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298380KOSDAQ

ABL Bio

48,000
-3,100 (-6.07%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

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

ABL Bio is a biotechnology research and development company established on February 16, 2016. The company is listed on the KOSDAQ market and operates with a subsidiary named NEOK Bio located in the United States.

The company develops antibody therapeutics based on its bispecific antibody platform Grabody. Its business focuses on the research and development of immuno-oncology treatments, antibody-drug conjugates, and therapies for degenerative brain diseases, primarily commercializing these through technology licensing.

Business overview as filed

가. 회사 사업 개요당사는 기반 기술인 이중항체 플랫폼 'Grabody™'를 바탕으로 연구ㆍ개발하는 다양한 파이프라인의 기술이전(License-out)을 통해 중장기 성장이 가능한 사업모델을 추구하고 있습니다. 당사 보유 기반 기술 및 파이프라인에 연구개발 파트너들의 역량을 더하여 개발 속도를 가속화하는 한편, 추가 진행 여부에 대한 엄격한 의사결정 검토 체계(Decision Review System)를 적용하여 가치 상승에 한계가 있는 기술에 대해서는 조기에 과감한 개발중단을 단행하여 총 개발비용 대비 높은 가치 창출을 추구하고 있습니다. 또한, 개발에 역량을 보탠 파트너사에게는 기술이전에 대한 혜택을 분할하여, 공동개발에 대한 동기부여를 하고 있습니다. 또한, 기술도입(License-in)을 통해서도 신규 파이프라인 개발 가능성을 높이고 진행 속도 역시 앞당기고자 노력하고 있습니다.

organisation process.jpg [Business Model]

당사가 집중하고 있는 연구ㆍ개발 분야에서는 상당한 규모의 기술이전 계약('II. 사업의 내용 → 7. 기타 참고사항 → 라. 산업분석' 참조)이 체결되고 있습니다. 이는 기존 치료법의 한계가 존재하고 기술수요가 높은 시장이기 때문에 가능한 것입니다. 당사가 주력하고 있는 이중항체 기반 면역항암제, ADC 및 퇴행성뇌질환 치료제 등의 글로벌 기술이전 사례는 시장의 unmet needs가 높다는 것을 뒷받침 해주기에 충분합니다. 이와 같이 당사는 파이프라인 및 시장의 성격, 당사의 우수한 기술력 등에 근거하여 빠른 기술이전이 가능할 것으로 예상하고 있습니다. 이러한 조기 기술이전은 전략적인 파이프라인 또는 새로운 기술 개발을 위한 자원의 집중을 가능하게 하므로, 계속해서 경쟁력 있는 파이프라인을 유지할 수 있게 합니다. 또한, 기술이전이 완료된 계약으로부터의 마일스톤 달성에 따른 현금유입으로 재무적인 안전성 역시 확보할 수 있습니다. 당사는 경쟁력 있는 플랫폼 기술 및 시장의 높은 unmet needs를 충족시킬수 있는 다양한 파이프라인을 확보하고 있으며, 해당 파이프라인의 기술이전을 통한 외형 확대 및 지속적인 성장을 꾀하고 있습니다.그 중 항체-약물 접합체(Antibody-drug conjugate, ADC)의 임상개발은 미국 현지 법인 NEOK Bio가 담당하고 있습니다. 주요 종속회사에 해당하는 NEOK Bio는 미국에 위치한 이점을 살려 현지 CRO(임상시험 수탁기관), CMO(위탁 생산 기관) 및 미국 식품의약국(FDA) 등과 직접 소통함으로써 운영 효율성 제고 및 임상 가속화를 도모하고 있습니다.또한, 자본시장법 및 동법시행령에 따라 집합투자재산을 부동산에 주로 투자하고 운용하여 그 수익을 수익자에게 배분하는 집합투자기구로서, 2022년 취득 후 주요 종속 회사에 해당하였던 메테우스일반사모부동산투자신탁1호는 2023년 중 청산 소멸하였습니다.

나. 신규 사업

당사는 바이오 의약품을 연구ㆍ개발하고 있으며, 공시서류 작성기준일 현재 바이오 의약품 연구ㆍ개발 외 추진 중인 신규 사업은 없습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '에이비엘바이오 주식회사'이며, 영문으로는 'ABL Bio Inc.'라고 표기합니다.

