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347850KOSDAQ

D&D Pharmatech

42,850
-3,250 (-7.05%)

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.

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

D&D Pharmatech is a company established in 2014. It is listed on the KOSDAQ market.

The company researches and develops innovative drugs for metabolic diseases, degenerative brain diseases, and fibrosis. Its main products include GLP-1 based oral obesity treatments and MASH treatments. The company utilizes drug delivery platforms to develop candidates and commercializes them through technology transfers and joint development with global partners.

Business overview as filed

당사는 GLP-1 등 펩타이드 관련 기술을 기반으로 비만 및 MASH(대사이상 관련 지방간염)을 포함한 대사성질환, 퇴행성 뇌질환과 같이 미충족 의료수요가 높은 질환군에 대한 혁신신약을 연구 개발하는 회사로서, 핵심 파이프라인인 GLP-1 기반 ① 경구용 비만치료제(Pfizer 社 파트너링) ② MASH(대사이상 관련 지방간염) 치료제(DD01)를 비롯하여 파킨슨병 및 알츠하이머병 치료제 NLY01, 섬유화 질환 치료제 TLY012 등 다양한 신약 파이프라인을 보유하고 있습니다.

당사의 주요 파이프라인.jpg 당사의 주요 파이프라인 (*) 당사의 비만치료제 파트너사인 멧세라(Metsera) 社는 2025년 11월 미국의 글로벌 제약사 화이자(Pfizer) 社에 인수되어 화이자(Pfizer) 社의 100% 자회사가 되었습니다. 이후 기존 멧세라 보유 파이프라인은 모두 화이자(Pfizer) 포트폴리오로 통합되어 관리되고 있습니다. 이에 따라 본 보고서상 파트너사를 Pfizer 社로 기재하였습니다.당사는 ① PEG 및 다양한 화학물질을 이용하여 투여간격을 늘릴 수 있도록 도와주는 페길화(PEGylation) 기술과 ② 주사제 약물을 경구화 제제로 전환시키는 플랫폼 기술(ORALINK) 등 약물전달기술을 활용하여, GLP-1 계열 펩타이드에 근간을 둔 약물의 발굴 및 개선에 강점을 보유하고 있습니다. 당사 및 종속회사는 의약/바이오 분야 기초 과학자, 제조품질관리(CMC) 전문가, 임상 개발 및 기술이전 전문가 등 바이오신약의 연구개발 및 기술사업화 분야의 전문가들로 구성되어 있으며, 특히 임상 개발의 경우 미국내 종속회사(Neuraly Inc.)에 글로벌 임상 개발 경험이 풍부한 전문가들로 구성된 임상팀을 두고, 이를 바탕으로 미국 및 북미 위주의 임상을 진행하고 있습니다. 당사의 사업모델은 위와 같은 기술적 강점과 신약후보물질의 발굴 및 임상개발 역량을 활용하여 연구개발한 신약후보물질을 글로벌 파트너사와의 기술이전, 공동개발 등을 통해 사업화하는 것입니다. 각 파이프라인의 타겟 시장규모, 경쟁상황 및 향후 임상개발에 예상되는 비용 규모 등을 종합적으로 고려하여 빠른 임상개발 및 상업화가 가능한 글로벌기업과의 파트너쉽 체결을 목표로 하고 있습니다. 이러한 기술이전은 새로운 기술 및 파이프라인 개발을 위한 자원의 집중을 가능하게 하여 당사의 파이프라인이 지속적으로 경쟁력을 유지할 수 있게 합니다. 또한, 기술이전이 완료된 파이프라인에 대한 선급금, 마일스톤 등 수령에 따른 현금 유입으로 재무적인 안전성을 확보할 수 있습니다. 이를 통하여 당사는 향후에도 지속적으로 경쟁력있는 파이프라인을 추가, 확장해 나갈 계획입니다.한편, 펩타이드 기반 신약 개발 외 기타 사업 분야로는 ① Neuraly Inc.에서 진행하는 양전자 방출 단층촬영(PET) 이미징 바이오마커 개발과 ② Valted Seq, Inc.에서 진행하는 퇴행성 뇌질환 관련 단일세포 시퀀싱 빅데이터 구축 및 AI기반 단일세포 유전체 분석 플랫폼(SCADE) 개발 사업 등이 있습니다. 또한, Neuraly Inc.는 알파 방사선 관련 기술의 현물출자 및 지분교환 거래를 통하여, 다양한 고형암에 대한 차세대 알파 방사선 항암제를 개발 중인 Z-Alpha Therapeutics 社 의 15% 지분을 보유하고 이사회에 참여함에 따라 해당 기업을 관계사로 분류하고 있습니다.

