IMBiologics designs bispecific-antibody drugs — antibodies engineered to bind two targets at once — using its proprietary IM-OpDECon platform, and earns money by out-licensing autoimmune and immuno-oncology candidates to overseas pharmaceutical partners in exchange for upfront payments and milestones. Its lead candidate, IMB-101, has been licensed to Navigator Medicines in the United States and Huadong Medicine in China, and in Q1 2026 the company posted revenue of ₩7.2 billion, operating profit of ₩2.7 billion and net profit of ₩3.8 billion — surpassing its full-year 2025 profit in a single quarter as licensing income began flowing into the results. The point to watch is that, with a solid balance sheet built on IPO proceeds, the stock reacts strongly to any additional licensing deal or meaningful clinical progress by partners, while revenue swings sharply from quarter to quarter depending on when deals are recognized and the key trials are run by partners, leaving the company with limited direct control over their pace and success.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 57.9% year over year (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 74494.1% higher than a year earlier.
- ROE is 1.2% (total-net basis). It is above the sector average.
- Operating margin is 2.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Ha Kyung-sik 18.84% (individual)
Controlling bloc incl. related parties 19.08%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- IMBiologics develops bispecific antibodies — a single molecule that grips two antigens at once — using its proprietary IM-OpDECon technology platform.
- It is not yet at the stage of selling drugs for revenue; instead, it develops candidates in autoimmune disease and immuno-oncology and out-licenses the rights to overseas pharmaceutical companies, earning upfront payments and staged milestone fees in return.
- Its lead candidate, IMB-101, targets autoimmune conditions such as hidradenitis suppurativa; after licensing the rights to Navigator Medicines in the U.S. and Huadong Medicine in China, the clinical trials are led by the partners.
- Beyond this, the company is broadening its platform with candidates such as IMB-201, IMB-402 and IMB-105, so its value is tied less to current revenue and more to clinical progress across the pipeline and the success of additional out-licensing deals.
- The latest close is ₩20,300 and market capitalization is ₩301.2 billion.
- The price sits below both the 20-day line (₩23,170) and the 60-day line (₩36,201).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 34.9, a neutral level.
- The one-month change is -23.5%, the three-month change is -53.4%, and the position versus the 52-week high is -80.5%.
- Relative strength against the KOSDAQ is 1 (1-99, computed from returns versus the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 100% of all stocks by strength.
- Over the past three months it lagged the index by 44.8%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed full-year 2025 figures, the P/E ratio (how many times one year's net profit the price represents) is 343.49x and the P/B (how many times net assets) is 4.10x, which look high on the raw numbers alone.
- However, 2025 net profit was small at ₩880 million, which greatly inflates the P/E, and because a drug developer's revenue and profit lurch around depending on deal timing, a P/E measured on a single year's earnings is a poor yardstick for the company's real value.
- ROE (how much it earns in a year on its equity) is 1.2% and the operating margin is 2.6% — still low, but a natural result for a business that is not yet at the stage of steadily earning from drug sales.
- Financial stability is solid: the debt ratio (debt against equity) is 102.5%, but most of that debt is short-term in nature, and current assets of ₩73.7 billion are 73 times current liabilities (₩1.0 billion), leaving ample cash from the IPO to sustain R&D.
- Looking at the five-year path, the company moved from a 2023 operating loss of ₩8.6 billion and net loss of ₩48.5 billion to a sharp jump in 2024 revenue to ₩27.6 billion that narrowed the losses, and in 2025 revenue fell 57.9% year on year to ₩11.6 billion but it swung to profit with operating profit of ₩300 million and net profit of ₩880 million.
- Revenue lurches year to year because out-licensing upfronts and milestones land in the year a deal closes — a normal pattern for a drug developer.
- Q1 2026 revenue of ₩7.2 billion, operating profit of ₩2.7 billion and net profit of ₩3.8 billion mean a single quarter's operating profit already surpassed the full year of 2025.
- The prior-year quarter had almost no revenue, which prints a growth rate of +74,494%, but what matters more than the ratio is that the staged milestone fees from licensing IMB-101 to the U.S. and Chinese partners have actually begun flowing into quarterly results and that flow can continue.
- Because the company has issued no numerical official guidance, full-year profit is best gauged from confirmed results, the partners' clinical schedules and any additional deals rather than estimated arbitrarily.
- With no basis to confirm a forecast beyond this year, there is also no reason to declare this year a cycle peak.
- Recent disclosures center on results, governance and personnel.
- The Q1 report of May 14, 2026 revealed confirmed Q1 results (revenue ₩7.2 billion, operating profit ₩2.7 billion, net profit ₩3.8 billion), and a day earlier, on May 13, an investor presentation (IR) was disclosed, confirming that the company moved to engage investors soon after listing.
- The April 24 stock-option grant filing is a signal of efforts to retain key research staff, and in a drug developer, retaining talent translates directly into pipeline competitiveness.
- The March 31 annual shareholders' meeting results and the business report tied up the results and governance for its first fiscal year as a listed company.
