Mezzion Pharma
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
Mezzion Pharma is a company established on September 25, 2002. Headquartered in Seoul, the company is listed on the KOSDAQ market.
The company focuses on the development of global new drugs. Its business involves the manufacture and distribution of pharmaceuticals, with a current focus on treatments for single ventricle heart disease and autosomal dominant polycystic kidney disease.
Business overview as filed
당사는 2002년 9월 25일 의약품제조업 및 판매업을 주 사업목적으로 하여 설립된 법인으로서, 설립 이래로 글로벌 신약 개발에 주력하고 있습니다. 발기부전치료제, 전립선비대증치료제, 간문맥고혈압치료제, 폐동맥고혈압치료제, 단심실증치료제 및 상염색체 우성 다낭신증 치료제 등 다양한 질환에 대한 글로벌 개발을 진행하고 있습니다. 최근에는 단심실증치료제 개발에 주력하고 있으며, 미국에서 임상시험을 모두 종료하고 최종적으로 2021년 3월 FDA에 신약승인신청(New Drug Application)을 제출하였습니다. 그러나 2022년 3월, FDA 측에서 추가 임상을 권유하면서 기존 제출된 NDA를 철회하는 방법을 조언하였습니다. 이후 2022년 5월, FDA와의 Type-B 미팅 등을 통해 Protocol design을 협의하여 2023년 2월, 추가 임상 Protocol을 제출하였고 이어 3월에는 Protocol이 승인되었습니다. 이를 바탕으로 현재 추가 임상 절차를 진행 중에 있으며 향후 신약승인신청을 다시 제출할 계획을 가지고 있습니다.또한 당사의 개발 파이프라인 확장의 일환으로 상염색체 우성 다낭신증 치료제를 개발 중에 있습니다.가. 신약 개발사업의 특성 신약개발 단계는 크게 탐색 단계(Research) 및 개발 단계(Development)로 구분됩니다. 탐색단계는 의약학적 개발목표(목적효능, 작용기전 등)를 설정한 다음 신물질을 설계/합성하고, 그 효능을 검색하는 작업을 반복하여 개발대상 물질(후보물질: Candidates)을 선정하는 단계입니다. 개발단계는 대상물질에 대한 대량제조 공정개발, 제제화 연구, 안전성 평가, 생체 내 동태규명 및 임상시험을 거쳐 신약을 개발해 가는 과정입니다.
신약 연구개발 과정은 정부의 각종 규제로 엄격한 안전성과 유효성 검증을 받아야 합니다. 특히 개발단계는 연구단계에서 선정된 신약 후보물질을 동물과 사람에서 안전성과 유효성(약효)을 검증하는 과정으로서, 많은 비용과 시간이 소요됩니다. 그리고 모든 자료를 허가기관(한국의 경우 KFDA, 미국의 경우 FDA)에 제출해야 하므로 정부의 규제와 지침을 준수해야 합니다.
신약개발에 성공할 경우 매우 높은 수익을 창출할 수 있으나, 신약산업은 오랜 시간과 대규모 비용이 투입되어 상대적으로 매우 높은 위험성이 있는 산업입니다. 신약산업의 일반적인 특징은 다음과 같습니다.
가) 장기간의 개발기간 신약개발을 위해서는 후보물질검색 및 전임상단계에서 약 3 ~ 6년이 소요되며, 임상시험단계에서 약 6 ~ 7년, FDA 승인단계에서 약 0.5 ~ 2년이 소요되어 개발완료 시까지 약 10 ~ 15년의 장기간의 개발기간이 소요되는 특징이 있습니다.
나) 낮은 성공확률 신약 개발의 성공확률은 통계적으로 신약후보 물질 약 5,000 ~ 10,000 개 중 하나의 물질만이 신약으로 개발되는 등 성공확률이 매우 낮습니다. 1996년 미국FDA의 허가를 받은 신약은 총 53개 였으며 이때를 기점으로 신약의 안전성이 강화되었고 2010년에 21개까지 줄어들었으나, 2012년 들어서면서 연간 39개로 소폭 늘어났으며 2015년을 기점으로 신약 승인건수가 56개로 대폭 늘어났으며, 2016년에는 다시 25개로 줄어든 상황입니다.
fda approval count.jpg fda approval count 출처 : EvaluatePharma 지난 20년간 신약허가 건수가 줄어든 원인으로는 1) 신약을 발굴해 내기가 더욱 어려워졌고 2) 신약신청을 하기 위한 임상시험 등의 제반 과정을 수행하는 것도 어려워졌으며 3) 또한 미국FDA의 승인 검토가 점점 강화되고 있기 때문입니다. [연간 신약 승인 비율과 R&D 투자 비용 추이 비교]
연간 신약 승인 비율과 r&d 투자 비용 추이 비교.jpg 연간 신약 승인 비율과 r&d 투자 비용 추이 비교 출처 : 삼정KPMG 경제연구원 재구성, 2012.08 다) 대규모 개발비용 신약개발절차가 복잡해짐에 따라 신약개발에 소요되는 총 비용이 지속적으로 증가하여 하나의 신약개발을 위하여 투입되는 비용은 치료분야에 따라 상이하지만, 평균적으로 약 13억 달러("Pharmaceutical Industry", Profile 2009, PHARMA)에 이르고 있습니다.
