Abion에이비온

Abion is a loss-making Korean biotech whose shares have fallen sharply over the past year, and recent filings point to listing and disclosure problems.

Abion, a KOSDAQ-listed drug developer focused on biomarker-selected cancer therapies, reported trailing revenue of about ₩0.9B against operating losses of about ₩20.9B through H1 2026. The share price is ₩3,380, down about 73% over one year, with a market cap of about ₩60.9B and a 52-week high of ₩22,550. Its revenue comes mainly from government-commissioned research, and the company has no current technology licensing income in the data.

What stands out

• Trailing operating margin is about -2,223% and net margin about -3,017%, with free cash flow of about -₩33.9B over the period.
• Cash of about ₩9.1B against borrowings of about ₩6.1B; liabilities to equity is 22.5%, but cash burn is far larger than cash on hand.
• The fair value model gives a base value of ₩31 per share and a bear value of ₩87, far below the current price; the bull value shows as 0, which looks like a data gap.
• Recent filings include a planned and then confirmed designation as an Unfaithful Disclosure Company for failure to disclose, trading halts, and a decision to review listing eligibility.
• Foreign ownership fell from 6.6% to 4.7% over about 60 days, and the 20-day flows show foreign net selling of about ₩1.9B against retail net buying of about ₩1.8B.
• No news headlines are included in the data for this period.

What to watch

• Outcome of the listing eligibility substantive review, which the filings say has been opened.
• Whether trading halts are lifted and when the company files its next periodic financial results.
• Any update on the vabametkib and ABN501 pipeline, and whether the company secures licensing revenue as planned.