Mezzion Pharma (140410) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Mezzion Pharma is a clinical-stage pharmaceutical company with no approved product on sale; its core asset is a single drug candidate, udenafil (JURVIGO), aimed at improving exercise capacity in single-ventricle patients who have undergone the Fontan procedure, and because current revenue (₩7.9 billion in 2025) is mostly incidental, such as active pharmaceutical ingredients, its corporate value effectively hinges on whether it wins FDA approval. Recent disclosures were filled with convertible bond issuance to fund research (decided April 30, 6th-series result on May 12), pre-maturity acquisition of its own convertible bonds, and a lawsuit filing. What stands out lately is that udenafil is a standalone asset targeting a rare area short of treatments, so success in approval could let it capture a market with little competition, but the confirmatory Phase 3 trial (FUEL-2) is ongoing and, with no approved product, there is no revenue or profit, the debt ratio is high and operating cash is draining out, so repeated additional fundraising is possible.
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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
- Debt far exceeds equity (debt ratio 537.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 46.6%).
- The most recent full-year net result was a loss.
- Revenue fell 8.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.2% higher than a year earlier.
- ROE is -203.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -212.0%.
- 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 Park Dong-hyun 6.09% (individual)
Controlling bloc incl. related parties 27.28%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Mezzion Pharma is a clinical-stage pharmaceutical company with no approved product on sale. Its core asset is a single drug candidate called udenafil (product name JURVIGO). The drug aims to improve exercise capacity in single-ventricle patients who underwent the Fontan procedure for a congenital heart defect. Current revenue (₩7.9 billion in 2025) is mostly incidental, such as active pharmaceutical ingredients, and there is as yet no sales revenue from the drug itself. In other words, almost all of the company's corporate value rests not on its results but on whether this drug wins U.S. FDA approval.
The latest close is ₩55,500 and the market capitalization is ₩1.7 trillion. The price sits above its 20-day moving average (₩55,085) and below its 60-day moving average (₩61,588). 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 48.1, a neutral level. The one-month change is -4.0%, the three-month change is -36.1%, and the position relative to the 52-week high is -67.9%. Relative strength versus the KOSDAQ is 73 (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 73% of all stocks. Over the past three months it lagged the index by 3.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Traditional valuation metrics fit this company poorly. Because earnings are in the red, the P/E ratio (how many times one year's earnings the price represents) cannot be calculated. The P/B (how many times book equity the price represents) comes out very high at 96.68x. But that figure should not be read as meaning 'expensive.' Over years, R&D losses have piled up so that equity (₩17.2 billion) is nearly exhausted, shrinking the denominator. The financial condition carries strain: the debt ratio (debt against equity) is a high 570%, and the current ratio (assets that can be turned to cash now against debts due within a year) is 57%, below 100%. Net debt is -₩15.7 billion, a net cash position with slightly more cash than gross borrowings, but cash keeps draining from operations (FCF -₩29.9 billion), so it depends on external fundraising. In sum, this is not a stage to argue under- or over-valuation from financial metrics; it is a company where how long its funding lasts and the success or failure of the drug must be viewed together.
It is hard to view this company through revenue growth. Revenue fell from ₩31.7 billion in 2023 to ₩8.6 billion in 2024 and ₩7.9 billion in 2025 (-8.2% year on year). Because it is incidental revenue such as ingredient sales, it is not directly tied to the drug's value, so the decline itself need not be read too heavily. Profit and loss has been in the red every year for five years (net losses of -₩13.6 billion, -₩36.3 billion, -₩12.7 billion, -₩19.5 billion and -₩34.9 billion over 2021-2025). Q1 2026 also continued in the red with a net loss of -₩5.3 billion. A clinical-stage pharma normally runs losses on R&D and financing costs until approval and sales. So the real growth metric is not 'when profit arrives' but 'how far the approval trial has come.' The current focus is the confirmatory Phase 3 trial FUEL-2 underway in the United States.
Recent disclosures are mostly filled with fundraising and litigation. A clinical-stage company has no sales revenue and must pull research funds from outside, and Mezzion has raised funds by issuing convertible bonds (bonds that can be converted into shares). On April 30, 2026 it decided on a convertible bond issuance, on May 12 it disclosed the result of the 6th-series convertible bond issuance, and on May 22 it decided to acquire its own convertible bonds before maturity. Separately, on May 21 it disclosed that a lawsuit claiming an amount above a certain threshold had been filed, and earlier, on April 17, there was a disclosure of a judgment/decision in a related lawsuit. On March 16 there was a disclosure of a loss on a derivative transaction, connected to a structure in which valuation changes in the derivative component embedded in the convertible bonds affect profit and loss.