신약당 개발비용 추이.jpg 신약당 개발비용 추이 출처 : “Pharmaceutical Industry”, Profile 2009, PHARMA [단계별 R&D 비용]
단계별 r&d비용.jpg 단계별 r&d비용 출처 : Datamonitor, 생명공학정책연구센터 라) 고부가가치산업 신약개발은 대규모 자금과 오랜 시간이 소요되지만, 특허권과 이로 인한 독점권 확보를 통해서 높은 수익을 예상할 수 있으며, 신약개발에 성공하면 국내시장은 물론 세계시장에서의 독점적 지위를 확보할 수 있는 고부가가치산업입니다.
Company overview
가. 연결대상 종속회사 개황
1. 연결대상 종속회사 개황
1-1. 연결대상회사의 변동내용
나. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 "주식회사 메지온"이라 표기합니다. 영문으로는 "Mezzion Pharma Co., Ltd." 라 표기합니다.
다. 설립일자 및 존속기간 당사는 2002년 9월 25일에 설립되었으며, 계속사업기업으로 존속기간이 정해져 있지 않습니다.
라. 본사의 주소, 전화번호, 홈페이지 주소- 주소 : 서울특별시 강남구 삼성로 570 석천빌딩 7층- 전화번호 : 02-560-8000- 홈페이지 주소 : http://www.mezzion.co.kr 중소기업 등 해당 여부
바. 주요 사업의 내용 당사는 '의약품 제조 및 판매업',
사. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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 70.5% (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
- +0.106%[-0.501%, +0.714%]
- R squared
- 0.24
- Observations
- 252
- Trading-time corrected beta
- 0.84[0.43, 1.25]
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 | 2016Consolidated basis | 2017Consolidated basis | 2018Consolidated basis | 2019Consolidated basis | 2020Consolidated basis | 2021Consolidated basis | 2022Consolidated basis | 2023Consolidated basis | 2024Consolidated basis | 2025Consolidated basis | TTMConsolidated basis | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Operating incomeKRW 100M | -27 | -72 | -168 | -219 | -247 | -75 | -168 | -233 | — | -143 | -168 | -188 |
| Net incomeKRW 100M | 42 | -130 | -149 | -189 | -233 | — | — | — | — | -195 | -349 | — |
| Attributable to ownersKRW 100M | — | — | — | — | -233 | -138 | -136 | -363 | -127 | -195 | -349 | — |
| Attributable to minorities | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Operating margin | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Net margin | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| ROE% | — | — | — | — | -54.29 | -24.34 | -21.66 | -138.33 | -20.72 | -42.28 | -203.14 | — |
| ROA% | 4.10 | -13.54 | -20.10 | -25.15 | -39.49 | — | — | — | — | -26.32 | -35.63 | — |
| Debt ratio% | 64.79 | 81.60 | 39.25 | 30.95 | 37.46 | 33.12 | 33.67 | 105.88 | 49.97 | 60.65 | 470.09 | 220.79 |
| Current ratio% | 709.38 | 571.54 | 344.02 | 394.69 | 383.79 | 391.05 | 346.95 | 175.99 | 250.69 | 157.20 | 57.29 | 68.21 |
| Quick ratio% | 694.43 | 556.94 | 330.67 | 381.16 | 339.36 | 345.86 | 283.28 | 142.11 | 231.31 | 136.88 | 50.63 | 61.99 |
| Reserve ratio% | 1,841.52 | 1,604.68 | 1,386.58 | 1,232.77 | 818.11 | 1,042.74 | 741.78 | -88.22 | 180.95 | 106.22 | -29.82 | 89.04 |
| EPSKRW | 560 | -1,762 | -2,000 | -2,273 | -2,685 | -1,595 | -1,529 | -1,358 | -451 | -653 | -1,160 | — |
| 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 | — | — | 6,373 | 6,633 | 4,920 | 6,388 | 7,055 | 981 | 2,077 | 1,537 | 566 | 1,285 |
| PBRx | — | — | 6.26 | 13.87 | 38.89 | 27.52 | 30.77 | 13.25 | 18.78 | 20.07 | 159.11 | 47.25 |
| 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 |
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. Where a filing itemized no non-current line, that half is the filed total less the filed current part.
