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JONBUR Research · Initiation

ImmuneOncia Therapeutics · 424870 · Biotech & Pharma

ImmuneOncia Therapeutics: Pre-Revenue Biotech With Widening Losses and a Share Price Down 50.9% Over a Year

Why this report

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

ImmuneOncia Therapeutics is a KOSDAQ-listed biotech with no revenue in the trailing twelve months to H1 2026 and an operating loss of ₩30.2B. The share price closed at ₩3,055, down 50.9% over one year and well below the 52-week high of ₩16,110.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

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

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Thesis

The data shows a company still in a loss-making, pre-revenue stage. Trailing operating loss was ₩30.2B and net loss ₩28.2B, with return on equity of -28.1%. The balance sheet looks lightly leveraged, with liabilities at 4.8% of equity, and cash of ₩83.1B covers roughly three years of the trailing free cash flow outflow of ₩26.5B, if that pace held. Filings in May 2026 show a rights offering and securities issuance, which suggests the company raised capital recently. The data does not include pipeline, trial or guidance details, so we cannot say whether the losses will lead to future revenue. Foreign ownership fell from 3.9% to 1.2% over 60 days, and foreign and institutional investors were net sellers over 20 days while retail investors were net buyers. The share price has risen 8.1% over three months but fell 7.1% over one month.

Business overview

ImmuneOncia Therapeutics (이뮨온시아) was founded in September 2016 and listed on KOSDAQ on 19 May 2025. It is classed in Biotech & Pharma. It has 91,402,269 listed shares and a market capitalization of about ₩279.2B. Enterprise value is about ₩186.1B. Annual revenue for 2025 was only ₩111M, and the trailing figure to H1 2026 is zero. Details on products, partners and pipeline are not available in the data.

Financial analysis

These figures come from filed financial statements. For 2025, revenue was ₩111M, operating loss ₩28.0B and net loss ₩27.4B, with return on equity of -96.3%. For the twelve months to H1 2026, revenue was zero, operating loss ₩30.2B and net loss ₩28.2B. Margins cannot be calculated on zero revenue. Return on equity improved to -28.1%, which is consistent with a larger equity base after the capital raise. Cash was ₩83.1B and free cash flow was -₩26.5B. Liabilities were 4.8% of equity, and borrowings are not available in the data.

Valuation

The price-to-book ratio is 2.8 now, compared with 41.9 at the end of 2025. Price-to-earnings, price-to-sales and EV/EBITDA are not meaningful because of losses and no revenue. Listed peers are far larger and mostly profitable, with P/B ratios between 2.6 (Celltrion) and 30.0 (Alteogen) and P/E ratios from 14.6 to 83.3, so comparison is limited. The valuation model has no estimate for this company because cash flows cannot be reliably projected, so there is no base, bear or bull value to compare with the ₩3,055 share price. The dividend yield is 0.0%.

Catalysts

  • An investor relations event was filed on 15 October 2026, which may bring more company information.
  • Two filings on 14 September 2026 were labelled major management matters relevant to investors, though their content is not given in the data.
  • The half-year report filed on 14 August 2026 gave the latest figures on losses and cash.
  • The May 2026 rights offering and securities issuance results show new funds raised, and a 5%+ holding report was filed on 27 May 2026.
  • Retail investors were net buyers of ₩5.8B over 20 days, which shows some continued domestic interest.

Risks

  • The company has no revenue and ongoing operating losses of about ₩30B a year, so it depends on its cash reserves or new funding.
  • Further share issuance could dilute existing holders, as the May 2026 rights offering shows.
  • Foreign ownership fell from 3.9% to 1.2% in 60 days, and foreign and institutional investors were net sellers.
  • The share price is down 50.9% over one year and sits near the lower part of its 52-week range of ₩2,300 to ₩16,110, which shows high volatility.
  • No news headlines or model valuation are available, so the data gives limited insight into the business outlook.

Closing view

The data describes a pre-revenue biotech with sizeable losses, a low-debt balance sheet and a cash position funded by a recent capital raise. The sharp one-year share price fall and falling foreign ownership point to weak sentiment, while the improved P/B and three-month gain show some recovery. Without pipeline information, news or a model estimate, the evidence is incomplete, and the outlook rests on factors this data cannot show.

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 21, 2026InitiationStart of coverage (reader request)ImmuneOncia Therapeutics: Pre-Revenue Biotech With Widening Losses and a Share Price Down 50.9% Over a Year

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