OliX is a clinical-stage biotech that develops new drug candidates using its own RNAi technology (a method that switches off the protein production of a specific gene). With no marketed drugs yet, most of its revenue comes from upfront payments and milestones for licensing candidates out to pharmaceutical companies, plus joint-research income. In February 2026 it out-licensed a metabolic dysfunction-associated steatohepatitis candidate to a global large pharmaceutical company, and in June it decided on a roughly ₩110.8 billion third-party-allotment paid-in capital increase to investors including the L'Oreal group's venture fund, securing R&D funding into 2028 and beyond. The strengths worth watching are that its platform has been validated in succession through out-licensing and equity investment by a global company, and that its P/B of 22.7x is on the low side even compared with similarly natured domestic platform biotechs (ABL Bio, Alteogen); the cautions are that with no marketed product yet its bottom line is structurally in the red, results hinge on the timing of out-licensing, and dilution from new-share issuance must also be considered.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 158.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 265.8% higher than a year earlier.
- ROE is -10.5% (controlling-interest basis). It is above the sector average.
- Operating margin is -204.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Dong-ki 15.17% (individual)
Controlling bloc incl. related parties 15.65%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- OliX is a clinical-stage biotech that develops new drug candidates using its own RNAi technology (RNA interference—a method that 'switches off' the protein production of a specific gene).
- With no marketed drugs yet, most of its revenue comes not from product sales but from upfront payments and stage-based milestones for licensing candidates out to other pharmaceutical companies, plus joint-research income.
- Its core assets are the siRNA platform (OASIS), which broadens delivery to the liver, fat, eye and central nervous system, and the pipeline that applies it—led by OLX702A for metabolic dysfunction-associated steatohepatitis (MASH), the obesity-targeting candidate OLX501A, and ophthalmic candidates such as OLX301A for dry age-related macular degeneration.
- In short, the essence of the business is that it is 'a company that develops candidates and earns by handing them to large pharmaceutical firms,' not 'a company that earns by selling finished drugs.'
- The latest close is ₩121,400 and the market cap is ₩2.5 trillion.
- The price sits below its 20-day moving average (₩137,460) and below its 60-day line (₩154,693).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 41.0, a neutral level.
- The stock is down 1.5% over one month and down 22.4% over three months, and it sits 41.3% below its 52-week high.
- Its relative strength versus the KOSDAQ is 89 (on a 1-99 scale, based on returns against the index over the past year weighted toward the most recent period; higher means stronger than the market).
- That places it in roughly the top 10% of all stocks by strength.
- Over the past three months it outpaced the index by 1.6%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- As befits a clinical-stage biotech, the bottom line is structurally in the red.
- On 2025 revenue of about ₩14.7 billion, it posted an operating loss of about ₩30.0 billion and a net loss of about ₩15.7 billion, so the P/E ratio (how many times one year's profit the price represents) cannot be computed because earnings are negative.
- The P/B (how many times net assets) is 16.50x and the P/S (how many times revenue) is 231x—very high in absolute terms, but at a drug developer where revenue and profit have not yet ramped up, these figures do not directly reflect the true corporate value.
- What the market is pricing now is not the accounting revenue and equity but the future value of the pipeline.
- The current ratio is about 660%, so short-term payment capacity is ample, and the cash secured through the June capital increase supports future R&D funding needs for a considerable period.
- Revenue rose 158.3% year-on-year in 2025, and Q1 2026 revenue rose 265.8% versus the same period a year earlier.
- But this revenue is not from steadily rising product sales; it swings sharply with the timing at which out-licensing, milestone and joint-research income are recognized, so future profit cannot simply be extrapolated from quarterly figures.
- The substance of growth lies in pipeline progress rather than the revenue figure itself.
- In February 2026 it out-licensed the MASH candidate OLX702A to a global large pharmaceutical company for up to $ 630 million (about ₩910 billion); its obesity-targeting candidate showed strong suppression of target-gene expression in primate preclinical work; and its ophthalmic candidate advanced to Phase 2 preparation.
- Because the company has not disclosed official revenue or profit targets for this year, an earnings-based outlook is better read as 'a development stage where the loss-making structure continues and value is set by pipeline progress' than forced into numbers.
- The recent flow is best summarized as a period in which the pipeline's value was repeatedly validated from outside.
- In February 2026 it out-licensed the MASH candidate to a global large pharmaceutical company, demonstrating the platform's commercial competitiveness, and on June 1 it decided on a roughly ₩110.8 billion third-party-allotment paid-in capital increase to the L'Oreal group's venture fund 'BOLD' and US manager 'Y'S Asset' (amended June 29).