Quarterly resultsKRW 100M
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.
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,031 | 959 | 740 | 751 | 589 | 756 | 839 | 540 | 921 | 740 | 980 | |
| 973 | 942 | 705 | 700 | 518 | 607 | 642 | 459 | 742 | 419 | 456 | |
| Cash and cash equivalentsKRW 100M | 653 | 206 | 321 | 296 | 156 | 359 | 242 | 294 | 402 | 136 | 256 |
| Short-term financial instrumentsKRW 100M | 231 | 414 | 183 | 233 | 205 | 133 | 230 | 30 | 180 | 150 | — |
| InventoriesKRW 100M | 21 | 24 | 27 | 24 | 60 | 70 | 118 | 88 | 57 | 54 | 53 |
| Trade and other receivablesKRW 100M | Not applicable | Not applicable | 17 | 18 | 29 | 26 | 24 | 26 | 23 | 9 | 11 |
| 57 | 17 | 35 | 50 | 70 | 150 | 198 | 81 | 179 | 321 | 524 | |
| Property, plant and equipmentKRW 100M | 7 | 2 | 9 | 12 | 49 | 59 | 49 | 42 | 29 | 25 | 25 |
| Intangible assetsKRW 100M | Not applicable | Not applicable | 16 | 16 | 16 | 82 | 142 | 16 | 129 | 284 | Not applicable |
| 405 | 431 | 209 | 177 | 160 | 188 | 211 | 278 | 307 | 279 | 808 | |
| 137 | 165 | 205 | 177 | 135 | 155 | 185 | 261 | 296 | 267 | 796 | |
| Trade and other payablesKRW 100M | Not applicable | Not applicable | 25 | 30 | 36 | 35 | 55 | 72 | 40 | 16 | 18 |
| Non-current liabilitiesKRW 100M | 268 | 266 | 4 | Not applicable | 25 | 33 | 26 | 17 | 11 | 13 | 13 |
| 625 | 528 | 532 | 573 | 428 | 568 | 628 | 262 | 614 | 461 | 172 | |
| Not applicable | Not applicable | 532 | 573 | 428 | 568 | 628 | 262 | 614 | 461 | 172 | |
| Issued capitalKRW 100M | 41 | 41 | 42 | 43 | 44 | 44 | 45 | 134 | 148 | 150 | 152 |
| Capital surplusKRW 100M | 533 | 555 | 630 | 774 | 830 | 1,075 | 1,078 | 993 | 1,505 | 1,591 | 1,736 |
| Retained earningsKRW 100M | 219 | 99 | -51 | -241 | -474 | -612 | -748 | -1,111 | -1,237 | -1,431 | -1,781 |
| Accumulated other comprehensive incomeKRW 100M | 0 | -1 | -5 | -7 | -10 | 11 | -20 | -39 | -51 | -40 | -43 |
| Other equityKRW 100M | -167 | -167 | -83 | 5 | 39 | 49 | 273 | 286 | 250 | 191 | 109 |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 0 | 0 | Not applicable | Not applicable |
| 당기손익인식금융자산As filed | 47 | 250 | 126 | — | — | — | — | — | — | — | — |
| 유동성매도가능금융자산As filed | — | 20 | — | — | — | — | — | — | — | — | — |
| 매출채권As filed | 11 | 12 | — | — | — | — | — | — | — | — | — |
| 기타금융자산As filed | — | 11 | 29 | — | 13 | 17 | 24 | 16 | 36 | 9 | 9 |
| 기타유동자산As filed | — | 3 | 2 | 6 | 3 | 3 | 3 | 3 | 42 | 61 | 61 |
| 파생상품자산As filed | — | — | — | — | — | — | — | — | — | — | 65 |
| 당기법인세자산As filed | 2 | 2 | — | — | 2 | 0 | 2 | 2 | 1 | — | 1 |
| 당기손익-공정가치금융자산As filed | — | — | — | 50 | 50 | 0 | 0 | — | — | — | — |
| 기타금융자산-유동As filed | — | — | — | 74 | — | — | — | — | — | — | — |
| 유동성기타금융자산As filed | 7 | — | — | — | — | — | — | — | — | — | — |
| 유동성기타자산As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 비유동성기타금융자산As filed | 4 | — | — | — | 5 | 8 | 7 | 23 | 21 | — | — |
| 순확정급여자산As filed | — | — | — | — | — | — | — | — | — | 1 | 1 |
| 무형자산As filed | 25 | 3 | — | — | — | — | — | — | — | — | 491 |
| 기타투자자산As filed | — | — | — | — | — | — | — | 0 | — | — | — |
| 확정급여자산As filed | — | 7 | 4 | 1 | — | — | — | — | — | — | — |
| 기타금융자산-비유동As filed | — | — | — | 7 | — | — | — | — | — | — | — |
| 비유동매도가능금융자산As filed | 20 | — | — | — | — | — | — | — | — | — | — |
| 이연법인세자산As filed | — | — | — | 14 | — | — | — | — | — | — | — |
