ImmuneOncia is a clinical-stage biotech developing immuno-oncology candidates designed to help immune cells attack cancer again. With no marketed drug yet, product revenue is effectively near zero and the company's value lies in its pipeline. Its most advanced candidate, IMC-001, has completed Phase 2 and moved onto a commercialization track through a contract manufacturing (CDMO) agreement with Lonza, while IMC-002 had its Phase 1b results in triple-negative breast cancer accepted for presentation at the ASCO conference; in May the company carried out a rights offering to fund clinical work and operations. The key point to watch is that the pipeline is moving forward through clinical progress and the CDMO deal, but with no product revenue the company continues to post heavy operating losses, so further fundraising and share dilution may recur, and a single set of negative clinical data could shake the valuation sharply.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 83.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 100.0% lower than a year earlier.
- ROE is -96.3% (total-net basis). It is below the sector average.
- Operating margin is -25182.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Yuhan Corporation 65.93% (corporate)
Controlling bloc incl. related parties 65.93%
With the controlling bloc holding 66%, control is very secure but the free float is thin.
🔎 In-depth analysis
- ImmuneOncia is a clinical-stage biotech developing immuno-oncology candidates (drugs designed to help the body's immune cells attack cancer again).
- With no drug on the market yet, product revenue is effectively near zero, and the revenue that does appear on the income statement (about ₩100 million in 2025 and about ₩650 million in 2024) comes only sporadically from research services and licensing fees rather than product sales.
- The company's value therefore rests on its pipeline rather than its revenue.
- Its most advanced candidate, IMC-001 (a PD-L1-targeting antibody), has completed Phase 2 in indications such as NK/T-cell lymphoma and is moving toward commercialization through a contract manufacturing (CDMO) agreement with Lonza; IMC-002 (a CD47-targeting antibody) had its Phase 1b in triple-negative breast cancer accepted for ASCO presentation; and IMC-201 (dual CD47/PD-L1 targeting) is at an earlier stage.
- In short, this is a stock priced on clinical success and out-licensing potential, not on current earnings.
- The latest close is ₩3,035 and the market cap is ₩277.0 billion.
- The price sits below its 20-day line (₩3,625) and below its 60-day line (₩5,336).
- Trading beneath both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that scores the balance of up-days versus down-days over the past 14 days on a 0-100 scale) is 29.9, close to depressed territory.
- The one-month change is -26.8%, the three-month change is -58.2%, and the position versus the 52-week high is -80.3%.
- Relative strength against the KOSDAQ is 40 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 60% of all stocks by strength.
- Over the past three months it has lagged the index by 43.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- This company cannot be measured by its P/E ratio (how many times a year's profit the share price represents).
- With net profit in the red (about -₩27.4 billion in 2025), a P/E simply does not apply, but this reflects the natural state of a clinical-stage biotech that is not yet selling a drug rather than any distress.
- The P/B ratio (how many times net assets the share price represents) is 9.75x, meaning the market cap is large relative to a small equity base (about ₩28.4 billion).
- Rather than reading this number straight as a burden, it is better seen as a signal that the market is pricing the future value of the pipeline rather than book net assets.
- Since a drug developer's expected value can grow on the same equity base as trials advance, a high multiple of net assets alone does not make it expensive.
- ROE (how much is earned on equity in a year) is -96.3% and the operating margin is also deeply negative, but these too arise from a structure of concentrated R&D spending without revenue, so they differ in character from a 'deterioration in profitability' at an ordinary manufacturer.
- Meanwhile the debt ratio (debt against equity) is 116.7% and the current ratio (assets readily convertible to cash against debt due within a year) is 622%, so short-term solvency is ample, and the point that a 2026 rights offering secured additional clinical funding should be considered alongside.
- Reading the revenue trend (₩110 million in 2023 → ₩650 million in 2024 → ₩110 million in 2025) as a 'growth rate' the way one would for an ordinary company would be misleading.
- Because these figures fluctuate with the timing of licensing fees and research services rather than product sales, the -83% year-on-year decline itself carries little meaning.
- The operating loss widened from -₩11.8 billion in 2023 to -₩12.6 billion in 2024 to -₩28.0 billion in 2025, a result of rising development spending as trials advanced.
- The first quarter of 2026 continued the same pattern, with ₩0 in revenue and an operating loss of about -₩5.8 billion.
- For this stock, 'growth' is therefore gauged not by a revenue chart but by clinical progress (IMC-001's entry into commercialization, IMC-002's Phase 1b data).
- No official numeric revenue or profit targets for this year or next quarter have been confirmed, and with no product revenue, simply multiplying a quarter's results to estimate the full year does not work either.
- Future performance is therefore described only through the clinical timeline rather than with arbitrary estimated figures.
- 2026 has been a year clustered with clinical and financing events.
- On March 30, IMC-002's (CD47 antibody) Phase 1b results in triple-negative breast cancer were accepted for poster presentation at ASCO 2026, and on April 16 the company announced a Lonza contract-manufacturing agreement to commercialize IMC-001 (PD-L1 antibody).
- In May, a rights offering to fund clinical work and operations proceeded, with the issue price fixed on May 8, the issue terms fixed and prospectus filed on May 11, the subscription results (voluntary disclosure) and quarterly report on May 15, and the securities issuance results report on May 21.
- Late May brought a series of major-shareholding and executive-ownership reports.
- The overlap of clinical progress (material that raises pipeline value) and the rights offering (dilution from the increase in share count) in the same period is central to understanding the recent price action.
