Ligachem Biosciences
Price chart
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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
Ligachem Biosciences was established in 2006 and is listed on the KOSDAQ market. The company is a research-oriented pharmaceutical firm based in Daejeon.
The company focuses on the research and development of antibody-drug conjugates and synthetic new drugs, utilizing its ConjuALL platform. It generates revenue through technology transfers to global pharmaceutical companies and the distribution of medical devices and consumables to hospitals.
Business overview as filed
가. 회사의 주요사업당사는 의약화학(Medicinal Chemistry) 기반의 차별적 장점을 바탕으로 시장의 Unmet Needs가 큰 ADC, 면역항암제, 항생제, 항섬유화제 등의 분야에 연구개발 역량을 집중하고 있습니다. 주요 사업영역은 신약연구개발 분야에서 ADC(Antibody-Drug Conjugates: 항체-약물-결합체)와 합성신약분야 그리고 의료기기, 의료용 소모품 판매사업입니다. ① ADC(항체-약물 결합체) 분야항체-약물 결합체(ADC)는 암세포에 특이적으로 결합하는 항체에 고도의 치료효능을 가진 약물을 부착함으로써, 기존 항암 치료의 미충족 수요를 충족시키고자 개발된 차세대 바이오의약품입니다. 이 기술은 전통적 화학항암제와 다르게 종양세포만을 표적해 부작용을 감소시키고, 항체 치료제와는 차별적으로 약물을 접합시켜 치료 효과를 증진시키도록 합니다.
글로벌 제약업계가 주목하는 ADC인 만큼 다수의 제약사와 연구소에서 차세대 기술 확보 및 약물 개발을 위해 치열한 경쟁을 벌이고 있습니다. 당사는 ADC Company로서 선두적 위치를 점하고자 ADC 플랫폼 원천기술 "ConjuALL"을 자체 개발하였습니다. ConjuALL은 당사의 의약화학기반 기술 노하우를 기반으로 경쟁물질 대비 차별적 장점을 보이는 고유 링커, 결합기술 그리고 약물로 구성됩니다.
당사의 원천기술 (Platform) 및 이 기술을 적용한 후보물질과 임상개발 약물(Product)을 통해 다양한 수익 모델을 창출하고 있으며, 기술이전을 비롯한 사업화를 통하여 기업가치 성장을 기대하고 있습니다.
② 합성신약 분야약물의 기본 구조에 약물 유사성을 가진 당사 고유의 기능성 화학 구조물을 연결하여 신약후보물질을 개발하고 있습니다. 당사는 심각한 내성문제로 마땅한 치료제가 없는 그람음성균과 그람양성균 치료제를 개발중에 있습니다. 또한, 주사업인 ADC분야와 접목하여 신규 페이로드와 차세대 면역항암제 발굴에 주력하고 있습니다.
③ 의약사업부문 의약사업부문은 의료용품 및 의료기기 사업을 주요 기반으로 사업을 진행하고 있습니다. 의약사업의 경우, 사업연도말 현재 수도권 소재 2개 병원의 치료재료 등 의료소모품과 의료기기를 납품하고 있습니다.
