Anterogen develops and produces cell therapies that treat intractable diseases using stem cells derived from fat tissue. Its Cupistem, the world's first such therapy to be approved (in 2012) and now sold in Korea for Crohn's-disease fistula (annual revenue of about ₩7.5 billion), supports cash flow, while clinical pipelines such as epidermolysis bullosa (EB) and diabetic foot ulcer (DFU) build the company's value. Recent disclosures center on periodic filings and shareholders' meetings, so regulatory progress in the pipeline, rather than short-term momentum, moves value, and a revenue recovery and narrowing losses (quarterly revenue up 32.5%) were confirmed in the data. What stands out now is that a base of a product already on the market, accelerating revenue, narrowing losses and ample liquidity are strengths; on the other side, both operating and net income are still in the red, and as the history of the DFU U.S. trial missing its primary endpoint shows, value can swing sharply on the success or failure of trials and approvals.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 8.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 32.5% higher than a year earlier.
- ROE is -1.6% (total-net basis). It is below the sector average.
- Operating margin is -32.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Sung-gu 12.16% (individual)
Controlling bloc incl. related parties 14.6%
With the controlling bloc holding 15%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Anterogen develops and produces cell therapies that treat intractable diseases using stem cells derived from fat tissue.
- Most of its actual revenue comes from Cupistem, an autologous adipose-derived stem cell therapy (treating anal fistula accompanying Crohn's disease); it received the world's first marketing approval in 2012 and is sold in Korea.
- Cupistem alone generates annual revenue of about ₩7.5 billion, and holding a cell therapy that is already approved and selling in the market is a strength that sets the company apart from drug developers that remain only in the clinical stage.
- That said, the larger axis of the company's value is on the pipeline side in the clinical stage; the flagship pipelines are an EB (epidermolysis bullosa) therapy and a DFU (diabetic foot ulcer) therapy, both under development as an allogeneic (from another donor) stem cell sheet formulation.
- The EB therapy is going through clinical and approval procedures in Japan together with a Japanese partner.
- In other words, this is a drug-development-type biotech that holds both 'money it earns now' and 'new drugs it will get approved in the future', a structure where the products it holds support cash flow while the pipeline builds value.
- The latest close is ₩15,030 and the market cap is ₩150.4 billion.
- The price sits below its 20-day line (₩22,011) and below its 60-day line (₩28,886).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supporting gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 25.2, close to the depressed zone.
- It is down 38.5% over one month and 62.4% over three months, and sits 74.1% below its 52-week high.
- Its relative strength versus the KOSDAQ is 48 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 53% of all stocks by strength.
- Over the past three months it lagged the index by 48.5%.
- Chart reading is best done alongside volume and disclosure dates.
- On the metrics alone, the company is in a loss.
- ROE (how much the company earns on its equity in a year) is -1.6% and the operating margin (operating profit as a share of revenue) is -32.3%; this is a loss structure that is natural for a company developing new drugs, because R&D and clinical costs are larger than revenue.
- Because earnings are negative, the P/E ratio (how many times one year's earnings the price represents) cannot be computed at all.
- P/B (how many times net assets the price represents) is 1.72x, and P/S (how many times revenue the price represents) is about 34x, which looks high relative to revenue, but that is common in a drug-development-type biotech where revenue is still small and value rides on the future pipeline, so it is hard to view that alone as a 'burden'.
- Financial safety is actually on the sound side: the debt ratio (debt against equity) of about 101% is not excessive, and the current ratio (cash-like assets against debt due within a year) reaches 78x, so there is almost no short-term funding pressure.
- For a loss-making company, trailing earnings metrics carry little meaning, so this company's finances are better read not by 'how much it earns' but by 'whether it has the cash to carry trials through to the end', and on that basis its strength is ample.
- The top line is clearly reviving.
- Annual revenue rose for two straight years, from ₩6.5 billion in 2023 to ₩6.9 billion in 2024 to ₩7.5 billion in 2025, and the growth rate steepened from +6.7% to +8.7%.
- In the most recent quarter (Q1 2026), revenue jumped 32.5% year on year, adding pace to the recovery.
- On the profit side, the operating loss also improved clearly, narrowing nearly by half each year from -₩5.1 billion in 2023 to -₩3.7 billion in 2024 to -₩2.4 billion in 2025.
- Growing revenue and narrowing losses signal that Cupistem, already selling, is settling in while cost efficiency improves.
- That said, a narrowing loss does not immediately mean a swing to profit, and an operating loss (-₩1.1 billion) continued in Q1 2026 as well.
- For a company like this, this year's earnings have not turned positive, so a forward P/E or similar earnings multiple cannot be computed, and value is governed not by earnings multiples but by future events such as the clinical trials and approvals of pipelines like EB and DFU.
- The fact that a revenue recovery and narrowing losses are progressing together shows that, while waiting for that future, the company's fundamentals are not worsening but strengthening.
- Recent disclosures center on routine items such as periodic filings (annual and quarterly reports), the shareholders' meeting and IR events, and holdings-change reports, while short-term momentum-type disclosures such as orders or large contracts are not prominent.
- The variable that actually moves the company's value is the regulatory progress of the pipeline rather than the frequency of disclosures.
- The key is the approval process, underway in Japan, for the EB (epidermolysis bullosa) therapy; whether it is approved and launched could be an inflection point for future royalties and revenue.
- Meanwhile, the DFU (diabetic foot ulcer) therapy has a history of failing to secure statistical significance on its primary endpoint in a U.S. trial, so it is worth keeping in mind that outcomes can diverge by pipeline.
- In the flow running from the March annual report and IR to the May quarterly report, what stands out is that a revenue recovery and narrowing losses were confirmed in the data.
- The strengths are clear.
