Onconic Therapeutics (476060) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Onconic Therapeutics is a drug-development biopharma company that developed and sells Zaqbo (zastaprazan), a treatment for acid-related digestive disorders. In Korea it earns prescription revenue through Jeil Pharmaceutical, while for China it out-licensed the drug to Livzon and collects milestone payments as each development stage is reached. Revenue in 2025 was ₩53.4 billion, up 259.8% year on year, and operating profit turned positive at ₩12.6 billion; in the first quarter of 2026 growth continued with cumulative revenue of ₩23.0 billion and net profit of ₩6.4 billion. The most important things to note are, on the strength side, that Zaqbo prescriptions are rising and the indication has expanded to include gastric ulcers, so profit is building quickly, and on the caution side, that a substantial part of revenue comes from lumpy items such as out-licensing milestones, so quarterly swings should be expected.
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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 “Pharmaceuticals (profitable)” (Biotech & Pharmaceuticals), a type typically read first through P/E.
Established, profit-generating drugmakers earn fairly steady revenue from prescriptions and product sales, which makes their earnings reasonably predictable. That is why price-to-earnings (P/E) — the share price set against current net income — is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 259.8% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 150.6% higher than a year earlier.
- ROE is 25.6% (total-net basis). It is above the sector average.
- Operating margin is 23.2%.
- 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 Jeil Pharmaceutical 44.95% (corporate)
Controlling bloc incl. related parties 52.07%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Onconic Therapeutics is a drug-development biopharma company whose main product is Zaqbo (active ingredient zastaprazan), a treatment for digestive disorders. Zaqbo is a P-CAB (potassium-competitive acid blocker) drug that suppresses gastric acid secretion, and it is the third P-CAB developed in Korea. Domestically, Jeil Pharmaceutical sells it into the prescription market on the company's behalf, and Onconic receives the resulting revenue and royalties. In addition, it out-licensed the China rights to the local drugmaker Livzon, collecting upfront and milestone payments (stage-based consideration) as clinical and approval stages are passed. Revenue comes mainly from two lines: (1) domestic Zaqbo prescriptions and (2) China out-licensing consideration. As another line, it is advancing an anticancer candidate, Nesuparib, a dual-target agent that simultaneously blocks PARP and Tankyrase, currently in Phase 2 for indications such as pancreatic and ovarian cancer.
The latest close is ₩15,940 and the market capitalization is ₩723.8 billion. The price sits above its 20-day moving average (₩11,654) and above its 60-day moving average (₩14,919). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 64.7, a neutral level. The one-month change is +36.2%, the three-month change is -22.2%, and the position relative to the 52-week high is -75.5%. 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 outpaced the index by 16.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability looks strong because it comes right after an earnings inflection. ROE (how much is earned in a year on equity) is 21.9%, the operating margin 23.6%, and the net margin 29.6%, all high. The balance sheet is solid: the current ratio (cash-like assets versus debts due within a year) is about 1,762%, very high, and net debt is negative (net cash of about ₩46.9 billion), meaning more cash than debt. The debt-to-equity ratio is shown as 105%, but most of the liabilities are accounting items rather than actual borrowings, so the interest burden is effectively nil (the interest-coverage ratio is very high). Valuation reads differently by measure. The P/E ratio (how many times one year's earnings the share price is) is 45.86x on last year's results, P/B (how many times book equity) is 9.10x, and P/S (how many times revenue) is 9.24x. Because 2025 was the first year of a swing to profit, the profit base is still small and the P/E is set high. EV/Sales (enterprise value divided by revenue, with debt reflected) is about 9.95x, reflecting the profile of a company whose new-drug revenue is only just scaling up. The FCF yield (cash actually generated versus market cap) is about 1.9%, still low, but with profit rising the direction ahead matters more.
The growth trajectory is steep. Revenue slipped to ₩21.1 billion in 2023 and ₩14.8 billion in 2024, then jumped to ₩53.4 billion in 2025 after Zaqbo launched in October 2024, up 259.8% year on year. On the bottom line, the company swung from an operating loss of ₩4.8 billion and a net loss of ₩8.1 billion in 2024 to an operating profit of ₩12.6 billion and net profit of ₩15.8 billion in 2025. The trend continued into 2026: first-quarter cumulative figures were revenue of ₩23.0 billion (+150.6%), operating profit of ₩4.6 billion (+190.6%), and net profit of ₩6.4 billion (+241.9%). Three engines drive the growth. First, Zaqbo's monthly prescription value grew from about ₩500 million in its first month to about ₩6.6 billion in December 2025, thickening the prescription base in roughly a year. Second, an additional gastric-ulcer indication was approved in June 2025, widening the eligible patient range. Third, the China partner's Phase 3 success and approval filing mean out-licensing consideration is recognized in stages. With profit building this way, even though the P/E computed on last year's results looks high, the burden eases considerably on this year's earnings.
Filings center on Zaqbo indication expansion and pipeline trials. In June 2025 an additional gastric-ulcer indication for Zaqbo widened the prescription range. This was followed by clinical-plan approvals and change filings for a triple-therapy H. pylori eradication regimen (Phase 3) and an orally disintegrating tablet (a form that dissolves in the mouth) of Zaqbo, moves to broaden a single drug across multiple indications and formulations to thicken the revenue base. The anticancer candidate Nesuparib is expanding into Phase 2 across several cancer types including pancreatic cancer, forming another axis of medium- to long-term value. On the earnings side, first-quarter 2026 growth continued, and in April the company held an investor briefing (IR) to share business progress.
