STCube is a clinical-stage biotech developing immuno-oncology new drugs; with no product on the market yet, its revenue is negligible and it continues to run losses on R&D spending, a typical drug developer. Its core candidate is the antibody drug nelmastobart, which targets BTN1A1 — an immune-checkpoint protein the company says it was the first in the world to identify — and is in Phase 2 trials for metastatic colorectal cancer and non-small-cell lung cancer; in Q1 2026 it posted revenue of ₩1.4 billion and an operating loss of ₩7.3 billion. What stands out recently is that if nelmastobart delivers in the clinic or a licensing deal succeeds, the company's value could change sharply, whereas with almost no revenue and cash of roughly ₩20 billion a year flowing out into R&D, the share price can swing widely depending on trial results and the company's cash runway.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 38.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 24.6% lower than a year earlier.
- ROE is -30.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -336.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder STCube & Company 4.08% (corporate)
Controlling bloc incl. related parties 7.37%
With the controlling bloc holding 7%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- STCube is a clinical-stage new-drug developer with no marketed drug yet.
- Rather than a business that earns money, its goal is to validate drug candidates through clinical trials and later win marketing approval, or hand the technology to another pharmaceutical company (out-licensing) in return for payment.
- Its core pipeline is the antibody drug nelmastobart, which works by blocking BTN1A1, an immune-checkpoint protein the company says it identified, so that the body's immune cells attack the cancer.
- It is currently in Phase 2 trials for metastatic colorectal cancer and non-small-cell lung cancer, and uses a "biomarker-based" strategy of selecting and dosing only patients with high BTN1A1 expression.
- Revenue in 2025 was only about ₩7 billion, and even that comes from research services rather than drug sales, so the company's value rests not on revenue but on the success or failure of its clinical pipeline.
- The stock is in a weak phase.
- At a close of ₩7,460 it sits below both its 20-day (₩9,387) and 60-day (₩13,840) moving averages, so the short- and medium-term trends point down.
- Its three-month return is -50.9% and one-month -30.0%, a steep decline, leaving it roughly 66% below its 52-week high.
- The RSI (a gauge of recent up-and-down strength on a 0-100 scale) is 22.4; readings below 30 are generally viewed as oversold.
- That said, biotech new-drug stocks tend to change direction sharply on a single clinical-data release, so it is hard to call a bottom on trend alone.
- On results alone this looks like a typical clinical-stage biotech.
- In 2025 revenue was about ₩7 billion, the operating loss about ₩23.5 billion and the net loss about ₩21.8 billion, a fifth straight year of losses.
- With no profit, the P/E ratio (how many times one year of profit the share price represents) cannot be calculated, and the on-screen valuation shows a P/B (how many times the company's net assets the price represents) of 7.03x and a P/S (how many times revenue the price represents) of 72.6x.
- ROE (how much the company earns in a year on its equity) is -30.2%, negative because it spends heavily each year on new-drug development, which is a different kind of loss from that of a mature company.
- Financial stability itself is not bad.
- Net debt (total borrowings minus cash) is negative about ₩7.4 billion, a net-cash position, and the current ratio (assets usable right away against debt due within a year) is a very high 18.9x.
- However, free cash flow (FCF), which shows cash actually generated, is about negative ₩20.7 billion, meaning roughly ₩20 billion of cash a year is flowing out into R&D.
- In other words, the coffers still have room, but the burn rate is fast, so if trials run long, additional fundraising may be needed.
- Looked at on revenue alone, this is negative growth.
- In 2025 revenue was about ₩7 billion, down 38.2% from ₩11.3 billion the prior year, and Q1 2026 revenue was about ₩1.4 billion, down 24.6% year on year.
- But since this revenue is research-service in nature rather than drug sales, the company's "growth" should be read through clinical progress and pipeline value, not the revenue figure.
- The operating loss has swung between about ₩19 billion and ₩26 billion each year since 2021 without much change in scale, reflecting the steady level of R&D spending a clinical-stage company carries.
- The direction ahead depends on nelmastobart's Phase 2 data and whether a licensing deal is struck.
- The company has issued no official revenue or profit target for this year and is structurally loss-making, so it is more honest not to present forward figures on a profit basis.
- The recent flow is centered on clinical events rather than results disclosures.
- In June 2026 the company announced that it had presented interim Phase 2 results for nelmastobart in metastatic colorectal cancer at the American Society of Clinical Oncology (ASCO) meeting.
- Earlier, in February it filed a profit-and-loss-structure change disclosure noting that 2025 revenue had fallen sharply and losses continued; in March it filed the business report with full-year 2025 results; and in May it filed the Q1 report.
- Given the nature of biotech new-drug stocks, such clinical-data releases and licensing-discussion news move the share price more than results do.
- However, since interim trial results do not guarantee final success, it is worth distinguishing between the event itself and its eventual outcome.
- STCube is a company judged by the success or failure of its clinical pipeline rather than its results.
- Its strength lies in being focused on a clear core asset.
- BTN1A1, the immune-checkpoint target the company says it identified, nelmastobart which is aimed at it, and the biomarker strategy of dosing only patients with expression, could all be differentiators in trials and licensing negotiations.
- With more cash than debt, a net-cash position, its immediate financial risk is also modest.