- It stated that the raised funds would be used for long-term R&D expenses into 2028 and beyond.
- L'Oreal is a partner that had previously collaborated on joint skin and hair research, and its move to reinvest is read as confidence in the technology.
- That said, new-share issuance is a factor that dilutes existing shareholders' stakes, and that must be considered too.
- The points to watch are clear.
- The strengths are that its own RNAi platform has been validated in succession through two channels—out-licensing to a large pharmaceutical company and equity investment by a global company—and that the capital increase has greatly secured R&D funding, raising the sustainability of its clinical work.
- A P/B of 22.7x is high in absolute terms, but compared with similarly natured domestic platform biotechs (ABL Bio at about 37x, Alteogen at about 43x) it is on the low side, so it is hard to call it 'unusually expensive among platform biotechs.' The cautions are that with no marketed product yet the bottom line is structurally in the red, that results hinge on the timing of out-licensing and thus swing sharply quarter to quarter, and that new-share issuance dilutes stakes.
- In short: strong if clinical progress and further out-licensing continue, and weaker if pipeline progress is delayed or funding needs run longer than expected.
🔎 Valuation vs peers Inconclusive
Compared with domestic biotechs centered on new-drug platforms and out-licensing (ABL Bio, Alteogen). Like OliX, these are valued on pipeline out-licensing and royalties rather than finished-product sales.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ABL Bio | 0.00x | 29.13x | -24.44% |
| Alteogen | 113.48x | 36.11x | 31.82% |
Because earnings are in the red, no value can be set via the P/E, and while a P/B of 22.7x and P/S of 231x look high in absolute terms, financial metrics do not reflect true value at a clinical-stage biotech. Compared with domestic platform biotechs of similar character, the P/B is actually lower than ABL Bio (about 37x) and Alteogen (about 43x), so it is hard to call it 'unusually overvalued among platform biotechs.' Still, the core of the valuation is whether the pipeline succeeds in the clinic and secures further out-licensing, so rather than declaring it over- or undervalued on financial multiples alone, it is more accurate to leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩121,400 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩137,460) and below its 60-day moving average (₩154,693). 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 41.0, a neutral level. The one-month change is -1.5%, the three-month change is -22.4%, and the position relative to the 52-week high is -41.3%. Relative strength versus the KOSDAQ is 89 (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 90% of all stocks. Over the past three months it outpaced the index by 1.6%. 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 +1.61% / 6M +0.80% / 12M +209.83%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 16.50x 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 -204.3%. The debt ratio is 130.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.3M | $3.8M | $9.7M | +158.35% ↑ faster |
| Operating profit | -$12.1M | -$20.5M | -$19.9M | — |
| Net profit | -$12.7M | -$26.9M | -$10.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.4M | $6.2M | $11.3M | $3.8M | $9.7M |
| Operating profit | -$16.1M | -$14.8M | -$12.1M | -$20.5M | -$19.9M |
| Net profit | -$19.7M | -$12.9M | -$12.7M | -$26.9M | -$10.4M |
| Revenue CAGR | 4-yr avg 41.35% | ||||
Revenue rose 158.3% year over year (2023 ₩17.1 billion → 2024 ₩5.7 billion → 2025 ₩14.7 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 41.3%. The two-year revenue CAGR is -7.3%. In the most recent quarter (Q1 2026), revenue was 265.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 158.3% 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
- 2026-06-01FilingDecided on a roughly ₩110.8 billion third-party-allotment paid-in capital increase (common-share new-share issuance) to L'Oreal venture fund BOLD and US firm Y'S Asset. Raised funds planned for long-term R&D expenses.A medium-term positive that greatly secures R&D funding and raises clinical sustainability, though new-share issuance is a factor that dilutes existing shareholders' stakes. Source
- 2026-06-29FilingFiled an amended material report on the June 1 capital-increase decision (reflecting detailed terms).Of a nature that finalizes the increase's terms, raising the visibility of the funding schedule. Source
- 2026-05-15EarningsQ1 2026 report filed. Revenue rose 265.8% year-on-year, but operating and net losses continued.The top line surged on recognition of out-licensing and milestone income, but the bottom line remained in the red, reconfirming the development-stage character. Source
- 2026-03-18Filing2025 annual report filed. Full-year revenue of about ₩14.7 billion (+158.3%), operating loss of about ₩30.0 billion, net loss of about ₩15.7 billion.Officially confirms the clinical-stage financial structure in which structural losses continue despite top-line growth. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Material-fact report
- 2026-06-01Disclosure
- 2026-06-01OwnershipOwnership-change filing
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business 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.