Cellbion develops radiopharmaceuticals that treat cancer by delivering radioactive isotopes precisely to tumor cells. Its lead candidate is '177Lu-focuvotide,' a targeted therapy aimed at advanced prostate cancer; the company is still at the pre-commercial stage, so annual revenue is small at about ₩1.9 billion and mostly research- and technology-related, which means its value rests on the approval and launch of the drug under development. In March 2026 it decided on a new investment of about ₩3.02 billion in a GMP radiopharmaceutical production facility, beginning to lay the groundwork for commercialization, and in April it secured funding by issuing third-party allotment convertible preferred stock (about ₩25.0 billion) and a third series of convertible bonds (₩25.0 billion, 0% coupon) in quick succession. The points worth watching now: a differentiated pipeline in targeted radiopharmaceuticals for prostate cancer, domestic approval work paired with an in-house production facility, secured commercialization funding, and a stock that has fallen more than 60% from its 52-week high are strengths, while the fact that it is still pre-profit means a delayed or off-track drug approval would weaken the basis for its value, and conversion of the preferred stock and bonds into common shares would bring dilution alongside it.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 15.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 27.7% higher than a year earlier.
- ROE is -33.2% (total-net basis). It is below the sector average.
- Operating margin is -423.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Kwon 30.23% (individual)
Controlling bloc incl. related parties 36.41%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis
- Cellbion develops 'radiopharmaceuticals' that treat cancer by delivering radioactive isotopes precisely to tumor cells.
- Its lead candidate is '177Lu-focuvotide,' a targeted therapy for metastatic castration-resistant prostate cancer (advanced prostate cancer that no longer responds well to other treatments).
- It works by attaching lutetium-177, which emits radiation, to PSMA, a target abundant on the surface of prostate cancer cells, thereby selectively attacking those cells.
- Still at the pre-commercial stage, annual revenue is small at about ₩1.9 billion, and most of it is research- and technology-related.
- The company's value therefore rests less on the profit it earns today and more on whether the drug under development wins approval and actually reaches the market.
- The latest close is ₩14,520 and the market cap is ₩187.4 billion.
- The price sits below its 20-day line (₩16,764) and below its 60-day line (₩24,424).
- Being under both the short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 30.3, a neutral reading.
- The price is down 17.9% over one month and 49.0% over three months, and stands 63.8% below its 52-week high.
- Relative strength versus the KOSDAQ is 55 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 45% of all stocks by strength.
- Over the past three months it trailed the index by 36.9%.
- Chart reading is best done alongside trading volume and disclosure dates.
- This is the financial profile typical of a clinical-stage biotech.
- Still pre-profit, no P/E (how many years of earnings the price represents) can be computed, and EPS (earnings per share) is -₩587.
- In 2025 ROE (how much a company earns in a year on its equity) was -33.2% and the operating margin was -423.9%, plainly showing the development-stage trait of R&D and operating costs exceeding revenue.
- The P/B (how many times net assets the price represents) is 8.22x, but this figure arises because the market is pricing in the future value of the drug pipeline rather than the assets on the books, so it is better read as reflecting what expectations are embedded than simply as 'expensive.' Loss-making biotechs in the same field carry similarly high multiples of net assets for the same reason, making it hard to judge burden from this multiple alone.
- Meanwhile, a current ratio of 11x means short-term solvency is ample, and the April 2026 financing added further operating capital.
- The P/S at 117x is large simply because revenue is small in the first place, so for this company clinical and approval progress matter more than revenue or earnings multiples.
- The top line has been uneven.
- Revenue ran ₩1.47 billion in 2023, ₩2.29 billion in 2024, and ₩1.95 billion in 2025, down 15.0% year on year in 2025, though the three-year average grew about 15%, leaving the trend mixed.
- In the most recent quarter, Q1 2026 cumulative revenue of ₩0.61 billion was up 27.7% from the same period a year earlier, turning the quarterly momentum back upward.
- That said, this company's growth engine is not revenue itself but the approval and commercialization of its drug.
- Still pre-profit, it has no officially stated revenue or profit plan figures for this year, so a forward P/E based on future earnings likewise cannot be meaningfully computed until a swing to profit is confirmed.
- This is not to disparage the figures but to note that a clinical-stage company's value is more accurately assessed through clinical results and approval progress than through earnings multiples.
- That the lead candidate targets castration-resistant prostate cancer, an area of large unmet need, and that domestic approval work and facility construction are proceeding together, are the practical yardsticks for gauging its future growth potential.
- Recent disclosures boil down to two threads.
- First, in March 2026 the company decided on a new investment (about ₩3.02 billion, or 10.1% of shareholders' equity) in a radiopharmaceutical manufacturing facility (GMP production facility), beginning to build the production base for commercialization.
- Second, in April 2026 it issued third-party allotment convertible preferred stock (about ₩25.0 billion) and a third series of convertible bonds (face value ₩25.0 billion, 0% coupon) in quick succession, securing facility and operating funds, with both issues completed.
- That the financing thickened the funds available for development and production is a positive, while the dilution that would follow if the preferred stock and convertible bonds later convert into common shares is something to watch alongside it.
- Splitting the picture into strengths and cautions makes it clear.
