PeptiDream Inc.
PeptiDream is a Japanese biopharmaceutical company founded in 2006, specializing in drug discovery using its proprietary Peptide Discovery Platform System (PDPS). The platform enables the identification of potent and selective candidates for developing constrained peptides, small molecules, and peptide-drug conjugates, through internal programs and collaborations with global strategic partners.
PeptiDream is gaining significant attention in Japan’s pharmaceutical market in 2026, driven by rapid clinical pipeline expansion and strong growth in radiopharmaceuticals. In H1 2026, the company advanced key PSMA-targeted diagnostic and therapeutic programs, including 64Cu-PSMA-I&T and 177Lu-PSMA-I&T for prostate cancer, while initiating programs targeting gastric and kidney cancers. Its active clinical pipeline expanded from 13 to 19 programs, supported by its proprietary PDPS platform, while strong revenue growth and investments in research and manufacturing infrastructure further strengthen its transition toward a global clinical and commercial presence.
“PeptiDream is accelerating its transformation into a global radiopharmaceutical powerhouse, driven by a rapidly expanding clinical pipeline and strong commercial growth.”
Cu 64 PSMA I&T (64-Copper-PSMA-I&T)
Mechanism of Action: Positron-emission tomography enhancers Drug Class: Radiopharmaceutical diagnostics Originator: Curium Pharma Indication: Prostate cancer
With around 90,000 new prostate cancer cases diagnosed annually in Japan, PeptiDream is advancing 64Cu-PSMA-I&T, a Copper-64-based PET diagnostic agent designed to target PSMA proteins on prostate cancer cells and enable clearer tumor detection. In collaboration with Curium Group, PeptiDream’s subsidiary PDRadiopharma completed patient dosing in the registrational Phase 2 trial in Japan in June 2026, marking a key milestone in its radiopharmaceutical pipeline.
Lutetium-177 zadavotide guraxetan (177Lu-PSMA-I&T)
Mechanism of Action: Ionising radiation emitters Drug Class: Radiopharmaceuticals Originator: Curium Pharma Indication: Prostate cancer
177Lu-PSMA-I&T is gaining attention in Japan’s pharmaceutical market in 2026 following the initiation of a registrational Phase 2 trial for PSMA-positive metastatic castration-resistant prostate cancer (mCRPC). The first patient was dosed in February 2026, with Curium Group leading global development and PeptiDream’s subsidiary PDRadiopharma responsible for Japan’s regulatory, manufacturing, and commercialization activities. The program complements 64Cu-PSMA-I&T, its diagnostic counterpart, supporting a theranostic approach that combines PSMA-targeted tumor detection and treatment.
64Cu-PD-29875
Mechanism of Action: Radionuclide imaging enhancers Drug Class: Radiopharmaceutical diagnostics Originator: PeptiDream Indication: Gastric cancer
64Cu-PD-29875 is gaining attention in Japan’s pharmaceutical market following the initiation of its first-in-human Phase 0 PET imaging study for gastric cancer by PeptiDream and the National Cancer Center Japan. Early analysis showed no major safety concerns, with favorable tumor uptake and pharmacokinetics in the first patient. The Copper-64-labeled agent targets CLDN18.2, an emerging target in gastric and gastroesophageal cancers, and could support the development of a radiotheranostic approach, including a potential Actinium-225-based therapeutic counterpart.
PeptiDream Revenue Performance (2020-2025)
PeptiDream's revenue grew strongly from USD 0.11 billion in 2020 to USD 0.30 billion in 2024. This growth was supported by the company's partnership-driven business model, which generates revenue through licensing agreements, research collaborations, upfront payments, and development milestone achievements.
In FY2025, PeptiDream experienced a significant revenue decline, with annual revenue falling to JPY 18.52 billion from JPY 47.0 billion in FY2024, representing a 60.3% year-over-year decrease. Revenue similarly declined from approximately USD 0.30 billion in 2024 to USD 0.12 billion in 2025.
The decline was primarily attributable to delays in signing new out-licensing agreements and the absence of large one-time milestone payments that had contributed substantially to revenue in the previous fiscal year. As PeptiDream's business model relies heavily on partnership-related payments rather than recurring product sales, fluctuations in licensing activity and milestone achievements can have a significant impact on annual revenue. Consequently, the FY2025 decline reflects the timing of commercial and partnering events rather than a deterioration in the company's underlying technology platform or development capabilities.
Overall, while FY2025 represented a challenging year from a revenue perspective, the decrease was largely driven by the lack of major licensing and milestone-related income, highlighting the inherent variability of the company's collaboration-based revenue model.