나. 회사의 경쟁력당사는 차세대 ADC플랫폼 기술인 ConjuALL이란 핵심기술을 보유하고 있습니다. ConjuALL(ADC 원천기술)은 항체의 특정부위에 원하는 수량의 Payload를 부착가능한 결합방법, 혈중안정성 및 암세포 특이적으로 약물 방출 능력이 뛰어난 링커 그리고 신규 기전의 Payload로 구성되어 있습니다. ConjuALL은 글로벌 제약사들에게 다수의 기술을 이전하고 World ADC Awards에서 Best ADC Platform Technology 다회수상을 통해 글로벌 최고 수준의 기술로 인정받고 있으며, 임상 데이터의 효능과 안정성 지표에서 시장 점유율이 높은 경쟁약물 대비 차별성이 검증되고 있습니다. 나아가 차세대 연구성장 동력을 위해, ADC와 시너지 효과를 기대할 수 있는 분야인 Bispecific ADC (이중항체를 이용한 ADC) 및 Immuno Oncology (면역항암요법)에도 연구개발 역량을 확장하고 있습니다. 다. 사업별 주요성과 ① 신약연구개발 분야당사의 ADC분야 첫번째 후보물질인 Caxmotabart Entudotin(LCB14, HER2-ADC)은 중국 Fosun Pharma에 중국시장 대상으로 기술이전 하여 현재 유방암 대상 임상1상과 로슈사의 케사일라와 비교 임상3상이 진행중입니다. 또한, 글로벌 임상은 중국과 한국을 제외한 권리를 이전해 간 Iksuda에서 임상 1상 시험을 호주, 미국 그리고 싱가폴과 뉴질랜드로 확장하여 진행하고 있습니다. CS5001(LCB71, ROR1-ADC)는 중국 CStone으로 기술이전되어 미국, 호주 그리고 중국에서 임상1상 시험이 진행되고 있으며 허가임상 개시를 앞두고 있습니다. LCB73(CD19-ADC)은 익수다사를 통해 임상1상이 미국과 유럽에서 진행중입니다. 당사의 LCB84(TROP2-ADC)는 2023년 12월 글로벌 제약사인 얀센사에 기술이전 하였으며, 현재 임상 1상을 공동으로 진행하고 있습니다. 지난해 10월 일본 오노약품공업과 LCB97(L1CAM-ADC) 및 ADC플랫폼 대상 2건의 기술이전을 체결하였으며, ADC와 합성신약부분을 포함 신약부분에서 공개된 계약규모만 약 9조 4,000억원의 마일스톤을 확보하고 있습니다. 또한, 글로벌제약사를 포함한 국내외 다수 제약사들과 기술이전 논의 및 공동연구가 활발히 진행되고 있습니다. 상기 기술이전 실적을 통해 2022년 131억원, 2023년 128억원, 2024년 1,054억, 2025년 1,212억원의 매출이 발생하였습니다.
② 의약사업부문 의약사업부문은 의료기기 및 의료소모품을 수도권 소재의 4개 병원*에 납품하고 있으며 2022년 203억원, 2023년 213억원, 2024년 205억, 2025년 204억원의 매출이 발생하였습니다.* 25년 12월 20일자로 계약기간 만료로 2개병원 계약종료됨.
Company overview
1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)
1-1. 연결대상회사의 변동내용
2. 회사의 법적, 상업적 명칭당사의 명칭은 "주식회사 리가켐 바이오사이언스"라고 표기합니다. 또한, 영문으로는LigaChem Biosciences Inc.라 표기합니다. 단, 약식으로 표기할 경우에는 리가켐바이오 또는 LigaChem Bio 또는 LCB 라고 표기합니다.3. 설립일자 및 존속기간당사는 합성신약 연구개발 목적으로 2006년 5월 2일에 설립되었습니다. 또한 2012년 12월 20일에 코스닥시장 상장 승인을 받아 회사 주식이 2013년 5월 10일자로 상장되었습니다. 4. 본사의 주소, 전화번호 및 홈페이지주소: 대전광역시 유성구 국제과학10로 10(둔곡동)전화번호: 042-861-0688홈페이지: http://www.ligachembio.com5.중소기업 등 해당 여부
6. 주요사업의 내용당사는 의약화학(Medicinal Chemistry)을 기반으로 글로벌 신약 R&D에 주력하고 있는 연구중심형 제약회사입니다.
주력사업으로는 자체 개발한 차세대 ADC(Antibody-Drug Conjugates) 원천기술과 오픈이노베이션 전략으로 구축된 ADC항암제를 연구, 개발하고 이를 기술이전을 통해 글로벌 사업화를 추진하는 사업모델을 가지고 있습니다. 현재 새로운 성장동력 확보를 위해 연구진의 차별화된 경험과 노하우를 바탕으로 기존 ADC 원천기술과 접목한 Beyond ADC를 연구 중에 있으며, 이중항체 ADC와 면역항암제인 AIC/ADIC 및 병용치료제 개발에 집중하고 있습니다.
