AbClon develops antibody drugs and CAR-T therapies (cell treatments that arm a patient's own immune cells and return them to the body) on the back of its proprietary antibody-discovery platforms (NEST and AffiMab). Its lead candidate is a CD19-targeting CAR-T (AT101) aimed at blood cancers, and its current income comes not from drug sales but chiefly from antibody research services, joint research, and milestone receipts from technology transfers. Through April and May 2026 a series of single sales and supply contracts extended its research collaborations, revenue is growing quickly, and a current ratio of 4.9x gives it short-term financial room. What stands out lately is that a P/B of 9.03x is on the low side among comparable drug developers given its clinical assets and continuing research collaborations — a strength — but it is still at an operating-loss stage, so it is hard to value on profit and loss alone, and its worth hinges heavily on clinical outcomes and technology-transfer results.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 101.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.2% higher than a year earlier.
- ROE is -29.6% (total-net basis). It is below the sector average.
- Operating margin is -374.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jong-seo 6.85% (individual)
Controlling bloc incl. related parties 12.15%
With the controlling bloc holding 12%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- AbClon develops antibody drugs and CAR-T therapies (cell treatments in which a patient's immune cells are drawn out, armed to recognize cancer cells, and returned to the body) on the back of proprietary antibody-discovery platforms (NEST: novel-epitope antibodies that bind to different sites than existing ones; AffiMab: bispecific antibodies that grip two targets at once).
- Its lead clinical candidate is a CD19-targeting CAR-T (AT101) aimed at blood cancers, alongside antibody and bispecific candidates in solid tumors and autoimmune areas.
- Its current income comes not from selling its own drugs but chiefly from antibody research services, joint research, and milestone receipts from technology transfers, so revenue itself is still small.
- In other words, this is a classic drug developer whose worth depends not on its current revenue but on the clinical progress of its pipeline and the potential for technology transfers.
- The recent closing price is ₩22,650 and the market capitalization is ₩451.9 billion.
- The price sits below the 20-day line (₩28,135) and below the 60-day line (₩38,124).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the last 14 days on a 0–100 scale) is 32.8, a neutral level.
- The one-month change is -22.0%, the three-month change is -55.5%, and the position versus the 52-week high is -74.6%.
- Relative strength versus the KOSDAQ is 86 (on a 1–99 scale, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 13% of all stocks by strength.
- Over the past three months it lagged the index by 41.9%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E ratio (how many times a year's net profit the share price represents) is not computed because net profit is negative.
- This is common to most drug developers, and comparable peers are the same, so it is hard to judge cheap or expensive on an earnings yardstick alone.
- The P/B (how many times net assets the share price represents) is 7.48x, similar to same-stage drug developer LigaChem Biosciences (about 9.8x) and lower than ABL Bio (about 33.7x), so within the comparable group it is on the lower side.
- ROE (how much is earned in a year on equity) is -29.6% and the operating margin is -374.1%, a stage where more is spent on R&D than earned — a profit-and-loss structure common among drug developers concentrating resources on clinical work.
- The debt ratio (debt to equity) is 117.1% and the current ratio (assets convertible to cash against debts due within a year) is 4.9x, leaving it with relative comfort in short-term liquidity.
- Over five years, revenue was ₩3.0 billion in 2021, ₩2.9 billion in 2023, and ₩4.7 billion in 2025 — small in absolute terms but clearly up in 2025, +101.5% year on year (a 5-year average of 11.8% and a recent-2-year average of 28.0%).
- This revenue increase results from more research services, joint research, and supply contracts, a signal that its core antibody and cell-therapy research is meshing more actively with outside partners.
- The operating loss widened from -₩10.2 billion in 2021 to -₩17.6 billion in 2025, reflecting rising R&D spending as clinical stages advance — a normal pattern in drug development.
- In the first quarter of 2026 it recorded revenue of ₩0.43 billion (+5.2%) and an operating loss of -₩3.1 billion.
- The heart of this company's growth lies not in the short-term revenue figure itself but in when the profit-and-loss structure shifts as clinical progress and technology transfers move into full swing.
- Recent disclosures center not on drug sales but on antibody-related supply and research contracts and periodic reports.
- Through April and May 2026, a series of single sales and supply contracts (voluntary disclosures) appeared, a signal that core antibody and cell-therapy research collaborations are continuing; the extent to which the contract sizes flow into results is something to confirm in subsequent quarterly reports.
- The quarterly report filed in May 2026 (covering 2026.03) is the official document holding confirmed first-quarter results, and in March there was a filing on the grant of stock options to executives and employees.
- Through April and May, multiple large-holding and executive-stake-change reports were also filed, so shifts in the shareholder base are worth watching too.
