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JONBUR Research · Initiation

IntoCell · 287840 · Biotech & Pharma

IntoCell: Loss-Making Biotech Down 61.7% Over a Year, Trading at 11.4x Book

Why this report

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

IntoCell, a KOSDAQ-listed biotech listed in May 2025, closed at ₩14,890 on 2026-10-16, down 61.7% over one year and near its 52-week low of ₩13,050. Revenue is small at ₩3.2B over the trailing twelve months, losses continue, and the model estimate is far below the share price.

Written Oct 18, 2026 · Data as of Oct 16, 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 an early-stage, loss-making company with a clean balance sheet but a high valuation relative to its sales. Revenue was ₩3.2B against an operating loss of ₩8.9B, and the share price has fallen 32.3% in three months. The company has no borrowings and ₩10.6B in cash, which gives some room, but free cash flow of -₩10.4B means that cash covers roughly one year at the current pace. The data does not show why the shares have fallen, and no news headlines are available. Retail investors were net buyers over 20 days (₩1.1B) while institutions (-₩952M) and foreign investors (-₩173M) were net sellers. Foreign ownership rose from 4.4% to 5.0% over 60 days.

Business overview

IntoCell is in the Biotech & Pharma sector on KOSDAQ, founded on 2015-04-01 and listed on 2025-05-23, with 15,021,960 listed shares. The market cap is ₩223.7B and enterprise value is ₩213.1B. Annual revenue was ₩2.9B in 2024 and ₩2.3B in 2025, a 20.9% decline. The data contains no information on products, pipeline or guidance.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 was ₩3.2B, with an operating loss of ₩8.9B and a net loss of ₩8.8B, for an operating margin of -279.0% and a net margin of -275.9%. In 2025, revenue was ₩2.3B, the operating loss was ₩10.3B and the net loss was ₩10.6B (operating margin -448.0%). In 2024 the operating loss was ₩9.8B and the net loss was ₩9.9B. Return on equity was -64.8% on a trailing basis, compared with -65.7% in 2025 and -131.8% in 2024. Liabilities to equity were 85.7%, borrowings were zero, and free cash flow was -₩10.4B.

Valuation

Earnings-based multiples are not available because the company is loss-making. Price to book is 11.4x, down from 34.8x at the end of 2025, and price to sales is 70.1x. Peers show P/B of 2.5x to 30.4x (Samsung Biologics 7.2x, Celltrion 2.5x, Alteogen 30.4x, Yuhan 2.5x, SK biopharmaceuticals 5.6x), and P/E of 14.3x to 84.4x, though these are far larger, profitable companies. The valuation model (5-year discounted cash flow, 8.6% rate) gives a base estimate of ₩245 per share, with a bear case of ₩328 and a bull case of ₩132. The bear case is higher than the base case, which looks inconsistent and should be treated with caution. This is a model estimate based on the assumptions shown, not a target, and it sits far below the ₩14,890 share price, indicating the market is pricing in outcomes that the current cash flows do not capture.

Catalysts

  • The half-year report filed on 2026-08-14 showed the latest trailing loss and cash position, and the next periodic filing will update them.
  • A filing on 2026-07-22 about a major management matter relevant to investors was submitted, though its content is not in the data.
  • An investor relations event on 2026-08-18 may have provided company updates, but details are not available.
  • Insider shareholding reports on 2026-06-05 and a grant of stock purchase options on 2026-03-26 are visible in filings.
  • Foreign ownership rose to 5.0% from 4.4% over 60 days, a flow change worth watching.

Risks

  • Cash of ₩10.6B against free cash flow of -₩10.4B suggests financing may be needed within about a year if losses continue.
  • Revenue fell 20.9% in 2025 and remains very small relative to the ₩223.7B market cap.
  • The share price is down 61.7% over one year and 32.3% over three months, showing high volatility.
  • The model estimate of ₩245 per share is far below the market price, so the valuation relies on assumptions not visible in the financials.
  • Institutions and foreign investors were net sellers over 20 days, while buying came from retail investors.

Closing view

The data shows a small, loss-making biotech with no debt, limited cash runway and a share price that has fallen sharply but still trades at 70.1x sales. The model estimate is much lower than the market price, and the bear and bull cases are inconsistent, so it should be read cautiously. Missing information on the pipeline, news and short interest limits the view. The evidence points to a high-uncertainty situation that depends on factors not visible in the filed numbers.

Model estimate of fair value

Bear
₩328
-98%
Base
₩245
-98%
Bull
₩132
-99%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 18, 2026InitiationStart of coverage (reader request)IntoCell: Loss-Making Biotech Down 61.7% Over a Year, Trading at 11.4x Book

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