Inventage Lab is a drug-development and contract-manufacturing (CDMO) company that uses microfluidic technology to encase drugs inside tiny beads (microspheres) to make long-acting injectables that, once injected, release slowly over weeks to months. 2025 revenue of ₩2.9 billion rose 64.8% from the prior year, but with research-and-development costs still large it posted an operating loss of ₩28.4 billion and a net loss of ₩8.5 billion; the net loss has, however, been shrinking for three straight years from ₩27.0 billion in 2023. What stands out lately is that a once-a-month dementia treatment (IVL3003) and long-acting injectable pipelines for obesity and hair loss are advancing into clinical stages and CDMO contracts are beginning to attach, highlighting the platform's value; but with no stable, profitable business yet, results hinge heavily on clinical success and funding capacity.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 64.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 132.3% higher than a year earlier.
- ROE is -13.1% (controlling-interest basis). It is above the sector average.
- Operating margin is -965.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Ju-hee 11.65% (individual)
Controlling bloc incl. related parties 18.91%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Inventage Lab is a company that develops and contract-manufactures long-acting injectables (LAI) that release a drug slowly over a long time inside the body.
- The core is its own platform (IVL-DrugFluidic), which uses microfluidic technology to encase a drug in uniform tiny beads (microspheres).
- By precisely controlling the size and porosity of the beads, the goal is to turn a drug taken daily into an injection given once a month.
- It plans to earn money mainly along two lines.
- One is technology licensing and co-development of its own drug candidates, and the other is contract development and manufacturing (CDMO), making others' drugs on their behalf.
- That said, current revenue is still small and swings year to year.
- The 2025 revenue of ₩2.9 billion is largely development-service and early-CDMO in character, so it has not yet reached a stage of stably recurring product revenue.
- The stock is in a clear downtrend.
- The current price of ₩36,000 sits below the 20-day line (₩40,395), the 60-day line (₩50,365) and the 120-day line (₩64,010).
- This is a textbook bearish alignment in which the short-, medium- and long-term moving averages press down in order from above.
- It has fallen sharply, -17.9% over the past month, -41.8% over three months and -56.7% over six months.
- Against its 52-week high it is at roughly -63.8%.
- RSI is 36.6, close to oversold but not yet a confirmed-bottom signal.
- This is a company whose valuation cannot be viewed on an earnings basis.
- Still in the red, its P/E ratio (how many times one year's earnings the price represents) cannot be computed.
- P/B (how many times net assets the price represents) is 7.43x and P/S (how many times one year's revenue the price represents) is 163x, both very high on the absolute figures alone.
- This means the share price is set on the future value of the platform and pipeline, not on results.
- Profitability is still negative.
- On a 2025 basis the operating margin is -965.7% and ROE (how much is earned on equity in a year) is -13.1%, as the revenue scale is still too small to cover R&D costs.
- On the balance sheet the debt itself is not heavy.
- Net debt (total borrowings minus cash) is about ₩6.0 billion, not large, and the current ratio (cash-like assets versus debt due within a year) is 2.02x, so there is short-term repayment capacity.
- That said, free-cash-flow yield (the ratio of actual cash generated to market cap) is negative at -5.3%, meaning it is still in a stage of spending cash on R&D rather than earning cash from operations.
- Revenue is growing fast, but the scale is small and swings are large.
- 2025 revenue of ₩2.9 billion rose 64.8% from the prior year.
- First-quarter 2026 revenue also rose 132.3% year on year.
- But because the absolute amounts are small, results swing widely from quarter to quarter depending on the timing of development services and contracts.
- Conversely, losses are steadily narrowing.
- The net loss shrank for three straight years, from ₩27.0 billion in 2023 to ₩17.0 billion in 2024 and ₩8.5 billion in 2025.
- Future results depend on pipeline progress rather than any set revenue growth rate.
- If clinical trials advance and technology-licensing and CDMO contracts are struck, large revenue comes in step-like, but in a quarter without contracts it can be empty again.
- Estimating this year's earnings by simple extrapolation is therefore not appropriate.
- In 2026 disclosures related to clinical trials and shareholdings continued.
- On April 20 a disclosure of clinical results for the key candidate IVL3003 appeared.
- It is a first-in-human (Phase 1) pharmacokinetic study aimed at turning a daily dementia drug (donepezil, brand name Aricept) into an injection given once a month.
- The company voluntarily disclosed this as a major managerial matter relevant to investment decisions.
- On April 14 it disclosed a decision to reduce a subsidiary's capital, a move to tidy up the subsidiary structure.
- Beyond this, several changes in executive and major-shareholder holdings and large-holding reports followed.
- The frequency of these ownership moves is a point for investors to check.
- On June 1 the first-quarter 2026 quarterly report was filed.
- Inventage Lab is a company to view by platform and pipeline rather than results.
