Proteina (468530) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Proteina is an early-stage platform company whose core asset is SPID technology, which directly measures protein-to-protein interactions at the level of a single molecule, applying it to cancer-drug response prediction, mechanism-of-action verification, and biomarker discovery, and providing this to pharmaceutical companies and research institutions, with service and contract revenue at the center. Its 2025 annual revenue of about ₩2.95 billion is small and R&D spending far exceeds revenue; in Q1 2026, an 84.1% plunge in revenue and continued losses were confirmed, and a Samsung-hosted conference (SGIC) IR and a stock-option grant filing followed. What stands out is that it holds a distinctive core technology, revenue has risen for three straight years, and short-term finances are solid with a current ratio of 1,515% and a debt ratio of 11.9%; on the other side, the operating loss widens each year and quarterly results swing widely, so its strengths and weaknesses should be read by whether the conditions of 'recurring service revenue' and 'narrowing losses' are met.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 rose 28.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 84.1% lower than a year earlier.
- ROE is -31.8% (total-net basis). It is above the sector average.
- Operating margin is -385.2%.
- 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 Yoon Tae-young 17.91% (individual)
Controlling bloc incl. related parties 22.81%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Proteina is a company whose core asset is SPID (Single molecule Protein Interaction Detection) technology, which looks directly at 'how proteins interact with each other' at the level of a single molecule. By sensitively measuring protein-protein binding (PPI) inside cells, it is used for drug-response prediction (gauging in advance whether a particular cancer or immuno-oncology drug will work in a patient), mechanism-of-action verification (confirming by what principle a drug candidate works), and biomarker discovery (finding the markers that determine efficacy and prognosis). It earns money not yet by selling its own drug, but centered on service and contract revenue from applying this analysis platform to pharmaceutical companies and research institutions. As a result, 2025 annual revenue is small at about ₩2.95 billion, with a structure where R&D costs far exceed revenue. In short, it is best seen not as 'a company selling a finished product' but as an early-stage platform company commercializing a distinctive technology itself.
The latest close is ₩26,750 and the market capitalization is ₩295.2 billion. The price sits above its 20-day moving average (₩22,038) and below its 60-day moving average (₩31,438). 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 55.4, a neutral level. The one-month change is +7.2%, the three-month change is -50.3%, and the position relative to the 52-week high is -76.1%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it lagged the index by 22.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because net profit is still a loss, the P/E ratio (how many times a year's earnings the price trades at) is not calculable, and EPS (earnings per share) is -₩816.7. The P/B (how many times net asset value the price trades at), the price multiple relative to assets, is 9.10x, only slightly above the industry median of 9.34x. For technology companies at a stage before turning a profit, future potential is often reflected first in the asset multiple, so it is hard to call this figure itself expensive outright. On profitability, ROE (how much is earned in a year on shareholders' equity) is -31.8% and the operating margin is -385.2%, a common look for an early-stage biotech that spends far more on R&D than it earns. Financial stability is rather good: the debt ratio (debt relative to equity) is 111.9%, and the current ratio, which gauges short-term payment capacity, reaches 1,515%, so cash is not about to run dry. That said, the current metrics are all on a trailing basis of last year's confirmed results, so given the nature of a loss-making company, one must bear in mind that valuation multiples give less information than they otherwise would until the inflection where earnings turn to profit arrives.
Annual revenue rose from about ₩0.58 billion in 2023 to about ₩2.30 billion in 2024 and about ₩2.95 billion in 2025, for a growth rate of +28.3% last year and a confirmed three-year compound annual growth rate (CAGR) of 125.9%. Even if the absolute scale is small, the direction has been steadily up. That said, the pace of increase slowed from the prior year (+298%), and the operating loss actually widened, from -₩7.26 billion in 2023 to -₩9.12 billion in 2024 and -₩11.37 billion in 2025. More notable is the most recent quarter: Q1 2026 cumulative revenue came to only about ₩0.169 billion, an 84.1% plunge year over year, with an operating loss of -₩4.71 billion and a net loss of -₩3.28 billion. Because service and contract revenue swings widely by quarter depending on when large single contracts or projects start and end, the annual trend is one of growth while quarterly volatility is very high. The company has not disclosed official 2026 annual revenue or profit targets through DART or its official channels, so here we present only last year's confirmed results and the Q1 results as fact. Accordingly, future growth is best confirmed not by estimates but by whether pharmaceutical collaborations and analysis-service revenue actually accumulate quarter by quarter.
Recent disclosures center on periodic earnings reports, IR, and employee-compensation filings. On May 15, 2026, the quarterly report (2026.03) confirmed the Q1 revenue plunge and continued losses, and on May 6 the company disclosed an IR in the form of participation in the Samsung-hosted Global Investor Conference (SGIC), holding one-on-one and small-group meetings for institutions on May 12-14. On April 30, multiple filings of executive and major-shareholder ownership and large-holding reports were received, updating the status of major shareholders' stakes, and on April 21 and June 12, filings related to stock-option (rights to grant shares for employee performance compensation) grants followed. Stock-option grants are a positive signal in that they retain key personnel, but when exercised later they also become a factor that increases the share count and thins existing shareholders' stakes (dilution), so both sides should be viewed together. Fitting a company in its first year as a listed firm, disclosures are still centered on governance and IR rather than earnings-linked ones such as large supply contracts, preliminary results, or dividends.
