LigaChem Biosciences리가켐바이오

LigaChem Biosciences shares have fallen sharply over the past year despite new clinical trial progress, with heavy losses still reported.

LigaChem Biosciences is a Korean biopharma company that licenses its ADC platform technology to drug companies and develops its own candidates. Trailing twelve-month figures to H1 2026 show revenue of about ₩98.8B against an operating loss of about ₩205.7B, and the share price is down 51.1% over one year, close to its 52-week low. Recent news centres on the first US patient dosing of its LCB02A ADC candidate on October 16, 2026.

What stands out

• Trailing revenue is about ₩98.8B, but the operating loss is about ₩205.7B, an operating margin of -208.2%.
• Cash of about ₩84.1B is below borrowings of about ₩94.2B, and free cash flow over the period was about -₩194.6B.
• Full-year 2025 revenue was ₩141.6B, up 12.4%, but the company still posted a net loss of about ₩91.6B.
• The 2024 profit of ₩7.8B appears to be a one-off against a loss-making run in other years; the filings data does not explain the cause.
• Shares rose 9% on October 16 after the first patient dosing news, yet the 1-month return is still -19.7%, and institutions were net sellers over the last 20 days while foreign ownership rose from 11.5% to 13.5%.

What to watch

• Half-year and full-year filings and any changes to the cash and borrowing position, given the large trailing losses.
• Progress of LCB02A in the Phase 1/2 trial and any technology transfer deals mentioned in recent news, which the data does not give terms for.
• The 'Major management matter relevant to investors' filings from August and September 2026, whose content is not included in the data.