Aptabio Therapeutics (293780) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Aptabio Therapeutics is a research-driven biotech that uses three of its own platforms, oxidative-stress modulation, CAF modulation and an aptamer-drug conjugate (Apta-DC), to develop first-in-class drugs with novel mechanisms of action, aiming to license its technology to global pharmaceutical companies and earn upfront payments, milestones and royalties. In February 2026 it confirmed a change in results, with full-year revenue of ₩3.7 billion, an operating loss of ₩15.8 billion and a net loss of ₩16.3 billion, and in December 2025 the exercise of conversion rights converted a cumulative 380,000-plus shares (1.39% of total shares) into stock. What stands out most recently is that positive clinical data or a successful technology export could bring a large re-valuation from a price down as much as 59.7% from its 52-week high and a P/B of 2.38x; but if trials are delayed or results fall short of expectations, losses may continue and dilution from financing may accumulate.
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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 rose 10.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 150.2% higher than a year earlier.
- ROE is -34.6% (total-net basis). It is below the sector average.
- Operating margin is -428.4%.
- 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 Lee Su-jin 17.42% (individual)
Controlling bloc incl. related parties 27.22%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Aptabio Therapeutics is a research-driven biotech developing first-in-class drugs with novel mechanisms of action based on its own platform technologies. At its core are three proprietary platforms: a technology that modulates oxidative stress in the body (oxidative stress modulation), a CAF-modulation technology that targets the cells forming the environment around a tumor, and an aptamer-drug conjugate (Apta-DC) technology that attaches a drug to a substance called an aptamer to deliver it to a target. Its way of earning money differs from ordinary manufacturing. Rather than selling a candidate all the way through itself, the goal is to prove efficacy and safety in trials, hand the technology to a global pharmaceutical company, and receive upfront payments, staged milestones and royalties. So the essence of the business lies in clinical-stage progress and whether a technology export (licensing-out) is achieved, more than the current scale of revenue. As it is a small-cap stock, one should also note that a single disclosure can weigh heavily on the financials and share count.
The latest close is ₩5,860 and the market capitalization is ₩164.6 billion. The price sits above its 20-day moving average (₩4,586) and above its 60-day moving average (₩5,117). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 68.5, a neutral level. The one-month change is +33.2%, the three-month change is -28.4%, and the position relative to the 52-week high is -43.8%. Relative strength versus the KOSDAQ is 52 (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 52% of all stocks. Over the past three months it outpaced the index by 9.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year, revenue was ₩3.7 billion, with an operating loss of ₩15.8 billion and a net loss of ₩16.3 billion. An operating margin of -428.4% and an ROE (how much it earns in a year on equity) of -34.6% mean the profitability metrics are in the red. But this reflects the nature of a clinical-stage biotech that is still pouring money into R&D rather than selling drugs, so it is hard to judge by the same yardstick as a profitable manufacturer. With no profit, the P/E is not calculable, and the P/B (how many times book value the share price is), which looks at price against assets, is 2.38x. For a loss-making company, value is better judged by the cash and capital available to sustain trials than by accounting profit. This company has a current ratio (assets that can be turned into cash versus debt due within a year) of 260.9%, so short-term solvency has room, and a debt ratio (debt relative to equity) of 127.2%.
Revenue rose from a small base of ₩0.3 billion in 2023 to ₩3.4 billion in 2024 and ₩3.7 billion in 2025, and first-quarter 2026 revenue was ₩1.0 billion, up 150.2% year on year. That said, this revenue is still research and licensing-fee in nature and small in scale, and the essential value lies in the progress of the clinical pipeline more than the revenue figure. This year's outlook is for revenue of about ₩8.1 billion, an estimate reflecting the first-quarter result and the cumulative quarterly revenue trend, and it points to a top line that could step up a notch from last year. Even so, as long as clinical spending continues, losses are likely to persist for the time being. For this reason, this stock's 'growth' comes not from the timing of a swing to profit but from events such as securing clinical data for key candidates and closing technology-export deals. Once that momentum is confirmed, value can be re-rated substantially even on modest revenue; if it is delayed, the funding need lengthens, and both sides must be viewed together.
In the February 9, 2026 disclosure, a change in results was confirmed, with full-year revenue of ₩3.7 billion, an operating loss of ₩15.8 billion and a net loss of ₩16.3 billion; one should check whether the size of the loss moves in the same direction as R&D spending and whether any one-off factors are present. On December 23, 2025, the exercise of conversion rights converted a cumulative 380,000-plus shares (1.39% of total shares outstanding) into stock, and on December 24, 2025 the conversion price was adjusted. When convertible bonds turn into stock, funds come into the company while the share count rises and existing shareholders are diluted, so the key is to check the use of funds (clinical and operating) alongside the change in share count. For a clinical-stage biotech, such financing is a routine part of sustaining trials, so it is best to view the scale of the raise and the degree of dilution in balance.
