Aprogen Biologics에이프로젠바이오로직스

Aprogen Biologics remains deeply loss-making, with a share price down about 85% over the past year and heavy debt against limited cash.

The company sells generic prescription drugs, runs a biopharmaceutical contract manufacturing plant, and since late 2025 has consolidated Entwotec, a semiconductor equipment parts maker. Trailing twelve-month revenue is ₩86.2B, but operating income is -₩57.7B and net income is -₩78.3B. Borrowings of ₩190B far exceed cash of ₩22B, and recent filings point to a rights offering, collateral provision and a loan extension.

What stands out

• Trailing revenue is ₩86.2B against an operating loss of ₩57.7B, an operating margin of -67%, so costs far exceed sales.
• Full-year 2025 net loss was ₩170.3B, much larger than the 2025 operating loss of ₩60.4B, which implies large non-operating or other charges that the data does not explain.
• Liabilities are 104.9% of equity and borrowings are ₩190B, while cash is ₩22B and free cash flow is -₩36B over the trailing period.
• Filings in September and October 2026 include a rights offering decision and amendments, a loan extension, collateral provided for a third party, and an investment caution notice about possible designation as an administrative issue.
• Shares closed at ₩1,387, with a market value of about ₩40.2B, and the stock is down 33.5% over three months; the 52-week low in the data is ₩0, which looks like a data gap.

What to watch

• Outcome and pricing of the rights offering, since new share issuance could dilute existing holders.
• Whether the exchange designates the company as an administrative issue following the investment caution notice, and any follow-up filings.
• Ability to service ₩190B of borrowings, including the loan extension terms and the collateral arrangement; the next financial results are not in the data.