Qurient
Price chart
- MA5
- MA20
- MA60
Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.
Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.
Overview
Summary
Qurient is a biotechnology company established on July 2, 2008. Headquartered in Seongnam, Gyeonggi-do, the company is listed on the KOSDAQ market.
The company specializes in drug research and development and pharmaceutical distribution. Its business segments include a research and development division focusing on oncology, antibiotics, and anti-inflammatory drugs, and a distribution division for professional pharmaceuticals. It develops first-in-class innovative drugs and collaborates with MSD on combination therapies.
Business overview as filed
큐리언트는 국내 제약바이오 산업의 활성화를 위해 정부와 국제기관의 투자로 설립된 신약 개발 전문 바이오텍입니다. 한국파스퇴르연구소의 연구성과를 상업화하기 위해 스핀오프(spin-off)된 큐리언트는 감염병 연구분야에서 세계적인 권위를 가진 프랑스 파스퇴르연구소(Institut Pasteur)뿐 아니라 유럽의 많은 연구기관으로부터 유망한 프로그램을 확보할 수 있는 강점을 가지고 있습니다. 특히 큐리언트는 유럽에서 가장 큰 기초연구기관 중 하나인 독일의 막스플랑크연구소(Max-Planck-Gesellschaft)와 전략적 제휴를 통해 항암 및 자가면역질환 기초과제에 대해 우선적으로 검토할 수 있는 권리를 보유하고 있으며, 이를 통해 전 세계적으로 경쟁력이 있는 파이프라인을 확보하여 개발하고 있습니다.
아무리 좋은 연구과제라도 우수한 연구개발 역량 없이는 성공적인 신약으로 거듭날 수 없습니다. 큐리언트는 도입한 파이프라인을 지속적으로 개량하면서 경쟁력과 시장성을 극대화한 신약을 개발합니다. 이러한 우수한 연구개발 역량은 세계적인 인정을 받고 있습니다. 큐리언트가 2013년 세계적인 학술지인 네이처 메디슨지(Nature Medicine, 2013 Sep.;19(9):1157-60)에 게재한 논문은 현재까지도 높은 피인용율로 주목받고 있으며, 2020년에는 세계 최상위의 인용지수(Impact factor)를 자랑하는 The New England Journal of Medicine(NEJM)에 국내 최초로 상업화 물질의 임상 결과가 게재되기도 하였습니다.
큐리언트는 연구역량 뿐 아니라 개발하고 있는 파이프라인의 완성도로도 주목받고 있습니다. 현재 큐리언트가 개발하고 있는 신약들은 모두 First-in-class 혁신신약이며, 임상단계에 진입한 파이프라인들은 그 기전적 탁월성을 인정받아 유수의 연구자들의 관심을 받고 있습니다. 일례로, 현재 큐리언트가 개발 중인 파이프라인의 적응증 확대는 상당수가 최정상 연구기관들의 추천을 기반으로 이루어지고 있으며, 회사는 이러한 연구자들의 높은 관심이 후기 임상으로 넘어갈수록 제약사와 시장으로 확대될 것이라고 기대하고 있습니다.
회사가 현재 개발하고 있는 항암제 프로그램들은 다국적 제약회사 MSD(미국 머크)와의 공동연구개발을 체결하고 가장 성공적인 면역항암제인 키트루다와의 병용 요법 개발을 진행하고 있으며, 해당 병용요법 개발에 필요한 키트루다를 전량 무상으로 공급받고 있습니다.
큐리언트에서 개발되는 신약들은 환자투약 시 효능이 입증되는 단계에서 기술이전을 통해 수익을 창출하며, 신약의 품목허가 시 국내판권을 확보하여 국내 유통 수익을 확보할 예정입니다.
회사가 영위하는 사업은 연구개발총괄부문과 의약품유통부문으로 나뉘어져 있습니다. 연구개발총괄부문에서는 항암제, 항생제, 항염제 등의 신약개발활동을, 의약품유통부문에서는 전문의약품 유통을 담당하고 있습니다.
