GI Innovation is a biotech that develops protein-based new drugs such as immuno-oncology and allergy treatments in-house; with almost no revenue from selling drugs yet, its income instead comes from milestone and licensing fees for handing candidate drugs to pharmaceutical companies. In 2025 revenue was ₩5.8 billion and the operating loss ₩40.7 billion, and in Q1 2026 it posted a quarterly operating loss of ₩12.4 billion, a development stage in which trial costs keep flowing out. What stands out recently is that if its pipeline — the allergy drug out-licensed to Yuhan and Maruho, and immuno-oncology candidates such as GI-101 and GI-102 — delivers in the clinic and additional licensing deals are struck, large upfront payments would be booked as revenue, whereas a trial failure or delay could leave only losses with no revenue.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 23943.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 100.0% lower than a year earlier.
- ROE is -30.2% (total-net basis). It is below the sector average.
- Operating margin is -696.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Myung-ho 6.06% (individual)
Controlling bloc incl. related parties 7.57%
With the controlling bloc holding 8%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- GI Innovation is a new-drug developer that makes immuno-oncology and allergy treatments in-house.
- Its lead candidates are the dual-fusion immuno-oncology drugs GI-101 and GI-102, which join two different proteins into one, and the allergy drug GI-301, which targets IgE (the antibody that triggers allergies).
- The company is not at the stage of earning revenue by selling finished drugs; instead it generates income by handing the rights to candidate drugs in development to pharmaceutical companies and receiving upfront payments and stage-based milestone fees.
- In fact the allergy drug GI-301 has been out-licensed to Yuhan and Japan's Maruho, and the cancer candidates are in clinical stages at home and abroad.
- The stock trades at ₩7,840, below its 20-day, 60-day and 120-day moving averages (the average of recent prices), meaning both the short- and medium-term trends point down.
- Its six-month return is -53.7%, leaving it roughly 63% below its 52-week high.
- The RSI (a gauge of short-term overheating and cooling on a 0-100 scale) is 33.5, down near oversold.
- It is a flow that directly reflects the high-volatility character of biotech, where events such as clinical-result releases move the stock.
- Because this company is still at the development stage and not yet profitable, profit-based metrics are of limited use.
- The P/E ratio (how many times one year of profit the share price represents) cannot be calculated given the loss.
- The P/B (how many times book shareholders' equity the price represents) is 4.32x and the P/S (how many times revenue the price represents) is a very high 86.6x.
- With revenue so small, sales-based metrics carry little meaning.
- ROE (how much the company earns in a year on its equity) is -30.2% and the operating margin is -696%, a loss-making structure.
- Financial resilience, however, is not bad.
- Net debt (total borrowings minus cash) is -₩35.6 billion, a net-cash position with more cash than debt, and the current ratio (cash-like assets against debt due within a year) is 5.7x, leaving ample short-term funding room.
- The debt-to-equity ratio is 109%.
- A biotech developer is structured to absorb such losses while spending on trials, so the picture fits better when you look at cash on hand and pipeline progress together rather than at profit metrics.
- Revenue rose sharply to ₩5.8 billion in 2025 from ₩0.24 billion the prior year, but this surge is a base effect from differences in the timing of milestone receipts.
- Since revenue itself is lumpy depending on contract timing, a biotech trait, it is hard to judge the trend from growth rates alone.
- The operating loss narrowed a little each year, from ₩53.3 billion in 2023 to ₩48.3 billion in 2024 and ₩40.7 billion in 2025.
- In Q1 2026 the quarterly operating loss was ₩12.4 billion.
- This company's results come not from normal revenue growth but from clinical success and new licensing deals — that is, large upfront payments are booked as revenue when a candidate advances to the next clinical stage or a deal is struck with a new partner.
- So projecting this year's net profit onto a normal track is meaningless; clinical progress and licensing determine the results.
- Most recent disclosures relate to clinical trials.
- In May and June 2026 there was a series of trial-plan approvals and change applications — for a trial combining the immuno-oncology drug GI-102 with another cancer drug, and for a GI-108 monotherapy trial.
- This signals that the cancer pipeline continues to be pushed into clinical stages.
- In May 2026 the company decided to cancel treasury shares.
- A treasury-share cancellation removes shares the company holds to reduce the share count, a shareholder-return measure that raises the stake value of remaining shareholders.
- The allergy drug GI-301 was earlier out-licensed to Yuhan and Maruho and is in trials.
