FutureChem makes radiopharmaceuticals by attaching a trace fluorine isotope (F-18) to a drug so that lesions light up on a PET-CT scan. Its core products are PET diagnostic agents for Alzheimer's and other brain diseases, which already generate revenue, and 'Prostaview Injection,' a prostate-cancer diagnostic new drug that received Ministry of Food and Drug Safety approval in May 2026, and the company sits at the crossroads where its revenue center of gravity is shifting from its pipeline to actually-sold diagnostics. On May 4 this new drug was approved as Korea's 43rd new drug; on May 29 it decided on a roughly ₩40 billion rights offering together with a bonus share issue; and on June 4 it terminated a joint-development agreement with an overseas partner for a different candidate. The notable point is that approval of the first prostate-cancer diagnostic new drug in the high-barrier F-18 field, along with revenue that has climbed for five straight years, is a strength; on the other hand, the bottom line is still in the red, the pace at which the new drug will contribute to revenue is not yet proven, and the capital raise dilutes per-share value.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 25.3% higher than a year earlier.
- ROE is -20.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -41.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Ji Dae-yoon 5.99% (individual)
Controlling bloc incl. related parties 13.31%
With the controlling bloc holding 13%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- FutureChem makes 'radiopharmaceuticals.' A radiopharmaceutical attaches a trace radioactive isotope (here a positron-emitting fluorine isotope, F-18) to a drug that, once injected into the patient and scanned with PET-CT, makes the lesion light up so its location shows.
- The company's core runs along two lines.
- One is supplying PET diagnostic agents for Alzheimer's and other brain diseases (F-18-based imaging diagnostics), which already generate revenue; the other is 'Prostaview Injection ([18F]florastamin),' a prostate-cancer diagnostic new drug that received Ministry of Food and Drug Safety approval in May 2026.
- This new drug targets a protein abundant on prostate-cancer cells (PSMA) to pinpoint the location of the cancer's recurrence or metastasis.
- The key to understanding this company is that its revenue center of gravity sits at the crossroads of shifting from a 'research-and-development-stage pipeline' to 'diagnostics that are actually sold.'
- The latest close is ₩8,670 and market capitalization is ₩194.4 billion.
- The price sits below its 20-day line (₩10,196) and below its 60-day line (₩14,541).
- Trading below both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 29.8, near depressed territory.
- The 1-month change is -24.2%, the 3-month change is -52.4%, and it stands -74.7% below its 52-week high.
- Relative strength versus KOSDAQ is 34 (1-99, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- It sits in roughly the top 66% of all stocks by strength.
- Over the past three months it lagged the index by 37.8%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- FutureChem is a development-stage biotech still in the red.
- ROE (how much it earns in a year on capital) is -20.6%, operating margin is -41.5%, and net margin is -60.3%, a structure where R&D and clinical costs exceed revenue.
- On 2025 revenue of ₩18.7 billion it posted an operating loss of ₩7.8 billion and a net loss of ₩11.3 billion.
- Because net profit is negative, the P/E (how many times a year's profit the price represents) is undefined, so the P/B (how many times shareholders' equity the price represents) of 3.56x is used instead.
- This 4.05x is not a level to be flatly called expensive; it sits roughly in the middle among peer biotechs.
- On financial stability, the debt ratio (debt relative to capital) is about 136%, not excessive, and a current ratio of 237% supports short-term payment capacity.
- For a company like this, last year's earnings were a loss, so trailing metrics (based on past confirmed results) alone make value hard to gauge; the real axis of valuation is how much the newly approved drug lifts revenue and profit.
- The top line has grown steadily.
- Revenue rose over five years from ₩11.8 billion to ₩18.7 billion, an annual average of about 12%, up 8.0% year on year in 2025 and up 25.3% year on year in Q1 2026 as growth reaccelerated.
- The drivers of this reacceleration are demand for the existing brain-disease PET diagnostics and the prostate-cancer diagnostic new drug that was approved in May 2026 and has just begun selling.
- The bottom line, by contrast, was in the red all five years, and the net loss actually widened, from -₩6.7 billion to -₩9.4 billion to -₩11.3 billion.
- In other words, this is a 'revenue rising but still loss-making' stage, and it will take more time for revenue growth and a swing to profit to move together.
- The company has published no official profit outlook for this year, and with the new drug's sales just starting it is hard to pin down a break-even timing, so this analysis does not separately present a forward-earnings-based valuation.
- The quality of growth is therefore reasonably confirmed not by profit estimates but by how much revenue rises and how much the loss narrows each quarter.
- Over the last six weeks, events pointing in different directions have clustered.
- First, on May 4 the prostate-cancer diagnostic new drug 'Prostaview Injection' received Ministry of Food and Drug Safety approval as Korea's 43rd new drug.
- It is the company's first commercial-product achievement, having proven efficacy with a positive predictive value (PPV) of 86.96% in an 11-institution domestic Phase 3 trial.
- Second, on May 29 it decided on a roughly ₩40 billion shareholder-allocation rights offering together with a bonus issue of 0.2 shares per common share.
- A capital raise refills operating funds but has a two-sided effect of diluting existing shareholders, so it should be viewed alongside whether the incoming funds connect well to the new-drug business.
- Third, on June 4 it terminated the joint-development agreement for another prostate-cancer diagnostic candidate, 'FC303,' with an overseas partner (IASON of Austria) and returned the rights.
- This looks like a cleanup based on a business-viability judgment, a pipeline adjustment of a different nature from the new-drug approval.
- The strengths are clear.
- In the high-barrier field of F-18 radiopharmaceuticals it obtained approval for Korea's first prostate-cancer diagnostic new drug, revenue has climbed for five straight years, and recent quarterly growth has reaccelerated.
