Cellbion셀비온

Cellbion's shares have fallen sharply over the past year while the company still reports large operating losses on very small revenue.

Cellbion is a Korean radiopharmaceutical company developing cancer treatment and diagnostic drugs, led by Lu-177-Pocuvotide for prostate cancer. Trailing twelve-month revenue is about ₩2.1B against an operating loss of about ₩9.6B, and borrowings of about ₩7.0B exceed cash of about ₩1.7B. The shares closed at ₩11,810 on 2026-10-23, down 29.1% over one year and well below the 52-week high of ₩42,200.

What stands out

• Revenue fell 15.1% in 2025 to about ₩1.9B, and operating losses have persisted in both 2024 and 2025.
• Trailing twelve-month free cash flow is about -₩7.7B, and liabilities are 130.6% of equity.
• The filings list several share issuance decisions in April 2026, including a rights offering, a convertible bond and convertible preferred shares, which bring dilution risk.
• Foreign ownership fell from 3.6% to 2.4% over about sixty days, while the 20-day flow shows net foreign selling of about ₩1.5B and retail buying of about ₩1.1B.
• The data gives a DCF-based fair value of about ₩4,228, which is well below the current price; this is a model output, not a forecast or recommendation.

What to watch

• The next results and any updates on the Lu-177-Pocuvotide pipeline; the data does not include a clinical timeline.
• Details of the two 'major management matter' filings from June and September 2026, which the summary titles do not explain.
• Whether the company can fund its losses and debt, given the negative free cash flow and the share issuance activity seen in April 2026.