Rznomics is a clinical-stage biotech that develops drugs using "trans-splicing ribozyme" technology, which cuts out disease-causing abnormal RNA and stitches in therapeutic RNA; its lead candidate, RZ-001, is in U.S. and Korean trials for hepatocellular carcinoma and recurrent glioblastoma, and with no marketed product, most of its revenue comes from technology-transfer upfront payments and government projects. In May 2025 it signed a global license agreement with Eli Lilly for a hearing-loss therapy worth up to about ₩1.9 trillion (USD 1.3 billion) if all options are exercised, and in December it listed on KOSDAQ via the special-technology track; through the first half, interim liver-cancer trial results, U.S. FDA RMAT designation, and brain-tumor trial data followed. What stands out lately is that a differentiated platform validated by big-pharma Lilly through a large deal, several FDA priority designations, and a net-cash structure are strengths, while the absence of stable revenue means value cannot be judged by earnings multiples and the enterprise value hinges heavily on trial success, so a single data readout can move the share price sharply.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- ROE is -176.3% (total-net basis). It is below the sector average.
- Operating margin is -184.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Seong-uk 16.11% (individual)
Controlling bloc incl. related parties 16.6%
With the controlling bloc holding 17%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Rznomics is a clinical-stage biotech that develops drugs with its own technology, "trans-splicing ribozyme" (an RNA-editing enzyme).
- It cuts out disease-causing abnormal RNA and stitches therapeutic RNA in its place, correcting at the RNA level - unlike gene scissors that act directly on DNA.
- Its lead candidate, RZ-001, is designed to target telomerase (hTERT) RNA that switches on only in cancer cells so as to kill them, and is in U.S. and Korean trials for hepatocellular carcinoma (HCC) and recurrent glioblastoma (brain tumor).
- Beyond this, RZ-004, aimed at retinitis pigmentosa, has entered early trials in Australia.
- With no marketed product yet, most revenue comes from technology-transfer upfront payments and government projects, and actual earnings hinge on trial success and further out-licensing.
- The latest close is ₩30,600 and the market cap is ₩429.2 billion.
- The price sits below the 20-day line (₩67,450) and below the 60-day line (₩125,608).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 20.6, close to a depressed zone.
- The one-month change is -66.3%, the three-month change is -82.7%, and the position versus the 52-week high is -87.0%.
- Relative strength versus KOSDAQ is 2 (on a 1-99 scale, converting return versus the index over the past year with more weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 99% of all stocks by strength.
- Over the past three months it has lagged the index by 77.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The numbers alone look alarming, but knowing the company's character changes the interpretation.
- In 2025, revenue was ₩7.9 billion, the operating loss was ₩14.6 billion, and the net loss was ₩103.8 billion.
- The net loss being seven times the operating loss is unusually large, but most of this gap is not cash actually spent - it is an accounting valuation loss.
- The redeemable convertible preferred shares issued before listing are booked as accounting liabilities, and as enterprise value rose on the Lilly deal and other factors, the book value of these liabilities rose too and was reflected as an expense.
- In fact, in Q1 2026 the operating loss (-₩8.06 billion) and net loss (-₩7.76 billion) became nearly equal.
- This shows that much of the accounting distortion was resolved when the preferred shares converted to common shares at listing.
- The P/E ratio (how many times one year's profit the price represents) cannot be computed because of losses.
- A P/B (how many times book net assets the price represents) of 7.24x and a P/S (how many times revenue the price represents) of 77x look high, but such multiples are effectively meaningless for a clinical biotech with almost no revenue or profit.
- What is worth noting instead is financial strength.
- Net debt (total borrowings minus cash) is negative - a net-cash position with ₩16.4 billion more cash than debt - and the current ratio is very high.
- That said, the structure burns roughly ₩10 billion a year on R&D (annual free cash flow of -₩11.0 billion), so continuing trials will require further fundraising or technology-transfer inflows.
- This company's growth should be read by pipeline stage, not by a revenue curve.
- Revenue is uneven depending on the timing of technology transfers, and with no product sales yet, traditional growth-rate metrics carry little meaning.
- Instead, the core asset RZ-001 is steadily advancing in the clinic.
- For the liver-cancer indication, in addition to orphan drug and fast-track status, it received Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S.
- FDA, and combination-therapy trials are underway with Roche and Celltrion.
- The brain-tumor indication has also been granted fast track and an expanded access program (EAP).
- In interim clinical data through the first half of 2026, more than six months of relapse suppression was observed in some patients with no safety issues.
- Add to this the hearing-loss therapy collaboration with Lilly and RZ-004 begun in Australia, and the development axes have widened into several.
- Future earnings hinge on whether these trials advance to the next stage and whether further out-licensing is achieved.
- Conversely, if trials are delayed or fail, the growth story itself wobbles - a structure with large risk and opportunity together.
- The recent flow runs through clinical and corporate-activity disclosures.
- In May 2025, it signed a global license agreement with Eli Lilly to develop an RNA-editing-based hearing-loss therapy.
- If Lilly exercises all options, the total scale reaches about ₩1.9 trillion (USD 1.3 billion).
- This deal earned platform validation, and in December 2025 it listed on KOSDAQ via the special-technology track.
- After listing, RZ-001's clinical progress followed one after another in 2026.
