Hyundai Bioscience is a drug-development company that uses its own drug-delivery technology to develop oral antiviral and anticancer drug candidates. Its 2025 revenue of ₩3.5 billion came from small legacy businesses such as cosmetics and raw materials, while its flagship pipeline consists of Xafty, a broad-spectrum antiviral aimed at multiple viruses, and CPPCA07, a prostate-cancer candidate. In January 2026 it formalized Xafty's entry into a US FDA Phase 2 respiratory-virus trial and is running a dengue trial in Vietnam (about 210 adults), and in April a Phase 1 plan change for CPPCA07 was disclosed as approved; however, the March and May reports confirmed sharply lower revenue and continued losses. The key point to watch is that its concept of targeting several viruses with a single compound is genuinely advancing into clinical trials and that it holds a net-cash position, which are strengths; on the other hand, with almost no commercial sales it posts losses and cash outflows every year, and if trials are delayed, data disappoint, or additional fundraising becomes necessary, the share price could reverse sharply, making the clinical schedule and results the crux.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 76.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 54.2% lower than a year earlier.
- ROE is -20.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -516.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder CNPharm 10.04% (corporate)
Controlling bloc incl. related parties 10.24%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Hyundai Bioscience is a drug-development company that uses its own drug-delivery technology to develop oral antiviral and anticancer drug candidates.
- Rather than a company that earns by selling products, it is at the stage of proving, through clinical trials, drugs that are not yet approved for sale.
- Its 2025 annual revenue of ₩3.5 billion came from small legacy businesses such as cosmetics and raw materials, while the new drugs at the core of its value are not yet booked as revenue.
- The flagship pipeline is Xafty (code name CP-COV03), a broad-spectrum antiviral that improves the compound niclosamide with drug-delivery technology.
- The goal is to target multiple viruses, including COVID-19, influenza, and dengue, with a single drug.
- It is also developing an anticancer candidate (CPPCA07) for prostate cancer and other indications.
- In short, this is a stock best understood by the clinical stage of its pipeline rather than by the size of its revenue.
- The latest close is ₩6,820 and market capitalization is ₩658.2 billion.
- The price sits below its 20-day line (₩8,287) and below its 60-day line (₩11,138).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 30.5, a neutral level.
- The one-month change is -18.4%, the three-month change is -47.5%, and the price is -65.9% from its 52-week high.
- Relative strength versus the KOSDAQ is 90 (on a 1-99 scale, computed from the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 9% of all stocks by strength.
- Over the past three months it lagged the index by 34.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- As a drug-development-stage company with almost no commercial products, it is hard to apply ordinary profitability metrics directly.
- In 2025 it posted ₩3.5 billion in revenue, an operating loss of ₩18.2 billion, and a net loss of ₩22.1 billion.
- Because net profit was negative, the P/E ratio (how many times a year's earnings the price represents) cannot be calculated.
- The P/B ratio (the price relative to net assets) is 5.94x, which looks high by chemical-sector standards, but that figure arises because book equity (net asset value of about ₩1,147 per share) is small.
- Since the future value of the drugs under development is not captured on the books, P/B alone cannot make the stock look expensive.
- An ROE (how much it earns per year on equity) of -20.0% and an operating margin of -516% are typical of a clinical-stage company whose R&D spending is expensed before revenue ramps up.
- Net debt is negative - a net-cash state with about ₩5.1 billion more cash than debt.
- The free-cash-flow yield (cash actually generated relative to market cap) is -4.8%, showing cash is being spent on clinical investment.
- The debt ratio (debt relative to equity) is 118% and the current ratio (assets readily convertible to cash versus debt due within a year) is 225%, so it has the short-term capacity to keep trials going.
- The key point is that metrics based on last year's fixed results are not the yardstick for this company's future value.
- Five-year revenue was ₩9.2 billion in 2021, ₩7.9 billion in 2022, ₩9.5 billion in 2023, ₩15.1 billion in 2024, and ₩3.5 billion in 2025 - erratic year to year.
- The 2024 revenue and operating profit of ₩0.8 billion, followed by a return to loss in 2025, reflect the nature of a clinical-stage company that books revenue only when it has one-off contracts or license fees rather than steady product sales.
- Q1 2026 revenue was also just ₩0.3 billion, down 54.2% year over year.
- For a company like this, the revenue curve is not the essence of growth.
- The real growth driver is clinical progress.
- In January 2026 it confirmed entry into a US FDA Phase 2 respiratory-virus trial, and in Vietnam a Phase 2/3 dengue trial is underway.
- The Phase 1 clinical trial plan for the prostate-cancer treatment CPPCA07 was also approved to advance to the next stage.
- Because it is pre-commercial, the company has issued no official full-year revenue or profit outlook.
- Growth for this stock is therefore best assessed by clinical milestones achieved rather than by revenue figures.
- Recent developments center on clinical events rather than earnings.
- In January 2026, at a biotech showcase in San Francisco, the company formalized entry of its broad-spectrum antiviral Xafty into a US FDA Phase 2 respiratory-virus trial.
- It put forward a 'One Drug, Two Tracks' strategy targeting influenza, COVID-19, and RSV with a single drug and completed selection of a US-based contract research organization.
- In Vietnam it is running a dengue trial with the same compound, with a study of about 210 adult dengue patients listed in official clinical registries.
- In April it disclosed that a change to the Phase 1 clinical trial plan for the prostate-cancer treatment CPPCA07 had been approved, confirming the anticancer pipeline is advancing without pause.