This is a stock whose strengths and weaknesses split clearly. The strong case is when clinical data for key candidates come out positive or a technology-export deal is struck with a global pharmaceutical company. For a clinical-stage biotech, a single such event can re-rate value substantially, and with the price down as much as 61.7% from its 52-week high and the RSI in depressed territory, low expectations are baked in, which can work as room for a rebound. A P/B of 2.38x on an asset basis is not much of a stretch relative to comparable loss-making biotech peers. The weak case, conversely, is when clinical progress is delayed or results fall short. In that case revenue is small, losses continue, and repeated financing such as convertible bonds and equity raises to keep trials going can accumulate dilution. In sum, since this is a stage where the fate of the pipeline, not profit, drives value, it is reasonable to track the clinical timeline and the progress of technology-export talks.
🔎 Valuation vs peers Undervalued
Peers of comparable market capitalization within research and development.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Genexine | — | 0.53x | -11.03% |
| TiumBio | — | 3.74x | -46.05% |
| ViGenCell | — | 2.67x | -37.33% |
We looked first at public-data peers of comparable market capitalization within research and development. The current P/E (how many times one year's earnings the share price represents) could not be determined, and the P/B (how many times book value) is 4.03x. That said, smaller-cap stocks are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩8.1 billion | — | — |
| Next quarter | Q2 2026 | ₩1.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,860 and the market capitalization is ₩164.6 billion. The price sits above its 20-day moving average (₩4,586) and above its 60-day moving average (₩5,117). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 68.5, a neutral level. The one-month change is +33.2%, the three-month change is -28.4%, and the position relative to the 52-week high is -43.8%. Relative strength versus the KOSDAQ is 52 (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 52% of all stocks. Over the past three months it outpaced the index by 9.6%. 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 +9.57% / 6M -1.73% / 12M -29.90%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.03x is in line with 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 -428.4%. The debt ratio is 31.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $227,519 | $2.4M | $2.6M | +10.02% ↓ slower |
| Operating profit | -$11.5M | -$13.2M | -$11.1M | — |
| Net profit | -$8.5M | -$20.6M | -$11.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $157,134 | $33,968 | $227,519 | $2.4M | $2.6M |
| Operating profit | -$8.0M | -$6.7M | -$11.5M | -$13.2M | -$11.1M |
| Net profit | -$7.5M | -$7.4M | -$8.5M | -$20.6M | -$11.5M |
| Revenue CAGR | 4-yr avg 101.64% | ||||
Revenue rose 10.0% year over year (2023 ₩323,868,818 → 2024 ₩3.4 billion → 2025 ₩3.7 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 101.6%. The two-year revenue CAGR is 237.9%. In the most recent quarter (Q1 2026), revenue was 150.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 10.0% 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
- 2026-02-09EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): full-year revenue ₩3.7 billion, operating loss ₩15.8 billion, net loss ₩16.3 billionThis is a recent confirmed or preliminary earnings disclosure. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-12-24UpdateAdjustment of conversion price: conversion price ₩1This disclosure should be read with both the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, the key is whether the actual investment is executed and connects to revenue. Source
- 2025-12-23UpdateExercise of conversion rights: exercise of conversion rights / (2025.12.23) exercise of conversion rights. 1. Cumulative shares from exercise of conversion rights (excluding already-reported quantities): 385,621; total shares outstanding 27,707,784; share of total shares outstanding (%) 1.39. 2. Subject to KFTC reporting: not applicable. 3.This disclosure should be read with both the purpose of the incoming funds and the change in share count. Where a facility or operating purpose is stated, the key is whether the actual investment is executed and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,860 | ₩5,860 | Confirmed | link |
| Latest quarterly results | revenue ₩1.0 billion, operating profit -₩6.1 billion | revenue ₩1.0 billion, operating profit -₩6.1 billion | Confirmed | link |
| Annual results | revenue ₩3.7 billion, operating profit -₩15.8 billion | revenue ₩3.7 billion, operating profit -₩15.8 billion | Confirmed | link |
| Earnings disclosure (source text) | revenue30%: revenue ₩3.7 billion · operating profit -₩15.8 billion · net profit -₩16.3 billion | revenue30%: revenue ₩3.7 billion · operating profit -₩15.8 billion · net profit -₩16.3 billion | Confirmed | link |
| Financing disclosure (source text) | ₩1 | ₩1 | Confirmed | link |
| Financing disclosure (source text) | /(2025.12.23) 1. 385,621 - 27,707,784 - (%) 1.39 2. 3. | /(2025.12.23) 1. 385,621 - 27,707,784 - (%) 1.39 2. 3. | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-14Disclosure
- 2026-04-06Disclosure
- 2026-04-01Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Amended filing
- 2026-03-13Disclosure
📖 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.