- Its strength is the scalability of the technology.
- A single microfluidic platform can make long-acting injectables for various conditions such as dementia (IVL3003), obesity, hair loss and addiction, and it can also generate revenue as a CDMO producing others' drugs.
- That the loss has narrowed for three years and net debt is light are positives.
- On the other hand, the points to watch are clear.
- With no recurring profitable business yet, its value swings heavily on clinical success and contract closure.
- Clinical trials carry ever-present risks of failure and delay, and with a structure that keeps spending cash on R&D, funding capacity must also be watched.
- In sum, it is a stock that is strong when clinical data come out well and technology-licensing and CDMO contracts attach, and weak when clinical delays or funding burdens come to the fore.
- The current high P/B and P/S are also a signal that these future expectations are already reflected in the share price.
🔎 Valuation vs peers Inconclusive
Inventage Lab is a clinical-stage drug-delivery and CDMO company not yet earning a profit. Because an earnings-based P/E comparison does not hold, a multiple comparison with mature, profitable companies is of limited meaning. We make a qualitative comparison with Peptron, a Korean company developing long-acting injectables based on the same tiny beads (microspheres). Both are not yet profitable, so the P/E does not hold, and we reference only the price-to-net-assets multiple (P/B).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Peptron | 0.00x | 26.16x | -9.73% |
(a) The true peer: Peptron, which also develops microsphere long-acting injectables, is likewise not yet profitable, so its P/E does not hold, and its P/B is in the 26x range. This field shares the trait of being evaluated by platform and pipeline value rather than by a P/E comparison with profitable companies. (b) Premium/discount: Inventage Lab's P/B of 7.43x is lower than Peptron's (26x range) but still high in absolute terms. This means the share price is set on future pipeline value rather than net assets. If clinical trials succeed the premium could be justified; if they are delayed or fail it could shrink quickly. (c) Limits of trailing metrics: with no current P/E and revenue swinging with contract timing, it is hard to conclude overvaluation or undervaluation on past multiples alone. The heart of the valuation is not financial multiples but clinical data and contract closure. We therefore view it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩36,000 and the market capitalization is ₩479.1 billion. The price sits below its 20-day moving average (₩40,395) and below its 60-day moving average (₩50,365). 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 36.5, a neutral level. The one-month change is -17.9%, the three-month change is -41.8%, and the position relative to the 52-week high is -63.8%. 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 23.0%. 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 -23.03% / 6M -49.42% / 12M +7.21%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.43x is in line with 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 -965.7%. The debt ratio is 171.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $436,206 | $1.2M | $1.9M | +64.83% ↓ slower |
| Operating profit | -$10.6M | -$12.6M | -$18.8M | — |
| Net profit | -$17.9M | -$11.3M | -$5.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2M | $2.5M | $436,206 | $1.2M | $1.9M |
| Operating profit | -$6.3M | -$7.2M | -$10.6M | -$12.6M | -$18.8M |
| Net profit | -$6.1M | -$7.0M | -$17.9M | -$11.3M | -$5.6M |
| Revenue CAGR | 4-yr avg 12.09% | ||||
Revenue rose 64.8% year over year (2023 ₩658,151,686 → 2024 ₩1.8 billion → 2025 ₩2.9 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 5 years on record, revenue compound annual growth (CAGR) is 12.1%. The two-year revenue CAGR is 111.3%. In the most recent quarter (Q1 2026), revenue was 132.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 64.8% 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
- 2026-04-20FilingVoluntary disclosure, as a major managerial matter relevant to investment decisions, of the results of a first-in-human clinical trial (comparing subcutaneous/intramuscular injection with the existing oral drug Aricept) for the key candidate IVL3003 (a once-a-month dementia treatment, donepezil component).A sign of clinical progress for the key medium- to long-term pipeline. Success would raise expectations for technology licensing and commercialization, but as an early stage further clinical work is needed before commercialization. Source
- 2026-04-14FilingDisclosure of a decision to reduce a subsidiary's capital. A managerial matter in the nature of tidying up the subsidiary structure.In the nature of group governance and capital tidying. The direct impact on short-term results is limited, but the subsidiary's business direction needs a review. Source
- 2026-06-01EarningsFirst-quarter 2026 quarterly report filed. Quarterly revenue ₩390 million (+132.3% year on year), operating loss ₩8.4 billion, net profit ₩920 million.Revenue is small but growing. Operations are still in the red, and the net profit stems from non-operating factors, so its durability needs confirmation. Source
- 2026-06-08FilingLarge-holding status report (general) filed. Reports changes in major shareholders' holdings.Supply-demand and governance information. Given the frequent ownership moves, changes in the holding parties should be checked alongside. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01PeriodicQuarterly report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-20Disclosure
- 2026-04-14Disclosure
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02OwnershipOwnership-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.