- On the other hand, the cautions are clear.
- With no product for sale, revenue is negligible, and with roughly ₩20 billion of cash a year flowing out into R&D, trials that run long could create a need for additional fundraising.
- If Phase 2 data fall short of expectations or a licensing deal is delayed, the share price could swing sharply.
- In short, it is strong in phases where clinical progress and licensing become visible and weak in phases where disappointing data or a depleting cash runway come to the fore.
- Rather than judging over- or undervaluation from profit metrics, it is more appropriate to watch clinical progress and cash runway together.
🔎 Valuation vs peers Inconclusive
Domestic antibody and immuno-oncology new-drug developers that are still clinical-stage and not yet profitable; since none produce a P/E, the comparison is on P/B, P/S and pipeline value.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AbClon | 0.00x | 7.48x | -29.63% |
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| ABL Bio | 0.00x | 29.13x | -24.44% |
| Genome & Company | 0.00x | 1.62x | -6.08% |
With no profit yet, this company cannot be sorted into over- or undervalued on a P/E. The on-screen P/B of 7.03x and P/S of 72.6x look high and lead to a "expensive" classification, but these are figures commonly seen for a clinical-stage biotech with almost no revenue or profit. Placed alongside peers of the same character, a P/B of 7.03x is similar to AbClon (7.48x) and LigaChem Biosciences (8.62x) and actually lower than ABL Bio (29.13x) — in other words, not a particularly expensive position within the peer set. Ultimately the value of such a company is determined not by financial multiples but by the performance of nelmastobart's Phase 2 trial and whether a licensing deal is struck. At this stage, with trial results not yet confirmed, it is hard to conclude either undervaluation or overvaluation, so we withhold judgment.
Price history Close · MA20 · MA60
The latest close is ₩7,460 and the market capitalization is ₩507.2 billion. The price sits below its 20-day moving average (₩9,386) and below its 60-day moving average (₩13,840). 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 22.4, near oversold territory. The one-month change is -30.0%, the three-month change is -50.9%, and the position relative to the 52-week high is -66.2%. Relative strength versus the KOSDAQ is 74 (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 75% of all stocks. Over the past three months it lagged the index by 34.2%. 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 -34.15% / 6M -2.90% / 12M +7.71%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.03x is above the sector median (0.80x).
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 -30.2%, below the sector average (7.0%). The operating margin is -336.1%. The debt ratio is 125.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.9M | $7.5M | $4.6M | -38.18% ↓ slower |
| Operating profit | -$17.3M | -$15.0M | -$15.6M | — |
| Net profit | -$16.2M | -$14.2M | -$14.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3M | $4.2M | $3.9M | $7.5M | $4.6M |
| Operating profit | -$12.6M | -$12.5M | -$17.3M | -$15.0M | -$15.6M |
| Net profit | -$14.3M | -$12.5M | -$16.2M | -$14.2M | -$14.4M |
| Revenue CAGR | 4-yr avg -3.11% | ||||
Revenue fell 38.2% year over year (2023 ₩5.8 billion → 2024 ₩11.3 billion → 2025 ₩7.0 billion), and the three-year trend is 'mixed'. The rate of decline widened 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 -3.1%. The two-year revenue CAGR is 9.5%. In the most recent quarter (Q1 2026), revenue was 24.6% 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 38.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02IRThe company announced that it presented interim Phase 2 results for nelmastobart in metastatic colorectal cancer (data cutoff 2026-04-28) at the American Society of Clinical Oncology (ASCO) meetingAn event showing progress in the core pipeline that shapes the direction of medium-term company value. Interim results, however, do not guarantee final success Source
- 2026-05-15FilingFiled the Q1 2026 report — revenue about ₩1.4 billion, operating loss about ₩7.3 billion, net loss about ₩6.7 billion, with the loss continuingConfirms in the short term that revenue is negligible and the loss is holding. A flow within the expected range for a clinical-stage biotech Source
- 2026-03-18FilingFiled the 2025 business report — annual revenue about ₩7 billion, operating loss about ₩23.5 billion, net loss about ₩21.8 billion confirmedReconfirms in the medium term the five-year run of losses and the R&D-cost burden. Financial stability (net cash) is maintained Source
- 2026-02-20EarningsDisclosure of a change of 30% or more (15% for a large corporation) in profit-and-loss structure — disclosed that 2025 revenue fell sharply year on year and operating and net losses continuedA short-term signal confirming the revenue contraction, but must be read bearing in mind that the core of the company's value is the clinical pipeline rather than results Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual net loss | approx. -₩21.8 billion | approx. -₩21.8 billion | Confirmed | link |
| Q1 2026 results | revenue approx. ₩1.4 billion / approx. ₩7.3 billion / approx. ₩6.7 billion | — | Confirmed | link |
| Core pipeline (nelmastobart / BTN1A1) and clinical stage | 2 | BTN1A1, 2 | Confirmed | link |
| This year's profit outlook (official company guidance) | — | — | Unverified | — |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-02-25Disclosure
- 2026-02-25Amended filing
- 2026-02-24Shareholders' meeting notice
- 2026-02-20Shareholders' meeting notice
- 2026-02-20EarningsEarnings filing
📖 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.