Voronoi is a new-drug developer that designs and synthesizes, in-house, small-molecule targeted therapies precisely fitted to specific cancer-causing proteins (mainly kinases). With no marketed drug yet, its 2025 revenue was only about ₩7.5 billion, and it earns money by out-licensing candidates to overseas pharmaceutical companies and by carrying clinical trials forward itself; it holds a pipeline, mostly at the Phase 1/2 stage, including the fourth-generation EGFR inhibitor VRN11. Recent disclosures - repeated approvals and applications for changes to VRN11's clinical trial plan - show development is under way, and there were IR events in May and June and a disclosure designating the party exercising the call option on convertible bonds issued in 2025 (the 3rd series, ₩50 billion; this designation ₩1.5 billion, with dilution of about 0.07% on conversion, an immaterial effect). The key point now is that its record of out-licensing the lung-cancer candidate VRN07 to a U.S.-listed company has already proven it 'makes drugs worth buying,' and VRN11 draws attention as a fourth-generation candidate with potential to address brain metastases and expand into first-line treatment, with clinical funding secured; yet the inherent uncertainty of clinical-stage biotech means that if results miss or are delayed, the basis for valuation wobbles and losses and cash burn continue.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- ROE is -41.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -723.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hyun-tae 36.06% (individual)
Controlling bloc incl. related parties 40.2%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- Voronoi is a new-drug developer that designs and synthesizes, in-house, small-molecule targeted therapies that fit precisely onto specific cancer-causing proteins (mainly kinases).
- With no drug yet on the market, revenue is almost nil (2025 revenue of about ₩7.5 billion), and instead it earns money in two ways.
- First, out-licensing fees received for handing candidate substances to overseas pharmaceutical companies (upfront payments, milestones by stage, and sales royalties).
- Notably, the lung-cancer candidate VRN07 was handed to ORIC in the U.S. and is under development as ORIC-114, and the autoimmune candidate VRN04 was handed to Anvia in the U.S.
- Second, a strategy of carrying clinical trials all the way through to raise value, then handing them over on better terms or commercializing them.
- The core pipeline includes the fourth-generation EGFR (a lung-cancer-causing gene-mutation target) inhibitor VRN11 (clinical code VRN110755), the HER2-targeting VRN10, the PKMYT1-targeting VRN16, and the USP1-targeting VRN19, most at the Phase 1/2 stage.
- In other words, this company's structure is not selling 'the money it earns now' but selling 'the seeds of new drugs that will sell in the future.'
- The recent closing price is ₩169,000 and the market cap is ₩3.1 trillion.
- The price sits below the 20-day line (₩187,695) and below the 60-day line (₩243,198).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward force over the last 14 days on a 0-100 scale) is 39.7, a neutral level.
- The one-month change is -14.6%, the three-month change is -38.1%, and the position versus the 52-week high is -53.5%.
- Relative strength versus the KOSDAQ is 75 (on a 1-99 scale that weights recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 24% of all stocks by strength.
- Over the past three months it lagged the index by 17.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Looking only at the current profit and loss, this is a loss-making company.
- In 2025 operating profit was -₩54.38 billion and net profit -₩42.71 billion, with an ROE (how much is earned in a year on equity) of -41.1%.
- That said, these figures reflect a clinical-stage company that has no drug to sell yet - 'revenue simply hasn't come in' rather than losses from a collapsing business.
- The P/E ratio (how many times a year's earnings the price represents) cannot be calculated because earnings are negative, and the fact that accounting metrics look abnormally high - a P/B (how many times book net assets the price represents) of 29.96x and a P/S (how many times revenue the price represents) of 464.9x - is because revenue and capital are small, and because valuing this company by earnings multiples is not the right approach to begin with.
- Financial safety, by contrast, is rather good.
- The current ratio is 1,878%, giving ample cash-like assets relative to debt due soon, a result of securing clinical funding in advance through means such as the convertible bonds (₩50 billion in scale) issued in 2025.
- For clinical-stage biotech, what matters most is 'whether there is cash to carry the trials all the way through,' and on that point it has the strength to hold out.
- As a clinical-stage company, year-by-year growth rates for revenue and earnings carry little meaning.
- Net losses over the past five years ran -₩15.1 billion (2021), -₩19.9 billion (2022), -₩36.8 billion (2023), -₩32.6 billion (2024), and -₩42.7 billion (2025), reflecting increased R&D spending as the pipeline expanded to several programs and trials advanced - a typical investment phase that a new-drug developer goes through before commercialization.
- In Q1 2026, a cumulative net loss of about ₩22.0 billion continued the losses.
- Accordingly, this company's 'growth' should be read through clinical progress, not the revenue curve.
- Points to watch going forward are (1) that first-line treatment (for patients with no prior treatment history) trials of the lead VRN11 are set to begin in the first half of 2026, with interim results due to be released within the year, and (2) that ORIC, which took over VRN07, is conducting global trials, so development milestones could flow in as it advances through stages.
- When such events actually occur, the structure is one in which corporate value reacts before the profit and loss does.
- Recent disclosures are mostly about clinical progress and funding and shareholdings.
- Over May and June, disclosures on approvals and applications for changes to the clinical trial plan of the lead candidate VRN110755 (VRN11) appeared repeatedly, a signal that development is under way as the clinical protocol is refined.
- On June 2 and May 13 it held investor briefings (IR) to explain pipeline progress directly.
