GemVax & KAEL젬백스

GemVax & KAEL's shares have fallen about 80% over the past year, while the latest half-year figures show a swing to a large net loss despite an operating profit.

GemVax & KAEL runs two businesses: filters and air-control equipment for semiconductor and display cleanrooms, and peptide-based drug development led by GV1001 in clinical trials for Alzheimer's disease and progressive supranuclear palsy. On trailing twelve-month figures to H1 2026, revenue was about ₩85.1B with an operating income of ₩8.5B, but a net loss of ₩12.2B, and borrowings of ₩52.5B far exceed cash of ₩18.6B. The share price closed at ₩9,260 on 2026-10-23, against a 52-week range of ₩8,980 to ₩54,900.

What stands out

• Trailing revenue of ₩85.1B is above the 2025 full-year figure of ₩81.5B, and 2025 revenue grew 30.1% from 2024.
• Operating income turned positive on a trailing basis at ₩8.5B, yet net income is a loss of ₩12.2B, so non-operating or financing costs are weighing heavily.
• Liabilities are about 638 times equity and borrowings of ₩52.5B exceed cash of ₩18.6B; free cash flow was negative ₩2.6B.
• Price-to-book is about 3,011 and there is no meaningful earnings-based valuation, with a dividend yield of 0%.
• Filings show repeated changes to the largest shareholder, a treasury share sale decision and disposal, and several insider shareholding reports in September and October 2026. Foreign ownership fell from 7.9% to 6.3% over 60 days, and foreign investors were net sellers over the last 20 days.
• No recent news headlines are included in the data, so the reasons behind the filings and price moves are not explained here.

What to watch

• Upcoming full-year 2026 results and whether the operating profit holds alongside the net loss and debt load.
• Further changes to the largest shareholder and the outcome of the 5%+ holding report filed on 2026-10-26.
• Clinical trial progress for GV1001 and any funding needs tied to the borrowings, which the data does not detail.