또한, 안정적인 매출을 기록하고 있는 의료기기 및 의료용 소모품 판매사업을 영위하고 있습니다. 7. 신용평가에 관한 사항 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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 65.7% (2026-10-08). 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
- -0.247%[-0.667%, +0.172%]
- R squared
- 0.51
- Observations
- 252
- Trading-time corrected beta
- 1.17[0.90, 1.44]
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
| 2015Consolidated basis | 2016Consolidated basis | 2017Consolidated basis | 2018Consolidated basis | 2019Consolidated basis | 2020Separate basis | 2021Separate basis | 2022Consolidated basis | 2023Consolidated basis | 2024Consolidated basis | 2025Consolidated basis | TTMConsolidated basis | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RevenueKRW 100M | 18 | 167 | 221 | 252 | 575 | 494 | 322 | — | — | — | 1,416 | 988 |
| Revenue growth% | — | 831.27 | 32.43 | 14.43 | 127.81 | — | -34.90 | — | — | — | — | — |
| Operating incomeKRW 100M | -80 | -102 | -98 | -160 | 84 | -298 | -277 | -504 | -808 | -209 | -1,065 | -2,057 |
| Net incomeKRW 100M | -82 | -147 | -129 | -261 | 125 | -70 | -234 | -451 | -737 | 78 | -916 | -1,814 |
| Net income growth% | — | — | — | — | — | — | — | — | — | — | -1,273.73 | — |
| Attributable to ownersKRW 100M | — | — | — | -258 | 136 | — | — | — | — | — | — | — |
| Attributable to minoritiesKRW 100M | — | — | — | -3 | -11 | — | — | — | — | — | -173 | -26 |
| Operating margin% | -450.04 | -61.08 | -44.62 | -63.30 | 14.64 | -60.25 | -86.16 | — | — | — | -75.23 | -208.25 |
| Net margin% | -460.58 | -88.41 | -58.64 | -103.30 | 21.70 | -14.14 | -72.74 | — | — | — | -64.68 | -183.60 |
| ROE% | — | — | — | -25.35 | 11.94 | — | — | — | — | — | — | — |
| ROA% | -12.04 | -16.44 | -15.73 | -21.43 | 8.82 | -5.14 | -7.98 | -17.86 | -38.89 | 1.06 | -13.05 | -30.53 |
| Debt ratio% | 58.51 | 49.10 | 66.26 | 15.57 | 22.06 | 21.21 | 13.32 | 15.00 | 27.85 | 19.87 | 29.70 | 34.73 |
| Current ratio% | 322.43 | 330.79 | 256.29 | 938.89 | 722.38 | 713.89 | 1,345.34 | 669.93 | 363.13 | 469.58 | 853.53 | 937.11 |
| Quick ratio% | 322.43 | 327.86 | 250.98 | 931.30 | 709.27 | 711.85 | 1,343.75 | 669.23 | 362.60 | 469.39 | 853.35 | 936.89 |
| Reserve ratio% | — | — | 859.50 | 1,569.96 | 1,771.63 | 786.12 | 1,763.10 | 1,440.35 | 902.57 | 3,322.40 | 2,596.48 | 2,093.35 |
| Free cash flowKRW 100M | -91 | -173 | -104 | -165 | 207 | -185 | -604 | -113 | -636 | 758 | -1,276 | — |
| FCF margin% | -511.34 | -103.76 | -47.21 | -65.43 | 36.07 | -37.47 | -187.70 | — | — | — | -90.13 | — |
| OCF conversion% | — | — | — | — | 193.29 | — | — | — | — | 1,006.09 | — | — |
| Capex to revenue% | 20.41 | 25.47 | 9.97 | 14.88 | 5.86 | 7.32 | 56.94 | — | — | — | 2.15 | — |
| Receivable daysdays | — | 238.3 | — | — | — | — | — | — | — | — | — | — |
| Inventory daysdays | — | — | — | — | — | — | — | — | — | — | 3.8 | — |
| EPSKRW | -1,067 | -1,561 | 1,300 | -2,446 | 1,281 | -307 | -970 | -1,851 | -2,595 | 227 | -2,042 | — |
| PERx | — | — | 30.96 | — | 41.22 | — | — | — | — | 480.18 | — | — |
| BPSKRW | — | — | 4,843 | 9,600 | 10,609 | — | — | 8,611 | 5,401 | 16,826 | 13,865 | 10,809 |
