Qurient is a clinical-stage drug developer with almost no products of its own to sell; its 2025 revenue of about ₩7.0 billion is mostly research-service and licensing income, and its core assets are three pipelines: the CDK7-inhibitor cancer drug mocasiclib, the immuno-oncology drug adrixetinib, and the infectious-disease treatment telacebec. Its largest shareholder, Dong Koo Bio & Pharma, has repeatedly provided funds through paid-in capital increases to build the research base, and mocasiclib succeeded in first dosing in a breast-cancer combination Phase 2, adrixetinib won European trial approval in cGvHD, and telacebec received U.S. orphan-drug designation for Buruli ulcer, bringing a Priority Review Voucher (PRV) into view. What stands out lately is that the pipeline is diversified across two cancer drugs and one infectious-disease drug, the company holds net cash and ample liquidity, and telacebec's PRV is a separate card; the caution is that it still burns hundreds of billions of won in research each year and fills the gap with capital raises that dilute shareholders, while trial failure or delay is an ever-present risk.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 23.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.1% higher than a year earlier.
- ROE is -88.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -426.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Dong Koo Bio & Pharma 10.82% (corporate)
Controlling bloc incl. related parties 10.82%
With the controlling bloc holding 11%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Qurient is a clinical-stage drug developer with almost no products of its own to sell.
- Its revenue (about ₩7.0 billion in 2025) is mostly research-service and licensing income; it does not make money in the ordinary sense but rather pushes drug candidates up through the clinic while spending on research.
- Its core assets are three pipelines.
- First, mocasiclib is a CDK7-inhibitor cancer drug that suppresses the transcription process in cancer cells and targets solid tumors such as breast cancer.
- Second, adrixetinib is an immuno-oncology drug that simultaneously blocks AXL, MER, and CSF1R, aimed at acute myeloid leukemia (AML) and chronic graft-versus-host disease (cGvHD).
- Third, telacebec is a treatment for hard-to-treat infectious diseases such as tuberculosis, Buruli ulcer, and leprosy, and the prospect of securing a U.S.
- Priority Review Voucher (PRV) is the company's key expectation.
- The latest close is ₩18,780 and the market cap is ₩704.5 billion.
- The price sits below its 20-day line (₩22,344) and below its 60-day line (₩28,913).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs recent up-moves against down-moves on a 0-100 scale over the past 14 days) is 35.9, a neutral reading.
- The one-month change is -24.4%, the three-month change is -46.6%, and the price sits -63.1% from its 52-week high.
- Its relative strength versus the KOSDAQ is 77 (on a 1-99 scale that converts return versus the index over the past year, weighting more recent performance; higher means stronger than the market).
- That places it in roughly the top 23% of all stocks by strength.
- Over the past three months it lagged the index by 25.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Because the company is not yet at a profit-making stage, the P/E ratio (how many years of earnings the share price equals) is not calculated.
- The 2025 operating loss was about ₩29.8 billion and the net loss about ₩30.1 billion, and ROE (how much a company earns in a year on its equity) is -88.3%.
- The P/B (how many times net assets the price represents) is 20.68x and the P/S (how many times revenue the price represents) is 113x, both very high on the numbers alone, but such multiples are yardsticks for companies with products to sell and fit drug developers poorly.
- What matters is financial strength.
- Net debt is negative (about -₩20.7 billion), meaning a net-cash position with more cash than debt, and the current ratio (short-term assets versus short-term debt) is a very high 13.2x.
- Still, its own cash generation is negative: the FCF yield (cash earned versus market cap) is -4.1%, a phase in which the company keeps burning research funds and getting by on outside money.
- Revenue is lumpy because it is clinical-service in nature.
- 2025 revenue fell 23.9% year-on-year, and the three-year trend is mixed.
- Operating and net losses have run in the ₩20-30 billion range each year over the past five years.
- This is not failure but the typical spending structure of a drug developer pushing several pipelines up through the clinic.
- Q1 2026 revenue was about ₩1.9 billion, up 1.1% year-on-year, with a quarterly net loss of about ₩7.9 billion.
- This company's real growth engine is not the revenue curve but the advance of clinical stages.
- Mocasiclib has begun first-patient dosing in a breast-cancer Phase 2, adrixetinib is nearing Phase 2 entry in AML, and telacebec's approval trial for Buruli ulcer is under way.
- Future value therefore comes not from the company's revenue and profit plans but from the data as each pipeline moves to its next stage.
- The recent flow of disclosures and company announcements runs on two axes: securing funds and advancing the clinic.
- Its largest shareholder, Dong Koo Bio & Pharma, has repeatedly provided funds through paid-in capital increases, building a financial base to continue research through 2026.
- On the clinical side, mocasiclib succeeded in first dosing in a Phase 2 combination with fulvestrant in HR+/HER2- breast-cancer patients who had become resistant to CDK4/6 inhibitors.