회사의 2025년 기말 연결 매출 70억원과 2024년 기말 연결 매출 91억원은 연구개발 용역매출 및 의약품유통부문의 상품 매출 및 수수료 매출입니다.
Company overview
1. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)
1-1. 연결대상회사의 변동내용 1-1. 연결대상회사의 변동내용 회사는 본 보고서 작성기준일 현재 해당사항 없습니다.
2. 회사의 법적, 상업적 명칭회사의 명칭은 '주식회사 큐리언트'이며, 영문으로는 'Qurient Co., Ltd.'라 표기합니다.
3. 설립일자 및 존속기간회사는 의약품 연구개발을 주요 사업으로 2008년 7월 2일에 설립되었습니다. 2015년 11월 29일 코스닥시장 상장을 승인 받아 회사의 주식이 2016년 2월 29일자로 코스닥시장에서 매매가 개시되었습니다.
4. 본사의 주소, 전화번호, 홈페이지 주소주소: 경기도 성남시 분당구 판교로 242, C동 801호전화번호: 031-8060-1600홈페이지: http://www.qurient.com
5. 중소기업 등 해당 여부
6. 주요 사업의 내용회사는 의약품 연구개발을 주요 사업으로 영위하고 있으며, 주요 파이프라인으로는 CDK7 저해 항암제 모카시클립(Mocaciclib, Q901), 이중 페이로드 ADC QP101, Axl/Mer/CSF1R 삼중저해 항암제 아드릭세티닙(Adrixetinib, Q702), 다제내성 결핵 치료제 텔라세벡(Telacebec, Q203), 아토피성 피부염 치료제 Q301이 있습니다.
7. 신용평가에 관한 사항
신용등급별 정의
8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.
- The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
- The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.
VaR
The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.
The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.
Deepest drawdown 70.8% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.
Characteristic line
- Intercept
- +0.293%[-0.357%, +0.943%]
- R squared
- 0.39
- Observations
- 252
- Trading-time corrected beta
- 1.21[0.91, 1.52]
A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.
Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.
- Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
- The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
- Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
- At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.
Financials
| 2015Separate basis | 2016Separate basis | 2017Separate basis | 2018Separate basis | 2019Separate basis | 2020Consolidated basis | 2021Consolidated basis | 2022Consolidated basis | 2023Consolidated basis | 2024Consolidated basis | 2025Consolidated basis | TTMConsolidated basis | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RevenueKRW 100M | 0 | — | — | — | — | — | 49 | 85 | 90 | 92 | 70 | 71 |
| Revenue growth% | — | — | — | — | — | — | — | 73.33 | 6.65 | 1.64 | -23.94 | — |
| Operating incomeKRW 100M | -82 | -111 | -127 | -167 | -232 | -210 | -242 | -275 | -232 | -275 | -298 | -368 |
| Net incomeKRW 100M | -93 | -105 | -122 | -164 | -227 | -208 | -237 | -271 | -222 | -250 | -313 | -398 |
| Attributable to ownersKRW 100M | — | — | — | — | — | -205 | -228 | -255 | -211 | -241 | -301 | -384 |
| Attributable to minoritiesKRW 100M | — | — | — | — | — | -3 | -8 | -17 | -11 | -9 | -12 | -14 |
| Operating margin% | — | — | — | — | — | — | -496.18 | -324.43 | -257.02 | -299.33 | -426.26 | -520.53 |
| Net margin% | — | — | — | — | — | — | -484.68 | -320.22 | -246.34 | -272.30 | -447.71 | -562.78 |
| ROE% | — | — | — | — | — | -36.24 | -44.28 | -82.24 | -48.13 | -48.13 | -88.28 | -222.93 |
| ROA% | -241.13 | -40.15 | -77.79 | -38.00 | -110.65 | -34.16 | -41.10 | -70.60 | -44.71 | -43.05 | -50.43 | -87.30 |
