Oscotec (039200) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Oscotec is a research-and-development-focused biotech that does not sell drugs directly but discovers and develops drug candidates, hands them to overseas pharmaceutical companies, and collects upfront payments, milestones, and royalties; together with its subsidiary Genosco it develops small-molecule synthetic drugs. Its flagship achievement is the lung-cancer treatment lazertinib (Leclaza / Lazcluze), which flows through Yuhan to Janssen and brings in royalties. In June 2026 it out-licensed the SYK inhibitor cevidoplenib to Agios of the United States for up to $665 million (about ₩1 trillion), receiving a non-refundable $25 million upfront payment. What stands out is the strength of a proven royalty source in lazertinib already generating revenue and a second pipeline asset actually contracted at a ₩1 trillion scale. The caution is that earnings spike in years when milestones arrive, so it is hard to declare the P/E cheap or expensive based on last year's profit, and the stock weakens if clinical delays or milestone gaps drag on.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Biotech (Drug Development & Research)” (Biotech & Pharmaceuticals), a type best read first through qualitative factors such as pipeline value and cash runway rather than earnings multiples.
Drug-discovery biotech firms often have little in the way of earnings or revenue yet, so P/E or sales multiples can't meaningfully capture their value. Instead, it makes more sense to judge them qualitatively — by the clinical stage of the pipeline, licensing and out-licensing progress, and the cash runway that keeps research going.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 193.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 88.4% higher than a year earlier.
- ROE is 28.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 52.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jeong-geun 12.46% (individual)
Controlling bloc incl. related parties 12.67%
With the controlling bloc holding 13%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
Oscotec is not a pharmaceutical company that makes and sells drugs directly; it is a research-and-development-focused biotech that discovers and develops drug candidates, hands them to overseas pharmaceutical companies, and collects the proceeds. Together with its subsidiary Genosco it develops small-molecule synthetic drugs. It earns money in two main ways. The first is the upfront and stage-based milestone payments received when it transfers a technology. The second is royalties (running royalties) received as a set percentage of sales once the drug is actually sold. Its flagship achievement is the lung-cancer treatment lazertinib (product names Leclaza / Lazcluze), where royalties and milestones flow in through a structure that runs from Yuhan to Janssen, part of the U.S. J&J group.
The latest close is ₩35,350 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩30,830) and below its 60-day moving average (₩36,738). 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 57.7, a neutral level. The one-month change is +6.6%, the three-month change is -28.9%, and the position relative to the 52-week high is -43.0%. Relative strength versus the KOSDAQ is 59 (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 59% of all stocks. Over the past three months it outpaced the index by 7.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
2025 was a year of swinging to profit, with revenue of ₩99.8 billion, operating profit of ₩52.1 billion, and net profit of ₩52.3 billion. But this profit reflects milestones and royalties recognized all at once, so it is not a level that repeats every year. As a result, the metrics — a P/E ratio (how many times one year's earnings the share price represents) of 25.84x and a P/B (how many times book equity) of 7.56x — are computed on the special base of a strong prior-year profit. The ROE (how much is earned on equity in a year) is high at 28.9%, but this too comes from last year's large profit. The balance sheet itself is sound. The debt ratio (debt relative to equity) is low and the current ratio is 510%, so cash and cash-equivalent assets far exceed debt due soon. Net debt (total borrowings minus cash) is effectively nil, close to a net-cash position. EV/EBITDA (enterprise value including debt divided by operating profit before depreciation and amortization) is 24.9x. It is worth keeping in mind that a biotech developer is hard to value on such accounting metrics alone.
Over five years, a long run of operating losses gave way to a large swing to profit in 2025. Operating results went from a loss of -₩32.7 billion in 2023 and -₩2.7 billion in 2024 to +₩52.1 billion in 2025. Revenue also grew 193.6%, from ₩34.0 billion in 2024 to ₩99.8 billion in 2025. The core of this growth is royalties from the expanding global sales of lazertinib, plus milestones tied to commercialization in Japan and China. Earnings, however, are uneven. In the first quarter of 2026 the company posted revenue of ₩3.65 billion, an operating loss of -₩9.99 billion, and a net loss of -₩4.99 billion. Revenue rose 88.4% year on year, but losses were incurred as pipeline clinical and R&D investment continued. Future earnings are not a smooth annual flow but a step-shaped structure driven by when milestones arrive. In 2026, the ₩37.5 billion upfront payment received from Agios will be recognized, and if lazertinib expands into first-line treatment there is room for royalties to grow further.
The recent narrative centers on two threads. First, the June 2026 out-licensing of the SYK inhibitor candidate cevidoplenib (SKI-O-703) to Agios of the United States for up to $665 million (about ₩1 trillion). The company received a $25 million upfront payment (about ₩37.5 billion) on June 17, with no obligation to return it. This molecule, aimed at immune thrombocytopenia (ITP) and rheumatoid arthritis, has completed global Phase 2 trials. Second is the lazertinib thread. As overseas sales of the Leclaza/Rybrevant combination therapy rise, royalties flow in, and disclosures on the distribution of Janssen-related milestones have continued. Alongside this, there were disclosures related to investigational new drug (IND) applications for follow-on molecules. The share-price decline after the contract is read as reflecting caution about the remaining clinical variables.