The strengths are clear. It holds a distinctive core technology in single-molecule protein-interaction measurement; revenue, though small in absolute scale, has risen for three straight years; and short-term financial stability is solid with a current ratio of 1,515% and a debt ratio of 11.9%. The P/B is also not far off the industry median, so given the expectations for a technology company, it is hard to call the price unreasonable. On the other hand, the cautions are equally clear. The operating loss widens each year, ROE and the operating margin are deeply negative, and quarterly results swing widely, enough that Q1 revenue plunged 84.1%. In sum, if pharmaceutical collaborations increase and analysis-service revenue accumulates recurringly each quarter and losses begin to narrow, the value of the technology it holds is confirmed in results; conversely, if large contracts are delayed or revenue keeps hinging on one or two projects, losses can drag on. The key is not to judge whether the price is high or low, but to read strength and weakness by whether the conditions of 'recurring service revenue' and 'narrowing losses' are met.
🔎 Valuation vs peers Inconclusive
Among R&D-stage biotechs that commercialize platform technology by applying it to pharmaceutical companies rather than their own drugs, we set as the peer set those whose metrics are confirmed within the site. We prioritized those close in business structure (platform, tech licensing, service) and in the loss-making/early-revenue stage.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Alteogen | 111.02x | 31.22x | 25.80% |
| LigaChem Biosciences | — | 8.87x | -18.04% |
Because Proteina's net profit is a loss, the P/E itself is not calculable, making it hard to directly compare 'at how many times it trades' on the same yardstick as the peer set. On an asset basis, its P/B of 13.30x is higher than LigaChem Bio (9.42x) and lower than Alteogen (40.56x), a middle position; but looking at ROE, Alteogen is already turning a profit at +31.8% whereas Proteina is at -31.8%, so the same P/B has different quality. In other words, versus profit-making firms it is a discount, while given that revenue is still negligible at the early stage there is room to view it as a premium; the two coexist. Trailing metrics carry weak information because of the losses, and no official forward figure from the company is confirmed, so at this point, rather than flatly calling it undervalued or overvalued, it is reasonable to judge after seeing 'whether recurring service revenue and narrowing losses are confirmed.' We therefore leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩26,750 and the market capitalization is ₩295.2 billion. The price sits above its 20-day moving average (₩22,038) and below its 60-day moving average (₩31,438). 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 55.4, a neutral level. The one-month change is +7.2%, the three-month change is -50.3%, and the position relative to the 52-week high is -76.1%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it lagged the index by 22.8%. 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 -22.75% / 6M -51.33% / 12M +63.52%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 11.70x 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 -385.2%. The debt ratio is 13.7%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $406,141 | $1.6M | $2.1M | +28.26% ↓ slower |
| Operating profit | -$5.1M | -$6.4M | -$8.0M | — |
| Net profit | -$16.0M | -$4.0M | -$6.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $406,141 | $1.6M | $2.1M |
| Operating profit | — | — | -$5.1M | -$6.4M | -$8.0M |
| Net profit | — | — | -$16.0M | -$4.0M | -$6.3M |
| Revenue CAGR | 2-yr avg 125.93% | ||||
Revenue rose 28.3% year over year (2023 ₩578,133,755 → 2024 ₩2.3 billion → 2025 ₩3.0 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 125.9%. The two-year revenue CAGR is 125.9%. In the most recent quarter (Q1 2026), revenue was 84.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 28.3% 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.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFiling of the Q1 2026 quarterly report — cumulative revenue of about ₩0.169 billion (down 84.1% year over year), operating loss of -₩4.71 billion, net loss of -₩3.28 billion confirmedNegative short term. It shows the quarterly volatility of service and contract revenue directly, deepening doubts about revenue recurrence. That said, the current ratio remains high, so short-term funding pressure is limited. Source
- 2026-05-06IRDisclosure of an IR — participation in the Samsung-hosted Global Investor Conference (SGIC), holding one-on-one and small-group meetings for institutions on May 12-14Neutral to positive medium term. An opportunity to explain the business and technology to institutional investors, helping raise awareness. That said, it is not a disclosure that reveals specific numerical guidance. Source
- 2026-06-12FilingFiling related to a stock-option grant — a filing of rights to grant shares for employee performance compensationTwo-sided. Attracting and retaining key personnel is positive, but the possibility of an increase in the share count (dilution) upon future exercise is a caution. Source
- 2026-04-30FilingMultiple filings of executive/major-shareholder ownership reports and large-holding reports received — status of major shareholders' stakes updatedNeutral. Material for checking governance and changes in major-shareholder stakes. Useful for confirming the ownership structure of an early-stage listed company. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest closing price | ₩26,750 | — | Unverified | link |
| Q1 2026 cumulative revenue | approx. ₩0.2 billion | DART (2026.03) | Confirmed | link |
| Recent annual operating profit/loss trend | 2023 -72.6 → 2024 -91.2 → 2025 -113.7 | DART | Confirmed | link |
| Company's official 2026 annual/quarterly guidance figures | — | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-21Amended 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.