| PBRx | — | — | 8.31 | 5.91 | 4.98 | — | — | 4.98 | 12.03 | 6.48 | 12.53 | 13.87 |
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 684 | 896 | 822 | 1,217 | 1,415 | 1,359 | 2,932 | 2,525 | 1,895 | 7,384 | 7,018 | |
| 296 | 496 | 452 | 934 | 1,114 | 1,000 | 2,290 | 1,916 | 1,346 | 5,503 | 5,214 | |
| Cash and cash equivalentsKRW 100M | 24 | 30 | 86 | 102 | 669 | 546 | 1,399 | 1,180 | 631 | 1,289 | 986 |
| InventoriesKRW 100M | 0 | 4 | 9 | 8 | 20 | 3 | 3 | 2 | 2 | 2 | 1 |
| Trade and other receivablesKRW 100M | 92 | 126 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 388 | 399 | 370 | 283 | 301 | 359 | 643 | 609 | 549 | 1,881 | 1,804 | |
| Property, plant and equipmentKRW 100M | 35 | 69 | 78 | 103 | 121 | 76 | 244 | 265 | 254 | 253 | 277 |
| Intangible assetsKRW 100M | 329 | 268 | Not applicable | Not applicable | Not applicable | Not applicable | 86 | Not applicable | Not applicable | Not applicable | Not applicable |
| Investments in associatesKRW 100M | — | — | — | — | — | 62 | 73 | 74 | 83 | 91 | 108 |
| 253 | 295 | 328 | 164 | 256 | 238 | 345 | 329 | 413 | 1,224 | 1,607 | |
| 92 | 150 | 176 | 99 | 154 | 140 | 170 | 286 | 371 | 1,172 | 611 | |
| Trade and other payablesKRW 100M | 61 | 76 | Not applicable | Not applicable | Not applicable | 66 | 68 | 73 | 71 | 77 | Not applicable |
| Short-term borrowingsKRW 100M | — | — | — | — | — | — | — | 27 | 118 | 0 | 0 |
| Current portion of long-term borrowingsKRW 100M | 18 | — | — | — | — | — | — | 91 | 0 | 0 | — |
| Current lease liabilitiesKRW 100M | — | — | — | — | — | 1 | 2 | 2 | 3 | 5 | 11 |
| 161 | 145 | 151 | 64 | 101 | 98 | 174 | 43 | 42 | 52 | 996 | |
| Long-term borrowingsKRW 100M | 98 | 79 | — | — | 19 | 36 | 91 | 0 | 0 | — | — |
| Non-current lease liabilitiesKRW 100M | — | — | — | — | — | 3 | — | 2 | 5 | 3 | 17 |
| 432 | 601 | 495 | 1,053 | 1,159 | 1,121 | 2,588 | 2,196 | 1,482 | 6,160 | 5,411 | |
| Not applicable | Not applicable | 482 | 1,017 | 1,137 | Not applicable | Not applicable | 2,196 | 1,482 | 6,160 | 5,076 | |
| Issued capitalKRW 100M | Not applicable | Not applicable | 50 | 60 | 60 | 121 | 136 | 138 | 142 | 183 | 183 |
| Capital surplusKRW 100M | 751 | 1,063 | 1,071 | 1,845 | 1,852 | 1,809 | 3,498 | 939 | 975 | 5,718 | 2,635 |
| Retained earningsKRW 100M | -367 | -514 | -643 | -903 | -788 | -861 | -1,096 | 1,054 | 307 | 363 | 2,118 |
| Accumulated other comprehensive incomeKRW 100M | — | — | — | 5 | -1 | 31 | 24 | 18 | 23 | 32 | 225 |
| Other equityKRW 100M | 2 | 3 | 4 | 10 | 15 | 22 | 25 | 47 | 35 | -136 | -85 |
| Non-controlling interestsKRW 100M | Not applicable | Not applicable | 13 | 36 | 22 | Not applicable | Not applicable | 0 | 0 | 0 | 335 |
| 매출채권As filed | — | — | 155 | 177 | 111 | 206 | 225 | 128 | 148 | 137 | 118 |
| 당기법인세자산As filed | 2 | 2 | 2 | 3 | 8 | 2 | 2 | 6 | 17 | 70 | 159 |
| 기타유동금융자산As filed | 169 | 297 | 149 | 616 | 293 | 236 | 647 | 584 | 508 | 3,974 | 3,903 |
| 기타유동자산As filed | 9 | 38 | 51 | 29 | 13 | 8 | 13 | 17 | 41 | 30 | 47 |
| 기타비유동금융자산As filed | 15 | 50 | 53 | 66 | 3 | 10 | 84 | 66 | 19 | 1,054 | 41 |
