PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Revenue is recovering, but governance disputes and liquidity strain are drawing attention at the same time.
2025 revenue rose sharply to KRW 27.4bn from KRW 7.3bn a year earlier, but operating losses persisted for a fourth straight year.
Owners' net income swung to a KRW 23.8bn gain in Q4 2025 even as the operating loss continued, suggesting the swing stemmed from non-operating items.
A control and funding dispute with the founder over US subsidiary CGP has continued since 2024.
As of Q1, the current ratio stood at roughly 46%, pointing to significant short-term repayment pressure according to media analysis.
Exclusive Korean rights to the immuno-oncology drug camrelizumab and expanding overseas exports of Acelex are the key growth pillars.
CG Invites was founded in 2000 as Crystal Genomics and listed in 2006 as KOSDAQ's first technology-special-listing company, before being renamed CG Invites in June 2023 after joining the Invites Ecosystem group.
Its operations are organized into four divisions: pharmaceutical business, digital-genomics business, analysis business, and MRO.
Its self-developed drug Acelex (polmacoxib), Korea's 22nd domestically developed new drug for osteoarthritis, has expanded export markets to Turkey, the Middle East and North Africa, Brazil, and Russia since its 2015 domestic launch.
Among its oncology pipeline, the pancreatic cancer HDAC inhibitor ivaltinostat is handled by US subsidiary CG Pharmaceuticals (CGP) and is in FDA Phase 1b/2 trials.
The immuno-oncology drug camrelizumab, a PD-1 inhibitor licensed in from China's Hengrui Pharmaceuticals, gives the company exclusive Korean rights across all indications, with a domestic bridging trial underway targeting non-small cell lung cancer approval.
The hepatocellular carcinoma indication is being pursued for US approval in combination with rivoceranib from the HLB group, with approval timing linked to the pace of domestic regulatory filings.
The analysis division generates revenue from external clinical trial analysis services, while the MRO division contributes rental and ancillary income.
The largest shareholder is private-equity-affiliated NewLake Invites Investment, which is financially and equity-linked to multiple affiliates within the Invites Ecosystem.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.2B | -₩7.9B | −127.8% |
| 2025Q3 | ₩6.1B | -₩6.9B | −112.4% |
| 2025Q4 | ₩12B | -₩3.8B | −31.6% |
| 2026Q1 | ₩4.3B | -₩6.1B | −142.3% |
| 2026Q2 | ₩4.6B | -₩5.9B | −127.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩38.6B | -₩24.1B | -₩25.6B | −62.3% | −13.6% | 66.8% |
| 2023 | ₩4.9B | -₩30.9B | -₩50B | −633.6% | −34.4% | 67.3% |
| 2024 | ₩7.3B | -₩38.8B | -₩51.5B | −535.1% | −52.3% | 115.6% |
| 2025 | ₩27.4B | -₩23.8B | -₩3.5B | −86.7% | −3.3% | 88.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue fell sharply from KRW 38.6bn in 2022 to KRW 4.9bn in 2023, then recovered to KRW 7.3bn in 2024 and KRW 27.4bn in 2025. Operating losses, however, persisted throughout: widening from -KRW 24.1bn in 2022 to -KRW 30.9bn in 2023 and -KRW 38.8bn in 2024, before narrowing to -KRW 23.8bn in 2025.
The operating margin deteriorated to -535.1% in 2024 before improving to -86.7% in 2025, an improvement driven more by the expanded revenue base than by an actual reduction in losses.
Net income attributable to owners posted large deficits of -KRW 50.0bn in 2023 and -KRW 51.5bn in 2024, before the loss narrowed sharply to -KRW 3.5bn in 2025.
On a quarterly basis, owners' net income swung to a gain of +KRW 23.8bn in Q4 2025, even as the operating loss continued at -KRW 3.8bn that quarter, suggesting the swing originated from non-operating items rather than core operations.
The company then returned to net losses in Q1 2026 (-KRW 4.5bn) and Q2 2026 (-KRW 6.6bn), underscoring high quarter-to-quarter earnings volatility.
