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
Having exited court rehabilitation under new controlling shareholder NKGen Biotech, Inc., this NK-cell immunotherapy company is showing signs of narrowing losses and pipeline progress even as its KOSDAQ shares remain halted from trading.
Shares have remained halted since March 26, 2024 due to a KRX listing-eligibility review, a status still reflected in the most recent disclosures.
Court-led rehabilitation, opened in June 2024, concluded on September 4, 2025 with NKGen Biotech, Inc. confirmed as the final acquirer, after which the company was renamed NKGen Biotech Korea.
The FY2025 audit opinion came back unqualified on both a standalone and consolidated basis, resolving the disclaimer risk flagged for FY2023.
Revenue has declined for four straight years, but both the operating loss and net loss narrowed sharply in 2025.
Business and pipeline catalysts are mixed, spanning the NK Vue kit's shift to non-reimbursed status, SNK01's U.S. FDA Fast Track designation, and SNK02's IND clearance.
NKGen Biotech Korea was founded in 2002 to manufacture research reagents and listed on KOSDAQ in 2015, and in 2019 the predecessor NKMAX was absorbed through a merger with the former Atgen.
The company's core asset is its NK-cell-based immune cell therapy platform called SuperNK, around which it has expanded a pipeline including SNK01, SNK02, and SNK03.
The business spans three areas: a research-reagent segment supplying recombinant proteins and antibodies to more than 2,000 research institutions and global diagnostics companies worldwide, a diagnostics segment centered on the NK Vue Kit that measures NK-cell activity, and a therapeutics pipeline segment.
The NK Vue Kit is used at roughly 2,400 domestic medical institutions, though its shift to non-reimbursed status in 2024 pressured related revenue. The company also carries ancillary product lines such as a health functional food (NK365).
Accumulated financial distress following the 2019 merger led to a KRX listing-eligibility review in March 2024 and the opening of court-led rehabilitation proceedings at the Seoul Rehabilitation Court that same June.
The rehabilitation concluded on September 4, 2025 with NKGen Biotech, Inc. of the United States confirmed as the final acquirer, after which the company adopted its current name.
Competitively, the field includes both domestic and global developers of NK-cell and CAR-NK therapies as well as immune-diagnostics kit makers, and the company positions its integrated diagnostics-to-therapeutics platform as a point of differentiation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2B | -₩700M | −34.6% |
| 2025Q3 | ₩2.2B | ₩43,793,585 | 2.0% |
| 2025Q4 | ₩2.2B | -₩1.3B | −61.0% |
| 2026Q1 | ₩1.6B | -₩1.2B | −76.6% |
| 2026Q2 | ₩2.1B | ₩200M | 8.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩11.3B | -₩49.7B | -₩53.5B | −440.9% | −62.3% | 103.9% |
| 2023 | ₩9.9B | -₩67.3B | -₩153.4B | −676.8% | — | −683.1% |
| 2024 | ₩8.8B | -₩4.1B | -₩36.9B | −46.2% | — | −191.5% |
| 2025 | ₩7.9B | -₩2.5B | -₩7.3B | −32.2% | −103.5% | 101.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue fell for four consecutive years, from 11.26 billion won in 2022 to 9.95 billion won in 2023, 8.80 billion won in 2024, and 7.86 billion won in 2025.
Operating loss peaked at -4.965 billion won in 2022 and -6.732 billion won in 2023, then narrowed sharply to -406 million won in 2024 and -253 million won in 2025 (figures in hundred-million won: -49.65, -67.32, -4.06, -2.53).
Net loss attributable to owners followed a similar arc, swinging from an extreme -153.4 billion won in 2023 to -36.9 billion won in 2024 and -7.3 billion won in 2025.
Total equity attributable to owners moved from positive 85.9 billion won in 2022 to negative 9.3 billion won in 2023 and negative 25.0 billion won in 2024 — full capital impairment — before turning positive again at 7.1 billion won in 2025, a shift that aligns with the capital restructuring tied to the conclusion of court rehabilitation.