| 단기차입금 1As filed | — | — | — | — | 4 | — | — | — | — | — | — |
| 단기차입금1As filed | — | — | — | — | — | 10 | 9 | 11 | 5 | — | — |
| 자본과부채총계As filed | 1,031 | — | 740 | 751 | 589 | 756 | 839 | 540 | 921 | 740 | 980 |
| 신주인수권부사채As filed | — | 91 | 70 | 2 | 0 | — | — | — | — | — | — |
| 기타금융부채As filed | — | 10 | 57 | 82 | 90 | 70 | 87 | 146 | 246 | 210 | 261 |
| 전환사채As filed | 252 | 171 | 12 | — | — | — | — | — | — | — | 99 |
| 당기법인세부채As filed | — | 0 | 2 | 21 | 1 | 8 | — | 0 | — | 39 | — |
| 매입채무As filed | 22 | 34 | — | — | — | — | — | — | — | — | — |
| 기타유동부채As filed | — | 0 | 1 | 4 | 4 | 33 | 34 | 32 | — | — | — |
| 유동성기타금융부채As filed | 11 | — | — | — | — | — | — | — | — | — | — |
| 기타 유동부채As filed | — | — | — | — | — | — | — | — | 4 | 1 | 1 |
| 유동성파생금융부채As filed | 103 | 120 | 38 | 38 | — | — | — | — | — | — | — |
| 비유동성기타금융부채As filed | — | — | — | — | 24 | — | — | — | — | — | — |
| 유동성기타부채As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 이연법인세부채As filed | 1 | 4 | 4 | — | — | — | — | — | — | 3 | — |
| 복구충당부채As filed | — | — | — | — | — | — | — | — | — | 1 | 1 |
| 파생상품부채As filed | — | — | — | — | — | — | — | — | — | — | 417 |
| 확정급여부채As filed | 4 | — | — | — | 1 | 1 | 2 | 0 | 0 | — | — |
| 지배기업의소유지분As filed | — | 528 | — | — | — | — | — | — | — | — | — |
| 부채와자본총계As filed | — | 959 | — | — | — | — | — | — | — | — | — |
| 비유동성기타부채As filed | 10 | — | — | — | — | — | — | — | — | — | — |
| 충당부채As filed | — | — | — | — | — | 1 | 1 | 1 | 1 | — | — |
Income statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Cost of salesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Gross profitKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| SG&A expensesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 160 | 182 |
| -27 | -72 | -168 | -219 | -247* | -75 | -168 | -233 | Not applicable | -143 | -168 | |
| Finance incomeKRW 100M | 101 | 20 | 60 | 40 | 30 | 15 | 55 | 62 | Not applicable | 20 | 57 |
| Finance costsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Other incomeKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | 3 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Other expensesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | 2 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 52 | -128 | -156 | -208 | -222* | -128 | -130 | -359 | Not applicable | -145 | -388 | |
| Income tax expenseKRW 100M | 9 | 2 | -7 | -19 | 10 | Not applicable | Not applicable | Not applicable | Not applicable | 49 | -39 |
| Profit from continuing operationsKRW 100M | 42 | -130 | -149 | -189 | -233* | -139 | -136 | -363 | — | — | — |
| 42 | -130 | -149 | -189 | -233 | Not applicable | Not applicable | Not applicable | Not applicable | -195 | -349 | |
| Attributable to ownersKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | -233 | -138 | -136 | -363 | -127 | -195 | -349 |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Basic earnings per shareKRW | 560 | -1,762 | -2,000 | -2,273 | -2,685 | -1,595 | -1,529* | -1,358 | -451 | -653 | -1,160 |
| Diluted earnings per shareKRW | 560 | -1,762 | -2,000 | -2,273 | -2,685 | -1,595 | -1,529* | -1,358 | -451 | -653 | -1,160 |
| 40 | -120 | -155 | Not applicable | -235 | -117 | -168 | -382 | -139 | -183 | -354 | |
| Other comprehensive incomeKRW 100M | Not applicable | 10 | -6 | -3 | -3 | 22 | -32 | -19 | -11 | 12 | -4 |