- On May 8 there was a disclosure designating the party exercising the call option (the issuer's right to buy back the bonds) on the convertible bonds issued in 2025 (the 3rd series, ₩50 billion); the scale designated this time was ₩1.5 billion (about 0.07% of shares outstanding on conversion), so the dilution effect is immaterial.
- Because the current price (₩189,600) is higher than the conversion price (₩108,381), these convertible bonds are in a favorable zone relative to the share price.
- Beyond this, large-holding and executive-shareholding change reports followed.
- The strengths are clear.
- With its in-house design capability it has assembled several targeted-cancer-therapy pipeline programs, and its record of out-licensing a lung-cancer candidate (VRN07) to a U.S.-listed company has already proven once that it 'makes drugs worth buying by others.' The lead VRN11 draws attention as a fourth-generation candidate aimed at patients who have developed resistance to existing targeted therapies, with potential to address brain metastases and expand into first-line treatment, and clinical funding has been secured in advance.
- On the other hand, the point to note is the inherent uncertainty of clinical-stage biotech.
- If clinical results fall short of expectations or are delayed, the basis for valuation wobbles, and with no revenue of its own yet, losses and cash burn continue.
- Out-licensing milestones also hinge on the counterparty company's clinical success or failure.
- In sum, this is not a stock to judge cheap or expensive by earnings metrics (P/E or P/B): it is strong when clinical data proceed smoothly and out-licensing advances, and weak when trials miss or funding grows tight.
🔎 Valuation vs peers Inconclusive
Domestic clinical- and platform-based new-drug biotech (a business structure of out-licensing in-house candidate substances overseas).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Alteogen | 113.48x | 36.11x | 31.82% |
| Voronoi | — | 29.96x | -41.14% |
(a) The true peer group: Voronoi is not a pharmaceutical company that earns money from marketed products, but a clinical and out-licensing biotech that makes candidate substances and hands them overseas. From this perspective, a platform and licensing biotech such as Alteogen is structurally a closer peer than a commercialized pharmaceutical company. (b) Premium/discount: such a company has no earnings yet, so the P/E cannot be calculated and the P/B and P/S are shown abnormally high, meaning it is not tenable to discuss premium or discount by these multiples alone. (c) Limits of trailing metrics: the value of clinical-stage biotech comes not from confirmed last-year results but from the pipeline's clinical probability of success and out-licensing potential value. Until VRN11 clinical data and out-licensing progress are confirmed, cheap or expensive cannot be concluded by earnings multiples, so we regard it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩169,000 and the market capitalization is ₩3.1 trillion. The price sits below its 20-day moving average (₩187,695) and below its 60-day moving average (₩243,198). 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 39.7, a neutral level. The one-month change is -14.6%, the three-month change is -38.1%, and the position relative to the 52-week high is -53.5%. Relative strength versus the KOSDAQ is 75 (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 76% of all stocks. Over the past three months it lagged the index by 17.2%. 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 -17.15% / 6M +0.23% / 12M +35.41%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 29.96x 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 -723.9%. The debt ratio is 165.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $0 | $0 | $5.0M | — |
| Operating profit | -$20.8M | -$24.1M | -$36.0M | — |
| Net profit | -$24.4M | -$21.6M | -$28.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.8M | $6.5M | $0 | $0 | $5.0M |
| Operating profit | -$7.2M | -$11.8M | -$20.8M | -$24.1M | -$36.0M |
| Net profit | -$10.0M | -$13.2M | -$24.4M | -$21.6M | -$28.3M |
| Revenue CAGR | 4-yr avg -15.57% | ||||
The three-year revenue trend is 'mixed'. 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 -15.6%.
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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-10FilingDisclosure of a material management matter for investment judgment (correction) regarding the application for a change to the Phase 1/2 clinical trial plan of the lead candidate VRN110755 (VRN11)A signal suggesting development is under way as the clinical protocol is adjusted; the closer clinical progress and interim-result releases come, the more directly it affects value. Source
- 2026-06-02IRInvestor briefing (IR) held - explaining pipeline progress and clinical plansFor a clinical-stage company, the clinical schedules and strategy disclosed at IR often become share-price catalysts. Source
- 2026-05-08FilingDesignation of the party exercising the call option (the issuer's right to buy back) on the 3rd-series convertible bonds (issued in 2025, ₩50 billion total) - this designation ₩1.5 billion in scaleThe designated scale is small, so the dilution effect is immaterial (about 0.07% on conversion). With the current price above the conversion price (₩108,381), the convertible bonds are in a favorable zone relative to the share price. Source
- 2026-05-15EarningsSubmission of the Q1 2026 quarterly report - losses continue on clinical investment, with a cumulative net loss of about ₩22.0 billionGiven the clinical-stage nature with no revenue, losses and cash burn are a scheduled trajectory. The key is whether development continues with the secured clinical funding. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization | ₩3.1 trillion | ₩3.1 trillion | Confirmed | link |
| Continued losses (2025 net loss) | net profit -427.1 | 2026 1 | Confirmed | link |
| Existence of outstanding convertible bond balance | 3 | 500 , ₩108,381, 2030-07-04 | Confirmed | link |
| 2026 official company results outlook | — | — | Unverified | link |
Recent filings
- 2026-06-10Amended filing
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02Disclosure
- 2026-05-27Amended filing
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-26Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-05-08Material-fact report
- 2026-04-15OwnershipOwnership-change 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.