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.
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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 closing price is ₩21,900 and the market cap is ₩329.0 billion.
- The price sits below the 20-day line (₩23,510) and below the 60-day line (₩30,376).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 41.5, a neutral level.
- The one-month change is -7.6%, the three-month change is -42.5%, and the position versus the 52-week high is -69.2%.
- Relative strength against the KOSDAQ is 40 (1-99, converting return versus the index over the past year with more weight on recent moves; higher means stronger than the market).
- That places it in roughly the top 61% of all stocks by strength.
- Over the past three months it lagged the index by 23.9%.
- Chart reading is best done alongside trading volume and disclosure dates.
- 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 13.29x, 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 | — | 8.62x | -18.04% |
| Alteogen | 113.48x | 36.11x | 31.82% |
(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 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 ₩21,900 and the market capitalization is ₩329.0 billion. The price sits below its 20-day moving average (₩23,510) and below its 60-day moving average (₩30,376). 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 41.5, a neutral level. The one-month change is -7.6%, the three-month change is -42.5%, and the position relative to the 52-week high is -69.2%. Relative strength versus the KOSDAQ is 40 (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 39% of all stocks. Over the past three months it lagged the index by 23.9%. 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 -23.90% / 6M -54.06% / 12M -47.90%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 13.29x 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 -448.0%. The debt ratio is 166.7%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.1M | $1.9M | $1.5M | -20.86% ↓ slower |
| Operating profit | -$11.5M | -$6.5M | -$6.8M | — |
| Net profit | -$11.1M | -$6.6M | -$7.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.1M | $1.9M | $1.5M |
| Operating profit | — | — | -$11.5M | -$6.5M | -$6.8M |
| Net profit | — | — | -$11.1M | -$6.6M | -$7.0M |
| 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 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 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
- 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.