| 법인세차감전순이익As filed | — | — | — | — | — | — | — | — | -125 | — | — |
| 영업수익As filed | 149 | 88 | 56 | 191 | 189 | 286 | 267 | 307 | 317 | 86 | 79 |
| 상품매출As filed | 62 | 49 | 47 | 24 | 15 | 5 | 8 | 10 | 14 | — | — |
| 수수료매출As filed | 88 | — | 0 | 0 | — | — | — | — | — | — | — |
| 상품매출액As filed | — | — | — | — | — | — | — | — | — | 86 | 79 |
| 제품매출As filed | — | — | 9 | 167 | 175 | 281 | 258 | 297 | 303 | — | — |
| 수수료수익As filed | — | 39 | — | — | 0 | — | — | — | — | — | — |
| 금융비용As filed | 18 | -78 | 45 | 29 | -7 | 39 | 18 | 27 | 19 | 6 | 276 |
| 영업비용As filed | 177 | -160 | 224 | 410 | -436 | 362 | 435 | 541 | 462 | 229 | 247 |
| 기타수익As filed | 0 | 6 | 0 | 1 | — | 1 | 2 | 0 | 0 | 2 | 1 |
| 상품매출원가As filed | 51 | -38 | 40 | 20 | -12 | 4 | 6 | 8 | 12 | 67 | 65 |
| 기타비용As filed | 4 | -4 | -3 | 0 | — | 30 | 2 | 161 | 3 | 18 | 2 |
| 제품매출원가As filed | — | — | 7 | 139 | -147 | 208 | 223 | 302 | 267 | — | — |
| 판매비와관리비As filed | 126 | -122 | 177 | 252 | -278 | 149 | 206 | 230 | 183 | — | — |
| 순확정급여부채의재측정요소As filed | -2 | 10 | -1 | -1 | — | — | — | — | — | — | — |
| 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | — | — | — | — | — | — | -139 | -183 | -354 |
| 대손상각비As filed | — | — | — | — | — | 1 | -1 | -0 | 1 | 2 | -0 |
| 매도가능금융자산평가손익As filed | 0 | -0 | -0 | — | — | — | — | — | — | — | — |
| 해외사업장환산외환차이As filed | — | -1 | — | — | — | — | — | — | — | — | — |
| 당기순이익(손실)As filed | — | — | — | — | — | -138 | -136 | -363 | -127 | — | — |
| 후속적으로당기손익으로재분류되는항목As filed | — | — | -5 | -2 | -3 | 21 | -32 | -19 | -12 | 11 | -4 |
| 계속사업법인세비용(수익)As filed | — | — | — | — | — | 10 | 6 | 4 | — | — | — |
| 당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed | — | — | -1 | -1 | 0 | 0 | -0 | 0 | 1 | 1 | -1 |
| 법인세비용(수익)As filed | — | — | — | — | — | — | — | — | 2 | — | — |
| 해외사업환산손익As filed | — | — | -5 | -2 | -3 | 21 | -32 | -19 | -12 | 11 | -4 |
| 계속사업당기순이익(손실)As filed | — | — | — | — | — | -139 | -136 | -363 | — | — | — |
| 금융수익As filed | — | — | — | — | — | — | — | — | 42 | — | — |
| 순확정급여부채의 재측정요소As filed | — | — | — | — | 0 | 0 | -0 | 0 | 1 | 1 | -1 |
| 당기세후기타포괄손실As filed | -2 | — | — | — | — | — | — | — | — | — | — |
| 영업이익(손실)As filed | — | — | — | — | — | — | — | — | -145 | — | — |
| 중단사업손익As filed | — | — | — | — | — | 0 | — | 0 | — | — | — |
| 당기총포괄이익(손실)As filed | — | — | — | -192 | — | — | — | — | — | — | — |
| 총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | — | — | -235 | -117 | -168 | -382 | — | — | — |
| 지배기업소유주지분As filed | — | — | — | -189 | — | — | — | — | — | — | — |
| 계속사업기본주당이익(손실)As filed | — | — | — | — | — | -0 | -0 | -0 | — | — | — |
| 계속사업희석주당이익(손실)As filed | — | — | — | — | — | -0 | -0 | -0 | — | — | — |
| 중단사업기본주당이익(손실)As filed | — | — | — | — | — | 0 | — | — | — | — | — |
| 중단사업희석주당이익(손실)As filed | — | — | — | — | — | 0 | — | — | — | — | — |
Cash flow statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net incomefrom the income statement | 42 | -130 | -149 | -189 | -233 | — | — | — | — | -195 | -349 |
| Total adjustments to operating cash flowcomputed | — | 69 | 17 | -28 | 24 | — | — | — | — | — | — |
| Not applicable | -61 | -132 | -217 | -209 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Interest receivedKRW 100M | Not applicable | 13 | 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 |
