ToolGen (199800) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
ToolGen developed and owns its own gene-editing technology (CRISPR/Cas9), which cuts and repairs only the targeted part of DNA inside a cell, and it is widening its business along three lines: patent technology-transfer fees and royalties, gene-edited crops, and research into treatments for genetic diseases. Revenue is small at around ₩1.3 billion a year, but a recovery has appeared with +46.6% in 2025 and +202.6% in the first quarter of 2026, and with a current ratio of 745% there is short-term funding room; in May the company decided on a rights offering to fund research and development, and its securities registration statement drew two correction requests. What stands out lately is that a single large technology transfer, backed by its foundational patents and broad patent portfolio, could sharply change its revenue base, while operating losses continue and the structure relies on external funding, and the terms and timing of the ongoing offering remain fluid.
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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
- The most recent full-year net result was a loss.
- Revenue rose 46.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 202.6% higher than a year earlier.
- ROE is -65.8% (total-net basis). It is below the sector average.
- Operating margin is -1783.0%.
- 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 Genexine 12.47% (corporate)
Controlling bloc incl. related parties 19.11%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
ToolGen developed and owns the gene-editing technology called CRISPR/Cas9, which cuts and repairs only the targeted part of DNA inside a cell. It makes money along three main lines. The first is technology-transfer fees and royalties from licensing these gene-editing patents to companies and research institutions at home and abroad; the second is gene-edited seeds and agricultural bio, such as crops that resist pests and disease or carry enhanced nutrition; and the third is new-drug research, developing and advancing into clinical trials its own gene and cell therapies that repair genetic diseases. Because the therapies are still under development, the amount that shows up as revenue right now is small at around ₩1.3 billion a year, but the core of the company's value lies in how widely its broadly recognized foundational patents will be used going forward and whether its pipeline under development delivers clinical results. The nature of this business is that a single large technology transfer, once completed, could sharply change a small revenue base.
The latest close is ₩39,000 and the market capitalization is ₩350.9 billion. The price sits below its 20-day moving average (₩40,220) and below its 60-day moving average (₩51,125). 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 45.7, a neutral level. The one-month change is +13.7%, the three-month change is -61.5%, and the position relative to the 52-week high is -71.8%. 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 lagged the index by 50.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed annual (2025) results, the P/E ratio (how many times one year's net profit the price represents) cannot be computed because net profit is negative. For a biotech at this stage, value is not measured by earnings, so the absence of a P/E is natural in itself; instead it is viewed by P/B (how many times net assets per share the price represents). The P/B is 5.58x, and set against comparable profitable platform companies (such as Alteogen) that trade at tens of times, it is on the lower side, so it is hard to call excessively expensive relative to assets. ROE (how much is earned in a year on shareholders' equity) is -65.8% and the operating margin is -1,783%, which look extreme by the numbers alone, but this results from a structure where revenue itself is small while far larger R&D spending goes out first, not a sign the business has collapsed. The debt ratio (debt versus equity) is 110.4% and the current ratio (cash-like assets versus debt due within a year) is 745%, so short-term ability to pay is ample. In short, this is a company that spends money on future technology rather than one earning profit now, and rather than concluding expensive or cheap from last year's confirmed (trailing) metrics alone, one should view it alongside how revenue recovery and patent utilization play out.
Multi-year revenue has been choppy, since for a license-type business the figure is booked heavily in years when a large contract closes (₩1.1 billion in 2023 to ₩0.9 billion in 2024 to ₩1.3 billion in 2025). Still, the recent trend is clearly improving. Revenue in 2025 rose 46.6% from the prior year and the pace of increase quickened, and above all, first-quarter 2026 revenue of ₩0.39 billion jumped 202.6% from the same period a year earlier, roughly triple. This can be read not as a chance one-quarter rebound but as the result of the gene-editing patents finding wider uses and technology transfers and the crop business beginning to be booked as revenue, so it reads as a signal that revenue has entered an inflection. The operating result is still negative as R&D spending continues, but if revenue rises quickly it works toward a narrowing loss over time. Because license revenue tends to bunch into particular quarters, a forward earnings outlook cannot be pinned to a separate figure without a confirmed company forecast; the key is to confirm whether this revenue recovery continues into the next quarter.
The most important recent disclosure is the May 15, 2026 material-fact report on a rights-offering decision. A rights offering raises funds by issuing new shares, carrying both the positive side of securing R&D funding and the side where existing shareholders' stakes are diluted. On the securities registration statement filed the same day, two requests to submit a correction came in, on May 15 and June 1; this is the supervisory authority asking for supplements to the disclosure, a signal that the offering schedule could slip or its terms change, so its progress is a point to watch. Besides that, the quarterly report on May 14 (first-quarter revenue +202.6%) and the annual report on March 19 disclosed the confirmed results, and in early April there were successive reports of changes in major-shareholder stakes.
