ViGenCell, founded in 2013, is a biotech developing immune cell therapies — a clinical-stage company building cell-therapy platforms that harness the body's immune cells to target cancers and intractable diseases, so revenue is tiny and R&D spending drives the bottom line. In October 2025 it disclosed a supply contract of about ₩5.2 billion, more than 18 times the prior year's revenue; in February 2026 it reported full-year results (revenue ₩22.67 million, an operating loss of ₩17.1 billion, and a net loss of ₩16.3 billion), and in May its first-quarter results (revenue ₩0.3 billion, an operating loss of ₩2.8 billion, and a net loss of ₩2.6 billion). The notable point right now is that its strengths — a current ratio of about 2,003%, giving ample short-term funding room, and signs like the ₩5.2 billion contract that research is turning into actual deals — stand against the fact that it is still pre-product-revenue, so the company's value hinges heavily on clinical progress and its funding situation and would weaken if trials are delayed or additional financing drags on.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 91.9% year over year (3-year trend: mixed).
- ROE is -37.3% (total-net basis). It is below the sector average.
- Operating margin is -75453.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Gaeun Global 10.68% (corporate)
Controlling bloc incl. related parties 21.51%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- ViGenCell, founded in 2013, is a biotech developing immune cell therapies.
- Rooted in hematopoietic stem-cell research at the College of Medicine of the Catholic University of Korea, it develops cell-therapy platform technology that uses the body's immune cells to treat cancers and intractable diseases.
- Built on an industry-academia-research collaboration structure, it holds a pipeline targeting multiple tumors and intractable conditions.
- It is not yet at the stage of earning money by selling a drug in the market; it is a development-focused company researching candidate substances and validating them through clinical trials.
- As a result, revenue is small and R&D spending drives the bottom line, and the company's value turns more on pipeline progress and its funding situation than on near-term results.
- Because market capitalization is not large, a single disclosure (a contract, a financing, and so on) can affect its finances and share count, and that is worth watching too.
- The latest close is ₩5,540 and market capitalization is ₩113.6 billion.
- The price sits below its 20-day line (₩6,530) and below its 60-day line (₩8,746).
- With the price under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that measures the strength of gains versus losses over the past 14 days on a 0–100 scale) is 31.0, a neutral level.
- The price is down 40.5% over one month but up 12.0% over three months, and sits 64.9% below its 52-week high.
- Its relative strength versus the KOSDAQ is 93 (on a 1–99 scale that converts one-year return versus the index while weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 6% of all stocks by strength.
- Over the past three months it outpaced the index by 44.8%.
- Chart reading is best done alongside trading volume and the dates on which disclosures appeared.
- Recent annual (2025) revenue was ₩22.67 million — effectively pre-product-revenue — with an operating loss of ₩17.1 billion and a net loss of ₩16.3 billion.
- As a biotech developing a new drug, it operates with essentially no revenue while R&D spending determines the bottom line, so a loss is close to natural for a company at this stage.
- A P/E (how many times a year's earnings the share price is) cannot be calculated because earnings are negative; instead, the P/B (how many times book value the share price is) is 2.83x.
- Given that the adjacent peer set in the same sector spans 0.42x to 2.71x, the share price against book value sits in the middle-to-upper part of that range — on asset value alone, neither extremely expensive nor cheap.
- The current ratio is about 2,003%, so short-term payment capacity is ample, and the debt ratio is 124.1%.
- For a company at this stage, how long its cash on hand can sustain R&D is a more relevant yardstick than profitability metrics.
- As befits a clinical-stage biotech, the bottom line has been in the red for several years.
- Operating losses were ₩20.1 billion in 2023, ₩15.3 billion in 2024, and ₩17.1 billion in 2025 — uneven — while revenue appears only in small amounts when research or technology-related income is booked, so it varies widely year to year.
- The fact that 2025 revenue fell versus the prior year is better read as a difference in whether one-off income was recognized than as a slump in the core business.
- The most recent quarter (Q1 2026) shows revenue of ₩0.3 billion, an operating loss of ₩2.8 billion, and a net loss of ₩2.6 billion.
- Because no official company full-year figure is published, it is more accurate to follow the confirmed results and pipeline progress rather than assert this year's earnings.
- For a company like this, growth shows up first in clinical-stage advances and in events such as licensing-out and supply contracts, not in the revenue curve.
- On October 1, 2025 it disclosed a single-sale/supply contract worth about ₩5.2 billion — more than 18 times the prior year's revenue — a meaningful event for future revenue recognition.
- However, the reading depends on whether the deal ends with one transaction or feeds into repeatable revenue, so the contract term and recognition timing should be watched together.
