LigaChem Biosciences: Deep Losses and a Steep Share Price Decline Alongside a Still-High Price-to-Sales Multiple

Thesis

The data supports a picture of a loss-making biotech whose revenue jumped in 2024 but has not translated into sustained profit. Revenue was ₩141.6B in 2025 (up 12.4%), yet the operating loss widened to ₩106.5B from ₩20.9B in 2024. The TTM through H1 2026 shows revenue of ₩98.8B and an operating loss of ₩205.7B, so losses have grown further.

The share price has fallen 18.9% in one month, 39.0% in three months and 54.1% in one year, and it sits just above the 52-week low. The data does not explain the cause: no news headlines are provided, and investor flows, foreign ownership and short balance data are not available. Recent filings include a major management matter report on 2026-09-30 and several 5%+ holding reports, but their contents are not in the data.

On the supportive side, the balance sheet shows liabilities at 34.7% of equity, which is a modest level of leverage. On the other side, cash was ₩84.1B against TTM free cash flow of -₩194.6B.

Business overview

LigaChem Biosciences is a Biotech & Pharma company listed on KOSDAQ since 2013-05-10 and founded on 2006-05-02. It has 36,610,338 listed shares and a market capitalization of about ₩2.53T. Enterprise value is about ₩2.45T. The CEO listed is 박세진. Revenue was about ₩32B to ₩34B from 2021 to 2023, then rose 268.7% to ₩125.9B in 2024 and ₩141.6B in 2025. The data does not break revenue down by source.

Financial analysis

All figures come from filed financial statements (DART), consolidated where available.

Revenue: ₩32.2B (2021), ₩33.4B (2022), ₩34.1B (2023), ₩125.9B (2024), ₩141.6B (2025). TTM to H1 2026 is ₩98.8B.

Profit: 2024 was the only profitable year in the data, with net income of ₩7.8B, though operating income was -₩20.9B. In 2025 the operating loss was ₩106.5B (margin -75.2%) and net loss ₩91.6B. TTM operating loss is ₩205.7B (margin -208.2%) and net loss ₩181.4B (margin -183.6%).

Returns: ROE was 2.0% in 2024, -16.3% in 2025 and -35.7% on a TTM basis.

Balance sheet and cash flow: liabilities to equity are 34.7%, cash is ₩84.1B, borrowings are not available, and TTM free cash flow is -₩194.6B.

Valuation

P/E and EV/EBITDA are not meaningful because earnings are negative. Price-to-book is 6.3 now, versus 12.5 at the end of 2025. Price-to-sales is 25.6. No dividend yield is available.

Peers in the data: Samsung Biologics (P/E 43.1, P/B 10.2), Celltrion (25.5, 2.2), Alteogen (64.1, 23.1), Hanmi Pharm (28.0, 4.3) and HLB (P/E not available, P/B 16.9). LigaChem's P/B of 6.3 is below Samsung Biologics, Alteogen and HLB, and above Celltrion and Hanmi Pharm. Peer P/Es cannot be compared since LigaChem has no positive earnings.

Catalysts

• The 2026-09-30 filing of a major management matter relevant to investors may matter, but its details are not in the data.
• The 2026-09-08 investor relations event and later disclosures could shape how the market views the company's outlook.
• Repeated 5%+ holding reports (2026-07-31, 2026-08-04, 2026-10-02) point to changes in large shareholdings that could be worth watching.
• The 2026-07-24 securities issuance result filing suggests a capital-related event, though terms are not given in the data.
• The next financial statements will show whether the widening losses continue.

Risks

• TTM operating loss of ₩205.7B is far larger than TTM revenue of ₩98.8B, and losses have widened since 2024.
• TTM free cash flow of -₩194.6B compares with cash of ₩84.1B, which raises questions about future funding needs.
• The share price is down 54.1% over one year and sits near its 52-week low, indicating strong negative momentum.
• A price-to-sales ratio of 25.6 leaves valuation dependent on future revenue and profit improvement not yet visible in the numbers.
• Investor flows, foreign ownership, short interest and news are not available, so drivers of the decline cannot be confirmed.

Closing view

The data shows a company whose revenue base is much larger than before 2024 but whose losses have grown sharply, with cash burn well above the cash balance. The share price has fallen steeply and valuation multiples have compressed from year-end 2025 levels, yet price-to-sales remains high. Moderate leverage is a supportive point. Missing information on flows, news and filing details limits conclusions, so the picture is one of high uncertainty that depends on whether future results show improvement.

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).

Report history

1. Oct 13, 2026InitiationLigaChem Biosciences: Deep Losses and a Steep Share Price Decline Alongside a Still-High Price-to-Sales Multiple