| Income taxes paidKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Not applicable | -368 | 364 | 13 | 3 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Purchase of property, plant and equipmentKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Proceeds from sale of property, plant and equipmentKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Purchase of intangible assetsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Not applicable | Not applicable | -113 | 181 | 68 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Acquisition of treasury sharesKRW 100M | -81 | — | — | — | — | — | — | — | — | — | — |
| Disposal of treasury sharesKRW 100M | — | — | 124 | 211 | 72 | — | — | — | — | — | — |
| Issue of sharesKRW 100M | — | — | — | — | — | — | — | — | 485 | — | — |
| Cash at beginning of periodKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 653 | 206 | 321 | 296 | 156 | 359 | 242 | 294 | 402 | 136 | 256 | |
| Effect of exchange rate changesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Net change in cash and cash equivalentsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 영업활동 현금흐름As filed | 18 | — | — | — | — | — | — | — | — | — | — |
| 영업활동으로 인한 현금흐름As filed | — | — | — | — | — | -74 | -151 | -121 | -110 | -185 | -166 |
| 영업으로부터창출(사용)된현금흐름As filed | — | — | — | — | -194 | — | — | — | — | — | — |
| 영업활동으로부터창출된현금흐름As filed | — | — | -137 | -220 | — | -76 | -138 | -124 | -117 | -190 | -168 |
| 영업으로부터창출된현금흐름As filed | 3 | -69 | — | — | — | — | — | — | — | — | — |
| 이자의수취As filed | — | — | 8 | 9 | 17 | — | — | — | — | — | — |
| 이자수취As filed | 14 | — | — | — | — | — | — | — | — | — | — |
| 이자수취(영업)As filed | — | — | — | — | — | 4 | 3 | 7 | 12 | 15 | 9 |
| 이자의지급As filed | — | -5 | -5 | -4 | -9 | -0 | -0 | -0 | -2 | -3 | -3 |
| 법인세수취(납부)As filed | 1 | 0 | — | — | — | — | — | — | — | — | — |
| 법인세의수취(납부)As filed | — | — | — | -2 | -23 | -1 | -15 | -4 | -2 | -7 | -4 |
| 법인세의수취As filed | — | — | 2 | — | — | — | — | — | — | — | — |
| 투자활동 현금흐름As filed | -10 | — | — | — | — | — | — | — | — | — | — |
| 투자활동으로 인한 현금흐름As filed | — | — | — | — | — | 36 | -163 | 174 | -256 | -96 | 19 |
| 단기금융상품의회수As filed | 259 | 371 | 714 | 184 | 208 | — | — | — | — | — | — |
| 무형자산의 취득As filed | — | — | — | — | — | — | — | — | — | -129 | -131 |
| 투자활동으로인한현금유입액As filed | 283 | 385 | — | — | — | — | — | — | — | — | — |
| 유형자산의 취득As filed | — | — | — | — | — | — | — | — | — | -6 | -1 |
| 단기금융상품의감소As filed | — | — | — | — | — | 75 | 203 | 200 | 50 | 180 | 150 |
| 단기금융상품의증가As filed | — | — | -481 | -235 | -180 | -2 | -300 | — | -200 | -150 | — |
| 대여금의 감소As filed | — | — | — | — | — | — | — | — | — | 9 | 3 |
| 당기손익인식금융자산의 처분As filed | — | — | 505 | 341 | — | — | — | — | — | — | — |
| 당기손익인식금융자산의감소As filed | 22 | — | — | — | — | 185 | — | — | — | — | — |
| 자산양도로 인한 현금흐름As filed | — | — | — | — | — | — | — | — | 12 | — | — |
| 당기손익인식금융자산의 취득As filed | — | — | 374 | 269 | — | — | — | — | — | — | — |
| 유형자산의 처분As filed | — | — | — | — | — | — | — | — | — | — | 3 |
| 기타유동금융자산의증가As filed | — | — | -0 | — | -9 | — | — | — | — | — | — |
| 유동성기타금융자산의감소As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 임차보증금의 증가As filed | — | — | — | — | — | — | — | — | — | — | -0 |
| 기타금융자산의증가As filed | — | -0 | — | — | — | -16 | -29 | -10 | — | — | — |