On a trailing four-quarter basis (Q3 2025 through Q2 2026), owners' net income turned slightly positive in aggregate, but given that the operating loss persisted every quarter in that window, it would be premature to characterize this as a genuine recovery in core profitability.
Operating cash flow was negative in all four years, with the outflow gradually narrowing from -KRW 24.4bn in 2022 to -KRW 17.4bn in 2025, though the business still consumes cash.
The debt ratio rose from 67.3% in 2023 to 115.6% in 2024 before easing to 88.8% in 2025, while equity attributable to owners shrank sharply from KRW 188.3bn in 2022 to KRW 105.2bn in 2025.
Korea's biotech and pharmaceutical sector is dominated by KOSDAQ companies listed under the technology special-listing track, and reliance on capital-market access to fund clinical development costs is common.
Camrelizumab is a PD-1 immune checkpoint inhibitor developed by China's Hengrui Pharmaceuticals, approved for a total of nine indications and marketed in China.
Hengrui has previously stated that camrelizumab is growing at an average annual rate of 13.8% and is expected to generate roughly USD 2.79bn in sales by 2026, making it the third-highest-selling checkpoint inhibitor globally after Keytruda and Opdivo.
On the domestic front, industry observers have noted that Korea's checkpoint inhibitor market was worth about KRW 500bn in 2021 including both reimbursed and non-reimbursed sales, with annual growth expected at 15-18%.
In the osteoarthritis treatment market, Acelex competes against existing COX-2-class anti-inflammatory drugs. Given its small market capitalization, CG Invites is relatively disadvantaged in funding capacity and clinical execution scale compared with larger pharmaceutical companies and listed biotechs.
In Korea's immuno-oncology and targeted therapy space, multiple listed companies including HLB and Yuhan Corporation are competitively expanding their pipelines, with licensing deals and trial execution speed widening the gap between companies.
The company has been running a bridging trial across eight domestic hospitals to secure the non-small cell lung cancer indication for camrelizumab, stating that it plans to file for regulatory approval once safety is confirmed by the trial results.
The hepatocellular carcinoma first-line combination therapy (camrelizumab plus rivoceranib) is awaiting a re-review decision in the US after an earlier setback due to a CMC deficiency, and the company has said the outcome of this FDA review will also affect the pace of its domestic market entry.
Ivaltinostat continues in FDA trials through US subsidiary CGP, but the process is set against a backdrop of a control and funding dispute with founder Cho Joong-myung.
In a March 2026 statement, the company emphasized that it holds 100% of CGP's equity and has continuously funded the trial without interruption, so the trial has proceeded without disruption and planned trials will continue.
Even so, media reports on the dispute continued as recently as June 2026, prompting a separate company rebuttal, indicating the controversy has not been fully resolved.
Largest shareholder NewLake Invites Investment reportedly raised its stake from 31.68% to 33.93% through open-market purchases, while at the same time pledging some CG Invites shares as collateral to guarantee a loan involving an overseas investment entity.
The company's own short-term liquidity also appears tight: as of the end of Q1 2026, current assets stood at KRW 40.9bn and cash and cash equivalents at about KRW 9bn, while current liabilities of KRW 88.2bn were more than double current assets, putting the simple current ratio at around 46%.
The company still pays no dividend, limiting the relevance of a dividend-yield lens.
With net income turning slightly positive on a trailing four-quarter aggregate basis, a price-to-earnings multiple can now be calculated, but given the small scale of that profit contribution, the multiple's significance should be interpreted with caution.
The stock trades at a level discounted to book net asset value, meaning the market is currently assigning a price below the company's recorded net asset value. Because years of large losses have steadily eroded owners' equity, this net-asset comparison should be read alongside that ongoing capital erosion.
Ultimately, the current pricing level can be read as reflecting both the business restructuring underway and the governance risks in play simultaneously, and the interpretation of direction is left to each investor.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
2025 revenue rose sharply to KRW 27.4bn from KRW 7.3bn a year earlier, while the operating loss narrowed from -KRW 38.8bn to -KRW 23.8bn over the same period. Owners' net loss also shrank dramatically, from -KRW 51.5bn in 2024 to -KRW 3.5bn in 2025. Operating cash outflow has also gradually narrowed since 2022.
