Corestem-Chemon earns revenue through two arms: a cell-therapy business that develops and manufactures stem-cell-based medicines, and a non-clinical contract research (CRO) business that analyzes the efficacy and safety of other companies' drug candidates. Over November 5-11, 2025, the company disclosed the subscription and issuance results of a rights offering (a paid capital increase to existing shareholders followed by a public offering of forfeited shares), with a planned issuance of 20 million new shares. What stands out is a two-sided setup: if the stem-cell therapies advance to their next clinical stage or approval and the CRO arm keeps a steady order flow so that the capital raised turns into results, the current losses and a P/B of 1.90x will not be the yardstick that defines future value; conversely, if clinical progress is slow and losses persist, driving repeated fundraising and share dilution, the low current ratio becomes a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 203.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 45.6%).
- The most recent full-year net result was a loss.
- Revenue fell 29.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 29.0% lower than a year earlier.
- ROE is -48.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -105.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Kyung-sook 6.49% (individual)
Controlling bloc incl. related parties 9.75%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Corestem-Chemon generates revenue along two lines.
- One is its cell-therapy arm, which develops, manufactures, and sells stem-cell-based medicines.
- The other is its non-clinical contract research (CRO) arm, which provides services analyzing the efficacy, potency, and safety of other companies' drug candidates.
- In other words, a business that grows its own new drugs and a business that helps others develop drugs for a fee sit together inside one company.
- With a market capitalization of ₩105.1 billion, which is not large, it is worth watching not only the business itself but also how a single disclosure (especially fundraising) affects the financials and the share count.
- The latest close is ₩1,898 and the market cap is ₩100.3 billion.
- The price sits below the 20-day line (₩2,244) and below the 60-day line (₩3,010).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 33.2, a neutral level.
- The one-month change is -24.8%, the three-month change is -17.1%, and the position versus the 52-week high is -60.5%.
- Relative strength versus the KOSDAQ is 72 (1-99, converting the past year's return relative to the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 28% of all stocks by strength.
- Over the past three months it outpaced the index by 8.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For the most recent full year (2025), revenue was ₩20.2 billion, with an operating loss of ₩21.2 billion and a net loss of ₩26.8 billion.
- The operating margin was -105.3%, ROE (how much is earned in a year on equity) was -48.6%, and the debt ratio (debt against equity) was 203.7%.
- However, reading these figures the same way as an ordinary manufacturer or consumer company can mislead.
- For a biotech developing new drugs, it is a normal structure for research and development spending to far outstrip revenue and produce losses until a drug is approved and sold.
- The P/B (how many times book value the price is) is 1.82x; because the company is not yet profitable and a P/E (how many times a year's earnings the price is) cannot be used, this is measured against book value.
- So rather than concluding that the current loss or P/B is 'expensive' or 'a burden,' it should be viewed together with the fundamentals of clinical progress and CRO revenue.
- Separately, the current ratio (assets that can be turned into cash immediately against debt due within a year) is a low 45.6%, a point where short-term funding capacity should be checked.
- Annual revenue fell from ₩33.7 billion in 2023 to ₩28.8 billion in 2024 and ₩20.2 billion in 2025, a declining three-year trend.
- In the most recent quarter (Q1 2026), revenue of ₩4.3 billion was also 29.0% lower than the same period a year earlier.
- In other words, the top line is currently in a contraction phase rather than growth, and this must be stated plainly.
- Since the absolute scale of revenue is not large, the path ahead is shaped less by revenue swings than by the clinical-stage progress of its core stem-cell therapies and the order flow of the CRO arm.
- For a company like this, the inflection point in real value is whether a drug in development moves to the next clinical stage and whether the approval process advances, more than the near-term revenue curve.
- For that reason, earnings-outlook metrics are not yet meaningfully captured, and any value judgment must weigh pipeline progress alongside the financial numbers.
- Recent disclosures center on fundraising.
- Over November 5, 10, and 11, 2025, the subscription results and the securities issuance results (voluntary disclosure) of a rights offering (a paid capital increase to existing shareholders followed by a public offering of forfeited shares) were released in succession, with a planned issuance of 20 million new shares.
- A rights offering brings cash into the company and reinforces operating and R&D funding, which can be a lifeline for a loss-making biotech.
- At the same time, the increase in new shares dilutes existing shareholders' stakes, which must also be considered.
- So the key is to confirm where this capital is used (facilities, clinical trials, operations) and whether the actual spending translates into revenue and clinical progress.
- This is a clinical-stage biotech whose weight rests not on 'money earned now' but on 'the chance of becoming a drug in the future.' The strong case is one where the stem-cell therapies advance to their next clinical stage or the approval process, the CRO arm keeps a steady order flow, and the recently raised capital connects to actual results.
- In that case, the current loss and a P/B of 1.90x would not be the yardstick that defines future value.
- Conversely, the weak case is one where clinical progress is slow, revenue keeps falling, and losses persist, so that additional fundraising and share dilution repeat.