- Meanwhile, the March annual report and May quarterly report confirmed sharply lower revenue and continued losses.
- In other words, the pipeline is advancing while the financials remain in a development-stage loss structure.
- This is a drug-development stock valued by clinical progress in its pipeline rather than by revenue or profit.
- The strengths are clear.
- Its broad-spectrum antiviral concept - targeting multiple viruses with a single compound - is genuinely advancing through a US FDA Phase 2 trial and a Vietnam dengue trial.
- Being in a net-cash position, it is not structured to run dry immediately either.
- A P/B of 6.9x is high by chemical-sector standards but sits around the middle among drug-development peers, so it is hard to call it unreasonably expensive.
- The cautions are equally clear.
- With almost no commercial sales, losses continue every year and cash keeps flowing out on clinical investment.
- Trials do not guarantee success, and if results are delayed or additional fundraising (such as a capital raise) becomes necessary, a share price lifted by expectations could reverse sharply.
- In short, this is a typical clinical-stage biotech - strong when trials proceed smoothly and positive data emerge, and weak amid trial delays, disappointing data, or funding strain.
- The key to reading this stock is to check the clinical schedule and results directly rather than the financial metrics.
🔎 Valuation vs peers Inconclusive
Instead of a plain sector label (chemicals), the comparison uses the real business - a clinical-stage drug developer - against companies that, with earnings not yet ramped, are valued on P/B and pipeline value.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | — | 8.62x | -18.04% |
| SK Biopharmaceuticals | 23.53x | 7.73x | 32.83% |
| Alteogen | 113.48x | 36.11x | 31.82% |
A drug-development company has no earnings, so a P/E cannot tell whether it is cheap or expensive, and trailing metrics based on last year's fixed results explain almost nothing about future value. Among peers, some in the same clinical space - like LigaChem Biosciences (P/B about 10x, negative ROE) - are valued on their pipeline rather than earnings, while already-profitable firms such as SK Biopharmaceuticals and Alteogen command far higher P/B. Hyundai Bioscience's P/B of 6.9x is very high against the chemical-sector average (about 1.1x) but sits around the middle within the drug-development peer set. Ultimately, whether the valuation is fair hinges on what data the US FDA Phase 2 respiratory trial and the Vietnam dengue trial produce, which is hard to call in one direction. It is therefore left as Inconclusive rather than Overvalued or Undervalued.
Price history Close · MA20 · MA60
The latest close is ₩6,820 and the market capitalization is ₩658.2 billion. The price sits below its 20-day moving average (₩8,287) and below its 60-day moving average (₩11,138). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 30.5, a neutral level. The one-month change is -18.4%, the three-month change is -47.5%, and the position relative to the 52-week high is -65.9%. Relative strength versus the KOSDAQ is 90 (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 91% of all stocks. Over the past three months it lagged the index by 34.5%. 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 -34.54% / 6M +64.88% / 12M -25.12%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 5.94x is above the sector median (0.97x).
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 -20.0%, below the sector average (4.0%). The operating margin is -516.3%. The debt ratio is 118.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.3M | $10.0M | $2.3M | -76.63% ↓ slower |
| Operating profit | -$6.5M | $552,615 | -$12.0M | -2278.11% |
| Net profit | -$9.6M | -$4.6M | -$14.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.1M | $5.2M | $6.3M | $10.0M | $2.3M |
| Operating profit | -$6.5M | -$17.5M | -$6.5M | $552,615 | -$12.0M |
| Net profit | -$13.3M | -$10.5M | -$9.6M | -$4.6M | -$14.7M |
| Revenue CAGR | 4-yr avg -21.45% | ||||
Revenue fell 76.6% year over year (2023 ₩9.5 billion → 2024 ₩15.1 billion → 2025 ₩3.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 2278.1% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -21.4%. The two-year revenue CAGR is -39.1%. In the most recent quarter (Q1 2026), revenue was 54.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 76.6% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-01-14IRConfirmed entry of the broad-spectrum antiviral Xafty into a US FDA Phase 2 respiratory-virus trial. Announced a 'One Drug, Two Tracks' strategy targeting influenza, COVID-19, and RSV, and completion of US-based CRO selection.Entry of the core pipeline into a US regulatory gate, with potential access to the largest market if successful (medium term). But it is an early-stage trial, so time and uncertainty to results are large. Source
- 2026-04-17FilingDisclosure that a change to the Phase 1 clinical trial plan for the prostate-cancer candidate CPPCA07 was approved, reflecting that the anticancer pipeline is proceeding to the next procedural stage.A signal of anticancer-pipeline expansion (medium term). Being an early trial, commercialization is still some distance away. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue of ₩0.3 billion (-54.2% YoY), continued operating and net losses, reconfirming a development-stage loss structure.Continued financial burden (short term). Still, the core of this company's value is clinical progress, not revenue. Source
- 2026-03-18Earnings2025 annual report filed. Revenue of ₩3.5 billion (-76.6% YoY), an operating loss of ₩18.2 billion, and a net loss of ₩22.1 billion, confirming wider losses from clinical investment.Wider losses (short-term burden). Short-term liquidity itself is maintained given the net-cash position. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-17Disclosure
- 2026-03-30PeriodicAnnual business report (amended)
- 2026-03-26Shareholders' meeting notice
- 2026-03-26OwnershipOwnership-change filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-12OwnershipOwnership-change filing
- 2026-03-11Amended filing
- 2026-03-11Disclosure
📖 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.