HLB is a holding-type biotech for which the approval and commercialization of its in-house oral targeted anticancer drug rivoceranib matters far more than its current revenue (about ₩84.2 billion in 2025). It developed a combination therapy pairing this drug with the Chinese partner's immuno-oncology agent camrelizumab as a first-line treatment for inoperable hepatocellular carcinoma, with U.S. sales and approval handled by its subsidiary Elevar. After receiving two complete response letters, the third New Drug Application it filed was accepted by the FDA in January 2026, with a PDUFA target action date of July 23, 2026, supported by Phase 3 clinical evidence of a median overall survival of 23.8 months (versus 15.2 months for the sorafenib control arm). Two points stand out: the strong condition of survival data exceeding standard of care and a clear upside catalyst in the July 23 approval decision; against this, until approval, losses and external financing such as convertible bonds continue, and if approval is delayed or rejected the re-valuation could be large, making it an event-driven stock to weigh together.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 35.8%).
- The most recent full-year net result was a loss.
- Revenue rose 23.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.8% higher than a year earlier.
- ROE is -52.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -123.8%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jin Yang-gon 7.16% (individual)
Controlling bloc incl. related parties 9.75%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
Net asset value (NAV) assessment Fairly valued
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| HLB Innovation | 17.73% |
🔎 In-depth analysis
- HLB is not a company valued on the revenue it currently earns (about ₩84.2 billion in 2025).
- Its core asset is the in-house oral targeted anticancer drug 'rivoceranib' (a VEGF anti-angiogenesis class agent).
- A combination therapy pairing this drug with the Chinese partner's immuno-oncology agent 'camrelizumab' has been developed as a first-line treatment for inoperable hepatocellular carcinoma (liver cancer), with U.S. sales and approval handled by its subsidiary Elevar Therapeutics.
- In substance, HLB is closer to a holding-type biotech holding a drug pipeline and unlisted subsidiary stakes, a structure in which the success of drug approval and commercialization matters far more than the losses on the listed income statement.
- The latest close was ₩52,200 and market cap is ₩7.0 trillion.
- The price sits above the 20-day line (₩49,295) and below the 60-day line (₩53,697).
- With short- and mid-term trends diverging, direction should be read separately.
- RSI (an auxiliary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 54.2, a neutral level.
- The one-month change is +7.6%, the three-month change is +0.0%, and the price sits -23.5% below its 52-week high.
- Relative strength versus the KOSDAQ is 83 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 17% by strength among all stocks.
- Over the past three months it led the index by 30.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The financials are typical of a drug-development company.
- Its 2025 net profit was a loss of ₩220.5 billion, so the P/E ratio (how many times one year's earnings the price represents) cannot be calculated and EPS is -₩1,655.
- P/B (how many times book net assets the price represents) is 16.62x and P/S (how many times revenue the price represents) is 79x, very high by the numbers alone, but this company is not one to measure by earnings or revenue multiples; it should be viewed by pipeline value.
- The debt ratio (debt relative to equity) is 104% and the current ratio (assets readily convertible to cash relative to debt due within a year) is 35.8%, so short-term liquidity is not ample, and the structure relies on external financing such as convertible bonds (CB) for R&D funding.
- This is a trait common to clinical-stage biotechs before drug approval.
- Revenue grew for three straight years, from ₩42.9 billion in 2023 to ₩68.1 billion in 2024 to ₩84.2 billion in 2025, up +23.5% year on year, and Q1 2026 revenue also rose +5.8% year on year.
- But this revenue is still small in scale, and operating results have been in the red all five years (₩-104.2 billion in 2025), so pipeline progress rather than the degree of results improvement is the crux.
- The future earnings trajectory depends on the binary variable of whether rivoceranib wins U.S. approval, not on a normal business flow, so with no official company outlook it is unreasonable to estimate this year's net profit numerically.
- The real 'growth scenario' turns on the FDA approval decision expected in July 2026.
- The most important event is the FDA New Drug Application (NDA) re-review of the rivoceranib-camrelizumab combination therapy.
- After receiving two complete response letters (CRL), the third application filed was accepted by the FDA in January 2026, with a PDUFA target action date of July 23, 2026.
- It is supported by Phase 3 (CARES-310) clinical evidence of a median overall survival of 23.8 months (versus 15.2 months for the sorafenib control arm).
- Separately, in 2026 there have been financial and governance disclosures such as convertible bond issuance, conversion-price adjustment, changes in large holdings, an IR session, and a change of CEO, which read as an effort to organize funding and structure ahead of the approval outcome.