On a quarterly basis, revenue of 2.02 billion won in Q2 2025 came with a net loss to owners of 6.70 billion won, before the company swung to a small operating profit of 44 million won and net profit of 216 million won in Q3 2025.
Q4 2025 reverted to an operating loss of 1.35 billion won and a net loss of 783 million won, losses deepened further in Q1 2026 to an operating loss of 1.21 billion won and net loss of 926 million won, and the company returned to profit in Q2 2026 with operating profit of 186 million won and net profit of 171 million won.
This alternating pattern across the most recent five quarters suggests earnings stability has not yet been firmly established. Operating cash flow was negative throughout 2022-2025, though the outflow narrowed markedly from -35.14 billion won in 2023 to -1.26 billion won in 2024 and -3.20 billion won in 2025.
NK-cell-based immune cell therapies are drawing attention as a next-generation oncology platform intended to address limitations of CAR-T therapies, with allogeneic formulations broadly favored across the industry for their mass-production and patient-accessibility advantages.
In Korea, NK-cell activity testing had long been covered under national health insurance, but a November 2024 regulatory notice shifted it to non-reimbursed status, creating a structural headwind for related diagnostic-kit revenue. On the global regulatory front, mechanisms such as the U.S.
FDA's Fast Track designation can accelerate development timelines, and the company's SNK01 is understood to have received such a designation.
Competitively, numerous domestic and global developers are pursuing NK-cell and CAR-NK therapies across solid-tumor and hematologic-cancer indications, an industry still at an early stage with few commercially approved NK-cell therapies to date.
The company's new controlling shareholder, NKGen Biotech, Inc. of the United States, was previously Nasdaq-listed but was delisted for failing to meet listing-maintenance requirements and now trades over the counter, meaning the parent's funding conditions could have knock-on effects for the Korean subsidiary's operations.
Within the domestic diagnostics-kit market, pricing and distribution-channel adjustments appear to be underway following the reimbursement change, a variable that could also affect competitive positioning.
The most important near-term variable is the outcome of the KRX listing-eligibility review; as of the most recently confirmed disclosures, shares remained halted, with the timing of any resumption undetermined.
The FY2025 audit opinion coming back unqualified on both standalone and consolidated bases can be read as a positive development that substantially addresses the going-concern uncertainty flagged in the FY2023 disclaimer, though it does not by itself guarantee resumption of trading. On the pipeline side, SNK01's U.S.
FDA Fast Track designation and SNK02's IND clearance for gastric-cancer and solid-tumor trials appear to be progressing, and the timing of subsequent clinical data releases will be a key item to monitor.
The NK Vue Kit appears to retain its roughly 2,400-institution network even after the reimbursement change, but any revenue recovery will hinge on pricing and channel strategy.
Clinical data on an autologous NK-cell therapy for Alzheimer's disease (Troculeucel) were reported in trade media during 2025, making any follow-on disclosure of development plans for this indication worth watching as well.
Taken together, the company's near-term trajectory depends simultaneously on resolution of the listing-eligibility issue, stabilization of quarterly profitability, and clinical pipeline data.
Because total equity only returned to positive territory in 2025 after passing through full capital impairment in 2023-2024, comparing market capitalization to this newly rebuilt net-asset base places the stock in a segment where the premium to book value is large.
There is no recent history of dividend payments, so dividend-related metrics are not a notable feature relative to the sector. Per-share earnings have alternated between quarterly profit and loss, but viewed on an annual basis the direction has been one of narrowing losses over the past several years.
It should also be considered that the shares are currently halted from trading, which limits the price signals the market can currently generate.
Against this backdrop, conventional price-to-earnings and price-to-book comparisons should be read with the caveat that they could shift considerably once trading resumes and price discovery occurs.
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 2026-08-24
The operating loss narrowed sharply from -67.32 billion won in 2023 to -2.53 billion won in 2025, and both operating profit and net profit turned positive simultaneously in Q3 2025 and Q2 2026. Despite a small revenue base, cost-structure improvements have repeatedly brought certain quarters close to breakeven. This suggests cost control is having some measurable effect.
With the September 2025 conclusion of court rehabilitation and confirmation of NKGen Biotech, Inc. as the final acquirer, the capital structure was restructured.
