TiumBio is a drug-development company that develops its own drug candidates through the clinical stage and then earns money by transferring the rights to pharmaceutical companies at home and abroad (out-licensing), so the progress of its candidates and whether contracts are signed are the crux of its results. A February 2026 disclosure confirmed a results change of full-year revenue of ₩12.3 billion, operating profit of -₩16.1 billion and net profit of -₩18.8 billion, and there were convertible-bond-related disclosures in July and October 2025 (₩0.9 billion; ₩3.2 billion, conversion price ₩5,250). The notable point recently is that revenue grows rapidly each year and the loss steadily narrows, and at a price pushed down as far as -72% from the 52-week high it is cheap on an asset-value basis; still, since it is at a pre-profit stage, its cash on hand, additional financing and the possibility of convertible bonds converting into stock must be viewed alongside clinical progress.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 241.6%).
- The most recent full-year net result was a loss.
- Revenue rose 80.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 40.1% higher than a year earlier.
- ROE is -46.1% (total-net basis). It is below the sector average.
- Operating margin is -131.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hoon-taek 28.95% (individual)
Controlling bloc incl. related parties 30.83%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis
- TiumBio is a drug-development company that researches and develops its own drug candidates, carries them through the clinical stage, and then earns money by transferring the rights to pharmaceutical companies at home and abroad (out-licensing).
- Unlike a typical pharmaceutical company that mass-produces and sells its own drugs, the crux of its results is the development progress of its candidates and whether contracts are signed.
- With a market cap of about ₩110.7 billion, which is not large, it is best to watch how a single disclosure — such as clinical results or a contract or financing — affects results and the share count.
- The recent close is ₩4,010 and the market cap is ₩120.5 billion.
- The price sits below the 20-day line (₩4,177) and the 60-day line (₩7,456).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that weighs upward versus downward strength over the last 14 days on a 0–100 scale) is 34.6, a neutral level.
- The one-month change is -28.8%, the three-month change is -63.1%, and the position versus the 52-week high is -69.5%.
- Relative strength versus the KOSDAQ is 62 (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).
- That places it in roughly the top 38% by strength among all stocks.
- Over the past three months it lagged the index by 47.1%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For the most recent full year (2025), revenue was ₩12.3 billion, operating profit -₩16.1 billion and net profit -₩18.8 billion.
- With an operating margin of -131.4%, an ROE (how much is earned on equity in a year) of -46.1% and a debt ratio (debt relative to equity) of 241.6%, the numbers alone show a loss and not a little debt.
- That said, for a drug-development company it is common for research costs to pile up as losses until a product goes on sale in earnest, so this loss must be viewed as a feature of the business model itself.
- The P/E is not calculated because earnings are a loss, and the asset-value-based P/B (how many times book value the share price is) is 2.95x.
- In the diagnosis, valuation is undervalued versus peers and financial soundness is average.
- In other words, it is not 'expensive and burdensome' but rather a company at a pre-profit stage being viewed on an asset-value basis.
- Revenue grew rapidly each year, from ₩4.9 billion in 2023 to ₩6.8 billion in 2024 and ₩12.3 billion in 2025, and the growth pace is speeding up (+80.9% year on year).
- In the most recent quarter (first quarter of 2026), revenue of ₩3.0 billion also rose +40.1% from the same period a year earlier, extending the growth.
- Over the same period the operating loss steadily narrowed, from -₩27.8 billion in 2023 to -₩18.7 billion in 2024 and -₩16.1 billion in 2025, a picture of the loss shrinking as revenue grows.
- This year's revenue of around ₩17.5 billion naturally points one step larger, connected to a flow in which income from out-licensing contracts and clinical-stage progress feeds into revenue.
- That said, because a drug-development company's revenue can be uneven quarter to quarter depending on contract timing, it is right to look at the annual trend rather than any single quarterly figure.
- A February 11, 2026 disclosure confirmed a results change of full-year revenue of ₩12.3 billion, operating profit of -₩16.1 billion and net profit of -₩18.8 billion.
- It is read together for whether it points the same way as the annual trend and whether any one-off factors are mixed in.
- On the funding side, there were convertible-bond-related disclosures in July and October 2025 (₩0.9 billion; ₩3.2 billion, conversion price ₩5,250).
- A convertible bond is debt that can later turn into stock, so it is an item to view together with both the effect of incoming funds and the possibility of the share count rising.
- As is typical of a drug-development company, additional disclosures such as clinical results and out-licensing contracts largely steer the direction of results and the share price.
- The strengths are clear.
