curacle큐라클

Curacle is a loss-making Korean biotech with almost no revenue, relying on cash and borrowings while its pipeline remains early-stage.

Curacle, listed on KOSDAQ, develops drugs aimed at endothelial dysfunction and earns its income mainly from out-licensing and co-development rather than product sales. In the trailing twelve months to H1 2026 it reported revenue of about ₩7.1M against an operating loss of ₩8.2B, with cash of ₩9.9B and borrowings of ₩11B. The share price closed at ₩8,880 on 2026-10-22, up 50.3% over one year but down 3.7% over one month.

What stands out

• Trailing revenue is only about ₩7.1M, so operating and net margins are extremely negative and not meaningful as a profitability measure.
• Operating loss narrowed to ₩8.2B on a trailing basis from ₩16.5B in 2025, while free cash flow was about -₩9.5B.
• Cash of ₩9.9B sits against ₩11B of borrowings, and the liabilities-to-equity ratio is 27.3%.
• The company has no P/E or EV/EBITDA because earnings are negative; it trades at about 4.2 times book value and pays no dividend.
• Recent filings include a half-year report (Aug 2026), a quarterly report (May 2026), and several insider shareholding reports, while the data contains no recent news headlines.
• Foreign ownership rose from 1.4% to 2.2% over 60 days, while retail investors were net sellers over the past 20 days.

What to watch

• Upcoming filings and any new licensing or partnership announcements, since revenue depends on out-licensing deals that the data does not detail.
• Cash runway: cash of ₩9.9B against ₩11B of borrowings and roughly ₩9.5B of negative trailing free cash flow.
• The model's DCF fair value of ₩808 is far below the current price; the data does not explain the assumptions behind this gap, so treat it with caution.