orders. Imaging CRO work and overseas business accounted for 50% and 25% of first-half revenue, respectively, lending weight to Heuron's argument.
Securities industry officials see the case as a benchmark for companies preparing special technology listings. "It showed that what matters in a special technology listing is not the absolute scale of revenue but proving the company's growth potential in a way anyone can verify," another investment banking source said. "Companies that fell short in this year's technology assessments are looking at Heuron's case."