- The strengths are clear.
- It has a drug-development pipeline with proprietary antibody platforms and clinical assets including the CD19 CAR-T, revenue is growing quickly as research-collaboration contracts continue, and a current ratio of 4.9x gives short-term financial room.
- On valuation too, a P/B of 9.03x is on the low side among comparable drug developers, so it is hard to say expectations are excessively layered on relative to net assets.
- A point to consider alongside — common to drug developers — is that it is still at an operating-loss stage, so it is hard to value on profit and loss alone, and its worth hinges heavily on clinical outcomes and technology-transfer results.
- In sum, this is a stock that strengthens in phases where clinical progress and technology-transfer results emerge, and shows high volatility in stretches where that momentum is absent.
🔎 Valuation vs peers Inconclusive
Peers were chosen by business substance (still-loss-making antibody and cell-therapy drug developers at a clinical stage built on their own platforms) rather than a simple industry code — a comparable group that develops novel drugs on proprietary platforms and fills operating losses with R&D, not profitable large biosimilar or CMO companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ABL Bio | — | 29.13x | -24.44% |
| LigaChem Biosciences | — | 8.62x | -18.04% |
AbClon cannot be valued on a P/E because net profit is negative, and it is hard to declare cheap or expensive on last year's confirmed trailing figures alone. Compared with peer drug developers, a P/B of 9.8x is similar to LigaChem Biosciences (9.8x) and lower than ABL Bio (33.7x), so it is hard to see an extreme premium or discount on a net-asset basis. That said, all of these are loss-making, so asset value ultimately hinges on the probability of clinical success and the potential for technology transfers, which are hard to convert into objective figures. The forward basis is likewise limited to a DART seasonality approximation (annual revenue of about ₩2.25 billion) with no official company outlook, so at this point the verdict is left inconclusive rather than declaring the stock under- or overvalued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩0.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩22,650 and the market capitalization is ₩451.9 billion. The price sits below its 20-day moving average (₩28,135) and below its 60-day moving average (₩38,124). 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 32.8, a neutral level. The one-month change is -22.0%, the three-month change is -55.5%, and the position relative to the 52-week high is -74.6%. Relative strength versus the KOSDAQ is 86 (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 87% of all stocks. Over the past three months it lagged the index by 41.9%. 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 -41.89% / 6M -50.86% / 12M +94.76%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.48x 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 -29.6%, below the sector average (3.0%). The operating margin is -374.1%. The debt ratio is 117.1%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.9M | $1.6M | $3.1M | +101.47% ↑ faster |
| Operating profit | -$7.7M | -$10.3M | -$11.7M | — |
| Net profit | -$8.6M | -$10.8M | -$11.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.0M | $2.3M | $1.9M | $1.6M | $3.1M |
| Operating profit | -$6.8M | -$5.8M | -$7.7M | -$10.3M | -$11.7M |
| Net profit | -$6.8M | -$6.1M | -$8.6M | -$10.8M | -$11.9M |
| Revenue CAGR | 4-yr avg 11.79% | ||||
Revenue rose 101.5% year over year (2023 ₩2.9 billion → 2024 ₩2.3 billion → 2025 ₩4.7 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 11.8%. The two-year revenue CAGR is 28.0%. In the most recent quarter (Q1 2026), revenue was 5.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 101.5% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-21UpdateSingle sales and supply contract signed (voluntary disclosure)An official contract disclosure tied to antibody and research collaboration. Whether the contract size and revenue-recognition timing actually flow into subsequent quarterly results is a matter to confirm in the quarterly report. Source
- 2026-05-15UpdateQuarterly report (2026.03) filedAn official document holding confirmed first-quarter 2026 results (revenue ₩0.43 billion, operating loss -₩3.1 billion), the primary basis for cross-checking the revenue and loss trend against the latest figures. Source
- 2026-04-16Update[Amendment] Single sales and supply contract signed (voluntary disclosure)An amendment to the earlier supply-contract disclosure; the contract terms and revenue-recognition schedule need to be re-checked for any changes. Source
- 2026-04-07UpdateSingle sales and supply contract signed (voluntary disclosure)The starting point of a run of supply-contract disclosures through April and May, a signal for gauging the continuity of core research collaborations. Source
- 2026-03-23FilingFiling on the grant of stock optionsA grant of stock options to executives and employees; while aimed at retaining talent, the potential for future dilution from an increased share count should be weighed too. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-21Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-16Single supply/sales contract (amended)
- 2026-04-07Single supply/sales contract
- 2026-04-03OwnershipOwnership-change filing
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23OwnershipOwnership-change filing
- 2026-03-23Disclosure
📖 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.