당사 및 종속회사의 주요사업.jpg 당사 및 종속회사의 주요사업

Company overview

가. 회사의 법적ㆍ상업적 명칭당사의 명칭은 '주식회사 디앤디파마텍'이며, 영문으로는 'D&D Pharmatech Inc.'로 표기합니다.

나. 설립일자당사는 2014년 11월 28일에 설립되었으며 2024년 5월 2일 코스닥시장에 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

라. 주요 사업의 내용 및 향후 추진하려는 신규사업당사는 현재까지 치료제가 없고 장기적인 약물치료가 필요한 의학적 미충족 의료수요가 높은 질환군(대사성질환, 퇴행성 뇌질환, 섬유화 질환 등)에 초점을 맞추어 질병의 근본 원인을 타겟으로 하는 혁신신약 연구 개발 전문기업입니다.주요 연구개발 분야는 GLP-1 등 펩타이드 기반 의약품이며, 보고서 작성기준일 현재 GLP-1을 바탕으로 한 경구용 비만치료제와 MASH(대사이상 관련 지방간염) 치료제 등을 주력 제품으로 개발하고 있습니다.

마. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

(당기 연결대상회사의 변동내용)

바. 중소기업 등 해당 여부

사. 신용평가에 관한 사항당사는 보고서 작성기준일 현재 해당사항이 없습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

6.33%
[3.78%, 10.55%] · 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 62.4% (2026-09-30). 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

1.10
Beta [0.95, 1.24] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.050%[-0.665%, +0.766%]
R squared
0.32
Observations
252
Trading-time corrected beta
0.99[0.65, 1.34]
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

202320242025TTM
RevenueKRW 100M1871144328
Revenue growth%—-38.77-62.42—
Operating incomeKRW 100M-135-250-340-376
Net incomeKRW 100M34-295-240-218
Net income growth%—-960.44——
Attributable to ownersKRW 100M39-286-236-216
Attributable to minoritiesKRW 100M-5-9-4-1
Operating margin%-72.21-218.74-790.97-1,367.89
Net margin%18.35-257.79-557.98-790.84
ROE%8.43-40.82-29.63-16.04
ROA%4.33-30.24-24.58-6.80
Debt ratio%43.4440.1523.50138.59
Current ratio%261.33358.04940.972,720.73
Quick ratioNot applicableNot applicableNot applicableNot applicable
Reserve ratio%167.28522.05115.5371.46
Free cash flowKRW 100M-91-214-211—
FCF margin%-48.57-187.20-490.38—
OCF conversion%-266.08———
Capex to revenue%-0.24-3.46-1.50—
Receivable daysdays—110.9318.5—
EPSKRW441-2,823-547-486
PERNot applicableNot applicableNot applicableNot applicable
BPSKRW—6,6341,8263,033
PBRx—7.3350.2728.84
Dividend per shareNot applicableNot applicableNot applicableNot applicable

Consolidated basis

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

202320242025
792975975
240279186
552696790

Income statement

202320242025
18711443
-135-250-340
45-304-249
34-295-240
Basic earnings per shareKRW441-2,823-547
Diluted earnings per shareKRW-1,104-2,823-772
46-244-246

Cash flow statement

202320242025
Net incomefrom the income statement34-295-240
Total adjustments to operating cash flowcomputed-1257728
-91-218-211
3-5-1
-6363242
Cash at beginning of periodKRW 100M255156300
156300329
Net change in cash and cash equivalentsKRW 100M-9513930

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 12이촌회계법인2025-12-31
2024적정의견Term 11이촌회계법인2025-12-31
2023적정의견Term 10삼일회계법인2025-12-31

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 1Y1.10
%
%
Cost of equity9.88%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW42,850

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 borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-1,233-102.9%
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% + 1.10 × 5.00% = 9.88%

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(-29.63% × (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 = 1,826 KRW, ROE = -29.63%, payout ratio = 0.00%, r = 9.88%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
11,826-541180-7210.9101-657
21,285-381127-5080.8283-420
3904-26889-3570.7538-269
4636-18963-2510.6860-172
5448-13344-1770.6244-110
Terminal value-2,2900.6244-1,430

P_0 = 1,826 + -1,629 + -1,430 = -1,233 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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