Mezzion is not a company to evaluate on results; it is a clinical-stage pharma whose value hinges on the success or failure of a single drug. The strength is clear. Udenafil is a standalone asset targeting a rare area short of treatments in Fontan patients, and success in approval could let it capture a market with little competition. The cautions are equally clear. The confirmatory Phase 3 trial (FUEL-2) is still ongoing, and with no approved product there is no revenue or profit. The trial outcome and the FDA's judgment are events whose success cannot be guaranteed. On funding too, the debt ratio is high and operating cash keeps draining out, so additional fundraising may recur until the trial ends. In sum, if the conditions of trial success and approval are met, the value can be re-valued substantially, and if those conditions fall short or are delayed, the funding burden returns directly as risk. Watching it based on trial progress and the approval timeline, rather than on results, is the right way to view this company.
🔎 Valuation vs peers Inconclusive
Unlike commercialized-stage biotech with revenue and profit, Mezzion is a single-asset clinical-stage pharma with no product on sale. Metric comparisons are referenced only to show why it cannot be evaluated by ordinary multiples.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Alteogen | 111.02x | 31.22x | 25.80% |
| Hugel | 24.37x | 3.48x | 15.01% |
This company cannot be sorted into under- or over-valuation by multiples. Because earnings are in the red the P/E cannot be calculated, and a P/B of 107x is the result of accumulated losses nearly exhausting equity and shrinking the denominator, so it should not be read as an 'expensive' signal. Unlike commercialized-stage Alteogen and Hugel, Mezzion is a single-asset clinical stage with no product on sale, so it is hard to compare by the same yardstick in the first place. Ultimately, value is decided not by results but by the success or failure of an event: udenafil's Phase 3 trial (FUEL-2) and U.S. approval. With that outcome unsettled, it cannot be pinned down as either under- or over-valued now, so inconclusive is the honest conclusion.
Price history Close · MA20 · MA60
The latest close is ₩55,500 and the market capitalization is ₩1.7 trillion. The price sits above its 20-day moving average (₩55,085) and below its 60-day moving average (₩61,588). 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 48.1, a neutral level. The one-month change is -4.0%, the three-month change is -36.1%, and the position relative to the 52-week high is -67.9%. Relative strength versus the KOSDAQ is 73 (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 73% of all stocks. Over the past three months it lagged the index by 3.9%. 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 -3.91% / 6M -51.84% / 12M +45.08%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 109.51x is above 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 -212.0%. The debt ratio is 537.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $22.3M | $6.0M | $5.6M | -8.15% ↑ faster |
| Operating profit | -$10.2M | -$10.0M | -$11.8M | — |
| Net profit | -$8.9M | -$13.7M | -$24.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.7M | $21.6M | $22.3M | $6.0M | $5.6M |
| Operating profit | -$11.8M | -$16.4M | -$10.2M | -$10.0M | -$11.8M |
| Net profit | -$9.6M | -$25.5M | -$8.9M | -$13.7M | -$24.5M |
| Revenue CAGR | 4-yr avg -26.19% | ||||
Revenue fell 8.2% year over year (2023 ₩31.7 billion → 2024 ₩8.6 billion → 2025 ₩7.9 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed 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 -26.2%. The two-year revenue CAGR is -50.1%. In the most recent quarter (Q1 2026), revenue was 3.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 537.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 46.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 8.2% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-30FilingDecided to issue convertible bonds. The customary way for a clinical-stage company with no sales revenue to raise trial and operating funds from outside.Secures funds needed to continue the trial in the short term, but conversion could dilute existing shareholders' stakes as the share count rises. Source
- 2026-05-12FilingVoluntary disclosure of the result of the 6th-series convertible bond issuance. Confirms the earlier issuance decision led to an actual inflow of funds.A medium-term factor that reinforces the funding base to continue the Phase 3 trial (FUEL-2). Source
- 2026-05-21UpdateDisclosed that a lawsuit claiming an amount above a certain threshold was filed. Earlier, on April 17, there was a disclosure of a judgment/decision in a related lawsuit.Depending on the outcome, contingent costs could arise, acting as a financial-burden and uncertainty factor. Source
- 2026-05-22FilingDecided to acquire its own convertible bonds before maturity. A move in which the company buys back part of the convertible bonds it had issued.A measure that manages potential dilution and the debt structure, directly tied to flexibility in fund management. Source
- 2026-03-16UpdateDisclosed a loss on a derivative transaction. Connected to a structure in which valuation changes in the derivative component embedded in the convertible bonds are reflected in profit and loss.A non-cash valuation gain or loss that raises net-profit volatility, potentially widening the loss. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-22Material-fact report
- 2026-05-22Material-fact report
- 2026-05-21Litigation disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-04-30Material-fact report
- 2026-04-17Litigation disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-16Audit report
- 2026-03-16Disclosure
📖 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.