| 기타비유동자산As filed | 10 | 13 | 10 | 13 | 13 | 26 | 2 | 1 | 24 | 25 | 25 |
| 당기손익-공정가치 측정 지정 금융자산As filed | — | — | — | — | 65 | — | — | 82 | — | — | — |
| 무형자산As filed | — | — | 228 | 101 | 90 | 81 | — | 79 | 69 | 84 | 1,045 |
| 기타유동금융부채As filed | 8 | 10 | 8 | 10 | 57 | 61 | 60 | 83 | 159 | 344 | 314 |
| 기타유동부채As filed | 5 | 64 | 10 | 8 | 21 | 12 | 13 | 10 | 20 | 746 | 212 |
| 기타포괄손익-공정가치 측정 금융자산As filed | — | — | — | — | 9 | 54 | 51 | 42 | — | — | — |
| 이연법인세자산As filed | — | — | — | — | — | — | — | — | 10 | 3 | 1 |
| 당기손익-공정가치 측정 금융자산As filed | — | — | — | — | — | 49 | 103 | — | — | — | — |
| 확정급여부채As filed | 17 | 22 | — | 31 | 39 | 44 | 36 | 26 | 34 | 44 | 46 |
| 단기매입채무As filed | — | — | 91 | — | — | — | — | — | — | — | — |
| 당기법인세부채As filed | 1 | — | — | — | — | — | — | — | — | 0 | 0 |
| 이연법인세부채As filed | 39 | 39 | 34 | 24 | 29 | 13 | 39 | 11 | 0 | 0 | 311 |
| 기타비유동금융부채As filed | 7 | 5 | 7 | 10 | 14 | 2 | 5 | 1 | 0 | 0 | 581 |
| 자본금As filed | 45 | 50 | — | — | — | — | — | — | — | — | — |
| 기타포괄손익-공정가치측정 금융자산As filed | — | — | — | — | — | — | — | — | 44 | 49 | 258 |
| 매입채무As filed | — | — | — | 82 | 77 | — | — | — | — | — | 74 |
| 자본과부채총계As filed | 684 | 896 | 822 | 1,217 | 1,415 | 1,359 | 2,932 | 2,525 | 1,895 | 7,384 | — |
| 유동성전환사채As filed | — | — | 67 | — | 0 | — | — | — | — | — | — |
| 당기손익-공정가치측정 금융자산As filed | — | — | — | — | — | — | — | — | 47 | 321 | 48 |
| 전환사채As filed | — | — | 85 | — | 0 | — | — | — | — | — | — |
| 퇴직급여부채As filed | — | — | 25 | — | — | — | — | — | — | — | — |
| 유동성장기부채As filed | — | — | — | — | — | — | 27 | — | — | — | — |
| 부채와자본총계As filed | — | — | — | — | — | — | — | — | — | — | 7,018 |
| 기타비유동부채As filed | — | — | — | — | — | — | 2 | 2 | 3 | 4 | 41 |
| 지배지분As filed | — | — | — | — | — | 1,121 | 2,588 | — | — | — | — |
| 비지배지분As filed | — | — | — | — | — | 0 | 0 | — | — | — | — |
Income statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 167 | 221 | 252 | 575 | 494 | 322 | Not applicable | Not applicable | Not applicable | 1,416 | |
| Cost of salesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | 156 |
| 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 | Not applicable | 164 |
| -80 | -102 | -98 | -160 | 84 | -298 | -277 | -504 | -808 | -209 | -1,065 | |
| Finance incomeKRW 100M | 5 | 4 | 5 | 11 | 57 | 210 | 32 | 60 | 75 | 142 | 42 |
| Finance costsKRW 100M | 9 | 11 | 14 | 1 | 8 | 34 | 9 | 78 | 91 | 51 | 113 |
| Other incomeKRW 100M | 0 | 4 | 1 | 0 | 0 | 6 | 32 | 4 | 4 | 2 | 2 |
| Other expensesKRW 100M | 0 | 49 | 29 | 115 | 3 | 0 | 2 | 3 | 3 | 1 | 1 |
| Share of profit of associatesKRW 100M | — | — | — | — | — | — | — | — | — | — | 13 |
| -84 | -154 | -135 | -264 | 131 | -88 | -205 | -477 | -757 | 91 | -939 | |
| Income tax expenseKRW 100M | -2 | -6 | -6 | -4 | 6 | -18 | 29 | 26 | -20 | -13 | -23 |
| -82 | -147 | -129 | -261 | 125 | -70 | -234 | -451 | -737 | 78 | -916 | |
| Attributable to ownersKRW 100M | Not applicable | Not applicable | Not applicable | -258 | 136 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| Attributable to minoritiesKRW 100M | Not applicable | Not applicable | Not applicable | -3 | -11 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | -173 |
