Y-Biologics (338840) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Y-Biologics is not a company that develops a drug all the way to market and sells it; its core income comes from discovering antibody drug candidates and licensing the technology out to pharmaceutical firms in exchange for upfront payments, milestones, and royalties. It holds what is reported to be Korea's largest human-antibody library and the 'ALiCE' bispecific-antibody platform, and it has a track record of out-licensing the bispecific antibody YBL-013 to China's 3D Medicines for about ₩95.2 billion. Recent filings center on changes in major-shareholder holdings and matters related to general meetings, while on the business side the YBL-013 China out-licensing and CDMO contracts are the key official collaboration events. The point to watch is this: it holds the tools to repeatedly generate candidate molecules and has an actual out-licensing track record, so its value can jump sharply if further deals close, and the share price has fallen -66.5% from the 52-week high; conversely, product revenue is still minimal and losses have run three years straight, so funding must keep going in, and share shifts tied to convertible bonds and convertible preferred stock can affect results and the share price.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Biotech (Drug Development & Research)” (Biotech & Pharmaceuticals), a type best read first through qualitative factors such as pipeline value and cash runway rather than earnings multiples.
Drug-discovery biotech firms often have little in the way of earnings or revenue yet, so P/E or sales multiples can't meaningfully capture their value. Instead, it makes more sense to judge them qualitatively — by the clinical stage of the pipeline, licensing and out-licensing progress, and the cash runway that keeps research going.
That said, meaningful revenue has yet to ramp, so pipeline value and cash runway may matter more than this metric.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 49.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 30.8% lower than a year earlier.
- ROE is -158.0% (total-net basis). It is below the sector average.
- Operating margin is -318.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Young-woo 23.17% (individual)
Controlling bloc incl. related parties 29.2%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Rather than developing a drug all the way to market and selling it directly, its core income comes from discovering antibody drug candidates, licensing the technology out to pharmaceutical firms, and receiving upfront payments, stage-based milestones, and royalties in return. Its core assets are what is reported to be Korea's largest human-antibody library and a bispecific-antibody platform called 'ALiCE' (antibodies that bind two different targets at once with a single drug). Its lead candidate is the immuno-oncology antibody YBL-006 (acrixolimab, an anti-PD-1), and the bispecific antibody YBL-013 has a track record of being out-licensed to China's 3D Medicines for about ₩95.2 billion. In short, it is a structure where value and results are set not by product-sales revenue but by 'the value of the pipeline of drugs in development' and 'the closing of further out-licensing deals.'
The latest close is ₩10,230 and the market capitalization is ₩157.2 billion. The price sits above its 20-day moving average (₩9,424) and below its 60-day moving average (₩13,198). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.5, a neutral level. The one-month change is -11.6%, the three-month change is -52.1%, and the position relative to the 52-week high is -71.3%. Relative strength versus the KOSDAQ is 32 (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 32% of all stocks. Over the past three months it lagged the index by 27.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
A P/E ratio (how many times a year's earnings the share price is) cannot be calculated for this company, because it is still loss-making and EPS is -₩2,735. So it must be viewed through P/B (how many times net assets the share price is, at 6.88x) and business progress. ROE (how much it earns in a year on equity) is -158% and the operating margin is -318% — this is the textbook look of a clinical-stage company not at the earning stage but putting capital into research and development. That these figures look poor because of the loss is common in drug-development biotech and need not be read as risk on its own. The debt ratio (debt against equity) of 209.8% looks high, but with a current ratio (assets readily convertible to cash within a year against debt due within a year) of about 36x, short-term funding pressure is not large. Much of the debt is presumed to be equity-like financial liabilities such as convertible bonds and convertible preferred stock rather than debt requiring immediate repayment, and the fact that the 2025 net loss (-₩42.0 billion) far exceeds the operating loss (-₩9.3 billion) also appears heavily influenced by non-operating items such as valuation gains and losses on these instruments.
Revenue was ₩3.5 billion in 2023, ₩5.8 billion in 2024, and ₩2.9 billion in 2025 — uneven year to year. It spikes in years when licensing upfronts and milestones come in and shrinks in years without them, the swing characteristic of a licensing business. So a company cannot be judged better or worse by a single year's revenue change, and the real growth driver for such a firm is not top-line revenue but 'closing new out-licensing deals' and 'progress in key clinical trials.' Q1 2026 revenue of ₩0.28 billion was down 30.8% year on year, but this is closer to a quarter without a large deal than a business that has turned down. Because it has not yet turned profitable, this year's forward earnings — or a P/E based on them — cannot be produced, and a company at this stage is properly assessed on pipeline value and clinical timelines rather than earnings multiples.
Recent filings center on reports of specified-securities holdings by executives and major shareholders and on matters related to general meetings (regular and extraordinary). A large-holding report was filed in December 2025, and into 2026 reports of changes in holdings by major shareholders including the founder continue, so shifts in the ownership structure warrant a look. On the business side, the key events are collaborations the company has officially announced, such as the China out-licensing track record for the bispecific antibody YBL-013 and CDMO (contract development and manufacturing) contracts. Positive momentum such as clinical progress and out-licensing exists alongside items to monitor such as fundraising and holding changes.
