IMBiologics아이엠바이오로직스

IMBiologics is a recently listed antibody developer with small reported profits, large cash, and a share price that has fallen sharply over the past month.

The company was founded in 2020 and listed in March 2026. Its revenue, about ₩11.6B on a trailing basis to H1 2026, comes mainly from technology transfer and services tied to its out-licensed lead candidates, IMB-101 and IMB-102. It reports a small operating profit, ₩0.3B, and cash of ₩47.8B against borrowings of ₩0.9B, while the stock trades at a steep valuation to those earnings.

What stands out

• Trailing operating margin is 2.6% and net margin is 7.5%, so reported profit is thin relative to the share price, with a P/E of about 246.
• Cash of ₩47.8B is large relative to borrowings of ₩0.9B, and liabilities are small relative to equity.
• Trailing free cash flow is negative at about ₩-0.1B, and the data gives no revenue growth figure for 2025.
• The DCF fair value model gives a base of ₩8,407 per share, below the close of ₩14,530, and the model's inputs are only as reliable as its assumptions.
• The share price is down 17.8% over one month and 15% over three months, and the 52-week range runs from ₩13,190 to ₩104,000.
• Foreign ownership fell from 4.2% to 2.9% over about 60 days, while 20-day retail flows were net positive.

What to watch

• The full-year 2026 results and the next quarterly or half-year report, to see whether revenue and margins hold up.
• Any update on the Navigator Medicines out-licence, since the data says revenue depends on it.
• Further 5%+ holding reports and investor relations events, which have appeared frequently since listing; the data contains no news headlines for the company.