Camrelizumab is an established immuno-oncology drug already approved and marketed for nine indications in China, and CG Invites holds exclusive Korean rights across all indications.
If the US approves the rivoceranib combination as a first-line hepatocellular carcinoma treatment, domestic approval procedures could follow. A domestic bridging trial for non-small cell lung cancer is also underway, leaving room for indication expansion.
Acelex, Korea's 22nd domestically developed new drug, has expanded its export markets to Turkey, the Middle East and North Africa, Brazil, and Russia since its domestic launch. This provides a commercialized revenue base separate from the costly clinical pipeline. Continued regional diversification could gradually increase its revenue contribution.
Operating losses continued for four straight years from 2022 to 2025, and operating cash flow was negative throughout the same period. As of the end of Q1 2026, the current ratio stood at only about 46%, pointing to significant short-term repayment pressure according to media analysis. Continued cash burn could increase the need for additional funding.
A control and funding dispute with founder Cho Joong-myung over US subsidiary CGP has continued since 2024. Reports indicated the company was not clearly granted management control in an injunction ruling by a California court, and the outcome of the main lawsuit remains undecided.
Reports on the dispute continued as recently as June 2026, prompting a separate company rebuttal, showing the controversy is not fully resolved.
Largest shareholder NewLake Invites Investment has expanded its stake, but a substantial portion of the increased holdings was reportedly re-pledged as collateral to guarantee affiliate borrowings. Reports also indicated collateral providers extended beyond the largest shareholder to other affiliates. Group-level funding pressure could translate into liquidity risk within CG Invites' ownership structure.
Neither the US re-review outcome for the camrelizumab hepatocellular carcinoma combination nor the domestic non-small cell lung cancer bridging trial results have been finalized. Concerns have been raised about the pace of ivaltinostat's clinical progress amid the ongoing control dispute. Changes in regulatory requirements or trial delays could affect the pipeline's valuation.
Operating cash flow was negative for four consecutive years, and a current ratio of around 46% points to significant short-term repayment pressure according to media analysis. The debt ratio has also shown volatility, having risen as high as 115.6% in 2024. Any future capital raise could also carry dilution implications for existing shareholders.
The CGP control and funding dispute with the founder has proceeded to a main lawsuit in a US court, leaving the timing and outcome uncertain.
A substantial portion of the largest shareholder's stake has been pledged as collateral to guarantee affiliate borrowings, raising the possibility that group-level credit issues could spill over.
Repeated conflicting public statements between the company and related parties could lead to divided market views on the reliability of available information.
Check the Q3 revenue and operating loss trend along with cash and liquidity indicators to see whether the earnings recovery pattern continues.
If the US re-review outcome for the camrelizumab-rivoceranib hepatocellular carcinoma combination is announced, its impact on the pace of domestic approval procedures should be checked.
The progress of the main lawsuit in a California court over CGP control, along with whether ivaltinostat trial funding continues uninterrupted, should be monitored on an ongoing basis.
Changes in the stake and collateral/borrowing disclosures of largest shareholder NewLake Invites Investment and its affiliates should be checked to track shifts in group-level liquidity risk.
CG Invites showed surface-level signs of improvement in 2025, with revenue rising sharply and owners' net loss narrowing significantly from the prior year, but core profitability has yet to recover, as evidenced by operating losses and negative operating cash flow persisting for four consecutive years.
The sharp swing to positive net income in Q4 2025 is best interpreted as largely driven by non-operating factors, given that the operating loss continued in the same quarter.
Exclusive Korean rights to camrelizumab and the expanding overseas exports of Acelex could form the basis of a medium- to long-term growth story, but the US FDA re-review outcome and the domestic bridging trial results remain unconfirmed.
At the same time, financial and governance risks are also drawing attention, including the control and funding dispute with the founder over US subsidiary CGP, the pledging of a substantial portion of the largest shareholder's stake as collateral for affiliate borrowings, and a low current ratio.
Before forming an investment view, it is worth comprehensively checking upcoming quarterly results, the FDA re-review outcome, progress in the CGP lawsuit, and disclosures on the largest shareholder's stake and collateral.
Report written 2026-09-05 · Data as of 2026-09-04
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