Inventage Lab인벤티지랩

Inventage Lab remains loss-making with a shrinking share price, though revenue has grown sharply over the past few years.

Inventage Lab, a Korean drug delivery platform company listed on KOSDAQ, reported trailing twelve-month revenue of ₩2.5B against an operating loss of ₩33.6B through H1 2026. Cash of ₩97.6B exceeds borrowings of ₩28.9B, but free cash flow was negative at ₩-32.2B. The share price closed at ₩25,100 on 2026-10-20, down 31.3% over one year and well below its 52-week high of ₩101,700.

What stands out

• Revenue rose from ₩0.66B in 2023 to ₩2.9B in 2025, but operating losses were ₩28.4B in 2025, so the margin stays deeply negative.
• Net losses narrowed to ₩3.1B on a trailing basis, from ₩8.5B in 2025, while the annual figures show losses in every year shown since 2022.
• The profile lists long-acting injectable, LNP and biologics delivery technologies plus a veterinary product sold in Korea; the filings provide no detail on contract values or licensing revenue.
• Recent filings include convertible preferred share and convertible bond adjustments, plus insider shareholding reports, which point to ongoing financing activity.
• Foreign ownership eased to 10.2% from 10.5% over 60 days, and 20-day flows show foreign and institutional net selling against retail net buying.

What to watch

• The next quarterly or annual filings, to see whether operating losses and negative free cash flow narrow.
• Further convertible share or bond adjustments, which could affect dilution; the data does not state the potential share count impact.
• News on the Eppe and licensing discussions mentioned in headlines; the data does not give terms or timelines.