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JONBUR Research · Initiation

Genexine · 095700 · Biotech & Pharma

Genexine: Persistent Losses, Small Revenue Base and a New Rights Offering Filing

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Genexine's shares closed at ₩2,440 on 2026-10-23, down 53.1% over one year and near the low end of a 52-week range of ₩2,140 to ₩7,490. Filings show continued operating losses on very small revenue, and a rights offering decision was filed on 2026-10-16.

Written Oct 24, 2026 · Data as of Oct 23, 2026 · 0 views

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

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Thesis

The data supports a picture of a loss-making biotech with a small and volatile revenue base. Trailing revenue was ₩5.0B against an operating loss of ₩39.7B, and no profit has been recorded in any of the last five fiscal years shown. The share price has fallen sharply, and foreign ownership slipped from 4.1% to 3.1% over 60 days.

What the data does not show is a clear path to profitability. Revenue grew 56.0% in 2025, but from a low base, and the first half of 2026 shows no improvement in margins. The price-to-book ratio of 0.6 is below the 0.9 seen at the end of 2024 and 2025, but book value is being reduced by ongoing losses. No news headlines and no company guidance are available in the data, so the drivers behind the filings cannot be assessed.

Business overview

Genexine is a KOSDAQ-listed company in the Biotech & Pharma sector. It was founded in 1999 and listed in 2009, with 45,540,494 shares outstanding. Market capitalisation is about ₩111.1B and enterprise value is about ₩200.1B. The CEOs listed are 홍성준 and 최재현.

Revenue history is uneven: ₩38.3B in 2021, ₩15.9B in 2022, ₩3.9B in 2023, ₩2.9B in 2024 and ₩4.6B in 2025. The data does not describe products or the pipeline.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 was ₩5.0B, with an operating loss of ₩39.7B (operating margin -798.7%) and a net loss of ₩32.3B (net margin -650.0%). Return on equity was -14.0%.

Annual operating losses were ₩16.4B in 2021, ₩33.5B in 2022, ₩40.5B in 2023, ₩37.2B in 2024 and ₩36.2B in 2025. The net loss was ₩63.7B in 2024 and ₩27.2B in 2025.

On the balance sheet, cash was ₩10.1B against borrowings of ₩114.9B. Liabilities to equity were 65.8%. Free cash flow over the trailing period was -₩40.7B, so the cash balance covers a limited period of this burn rate on the data shown.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 0.6, versus 0.9 at the end of 2024 and 2025, 1.4 at the end of 2023, 2.3 at the end of 2022 and 3.9 at the end of 2021. Price-to-sales is 22.4. The dividend yield is 0.0%.

Listed peers trade at price-to-book ratios from 2.5 (Celltrion) to 29.1 (Alteogen) and at price-to-earnings ratios from 15.0 to 81.0, but they are far larger and profitable, so comparison is limited. No valuation model estimate per share is available because the model could not be worked out for this company.

Catalysts

  • A rights offering (paid-in capital increase) decision and small-scale public offering documents were filed on 2026-10-16, which could change the share count and funding position.
  • A shareholders' meeting was called on 2026-10-06, with a record date determination filed the same day.
  • Stock purchase options were granted according to a filing dated 2026-08-24.
  • Filings of major management matters on 2026-06-04 and 2026-08-21 may carry information relevant to investors, though details are not in the data.
  • Over 20 days, foreign investors were net sellers of about ₩1.2B while retail investors were net buyers of about ₩1.1B.

Risks

  • Operating losses of ₩36B to ₩40B a year have continued for several years against small revenue.
  • Borrowings of ₩114.9B far exceed cash of ₩10.1B, and free cash flow is negative.
  • A rights offering could dilute existing shareholders depending on its terms, which are not in the data.
  • Filings show repeated decisions to provide collateral for third parties in May and July 2026, which may add exposure not quantified in the data.
  • The share price fell 10.8% in one month and 53.1% in one year, and foreign ownership is declining.

Closing view

The filings show a company with a long record of losses, a thin revenue base, debt well above cash and a fresh capital raise. A price-to-book ratio of 0.6 reflects the market's discount, but continued losses reduce book value, and no model estimate is available for comparison. The evidence is weighted toward financial strain; the details of the rights offering and any pipeline developments, which the data does not contain, would be needed for a fuller view.

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 24, 2026InitiationStart of coverage (reader request)Genexine: Persistent Losses, Small Revenue Base and a New Rights Offering Filing

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