Abion (203400) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Abion is a biotech company that researches and develops its own new-drug candidates, so with its drugs not yet commercialized, pipeline progress and securing research funding matter more to the business than revenue. A February 2026 disclosure confirmed full-year revenue of ₩0.9 billion, an operating loss of ₩19.4 billion and a net loss of ₩29.1 billion, but revenue is rising again, if from a small base, and the operating loss narrowed versus the prior year; with a P/B of 1.14x and a current ratio of 5.8x, the stock is cheap on an asset basis and short-term liquidity is comfortable. What stands out lately is that if the pipeline advances smoothly through its clinical stages and funding turns over stably, the asset-based undervaluation appeal comes alive; on the other hand, because the company is still loss-making it is hard to gauge value on earnings, its value can swing sharply on clinical results, and repeated rights offerings to fund research can dilute existing shareholders.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 15.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 30.7% higher than a year earlier.
- ROE is -42.5% (controlling-interest basis). It is below the sector average.
- Operating margin is -2201.0%.
- 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 Telcon RF Pharmaceutical 18.2% (corporate)
Controlling bloc incl. related parties 28.63%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Abion is a biotech company that researches and develops its own new-drug candidates (classified under professional research and development). It is not yet at the stage of generating revenue by selling drugs at scale but is in a period of investing research funds into its pipeline (drug candidates under clinical work and research), so the revenue base itself is small. It is worth keeping in mind that, for a new-drug developer, until a drug is commercialized, pipeline progress and securing research funding matter more to the business than revenue.
The latest close is ₩624 and the market capitalization is ₩56.2 billion. The price sits below its 20-day moving average (₩691) and below its 60-day moving average (₩1,189). 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 38.2, a neutral level. The one-month change is -19.5%, the three-month change is -74.6%, and the position relative to the 52-week high is -91.8%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 61.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent full-year (2025) revenue is ₩0.9 billion, with an operating loss of ₩19.4 billion and a net loss of ₩29.1 billion. But this loss is not a sign of a broken business; it is what commonly appears at a development-stage company that spends on new-drug research while not yet selling drugs. So the earnings-based P/E (how many times a year's earnings the price is) cannot be computed, and instead we look at the book-value-based P/B (how many times book value the price is). The P/B is 0.88x, well below the 7.76x median for the same research-and-development sector. That means the stock is cheap relative to assets and equity, and the diagnosis also reads as undervalued. The current ratio (assets convertible to cash within a year against debt due within a year) of 5.8x means short-term liquidity is comfortable, and the debt ratio of 17.9% is not heavy.
Revenue is rising again, if from a small base. On an annual basis it went from ₩1.3 billion in 2023 to ₩0.8 billion in 2024 and ₩0.9 billion in 2025, up 15.9% year on year, and the most recent quarter (first quarter 2026) posted revenue of ₩0.6 billion, up 30.7% year on year, so the pace of growth is picking up. This year's revenue is estimated at around ₩1.8 billion. Operating profit is still in a loss-making phase, but the annual operating loss narrowed from -₩34.1 billion in 2024 to -₩19.4 billion in 2025, so the loss itself has shrunk. For a new-drug developer, growth is judged less by the revenue figure than by whether the pipeline is advancing through its clinical stages and moving closer to a stage where drugs can be sold; a turn to profitable revenue is a story for after that.
Recent disclosures center on financing and results. In November 2025 the company carried out a rights offering with a public offering of forfeited shares (raising funds by issuing new shares) (20.6 million shares scheduled for issuance, managed by SK Securities and others). A new-drug developer needs research funding to keep its pipeline going, so such offerings tend to appear, and this is a disclosure where the use of funds and the increase in the share count (dilution of existing shareholders' stakes) must be weighed together. In February 2026 it disclosed changes in its profit structure, with full-year revenue of ₩0.9 billion, an operating loss of ₩19.4 billion and a net loss of ₩29.1 billion. After that came a quarterly report (March 2026) and reports on changes in the holdings of executives and major shareholders.
The strengths are clear. The price relative to book value (P/B of 1.14x) is well below the sector average, so the stock is cheap on an asset basis; revenue is rising again, if from a small base; and the annual operating loss narrowed versus the prior year. Short-term liquidity (current ratio of 5.8x) is also comfortable. On the other side, the points to watch come from the nature of a new-drug developer. Because it is still loss-making, it is hard to gauge value on earnings; the pipeline's value can swing sharply with clinical results; and repeated rights offerings to cover research funding can dilute existing shareholders' stakes. In short, this is a stock whose asset-based undervaluation appeal comes alive when the pipeline advances smoothly through its clinical stages and funding turns over stably, and that weakens when clinical setbacks or frequent offerings pile up. Given the small revenue base, the key is to keep track of pipeline progress and financing disclosures.