- Relying on these disclosures and IR materials as primary sources, rather than general news, keeps the facts straight.
- The strengths are clear.
- Built on its own bispecific-antibody platform, it already has a real track record of out-licensing candidate rights to U.S. and Chinese pharmaceutical companies, its short-term finances are solid thanks to IPO proceeds, and in Q1 2026 it surpassed the full prior year's profit in a single quarter as licensing income began flowing into results.
- At the same time, there are points to note.
- Revenue swings sharply from quarter to quarter with the timing of deal and milestone recognition, and the key trials are led by partners rather than the company, so it has limited direct control over their pace and success.
- The high P/E on last year's earnings reflects not that the company is expensive but that it sits at the start of an earnings inflection, where a single past year fails to capture the future; the company's fair value ultimately rests on future out-licensing and clinical progress.
- In short, this is a stock whose value is directly tied to the flow of results: it reacts strongly when an additional license or meaningful partner clinical progress emerges, and both results and price weaken when milestones stop or trials are delayed.
🔎 Valuation vs peers Inconclusive
The peer set was chosen from antibody-drug developers with a similar business structure — companies that are not yet selling drugs directly but instead develop their own antibody technology, out-license it abroad and earn licensing fees. On-site figures are on the site's base calculation.
| 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 this company recognizes revenue from out-licensing upfronts and milestones rather than steadily selling drugs, its trailing P/E of 343.49x on last year's confirmed earnings is inflated and cannot serve as a valuation tool. LigaChem Biosciences, whose business is the closest match, is loss-making so a P/E cannot even be derived, and Alteogen, at a P/E of 131x, is likewise valued on its pipeline and platform rather than earnings — meaning this peer group is judged on P/B and clinical progress, not trailing P/E. IMBiologics' P/B of 4.09x is lower than Alteogen (41.8x) and LigaChem Biosciences (9.8x), but that reflects differences in proven pipeline scale and market cap, so it cannot simply be called cheap. With no numerical official guidance, future value can only be gauged through additional out-licensing and partner clinical progress, so at this point it is more appropriate to withhold judgment than to declare the stock under- or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩20,300 and the market capitalization is ₩301.2 billion. The price sits below its 20-day moving average (₩23,170) and below its 60-day moving average (₩36,201). 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 34.9, a neutral level. The one-month change is -23.5%, the three-month change is -53.4%, and the position relative to the 52-week high is -80.5%. Relative strength versus the KOSDAQ is 1 (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 44.8%. 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 -44.82% / 12M -71.45%
Key metrics vs sector median
Valuation
The P/E of 343.49x is above the sector median (59.55x). The P/B of 4.10x is below 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 2.6%. The debt ratio is 102.5%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | $18.3M | $7.7M | -57.89% |
| Operating profit | -$5.7M | $9.3M | $197,306 | -97.87% |
| Net profit | -$32.2M | -$7.9M | $581,179 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $18.3M | $7.7M |
| Operating profit | — | — | -$5.7M | $9.3M | $197,306 |
| Net profit | — | — | -$32.2M | -$7.9M | $581,179 |
| Revenue CAGR | 1-yr avg -57.89% | ||||
Revenue fell 57.9% year over year, and the three-year trend is 'mixed'. Operating profit fell 97.9% year over year. In the most recent quarter (Q1 2026), revenue was 74494.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 57.9% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report disclosed (revenue ₩7.2 billion, operating profit ₩2.7 billion, net profit ₩3.8 billion). A single quarter's operating profit surpassed full-year 2025 operating profit.Near term, it confirms the earnings improvement from licensing-fee recognition. Given the business's large quarterly swings, however, annual sustainability needs to be checked alongside the next quarter's results. Source
- 2026-05-13IRInvestor presentation (IR) disclosed. Soon after listing, the company explains its business and pipeline status directly to investors.Over the medium term, this is the company's official channel for communicating pipeline progress and partnership direction. Prioritize the reliability of disclosures and IR over unofficial information. Source
- 2026-04-24FilingFiling on a stock-option grant. Incentives granted to key research and management staff.Over the medium term, positive for retaining key drug-development talent. However, potential share dilution when options are later exercised is a point to note. Source
- 2026-03-31FilingAnnual shareholders' meeting results and the business report for the first fiscal year (2025) as a listed company disclosed. The swing to profit and governance were confirmed.Over the medium term, it establishes baseline results and governance as a listed company. The reason revenue fell year on year (the timing of licensing-fee recognition) should be considered alongside. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest closing price | ₩20,300 | — | Unverified | link |
| Q1 2026 operating profit | ₩2.7 billion | ₩2.7 billion | Confirmed | link |
| FY2025 revenue and net profit | revenue ₩11.6 billion · net profit ₩0.9 billion | ₩11.6 billion · ₩0.9 billion | Confirmed | link |
| Core business and pipeline | approx. , IMB-101 revenue | IM-OpDECon ·IMB-101/102·IMB-201 | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-04-24Disclosure
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-31PeriodicAnnual business report (amended)
- 2026-03-30OwnershipAmended filing
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-27OwnershipOwnership-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.