SillaJen is a clinical-stage biotech whose value rests on the drug candidates it develops rather than on sales of finished products. Its core technology is oncolytic virus therapy (viruses that selectively infect and destroy cancer cells while also triggering an immune response), with Pexa-Vec as its lead candidate, and it is broadening the pipeline with programs such as BAL0891 and the in-licensed JX-970. Revenue reached roughly ₩9.2 billion in 2025, while Q1 2026 brought ₩2.9 billion of revenue against a ₩5.6 billion operating loss, so losses continue; in March the company also addressed a change of CEO and authority related to fundraising. What stands out most recently is that a current ratio of 1,643% leaves ample financial capacity to keep clinical work going, and a P/B of 2.93x sits below the peer range (9-45x), signaling that the shares look inexpensive relative to net assets—yet revenue is small and losses persist, so the timing of any value realization depends heavily on clinical results and the pace of pipeline progress.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 134.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 146.4% higher than a year earlier.
- ROE is -22.0% (total-net basis). It is above the sector average.
- Operating margin is -277.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder M2N 13.65% (corporate)
Controlling bloc incl. related parties 15.95%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SillaJen is not a company that generates revenue by selling finished drugs; it is a clinical-stage biotech valued on the drug candidates it develops in-house.
- Its core technology is oncolytic virus therapy (viruses that selectively infect and destroy cancer cells while also drawing out an immune response), its lead candidate is Pexa-Vec, and it has recently been broadening the pipeline with programs such as BAL0891 and the in-licensed JX-970.
- Because it has no approved drug on the market yet, the revenue on its financial statements is small (about ₩9.2 billion in 2025) and is largely technology-, research-, and licensing-related.
- Most of the company's value rests on future expectations—clinical outcomes and the odds of drug approval.
- In short, it is judged less by "the money it earns now" than by "how far its clinical programs have advanced."
- The latest close is ₩2,105 and market capitalization is ₩291.7 billion.
- The price sits below its 20-day line (₩2,352) and below its 60-day line (₩2,955).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 32.7, a neutral level.
- The one-month change is -13.4%, the three-month change is -43.3%, and the price is -57.7% from its 52-week high.
- Relative strength versus the KOSDAQ is 50 (on a 1-99 scale that converts one-year return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 50% of all stocks by strength.
- Over the past three months it has lagged the index by 24.8%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- Because this is a clinical-stage company, its P/E (price divided by earnings per share) cannot be computed, as net income is in the red.
- Value is therefore assessed via P/B (price divided by net assets per share).
- SillaJen's P/B is 2.65x, which actually sits lower than its drug-development peers (LigaChem Biosciences 11.4x, HLB 15.6x, SK Biopharmaceuticals 8.5x, Alteogen 45.1x).
- Relative to net assets, that can be read as a sign of being undervalued versus comparable clinical-stage biotechs.
- Profitability is still negative (ROE -22.0%, operating margin -277.4%), but this is a natural feature of the drug-development stage before revenue has scaled—not something to label an immediate risk.
- The financial safety cushion is relatively solid: the debt ratio of 106.1% is not heavy, and the current ratio (cash-like assets against debt due within a year) of 1,643% gives ample short-term financial headroom.
- In sum, the picture is one of "clear losses, but a valuation that is low relative to net assets versus peers and comfortable short-term financial capacity."
- Revenue moved from ₩0.3 billion in 2021 to ₩5.0 billion in 2022, ₩3.9 billion in 2023, ₩3.9 billion in 2024, and ₩9.2 billion in 2025, a 134.9% year-on-year increase last year.
- Q1 2026 revenue of ₩2.9 billion was also up 146.4% from the same period a year earlier.
- That revenue, however, is technology-, research-, and licensing-related rather than product sales, so for a clinical-stage biotech the essence of growth lies less in the size of revenue than in "how far the core pipeline has advanced." Continued losses are also normal at the drug-development stage; the operating loss is a result of R&D investment.
- Because the company offers no official earnings guidance, a forward P/E based on future net income cannot be computed, which underscores that clinical progress and advancement toward approval—rather than earnings metrics—are the real drivers of growth.
- Revenue itself is rising, but the heart of the value lies in the pipeline's clinical results.
- Recent disclosures center on drug development and governance changes.
- The May 2026 quarterly report confirmed final Q1 results (revenue ₩2.9 billion, operating loss ₩5.6 billion), and the March business report disclosed the full-year 2025 results.
- Alongside the March annual general meeting, the agenda addressed a change of CEO and authority to raise funds via convertible bonds or by pledging holdings of shares as collateral.
- For a drug-development company, conference presentations of clinical assets and advances in clinical stages weigh heavily on the share price, so it is important to track the next schedule and progress of the company's ongoing clinical pipeline.
- The strengths here are clear.
- The company holds the clinical assets that make up most of its value (Pexa-Vec, BAL0891, its oncolytic virus pipeline), and a P/B of 2.93x actually sits lower than its drug-development peers (9-45x), which reads as an undervalued signal relative to net assets.
