GC Cell's largest cash generator is clinical laboratory testing (roughly half of revenue), in which it receives blood and specimens and performs diagnostic tests on behalf of others. On top of that it makes 'Immuncell-LC,' a liver-cancer therapy created from a patient's own immune cells (₩30-40 billion in annual revenue), runs a cell and gene therapy CDMO that develops and manufactures on behalf of others, and operates a bio-logistics business, while recently broadening its cancer cell-therapy lineup by in-licensing China-based IASO's BCMA CAR-T therapy. Disclosures on March 9 and May 7 confirmed a large net loss for 2025, the first-quarter report on May 15 showed the loss narrowing, and on February 27 the company formalized an application for import product approval (BLA) of the BCMA CAR-T therapy 'Fucaso.' What stands out lately is the stable cash revenue from clinical testing, a widening cell-therapy portfolio, a narrowing loss in 2026, and a low valuation at a P/B of 1.19x. On the other side, the large net loss in 2025 temporarily pushed ROE down to -146%, revenue has been declining for several years, and a current ratio of 45.7% leaves the short-term funding cushion tight.
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 45.7%).
- The most recent full-year net result was a loss.
- Revenue fell 5.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 5.5% lower than a year earlier.
- ROE is -146.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -8.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2023-12-31
Largest shareholder GC (Green Cross) 33.28% (corporate)
Controlling bloc incl. related parties 41.76%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- GC Cell actually earns money along four lines.
- The first is clinical laboratory testing (clinical testing services), in which it receives blood and specimens and performs diagnostic tests on behalf of others; at roughly half of revenue, it is the largest cash generator.
- The second is 'Immuncell-LC,' a liver-cancer therapy made by growing a patient's own immune cells and returning them, which has a revenue base of ₩30-40 billion a year and has begun overseas expansion by successfully out-licensing to Indonesia.
- The third is a CDMO business that develops and manufactures cell and gene therapies on behalf of other biotech firms, and the fourth is bio-logistics, which transports and stores cells and specimens at low temperature.
- In other words, 'money earned from testing' supports 'cell-therapy development,' and recently the company has broadened its cancer cell-therapy lineup through an in-licensing deal and an import product approval application for 'Fucaso,' China-based IASO's BCMA CAR-T therapy for multiple myeloma.
- The latest close is ₩13,560 and market capitalization is ₩214.3 billion.
- The price sits below the 20-day line (₩15,276) and below the 60-day line (₩19,604).
- Trading below both its short- and mid-term moving averages, the trend looks subdued.
- RSI (a supplementary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 34.6, a neutral reading.
- The price is -16.8% over one month, -40.1% over three months, and -50.7% from its 52-week high.
- Relative strength versus the KOSDAQ is 49 (on a 1-99 scale that weights recent one-year returns against the index more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 52% of all stocks by strength.
- Over the past three months it lagged the index by 19.4%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The current P/E ratio (how many times one year of profit the share price represents) cannot be computed because of the loss, while P/B (how many times net assets) is 1.15x and P/S (how many times revenue) is 1.34x.
- A P/B of 1.19x means the share price is almost pinned to book net assets (₩11,797 per share), a considerably lower position than the closest peer by business substance, CHA Biotech (P/B 3.34x).
- The profitability metrics are weak.
- The 2025 operating margin was -8.3%, showing a loss in the core business, and ROE (how much is earned on equity in a year) fell as low as -146.4% - but one thing must be made clear here.
- The operating-stage loss was ₩13.8 billion, whereas the net loss for the period was ₩272.9 billion, nearly twenty times larger.
- This is not because the core business is that bad, but because large one-off losses arising outside operations (such as asset-revaluation charges) overwhelmingly dragged down that year's net profit, equity, and ROE.
- So taking the trailing-based ROE of -146% as the company's normal strength would overstate the picture.
- On financial stability, the debt-to-equity ratio of 60.8% is not heavy, but the current ratio (assets that can be turned into cash against debt due within a year) is 45.7%, below 100%, leaving the short-term funding cushion tight.
- Revenue has declined gradually over several years.
- It was ₩165.5 billion in 2025, down -5.1% from the prior year, following a -7.0% drop in 2024; over five years it grew from ₩168.3 billion to ₩236.1 billion in 2021-2022, then came down to ₩187.5 billion in 2023, ₩174.5 billion in 2024, and ₩165.5 billion in 2025.
- Over the same span operating profit went from profits in 2021 and 2022 (₩36.3 billion and ₩44.3 billion) to a sharp drop to ₩4.1 billion in 2023, then turned to losses in 2024 and 2025 (-₩20.0 billion and -₩13.8 billion).
- This curve reflects a business restructuring in which the share of clinical testing fell from the 60% range in the past to below half, with that gap filled by cell therapies such as Immuncell-LC.
- The notable change is in the first quarter of 2026, when an operating loss of -₩5.1 billion and a net loss of -₩2.9 billion marked a sharp narrowing of the loss versus last year's enormous net loss (quarterly revenue ₩37.4 billion, -5.5% year on year).
- That said, no official figure from the company promising a return to profit this year has yet been confirmed.
- So rather than arbitrarily attaching a forward valuation, the honest approach is to track whether the core-business loss actually narrows quarter by quarter and when new cell therapies begin to be booked as revenue.
- The recent disclosure narrative runs on two threads at once: 'confirming the bottom in results' and 'adding a new pipeline.' A disclosure of a change in revenue and profit of 30% or more on March 9, 2026, and a preliminary consolidated results disclosure on May 7 confirmed the large 2025 net loss as fact, and the first-quarter report on May 15 revealed the loss narrowing.
