Vaxcell-Bio, founded in 2010, develops anti-cancer immunotherapies, centered on a treatment platform built around natural killer (NK) cells, the innate immune cells that attack cancer most powerfully. It holds several drug candidates and is at a stage of concentrating resources on R&D, aiming to win approval through clinical trials. A March 2026 business report and a February disclosure finalized annual figures of ₩7.1 billion in revenue, an operating loss of ₩15.5 billion, and a net loss of ₩13.3 billion, and the May quarterly report showed Q1 2026 revenue of ₩1.5 billion, an operating loss of ₩4.6 billion, and a net loss of ₩4.0 billion. What stands out lately is a two-sided picture: a debt ratio of 9.4% and a current ratio of 8.5x make the balance sheet solid, a P/B of 1.51x means the stock is not expensive against assets, and the price has been pressed down -64% from its 52-week high; but as a clinical-stage biotech, volatility is high until results arrive, and if R&D drags on, additional fund-raising could increase the share count.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 271.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.7% lower than a year earlier.
- ROE is -21.8% (total-net basis). It is above the sector average.
- Operating margin is -219.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Je-jung 9.22% (individual)
Controlling bloc incl. related parties 12.48%
With the controlling bloc holding 12%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Vaxcell-Bio, founded in 2010, is a company specializing in developing anti-cancer immunotherapies.
- At its core is a treatment based on natural killer (NK) cells, the innate immune cells that attack cancer most powerfully, and it holds several types of drug candidates (a pipeline) built around this NK-cell platform.
- In other words, this is not a company earning money by selling many products right now, but one at a stage of concentrating resources on R&D, aiming to win drug approval through clinical trials.
- For a clinical-stage biotech like this, it is natural to look less at the sheer scale of revenue and more at how far the pipeline has advanced in trials and whether disclosures such as licensing-out or partnerships appear.
- The latest close is ₩4,165 and market capitalization is ₩96.9 billion.
- The price sits below its 20-day line (₩4,625) and its 60-day line (₩5,978).
- Trading beneath both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 35.4, a neutral level.
- The one-month change is -13.7%, the three-month change is -45.4%, and the price stands -62.1% below its 52-week high.
- Relative strength versus the KOSDAQ is 27 (on a 1-99 scale, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 74% of all stocks by strength.
- Over the past three months it has lagged the index by 27.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Given the nature of a clinical-stage biotech, it does not yet generate profit, so the P/E ratio (how many times a year's earnings the share price is) cannot be computed, and value is judged on an asset basis via the P/B ratio (how many times book value the share price is).
- The P/B is 1.58x, sitting in the middle of its peer group (Abion 1.14x, TiumBio 2.71x, Genexine 0.42x), so the stock is not especially expensive against assets.
- The balance sheet is, if anything, solid.
- The debt ratio (debt against equity) is very low at 9.4%, and the current ratio (readily usable assets against debt due within a year) reaches 8.5x, giving ample short-term cash room.
- It posted an annual operating loss of ₩15.5 billion and a net loss of ₩13.3 billion, but these stem less from weak revenue than from the structure of spending on research to develop new drugs.
- In other words, rather than judging it 'expensive' or 'risky' on trailing (already-finalized past-year) figures alone, the picture fits only when clinical progress and cash headroom are viewed together.
- Revenue grew from about ₩0.01 billion in 2023 to ₩1.9 billion in 2024 and ₩7.1 billion in 2025, scaling up.
- But because the starting base is small, the growth-rate figures swing widely, and in the most recent Q1 2026, revenue of ₩1.5 billion was down 10.7% year on year.
- This year's revenue is gauged at around ₩11.9 billion, but for a clinical-stage biotech revenue scale is not the essential yardstick of value.
- The operating loss ran at ₩11.5 billion in 2023, ₩15.0 billion in 2024, and ₩15.5 billion in 2025, a continuing loss, because the company keeps investing R&D spending into its NK-cell drug pipeline.
- For a company like this, growth comes not from the revenue curve but from clinical progress and events such as licensing-out and partnerships.
- So rather than the fact that it posted a loss, the key is watching whether that loss connects to meaningful clinical data and pipeline advances.
- Recent disclosures are earnings-centric, with three confirmed.
- In the March 16, 2026 business report (for 2025), annual revenue of ₩7.1 billion, an operating loss of ₩15.5 billion, and a net loss of ₩13.3 billion were finalized, and on February 9, 2026 a disclosure on changes in the profit-and-loss structure released the same annual results in advance.
- In the May 15, 2026 quarterly report (Q1 2026), revenue of ₩1.5 billion, an operating loss of ₩4.6 billion, and a net loss of ₩4.0 billion appeared.
- Since this is a clinical-stage company, alongside these earnings disclosures the clinical results and contract-related IR or disclosures still to come can have a larger impact on the share price, so they are worth watching together.
- The strengths are clear.