Consider the strengths and cautions separately. The strength is that lazertinib, a proven royalty source, is already generating revenue. On top of that, the company has actually contracted a second revenue pipeline in cevidoplenib at a ₩1 trillion scale. The balance sheet is stable and close to net cash. The caution is the nature of the earnings. Oscotec's profit does not repeat every year but spikes in the years when milestones arrive. It is hard to plug last year's profit straight into this year to declare the P/E cheap or expensive. The core of the company's value lies not in accounting profit but in the present value of lazertinib's future royalty flows and the upfronts and milestones its pipeline will generate. In the end, it is strong when clinical progress and commercialization advance are confirmed, and weak when clinical delays or milestone gaps drag on.
🔎 Valuation vs peers Inconclusive
Compared against research-and-development-focused biotechs that develop and export drug technology for royalties rather than selling drugs directly; Yuhan shares the royalty structure as lazertinib's partner, and Alteogen is close in business substance in that it exports platform technology and receives royalties.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yuhan Corporation | 31.93x | 2.71x | 9.06% |
| Alteogen | 111.02x | 31.22x | 25.80% |
| Samsung Biologics | 39.28x | 8.85x | 23.70% |
The P/E of 25.6x and P/B of 7.4x are computed on the strong 2025 profit, which clustered milestones, so it is hard to judge cheap or expensive from these multiples alone. Compared with Alteogen (P/E 133x), which exports drug technology, the multiple itself is lower, but the two companies' earnings natures differ, so a simple comparison has its limits. Oscotec's real value lies less in accounting-profit multiples and more in the present value of lazertinib's future royalty flows and the upfronts and milestones its pipeline — cevidoplenib and others — will generate. Because earnings spike in a step-shaped pattern, it is better to watch pipeline progress than to annualize a particular quarter's results and pin down a valuation. On that basis the verdict is Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩35,350 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩30,830) and below its 60-day moving average (₩36,738). 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 57.7, a neutral level. The one-month change is +6.6%, the three-month change is -28.9%, and the position relative to the 52-week high is -43.0%. Relative strength versus the KOSDAQ is 59 (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 59% of all stocks. Over the past three months it outpaced the index by 7.7%. 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 +7.70% / 6M -5.03% / 12M +12.50%
Key metrics Computed vs sector median
Valuation
The P/E of 25.84x is above the sector median (15.02x). The P/B of 7.56x is above the sector median (1.10x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 28.9%, above the sector average (1.0%). The operating margin is 52.2%. The debt ratio is 22.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.5M | $23.9M | $70.1M | +193.58% ↓ slower |
| Operating profit | -$22.9M | -$1.9M | $36.6M | — |
| Net profit | -$17.1M | $615,763 | $36.8M | +5871.65% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.7M | $3.6M | $3.5M | $23.9M | $70.1M |
| Operating profit | -$19.7M | -$20.1M | -$22.9M | -$1.9M | $36.6M |
| Net profit | -$18.4M | -$17.2M | -$17.1M | $615,763 | $36.8M |
| Revenue CAGR | 4-yr avg 124.90% | ||||
Revenue rose 193.6% year over year (2023 ₩5.0 billion → 2024 ₩34.0 billion → 2025 ₩99.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 124.9%. The two-year revenue CAGR is 349.1%. In the most recent quarter (Q1 2026), revenue was 88.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 28.9% points to solid profitability.
- Revenue grew 193.6% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01FilingSigned an out-licensing contract for the SYK inhibitor candidate cevidoplenib (SKI-O-703) to Agios of the United States for up to about ₩1 trillion ($665 million). A $25 million upfront payment, followed by development- and commercialization-stage milestones and net-sales royalties.Secures a second revenue pipeline after lazertinib. The upfront flows in immediately, and further inflows become possible as clinical and commercialization progress unfolds. Source
- 2026-05-22FilingIND approval for a Phase 1 trial to change the drug formulation of cevidoplenib (SKI-O-703). Entering the next development stage.Confirms that clinical development of the out-licensed molecule is continuing. Over the medium term, this connects to milestone-achievement conditions. Source
- 2026-05-14FilingMaterial-management disclosure regarding the distribution of Yuhan's Janssen Biotech technology-transfer milestone. Confirms the lazertinib-related revenue structure.Reconfirms the path by which lazertinib royalties and milestones translate into actual revenue. Room for higher royalties as Leclaza sales expand. Source
- 2026-05-14EarningsQ1 2026 quarterly report. Revenue of ₩3.65 billion (+88.4% year on year), an operating loss of -₩9.99 billion, and a net loss of -₩4.99 billion. Revenue rose on royalty recognition; losses on R&D investment.Shows the structure in which earnings swing sharply from quarter to quarter depending on the presence of milestones. The first-half upfront inflow will be reflected from Q2 onward. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and operating profit | revenue ₩99.8 billion / operating profit ₩52.1 billion | revenue ₩99.8 billion / operating profit ₩52.1 billion | Confirmed | link |
| Cevidoplenib out-licensing size | approx. ₩1 trillion, 2500 | 66500 , 2500 | Confirmed | link |
| Q1 2026 results | revenue 36.5 / -99.9 / -49.9 | revenue 36.5 / -99.9 / -49.9 | Confirmed | link |
Recent filings Source
- 2026-06-01Disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-22Disclosure
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-14Disclosure
- 2026-05-07Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20Litigation disclosure
📖 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.