| Debt ratio% | 33.30 | 7.76 | 7.88 | 9.62 | 18.04 | 6.76 | 6.56 | 9.32 | 5.54 | 10.22 | 58.18 | 108.97 |
| Current ratio% | 360.50 | 1,438.92 | 1,341.01 | 1,136.95 | 758.04 | 2,179.12 | 1,950.13 | 1,159.53 | 1,906.75 | 1,009.59 | 1,323.17 | 1,035.24 |
| Quick ratio% | — | — | — | — | — | — | 1,944.57 | 1,154.56 | 1,899.43 | 1,007.65 | 1,321.98 | 1,034.19 |
| Reserve ratio% | -8.33 | 544.36 | 243.93 | 692.36 | 228.47 | 857.13 | 664.46 | 232.12 | 108.00 | 58.35 | -28.45 | -117.82 |
| Free cash flowKRW 100M | -76 | -99 | -126 | -138 | -240 | -199 | -245 | -250 | -220 | -233 | -287 | — |
| FCF margin% | — | — | — | — | — | — | -501.83 | -295.40 | -243.25 | -254.21 | -411.50 | — |
| Capex to revenue% | — | — | — | — | — | — | 3.00 | 0.15 | 0.00 | 0.21 | 0.86 | — |
| Receivable daysdays | — | — | — | — | — | — | — | 49.0 | 35.1 | 38.7 | 36.4 | — |
| Inventory daysdays | — | — | — | — | — | — | — | 8.2 | 8.0 | 6.2 | 4.3 | — |
| EPSKRW | -2,404 | -1,508 | -1,637 | -2,109 | -2,340 | -2,048 | -1,973 | -2,110 | -1,551 | -812 | -880 | -1,023 |
| PER | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| BPSKRW | — | — | — | — | — | 6,396 | 5,808 | 2,677 | 3,528 | 1,551 | 945 | 459 |
| PBRx | — | — | — | — | — | 5.32 | 5.22 | 3.96 | 1.32 | 2.78 | 32.00 | 47.07 |
| Dividend per share | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
Profit flowKRW 100M
This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.
This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.
Revenue compositionKRW 100M
Margins%
Cash flow by activityKRW 100M
Balance sheet compositionKRW 100M
Debt ratio%
The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.
Quarterly resultsKRW 100M
Year-on-year growth%
Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.
Cash conversion cycledays
Free cash flow breakdownKRW 100M
Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.
Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.
Owners' net margin%
Asset turnoverx
Financial leveragex
ROE%
ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.
Financial statements
Balance sheet
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 39 | 262 | 157 | 432 | 205 | 608 | 576 | 384 | 498 | 581 | 620 | |
| 33 | 258 | 152 | 424 | 189 | 588 | 539 | 342 | 444 | 506 | 516 | |
| Cash and cash equivalentsKRW 100M | 33 | 237 | 50 | 74 | 37 | 46 | 185 | 206 | 350 | 150 | 210 |
| InventoriesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 2 | 1 | 2 | 1 | 0 |
| Trade and other receivablesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 16 | 6 | 11 | 9 | 5 |
| 5 | 5 | 5 | 8 | 16 | 21 | 37 | 42 | 54 | 74 | 104 | |
| Property, plant and equipmentKRW 100M | 2 | 2 | 1 | 1 | 0 | 0 | 2 | 1 | 1 | 1 | 1 |
| Intangible assetsKRW 100M | Not applicable | 1 | 1 | 5 | 5 | Not applicable | Not applicable | Not applicable | 17 | 14 | 47 |
| 10 | 19 | 11 | 38 | 31 | 39 | 35 | 33 | 26 | 54 | 228 | |
| 9 | 18 | 11 | 37 | 25 | 27 | 28 | 30 | 23 | 50 | 39 | |
