Voronoi보로노이

Voronoi remains deeply loss-making with a shrinking share price, though recent clinical updates and a planned ₩80B convertible bond issue are in focus.

Voronoi is an early-stage Korean drug developer focused on kinase-targeted anticancer therapies, earning revenue mainly through licensing. In the trailing twelve months to H1 2026 it reported revenue of about ₩4.2B against an operating loss of about ₩81B, with cash of ₩24.8B and borrowings of ₩31.0B. The shares closed at ₩122,300 on 26 October 2026, down 33.7% over one year and well below the 52-week high of ₩375,500.

What stands out

• Trailing revenue of about ₩4.2B is small relative to the operating loss of about ₩81B, and free cash flow was about -₩92B, so the company is funding losses from its balance sheet and financing.
• Annual revenue was ₩7.5B in 2025 versus zero in 2023 and 2024, so licensing income has been lumpy.
• Price-to-book is about 32.9x and there is no positive earnings figure, so standard earnings-based valuation ratios are not meaningful here; the data contains no fair value model.
• Recent headlines cover VRN10 Phase 1 results and VRN11 clinical data presented at ESMO, with the company reporting a 20% complete remission rate among brain metastasis patients in that presentation.
• Foreign ownership fell from 8% to 5.2% over about 60 days, and 20-day foreign flows were negative while retail flows were positive.

What to watch

• The ₩80B convertible bond issue reported on 25 October 2026, including terms and how it affects dilution and debt levels.
• Further clinical data and regulatory updates on lead candidates, and any new licensing deals, since revenue depends on these.
• Upcoming filings and amendments, including the amended half-year report and the management matter disclosures, which the data does not explain in detail.