AprilBio에이프릴바이오

AprilBio's shares have fallen sharply and the company is loss-making, with trailing revenue of only ₩0.7B against an operating loss near ₩9.6B.

AprilBio is a research-driven biotech that earns revenue mainly by out-licensing early-stage drug candidates to global partners rather than selling approved products. Its trailing twelve-month figures to H1 2026 show revenue of ₩0.7B, an operating loss of ₩9.6B and a net loss of ₩9.0B, with cash of ₩7.4B and borrowings of ₩0.8B. The share price closed at ₩12,750 on 2026-10-23, down 55.7% over one year and well below its 52-week high of ₩76,700.

What stands out

• Revenue fell from ₩27.5B in 2024 to ₩2.2B in 2025, a drop of 92.1%, after a year that had shown a profit; 2024 profit appears to have been driven by licensing income, though the data does not break this down.
• Trailing free cash flow is negative at about ₩4.7B, and the company's cash of ₩7.4B is larger than its borrowings of ₩0.8B.
• Price-to-book is 3.6 and price-to-sales is about 484, while P/E is not meaningful because earnings are negative; the data gives a DCF-based fair value figure of ₩3,244, far below the current price.
• Foreign ownership fell from 12.7% to 9.4% over the past 60 days, and foreign investors were net sellers over the last 20 days while retail investors were net buyers.
• Recent filings are mostly governance items, including a change of largest shareholder (amended), several 5%+ holding reports, shareholder meeting results and stock purchase option grants; a news item on 2026-10-22 reports a three-way joint drug development agreement with Oncocross and OmicsAI.

What to watch

• Upcoming full-year results and whether revenue from partner licensing recovers from the 2025 level.
• The amended filing on the change of largest shareholder and any further 5%+ holding reports, which could signal ownership shifts.
• Cash runway: the data shows ₩7.4B of cash against a trailing operating loss of ₩9.6B, so future funding needs are a key risk to monitor.