| Trade and other payablesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Current lease liabilitiesKRW 100M | — | — | — | — | 3 | 3 | 4 | 6 | 3 | 6 | 3 |
| 0 | 1 | 0 | 1 | 6 | 12 | 8 | 3 | 3 | 4 | 189 | |
| Non-current lease liabilitiesKRW 100M | — | — | — | — | 5 | 8 | 5 | 3 | 0 | 3 | 0 |
| 29 | 243 | 145 | 394 | 174 | 570 | 541 | 351 | 471 | 527 | 392 | |
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 566 | 516 | 310 | 439 | 501 | 340 | |
| Issued capitalKRW 100M | 28 | 36 | 38 | 48 | 49 | 58 | 60 | 64 | 141 | 171 | 188 |
| Capital surplusKRW 100M | 314 | 624 | 638 | 1,044 | 1,048 | 1,640 | 1,773 | 1,771 | 1,986 | 2,174 | 2,325 |
| Retained earningsKRW 100M | -316 | -427 | -545 | -709 | -937 | -1,146 | -1,373 | -1,621 | -1,834 | -2,074 | -2,379 |
| Other equityKRW 100M | 3 | 11 | 15 | 11 | 14 | 14 | 55 | 96 | 146 | 230 | 206 |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 4 | 25 | 42 | 33 | 26 | 51 |
| 당기법인세자산As filed | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 2 |
| 기타유동금융자산As filed | 0 | 20 | 100 | 349 | 150 | 540 | 335 | 126 | 80 | 343 | 296 |
| 기타유동자산As filed | — | — | 1 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 1 |
| 매출채권As filed | — | — | — | — | — | — | 16 | 6 | — | — | — |
| 무형자산As filed | 1 | — | — | — | — | 8 | 25 | 28 | — | — | — |
| 기타비유동금융자산As filed | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 6 | 24 | 42 | 45 |
| 기타유동금융부채As filed | 2 | 8 | 10 | 24 | 18 | 21 | 21 | 20 | 16 | 40 | 30 |
| 영업권As filed | — | — | — | — | — | — | — | — | 9 | 9 | 7 |
| 기타유동비금융부채As filed | 8 | 10 | — | — | — | — | — | — | — | — | — |
| 사용권자산As filed | — | — | — | — | 8 | 10 | 6 | 7 | 3 | 8 | 3 |
| 상품As filed | — | — | — | — | — | — | 2 | 1 | — | — | — |
| 순확정급여부채As filed | 0 | 1 | 0 | 1 | 1 | 3 | 2 | 0 | 2 | 0 | 0 |
| 기타비유동자산As filed | — | 0 | — | 0 | — | — | — | — | — | — | — |
| 납입자본As filed | 342 | 660 | — | — | — | — | — | — | — | — | — |
| 퇴직급여운용자산/퇴직연금운용자산As filed | — | — | — | — | — | — | — | 0 | — | — | 1 |
| 순확정급여자산As filed | — | — | 0 | — | — | — | — | — | 0 | — | — |
| 자본과부채총계As filed | 39 | 262 | 157 | 432 | 205 | 608 | 576 | 384 | 498 | 581 | 620 |
| 기타유동비금융자산As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 기타유동부채As filed | — | — | 1 | 14 | 4 | 2 | 3 | 4 | — | — | — |
| 이연법인세부채As filed | — | — | 0 | — | — | — | — | — | — | — | — |
| 비유동충당부채As filed | — | — | — | — | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| 기타비유동부채As filed | — | — | — | — | — | 0 | 0 | 0 | — | — | — |
| 장기매입채무 및 기타비유동채무As filed | — | — | — | — | 5 | 8 | 5 | 3 | — | — | 123 |
| 기타 유동부채As filed | — | — | — | — | — | — | — | — | 4 | 5 | 6 |
| 기타 비유동 부채As filed | — | — | — | — | — | — | — | — | 0 | 0 | 1 |
| 기타비유동금융부채As filed | — | — | — | — | — | — | — | — | — | — | 64 |
Income statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 49 | 85 | 90 | 92 | 70 | |
| Cost of salesKRW 100M | 0 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 40 | 67 | 73 | 78 | 61 |
| Gross profitKRW 100M | 0 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 9 | 18 | 18 | 14 | 9 |