The strength is that it holds 'tools to repeatedly generate candidate molecules' in its own antibody library and bispecific platform, and it has actually closed an out-licensing deal. It has a structure where revenue and value can jump sharply if further out-licensing or major clinical progress emerges, and with the share price down -66.5% from the 52-week high, there is that much room to recover when good news arrives. Measured against peers using the same platform-and-licensing model, the P/B (6.88x) burden is not excessive either. On the other hand, the points to weigh are that product revenue is still minimal and losses have run three years straight, so funding must keep going in, and that share shifts and valuation swings tied to convertible bonds and convertible preferred stock can affect results and the share price. In short, this is a textbook clinical-stage biotech that is 'strong when new out-licensing or clinical good news arrives, and weak amid cash burn and clinical delays' — not a matter of declaring whether to buy or sell, but a name to follow while tracking pipeline progress and funding capacity together.
🔎 Valuation vs peers Inconclusive
Because the business substance is 'a clinical-stage biotech that monetizes antibody and platform-based drug candidates through out-licensing,' it is compared with domestic biotechs using the same antibody-and-platform licensing model (viewed through P/B and business progress rather than P/E, since it is loss-making).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | 0.00x | 8.87x | -18.04% |
| Alteogen | 111.02x | 31.22x | 25.80% |
This company is loss-making, so a P/E (earnings multiple) cannot be used, and it is viewed through P/B (8.12x) and pipeline progress. Its P/B level is similar to that of LigaChem Biosciences (P/B 9.81x), which uses the same platform-and-licensing model, and far below Alteogen (P/B 44.48x), which is profitable with its platform value strongly recognized. That said, simple multiple comparison alone cannot settle whether it is under- or overvalued. A loss-making company's P/B has the limitation of rising automatically as equity is eroded by losses, a trailing P/E on last year's confirmed results cannot be produced at all, and a forward P/E is meaningless until it turns profitable. Ultimately, the crux of value hinges on events such as 'closing further out-licensing deals' and 'progress in key clinical trials,' so we hold judgment on the valuation at this point.
Price history Close · MA20 · MA60
The latest close is ₩10,230 and the market capitalization is ₩157.2 billion. The price sits above its 20-day moving average (₩9,424) and below its 60-day moving average (₩13,198). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.5, a neutral level. The one-month change is -11.6%, the three-month change is -52.1%, and the position relative to the 52-week high is -71.3%. Relative strength versus the KOSDAQ is 32 (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 32% of all stocks. Over the past three months it lagged the index by 27.8%. 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 -27.82% / 6M -38.93% / 12M -5.65%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.01x is above the sector median (3.91x).
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 -318.2%. The debt ratio is 140.5%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.4M | $4.0M | $2.0M | -49.45% ↓ slower |
| Operating profit | -$7.1M | -$5.9M | -$6.5M | — |
| Net profit | -$14.7M | -$4.5M | -$29.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $2.4M | $4.0M | $2.0M |
| Operating profit | — | — | -$7.1M | -$5.9M | -$6.5M |
| Net profit | — | — | -$14.7M | -$4.5M | -$29.5M |
| Revenue CAGR | 2-yr avg -8.50% | ||||
Revenue fell 49.5% year over year (2023 ₩3.5 billion → 2024 ₩5.8 billion → 2025 ₩2.9 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 -8.5%. The two-year revenue CAGR is -8.5%. In the most recent quarter (Q1 2026), revenue was 30.8% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 49.5% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-12-18FilingLarge-holding report filed — report on changes in major-shareholder holdingsA signal of ownership-structure and supply-demand change, to be viewed alongside the potential for future fundraising and share dilution (medium term). Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩0.28 billion (-30.8% year on year), continued operating and net lossesConfirms top-line contraction and continued losses; until it turns profitable, further out-licensing and clinical progress are the crux (short term). Source
- 2026-06-10FilingReport of specified-securities holdings by executives and major shareholders — report on changes in securities held by major shareholdersA holding change by major shareholders and executives requiring a check from a supply-demand and governance standpoint (short term). Source
- 2024-12-12UpdateBispecific-antibody candidate YBL-013 out-licensed to China's 3D Medicines for about ₩95.2 billion (company official)A track record of a platform-based out-licensing deal closing, serving as grounds for expecting further out-licensing and as proof of the core income structure (medium term). Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27Disclosure
- 2026-05-27Shareholders' meeting notice
- 2026-05-19Shareholders' meeting notice
- 2026-05-15PeriodicQuarterly report
- 2026-04-23Disclosure
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-16OwnershipOwnership-change filing
- 2026-04-16Amended filing
- 2026-04-13Shareholders' meeting notice
- 2026-04-13Shareholders' meeting notice
📖 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.