NKGen Biotech Korea엔케이젠바이오텍코리아

NKGen Biotech Korea remains loss-making with heavy negative cash flow, though its share price has been flat over the past year.

The company emerged from court-supervised rehabilitation in September 2025 and is now developing NK cell-based immunotherapies while also selling a blood test, a supplement and research reagents. On trailing twelve-month figures to H1 2026 it had revenue of about ₩8.1B, an operating loss of about ₩2.3B and a net loss of about ₩4.0B. The data does not include a fair value estimate, analyst views or any forecasts.

What stands out

• Revenue has fallen for five straight years, from ₩13.0B in 2021 to ₩7.9B in 2025, and trailing revenue to H1 2026 was ₩8.1B.
• Operating losses persisted every year from 2021 to H1 2026, and the trailing operating margin was -28.6%.
• Trailing free cash flow was about -₩5.2B against cash of about ₩0.5B, which the data does not explain how the gap is funded.
• Book value multiples are very high, with price-to-book at 40.3 and price-to-sales at 32.7, while the company has no earnings-based valuation (P/E is not available).
• Foreign ownership is 0% and the 20-day flows show retail buying of about ₩2.0B against institutional selling of about ₩1.7B, with a 0.5% short balance.

What to watch

• The next half-year and annual filings, including whether the amended H1 2026 report changes the reported figures.
• Ongoing funding needs given negative free cash flow and limited cash, and whether any borrowings or equity changes appear in future filings (borrowings are not reported in the data).
• Trading restrictions or investment caution history noted in the March 2026 market notice, and the April 2026 change of largest shareholder filing.