- With a debt ratio of 9.4% and a current ratio of 8.5x, the balance sheet is solid, so this is not a company pressed for cash right now; at a P/B of 1.51x the stock is not expensive against assets; and the price has been pressed down -64% from its 52-week high, a level where expectations have fallen considerably.
- It also holds a clear technology pillar in NK-cell anti-cancer immunotherapy.
- On the other side, the point to note is that the value of a clinical-stage biotech ultimately hinges on clinical success or failure, so volatility is high until results arrive, and if R&D drags on, additional fund-raising (rights offerings, convertible bonds, and the like) could increase the share count, which must be kept in mind.
- In short, this is a stock that is strong when trials advance and meaningful data or contracts emerge from the pipeline, and weak when clinical delays or fund-raising coincide.
- A distinctive feature is that the current price level has already priced out much of that expectation.
🔎 Valuation vs peers Undervalued
Compared against R&D names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Abion | — | 0.88x | -42.51% |
| TiumBio | — | 2.95x | -46.05% |
| Genexine | — | 0.43x | -11.03% |
Within R&D, we prioritized public-data comparables with nearby market capitalization. The current P/E ratio (how many times a year's earnings the share price is) cannot be determined, and the P/B ratio (how many times book value the share price is) is 1.58x. That said, because smaller-cap names are heavily swayed by earnings swings and capital-raising disclosures, we did not draw firm conclusions from last year's finalized figures alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩11.9 billion | — | — |
| Next quarter | Q2 2026 | ₩1.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩4,165 and the market capitalization is ₩96.9 billion. The price sits below its 20-day moving average (₩4,625) and below its 60-day moving average (₩5,978). 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 35.4, a neutral level. The one-month change is -13.7%, the three-month change is -45.4%, and the position relative to the 52-week high is -62.1%. Relative strength versus the KOSDAQ is 27 (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 26% of all stocks. Over the past three months it lagged the index by 27.0%. 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 -26.99% / 6M -48.41% / 12M -57.84%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.58x 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 -219.6%. The debt ratio is 9.4%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $9,095 | $1.3M | $4.7M | +271.59% ↓ slower |
| Operating profit | -$7.6M | -$10.0M | -$10.3M | — |
| Net profit | -$6.8M | -$7.0M | -$8.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $9,095 | $1.3M | $4.7M |
| Operating profit | -$3.9M | -$5.4M | -$7.6M | -$10.0M | -$10.3M |
| Net profit | -$3.2M | -$4.5M | -$6.8M | -$7.0M | -$8.8M |
| Revenue CAGR | 2-yr avg 2167.56% | ||||
Revenue rose 271.6% year over year (2023 ₩13,723,327 → 2024 ₩1.9 billion → 2025 ₩7.1 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 3 years on record, revenue compound annual growth (CAGR) is 2167.6%. The two-year revenue CAGR is 2167.6%. In the most recent quarter (Q1 2026), revenue was 10.7% lower 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 271.6% 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 of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: annual revenue ₩7.1 billion, operating loss ₩15.5 billion, net loss ₩13.3 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩1.5 billion, operating loss ₩4.6 billion, net loss ₩4.0 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-03-16EarningsBusiness report (2025.12): revenue ₩7.1 billion, operating loss ₩15.5 billion, net loss ₩13.3 billionThis is recent finalized or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,165 | ₩4,165 | Confirmed | link |
| Latest quarterly results | revenue ₩1.5 billion, operating profit -₩4.6 billion | revenue ₩1.5 billion, operating profit -₩4.6 billion | Confirmed | link |
| Annual results | revenue ₩7.1 billion, operating profit -₩15.5 billion | revenue ₩7.1 billion, operating profit -₩15.5 billion | Confirmed | link |
| Earnings disclosure (original text) | revenue30%: revenue ₩7.1 billion · operating profit -₩15.5 billion · net profit -₩13.3 billion | revenue30%: revenue ₩7.1 billion · operating profit -₩15.5 billion · net profit -₩13.3 billion | Confirmed | link |
| Earnings disclosure (original text) | (2026.03): 2026 1 revenue ₩1.5 billion · operating profit -₩4.6 billion · net profit -₩4.0 billion | (2026.03): 2026 1 revenue ₩1.5 billion · operating profit -₩4.6 billion · net profit -₩4.0 billion | Confirmed | link |
| Earnings disclosure (original text) | (2025.12): revenue ₩7.1 billion · operating profit -₩15.5 billion · net profit -₩13.3 billion | (2025.12): revenue ₩7.1 billion · operating profit -₩15.5 billion · net profit -₩13.3 billion | Confirmed | link |
| Basis of the forecast box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24Shareholders' meeting notice
- 2026-03-16Audit report
- 2026-03-16PeriodicAnnual business report
- 2026-03-04Disclosure
- 2026-03-03Shareholders' meeting notice
- 2026-03-03Amended 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.