Penetrium Bioscience, which adopted its current name at its March 2026 shareholders' meeting (it was formerly Hyundai ADM Bio), is a clinical-stage cancer biotech. Its lead candidate, PenetriumTM, is based on the anthelmintic compound niclosamide and is being developed in a Phase 1 trial as a combination therapy alongside the immuno-oncology drug pembrolizumab. Its annual revenue of a bit over ₩9 billion comes from existing operations such as a supply-and-sales agreement with Curacle. In April-May 2026 the company approved a roughly ₩73.9 billion rights offering (8.5 million new shares, about 15% of shares outstanding) to fund operations and debt repayment, and in May it filed with the Ministry of Food and Drug Safety to amend the plan for its Phase 1 combination trial. What stands out is that the company is running a Phase 1 trial on its own combination pipeline, the offering (once completed) will secure funding to operate the trial, and the share price has fallen to a level 71% below its 52-week high. On the other hand, it has no earnings yet and deep losses, its current ratio is below 100%, the offering carries roughly 15% dilution, and Phase 1 drugs have inherently low success rates, so its value can swing sharply on a single clinical result.
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 89.1%).
- The most recent full-year net result was a loss.
- Revenue fell 4.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 23.5% lower than a year earlier.
- ROE is -68.9% (total-net basis). It is below the sector average.
- Operating margin is -79.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai Bioscience 25.95% (corporate)
Controlling bloc incl. related parties 36.92%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- Penetrium Bioscience is a clinical-stage cancer biotech that changed its name from the former Hyundai ADM Bio to its current name (Penetrium Bioscience in English) at its March 2026 shareholders' meeting.
- At its core is its own cancer candidate, PenetriumTM, based on the anthelmintic ingredient niclosamide, which it is developing in a Phase 1 trial as a combination therapy with the immuno-oncology drug pembrolizumab in patients with refractory or recurrent solid tumors.
- It is not yet at the stage of earning money by selling a drug, so its annual revenue is small at a bit over ₩9 billion, and even this revenue comes from existing operations such as a supply-and-sales agreement with the drug developer Curacle.
- In other words, the story rests not on the money it earns today (revenue) but on the value of a new drug that would emerge if the trial succeeds (the pipeline), and clinical results and fundraising accordingly drive the company's trajectory.
- The latest closing price is ₩4,680 and market capitalization is ₩259.6 billion.
- The price sits below both its 20-day line (₩5,474) and its 60-day line (₩8,335).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 30.3, a neutral level.
- The one-month change is -25.4%, the three-month change is -60.4%, and the price stands 74.9% below its 52-week high.
- Relative strength versus the KOSDAQ is 98 (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).
- That places it in roughly the top 1% of all stocks by strength.
- Over the past three months it lagged the index by 54.1%.
- When reading the chart, it is best to view it alongside trading volume and disclosure dates.
- Because confirmed annual (2025) net profit was a loss, the P/E ratio (how many times a year's earnings the price trades at) is not calculable.
- This is not because the company is expensive, but because it is still at the stage of spending on trials before any drug revenue arrives.
- The P/B (how many times net asset value the price trades at) is 12.06x, above the industry median (9.34x), which is closer to saying that expectations for the clinical pipeline, rather than net assets themselves, are priced in.
- ROE (how much is earned in a year on shareholders' equity) is -68.9% and the operating margin (operating profit as a share of revenue) is -79.5%, so the loss is deep.
- The debt ratio (debt relative to equity) is 152.3% and the current ratio (assets convertible to cash within a year against debt due within a year) is 89.1%, below 100%, so short-term funding room is tight.
- Clinical-stage biotechs are typically judged not by earnings but by their cash on hand (the runway to endure trials) and the value of their pipeline, and this funding structure is the backdrop to the current rights offering.
- Revenue declined from ₩13.8 billion in 2023 to ₩9.7 billion in 2024 and ₩9.3 billion in 2025, and Q1 2026 revenue of ₩1.7 billion was 23.5% lower than a year earlier.
- That said, revenue growth is not the key gauge of value for this company.
- Because most of the revenue comes not from a new drug but from existing operations such as the Curacle supply agreement, falling revenue does not mean the core work (clinical development) is retreating.
- What really matters for a clinical-stage company is how far the trials have progressed and how much cash remains to withstand losses.
- Because the confirmed prior-year results were a loss, forward earnings-based multiples (such as a forward P/E) are hard to make meaningful, so this stock's growth potential is best gauged by clinical progress and funding rather than by earnings forecasts.
- Recent developments center on three threads.
- First, in April-May 2026 the company approved a roughly ₩73.9 billion rights offering to raise ₩68.8 billion for operations and ₩5 billion for debt repayment.
- The 8.5 million new shares equal about 15% of the roughly 55.47 million shares outstanding, so dilution follows, and because the planned issue price (₩8,690) is set above the current price, the final price and subscription results should be watched together.
- Second, in May 2026 the company filed with the Ministry of Food and Drug Safety to amend the plan for its Phase 1 combination trial of PenetriumTM with pembrolizumab.
- In its disclosure, the company noted as cautionary points that the share of trial drugs reaching final approval is typically around 10%, and that results could lead to plan changes or discontinuation.
- Third, at its March 2026 shareholders' meeting the company changed its name and extended the supply-and-sales agreement with Curacle through the end of 2026.
- The strengths are clear.
- The company is running a Phase 1 trial on its own pipeline of combination therapy with an immuno-oncology drug, and once this offering is completed it will secure funding to operate the trial for some time.
- The share price has also fallen to a level 71% below its 52-week high, so part of the expectation for the trial has already been trimmed from the price.