| SG&A expensesKRW 100M | 82 | 111 | 127 | 167 | 232 | 210 | 251 | 293 | 250 | 288 | 307 |
| -82 | -111 | -127 | -167 | -232 | -210 | -242 | -275 | -232 | -275 | -298 | |
| Finance incomeKRW 100M | 2 | 5 | 6 | 3 | 7 | 4 | 6 | 10 | 9 | 26 | 27 |
| Finance costsKRW 100M | 13 | 0 | 0 | 0 | 2 | 2 | 3 | 7 | 2 | 3 | 43 |
| Other incomeKRW 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 1 |
| Other expensesKRW 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -93 | -105 | -122 | -164 | -227 | -208 | -239 | -271 | -222 | -250 | -313 | |
| Income tax expenseKRW 100M | Not applicable | Not applicable | -0 | 0 | Not applicable | Not applicable | 2 | 0 | 0 | 0 | 0 |
| -93 | -105 | -122 | -164 | -227 | -208 | -237 | -271 | -222 | -250 | -313 | |
| Attributable to ownersKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | -205 | -228 | -255 | -211 | -241 | -301 |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | -3 | -8 | -17 | -11 | -9 | -12 |
| Basic earnings per shareKRW | -2,404 | -1,508 | -1,637 | -2,109 | -2,340 | -2,048 | -1,973 | -2,110 | -1,551 | -812 | -880 |
| Diluted earnings per shareKRW | -2,404 | -1,508 | -1,637 | -2,109 | -2,340 | -2,048 | -1,973 | -2,110 | -1,551 | -812 | -880 |
| -93 | -111 | -118 | -164 | -228 | -212 | -236 | -266 | -219 | -243 | -308 | |
| Other comprehensive incomeKRW 100M | -0 | -6 | 4 | 0 | -1 | -4 | 1 | 6 | 4 | 7 | 5 |
| 포괄손익, 비지배지분As filed | — | — | — | — | — | — | — | — | -9 | -7 | -9 |
| 확정급여부채의 재측정요소As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | — | — | — | — | — | — | -210 | -237 | -299 |
| 확정급여제도의 재측정손익(세후기타포괄손익)As filed | — | — | — | 0 | -1 | -4 | 2 | 5 | -2 | 2 | -3 |
| 해외사업장환산외환차이(세후기타포괄손익)As filed | — | — | — | — | — | -0 | -1 | 1 | 5 | 5 | 8 |
| 후속적으로 당기손익으로 재분류되지 않는 항목As filed | — | -6 | — | — | — | — | — | — | — | — | — |
| 확정급여제도의 재측정요소As filed | — | -6 | — | — | — | — | — | — | — | — | — |
| 총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | — | — | — | -209 | -227 | -249 | — | — | — |
| 총 포괄손익, 비지배지분As filed | — | — | — | — | — | -3 | -9 | -16 | — | — | — |
Cash flow statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net incomefrom the income statement | -93 | -105 | -122 | -164 | -227 | -208 | -237 | -271 | -222 | -250 | -313 |
| Total adjustments to operating cash flowcomputed | 18 | 6 | -4 | 26 | -13 | 9 | -7 | 21 | 3 | 17 | 26 |
| -75 | -99 | -126 | -138 | -240 | -198 | -244 | -250 | -220 | -233 | -287 | |
| Interest receivedKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Interest paidKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| DepreciationKRW 100M | — | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | — | — |
| AmortisationKRW 100M | — | 0 | 0 | 0 | 1 | 1 | 1 | 3 | 3 | 3 | 3 |
| Income taxes paidKRW 100M | -0 | 0 | 0 | -0 | 0 | -1 | 1 | 0* | -0 | 1 | -0 |
| 0 | -16 | -75 | -251 | 204 | -391 | 193 | 210 | 41 | -241 | -84 | |
