IntoCell (287840) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
IntoCell is a clinical-stage drug developer with no product on the market yet. Its value rests on licensing fees from letting other pharmaceutical companies use its antibody-drug conjugate (ADC) platforms (OHPAS, PMT, Nexatecan) — technology that attaches a potent anti-cancer drug to an antibody via a 'linker' so that only cancer cells are targeted — and on the clinical progress of its own candidates. For 2025 the company posted revenue of ₩2.3 billion and an operating loss of ₩10.3 billion, a deficit typical of a firm still in the research-and-development phase. That year saw the termination of a license agreement for one of its ADC platforms in July, while its lead candidate ITC-6146RO advanced with Phase 1 clinical approvals in both Korea and the United States. The point to watch: while the balance sheet is supported by capital raised at listing, strong clinical data plus additional out-licensing would make it strong, whereas clinical delays or further contract terminations could shake both revenue and investor sentiment together.
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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 fell 20.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 157.5% higher than a year earlier.
- ROE is -42.8% (total-net basis). It is below the sector average.
- Operating margin is -448.0%.
- 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 Park Tae-gyo 19.57% (individual)
Controlling bloc incl. related parties 20.41%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
IntoCell does not earn money from a single line of business but is a clinical-stage drug developer with no marketed product yet, so most of its revenue comes from licensing income such as technology transfers and joint research. Annual revenue is therefore small at ₩2.3 billion, and because the company spends on R&D up front, its operating result is a loss — a natural picture for a drug developer. Its core technology is the antibody-drug conjugate (ADC): an antibody that binds to the surface of cancer cells carries a potent anti-cancer drug attached by a connecting 'linker,' so that healthy cells are spared and only cancer cells are attacked. The company holds platforms such as OHPAS, its own linker capable of attaching even phenol-based drugs; PMT, which reduces leakage of the drug into healthy cells; and Nexatecan, its own anti-cancer payload. It makes money in two ways: (1) upfront and milestone fees from letting other pharmaceutical companies use these platform technologies, and (2) the clinical results of its own candidate ITC-6146RO (a B7-H3-targeting anti-cancer agent), which will drive future corporate value. That the company was founded by a co-founder of LigaChem Biosciences also gives it a background of experience in the ADC field.
The latest close is ₩18,240 and the market capitalization is ₩274.0 billion. The price sits below its 20-day moving average (₩19,510) and below its 60-day moving average (₩23,991). 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 44.3, a neutral level. The one-month change is -24.9%, the three-month change is -46.4%, and the position relative to the 52-week high is -74.3%. Relative strength versus the KOSDAQ is 18 (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 18% of all stocks. Over the past three months it lagged the index by 21.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual basis, the P/E ratio (how many times a year's net profit the price is) cannot be calculated because net profit is a loss. The P/B (how many times net assets the price is) is 12.87x, higher than the industry median (9.34x), but that number alone does not make it expensive. For a clinical-stage biotech, the market prices in the value of held technology and pipeline in advance while product revenue and profit are still absent, so the P/E and P/B yardsticks used for ordinary manufacturing or service firms do not fit neatly. An ROE (return earned on shareholders' equity in a year) of -42.8% and an operating margin of -448% are also normal for a loss-making stage and not figures to be read straight away as distress. If anything, this company's strength lies in financial stability. The debt ratio (debt to equity) is 166.7%, but most of that debt appears to be accounting-based rather than actual borrowing, and the current ratio is 971%, so short-term liquidity is ample. Thanks to capital raised at its 2025 listing, it has the financial capacity to keep up R&D until revenue takes off in earnest.
Annual revenue went ₩1.6 billion in 2023 → ₩2.9 billion in 2024 → ₩2.3 billion in 2025. Last year it fell 20.9% year on year, but because licensing income swings with the timing of when a single contract is recognized, this movement is better seen as a matter of contract timing than of a struggling business. Indeed, Q1 2026 revenue was ₩0.28 billion, up 157.5% from a year earlier. So this company's growth should be read not by revenue growth rate but by how far its clinical stage advances. From that angle, the key point is that lead candidate ITC-6146RO received Phase 1 clinical approvals from Korea's MFDS and the U.S. FDA in succession in the second half of 2025, moving its development stage up a notch. The operating result went -₩17.4 billion in 2023 → -₩9.8 billion in 2024 → -₩10.3 billion in 2025 — a continuing loss, but this is closer to a signal that funds are being concentrated on clinical work and R&D than a sign of weak revenue. That said, the company has not published an official profit forecast for this year, so future results depend on clinical progress and on whether new technology-transfer deals materialize.
Disclosures over the past year read as two narratives. First, on the negative side, a July 9, 2025 disclosure announced the termination of a license agreement for the ADC platform technology, and around that time the share price fell from the ₩38,800 range to the ₩28,750 range. For a company whose core revenue source is licensing, a contract termination is a direct short-term shock. On the development-progress side, centered on lead candidate ITC-6146RO, the company submitted Phase 1 clinical plans to Korea's MFDS and the U.S. FDA respectively in August-October 2025, followed by U.S. FDA approval on November 27, MFDS approval on December 1, and, on December 29, approval of a change harmonizing the clinical plans in both countries. An investor presentation (IR) was also held on December 10 in between. On February 11, 2026, a disclosure of a 30%-or-more change in profit-and-loss structure confirmed last year's results (revenue of ₩2.3 billion, operating loss of ₩10.3 billion).