| Basic earnings per shareKRW | -1,067 | -1,561 | 1,300 | -2,446 | 1,281 | -307 | -970 | -1,851* | -2,595 | 227 | -2,042 |
| Diluted earnings per shareKRW | -1,067 | -1,561 | 1,300 | -2,446 | 1,132 | -307 | -970 | -1,851* | -2,595 | 224 | -2,042 |
| -82 | -148 | -128 | -258 | 98 | -42 | -240 | -457 | -742 | 65 | -714 | |
| Other comprehensive incomeKRW 100M | -0 | -0 | 1 | 2 | -27 | 28 | -6 | -6 | -5 | -13 | 202 |
| 영업비용As filed | 98 | 268 | 319 | 412 | 491 | 792 | 599 | 838 | 1,150 | 1,468 | 2,480 |
| 영업수익As filed | — | — | — | — | — | — | — | 334 | 341 | 1,259 | — |
| 이자수익As filed | — | — | — | — | — | 10 | 9 | 42 | 57 | 198 | 182 |
| 매출원가As filed | 7 | 125 | 153 | 193 | 227 | 138 | 145 | 156 | 163 | 159 | — |
| 지분법처분이익As filed | — | — | — | — | — | — | 9 | 0 | 0 | — | — |
| 리스이자수익As filed | — | — | — | — | 0 | 0 | 0 | 1 | 1 | 2 | 2 |
| 연구개발비As filed | 70 | 78 | 93 | 155 | 167 | 542 | 391 | 511 | 796 | 1,132 | 2,169 |
| 판매비와일반관리비As filed | 21 | 66 | 73 | 64 | 97 | 126 | 65 | — | — | — | — |
| 대손상각비(환입)As filed | — | — | — | — | — | -15 | -1 | 98 | — | — | -9 |
| 대손상각비As filed | — | — | — | — | — | — | — | — | 50 | -34 | — |
| 확정급여제도의 보험수리적손익의 세후기타포괄손익As filed | -0 | -0 | — | — | — | — | — | — | — | — | — |
| 비지배기업지분포괄이익(손실)As filed | — | — | — | — | — | 0 | — | 0 | 0 | 0 | -162 |
| 판매비와 관리비As filed | — | — | — | — | — | — | — | 73 | — | — | — |
| 판매비와관리비As filed | — | — | — | — | — | — | — | — | 140 | 211 | — |
| 지배기업지분포괄이익(손실)As filed | — | — | — | — | — | -42 | -240 | -457 | -742 | 65 | -552 |
| 당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed | — | — | 1 | -2 | -10 | 28 | -6 | -7 | — | — | — |
| 지분법평가이익As filed | — | — | — | — | — | — | 1 | 1 | 8 | 8 | — |
| 확정급여제도의 재측정손익(세후기타포괄손익)As filed | — | — | 1 | -2 | -10 | -3 | 0 | 0 | — | — | — |
| 당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed | — | — | — | 5 | -17 | — | — | 0 | — | — | — |
| 지분법이익As filed | — | — | — | — | — | 17 | — | — | — | — | — |
| 매도가능금융자산평가손익(세후기타포괄손익)As filed | — | — | — | 5 | -17 | — | — | — | — | — | — |
| 지배기업지분순이익(손실)As filed | — | — | — | — | — | — | — | -451 | — | — | -743 |
| 총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | — | — | — | -255 | 109 | — | — | — | — | — | — |
| 매도가능금융자산평가손실As filed | — | — | — | — | — | — | -7 | — | — | — | — |
| 비지배기업지분순이익(손실)As filed | — | — | — | — | — | — | — | 0 | — | — | — |
| 총 포괄손익, 비지배지분As filed | — | — | — | -3 | -11 | — | — | — | — | — | — |
| 기타포괄손익-공정가치평가손익As filed | — | — | — | — | — | 32 | — | -7 | 5 | 4 | 186 |
| 당기손익으로 재분류되는 항목As filed | — | — | — | — | — | — | — | — | — | — | 14 |
| 해외사업장환산손익As filed | — | — | — | — | — | — | — | 0 | -0 | 5 | 14 |
| 당기손익으로 재분류되지 않는 항목As filed | — | — | — | — | — | — | — | — | -5 | -18 | 188 |
| 당기손익으로 재분류될 수 있는 항목As filed | — | — | — | — | — | — | — | — | -0 | 5 | — |
| 지분법자본변동As filed | — | — | — | — | — | -0 | 1 | 0 | — | — | 4 |
| 지분법자본변동에 대한 법인세율변동조정효과As filed | — | — | — | — | — | — | — | — | — | — | 0 |
| 확정급여제도의 재측정요소As filed | — | — | — | — | — | — | — | — | -9 | -22 | -2 |
