Olipass올리패스

Olipass is in court-supervised rehabilitation after heavy losses, a large debt load and an audit with an adverse opinion.

Olipass, a Korean RNA therapeutics developer, reported trailing twelve-month revenue of ₩1.5B against an operating loss of ₩5.1B and a net loss of ₩8.0B through H1 2026. Its borrowings of ₩9.4B far exceed its cash of ₩0.08B, and the company's filings show rehabilitation proceedings have begun. Its lead candidate OLP-1002 is a non-opioid pain treatment that has finished early-stage trials, but the data does not show any approved product or near-term commercial revenue.

What stands out

• Revenue has been small and volatile: ₩0.8B in 2025 and ₩0.76B in 2024, against a ₩5.3B spike in 2023 that the data does not explain.
• Losses have been large every year since 2021, with a 2025 net loss of about ₩15.4B on revenue of ₩0.8B.
• Filings show a court decision to commence rehabilitation proceedings in June 2026, with amended versions filed in August and September and October 2026.
• An August 2026 filing confirms an adverse opinion or disclaimer in the half-year audit review, including a capital impairment ratio of 50% or more and equity below ₩1B.
• The company has an enterprise value of about ₩22.7B and a market capitalisation of about ₩13.4B at ₩1,651 a share, with no dividend and no P/E because earnings are negative.

What to watch

• Progress of the rehabilitation proceedings and any court decisions on the company's future, which the data does not detail.
• Whether the exchange review of listing eligibility leads to further action, since a related notice was filed in August 2026.
• The next filings on debt, cash and the OLP-1002 clinical programme; the data contains no news headlines and no analyst coverage.