The collaboration will leverage CrystalO's ion channel small-molecule drug discovery platform and Almirall’s skin science expertise to jointly advance an innovative small-molecule program in medical dermatology.

• CrystalO will conduct candidate discovery, optimization, IND-enabling studies and early clinical development to deliver clinical proof of concept (POC), while Almirall holds exclusive rights outside mainland China and leads subsequent global development, manufacturing and commercialization.
   
• The agreement further expands Almirall’s innovation strategy in China, combining CrystalO’s expertise in ion channel research and small-molecule drug discovery with Almirall’s capabilities in medical dermatology R&D, clinical development and global commercialization. 

[August 10, 2026], Shenzhen CrystalO Biopharma Technology Co., Ltd. ("CrystalO") today announced a collaboration and licensing agreement with Almirall, S.A. (ALM), a global biopharmaceutical company dedicated to medical dermatology based in Barcelona to jointly initiate a drug discovery and R&D collaboration in medical dermatology. The collaboration will combine CrystalO's expertise in ion channels with Almirall's deep experience in medical dermatology research and clinical development to develop innovative drug candidates for skin diseases. YAFO Capital acted as CrystalO's exclusive advisor in this transaction. 
Under the terms of the agreement, CrystalO will leverage its leading AI- and structure-based drug discovery platform to conduct candidate compound discovery, optimization, IND-enabling studies and early clinical development, and will advance the program through proof of concept (POC).  Almirall will hold exclusive rights to develop, manufacture and commercialize the relevant compounds and products in global markets outside mainland China whereas CrystalO will retain rights in mainland China.

This collaboration brings together CrystalO's technical capabilities in ion channel target discovery, small-molecule drug R&D and early development with Almirall's expertise in medical dermatology clinical development, registration and global commercialization.

Under the agreement, Almirall will pay CrystalO an upfront payment, CrystalO is eligible to receive success-based payments tied to research, development, regulatory and commercial milestones, and tiered royalties based on future net sales of the product At the same time, CrystalO will pay Almirall tiered royalties based on future sales of the product in mainland China.
Almirall’s continued investment in its leading R&D capabilities, and the medical dermatology pipeline are closely aligned with the company’s long-term view on its contributions and commitment to positively impact patients and society and with further growing its leadership in medical dermatology. Almirall invested more than 1bn Euros into R&D in medical dermatology over the last 10 years, and in 2025 Almirall continued to invest around 12.5% of net sales in R&D.
 

Quote from Almirall  “This collaboration with CrystalO marks another important step in advancing our innovation strategy in China and further reinforces our strong R&D pipeline in medical dermatology. We look forward to the potential this discovery partnership holds for delivering meaningful benefits to patients living with skin conditions worldwide”, said Karl Ziegelbauer, Chief Scientific Officer at Almirall.
 

Quote from Dr. Zhang Jin, Founder and Chief Executive Officer of CrystalO: "We are honored to enter into a strategic collaboration with Almirall, a leading company with a strong global reputation in dermatology. This collaboration is a strong recognition of CrystalO's technology platform and R&D capabilities in ion channel drug discovery. We look forward to working closely with the Almirall team, fully leveraging the strengths of both parties, accelerating the development of innovative medicines, and bringing benefits to patients worldwide as early as possible."

Ionfire®: A Leading Small-Molecule Drug Discovery Platform for Ion Channels

CrystalO has developed Ionfire®, a proprietary, end-to-end small-molecule drug discovery platform focused on ion channels and integrating AI-enabled drug design with advanced structural biology.
The platform is designed to accelerate ion channel drug discovery from target initiation to preclinical candidate (PCC) nomination, reducing the typical development timeline from approximately 48 months to 9–18 months, while significantly improving research efficiency and reducing development costs. Its scalable and reproducible capabilities support the rapid advancement of multiple innovative drug discovery programs.
Ionfire® combines CrystalO’s proprietary high-throughput screening technologies, AI-assisted drug design, and structure-based drug design capabilities to enable efficient and precise small-molecule discovery. The scientific foundation of the platform is supported by the team’s research published in leading peer-reviewed journals, including Science (cover article), Neuron, Cell Research, Nature Communications, and Science Advances.
 

About CrystalO
 

Shenzhen CrystalO Biopharma Technology Co., Ltd. is a biopharmaceutical company dedicated to the research and development of innovative ion channel medicines. Its core team is led by high-level overseas talent, including Nobel Laureate in Physiology or Medicine and ion channel pioneer Erwin Neher as Chief Scientific Advisor, as well as PhDs from leading research institutions and pharmaceutical companies including Harvard University. The team has world-leading R&D capabilities in highly stable ion channel antigens and antibodies, structural determination, structure- and AI-based drug discovery, and pharmacology. The company is committed to the independent development of global first-in-class innovative medicines and has built a rich R&D pipeline in the ion channel field.
 

About Almirall
 

Almirall is a global pharmaceutical company dedicated to medical dermatology. The company works closely with scientists, healthcare professionals and patients to transform patients' lives and deliver differentiated medical dermatology innovations that address patient needs.
Founded in 1944 and headquartered in Barcelona, Almirall is publicly traded on the Spanish Stock Exchange under the ticker ALM. In 2025, the company reported total revenue of EUR 1,114.5 million and had more than 2,100 employees globally. Almirall products help improve patients' lives every day and are available in more than 100 countries.
For more information, please visit: www.almirall.com
 

About YAFO Capital
 

YAFO Capital is a global boutique investment and BD advisory firm with professional teams across China, the U.S., Europe, and Southeast Asia. Our expertise spans four core business segments: transaction advisory and consulting, NewCo incubation, investment management, and partnering forums. Over the past 12 years, YAFO has built a strong track record, closing dozens of business development transactions with leading global pharmaceutical and biotech companies. For more information, please visit www.yafocapital.com.
 

Forward-Looking Statement
 

This press release may contain forward-looking statements regarding candidate drug research and development, clinical development, regulatory approval and future commercialization. These statements are based on the information, expectations and judgments currently available to the parties as of the date of this press release. Actual results may differ materially from the forward-looking statements due to scientific research, clinical development, regulatory requirements, market conditions and other risk factors.
 

Media and Business Development Contacts
 

YAFO Capital: Wendi Xiang, wxiang@yafocapital.com