- Adrixetinib established a Phase 2 dose in AML and won European trial approval in cGvHD.
- Telacebec received U.S. orphan-drug designation for the Buruli ulcer indication, and on completion of approval a Priority Review Voucher (PRV) has come into view.
- Frequent stake-change disclosures reflect stock-option exercises and share acquisitions by the major shareholder.
- In short, this stock should be seen as a bundle of options, not as results.
- There are three strengths.
- The pipeline is diversified across two cancer drugs and one infectious-disease treatment, so if one is blocked, other axes remain.
- It holds net cash with ample liquidity, and the major shareholder has refilled the ammunition through repeated capital raises.
- Telacebec's Priority Review Voucher, if it materializes, could be a separate card bringing a large cash inflow relative to company size.
- On the other hand, the cautions are clear.
- It does not yet make profit from revenue but burns hundreds of billions of won in research each year, and filling that with capital raises increases the share count and dilutes existing shareholders.
- Trials carry ever-present failure and delay risk, and a single result can move the share price sharply.
- Ultimately the stock is strong when clinical data come as planned and telacebec's approval and PRV become reality, and weak when trial setbacks or funding exhaustion overlap.
🔎 Valuation vs peers Inconclusive
Compared with domestic clinical-stage drug developers whose value is set by pipeline trials and licensing rather than by products for sale. Commercialized, profitable firms (Hugel, Pharma Research, etc.) differ in business nature and are excluded.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| ABL Bio | 0.00x | 29.13x | -24.44% |
Qurient is a clinical-stage company not yet making profit, so it has no P/E, and multiples like a P/B of 23x or a P/S of 113x are yardsticks for firms with commercial products and are hard to apply directly here. Lossmaking developers such as LigaChem Biosciences and ABL Bio also show high P/B, because with a small book equity base the market pre-reflects pipeline expectations in the market cap. The level of a multiple alone therefore cannot pin down cheap or expensive. This stock's fairness will be decided by the clinical advance of its three pipelines (mocasiclib, adrixetinib, telacebec) and whether telacebec's approval and PRV are realized; until those results are confirmed, the valuation is hard to fix, so we hold judgment.
Price history Close · MA20 · MA60
The latest close is ₩18,780 and the market capitalization is ₩704.5 billion. The price sits below its 20-day moving average (₩22,344) and below its 60-day moving average (₩28,913). 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 35.9, a neutral level. The one-month change is -24.4%, the three-month change is -46.6%, and the position relative to the 52-week high is -63.1%. Relative strength versus the KOSDAQ is 77 (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 77% of all stocks. Over the past three months it lagged the index by 25.2%. 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 -25.17% / 6M -22.70% / 12M +52.55%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 20.68x is above the sector median (7.05x).
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 -426.3%. The debt ratio is 182.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $6.0M | $6.1M | $4.6M | -23.94% ↓ slower |
| Operating profit | -$15.4M | -$18.2M | -$19.7M | — |
| Net profit | -$14.0M | -$16.0M | -$19.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2M | $5.6M | $6.0M | $6.1M | $4.6M |
| Operating profit | -$16.1M | -$18.2M | -$15.4M | -$18.2M | -$19.7M |
| Net profit | -$15.1M | -$16.9M | -$14.0M | -$16.0M | -$19.9M |
| Revenue CAGR | 4-yr avg 9.34% | ||||
Revenue fell 23.9% year over year (2023 ₩9.0 billion → 2024 ₩9.2 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 9.3%. The two-year revenue CAGR is -12.1%. In the most recent quarter (Q1 2026), revenue was 1.1% 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.
- Revenue fell 23.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-02IRMocasiclib (Q901) succeeded in first-patient dosing in the Phase 2 part in CDK4/6-inhibitor-resistant HR+/HER2- breast-cancer patients, in combination with the selective estrogen receptor degrader fulvestrant.The core cancer pipeline enters a proof-of-concept (PoC) stage for breast-cancer efficacy, pulling forward a mid-term value event. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue about ₩1.9 billion (+1.1% year-on-year), operating loss about ₩7.7 billion, net loss about ₩7.9 billion. Net-cash position and high current ratio maintained.Research spending continues, but net cash and the major shareholder's capital raises confirm secured short-term funding capacity. Source
- 2026-06-23FilingLarge-holding status report filed. Reflects changes in the largest shareholder's stake.Suggests the major shareholder's repeated investment keeps the R&D funding base going (also a dilution factor). Source
- 2026-01-29IRAdrixetinib (Q702) received single-patient investigational new drug use approval (SPIND) at the MD Anderson Cancer Center in the U.S., securing treatment continuity for patients in the AML combination trial.Supports continued AML development of the immuno-oncology pipeline and preparation for Phase 2 entry. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-21Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' 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.