"PeptiDream's FY2025 revenue declined by 60.3% year-over-year to JPY 18.52 billion, primarily due to delays in securing new out-licensing agreements and the absence of significant milestone payments, underscoring the inherent variability of its partnership-driven business model rather than any deterioration in its underlying business fundamentals."
Six-year market revenue of PeptiDream (2020-2025)
Fig 10: Market revenue of PeptiDream
PeptiDream's Radiopharmaceutical Theranostics Pipeline
PeptiDream has established a diversified radiopharmaceutical theranostics pipeline targeting multiple oncology indications, spanning advanced clinical-stage programs to early-stage discovery and IND-enabling assets. The company's most advanced candidates include 64Cu-ATSM for malignant brain tumors, partnered with LinqMed, and 177Lu/64Cu-PSMA I&T for prostate cancer, partnered with Cumium, both of which have progressed to Phase 3 clinical development. The PSMA-targeted program is particularly notable for advancing both therapeutic (Tx) and diagnostic (Dx) applications in parallel.
In the mid-stage portfolio, PeptiDream has partnered with RayzeBio on 225Ac/68Ga-GPC3 (RYZ801/811) for hepatocellular carcinoma, currently in Phase 1/2 development, and with Novartis on 177Lu/68Ga-FAP (FXX489/NNS309) for multiple solid tumors, including pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), breast cancer (BC), and colorectal cancer (CRC), which is in Phase 1 development.
The company is also advancing several wholly owned programs in the preclinical and IND-enabling stages. These include 225Ac/64Cu-CA9 (PD-32766) for renal cell carcinoma (RCC), 225Ac/64Cu-CLDN18.2 (PD-29875) for gastric cancer, and 225Ac/177Lu/64Cu/68Ga-CDH3 for head and neck cancer. These assets are being developed as both therapeutic and diagnostic candidates, reflecting PeptiDream's integrated theranostic strategy.
Beyond named assets, PeptiDream maintains broader oncology-focused radiopharmaceutical collaborations with Novartis and RayzeBio, both currently in the IND-enabling stage. Overall, the pipeline demonstrates a balanced portfolio across multiple cancer types, leveraging both internal capabilities and strategic partnerships to advance next-generation radiopharmaceutical therapeutics and imaging agents.
PeptiDream's Radiopharmaceutical Diagnostics Pipeline
PeptiDream is advancing its radiopharmaceutical diagnostics portfolio by developing 18F-PD-L1 (BMS-986229), a positron emission tomography (PET) imaging agent designed to target PD-L1 expression across various cancer types. The program is being developed in collaboration with Bristol Myers Squibb and is currently in Phase 1 clinical development for diagnostic applications. This asset reflects PeptiDream's strategy of leveraging precision imaging technologies to support patient selection, treatment monitoring, and personalised oncology care, while complementing its broader radiopharmaceutical theranostics portfolio.
PeptiDream's Non-Radiopharmaceutical Pipeline
PeptiDream's non-radiopharmaceutical portfolio encompasses a broad range of therapeutic areas, including endocrine disorders, oncology, infectious diseases, autoimmune conditions, allergy, obesity, and muscle disorders. The pipeline includes several Phase 1 clinical-stage programs, such as GhR sites (AZP-3813) for acromegaly, partnered with Amolyt Pharma/AstraZeneca; CD38-ARM (BHV-1100 + NK Cells) for multiple myeloma, partnered with Biohaven; and S2-protein inhibitor (PA-001) for COVID-19, developed with PeptiAID. In addition, PeptiDream has multiple Phase 1 collaborations with Merck, including programs in undisclosed indications and inflammatory diseases.
The company's clinical portfolio is complemented by TNF receptor 1 inhibitor (AK1940), partnered with Asahi Kasei Therapeutics for autoimmune diseases. Earlier-stage programs include KIT Inhibitor (MOD-B) for allergic diseases, partnered with Alivexis, and an oral myostatin inhibitor for obesity and muscle disorders, both currently in the IND-enabling stage. PeptiDream is also advancing several proprietary discovery-stage initiatives, including oral peptide therapeutics, oligo/cytotoxic peptide-drug conjugates (PDCs), and macrocyclic peptide conjugate (MPC) technologies.
Overall, the non-radiopharmaceutical pipeline demonstrates PeptiDream's strategy of leveraging its peptide discovery platform across diverse therapeutic areas while balancing partnered clinical programs with internally developed innovative therapies.