- In addition, a current ratio of 1,643% leaves short-term financial headroom, and it is positive that the company is relatively well positioned to fund continued clinical work.
- The cautions are equally clear.
- Revenue is technology- and research-related rather than product sales, so it is small in scale, and as a still-loss-making drug-development company, the timing of value realization depends heavily on clinical results.
- In sum, this stock is stronger "the further the core pipeline's clinical work advances and moves toward approval" and weaker "the more clinical progress is delayed or additional R&D-related fundraising grows." Ultimately, the clinical schedule and the pace of pipeline progress are what separate value here.
🔎 Valuation vs peers Inconclusive
The peer set is drawn from biotechs with a similar business reality centered on clinical work and drug development; because SillaJen differs greatly from them in market cap and development stage, only its relative position within the shared trait of "pre-revenue drug-development stage" is used for reference, not any absolute ranking of superiority.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | — | 8.62x | -18.04% |
| HLB | — | 15.95x | -52.69% |
| SK Biopharmaceuticals | 23.53x | 7.73x | 32.83% |
| Alteogen | 113.48x | 36.11x | 31.82% |
Because SillaJen's net income is negative, P/E cannot separate expensive from cheap. On P/B (price/net assets) of 3.21x, it sits below its drug-development peers (LigaChem Biosciences 9.42x, HLB 14.67x) and even below profitable-stage names such as SK Biopharmaceuticals (8.47x) and Alteogen (40.56x). On the surface the share price sits lower than peers relative to net assets, but this discount can be seen as reflecting that (1) clinical results have not yet translated into revenue and profit, and (2) the commercialization timing of core pipeline assets such as Pexa-Vec is uncertain. Last year's final results are on a trailing basis and, in a loss-inflection period, do not represent the future, while the forward view can only be gauged from a DART seasonality approximation (about ₩28.2 billion of 2026 revenue) in the absence of official company guidance—and even that is unrelated to a turn to profit. It is therefore hard to declare the stock undervalued or overvalued on simple metrics, and until clinical results are confirmed, an inconclusive read is appropriate.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩6.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,105 and the market capitalization is ₩291.7 billion. The price sits below its 20-day moving average (₩2,352) and below its 60-day moving average (₩2,955). 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 32.7, a neutral level. The one-month change is -13.4%, the three-month change is -43.3%, and the position relative to the 52-week high is -57.7%. Relative strength versus the KOSDAQ is 50 (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 50% of all stocks. Over the past three months it lagged the index by 24.8%. 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 -24.76% / 6M -24.01% / 12M -31.38%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.65x is below 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 -277.4%. The debt ratio is 106.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.6M | $2.6M | $6.1M | +134.94% ↑ faster |
| Operating profit | -$14.1M | -$17.7M | -$17.0M | — |
| Net profit | -$13.5M | -$17.6M | -$16.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $168,585 | $3.3M | $2.6M | $2.6M | $6.1M |
| Operating profit | -$13.5M | -$16.2M | -$14.1M | -$17.7M | -$17.0M |
| Net profit | -$10.4M | -$16.3M | -$13.5M | -$17.6M | -$16.0M |
| Revenue CAGR | 4-yr avg 145.40% | ||||
Revenue rose 134.9% year over year (2023 ₩3.9 billion → 2024 ₩3.9 billion → 2025 ₩9.2 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 145.4%. The two-year revenue CAGR is 53.0%. In the most recent quarter (Q1 2026), revenue was 146.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 134.9% 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
- 2026-05-15EarningsFiled the Q1 2026 quarterly report. Revenue of about ₩2.9 billion (+146.4% year on year) and an operating loss of about ₩5.6 billion, with losses continuing.Short term: revenue growth is confirmed, but continued losses provide grounds to review clinical-cost burden and the pace of cash burn together. Mid term: quarterly results reflect technology and research income rather than product sales, so mind the volatility. Source
- 2026-03-19EarningsFiled the 2025 business report. Annual revenue of about ₩9.2 billion (+134.9% year on year) and an operating loss of about ₩25.6 billion, keeping the company in a loss-making phase.Short term: revenue growth and continued losses are confirmed at the same time. Mid term: shareholders' equity of ₩110.1 billion and a current ratio of 1,643% maintain short-term financial headroom, but if losses persist, the possibility of future fundraising should be watched. Source
- 2026-03-27FilingResults of the annual general meeting and change of CEO. A shift in the management structure is officially confirmed.Short term: affects the direction of management and R&D strategy. Mid term: for a drug-development company, management's clinical and partnership strategy is directly tied to corporate value, so track subsequent business-direction disclosures as well. Source
- 2026-03-04FilingFiled a stock-option grant. As employee compensation, it grants the right to buy the company's shares at a set price.Short term: an effect of attracting and motivating talent. Mid term: note that if the rights are later exercised, the share count rises and existing shareholders' stakes can be diluted. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-05Disclosure
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Amended filing
- 2026-03-04Disclosure
📖 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.