The FY2025 audit opinion came back unqualified on both standalone and consolidated bases, substantially addressing the going-concern uncertainty flagged in the FY2023 disclaimer opinion. This could be a favorable factor as the company addresses the ongoing listing-eligibility review.
The company holds multiple pipeline assets including SNK01 (autologous), SNK02 (allogeneic), SNK03, and a CAR-NK program. SNK01 is understood to have received U.S. FDA Fast Track designation, and SNK02 has reportedly obtained IND clearance for gastric-cancer and solid-tumor trials.
Clinical data on an autologous NK-cell therapy targeting Alzheimer's disease have also been reported in trade media, pointing to potential expansion beyond oncology indications.
Consolidated revenue declined every year from 11.26 billion won in 2022 to 7.86 billion won in 2025. In particular, the NK Vue Kit's shift to non-reimbursed status has placed a structural burden on the core diagnostics business. A continuously shrinking revenue base could make it harder to reach breakeven going forward.
The trading halt that began on March 26, 2024 appears to remain unresolved as of the most recently confirmed disclosures. Investors cannot trade the shares until the listing-eligibility review is completed. Depending on the review outcome, the possibility of delisting cannot be ruled out.
Results over the most recent five quarters (Q2 2025 through Q2 2026) alternated between profit and loss without a clear trend — profitable in Q3 2025, back to losses in Q4 2025 and Q1 2026, then profitable again in Q2 2026.
Operating cash flow was negative in all four annual periods shown, indicating cash generation has not yet stabilized.
Depending on the outcome of the KRX listing-eligibility review, the trading halt could be prolonged or could ultimately lead to delisting. The timing of the review outcome has not been confirmed, so uncertainty persists. Normalization of the audit opinion alone does not guarantee a favorable review outcome.
Pipeline assets including SNK01, SNK02, SNK03, the CAR-NK program, and Troculeucel remain mostly in early-to-mid-stage clinical development, and there is no commercialized therapeutic revenue yet. Clinical results, IND approval timelines, and regulatory decisions such as those from the FDA may not proceed as planned. As is structurally the case in drug development, there is an inherent probability of failure.
Controlling shareholder NKGen Biotech, Inc. was previously delisted from Nasdaq and now trades over the counter in the United States, meaning the parent's funding conditions could affect the Korean subsidiary.
Under a cross-border governance structure, the possibility that decision-making or financial support could be delayed cannot be ruled out. Disclosures related to changes in the largest shareholder have continued into 2026, making ongoing tracking of the ownership structure necessary.
The outcome of the KRX listing-eligibility review and whether trading resumes — the single most important item to monitor.
Filing of the Q3 2026 (July-September) quarterly report is due — this will show whether the recent quarter-to-quarter alternation between profit and loss continues.
Follow-on disclosures or press coverage on clinical progress for SNK01 (FDA Fast Track) and SNK02 (gastric-cancer/solid-tumor IND).
The FY2026 annual business report and regular shareholders' meeting — the point at which to re-confirm whether the audit opinion is maintained and to check for governance changes.
NKGen Biotech Korea has passed one major inflection point in its financial crisis through the conclusion of court rehabilitation and its acquisition by NKGen Biotech, Inc., and its FY2025 audit opinion returned to unqualified on both a standalone and consolidated basis.
Operating and net losses have also narrowed markedly since peaking in 2023, and the company recorded quarterly profits in Q3 2025 and Q2 2026. That said, revenue has declined for four consecutive years, and quarterly results have yet to escape an unstable pattern of alternating profit and loss.
Most notably, the trading halt that began in late March 2024 remained unresolved as of the most recently confirmed disclosures, meaning investors cannot trade the shares until the listing-eligibility review concludes.
The NK-cell therapy pipeline has shown progress such as FDA Fast Track designation and IND clearances, but most programs remain in early-to-mid-stage clinical development, still some distance from commercialization.
Investors following this name should therefore weigh three variables in balance: the direction of earnings improvement, resolution of the trading halt, and clinical pipeline data.
Report written 2026-10-01 · Data as of 2026-09-30
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