- Such clinical and deal events are the key variables for this company's share price and results.
- This is a new-drug developer viewed by pipeline value rather than profit.
- It has two strengths.
- First, using its own dual-fusion protein technology, it is running several immuno-oncology and allergy new drugs.
- Second, in a net-cash position with a high current ratio, it faces little immediate funding pressure.
- On top of that, it showed a shareholder-return intent through a treasury-share cancellation.
- The cautions are equally clear.
- With almost no sales revenue yet, the loss continues.
- Results depend entirely on clinical success and new licensing deals, so a trial failure or delay could pile up losses with no revenue.
- In short, it is a typical pipeline biotech — strong in phases where clinical progress and licensing appear, and weak in phases where trial results go awry.
🔎 Valuation vs peers Inconclusive
Compared against loss-stage platform biotechs that earn income from pipeline licensing without revenue from finished drugs; LigaChem Biosciences and Lunit are the substantive peers, while Alteogen, a platform biotech that has turned profitable, is for reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | 0.00x | 8.62x | -18.04% |
| Lunit | 0.00x | 5.71x | -34.48% |
| Alteogen | 113.48x | 36.11x | 31.82% |
This company cannot be valued on a P/E because it has no profit, and its P/S carries little meaning because revenue is lumpy with contract timing. What remains are price relative to assets and pipeline value. A P/B of 4.32x is on the lower side versus fellow loss-stage platform biotechs LigaChem Biosciences (8.6x) and Lunit (5.7x). But the actual value of a biotech new-drug maker rests not on book equity but on how far its candidates advance in the clinic and at what price they are out-licensed, so a simple multiple comparison alone cannot conclude cheap or expensive. Net cash and ample liquidity are a positive in that they provide the resilience to keep trials going. Ultimately, until the results variables of clinical data and licensing deals are confirmed, it is right to withhold judgment.
Price history Close · MA20 · MA60
The latest close is ₩7,840 and the market capitalization is ₩505.8 billion. The price sits below its 20-day moving average (₩10,564) and below its 60-day moving average (₩12,839). 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 33.5, a neutral level. The one-month change is -33.7%, the three-month change is -40.7%, and the position relative to the 52-week high is -63.4%. Relative strength versus the KOSDAQ is 26 (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 25% of all stocks. Over the past three months it lagged the index by 19.0%. 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 -19.03% / 6M -43.95% / 12M -61.88%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.32x 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 -696.4%. The debt ratio is 109.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $3.5M | $16,093 | $3.9M | +23943.39% ↑ faster |
| Operating profit | -$35.3M | -$32.0M | -$26.9M | — |
| Net profit | -$36.8M | -$39.0M | -$23.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7M | $2.3M | $3.5M | $16,093 | $3.9M |
| Operating profit | -$20.3M | -$45.0M | -$35.3M | -$32.0M | -$26.9M |
| Net profit | -$99.9M | -$52.9M | -$36.8M | -$39.0M | -$23.3M |
| Revenue CAGR | 4-yr avg 1.05% | ||||
Revenue rose 23943.4% year over year (2023 ₩5.3 billion → 2024 ₩24,281,460 → 2025 ₩5.8 billion), and the three-year trend is 'mixed'. 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 1.1%. The two-year revenue CAGR is 4.8%. In the most recent quarter (Q1 2026), revenue was 100.0% 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 23943.4% 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
- 2026-06-08FilingApplied for approval of a change to the Phase 1/2a trial plan evaluating the safety, pharmacokinetics and therapeutic effect of the immuno-oncology drug GI-108 as monotherapyAn event showing clinical progress in the cancer pipeline, a signal that the development stage keeps advancing Source
- 2026-05-29FilingApplied for approval of a Phase 1b/2 trial plan evaluating the anticancer activity and safety of GI-102 combined with pasritamig in metastatic castration-resistant prostate cancerAn expansion of combination trials for the core immuno-oncology drug GI-102, a medium-term event that shapes pipeline value Source
- 2026-05-13FilingDecided to cancel treasury shares held by the companyA shareholder-return measure that raises shareholder value by reducing the share count, confirming the company's shareholder-return intent Source
- 2026-05-15EarningsFiled the Q1 2026 quarterly report — quarterly operating loss ₩12.4 billion, net loss ₩12.3 billionConfirms a development stage in which trial-cost spending continues. Results hinge on whether licensing deals are struck Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08Disclosure
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Amended filing
- 2026-05-28Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
📖 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.
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