🔎 Valuation vs peers Undervalued
A set of research-and-development names with market capitalizations close to Abion's, drawn from public data.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Vaxcell-Bio | — | 1.71x | -21.82% |
| Dream CIS | 11.27x | 1.02x | 9.33% |
| TiumBio | — | 3.74x | -46.05% |
Within research and development, we looked first at a public-data peer set with nearby market capitalizations. The current P/E (how many times a year's earnings the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 0.91x. Because smaller-cap names are heavily swayed by earnings swings and financing disclosures, we did not draw firm conclusions from last year's confirmed-results metrics alone. The forward box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.8 billion | — | — |
| Next quarter | Q2 2026 | ₩0.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩624 and the market capitalization is ₩56.2 billion. The price sits below its 20-day moving average (₩691) and below its 60-day moving average (₩1,189). 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 38.2, a neutral level. The one-month change is -19.5%, the three-month change is -74.6%, and the position relative to the 52-week high is -91.8%. Relative strength versus the KOSDAQ is 1 (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 1% of all stocks. Over the past three months it lagged the index by 61.1%. 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 -61.11% / 6M -76.35% / 12M -91.61%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.91x is below 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 -2201.0%. The debt ratio is 19.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $895,205 | $533,681 | $618,299 | +15.86% ↑ faster |
| Operating profit | -$22.0M | -$23.9M | -$13.6M | — |
| Net profit | -$20.5M | -$30.5M | -$20.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2M | $1.8M | $895,205 | $533,681 | $618,299 |
| Operating profit | -$7.5M | -$17.7M | -$22.0M | -$23.9M | -$13.6M |
| Net profit | -$38.1M | -$14.0M | -$20.5M | -$30.5M | -$20.4M |
| Revenue CAGR | 4-yr avg -14.39% | ||||
Revenue rose 15.9% year over year (2023 ₩1.3 billion → 2024 ₩759,683,815 → 2025 ₩880,135,981), 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 -14.4%. The two-year revenue CAGR is -16.9%. In the most recent quarter (Q1 2026), revenue was 30.7% 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 15.9% 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.
Recent news & events searched · sourced
- 2025-11-27UpdateSubscription results for a rights offering or share-linked bonds (voluntary disclosure): Abion Co., Ltd. registered common stock 2. Method of issuance: rights offering 3. Eligible subscribers: general public subscribers (including high-risk high-yield investment trusts and venture-enterprise investment trusts) 4. Subscription date: 2025-11-26 5. Subscription result: shares scheduled for issuance 20,600,000, corresponding subscribed shares 684,04This is a disclosure where the purpose of the cash inflow should be weighed alongside the change in the share count. When a facilities or operating purpose is stated, whether the investment is actually carried out and connects to revenue is the key. Source
- 2025-11-24UpdateSubscription results for a rights offering or share-linked bonds (voluntary disclosure): forfeited shares arising after subscription are to be raised through a public offering from November 25, 2025 to November 26, 2025. 2. In connection with this rights offering, the company has entered into an agreement with SK Securities as lead manager and Hanyang Securities, LS Securities and Yuanta Securities as underwriters to take up forfeited sharesThis is a disclosure where the purpose of the cash inflow should be weighed alongside the change in the share count. When a facilities or operating purpose is stated, whether the investment is actually carried out and connects to revenue is the key. Source
- 2026-02-12EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: full-year revenue ₩0.9 billion, operating loss ₩19.4 billion, net loss ₩29.1 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩624 | ₩624 | Confirmed | link |
| Latest quarterly results | revenue ₩0.6 billion, operating profit -₩6.5 billion | revenue ₩0.6 billion, operating profit -₩6.5 billion | Confirmed | link |
| Full-year results | revenue ₩0.9 billion, operating profit -₩19.4 billion | revenue ₩0.9 billion, operating profit -₩19.4 billion | Confirmed | link |
| Original text of the financing disclosure | 2. 3. 4. 2025-11-26 5. 20,600,000 684,04 | 2. 3. 4. 2025-11-26 5. 20,600,000 684,04 | Confirmed | link |
| Original text of the financing disclosure | 2025 11 25 2025 11 26 . 2. SK㈜ , ㈜, LS㈜ ㈜ | 2025 11 25 2025 11 26 . 2. SK㈜ , ㈜, LS㈜ ㈜ | Confirmed | link |
| Original text of the results disclosure | revenue30%: revenue ₩0.9 billion · operating profit -₩19.4 billion · net profit -₩29.1 billion | revenue30%: revenue ₩0.9 billion · operating profit -₩19.4 billion · net profit -₩29.1 billion | Confirmed | link |
| Basis for the forward box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-13Audit 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.