- If the diagnostic is bundled with the company's own therapeutic pipeline, there is room to broaden the business into a 'diagnosis-treatment linkage.' A P/B of 4.05x is a middling level among peer biotechs, and after a -61% drop over six months, much of the once-lofty expectation has cooled.
- There are points to watch.
- The bottom line is still a loss, the new drug has only just started selling so its revenue-contribution pace is not yet proven, and the roughly ₩40 billion capital raise increases share count and dilutes per-share value.
- In sum, if new-drug revenue ramps quickly and a quarterly trend of narrowing losses is confirmed, this is a strong stock; if sales are slow or further funding needs continue, a weak one.
- Ultimately, the pace of the new drug's actual revenue realization, rather than the price itself, is what separates this company.
🔎 Valuation vs peers Inconclusive
Limited to domestic clinical- and pipeline-centered biotechs still ahead of profitability; all three post net losses, so with no P/E available the comparison relies on P/B and business stage.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| CHA Biotech | 0.00x | 3.00x | -36.07% |
| Lunit | 0.00x | 5.71x | -34.48% |
Looking at position versus the peer group, all three are pre-profit biotechs with no P/E, so the comparison can only be made on P/B; FutureChem's 4.78x is lower than LigaChem Biosciences (9.81) and Lunit (7.37) and higher than CHA Biotech (3.69), a middling level. On the premium side, despite the momentum of a new-drug approval the shares fell 61% over six months, so any pronounced premium versus peers has largely dissipated. On trailing limits and forward grounds: last year's net loss means a trailing P/E does not even hold, and this year the early stage of new-drug sales, clinical costs, and dilution overlap, so a swing to profit cannot be confirmed from the company's own official figures. Because an earnings-based multiple cannot decisively call it cheap or expensive, the verdict is Inconclusive, and the axis of valuation is not price but the pace of new-drug revenue realization and the trend of narrowing losses.
Price history Close · MA20 · MA60
The latest close is ₩8,670 and the market capitalization is ₩194.4 billion. The price sits below its 20-day moving average (₩10,196) and below its 60-day moving average (₩14,541). 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 29.8, near oversold territory. The one-month change is -24.2%, the three-month change is -52.4%, and the position relative to the 52-week high is -74.7%. Relative strength versus the KOSDAQ is 34 (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 34% of all stocks. Over the past three months it lagged the index by 37.8%. 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 -37.79% / 6M -64.00% / 12M -46.53%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 3.56x 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 -20.6%, below the sector average (3.0%). The operating margin is -41.5%. The debt ratio is 136.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $9.3M | $11.5M | $12.4M | +7.96% ↓ slower |
| Operating profit | -$5.6M | -$6.3M | -$5.1M | — |
| Net profit | -$4.4M | -$6.2M | -$7.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8M | $8.3M | $9.3M | $11.5M | $12.4M |
| Operating profit | -$5.2M | -$8.6M | -$5.6M | -$6.3M | -$5.1M |
| Net profit | -$2.3M | -$9.3M | -$4.4M | -$6.2M | -$7.5M |
| Revenue CAGR | 4-yr avg 12.11% | ||||
Revenue rose 8.0% year over year (2023 ₩14.0 billion → 2024 ₩17.3 billion → 2025 ₩18.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed 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 12.1%. The two-year revenue CAGR is 15.6%. In the most recent quarter (Q1 2026), revenue was 25.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 8.0% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-04FilingThe prostate-cancer diagnostic radiopharmaceutical 'Prostaview Injection ([18F]florastamin)' received Ministry of Food and Drug Safety product approval as Korea's 43rd new drug. As a PSMA-targeting PET diagnostic, it proved a positive predictive value of 86.96% in a Phase 3 trial.As the company's first commercial-product achievement, a medium-term revenue driver. That said, the pace of full-scale sales and revenue contribution needs to be confirmed in coming quarters. Source
- 2026-05-29FilingDecision on a roughly ₩40 billion shareholder-allocation rights offering, together with a bonus issue of 0.2 shares per common share. Record date for the bonus shares is 2026-09-18.Replenishing operating funds is a positive cash cushion during a loss-making stretch. In the short term, dilution from the increase in share count is a burden. Source
- 2026-06-04UpdateTermination of the joint-development and technology-transfer agreement for the prostate-cancer diagnostic candidate 'FC303' with an overseas partner (IASON of Austria), and return of the rights.A pipeline cleanup based on a business-viability judgment, negative in the short term. It partly offsets the positive of the new-drug approval. Source
- 2026-03-18FilingDecision to cancel treasury bonds (the 3rd convertible bonds) and acquire the treasury convertible bonds before maturity, among other convertible-bond cleanups.Managing the capital structure by clearing some convertible bonds that had been a potential dilution factor. The funding axis subsequently shifted to the new capital raise. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Prostaview Injection new-drug approval | 2026-05-04 approx. approx. | DART '' | Confirmed | link |
| FC303 agreement termination | 2026-06-04 approx. | DART '' | Confirmed | link |
| Rights-and-bonus issue decision | 2026-05-29 + | DART '' | Confirmed | link |
| 2025 net loss / ROE | -₩11.2 billion, ROE -20.6% | — | Unverified | link |
Recent filings
- 2026-06-04Disclosure
- 2026-05-29Disclosure
- 2026-05-29Material-fact report
- 2026-05-29Bonus (free) share issue
- 2026-05-14PeriodicQuarterly report
- 2026-05-04Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18Convertible-bond issuance
- 2026-03-18PeriodicAnnual business report
- 2026-03-13Material-fact report (amended)
- 2026-03-13Convertible-bond issuance
- 2026-03-13Amended filing
📖 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.