다. 설립일자

당사는 2016년 2월 16일에 설립되었으며, 2018년 12월 19일에 코스닥시장에 상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사는 이중항체 기술을 기반으로 항체치료제를 연구ㆍ개발하고 기술이전 등을 통한사업화를 비즈니스 모델로 하는 바이오의약품 연구ㆍ개발 전문기업입니다. 당사는 1) 이중항체 기반 기술, 2) 면역관문(Immune checkpoint) 조절 및 항암 관련 신규 타깃의 발굴 및 검증 기술, 3) 혈액뇌관문 통과능을 향상시킨 퇴행성뇌질환 치료제 개발, 4) 항체-약물 접합체(Antibody-drug conjugate, ADC) 개발 등 항체치료제를 폭넓게연구ㆍ개발하고 활발한 오픈이노베이션 및 파트너십 등을 통해 기술이전 실적을 확보해 나가고 있습니다. 그 중 항체-약물 접합체(Antibody-drug conjugate, ADC)의 임상개발은 미국 현지 법인 NEOK Bio가 담당하고 있습니다. 주요 종속회사에 해당하는 NEOK Bio는 미국에 위치한 이점을 살려 현지 CRO(임상시험 수탁기관), CMO(위탁 생산 기관) 및 미국 식품의약국(FDA) 등과 직접 소통함으로써 운영 효율성 제고 및 임상 가속화를 도모하고 있습니다.

사. 신용평가에 관한 사항당사는 공시서류 작성기준일 현재 해당사항 없습니다.

아. 주권상장여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), 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

6.08%
[3.66%, 11.45%] · As of 2026-10-02
VaR by window

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.

Daily return distribution

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.

Drawdown

Deepest drawdown 80.4% (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.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.14
Beta [0.98, 1.30] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.241%[-0.822%, +0.341%]
R squared
0.46
Observations
252
Trading-time corrected beta
1.26[1.00, 1.51]
252-day rolling beta

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.

252-day rolling annualized volatility

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.

Financials

2017Separate basis2018Separate basis2019Separate basis2020Separate basis2021Separate basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M113408153673655334793343
Revenue growth%—1,661.04217.12103.17-34.21—-2.61-49.04137.55—
Operating incomeKRW 100M-96-240-404-596-5239-26-594-404-861
Operating income growth%——————-388.23———
Net incomeKRW 100M-747-1,172-370-556-43632-26-555-379-792
Net income growth%——————-182.49———
Attributable to ownersKRW 100M————————-378—
Attributable to minoritiesKRW 100M————————-1—
Operating margin%-13,509.67-1,910.14-1,013.52-736.00-980.961.35-3.99-177.76-50.90-251.20
Net margin%-104,628.08-9,319.95-927.68-686.14-816.914.77-4.04-166.24-47.73-230.93
ROE%————————-24.44—
ROA%-366.89-69.42-25.89-55.66-66.551.73-1.65-23.94-13.48-28.92
Debt ratio%-123.707.598.2510.1816.98166.40116.1838.6879.2857.37
Current ratio%702.021,390.371,443.66902.55519.66111.59180.89227.51142.55171.55
Quick ratioNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Reserve ratio%-89,221.96604.07482.77292.10137.47—————
OCF conversion%—————2,248.05————
Receivable daysdays——281.036.946.3—2.010.7——
EPSKRW-3,874-3,804-818-1,207-92767-55-1,156-734—
PERx—————343.28————
BPSKRW————————2,8073,063
PBRx————————71.2632.49
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot 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

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.

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

201720182019202020212022202320242025
2041,6891,4299996551,8521,6012,3202,809
1,06311910992951,1578616471,242
-8601,5701,3209075606957411,6731,567

Income statement

201720182019202020212022202320242025
113408153673655334793
-96-240-404-596-5239-26-594-404
-747-1,172-370-556-43632-26-555-379
-747-1,172-370-556-43632-26-555-379
Basic earnings per shareKRW-3,874-3,804-818-1,207-92767-55-1,156-734
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable-734
-748-1,172-375-558-43534-31-555-372

Cash flow statement

201720182019202020212022202320242025
Net incomefrom the income statement-747-1,172-370-556-43632-26-555-379
Total adjustments to operating cash flowcomputed6761,0461318330689-257-139-34
-71-127-239-473-406721-284-694-413
-162-228-83-36202-712299-472621
2001,556-06346141,446325
Cash at beginning of periodKRW 100M53201,220911407216251281563
201,2209114072162512815631,120
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operations consumed cash while investing and financing 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 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 10삼정회계법인2025-12-31
2024적정의견Term 9삼정회계법인2025-12-31
2023적정의견Term 8삼정회계법인2025-12-31
2022적정Term 7삼정회계법인2022-12-31
2021적정Term 6삼정회계법인2022-12-31
2020적정Term 5삼정회계법인2022-12-31
2019적정Term 4삼정회계법인2019-12-31
2018적정Term 3삼일회계법인2019-12-31
2017적정Term 2삼일회계법인2019-12-31

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

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.02
%
%
Cost of equity9.48%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW48,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo cash flow lines
Discounted cash flow FCFENo cash flow lines
Residual income model RIM-2,252-104.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

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=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.02 × 5.00% = 9.48%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(-24.44% × (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

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 2,807 KRW, ROE = -24.44%, payout ratio = 0.00%, r = 9.48%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
12,807-686266-9520.9134-869
22,121-518201-7190.8343-600
31,603-392152-5440.7621-414
41,211-296115-4110.6961-286
5915-22487-3100.6359-197
Terminal value-4,2330.6359-2,692

P_0 = 2,807 + -2,367 + -2,692 = -2,252 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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