Quratis큐라티스

Quratis still runs deep losses on tiny revenue, and its shares have swung sharply over the past year.

Quratis is a vaccine developer with a pipeline including a tuberculosis booster, a schistosomiasis vaccine and a self-amplifying mRNA COVID-19 vaccine, plus CMO and CDMO services. For the trailing twelve months to H1 2026 it reported revenue of about ₩1.1B against an operating loss of about ₩9.8B and a net loss of about ₩22.6B. The shares closed at ₩3,330 on 2026-10-23, down 58.6% over one year but up 69.9% over three months.

What stands out

• Trailing revenue of about ₩1.1B is far below the operating loss of about ₩9.8B, giving an operating margin of roughly -893%.
• Free cash flow was negative about ₩13.6B over the trailing period, while cash was about ₩12.0B against borrowings of ₩9.4B.
• Revenue has been volatile: ₩2.5B in 2025 after ₩0.4B in 2024 and ₩1.0B in 2023, with losses every year from 2021 to 2025.
• Foreign ownership fell from 1.2% to 0.5% over about 60 days, and 20-day flows show net foreign and institutional selling with net retail buying.
• Filings in the period include a half-year report, a capital reduction completed on 2026-07-10, two trading halts, and two exchange inquiries about news reports or price moves. The data contains no news headlines.

What to watch

• The next half-year or annual results, and whether losses narrow relative to the small revenue base.
• The 2026-10-08 trading plan report from executives and major shareholders, which may signal share sales.
• Progress of the QTP101, QTP105 and QTP104 pipeline and any new financing, since the data does not give timing or detail on these.