| 보험수리적손익As filed | — | — | — | — | — | — | — | — | 0 | — | — |
| 지분법 자본변동As filed | — | — | — | — | — | — | — | — | 0 | -0 | — |
Cash flow statement
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net incomefrom the income statement | -82 | -147 | -129 | -261 | 125 | -70 | -234 | -451 | -737 | 78 | -916 |
| Total adjustments to operating cash flowcomputed | -5 | 17 | 47 | 133 | 116 | -79 | -187 | 380 | 115 | 707 | -330 |
| -88 | -130 | -82 | -128 | 241 | -149 | -420 | -71 | -622 | 785 | -1,245 | |
| Interest receivedKRW 100M | 6 | 3 | 5 | 5 | 14 | 11 | 8 | 38 | 54 | 76 | 186 |
| Interest paidKRW 100M | 1 | 3 | 1 | 1 | Not applicable | 0 | -3 | 3 | 5 | 5 | 5 |
| Income taxes paidKRW 100M | 1 | 0 | 0 | 1 | 5 | -0 | 1 | 4 | 11 | 59 | 85 |
| 92 | -202 | 119 | -506 | 300 | 3 | -439 | -162 | 94 | -4,574 | 941 | |
| Purchase of property, plant and equipmentKRW 100M | 4 | 42 | 22 | 38 | 34 | 36 | 183 | 42 | 13 | 26 | 30 |
| Proceeds from sale of property, plant and equipmentKRW 100M | Not applicable | 2 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 |
| Purchase of intangible assetsKRW 100M | Not applicable | Not applicable | 3 | 2 | 1 | 5 | -2 | 6 | 9 | 31 | 30 |
| 2 | 337 | 20 | 649 | 26 | 26 | 1,713 | 32 | -19 | 4,434 | -6 | |
| Acquisition of treasury sharesKRW 100M | — | — | — | — | — | — | — | — | 49 | 200 | 70 |
| Issue of sharesKRW 100M | — | 245 | 16 | 600 | — | 0 | 0 | — | — | 4,698 | 0 |
| Cash at beginning of periodKRW 100M | 16 | 24 | 30 | 86 | 102 | 669 | 546 | 1,399 | 1,180 | 631 | 1,289 |
| 24 | 30 | 86 | 102 | 669 | 546 | 1,399 | 1,180 | 631 | 1,289 | 986 | |
| Effect of exchange rate changesKRW 100M | 0 | 0 | -0 | 0 | -0 | -3 | -0 | -19 | -1 | 14 | 8 |
| Net change in cash and cash equivalentsKRW 100M | 8 | 5 | 57 | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| 영업활동으로 인한 현금흐름As filed | — | — | — | -131 | 232 | -160 | -431 | -102 | — | — | — |
| 영업활동으로인한자산ㆍ부채의변동As filed | — | — | -86 | — | — | — | — | — | — | — | — |
| 단기차입금의 상환As filed | — | — | — | — | — | — | — | — | — | 118 | 0 |
| 장기차입금의 차입As filed | — | — | — | — | — | — | — | 0 | 0 | — | — |
| 주식발행비용As filed | — | — | — | — | -0 | -1 | -0 | -0 | -0 | -1 | 0 |
| 리스부채의 상환As filed | — | — | — | — | — | -4 | -2 | -2 | -2 | -4 | 9 |
| 단기차입금의 차입As filed | — | — | — | — | — | — | — | 27 | 91 | 0 | 0 |
| 주식선택권의 행사As filed | — | — | — | — | — | — | — | — | 32 | 58 | 72 |
| 유동성장기차입금의 상환As filed | — | — | — | — | — | — | — | -27 | -91 | 0 | 0 |
| 전환우선주의 발행As filed | — | — | — | — | — | — | 1,600 | 0 | 0 | — | — |
| 기타금융자산의 처분As filed | 315 | 200 | 636 | 216 | 669 | 520 | 228 | — | — | — | — |
| 영업으로부터 창출된 현금As filed | -91 | -130 | — | — | — | — | — | — | — | — | -1,342 |
| 기타금융자산의 취득As filed | 220 | 361 | 492 | 683 | 335 | 465 | 479 | — | — | — | — |
| 기타유동금융자산의 감소As filed | — | — | — | — | — | — | — | 3 | 156 | 714 | 4,498 |
| 기타금융부채의 감소As filed | — | — | — | -0 | — | 0 | — | — | — | — | — |
| 기타비유동자산의 증가As filed | — | — | — | — | — | -19 | -3 | 0 | 0 | — | — |
| 기타유동금융자산의 증가As filed | — | — | — | — | — | — | — | 105 | 0 | 3,980 | 3,580 |
