Orum Therapeutics오름테라퓨틱

Orum Therapeutics is a loss-making antibody-drug conjugate developer whose shares have fallen sharply over the past year, with its latest reported revenue very small.

Orum is an early-stage Korean biotech developing ADCs that deliver protein degraders, with its lead programs aimed at blood cancers and some solid tumours. The filings show revenue collapsing from ₩20.9B in 2024 to ₩23.6M in 2025 and a trailing operating loss of ₩65.6B, while the share price is near its 52-week low after a 54% fall over one year. The data does not explain the positive trailing net income of ₩18.5B despite the operating loss.

What stands out

• Trailing twelve-month revenue to H1 2026 is only ₩40.6M, and operating income is -₩65.6B, so the business is not yet generating meaningful sales.
• Trailing net income is positive at ₩18.5B, but the data gives no breakdown of the cause, so it should not be read as operating profitability.
• Cash of ₩113.6B against borrowings of ₩8.1B is the main financial cushion shown, though free cash flow was -₩52.2B.
• The share price is ₩16,260, close to the 52-week low of ₩15,690 and far below the high of ₩146,600; market cap is about ₩354B.
• Institutions sold about ₩9.1B over the last 20 days while retail investors bought about ₩6.3B; foreign ownership rose from 7.5% to 8.3% over 60 days.
• The CEO reportedly bought ₩170M of treasury shares as the stock fell, and the company began first patient dosing in a Phase 1 blood cancer trial (ORM-1153) in October.

What to watch

• Upcoming results and whether revenue recovers from the very low 2025 and TTM levels, and what drives the reported positive net income.
• Outcomes of the extraordinary shareholders' meeting and the stock purchase option grant, plus any further conversion price adjustments on convertible preferred shares.
• Early clinical data from the ORM-1153 trial and any updates on the Bristol Myers Squibb-licensed program; the data does not give a timeline for these.