- Revenue grows rapidly each year and its pace is speeding up, and the loss is steadily narrowing, a direction of the business moving forward.
- The share price has fallen to a -72% position from its high and the RSI is in depressed territory, and on an asset-value (P/B) basis it is cheap versus peers, so it is not a stock with a heavy price burden.
- The cautions are just as clear.
- Because it is still at a pre-profit stage, the cash the company holds and whether it raises additional funds matter, and if the convertible bonds convert into stock the share count can rise.
- Ultimately it is a structure that strengthens — with faster improvement in revenue and losses — if clinical progress and out-licensing contracts come on schedule, and weakens if clinical delays, a fallen-through contract or additional financing overlap.
- The key to understanding this company is to view the essence of development progress alongside the fact that the price is cheap.
🔎 Valuation vs peers Undervalued
Peers with adjacent market caps within research and development.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Genexine | — | 0.43x | -11.03% |
| Aptabio Therapeutics | — | 2.50x | -34.64% |
| Vaxcell-Bio | — | 1.58x | -21.82% |
The primary reference was a public-data peer set with nearby market caps within research and development. The current P/E (how many times a year's earnings the share price is) is not available, and the P/B (how many times book value the share price is) is 2.95x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩17.5 billion | — | — |
| Next quarter | Q2 2026 | ₩4.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,010 and the market capitalization is ₩120.5 billion. The price sits below its 20-day moving average (₩4,177) and below its 60-day moving average (₩7,456). 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 34.6, a neutral level. The one-month change is -28.8%, the three-month change is -63.1%, and the position relative to the 52-week high is -69.5%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 47.1%. 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 -47.08% / 6M -19.93% / 12M -20.35%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.95x 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 -131.4%. The debt ratio is 241.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.2M | $4.5M | $8.1M | +80.92% ↑ faster |
| Operating profit | -$18.4M | -$12.4M | -$10.7M | — |
| Net profit | -$12.6M | -$15.6M | -$12.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $37,644 | $6.0M | $3.2M | $4.5M | $8.1M |
| Operating profit | -$21.7M | -$17.0M | -$18.4M | -$12.4M | -$10.7M |
| Net profit | -$21.4M | -$20.8M | -$12.6M | -$15.6M | -$12.5M |
| Revenue CAGR | 4-yr avg 283.53% | ||||
Revenue rose 80.9% year over year (2023 ₩4.9 billion → 2024 ₩6.8 billion → 2025 ₩12.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened 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 283.5%. The two-year revenue CAGR is 58.4%. In the most recent quarter (Q1 2026), revenue was 40.1% higher than the same period a year earlier.
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.
- Revenue grew 80.9% 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
- 2025-10-23UpdateAcquisition of bonds before maturity after issuance of convertible bonds (including overseas convertible bonds): bond-related amount ₩3.2 billion · conversion price ₩5,250A disclosure to be read alongside the purpose of the incoming funds and the change in share count. When a facilities or operations purpose is stated, the key is whether the actual investment is executed and linked to revenue. Source
- 2025-07-22UpdateAcquisition of bonds before maturity after issuance of convertible bonds (including overseas convertible bonds): bond-related amount ₩0.9 billion · conversion price ₩5,250A disclosure to be read alongside the purpose of the incoming funds and the change in share count. When a facilities or operations purpose is stated, the key is whether the actual investment is executed and linked to revenue. Source
- 2026-02-11EarningsChange of 30% or more (15% for large corporations) in revenue or earnings structure: full-year revenue ₩12.3 billion · operating profit -₩16.1 billion · net profit -₩18.8 billionRecent confirmed or preliminary results material. It is read together for whether it points the same way as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,010 | ₩4,010 | Confirmed | link |
| Latest quarterly results | revenue ₩3.0 billion, operating profit -₩4.5 billion | revenue ₩3.0 billion, operating profit -₩4.5 billion | Confirmed | link |
| Annual results | revenue ₩12.3 billion, operating profit -₩16.1 billion | revenue ₩12.3 billion, operating profit -₩16.1 billion | Confirmed | link |
| Financing disclosure source text | : ₩3.2 billion · ₩5,250 | : ₩3.2 billion · ₩5,250 | Confirmed | link |
| Financing disclosure source text | : ₩0.9 billion · ₩5,250 | : ₩0.9 billion · ₩5,250 | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩12.3 billion · operating profit -₩16.1 billion · net profit -₩18.8 billion | revenue30%: revenue ₩12.3 billion · operating profit -₩16.1 billion · net profit -₩18.8 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-03Disclosure
- 2026-04-03Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Disclosure
- 2026-03-11Amended 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.