- (1) It holds Cupistem, the world's first approved therapy of its kind and now selling, giving it a revenue base that does not depend on trials alone; (2) that revenue has risen for two straight years and accelerated to +32.5% on a quarterly basis; (3) the operating loss has narrowed nearly by half each year, so the bottom line is improving clearly; (4) the low debt ratio and ample liquidity give it enough strength to carry trials through to the end; and (5) a rare-disease pipeline such as EB has advanced to the Japanese approval stage.
- The points to be careful of are (1) that both operating and net income are still in the red, so earnings-based valuation is impossible; (2) that, as is characteristic of drug-development-type biotech, value can shake sharply if a trial or approval fails (the history of the DFU U.S. trial missing its primary endpoint is an example); and (3) that the share price has corrected sharply, so the short-term trend is soft.
- In short, this is not a stock to view as weak on the single scene of a trailing loss; it is a stock whose strength swings with 'the success or failure of pipeline approvals'.
- If approval and launch of a core pipeline such as EB become reality, there is room for a substantial re-valuation on the back of its revenue base and ample cash; conversely, if it is blocked at the regulatory stage, the swing to profit is delayed and it can weaken.
🔎 Valuation vs peers Inconclusive
Domestic stem-cell / cell-therapy developers (holding a commercialized product while also running clinical pipelines).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MEDIPOST | 0.00x | 1.34x | -34.29% |
| CHA Biotech | 0.00x | 3.00x | -36.07% |
| Pharmicell | 16.61x | 5.40x | 32.52% |
Anterogen's earnings are in a loss, so comparison by P/E is impossible, and its P/B of 2.9x against net assets sits between fellow stem-cell developers Medipost (1.6x) and CHA Biotech (3.69x). That said, Medipost and CHA Biotech have ROE of around -34% with large losses, whereas Anterogen's ROE of -1.6% is a relatively smaller loss, so even at the same P/B the intensity of the loss is lower. Pharmicell has swung to a profit so a P/E can be computed, but its business is a chemical-plus-bio mix, making direct comparison limited. The key is that trailing metrics based on last year's confirmed earnings are effectively meaningless because it is in a loss, and the value of clinical-stage biotech is assessed by the regulatory success or failure of the pipeline and its commercialization potential rather than by revenue or earnings multiples. Accordingly, it is hard to call the stock cheap or expensive on current figures alone, and because the fair value could change greatly depending on the approval outcome of a core pipeline such as EB, we view it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩15,030 and the market capitalization is ₩150.4 billion. The price sits below its 20-day moving average (₩22,011) and below its 60-day moving average (₩28,886). 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 25.2, near oversold territory. The one-month change is -38.5%, the three-month change is -62.4%, and the position relative to the 52-week high is -74.1%. Relative strength versus the KOSDAQ is 48 (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 47% of all stocks. Over the past three months it lagged the index by 48.5%. 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 -48.55% / 6M -63.52% / 12M -33.99%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.72x 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 -1.6%, below the sector average (7.0%). The operating margin is -32.3%. The debt ratio is 100.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.3M | $4.6M | $5.0M | +8.71% ↑ faster |
| Operating profit | -$3.4M | -$2.5M | -$1.6M | — |
| Net profit | -$1.9M | -$1.5M | -$910,548 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.4M | $4.4M | $4.3M | $4.6M | $5.0M |
| Operating profit | -$1.7M | -$3.1M | -$3.4M | -$2.5M | -$1.6M |
| Net profit | -$367,166 | -$4.5M | -$1.9M | -$1.5M | -$910,548 |
| Revenue CAGR | 4-yr avg -1.85% | ||||
Revenue rose 8.7% year over year (2023 ₩6.5 billion → 2024 ₩6.9 billion → 2025 ₩7.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened 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 -1.8%. The two-year revenue CAGR is 7.7%. In the most recent quarter (Q1 2026), revenue was 32.5% higher 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15FilingFiled Q1 2026 quarterly report. Quarterly revenue rose about 32.5% year on year, but operating and net income remained in the red.Short term: confirming a top-line recovery is positive, but with the loss continuing, the earnings momentum is limited. Medium term: it needs quarterly checks on whether the revenue-recovery trend continues. Source
- 2026-03-12FilingFiled FY2025 annual report. Annual revenue of about ₩7.5 billion (+8.7%), with the operating loss narrowing to -₩2.4 billion versus the prior year.Short term: the narrowing loss is a signal of improving cost efficiency. Medium term: the timing of a swing to profit hinges on whether the pipeline is commercialized. Source
- 2026-03-04IRDisclosure of an investor-relations (IR) event. An occasion to explain the business status and pipeline progress to investors.Short term: a chance to confirm the company's official message on the pipeline and approval schedule. Medium term: the progress of core pipelines such as EB is the key variable for value. Source
- 2026-04-21FilingFiled a report on a large holding of shares, etc. (short form). A change in holdings by a major holder was reported.Short term: the holdings change itself is neutral information. Medium term: it is worth checking through holdings disclosures whether the makeup of supply and demand is changing. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 annual revenue | approx. ₩7.5 billion (+8.7% YoY) | (2025.12) | Confirmed | link |
| Q1 2026 revenue growth rate | +32.5% YoY | (2026.03) | Confirmed | link |
| Business substance of the flagship product (Cupistem) and the cell-therapy business | — | — | Confirmed | link |
| This year's estimated net income (for computing a forward P/E) | net profit 0 , forward PER | — | Unverified | — |
Recent filings
- 2026-05-15PeriodicAnnual business report (amended)
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-21OwnershipOwnership-change filing
- 2026-03-20Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-04Disclosure
- 2026-03-03Amended filing
- 2026-03-03Shareholders' meeting notice
- 2026-02-24Shareholders' meeting notice
📖 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.