ABL Bio: Loss-making KOSDAQ biotech with shares down 51.4% over one year

Thesis

The data supports a picture of a company whose revenue is lumpy and whose losses have widened recently. Revenue was ₩79.3B in 2025 (up 137.6%), but trailing twelve-month revenue through H1 2026 fell to ₩34.3B, and the operating margin is -251.2%. The balance sheet looks moderate, with liabilities to equity of 57.4% and cash of ₩165.0B, which gives some room to fund losses. Trailing free cash flow is -₩41.8B. The share price has dropped 31.0% in one month, 42.4% in three months and 51.4% in one year. The data does not explain why. No news headlines, investor flow, foreign ownership or short-balance data are available, so the causes of the decline cannot be assessed from this dataset.

Business overview

ABL Bio is listed on KOSDAQ in the Biotech & Pharma sector. It was founded on 2016-02-16 and listed on 2018-12-19, with 48,528,007 shares outstanding. The CEO is 이상훈. Revenue history is uneven: ₩5.3B in 2021, ₩67.3B in 2022, ₩65.5B in 2023, ₩33.4B in 2024 and ₩79.3B in 2025. This pattern suggests revenue does not arrive steadily. The data does not describe the products or the source of the revenue, so we do not comment on them.

Financial analysis

All figures come from filed financial statements (DART). The company reported a small operating profit of ₩0.9B in 2022 and a net profit of ₩3.2B. It then moved to an operating loss of ₩2.6B in 2023, ₩59.4B in 2024 and ₩40.4B in 2025. Net loss was ₩37.8B in 2025. For the twelve months to H1 2026, revenue was ₩34.3B, operating loss ₩86.1B and net loss ₩78.6B, giving an operating margin of -251.2% and a net margin of -229.4%. ROE is -46.4%. Liabilities to equity is 57.4%. Cash is ₩165.0B and free cash flow is -₩41.8B. Borrowings data is not available.

Valuation

A P/E ratio cannot be calculated because earnings are negative, and EV/EBITDA and dividend yield are also unavailable. The stock trades at a P/B of 12.9 and a P/S of 64.5, with an enterprise value of about ₩2.05T. The year-end 2025 P/B was 62.7, so the current P/B is far below that level, though the earlier figure may reflect a different price and equity base. Peers show P/B of 10.2 for Samsung Biologics, 2.2 for Celltrion, 23.1 for Alteogen, 4.3 for Hanmi Pharm and 16.9 for HLB. ABL Bio's P/B sits within that range, but it is the only one here with a deeply negative profit trend. The peers with P/E data are at 25.5 to 64.1.

Catalysts

• Filings show repeated 5%+ holding reports on 2026-07-06, 2026-07-16, 2026-08-04 and 2026-09-04, indicating changes in large shareholdings.
• A major management matter relevant to investors was filed on 2026-07-09 and amended on 2026-07-28, but the data does not give the contents.
• Stock option grant filings on 2026-08-26 and an amendment on 2026-08-31 may matter for share dilution and employee incentives.
• Three investor relations events were recorded on 2026-07-02, giving management a channel to update investors.
• The half-year report filed on 2026-08-11 is the latest financial update, and the next periodic filing will show whether losses and cash burn continue.

Risks

• Trailing operating losses of ₩86.1B and free cash flow of -₩41.8B continue to draw down the ₩165.0B cash balance.
• Revenue has swung between ₩33.4B and ₩79.3B in recent years, which makes earnings hard to forecast.
• The share price is within 0.6% of its 52-week low after a 51.4% one-year fall, which reflects heavy selling pressure.
• With a P/S of 64.5 and no earnings, the valuation depends on outcomes not visible in the financial data.
• Investor flow, foreign ownership, short balance and news data are unavailable, so key sources of price pressure cannot be checked.

Closing view

The data shows a loss-making biotech with irregular revenue, a moderate balance sheet and a sharp share price decline. Cash of ₩165.0B offers some cushion, but trailing losses and negative free cash flow are significant. The P/B of 12.9 is in line with some peers, yet profit-based multiples cannot be used. Missing flow and news data limit any explanation for the recent drop, so the evidence is incomplete and the view remains balanced and uncertain.

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, 2026InitiationABL Bio: Loss-making KOSDAQ biotech with shares down 51.4% over one year