| Purchase of property, plant and equipmentKRW 100M | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Proceeds from sale of property, plant and equipmentKRW 100M | Not applicable | 0 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 0 |
| Purchase of intangible assetsKRW 100M | 0 | 0 | 1 | 4 | 1 | 3 | 1 | 5 | 1 | 1 | 36 |
| -0 | 318 | 15 | 412 | -0 | 599 | 190 | 63 | 315 | 268 | 423 | |
| Acquisition of treasury sharesKRW 100M | — | — | — | — | — | — | — | — | — | 0 | — |
| Issue of sharesKRW 100M | — | 318 | — | 400 | — | 602 | 194 | 68* | 273 | 215 | 182 |
| Cash at beginning of periodKRW 100M | 108 | 33 | 237 | 50 | 74 | 37 | 46 | 185 | 206 | 350 | 150 |
| 33 | 237 | 50 | 74 | 37 | 46 | 185 | 206 | 350 | 150 | 210 | |
| Effect of exchange rate changesKRW 100M | 0 | 0 | -0 | 0 | 0 | -0 | -1 | -2 | 6 | 7 | 8 |
| Net change in cash and cash equivalentsKRW 100M | -75 | 204 | -186 | 23 | -36 | 9 | 138 | 21 | 143 | -199 | 60 |
| 당기순이익(손실)As filed | — | -105 | -122 | -164 | -227 | -208 | -239 | -271 | -222 | -250 | -313 |
| 당기순이익조정을 위한 가감As filed | — | 7 | 3 | 1 | 7 | 14 | 12 | 16 | 17 | -5 | 46 |
| 영업으로부터 창출된 현금흐름As filed | -75 | — | — | — | — | — | — | — | — | — | — |
| 전환우선주의 전환As filed | — | — | — | — | — | — | — | — | -0 | -0 | -0 |
| 금융비용As filed | — | — | -5 | -3 | -6 | -2 | -4 | -8 | — | — | — |
| 신종자본증권의 배당As filed | — | — | — | — | — | — | — | — | — | -1 | -1 |
| 순금융원가As filed | — | -5 | — | — | — | — | — | — | — | — | — |
| 외화환산이익As filed | — | 0 | 0 | 0 | 0 | 0 | 1 | 0 | — | — | — |
| 주식선택권행사로 인한 현금유입As filed | — | — | 15 | 12 | 3 | 1 | 9 | — | 13 | — | 30 |
| 단기차입금의 상환As filed | — | — | — | — | — | — | 9 | — | 0 | — | — |
| 신주인수권부사채의 증가As filed | — | — | — | — | — | — | — | — | — | — | 90 |
| 외화환산손실As filed | — | 0 | 0 | 0 | 0 | 0 | 0 | 2 | — | — | — |
| 지급임차료As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 기타비유동금융자산의 취득As filed | 0 | 0 | — | — | 0 | 0 | 1 | 2 | 0 | 0 | 1 |
| 단기대여금 회수As filed | — | — | — | — | — | — | 0 | — | 0 | — | — |
| 유형자산폐기손실As filed | — | — | — | — | — | — | — | 0 | — | — | — |
| 주식보상비용As filed | — | 8 | — | — | — | — | — | — | — | — | — |
| 리스부채의 원금상환As filed | — | — | — | — | -3 | -3 | -4 | -5 | -6 | -6 | -6 |
| 이자수취As filed | 1 | 5 | 4 | 4 | 6 | 3 | 5 | 8 | 5 | 13 | 12 |
| 전환사채의 증가As filed | — | — | — | — | — | — | — | — | — | — | 128 |
| 퇴직급여As filed | — | 2 | 3 | 2 | 4 | 5 | 6 | 7 | — | — | — |
| 기타유동자산의 감소(증가)As filed | — | -0 | — | — | — | — | — | — | — | — | — |
| 사용권자산상각비As filed | — | — | — | — | 3 | 5 | 5 | 4 | 5 | 5 | 6 |
| 주식보상비용(환입)As filed | — | — | 5 | 1 | 5 | 5 | 4 | 7 | — | — | — |
| 기타금융부채의 증가(감소)As filed | — | 6 | 3 | 13 | -6 | 4 | 1 | 4 | -1 | 22 | -11 |
| 이자지급As filed | — | — | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 기타유동부채의 증가(감소)As filed | — | 2 | — | — | — | — | — | — | -3 | 1 | 3 |
| 비지배지분 유상증자As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 신종자본증권의 발행As filed | — | — | — | — | — | — | — | — | 35 | 60 | — |
| 기타 현금의 유출 없는 비용등As filed | — | — | 0 | 0 | — | — | — | — | — | — | — |
| 무상증자As filed | — | — | — | — | — | — | — | — | -0 | — | — |