| 기타유동금융상품의증가As filed | — | — | — | 1 | — | — | — | — | — | — | — |
| 기타유동금융자산의감소As filed | — | — | — | — | 33 | — | — | — | — | — | — |
| 당기손익인식금융자산의증가As filed | — | — | — | — | — | -135 | — | — | — | — | — |
| 대여금의 지급As filed | — | — | — | — | — | — | — | — | — | — | -4 |
| 기타금융자산의감소As filed | — | — | — | — | — | 9 | 28 | 3 | 0 | — | — |
| 매도가능금융자산의 처분As filed | — | — | 20 | — | — | — | — | — | — | — | — |
| 비유동성기타금융자산의증가As filed | — | — | -0 | -4 | -1 | — | — | — | — | — | — |
| 비유동성기타금융자산의감소As filed | — | — | — | — | 1 | — | — | — | — | — | — |
| 유형자산의처분As filed | 0 | — | — | — | — | 0 | — | 0 | 1 | — | — |
| 재무활동으로 인한 현금흐름As filed | — | — | — | — | — | 240 | 191 | -6 | 472 | 7 | 267 |
| 파생상품부채의상As filed | — | — | — | — | -38 | — | — | — | — | — | — |
| 기계장치의 취득As filed | — | — | 7 | 1 | 0 | — | — | — | — | — | — |
| 기타비유동금융자산의증가As filed | — | -0 | — | — | — | -1 | — | -1 | — | — | — |
| 투자활동으로인한현금유출액As filed | -292 | -753 | — | — | — | — | — | — | — | — | — |
| 리스부채의상환As filed | — | — | — | — | -11 | -11 | -11 | -12 | -9 | -6 | -6 |
| 무형자산의감소As filed | — | 8 | — | — | — | — | — | — | — | — | — |
| 정부보조금 수령As filed | — | — | — | — | — | — | — | 0 | — | — | — |
| 차량운반구의 취득As filed | — | — | 0 | 1 | 1 | — | — | — | — | — | — |
| 회원권의취득As filed | — | — | -13 | — | — | — | — | — | — | — | — |
| 기계장치의처분As filed | — | 6 | — | — | — | — | — | — | — | — | — |
| 기타보증금의증가As filed | — | — | — | — | — | — | -3 | — | — | — | — |
| 단기금융상품의취득As filed | -217 | -551 | — | — | — | — | — | — | — | — | — |
| 차량운반구의 처분As filed | — | — | 0 | 0 | — | — | — | — | — | — | — |
| 당기손익인식금융자산의취득As filed | -50 | -200 | — | — | — | — | — | — | — | — | — |
| 무형자산의구입As filed | — | — | — | — | — | -72 | -58 | -10 | -113 | — | — |
| 사무용비품의 취득As filed | — | — | 0 | 0 | 10 | — | — | — | — | — | — |
| 유형자산의취득As filed | — | — | — | — | — | -8 | -4 | -8 | -5 | — | — |
| 주식매입선택권행사As filed | — | — | — | — | — | 10 | 2 | 3 | 2 | 17 | — |
| 차량운반구의처분As filed | — | 0 | — | — | — | — | — | — | — | — | — |
| 단기차입금의상환As filed | — | — | — | — | — | -33 | -38 | -46 | -38 | -14 | — |
| 매도가능금융자산의취득As filed | -20 | — | — | — | — | — | — | — | — | — | — |
| 임차시설물의취득As filed | — | — | — | -3 | -0 | — | — | — | — | — | — |
| 전환사채의 발행As filed | — | — | — | — | — | — | — | — | — | — | 230 |
| 단기차입금의증가As filed | — | — | — | — | — | 38 | 37 | 48 | 32 | 9 | — |
| 기계장치의취득As filed | -6 | — | — | — | — | — | — | — | — | — | — |
| 기타비유동금융자산의처분As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 차량운반구의취득As filed | — | -2 | — | — | — | — | — | — | — | — | — |
| 건설중인자산의 취득As filed | — | — | — | 0 | — | — | — | — | — | — | — |
| 비품의취득As filed | — | -0 | — | — | — | — | — | — | — | — | — |
| 주식매수선택권 행사As filed | — | — | — | — | — | — | — | — | — | — | 44 |
| 현금 및 현금성자산의 순증가As filed | — | — | — | — | — | 202 | -123 | 47 | 106 | -274 | 120 |
| 공기구비품의취득As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 기초 현금 및 현금성 자산As filed | — | — | — | — | — | — | — | — | — | 402 | 136 |
| 기타비유동부채의감소As filed | — | -0 | — | — | — | — | — | — | — | — | — |
| 현금 및 현금성자산의 환율변동효과As filed | — | — | — | — | -1 | 0 | 6 | 5 | 2 | 8 | -1 |
| 비유동기타금융자산의증가As filed | -0 | — | — | — | — | — | — | — | — | — | — |
| 신주인수권부사채의행사As filed | — | — | — | — | 0 | 235 | — | — | — | — | — |
| 주식선택권의행사As filed | — | — | — | — | 7 | — | — | — | — | — | — |
