NKGen Biotech is a clinical-stage biotechnology company developing natural killer (NK) cell therapies for neurodegenerative and oncological diseases. NK cells are part of the innate immune system and can selectively identify and destroy abnormal cells. NKGen's core platform, called SuperNK (SNK), uses a proprietary process to isolate and expand NK cells, significantly increasing their activity compared to the starting population. NKGen's two lead candidates are SNK01, an autologous NK cell therapy (made from a patient's own cells) targeting Alzheimer's disease, Parkinson's disease, and solid tumors; and SNK02, an allogeneic "off-the-shelf" NK cell therapy made from healthy donor cells, targeting solid tumor oncology. NKGen owns and operates a GMP manufacturing facility in Santa Ana, California. NKGen argues its manufacturing process is differentiated by its ability to produce highly active, cryopreservable NK cells at scale, without requiring lymphodepletion (immune system suppression before infusion), and reproducibly across diverse patient populations. The company has no approved products and no commercial revenue. Its intended business model is to generate revenue by selling cell therapies to hospitals or specialty treatment centers upon FDA approval, with potential milestone payments and royalties from licensing deals. NKGen acquired a 65% stake in its parent NKMAX in September 2025, consolidating global IP rights and manufacturing capabilities. NKGen's financial position is critically strained, with auditors issuing going concern warnings, and the company has flagged the possibility of bankruptcy if additional funding cannot be secured.