- The low current ratio also becomes a burden in that phase.
- In short, this is a stock to be judged not by earnings but by the results of pipeline progress and capital deployment, and it is appropriate to track the clinical and order flow along with fundraising disclosures on an ongoing basis.
🔎 Valuation vs peers Overvalued
A peer set within pharmaceuticals and biotech that is adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Pharm | 10.45x | 1.00x | 9.54% |
| ISU Abxis | — | 1.22x | -9.33% |
| Prestige Biologics | — | 1.05x | -20.32% |
We looked first at a public-data peer set within pharmaceuticals and biotech that is close in market capitalization. The current P/E (how many times a year's earnings the price is) is not available, and the P/B (how many times book value the price is) is 1.82x. That said, smaller-cap names are heavily affected by earnings swings and fundraising disclosures, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩13.6 billion | — | — |
| Next quarter | Q2 2026 | ₩3.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,898 and the market capitalization is ₩100.3 billion. The price sits below its 20-day moving average (₩2,244) and below its 60-day moving average (₩3,010). 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 33.2, a neutral level. The one-month change is -24.8%, the three-month change is -17.1%, and the position relative to the 52-week high is -60.5%. Relative strength versus the KOSDAQ is 72 (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 72% of all stocks. Over the past three months it outpaced the index by 8.3%. 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 +8.32% / 6M +25.01% / 12M -36.79%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.82x is above the sector median (1.37x).
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 -48.6%, below the sector average (3.0%). The operating margin is -105.3%. The debt ratio is 203.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $22.3M | $19.1M | $13.4M | -29.91% ↓ slower |
| Operating profit | -$13.0M | -$14.6M | -$14.1M | — |
| Net profit | -$11.7M | -$17.4M | -$17.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.0M | $30.7M | $22.3M | $19.1M | $13.4M |
| Operating profit | -$7.0M | -$4.0M | -$13.0M | -$14.6M | -$14.1M |
| Net profit | -$3.3M | $663,376 | -$11.7M | -$17.4M | -$17.8M |
| Revenue CAGR | 4-yr avg -9.64% | ||||
Revenue fell 29.9% year over year (2023 ₩33.7 billion → 2024 ₩28.8 billion → 2025 ₩20.2 billion), and the three-year trend is 'falling'. 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 -9.6%. The two-year revenue CAGR is -22.6%. In the most recent quarter (Q1 2026), revenue was 29.0% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt is somewhat higher than equity (debt ratio 203.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 45.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 29.9% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-11-11UpdateSecurities issuance results (voluntary disclosure) (rights offering to shareholders with public offering of forfeited shares): (2025.11.11) securities issuance results (voluntary disclosure). 1. Type of securities: registered common shares. 2. Method of issuance: rights offering. 3. Issuance details: planned number of shares to be issued (shares) 20,000,000; planned issuance amount (won)A disclosure where the purpose of the capital inflow and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the investment is actually carried out and connects to revenue. Source
- 2025-11-10UpdateSubscription results of a rights offering or share-linked bonds (voluntary disclosure) (to shareholders with public offering of forfeited shares): (11.10) subscription results of a rights offering or share-linked bonds (voluntary disclosure). 1. Type of securities: registered common shares. 2. Method of issuance: rights offering. 3. Eligible subscribers: general public subscribers (seniorA disclosure where the purpose of the capital inflow and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the investment is actually carried out and connects to revenue. Source
- 2025-11-05UpdateSubscription results of a rights offering or share-linked bonds (voluntary disclosure) (to shareholders with public offering of forfeited shares): (11.05) subscription results of a rights offering or share-linked bonds (voluntary disclosure). 1. Type of securities: registered common shares. 2. Method of issuance: rights offering. 3. Eligible subscribers: existing shareholders (subscription rights certificateA disclosure where the purpose of the capital inflow and the change in share count must be viewed together. When facility or operating purposes are stated, the key is whether the investment is actually carried out and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,898 | ₩1,898 | Confirmed | link |
| Latest quarterly results | revenue ₩4.3 billion, operating profit -₩6.0 billion | revenue ₩4.3 billion, operating profit -₩6.0 billion | Confirmed | link |
| Annual results | revenue ₩20.2 billion, operating profit -₩21.2 billion | revenue ₩20.2 billion, operating profit -₩21.2 billion | Confirmed | link |
| Fundraising disclosure (original text) | ): )/(2025.11.11) ) 1. 2. 3. 20,000,000 | ): )/(2025.11.11) ) 1. 2. 3. 20,000,000 | Confirmed | link |
| Fundraising disclosure (original text) | approx. : 11.10) approx. approx. 1. 2. 3. approx. approx. ( | approx. : 11.10) approx. approx. 1. 2. 3. approx. approx. ( | Confirmed | link |
| Fundraising disclosure (original text) | approx. : 11.05) approx. approx. 1. 2. 3. approx. ( | approx. : 11.05) approx. approx. 1. 2. 3. approx. ( | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-26Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-30Amended filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-02-23Shareholders' 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.