In short, this is a biopharma company that holds both a drug it already sells (Zaqbo) and a candidate it is developing (Nesuparib). The strengths are clear. Zaqbo prescriptions are rising quickly and the indications are widening, so profit has begun to build, and with a net-cash position the balance sheet is solid. Last year's high-looking P/E is largely an optical effect of the first year of profitability, and the valuation burden eases on this year's earnings. On the caution side, part of revenue is lumpy income such as China out-licensing milestones, so quarterly results may not be smooth. Given the nature of a new-drug company, trial outcomes and additional approvals sway both results and sentiment heavily, and domestic Zaqbo revenue leans substantially on Jeil Pharmaceutical's prescription performance. In sum, while Zaqbo prescription expansion and pipeline progress continue, growth and profit are strong together; conversely, if prescription slowdown, trial delays, and milestone gaps coincide, earnings swings can widen.
🔎 Valuation vs peers Fairly valued
Compared against both domestic biopharma companies that already sell approved drugs and generate profit, and R&D-focused biotechs centered on out-licensing and pipelines.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jeil Pharmaceutical | 6.77x | 0.74x | 10.78% |
| Pharma Research | 24.82x | 5.88x | 25.52% |
| Alteogen | 111.02x | 31.22x | 25.80% |
| Samsung Biologics | 39.28x | 8.85x | 23.70% |
A trailing P/E of 31.3x means different things for a company with rising earnings versus one that is stagnant. Because Onconic is in its first year of a swing to profit, the profit base is still small and the P/E is set high. Reflecting this year's rising-earnings trajectory, the burden eases considerably. Among peers, Pharma Research, which sells drugs and earns high ROE, trades at a P/E of 19.4x, while out-licensing- and pipeline-focused Alteogen sits well above 100x. Since Onconic holds both an approved drug and a pipeline, it is natural to see it positioned between these two groups. That said, the P/B of 6.86x reflects the profile of a new-drug company with abundant net cash, so a simple comparison warrants caution. On the whole, given the pace of growth and the balance-sheet strength, the current valuation is hard to call excessive, but with the profit base still small it is also too early to call it deeply undervalued. Ultimately, whether the actual progress of Zaqbo prescription expansion and pipeline advancement justifies the valuation is the key.
Price history Close · MA20 · MA60
The latest close is ₩15,940 and the market capitalization is ₩723.8 billion. The price sits above its 20-day moving average (₩11,654) and above its 60-day moving average (₩14,919). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 64.7, a neutral level. The one-month change is +36.2%, the three-month change is -22.2%, and the position relative to the 52-week high is -75.5%. 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 outpaced the index by 16.6%. 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 +16.60% / 6M +20.73% / 12M -36.08%
Key metrics Computed vs sector median
Valuation
The P/E of 45.86x is in line with the sector median (52.77x). The P/B of 9.10x is above the sector median (3.91x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.52x. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 23.2%. The debt ratio is 10.1%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $14.8M | $10.4M | $37.5M | +259.82% ↑ faster |
| Operating profit | $1.6M | -$3.4M | $8.9M | — |
| Net profit | $1.2M | -$5.7M | $11.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $14.8M | $10.4M | $37.5M |
| Operating profit | — | — | $1.6M | -$3.4M | $8.9M |
| Net profit | — | — | $1.2M | -$5.7M | $11.1M |
| Revenue CAGR | 2-yr avg 59.24% | ||||
Revenue rose 259.8% year over year (2023 ₩21.1 billion → 2024 ₩14.8 billion → 2025 ₩53.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 59.2%. The two-year revenue CAGR is 59.2%. In the most recent quarter (Q1 2026), revenue was 150.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 25.6% points to solid profitability.
- Revenue grew 259.8% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-06-17UpdateAdditional gastric-ulcer indication approved for Zaqbo (zastaprazan), widening the range of eligible patientsA broader prescription area expands the domestic Zaqbo revenue base. A medium-term revenue-growth driver. Source
- 2026-05-11EarningsFirst-quarter 2026 report filed — cumulative revenue ₩23.0 billion (+150.6%), operating profit ₩4.6 billion, net profit ₩6.4 billionConfirms continued growth after the swing to profit. A near-term signal of improving results. Source
- 2026-06-01FilingFiled for a change to the Phase 3 clinical-trial plan for a Zaqbo (JP-1366)-based triple-therapy H. pylori eradication regimenAdvancing Zaqbo indication expansion. If successful, it broadens the medium- to long-term prescription market, subject to trial outcomes. Source
- 2026-06-02FilingApproved change to the Phase 1 clinical-trial plan comparing pharmacokinetics and safety of nasogastric administration of the Zaqbo orally disintegrating tablet (JLP-2302)An attempt to diversify formulations to improve convenience and widen the administration range. In the nature of expanding the revenue base. Source
- 2026-04-22IRInvestor briefing (IR) held — shared the Zaqbo business status and Nesuparib pipeline plansShared business progress with the market. More informational in nature than a direct earnings impact. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue, operating profit, and net profit | revenue ₩53.4 billion(+259.8%), operating profit ₩12.6 billion, net profit ₩15.8 billion | revenue ₩53.4 billion | Confirmed | link |
| First-quarter 2026 cumulative results | revenue ₩23.0 billion(+150.6%), operating profit ₩4.6 billion(+190.6%), net profit ₩6.4 billion(+241.9%) | 2026.03 | Confirmed | link |
| Additional gastric-ulcer indication approval for Zaqbo | (2025-06-17) | — | Confirmed | link |
| In-house 2026 forward earnings estimate | forward PER approx. 20.6x(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-02Disclosure
- 2026-06-01Disclosure
- 2026-05-11Disclosure
- 2026-05-11PeriodicQuarterly report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22Disclosure
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Disclosure
📖 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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