This company's strengths are clear. (1) As an ADC specialist with its own linker and payload platforms, it can license its technology to other pharmaceutical companies; (2) its lead candidate has received Phase 1 clinical approvals in Korea and the United States, so its development stage is genuinely advancing; and (3) with the 2025 listing, its short-term liquidity is ample enough to sustain R&D. Points to weigh alongside: with no product revenue yet, the loss is structural, so value depends heavily on clinical results and technology-transfer deals; and, as in July 2025, a severed partnership can shake revenue and investor sentiment together. It should also be kept in mind that Phase 1 is an early stage and it takes time for safety and efficacy data to accumulate. In sum, this is a stage where the stock is strong when ITC-6146RO's clinical data come out well and new technology transfers are added, and weak when clinical work is delayed or further contract terminations overlap. It can be seen as a stock to watch for pipeline progress while its financial capacity provides support.
🔎 Valuation vs peers Inconclusive
Rather than a simple industry code (R&D), the peer set was drawn from drug developers with the same actual business in ADC and platform technology; LigaChem Biosciences is in the same ADC linker/payload lineage as IntoCell (sharing the same founding roots), while Alteogen is a technology-transfer-focused platform biotech with a similar revenue structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | — | 8.87x | -18.04% |
| Alteogen | 111.02x | 31.22x | 25.80% |
(a) Position versus peers: the P/B of 13.57x is higher than LigaChem Biosciences (9.42x) and lower than Alteogen (40.56x), a middle range, but all three differ in pipeline stage and technology-transfer track record, so multiples alone cannot separate them by merit. (b) Premium/discount: entry into Phase 1 trials in Korea and the U.S. is a premium factor, while the July 2025 contract termination and the structural loss are discount factors, and they offset each other. (c) Limits of trailing and the forward basis: because last year's confirmed result was a loss, there is no trailing P/E, and revenue also swings sharply with the timing of contract recognition. For the future, with no official company forecast, only a seasonality-based approximation of DART confirmed results (about ₩5.9 billion for 2026) can be used as a gauge, and that is an unverified estimate. Before clinical results are out it is hard to call it cheap or expensive, so we view it as Inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩0.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩18,240 and the market capitalization is ₩274.0 billion. The price sits below its 20-day moving average (₩19,510) and below its 60-day moving average (₩23,991). 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 44.3, a neutral level. The one-month change is -24.9%, the three-month change is -46.4%, and the position relative to the 52-week high is -74.3%. Relative strength versus the KOSDAQ is 18 (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 18% of all stocks. Over the past three months it lagged the index by 21.3%. 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 -21.26% / 6M -47.00% / 12M -32.02%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 12.87x 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 -448.0%. The debt ratio is 81.5%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1M | $2.0M | $1.6M | -20.86% ↓ slower |
| Operating profit | -$12.2M | -$6.9M | -$7.2M | — |
| Net profit | -$11.8M | -$7.0M | -$7.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.1M | $2.0M | $1.6M |
| Operating profit | — | — | -$12.2M | -$6.9M | -$7.2M |
| Net profit | — | — | -$11.8M | -$7.0M | -$7.4M |
| Revenue CAGR | 2-yr avg 19.26% | ||||
Revenue fell 20.9% year over year (2023 ₩1.6 billion → 2024 ₩2.9 billion → 2025 ₩2.3 billion), and the three-year trend is 'mixed'. The rate of decline widened 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 3 years on record, revenue compound annual growth (CAGR) is 19.3%. The two-year revenue CAGR is 19.3%. In the most recent quarter (Q1 2026), revenue was 157.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 20.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-07-09UpdateDisclosed the termination of one license agreement for the ADC platform technology. As a company whose core revenue source is technology transfer, the short-term shock is large.Short term: as expectations for licensing income fell, the share price plunged from the ₩38,800 range to the ₩28,750 range around the disclosure. Mid term: the watch point is whether new technology-transfer deals fill the gap. Source
- 2025-11-27FilingDisclosed that the U.S. FDA had approved the Phase 1 clinical plan for lead candidate ITC-6146RO.Short term: a positive signal that the development stage has advanced. Mid term: entry into U.S. trials lays the groundwork for future global technology-transfer bargaining power. Source
- 2025-12-01FilingDisclosed that Korea's MFDS had approved the Phase 1 clinical trial plan for ITC-6146RO.Short term: Phase 1 entry confirmed in Korea as well. Mid term: simultaneous trials in Korea and the U.S. could speed up data accumulation. Source
- 2025-12-29FilingDisclosed approval of a change making the Korean Phase 1 clinical plan for ITC-6146RO identical to the U.S. FDA-approved version (harmonizing the Korea-U.S. protocols).Short term: the trials in both countries will now run on the same design. Mid term: greater data consistency increases future usability. Source
- 2026-02-11EarningsA disclosure of a 30%-or-more change in revenue or profit-and-loss structure confirmed the 2025 annual results (revenue of ₩2.3 billion, operating loss of ₩10.3 billion).Short term: continued loss confirmed. Mid term: with clinical costs still being spent, financial capacity and pipeline progress should be watched together rather than a swing to profit. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-02-11EarningsEarnings 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.