HLB PepHLB펩

HLB Pep is still loss-making on an operating basis, with revenue shrinking and the share price well below its 52-week high.

HLB Pep sells research peptides and runs contract development and manufacturing (CDMO) services, while developing its own peptide drug candidates. Over the trailing twelve months to H1 2026 it reported revenue of about ₩5.5B against an operating loss of about ₩7.8T, and free cash flow of about -₩12.0T. The share price closed at ₩4,430 on 2026-10-19, roughly 53% below its 52-week high of ₩9,530 but up 12% over three months.

What stands out

• Revenue has fallen from ₩10.3B in 2021 to ₩5.0B in 2025, and TTM revenue to H1 2026 is ₩5.5B; the operating margin is -140.4% on a trailing basis.
• Trailing net loss is much smaller than the operating loss at about ₩189M, a gap the data does not explain.
• Cash of ₩1.2B is against liabilities at 115.9% of equity, and borrowings are shown as zero; the data does not give more detail on the debt structure.
• Recent filings center on convertible bonds: a conversion price adjustment and conversion right exercise for the 3rd series in July and August, and a September decision on acquiring own convertible bonds before maturity.
• Foreign ownership fell slightly from 1.6% to 1.4% over 60 days, and no short-selling balance is reported. No news headlines were included in the data.

What to watch

• The H1 2026 half-year report was filed on 2026-08-13; the next full-year results and any new filings will show whether the operating loss narrows.
• Further convertible bond activity, including conversion price changes or bond buybacks, which the filings show has been frequent this year.
• Progress on the drug candidates and CDMO business is not detailed in the data, so pipeline or contract news would need to be checked separately.