| 기타금융부채의 증가As filed | 0 | — | — | — | — | — | — | — | — | — | — |
| 기타비유동금융자산의 감소As filed | — | — | — | — | — | — | — | 0 | 1 | 9 | 0 |
| 무형자산의 처분As filed | — | — | — | — | 0 | 0 | -3 | 0 | 0 | 1 | 0 |
| 종속기업의 순현금유입As filed | — | — | — | 45 | — | — | — | — | — | — | — |
| 기타비유동금융자산의 증가As filed | — | — | — | — | — | — | — | 13 | 9 | 1,021 | 28 |
| 당기손익-공정가치측정 금융자산의 처분As filed | — | — | — | — | — | — | — | — | — | — | 45 |
| 리스부채의 지급As filed | — | — | — | — | -4 | 0 | — | — | — | — | — |
| 전환사채의 발행As filed | — | 105 | — | -0 | — | — | — | — | — | — | — |
| 주식선택권 행사As filed | 2 | 5 | 3 | 5 | 3 | — | — | — | — | — | — |
| 신주발행비용As filed | -0 | -0 | — | — | — | — | — | — | — | — | — |
| 종속기업에 대한 지배력 상실로 인한 감소As filed | — | — | — | — | — | -0 | 0 | 0 | — | — | — |
| 단기차입금의 증감As filed | — | -18 | — | — | — | — | — | — | — | — | — |
| 당기손익-공정가치측정 금융자산의 취득As filed | — | — | — | — | — | — | — | — | -33 | -239 | 24 |
| 주식매선택권 행사As filed | — | — | — | — | — | 15 | 33 | — | — | — | — |
| 합병으로인한증가As filed | 2 | — | — | — | — | — | — | — | — | — | — |
| 연결범위의변동As filed | 1 | — | — | — | — | — | — | — | — | — | — |
| 환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed | — | — | — | 16 | 567 | -119 | 853 | -201 | -548 | 645 | — |
| 장기차입금의 증가As filed | — | — | — | — | 19 | 17 | 82 | — | — | — | — |
| 사업결합으로 인한 증가As filed | — | — | — | — | — | — | — | — | — | — | 91 |
| 종속기업의 순현금 유입As filed | — | — | — | — | — | 0 | 0 | — | — | — | — |
| 주식매수선택권의 행사As filed | — | — | — | — | — | — | — | 34 | — | — | — |
| 영업활동으로부터 창출된 현금As filed | — | — | — | — | — | — | — | — | -660 | 774 | — |
| 장기차입금의 상환As filed | — | — | — | — | — | 0 | 0 | — | — | — | — |
| 장기미지급금의 증가As filed | — | — | — | — | — | 0 | 0 | 0 | — | — | — |
| 장기미지급금의 감소As filed | — | — | — | — | — | -1 | 0 | 0 | — | — | — |
| 현금및현금성자산의 증감As filed | — | — | — | — | — | — | — | — | — | — | -310 |
In the latest fiscal year operations and financing paid cash out while investing activities brought cash in.
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 2026.03.23.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 20 | 삼정회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 19 | 삼정회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 18 | 삼화회계법인 | 2025-12-31 |
| 2022 | 적정Term 17 | 삼화회계법인 | 2022-12-31 |
| 2021 | 적정Term 16 | 삼화회계법인 | 2022-12-31 |
| 2020 | 적정Term 15 | 한울회계법인 | 2022-12-31 |
| 2019 | 적정Term 14 | 한울회계법인 | 2019-12-31 |
| 2018 | 적정Term 13 | 한울회계법인 | 2019-12-31 |
| 2017 | 적정Term 12 | 한울회계법인 | 2019-12-31 |
| 2016 | 적정Term 11 | 한울회계법인 | 2016-12-31 |
| 2015 | 적정Term 10 | 한울회계법인 | 2016-12-31 |
| 2014 | 적정 | 한울회계법인 | 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.
PER bandKRW
The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.
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 | Base-year cash flow not positive | |
| Discounted cash flow FCFE | Base-year cash flow not positive | |
| Residual income model RIM | No book value or return on equity | |
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% + 1.04 × 5.00% = 9.59%
Initial growth
g_1 = g_T = 2.00%
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.