- On February 4, 2026 came a disclosure of a change in annual results (revenue ₩22.67 million, an operating loss of ₩17.1 billion, a net loss of ₩16.3 billion), and on May 14 a Q1 2026 quarterly report (revenue ₩0.3 billion, an operating loss of ₩2.8 billion, a net loss of ₩2.6 billion).
- With results disclosures, it is worth checking whether they point the same direction as the annual trend and whether one-off factors are mixed in.
- ViGenCell is a clinical-stage biotech developing immune cell therapies, and applying the same yardstick used for ordinary manufacturing or profit-making firms is easy to misread.
- The strengths are clear: a current ratio of about 2,003% gives ample short-term funding room; signs such as the ₩5.2 billion supply contract show research turning into actual deals; and the share price against book value (P/B 2.83x) does not sit at an extreme within its peer set.
- The points to watch are equally clear: it is still pre-product-revenue, so losses continue — natural for a development-focused company, but meaning value hinges heavily on clinical progress and funding.
- In short, it is strong when the pipeline advances through clinical stages, revenue signals like the ₩5.2 billion contract accumulate repeatedly, and cash room supports the effort; it weakens when trials are delayed or additional financing drags on.
- The company's value turns on development progress and the ability to convert those results into revenue, more than on near-term profit or loss.
🔎 Valuation vs peers Undervalued
A peer set of similarly sized companies by market capitalization within research and development.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aptabio Therapeutics | — | 2.50x | -34.64% |
| Genexine | — | 0.43x | -11.03% |
| TiumBio | — | 2.95x | -46.05% |
We looked first at a public-data peer set of similar market capitalization within research and development. The current P/E (how many times a year's earnings the share price is) cannot be determined, and the P/B (how many times book value the share price is) is 2.60x. That said, for smaller-cap stocks, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. For the outlook box, an official company projection could not be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩5,540 and the market capitalization is ₩113.6 billion. The price sits below its 20-day moving average (₩6,530) and below its 60-day moving average (₩8,746). 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 31.0, a neutral level. The one-month change is -40.5%, the three-month change is +12.0%, and the position relative to the 52-week high is -64.9%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 44.8%. 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 +44.84% / 6M -32.49% / 12M +85.44%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.60x is below 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 -75453.1%. The debt ratio is 124.1%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $0 | $184,878 | $15,028 | -91.87% |
| Operating profit | -$13.3M | -$10.2M | -$11.3M | — |
| Net profit | -$11.8M | -$9.3M | -$10.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $184,878 | $15,028 |
| Operating profit | -$8.7M | -$12.1M | -$13.3M | -$10.2M | -$11.3M |
| Net profit | -$7.4M | -$11.5M | -$11.8M | -$9.3M | -$10.8M |
Revenue fell 91.9% year over year (2023 ₩0 → 2024 ₩278,946,254 → 2025 ₩22,674,300), and the three-year trend is 'mixed'. Operating results are in the red, so a swing back to profit matters more than the growth rate here.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 91.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-10-01ContractSingle-sale/supply contract signed: contract value ₩5.2 billion, 1,864.0% of recent revenueThe contract value and term are central to future revenue recognition. Whether the deal is one-off or repeatable divides the medium-term reading. Source
- 2026-02-04EarningsChange of 30% or more in revenue or profit/loss structure (15% for large corporations): annual revenue ₩22.67 million, operating loss ₩17.1 billion, net loss ₩16.3 billionThis is recently confirmed or preliminary results data. Check whether it points the same direction as the annual trend and whether one-off factors are present. Source
- 2026-05-14EarningsQuarterly report (2026.03): Q1 2026 revenue ₩0.3 billion, operating loss ₩2.8 billion, net loss ₩2.6 billionThis is recently confirmed or preliminary results data. Check whether it points the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,540 | ₩5,540 | Confirmed | link |
| Latest quarterly results | revenue ₩0.3 billion, operating profit -₩2.8 billion | revenue ₩0.3 billion, operating profit -₩2.8 billion | Confirmed | link |
| Annual results | revenue 2,267, operating profit -₩17.1 billion | revenue 2,267, operating profit -₩17.1 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩5.2 billion · revenue 1864.0% | ㆍapprox. : approx. ₩5.2 billion · revenue 1864.0% | Confirmed | link |
| Results disclosure source text | revenue30%: revenue 2,267 · operating profit -₩17.1 billion · net profit -₩16.3 billion | revenue30%: revenue 2,267 · operating profit -₩17.1 billion · net profit -₩16.3 billion | Confirmed | link |
| Results disclosure source text | (2026.03): 2026 1 revenue ₩0.3 billion · operating profit -₩2.8 billion · net profit -₩2.6 billion | (2026.03): 2026 1 revenue ₩0.3 billion · operating profit -₩2.8 billion · net profit -₩2.6 billion | Confirmed | link |
| Outlook box basis | — | — | Unverified | — |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25Disclosure
- 2026-02-24Disclosure
📖 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.