- HLB is a textbook 'conditional' stock.
- Strong condition: it secured Phase 3 survival data exceeding existing standard of care, and given that the two prior rejections were mostly about the combination partner's manufacturing and inspection issues, the approval decision on the third re-review (July 23, 2026) is a clear upside catalyst.
- Approval would open the real value of entry into the U.S. first-line liver-cancer market.
- Weak condition: until approval, revenue and earnings provide no support, so losses and external financing (convertible bonds and other dilution factors) continue, and if approval is delayed again or rejected, the value re-valuation could be large.
- Ultimately it is hard to declare over- or undervaluation by multiples such as P/B or P/S, and it is more accurate to see it as an event-driven stock whose valuation is reset according to the pipeline's clinical and regulatory outcomes.
🔎 Valuation vs peers Inconclusive
Compared against pipeline-centric biotechs not yet supported by earnings or revenue, referencing LigaChem Biosciences (drug development, in the red, P/B 10.9) as a similar peer and Alteogen (a platform biotech that has turned profitable, P/B 43) as a contrast.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| Alteogen | 113.48x | 36.11x | 31.82% |
As a loss-making company its P/E cannot be calculated, and a P/B of 16x and P/S of 79x are high by the numbers alone. But this company's real value lies not in book equity or current revenue but in the rivoceranib pipeline and unlisted subsidiaries, so it is hard to declare over- or undervaluation by earnings, revenue, or net-asset multiples. Even the net asset value (NAV) calculated from listed stakes alone gives coverage of only around 1%, so deriving a discount rate itself does not hold. Ultimately the valuation is a structure reset by the binary clinical and regulatory outcome of FDA approval in July 2026, so at this point 'Inconclusive,' declaring nothing in either direction, is warranted.
Price history Close · MA20 · MA60
The latest close is ₩52,200 and the market capitalization is ₩7.0 trillion. The price sits above its 20-day moving average (₩49,295) and below its 60-day moving average (₩53,697). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.2, a neutral level. The one-month change is +7.6%, the three-month change is +0.0%, and the position relative to the 52-week high is -23.5%. Relative strength versus the KOSDAQ is 83 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 83% of all stocks. Over the past three months it outpaced the index by 30.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +30.51% / 6M +15.11% / 12M +4.31%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 16.62x is above the sector median (1.37x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -52.7%, below the sector average (3.0%). The operating margin is -123.8%. The debt ratio is 104.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.4M | $45.2M | $55.8M | +23.55% ↓ slower |
| Operating profit | -$82.9M | -$78.5M | -$69.1M | — |
| Net profit | -$124.3M | -$61.0M | -$146.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $46.3M | $119.1M | $28.4M | $45.2M | $55.8M |
| Operating profit | -$67.0M | -$49.5M | -$82.9M | -$78.5M | -$69.1M |
| Net profit | -$65.0M | -$51.8M | -$124.3M | -$61.0M | -$146.1M |
| Revenue CAGR | 4-yr avg 4.78% | ||||
Revenue rose 23.5% year over year (2023 ₩42.9 billion → 2024 ₩68.1 billion → 2025 ₩84.2 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.8%. The two-year revenue CAGR is 40.1%. In the most recent quarter (Q1 2026), revenue was 5.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 23.5% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 35.8%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-01-30IRThe NDA re-review of the rivoceranib-camrelizumab combination therapy for first-line hepatocellular carcinoma was accepted by the FDA, with the PDUFA target action date confirmed as July 23, 2026The core short- and mid-term catalyst. A binary event in which approval or not drives U.S. commercialization and enterprise value. Source
- 2026-06-04IRInvestor-relations (IR) session held — explaining pipeline progress and funding status to investorsShort-term information provision. Strengthened communication ahead of the approval decision. Source
- 2026-04-07FilingMaterial-fact report (decision to issue convertible bonds) — decision to issue convertible bonds to secure R&D and operating fundsMid-term liquidity, but a dilution factor upon future share conversion. Source
- 2026-04-16FilingAdjustment of conversion price — disclosure adjusting the conversion price of the issued convertible bondsLimited short-term impact, but the change in conversion terms affects the scale of potential dilution. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩18.7 billion (+5.8% year on year), operating loss ₩23.2 billion, net loss ₩40.9 billionRevenue edged up but losses continued, re-confirming the financial structure typical of the pre-approval stage. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-04Disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-29Disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-16Disclosure
- 2026-04-15Disclosure
- 2026-04-07Material-fact report
- 2026-03-31Disclosure
- 2026-03-31Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.