Ask Warren

JONBUR Research · Initiation

Peptron · 087010 · Biotech & Pharma

Peptron: Loss-making KOSDAQ biotech sees share price fall 69.6% in a year while revenue stays small

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Peptron shares closed at ₩89,500 on 2026-10-12, near the 52-week low of ₩86,500 and 77.2% below the 52-week high of ₩392,500. Filed statements show revenue of ₩6.0B over the trailing twelve months to H1 2026 against an operating loss of ₩25.7B.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data supports a picture of a company whose market value is far larger than its current financial output. Market capitalisation is about ₩2.1T, price-to-sales is 347.5 and price-to-book is 16.1, while the company reports losses every year from 2021 to H1 2026. Revenue grew 78.8% in 2025, but from a low base, and the operating loss widened over the trailing period. The balance sheet looks low in leverage, with liabilities to equity at 29.7%. The data does not show the reasons for the share price moves, because no news headlines are available. Investor flow, foreign ownership and short balance data are also not available, so we cannot say who has been trading the stock. Our model could not produce a fair value range.

Business overview

Peptron is listed on KOSDAQ in the Biotech & Pharma sector. It was founded on 1997-11-21 and listed on 2015-07-22, with 23,297,350 shares outstanding and a market cap of about ₩2.1T. Annual revenue was ₩6.6B in 2021, ₩5.8B in 2022, ₩3.3B in 2023, ₩3.2B in 2024 and ₩5.6B in 2025. Compared with the peers in the data, which have market caps from ₩5.8T to ₩85.5T, it is smaller. The data does not describe products or pipeline.

Financial analysis

These figures come from filed financial statements (DART). Over the trailing twelve months to H1 2026, revenue was ₩6.0B, operating income was -₩25.7B and net income was -₩20.5B. That gives an operating margin of -427.5% and a net margin of -342.2%. ROE was -14.6%. For 2025, revenue was ₩5.6B, operating loss was ₩21.3B, net loss was ₩13.8B and operating margin was -377.3%. The operating loss was ₩16.5B in 2024 and ₩15.9B in 2023. On the balance sheet, cash was ₩12.3B against borrowings of ₩2.0B. Trailing free cash flow was -₩29.5B, which is more than twice the cash on hand. Liabilities to equity were 29.7%.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 16.1 and price-to-sales is 347.5, with enterprise value of about ₩2.07T. Year-end 2025 price-to-book was 41.7, so the current figure is lower than that, though no longer history is available. Among peers, price-to-book was 23.0 for Alteogen, 16.9 for HLB, 10.2 for Samsung Biologics, 4.3 for Hanmi Pharm and 2.2 for Celltrion. Peptron sits near the upper end of this group. The profitable peers also have price-to-earnings ratios of 25.5 to 63.9, which Peptron cannot be compared with. Our simple 5-year discounted cash flow model gave no bear, base or bull fair value because cash flows are negative, so there is no model range to compare with the ₩89,500 share price.

Catalysts

  • A corrected filing on new facility investment dated 2026-09-03 may give more detail on capital spending plans.
  • A filing on 2026-08-25 titled as a major management matter relevant to investors was submitted, though its content is not in the data.
  • The half-year report for June 2026 filed on 2026-08-14 is the most recent set of financial statements.
  • Repeated 5%+ holding reports and an insider shareholding report in 2026 show changes in major ownership.
  • The share price is close to its 52-week low, so the next quarterly report will show whether losses and cash use are changing.

Risks

  • Operating losses have occurred every year since 2021, with a trailing operating margin of -427.5%.
  • Trailing free cash flow of -₩29.5B exceeds cash of ₩12.3B, so funding needs are visible in the data.
  • The share price fell 38.7% in one month and 69.6% in one year, showing high volatility.
  • Price-to-sales of 347.5 means the market value depends on factors that are not visible in current revenue.
  • Missing data on investor flows, short balance and news limits what can be said about the causes of price moves.

Closing view

The filed numbers show a small, loss-making company with low leverage but heavy cash use, valued at about ₩2.1T. Revenue improved in 2025, yet losses widened over the trailing period, and the data gives no model fair value or earnings multiples to anchor the price. The sharp decline in the share price and the lack of news or flow data leave the reasons unclear. Readers should focus on future filings for cash, funding and spending details.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Peptron: Loss-making KOSDAQ biotech sees share price fall 69.6% in a year while revenue stays small

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information