- Alongside the March annual report, a derivative transaction loss stemming from the preferred-share conversion and other factors was disclosed.
- In May, it shared its clinical and financial status through a quarterly report and an IR event.
- Through the first half, an interim liver-cancer trial readout, U.S.
- FDA RMAT designation, and interim brain-tumor trial data followed.
- As such, the share-price drivers for this stock come from clinical data and partnership disclosures rather than earnings filings.
- In short, this is a company whose strengths and cautions are sharply divided.
- The strengths are three.
- First, its differentiated platform of RNA replacement has been validated by global big-pharma Lilly through a large deal.
- Second, the lead candidate RZ-001 is advancing in the clinic with several U.S.
- FDA priority designations (fast track, orphan drug, RMAT).
- Third, with a net-cash structure holding more cash than debt, immediate financial risk is low.
- On the other hand, the cautions are clear too.
- With no marketed product or stable revenue yet, value cannot be judged by earnings multiples.
- Because it burns cash on R&D each year, prolonged trials could require further fundraising.
- Above all, as a typical clinical biotech whose enterprise value hinges heavily on trial success, a single data readout can move the share price sharply.
- In conclusion, it is strong when clinical progress and further out-licensing continue and weak when trial delays or funding pressure come to the fore.
- The large 2025 net loss should be viewed as mostly a non-cash accounting item to avoid misreading the actual business state.
🔎 Valuation vs peers Inconclusive
A clinical-stage RNA and gene-therapy platform company. With almost no revenue or profit, comparing P/E or P/B multiples is meaningless, so only a reference perspective is offered from a group of similar character - domestic clinical biotechs whose platforms have been validated by out-licensing to global big pharma.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Rznomics | 0.00x | 7.24x | -176.32% |
This is not a stock whose undervaluation or overvaluation can be sorted by earnings multiples. Because of losses, the P/E cannot be computed, and while a P/B of 10.35x and P/S of 77x look high, for a clinical biotech with almost no revenue or profit these multiples themselves cannot serve as a basis for valuing it. The value of a clinical-stage biotech is set by the probability of pipeline success, the size of that market, and the scale of technology-transfer deals already struck. From that view, the deal with Lilly worth up to ₩1.9 trillion and RZ-001's U.S. FDA priority designations are clear premium factors. Conversely, the absence of a marketed product, the cash-burning structure each year, and the uncertainty of value hinging heavily on trial success are discount factors. These two are evenly balanced, making it hard to declare undervalued or overvalued at this point, so we leave it Inconclusive. The large 2025 trailing net loss is mostly a non-cash accounting item, so it is also inaccurate to overstate the burden from that number alone.
Price history Close · MA20 · MA60
The latest close is ₩30,600 and the market capitalization is ₩429.2 billion. The price sits below its 20-day moving average (₩67,450) and below its 60-day moving average (₩125,608). 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 20.6, near oversold territory. The one-month change is -66.3%, the three-month change is -82.7%, and the position relative to the 52-week high is -87.0%. Relative strength versus the KOSDAQ is 2 (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 1% of all stocks. Over the past three months it lagged the index by 77.5%. 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 -77.52% / 6M -74.33% / 12M -61.40%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.24x 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 -184.3%. The debt ratio is 106.7%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $95,179 | — | $5.2M | — |
| Operating profit | -$10.3M | -$8.5M | -$9.7M | — |
| Net profit | -$9.0M | -$12.5M | -$68.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $95,179 | — | $5.2M |
| Operating profit | — | — | -$10.3M | -$8.5M | -$9.7M |
| Net profit | — | — | -$9.0M | -$12.5M | -$68.8M |
| Revenue CAGR | 1-yr avg 642.63% | ||||
Operating results are in the red, so a swing back to profit matters more than the growth rate here. The two-year revenue CAGR is 642.6%.
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.
Recent news & events searched · sourced
- 2025-05-15IRSigned a global license agreement with Eli Lilly for an RNA-editing-based hearing-loss therapy. If Lilly exercises all options, the total scale is about ₩1.9 trillion (USD 1.3 billion), with commercialization royalties separate thereafter.The symbolic significance of a global big pharma validating the platform technology through a large deal. Medium term, it becomes the basis for further out-licensing expectations and a starting point for re-valuation of the enterprise. Source
- 2026-03-23Filing2025 annual report and disclosure of a derivative transaction loss. A rise in the value of the pre-listing preferred shares (accounting liabilities) was reflected as a valuation loss, sharply widening the net loss, but there was no actual cash outflow.The surge in net loss is mostly a non-cash accounting effect, unrelated to operating cash flow. At listing the preferred shares converted to common shares, so this distortion was largely resolved thereafter. Source
- 2026-05-08IRDisclosure of an IR event. It explained clinical progress and financial status to the market.For a clinical-stage biotech, communicating pipeline and funding status matters more to the share price than earnings. A regular IR activity that reduces information asymmetry. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue of ₩366 million, operating loss of ₩8.06 billion, net loss of ₩7.76 billion. Operating and net losses became nearly equal, confirming the resolution of the 2025 accounting distortion.The net loss normalized to the level of actual R&D spending. That said, with a cash-burn trend of about ₩8 billion per quarter, funding management to sustain trials is the key point. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-17Disclosure
📖 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.