Genexine (095700) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Genexine is a drug-development company that uses its own proprietary platform technologies to develop cancer immunotherapies, long-acting antibody-fusion proteins, and gene-therapy vaccines. Rather than selling products today, it is at the stage of advancing candidate molecules into clinical development to create value through licensing-out and commercialization. In September 2025 it secured about ₩19.4 billion of operating funds through a convertible bond issue (conversion price ₩5,478), and a February 2026 annual-results filing confirmed revenue of ₩4.6 billion, an operating loss of ₩36.2 billion and a net loss of ₩27.2 billion. The key thing to note is a two-sided picture: strengths include a P/B of 0.42x — trading at less than half of net asset value, below the peer range (1.5-2.7x) — and a rapidly narrowing net loss; on the other hand, it is still at a stage where revenue does not cover the loss, so the current ratio of 39.2% and the future dilution potential from the convertible bond must be weighed, and if clinical delays or an additional capital raise overlap, the net-asset cushion thins.
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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.
That said, meaningful revenue has yet to ramp, so pipeline value and cash runway may matter more than this metric.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 29.8%).
- The most recent full-year net result was a loss.
- Revenue rose 56.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 29.8% higher than a year earlier.
- ROE is -11.0% (controlling-interest basis). It is above the sector average.
- Operating margin is -790.8%.
- 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 Handok 13.28% (corporate)
Controlling bloc incl. related parties 13.28%
With the controlling bloc holding 13%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
Genexine develops biologic new drugs on the strength of its own platform technologies. According to its periodic filings, its drug candidates fall broadly into three streams: cancer immunotherapies that attack cancer through the immune system, long-acting antibody-fusion protein therapeutics designed for sustained efficacy, and gene-therapy vaccines. In other words, rather than a company that earns by selling products today, it is a drug developer that creates value by advancing candidate molecules through research and clinical stages toward licensing-out or commercialization. That is why, more than quarterly revenue itself, the clinical progress of the pipeline and the funding situation are the keys to understanding this company.
The latest close is ₩2,685 and the market capitalization is ₩122.3 billion. The price sits above its 20-day moving average (₩2,408) and below its 60-day moving average (₩3,005). 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 57.0, a neutral level. The one-month change is +10.7%, the three-month change is -47.6%, and the position relative to the 52-week high is -62.2%. Relative strength versus the KOSDAQ is 19 (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 19% of all stocks. Over the past three months it lagged the index by 22.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a recent annual basis, revenue was ₩4.6 billion against an operating loss of ₩36.2 billion and a net loss of ₩27.2 billion, still a loss-making structure in which R&D spending greatly exceeds revenue. With no profit, the P/E (how many times one year's earnings the price is) cannot be computed, so the P/B (how many times book value the price is) is used instead. Equity is ₩246.7 billion while the market cap is about ₩104.7 billion, putting the P/B at 0.42x — the stock trades at less than half of the company's net asset value. Set against a comparable R&D peer group at P/B of 1.5-2.7x, it is clearly cheap on an asset basis. That said, for this company value hinges on assets and cash on hand rather than earnings, so the debt ratio of 50.5% and the current ratio of 39.2% (the ratio of assets convertible to cash within a year against debt due within a year) must be viewed together. If the case for undervaluation rests on net assets, then how slowly those net assets are consumed by R&D spending is the accompanying question.
Revenue itself is small and uneven, as befits the drug-development stage. The most meaningful change, though, is that the loss is narrowing. The net loss shrank by more than half, from ₩66.9 billion in 2023 and ₩63.7 billion in 2024 to ₩27.2 billion in 2025, and the operating loss eased from ₩41.2 billion to ₩36.2 billion. Revenue rose 56.0% year on year, and the most recent quarter (Q1 2026) was also up 29.8% versus the same period a year earlier. For a drug-development company, this pattern can be read as a sign of cost control and the start of some technology fees and contract revenue coming in. That said, with quarterly revenue at just the ₩0.4 billion level, it can swing sharply on the presence or absence of a single deal or two, so whether the trend firms up is worth confirming over the coming quarters. This year's revenue outlook (about ₩1.3 billion) is a reference figure that stitches together the quarterly trend, and it must be viewed alongside the fact that this company's value comes from clinical progress rather than the revenue figure.
The disclosure flow centers on financing and results. In September 2025 a convertible bond issue secured about ₩19.4 billion of operating funds (conversion price ₩5,478); for a loss-making drug developer, this is a two-sided filing — a positive in that fresh funds arrive to keep clinical work going, and a caution in that share count may later rise and dilute per-share value. In February 2026 an annual results-change filing confirmed revenue of ₩4.6 billion, an operating loss of ₩36.2 billion and a net loss of ₩27.2 billion, in line with the narrowing-loss trend noted above. From here, the points to watch are which pipeline the secured funds go toward and whether they lead to value events such as clinical progress or technology transfers.