- In between, on February 27, 2026, the company disclosed an application for advanced-biopharmaceutical import product approval (BLA) for 'Fucaso,' China-based IASO's BCMA-targeting CAR-T therapy, as a material management matter relevant to investment judgment, formalizing a new revenue card that brings a cancer cell therapy for multiple myeloma into Korea.
- The structure of using testing income to grow the cell-therapy business continues on the disclosure record as well.
- The strengths are clear.
- The company has a stable cash revenue base in clinical testing, its cell-therapy portfolio keeps widening (as with Immuncell-LC's overseas out-licensing and the BCMA CAR-T in-license), and the loss has narrowed noticeably in 2026.
- On valuation, too, the share price has fallen to near net assets (P/B 1.19x), a lower position than its closest peer.
- Meanwhile there are honest cautions.
- The large 2025 net loss impaired equity and temporarily pushed ROE down to -146%, revenue itself has been declining for several years, and a current ratio of 45.7% leaves the short-term funding cushion tight.
- In short, this stock is strong in a phase where the results of new drugs and new businesses convert into revenue and profit and the core business returns to profit, and weak if the loss drags on or the commercialization of new pipelines is delayed, bringing capital and liquidity pressures back into focus.
- The key variable comes down to one thing: the speed of the return to profit and whether the new products actually turn into revenue.
🔎 Valuation vs peers Inconclusive
Compared against the domestic cell-therapy company group that also runs clinical testing, cell therapy, and CDMO; CHA Biotech (cell therapy and CDMO) and Medipost (cell therapy) are the closest peers by business substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CHA Biotech | 0.00x | 3.00x | -36.07% |
| MEDIPOST | 0.00x | 1.34x | -34.29% |
Like its peers CHA Biotech and Medipost, GC Cell is currently loss-making, so it cannot be ranked by P/E; on P/B, which looks at asset value, its 1.44x is far below CHA Biotech (3.69x) and similar to Medipost (1.6x). On the surface this looks like a discount to peers, but it also reflects the fact that the large 2025 net loss cut into equity, pressing the share price down relative to BPS. Trailing metrics are distorted by the one-off loss and warp the company's normal strength, so they cannot simply be read as 'cheap'; a valuation judgment is only possible once the core-business result recovers and profit turns positive again on a forward basis. At this point, because the return to normalized profit is uncertain, we do not conclude undervalued or overvalued and keep it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩13,560 and the market capitalization is ₩214.3 billion. The price sits below its 20-day moving average (₩15,276) and below its 60-day moving average (₩19,604). 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 34.6, a neutral level. The one-month change is -16.8%, the three-month change is -40.1%, and the position relative to the 52-week high is -50.7%. Relative strength versus the KOSDAQ is 49 (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 49% of all stocks. Over the past three months it lagged the index by 19.4%. 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 -19.43% / 6M -32.81% / 12M -35.48%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.15x is in line with the sector median (1.26x).
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 -146.4%, below the sector average (2.0%). The operating margin is -8.3%. The debt ratio is 60.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $124.3M | $115.6M | $109.7M | -5.12% ↑ faster |
| Operating profit | $2.7M | -$13.3M | -$9.1M | — |
| Net profit | -$115,329 | -$49.0M | -$180.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $111.6M | $156.5M | $124.3M | $115.6M | $109.7M |
| Operating profit | $24.1M | $29.3M | $2.7M | -$13.3M | -$9.1M |
| Net profit | $20.8M | $16.6M | -$115,329 | -$49.0M | -$180.8M |
| Revenue CAGR | 4-yr avg -0.42% | ||||
Revenue fell 5.1% year over year (2023 ₩187.5 billion → 2024 ₩174.5 billion → 2025 ₩165.5 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 -0.4%. The two-year revenue CAGR is -6.0%. In the most recent quarter (Q1 2026), revenue was 5.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 45.7%).
- 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.
- Revenue fell 5.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-07EarningsPreliminary consolidated results disclosure for 2025 - revenue ₩165.5 billion (-5.1% year on year), operating loss ₩13.8 billion, with a large net loss for the period far exceeding the operating lossShort term: confirms capital impairment and a continued loss. Medium term: since the one-off loss was large, whether the core-business result recovers is the point to watch next quarter. Source
- 2026-05-15FilingFirst-quarter 2026 report - revenue ₩37.4 billion (-5.5% year on year), operating loss ₩5.1 billion, net loss ₩2.9 billion, a narrower loss versus last year's enormous net lossShort and medium term: the narrowing loss partly confirms a direction of profit improvement, though it remains in a loss-making zone. Source
- 2026-02-27FilingApplication for advanced-biopharmaceutical import product approval (BLA) for Fucaso (BCMA CAR-T) - a material management matter relevant to investment judgmentMedium term: potential addition of a new revenue line, a cancer cell therapy for multiple myeloma. With approval, reimbursement, and other commercialization steps still ahead, the timing of realization is a variable. Source
- 2026-03-09FilingChange of 30% or more (15% for large corporations) in revenue or profit structure - disclosure of the sharp change in 2025 profit (restatement)Short term: officially confirms the magnitude of the profit change. Capital and profit metrics need to be re-evaluated. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-07EarningsFair-disclosure notice
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-09Disclosure
- 2026-03-09Shareholders' meeting notice
- 2026-03-09EarningsAmended filing
- 2026-03-06Amended filing
- 2026-02-27Disclosure
📖 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.