| 순확정급여부채의 증가(감소)As filed | — | -7 | — | — | — | — | — | — | — | — | — |
| 기타금융자산의 처분As filed | — | 100 | 20 | 99 | 349 | 150 | 1,448 | 1,302 | 107 | 217 | 397 |
| 기타장기종업원급여부채As filed | — | — | — | — | — | — | 0 | -0 | 0 | — | — |
| 영업활동으로인한자산ㆍ부채의변동As filed | — | — | -7 | 25 | -19 | -5 | -16 | 5 | — | — | — |
| 전환상환우선주의 전환As filed | 0 | — | — | — | — | — | — | — | — | — | — |
| 기타비유동금융자산의 처분As filed | — | — | — | — | — | 0 | 1 | 0 | 0 | 0 | 1 |
| 기타유동비금융자산의 감소(증가)As filed | — | — | -0 | -0 | 0 | -0 | 0 | -1 | 1 | -0 | 0 |
| 복구충당부채 전입액As filed | — | — | — | — | — | — | 0 | — | — | — | — |
| 종속기업에 대한 소유지분의 변동으로 인한 지급As filed | — | — | — | — | — | 0 | — | 0 | 0 | — | — |
| 파생금융자산평가손실As filed | — | — | — | — | — | — | — | 1 | 0 | 0 | 38 |
| 기타금융자산의 취득As filed | — | 120 | 99 | 349 | 150 | 540 | 1,242 | 1,093 | 60 | 470 | 355 |
| 기타유동비금융부채의 증가(감소)As filed | — | — | -10 | 13 | -10 | -2 | 3 | 2 | — | — | — |
| 리스해지손실As filed | — | — | — | — | — | — | 0 | — | 0 | — | 0 |
| 미수금의 감소(증가)As filed | — | — | — | — | — | -0 | -0 | -0 | -0 | 1 | -5 |
| 재고자산처분손실As filed | — | — | — | — | — | — | — | 0 | — | — | — |
| 종속기업에 대한 투자자산의 취득As filed | — | — | — | — | — | — | — | — | — | — | 101 |
| 퇴직급여채무의 증가(감소)As filed | — | — | -0 | -1 | -4 | -7 | -6 | -4 | -6 | -4 | -10 |
| 장기대여금및수취채권의 취득As filed | — | — | — | — | — | — | — | — | 9 | — | 1 |
| 기타비유동부채의 증가(감소)As filed | — | — | — | — | — | 0 | -0 | — | -0 | -0 | -0 |
| 매출채권의 감소(증가)As filed | — | — | — | — | — | — | -13 | 4 | -4 | 2 | 2 |
| 영업활동으로 인한 자산 부채의 변동As filed | — | — | — | — | — | — | — | — | -14 | 23 | -20 |
| 미수수익의 감소(증가)As filed | — | — | — | — | — | — | — | -0 | -0 | 0 | 0 |
| 상품의 감소(증가)As filed | — | — | — | — | — | — | -0 | 0 | -0 | 1 | 0 |
| 임차보증금의 증가As filed | — | — | — | 0 | — | — | — | — | — | — | — |
| 기타비유동금융부채의증가(감소)As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 사업결합효과As filed | — | — | — | — | — | — | -15 | — | 0 | — | — |
| 환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed | — | — | -186 | 23 | -36 | 9 | 139 | 23 | 137 | -206 | 52 |
| 기타비유동금융자산의 감소(증가)As filed | — | — | — | — | — | — | -0 | — | 0 | — | -0 |
| 당기 선급법인세자산의 감소(증가)As filed | — | — | — | — | — | — | — | -0 | — | — | — |
| 외화환산이익 조정As filed | — | — | — | — | — | — | — | — | 1 | 2 | 0 |
| 파생금융자산평가이익 조정As filed | — | — | — | — | — | — | — | — | — | 9 | 14 |
| 기타장기종업원급여부채의 증가(감소)As filed | — | — | — | — | — | — | — | — | — | 0 | 1 |
| 재고자산폐기손실As filed | — | — | — | — | — | — | — | — | 0 | 0 | 0 |
| 외화환산손실 조정As filed | — | — | — | — | — | — | — | — | 0 | 0 | 0 |
| 퇴직급여 조정As filed | — | — | — | — | — | — | — | — | 6 | 4 | 5 |
| 선급법인세의 감소(증가)As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 주식보상비용(환입) 조정As filed | — | — | — | — | — | — | — | — | 9 | 7 | 9 |
| 대손상각비 조정As filed | — | — | — | — | — | — | — | — | — | — | 2 |
| 리스해지이익As filed | — | — | — | — | — | — | — | — | — | -0 | — |
| 금융원가의 조정As filed | — | — | — | — | — | — | — | — | -5 | -15 | -8 |
| 기타비유동금융부채의 감소As filed | — | — | — | — | — | — | — | -0 | — | — | — |