This stock's strengths and weaknesses split fairly clearly. The strength is price relative to assets. At a P/B of 0.42x it trades at less than half of net asset value, clearly below the peer group (1.5-2.7x), and the net loss is narrowing quickly. In the short term, too, it sits at a heavily sold-off level with an RSI of 21.5. The weakness lies in the business stage itself: as a drug developer that cannot yet cover its loss with revenue, the rate at which cash on hand is depleted, the current ratio of 39.2%, and the future dilution potential from the convertible bond all have to be weighed. In short, if clinical work progresses, the loss keeps narrowing, and the company can hold on without further financing, the undervaluation relative to assets stands out; conversely, if clinical delays or cash depletion and an additional capital raise overlap, the net-asset cushion thins. It should be viewed with an understanding that the pipeline and cash — not revenue — drive the share price.
🔎 Valuation vs peers Undervalued
A peer set of R&D-focused names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aptabio Therapeutics | — | 4.03x | -34.64% |
| TiumBio | — | 3.74x | -46.05% |
| Vaxcell-Bio | — | 1.71x | -21.82% |
Within R&D-focused names, public-data peers with nearby market capitalization were looked at first. The current P/E (how many times one year's earnings the price is) is not available, and the P/B (how many times book value the price is) is 0.53x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.3 billion | — | — |
| Next quarter | Q2 2026 | ₩0.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,685 and the market capitalization is ₩122.3 billion. The price sits above its 20-day moving average (₩2,408) and below its 60-day moving average (₩3,005). 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 57.0, a neutral level. The one-month change is +10.7%, the three-month change is -47.6%, and the position relative to the 52-week high is -62.2%. Relative strength versus the KOSDAQ is 19 (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 19% of all stocks. Over the past three months it lagged the index by 22.8%. 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 -22.76% / 6M -23.68% / 12M -48.92%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.53x is below the sector median (3.91x).
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
The operating margin is -790.8%. The debt ratio is 54.6%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.1M | $2.1M | $3.2M | +55.96% ↑ faster |
| Operating profit | -$29.0M | -$26.2M | -$25.4M | — |
| Net profit | -$47.0M | -$44.8M | -$19.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $25.9M | $11.3M | $3.1M | $2.1M | $3.2M |
| Operating profit | -$13.6M | -$23.7M | -$29.0M | -$26.2M | -$25.4M |
| Net profit | -$34.3M | -$39.9M | -$47.0M | -$44.8M | -$19.1M |
| Revenue CAGR | 4-yr avg -40.64% | ||||
Revenue rose 56.0% year over year (2023 ₩4.4 billion → 2024 ₩2.9 billion → 2025 ₩4.6 billion), and the three-year trend is 'mixed'. 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 -40.6%. The two-year revenue CAGR is 1.7%. In the most recent quarter (Q1 2026), revenue was 29.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 56.0% 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 29.8%).
- 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
- 2025-09-24Update[Amended] Report on major matters (decision to issue convertible bonds): conversion price ₩5,478, operating funds ₩159 (as filed)A disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
- 2025-09-24UpdateReport on major matters (decision to issue convertible bonds): conversion price ₩5,478, operating funds ₩19.4 billionA disclosure where the purpose of the incoming funds and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the actual investment is executed and links to revenue. Source
- 2026-02-02EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): full-year revenue ₩4.6 billion, operating loss ₩36.2 billion, net loss ₩27.2 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,685 | ₩2,685 | Confirmed | link |
| Latest quarterly results | revenue ₩0.4 billion, operating profit -₩9.0 billion | revenue ₩0.4 billion, operating profit -₩9.0 billion | Confirmed | link |
| Annual results | revenue ₩4.6 billion, operating profit -₩36.2 billion | revenue ₩4.6 billion, operating profit -₩36.2 billion | Confirmed | link |
| Financing disclosure (original text) | [amended] : ₩5,478 · ₩159 | [amended] : ₩5,478 · ₩159 | Confirmed | link |
| Financing disclosure (original text) | ₩5,478 · ₩19.4 billion | ₩5,478 · ₩19.4 billion | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩4.6 billion · operating profit -₩36.2 billion · net profit -₩27.2 billion | revenue30%: revenue ₩4.6 billion · operating profit -₩36.2 billion · net profit -₩27.2 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-04Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-15Litigation disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-10Audit report
📖 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.