| 재무활동 현금흐름As filed | 249 | — | — | — | — | — | — | — | — | — | — |
| 재무활동으로인한현금유입액As filed | 424 | 150 | — | — | — | — | — | — | — | — | — |
| 전환사채의상환As filed | — | -168 | -237 | — | — | — | — | — | — | — | — |
| 신주인수권부사채의 증가As filed | — | — | — | 6 | — | — | — | — | — | — | — |
| 전환사채의발행As filed | 420 | — | — | — | — | — | — | — | — | — | — |
| 현금및 현금성자산의 순증가As filed | — | — | — | — | -138 | — | — | — | — | — | — |
| 현금및현금성자산의 순증가As filed | — | — | 120 | — | — | — | — | — | — | — | — |
| 기초 현금 및 현금성 자산 1As filed | — | — | — | — | 296 | — | — | — | — | — | — |
| 기초 현금및현금성자산As filed | — | — | 206 | — | — | — | — | — | — | — | — |
| 보통주의발행As filed | 4 | — | — | — | — | — | — | — | — | — | — |
| 신종자본증권의 발행As filed | — | — | — | — | — | — | 200 | — | — | — | — |
| 신주인수권부사채의상환As filed | — | — | — | -37 | — | — | — | — | — | — | — |
| 현금및현금성자산의 환율변동효과As filed | — | — | -5 | — | — | — | — | — | — | — | — |
| 기초 현금 및 현금성 자산산As filed | — | — | — | — | — | 156 | 359 | 242 | 294 | — | — |
| 재무활동으로인한현금흐름As filed | — | -18 | — | — | — | — | — | — | — | — | — |
| 주식선택권행사As filed | — | — | — | 1 | — | — | — | — | — | — | — |
| 현금및현금성자산의순증가As filed | 257 | -447 | — | -24 | — | — | — | — | — | — | — |
| 기초현금및현금성자산산As filed | — | — | — | 321 | — | — | — | — | — | — | — |
| 신주인수권부사채의발행As filed | — | 150 | — | — | — | — | — | — | — | — | — |
| 재무활동으로인한현금유출액As filed | -175 | -168 | — | — | — | — | — | — | — | — | — |
| 유동성기타금융부채의감소As filed | -94 | — | — | — | — | — | — | — | — | — | — |
| 현금및현금성자산의환율변동효과As filed | 4 | — | — | -1 | — | — | — | — | — | — | — |
| 기초현금 및 현금성자산As filed | 392 | 653 | — | — | — | — | — | — | — | — | — |
| 현금 및 현금성자산에 대한 환율변동효과As filed | — | -1 | — | — | — | — | — | — | — | — | — |
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 2026.03.20.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 24 | 한울회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 23 | 한울회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 22 | 한영회계법인 | 2025-12-31 |
| 2022 | 적정Term 21 | 삼덕회계법인 | 2022-12-31 |
| 2021 | 적정Term 20 | 삼덕회계법인 | 2022-12-31 |
| 2020 | 적정Term 19 | 삼덕회계법인 | 2022-12-31 |
| 2019 | 적정Term 18 | 대현회계법인 | 2019-12-31 |
| 2018 | 적정Term 17 | 삼영회계법인 | 2019-12-31 |
| 2017 | 적정Term 16 | 삼영회계법인 | 2019-12-31 |
| 2016 | 적정Term 15 | 삼영회계법인 | 2016-12-31 |
| 2015 | 적정Term 14 | 삼영회계법인 | 2016-12-31 |
| 2014 | 적정Term 13 | 삼일회계법인 | 2016-12-31 |
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 cash flow lines | |
| Discounted cash flow FCFE | No cash flow lines | |
| Residual income model RIM | -13,826 | -120.0% |
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% + 0.88 × 5.00% = 8.79%
Initial growth
g_1 = max(-203.14% × (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 = 566 KRW, ROE = -203.14%, payout ratio = 0.00%, r = 8.79%, g_T = 2.00%
| Year | Opening book value | Earnings | Equity charge | Residual income | Discount factor | Present value |
|---|---|---|---|---|---|---|
| 1 | 566 | -1,150 | 50 | -1,200 | 0.9192 | -1,103 |
| 2 | -584 | 1,186 | -51 | 1,238 | 0.8450 | 1,046 |
| 3 | 602 | -1,224 | 53 | -1,277 | 0.7767 | -992 |
| 4 | -621 | 1,262 | -55 | 1,317 | 0.7140 | 940 |
| 5 | 641 | -1,302 | 56 | -1,358 | 0.6563 | -891 |
| Terminal value | -20,406 | 0.6563 | -13,392 | |||
P_0 = 566 + -1,000 + -13,392 = -13,826 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.