- The strengths are a differentiated pipeline in targeted radiopharmaceuticals for prostate cancer, the simultaneous pursuit of domestic approval and an in-house production facility, and commercialization funds secured ahead of time through 2026 financing.
- Also worth noting is that the stock has fallen more than 60% from its 52-week high, a spot where expectations have cooled considerably.
- The cautions are that, still being pre-profit, a delayed or off-track drug approval could weaken the basis for its value, and that share count increases when the preferred stock and convertible bonds convert into common shares.
- In sum, this is a stock strong in phases where approval and commercialization proceed smoothly and weak in phases where the approval timeline slips or funding dilution comes to the fore, with its direction hinging sharply on the outcome.
🔎 Valuation vs peers Inconclusive
Compared against domestic clinical-stage biotechs that are not yet profitable, with FutureChem the closest in business character as it works in the same radiopharmaceutical and PSMA field; since loss-making firms have no usable P/E, position is gauged by P/B (multiple of net assets).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| FutureChem | 0.00x | 3.56x | -20.59% |
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| ABL Bio | 0.00x | 29.13x | -24.44% |
Cellbion's P/B of about 10x is higher than FutureChem's (4.8x), the most similar in business, comparable to LigaChem Biosciences (9.8x), and below ABL Bio (36.7x). All of these are loss-making, however, so a P/E based on last year's confirmed results (past earnings) cannot be used, and it is hard to conclude expensive or cheap from a net-asset multiple alone. The value of such clinical-stage companies ultimately rests on whether drug approval and commercialization succeed, so with current financial metrics alone it is hard to judge fair value, and we leave it inconclusive. If approval proceeds smoothly the current multiple can be justified, while a delay or failure could widen the discount.
Price history Close · MA20 · MA60
The latest close is ₩14,520 and the market capitalization is ₩187.4 billion. The price sits below its 20-day moving average (₩16,764) and below its 60-day moving average (₩24,424). 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 30.3, a neutral level. The one-month change is -17.9%, the three-month change is -49.0%, and the position relative to the 52-week high is -63.8%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it lagged the index by 36.9%. 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 -36.93% / 6M -20.36% / 12M -42.77%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 8.22x is above the sector median (1.37x).
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
Return on equity (ROE) is -33.2%, below the sector average (3.0%). The operating margin is -423.9%. The debt ratio is 154.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $975,111 | $1.5M | $1.3M | -15.05% ↓ slower |
| Operating profit | -$3.3M | -$4.7M | -$5.5M | — |
| Net profit | -$2.4M | -$4.8M | -$5.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $975,111 | $1.5M | $1.3M |
| Operating profit | — | — | -$3.3M | -$4.7M | -$5.5M |
| Net profit | — | — | -$2.4M | -$4.8M | -$5.0M |
| Revenue CAGR | 2-yr avg 14.98% | ||||
Revenue fell 15.0% year over year (2023 ₩1.5 billion → 2024 ₩2.3 billion → 2025 ₩1.9 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 15.0%. The two-year revenue CAGR is 15.0%. In the most recent quarter (Q1 2026), revenue was 27.7% 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 15.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-22EquityDecision on a rights offering issuing 762,859 convertible preferred shares (CPS) via third-party allotment. The purpose is ₩17.0 billion for facilities and ₩8.0 billion for operations, with an initial conversion price of ₩32,771.A positive in securing the funds needed for commercialization and facility investment, though when the preferred stock converts into common shares the increased share count creates a dilution burden (medium term). Source
- 2026-04-22EquityDecision to issue a third series of unsecured private-placement convertible bonds (CB) with a face value of ₩25.0 billion. Coupon and yield to maturity of 0%, maturity April 2031, initial conversion price ₩36,048, purpose ₩17.0 billion for facilities and ₩8.0 billion for operations.Raising funds on interest-free terms keeps the interest burden low, but the future dilution on conversion and the early-redemption put right (from April 2028) should be weighed alongside it (medium term). Source
- 2026-04-23FilingResults disclosure (voluntary) confirming that the issuance of the above convertible preferred stock and third series of convertible bonds was actually completed.The planned large-scale financing was completed through actual payment, confirming that commercialization funding is secured (short term). Source
- 2026-03-20FilingDecision on the expansion and relocation of the corporate R&D center and investment in a radiopharmaceutical manufacturing facility (about ₩3.02 billion, or 10.1% of shareholders' equity). Investment period March-July 2026, located in Pangyo, Seongnam, Gyeonggi.A commercialization-preparation step that builds the GMP facility base for in-house production following drug approval (medium term). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 cumulative revenue growth (YoY) | +27.7% | (2026.03) | Confirmed | link |
| Radiopharmaceutical manufacturing facility investment amount | approx. ₩3.0 billion | ₩3.0 billion | Confirmed | link |
| Scale of April 2026 financing | approx. ₩25.0 billion + ₩25.0 billion | CB ₩25.0 billion, CPS 170+ 80 | Confirmed | link |
| P/B (price-to-book ratio) | 10.02x | — | Unverified | — |
Recent filings
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14PeriodicQuarterly report
- 2026-04-23Disclosure
- 2026-04-23Disclosure
- 2026-04-22Material-fact report (amended)
- 2026-04-22Material-fact report (amended)
- 2026-04-15Material-fact report
- 2026-04-15Material-fact report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Disclosure
📖 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.