| 유형자산처분이익 조정As filed | — | — | — | — | — | — | — | — | — | — | 0 |
| 감가상각비As filed | — | — | — | — | — | — | — | — | — | 0 | 0 |
| 충당부채전입액As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 영업권 손상차손 조정As filed | — | — | — | — | — | — | — | — | — | — | 3 |
| 금융자산처분이익As filed | — | — | — | — | — | — | — | — | 1 | — | — |
| 전환권/신주인수권 행사로 인한 현금유입As filed | — | — | — | — | — | — | — | -0 | — | — | — |
| 유형자산폐기손실 조정As filed | — | — | — | — | — | — | — | — | 0 | — | — |
In the latest fiscal year operations and investing consumed cash raised through financing activities.
A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.
Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.
The newest annual filing shown was received on 2026.03.18.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 18 | 우리회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 17 | 대주회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 16 | 대주회계법인 | 2025-12-31 |
| 2022 | 적정Term 15 | 대주회계법인 | 2022-12-31 |
| 2021 | 적정Term 14 | 태성회계법인 | 2022-12-31 |
| 2020 | 적정Term 13 | 태성회계법인 | 2022-12-31 |
| 2019 | 적정Term 12 | 태성회계법인 | 2019-12-31 |
| 2018 | 적정Term 11 | 삼일회계법인 | 2019-12-31 |
| 2017 | 적정Term 10 | 삼일회계법인 | 2019-12-31 |
The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.
Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.
Valuation
Valuation multiplesx
PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.
Valuation models
Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.
Assumptions
The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.
| Model | Model priceKRW | Versus current price |
|---|---|---|
| Gordon growth model | No dividend | |
| Dividend discount model DDM | No dividend | |
| Discounted cash flow FCFF | No borrowing line filed | |
| Discounted cash flow FCFE | Base-year cash flow not positive | |
| Residual income model RIM | -2 | -100.0% |
Dividend and residual income familyKRW
Discounted cash flow familyKRW
How the figures are calculated
Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.
Cost of equity
r = 4.40% + 1.00 × 5.00% = 9.42%
Initial growth
g_1 = max(-88.28% × (1 − 0.00%), 0) = 0.00%
Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth
Residual income model RIM
B_0 = 945 KRW, ROE = -88.28%, payout ratio = 0.00%, r = 9.42%, g_T = 2.00%
| Year | Opening book value | Earnings | Equity charge | Residual income | Discount factor | Present value |
|---|---|---|---|---|---|---|
| 1 | 945 | -835 | 89 | -924 | 0.9139 | -844 |
| 2 | 111 | -98 | 10 | -108 | 0.8352 | -90 |
| 3 | 13 | -11 | 1 | -13 | 0.7633 | -10 |
| 4 | 2 | -1 | 0 | -1 | 0.6976 | -1 |
| 5 | 0 | -0 | 0 | -0 | 0.6376 | -0 |
| Terminal value | -2 | 0.6376 | -2 | |||
P_0 = 945 + -945 + -2 = -2 KRW
The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.
- A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
- The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
- The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
- Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.