- On the other side, its core work is at the clinical stage, so it has no earnings yet and deep losses, and its current ratio below 100% means tight cash flow.
- The offering fills the funding gap but carries roughly 15% dilution, and Phase 1 drugs have inherently low success rates, so value swings sharply on a single clinical result.
- In short, this company is strong when the trial advances, the offering closes smoothly, and cash covers trial costs, and weak when trial delays or discontinuations, further funding needs, or heavy dilution overlap.
- It is best understood as a stock whose price is moved by these clinical expectations and funding variables rather than by the losses themselves.
🔎 Valuation vs peers Inconclusive
Reflecting that its actual business is a clinical-stage cancer biotech (small revenue and losses, centered on pipeline value), we chose loss-making, clinical-stage biotechs of similar market capitalization as the peer set. Alteogen and LigaChem Bio differ greatly in scale and business maturity, so they are kept for reference only.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SillaJen | — | 2.65x | -21.97% |
| IntoCell | — | 13.29x | -42.84% |
| ToolGen | — | 5.58x | -65.83% |
| LigaChem Biosciences | — | 8.62x | -18.04% |
(a) Peer position: With losses, it cannot be viewed on P/E, and on P/B alone it is 16.16x, generally higher than similarly sized clinical-stage biotechs (SillaJen, INTHERAPY, Toolgen). (b) Premium/discount: The pipeline expectation for the Phase 1 pembrolizumab combination can be read as reflected in a P/B high relative to net assets, but this premium rests on an assumption of clinical success whose realization is uncertain. (c) The limits of trailing and the basis for forward: Because the already-completed prior-year results were a loss, there is no trailing P/E, and for the future the company issues no numerical official guidance, so we estimated only a seasonality approximation based on confirmed DART results (2026 revenue of about ₩6.3 billion); given the loss-making structure, we did not compute an earnings-based forward multiple. Because clinical results and the outcome of the offering could swing value substantially, we do not lean either way and leave the verdict inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩1.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,680 and the market capitalization is ₩259.6 billion. The price sits below its 20-day moving average (₩5,474) and below its 60-day moving average (₩8,335). 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 30.3, a neutral level. The one-month change is -25.4%, the three-month change is -60.4%, and the position relative to the 52-week high is -74.9%. Relative strength versus the KOSDAQ is 98 (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 99% of all stocks. Over the past three months it lagged the index by 54.1%. 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 -54.12% / 6M +132.84% / 12M +290.97%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 12.06x 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 -79.5%. The debt ratio is 152.3%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $9.1M | $6.5M | $6.1M | -4.84% ↑ faster |
| Operating profit | -$1.3M | -$10.6M | -$4.9M | — |
| Net profit | -$2.2M | -$13.4M | -$9.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.3M | $9.9M | $9.1M | $6.5M | $6.1M |
| Operating profit | $1.4M | -$500,222 | -$1.3M | -$10.6M | -$4.9M |
| Net profit | $1.3M | $176,631 | -$2.2M | -$13.4M | -$9.8M |
| Revenue CAGR | 4-yr avg -9.75% | ||||
Revenue fell 4.8% year over year (2023 ₩13.8 billion → 2024 ₩9.7 billion → 2025 ₩9.3 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 -9.8%. The two-year revenue CAGR is -18.0%. In the most recent quarter (Q1 2026), revenue was 23.5% 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 89.1%).
- 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 4.8% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-27UpdateAmended decision on rights offering (shareholder allocation followed by public subscription of forfeited shares) — 8.5 million new shares, raising about ₩73.9 billion (₩68.8 billion for operations, ₩5 billion for debt repayment), planned issue price ₩8,690, new shares expected to list on 2026-08-13New shares equal to about 15% of shares outstanding increase the count, so there is dilution; the funding gap is filled, but the effect varies with the issue price and subscription results (a medium-term financial and supply-demand variable). Source
- 2026-05-13FilingKey management matter related to investment judgment — application to the Ministry of Food and Drug Safety to amend the Phase 1 trial plan for PenetriumTM plus pembrolizumab combination in refractory/recurrent solid tumorsA matter showing progress on the core pipeline, but the company itself notes that the rate of trial drugs reaching final approval is typically around 10%, making this both a short-term swing factor and the core variable for medium-term value. Source
- 2026-05-15EarningsQuarterly report (2026.03) — Q1 revenue of ₩1.7 billion (down 23.5% year over year), operating loss of ₩1.8 billionAn official document confirming the results, showing declining revenue and continued losses. Together with the seasonality estimate, it serves as a benchmark for gauging the pace of cash burn. Source
- 2026-03-17UpdateAmended single sales/supply agreement — the drug supply-and-sales agreement with Curacle extended through 2026-12-31 (contract amount not disclosed as a business secret)A matter that maintains the existing revenue base, but because the amount is undisclosed, the revenue contribution must be confirmed via the quarterly report (short-term impact is limited). Source
- 2026-03-06FilingResults of the annual shareholders' meeting — name changed from Hyundai ADM Bio to the current name (Penetrium Bioscience), and the 24th-term financial statements and stock option grants approvedThe name change reflects a shift in identity, and the confirmation of loss-making financial statements again underscores capital capacity and the need for fundraising (a medium-term signal). Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-27Amended filing
- 2026-05-27Material-fact report (amended)
- 2026-05-18Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-04-30Amended filing
- 2026-04-30Material-fact report
- 2026-03-26OwnershipOwnership-change filing
- 2026-03-17Single supply/sales contract (amended)
- 2026-03-12OwnershipOwnership-change filing
- 2026-03-10Amended filing
- 2026-03-06Shareholders' 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.