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JONBUR Research · Initiation

OliX Pharmaceuticals · 226950 · Biotech & Pharma

OliX Pharmaceuticals: Persistent Losses and a High Sales Multiple Behind a ₩2.1T Market Value

Why this report

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

OliX, a KOSDAQ-listed biotech, closed at ₩106,200 on 2026-10-12 for a market value of about ₩2.1T, while trailing revenue of ₩13.6B came with an operating loss of ₩41.6B. The shares are down 16.7% over three months but up 10.3% over one year, and our model could not produce a fair value range.

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.

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Thesis

The data supports a picture of a loss-making, research-stage-style company whose market value rests on expectations rather than current earnings. Trailing revenue was ₩13.6B against an operating loss of ₩41.6B, and the price-to-sales ratio is 154.0. The balance sheet looks sturdy for now, with cash of ₩111.5B against borrowings of ₩16.1B and liabilities at 15.4% of equity.

What the data does not show is the source of revenue, the pipeline, or future guidance. Revenue has swung sharply from year to year, which suggests it may be lumpy, but the data does not explain why. Investor flows, foreign ownership, short balance and news headlines are not available, so sentiment cannot be assessed from them.

Business overview

OliX Pharmaceuticals (올릭스) is in the Biotech & Pharma sector on the KOSDAQ market. It was founded on 2010-02-26 and listed on 2018-07-18, with 19,775,322 listed shares. The CEO is listed as 이동기.

Annual revenue over five years was ₩3.7B (2021), ₩9.3B (2022), ₩17.1B (2023), ₩5.7B (2024) and ₩14.7B (2025). Growth was therefore uneven, including a 66.7% fall in 2024 and a 158.3% rise in 2025. The company has not reported an operating profit in any of the years shown.

Financial analysis

These figures come from filed financial statements (DART). For the trailing twelve months to H1 2026, revenue was ₩13.6B, operating income was -₩41.6B and net income was -₩14.0B. The operating margin was -304.7% and the net margin was -102.9%. Net loss is much smaller than operating loss, which implies sizeable non-operating income, though the data does not break it down.

For 2025, revenue was ₩14.7B, operating loss ₩30.0B and net loss ₩15.7B, with an operating margin of -204.4% and ROE of -18.8%. The 2024 net loss was ₩40.7B, the largest in the series. Trailing ROE is -11.0%.

Trailing free cash flow was -₩30.1B. Against cash of ₩111.5B, that is roughly three to four years of cash burn at the current pace, though this is a simple comparison and not a forecast. Borrowings are ₩16.1B.

Valuation

The price-to-earnings ratio, EV/EBITDA and dividend yield are not available because earnings are negative and no dividend is shown. Price-to-book is 8.9 now, down from 18.6 at the end of 2025, and price-to-sales is 154.0. Enterprise value is about ₩2.0T.

Among the peers given, price-to-book is 10.2 for Samsung Biologics, 2.2 for Celltrion, 23.0 for Alteogen, 4.3 for Hanmi Pharm and 16.9 for HLB. OliX sits in the middle of that range on book value. Peer price-to-earnings ratios of 25.5 to 63.9 are not comparable because OliX has no positive earnings. The peers are much larger, with market values of ₩5.8T to ₩85.5T.

The fair value model is null, so no bear, base or bull range per share is available to compare with the ₩106,200 price. The price sits within a 52-week range of ₩84,000 to ₩217,000, about 51.1% below the high and 26.4% above the low.

Catalysts

  • A major management matter relevant to investors was filed on 2026-10-12, following amended filings on 2026-10-08 and 2026-09-30; the data does not give their content.
  • An investor relations (IR) event was filed on 2026-10-06, which may bring company updates, though the data has no detail.
  • Conversion of convertible preferred shares was exercised in filings on 2026-08-31 and 2026-09-01, which could affect the share count.
  • A 5%+ holding report on 2026-09-01 and an insider shareholding report on 2026-08-28 show changes in ownership.
  • The H1 2026 half-year report was filed on 2026-08-14 and is the latest set of financial statements.

Risks

  • Operating losses have been recorded in every year from 2021 to 2025 and in the trailing period, with a trailing operating margin of -304.7%.
  • Revenue is volatile, falling 66.7% in 2024 before rising 158.3% in 2025, which makes results hard to anchor.
  • Trailing free cash flow of -₩30.1B steadily draws down the ₩111.5B cash balance.
  • A price-to-sales ratio of 154.0 leaves the market value dependent on outcomes the data does not show, and the shares fell 16.7% over three months.
  • Conversions of preferred shares may add to the share count, and no data on flows, short interest or foreign ownership is available to gauge demand.

Closing view

The filed data shows a company with a strong cash position relative to its debt but with deep operating losses, uneven revenue and continued cash burn. The market value of about ₩2.1T is far above anything current sales or earnings explain, so it reflects expectations the data cannot confirm or refute. With no model fair value, no flow data and no news headlines, the evidence is incomplete, and readers should weigh the filings and future results as they appear.

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)OliX Pharmaceuticals: Persistent Losses and a High Sales Multiple Behind a ₩2.1T Market Value

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