- This stock is best viewed through the asymmetric structure typical of a clinical-stage biotech.
- The strong side is clear: IMC-001 has completed Phase 2 and reached a commercialization track via the Lonza CDMO deal, IMC-002 has advanced to the stage of global conference presentation, and the rights offering has secured near-term funding, all signals that the pipeline is moving forward.
- With the share price heavily depressed from its high, it is also hard to argue that expectations are overheated.
- The cautionary side is equally clear: with no product revenue yet and large operating losses each year, further fundraising and the accompanying share dilution may continue, and because clinical trials, approvals, and out-licensing remain uncertain until results arrive, a single set of negative data could shake the valuation sharply.
- In sum, this is a structure where 'value grows quickly if trials go smoothly and out-licensing comes into view, and weakens if trial delays, further offerings, or cash burn come to the fore,' and the key is understanding that clinical progress, rather than any single year's profit metric, sets the direction.
🔎 Valuation vs peers Inconclusive
The comparison is against antibody drug developers whose value is set primarily by clinical progress and out-licensing; because these are clinical-stage companies with negligible revenue and profit, a P/E comparison has sharp limits, so business stage (whether commercialization has begun and whether there is licensing revenue) is considered as well.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LigaChem Biosciences | — | 8.62x | -18.04% |
| Alteogen | 113.48x | 36.11x | 31.82% |
| SK Biopharmaceuticals | 23.53x | 7.73x | 32.83% |
Because ImmuneOncia is loss-making, a P/E based on last year's confirmed results does not apply, and with no official numeric revenue or profit targets, a forward P/E cannot be constructed either. It is therefore more appropriate to view the company through its clinical stage and pipeline value than to judge cheap or expensive on an earnings multiple. Compared with peers such as LigaChem Biosciences (loss-making but with revenue beginning to appear from licensing and ADCs, P/B of 9.8x), Alteogen (profitable, with large platform revenue and a high P/B), and SK Biopharmaceuticals (profitable, with a commercial product), ImmuneOncia is at an earlier stage with no product revenue yet. Its P/B looking high relative to peers therefore means it carries both potential expectations already priced in and the risk of clinical failure at the same time, so with confirmed data lacking, we do not conclude either undervalued or overvalued and leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩3,035 and the market capitalization is ₩277.0 billion. The price sits below its 20-day moving average (₩3,625) and below its 60-day moving average (₩5,336). 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 29.9, near oversold territory. The one-month change is -26.8%, the three-month change is -58.2%, and the position relative to the 52-week high is -80.3%. Relative strength versus the KOSDAQ is 40 (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 40% of all stocks. Over the past three months it lagged the index by 43.2%. 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 -43.24% / 6M -69.68% / 12M -38.18%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 9.75x is above 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 -25182.0%. The debt ratio is 116.7%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $72,905 | $433,812 | $73,706 | -83.01% ↓ slower |
| Operating profit | -$7.8M | -$8.3M | -$18.6M | — |
| Net profit | $5.9M | -$3.8M | -$18.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $72,905 | $433,812 | $73,706 |
| Operating profit | — | — | -$7.8M | -$8.3M | -$18.6M |
| Net profit | — | — | $5.9M | -$3.8M | -$18.1M |
| Revenue CAGR | 2-yr avg 0.55% | ||||
Revenue fell 83.0% year over year (2023 ₩110,000,000 → 2024 ₩654,539,170 → 2025 ₩111,208,740), 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 0.5%. The two-year revenue CAGR is 0.5%. 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
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 83.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-30IRIMC-002 (CD47 antibody) Phase 1b results in triple-negative breast cancer accepted for poster presentation at ASCO 2026A signal that early clinical data has advanced to the stage of global conference presentation, positive for pipeline value. Still, Phase 1b is an early stage, so the efficacy and safety data themselves need to be checked. Source
- 2026-04-16IRLonza contract manufacturing (CDMO) agreement signed to commercialize IMC-001 (PD-L1 antibody)Means the lead candidate, which has completed Phase 2, is moving into the production and commercialization stage, a positive over the medium term. Actual revenue comes only after approval and launch, so the timing must be considered separately. Source
- 2026-05-11FilingRights offering issue terms fixed and prospectus filed (fundraising for clinical work and operations)Carries both a positive aspect of securing funds for clinical development and a negative aspect of dilution of existing shareholders from the new-share issuance. Source
- 2026-05-15FilingQuarterly report (2026.03) and rights-offering subscription results (voluntary disclosure)Official material confirming Q1 results (₩0 revenue, operating loss of about -₩5.8 billion) and the offering subscription outcome. A basis for checking the scale of the fundraising and the continued losses together. Source
- 2026-05-21FilingSecurities issuance results report (rights-offering payment completed)A closing disclosure confirming that the offering proceeds have actually been received. The increased share count and changed capital structure should be reflected. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest close | ₩3,035 | — | Unverified | link |
| Q1 2026 operating result | revenue ₩0 · approx. -₩5.8 billion | (2026.03) | Confirmed | link |
| Fact of the rights offering | 2026 5 ·approx. | (2026-05-21) | Confirmed | link |
| Composition of the core pipeline | IMC-001(PD-L1)·IMC-002(CD47)·IMC-201(CD47×PD-L1) | — | Confirmed | link |
Recent filings
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21Earnings disclosure
- 2026-05-21Disclosure
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Paid-in capital increase
- 2026-05-11Amended filing
- 2026-05-11Disclosure
- 2026-05-11Material-fact report (amended)
- 2026-05-08Paid-in capital increase
📖 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.