The strengths are clear. Owning the foundational gene-editing technology and broadly recognized patents means a single large technology transfer could sharply change the revenue base; the revenue recovery is showing up in actual numbers with +46.6% in 2025 and +202.6% in the first quarter of 2026; and a current ratio of 745% leaves room in short-term funding. The P/B is also lower than at the profitable platform companies in the comparison set, so it is not a spot that is excessively expensive relative to assets. On the other side, the cautions are just as clear. With R&D spending continuing, operating losses persist, so the structure relies on external funding; the ongoing rights offering has drawn correction requests, leaving its schedule and terms fluid; and the crop and therapy pipelines must clear the long validation of clinical trials and commercialization. In sum, this name grows in value when technology transfers close and revenue recovery and pipeline progress continue, and weakens when persistent losses, funding dilution, and clinical delays coincide. Rather than sorting it firmly to one side, this is an area to approach by watching under which conditions it is strong and weak.
🔎 Valuation vs peers Inconclusive
The peer set was chosen from R&D-stage biotech companies that, like ToolGen, have small revenue and losses but whose value rests on foundational technology, platforms, and patent licensing: Alteogen (drug-delivery platform and technology transfer), LigaChem Biosciences (ADC platform and technology transfer), and Helixmith (gene-therapy research stage). The figures are on-site calculations (at the current price), and because the business stages differ, they are for gauging position rather than simple side-by-side comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Alteogen | 111.02x | 31.22x | 25.80% |
| LigaChem Biosciences | — | 8.87x | -18.04% |
| Helixmith | — | 1.11x | -0.31% |
Because earnings are negative, value cannot be measured by P/E, so a biotech at this stage must be viewed by P/B and the feasibility of its technology and pipeline. A P/B of 7.12x is far below profitable platform company Alteogen (41.8x) and below LigaChem Biosciences (9.83x), but above research-stage Helixmith (1.49x). In other words, it sits roughly in the middle of the peer set, and with it unconfirmed how much the patents will actually translate into revenue, a discount and a premium apply at the same time. Last year's confirmed (trailing) metrics carry limited meaning because of the loss, and the forward basis, absent an official company forecast, remains a stage that can only be gauged by a seasonality approximation. Because of this uncertainty, it is not concluded cheap or expensive and is left inconclusive.
Earnings outlook Estimate 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 ₩39,000 and the market capitalization is ₩350.9 billion. The price sits below its 20-day moving average (₩40,220) and below its 60-day moving average (₩51,125). 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 45.7, a neutral level. The one-month change is +13.7%, the three-month change is -61.5%, and the position relative to the 52-week high is -71.8%. 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 lagged the index by 50.8%. 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 -50.77% / 6M -10.20% / 12M +36.70%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 6.60x 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 -1783.0%. The debt ratio is 7.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $775,149 | $625,903 | $917,783 | +46.63% ↑ faster |
| Operating profit | -$12.0M | -$15.3M | -$16.4M | — |
| Net profit | -$29.7M | $4.4M | -$25.8M | -689.94% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1M | $522,286 | $775,149 | $625,903 | $917,783 |
| Operating profit | -$14.6M | -$13.6M | -$12.0M | -$15.3M | -$16.4M |
| Net profit | -$14.5M | -$12.8M | -$29.7M | $4.4M | -$25.8M |
| Revenue CAGR | 4-yr avg -4.90% | ||||
Revenue rose 46.6% year over year (2023 ₩1.1 billion → 2024 ₩890,961,033 → 2025 ₩1.3 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 -4.9%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 202.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 46.6% 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
- 2026-06-01UpdateA correction request was received for the securities registration statement (equity securities) filed on May 15As a request to supplement the rights-offering disclosure, it suggests the offering schedule could be delayed or its terms changed. The timing of confirmed funding could slip, making it a source of short-term uncertainty. Source
- 2026-05-15FilingMaterial-fact report (rights-offering decision): a decision to raise funds by issuing new sharesThere is both the positive side of securing R&D funding and the negative side of diluting existing shareholders' stakes. Over the mid-term, the issue size and the use of proceeds (R&D and operating funds) need to be viewed together. Source
- 2026-05-14EarningsQuarterly report (2026.03) filed: first-quarter revenue of ₩0.39 billion (+202.6% year-on-year), continued operating lossRevenue rose sharply from a year earlier but the operating result is still a loss. Material for confirming, alongside the next quarter, whether the revenue recovery leads to an annual swing to profit. Source
- 2026-03-19EarningsAnnual report (2025.12) filed: FY2025 revenue of ₩1.3 billion, operating loss of ₩23.3 billion, net loss of ₩36.8 billion confirmedOfficial material carrying the confirmed annual results. A reference point for confirming continued losses and an R&D-centered cost structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue | ₩1.3 billion(₩1,306,445,108) | ₩1.3 billion | Confirmed | link |
| Q1 2026 revenue | ₩0.4 billion(₩390,709,250), +202.6% | ₩0.4 billion | Confirmed | link |
| Existence of the rights-offering decision disclosure | 2026-05-15 | — | Confirmed | link |
| Latest closing price | ₩39,000 | — | Unverified | link |
| 2026 annual revenue seasonality approximation | approx. ₩3.2 billion | — | Unverified | link |
Recent filings Source
- 2026-06-01Amended filing
- 2026-05-15Amended filing
- 2026-05-15Material-fact report
- 2026-05-14PeriodicQuarterly report
- 2026-05-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-07OwnershipAmended filing
- 2026-04-07OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report (amended)
- 2026-03-17Audit report
📖 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.