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
HLB Pep continues to expand its peptide API and CDMO business through multiple global partnership agreements, while its administrative-issue designation and convertible bond put-option schedule remain key variables for financial stability.
2025 consolidated revenue was KRW 4.96 billion with an operating loss of KRW 7.32 billion, while net loss narrowed sharply to KRW 0.64 billion.
The company has been designated an administrative issue stock after its pre-tax continuing operations loss ratio exceeded 50% of equity for two of the past three years.
A KRW 30 billion convertible bond faces a put-option exercise window in October 2026, raising potential short-term cash pressure.
The company has signed a series of peptide CDMO and joint drug-development agreements with Japan's ReproCELL and PeptiGrowth, and Korea's Novacell and Raymed.
HLB Group Chairman Jin Yang-gon has continued on-market share purchases, expanding his holdings across group affiliates.
HLB Pep (formerly Anygen) is a peptide specialist developing industrial and pharmaceutical peptide biomaterials as well as amino acid and peptide-based new drug candidates, and is a member of the HLB Group.
The company operates peptide API production and quality-control systems centered on its Osong plant, and is expanding into the global contract development and manufacturing organization (CDMO) market based on large-scale synthesis and high-difficulty purification capabilities.
It recently completed FDA Drug Master File (DMF) registration for an antidiuretic hormone treatment's vasopressin active pharmaceutical ingredient and previously obtained API approval in the Taiwanese market.
Its drug pipeline spans oncology, anti-diabetic, and analgesic indications, and the company has broadened its scope through a patent for an ulcerative colitis treatment substance and development of a cancer-targeting peptide (AGM-330)-based radiopharmaceutical therapy (RPT).
In 2026, the company signed a patient-customized neo-antigen peptide CDMO contract with Japan's ReproCELL, a functional peptide development and manufacturing agreement for regenerative medicine and cell therapy with Japan's PeptiGrowth, a joint development agreement for peptide immunotherapies including an oral ulcerative colitis treatment with Korea's Novacell Technology, and an MOU for RPT drug development with Raymed.
Most of these agreements remain at the memorandum-of-understanding stage, meaning the specific timing and scale of revenue contribution will depend on definitive contracts and subsequent commercialization progress.
Competitively, the company contends with established domestic peptide API/CDMO players such as Caregen, while pursuing business expansion through cooperation with fellow HLB Group affiliates since joining the group.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.2B | -₩1.3B | −102.5% |
| 2025Q3 | ₩1.2B | -₩1.4B | −119.3% |
| 2025Q4 | ₩1.5B | -₩3.2B | −215.9% |
| 2026Q1 | ₩1.6B | -₩1.8B | −111.5% |
| 2026Q2 | ₩1.3B | -₩1.4B | −109.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩8.7B | -₩4.3B | -₩6.2B | −49.9% | −46.3% | 93.2% |
| 2023 | ₩5.6B | -₩6.7B | -₩9.1B | −119.7% | −86.3% | 99.6% |
| 2024 | ₩6.2B | -₩5.4B | -₩6.8B | −87.3% | −126.2% | 207.0% |
| 2025 | ₩5B | -₩7.3B | -₩600M | −147.5% | −2.5% | 109.1% |
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
Annual revenue fell from KRW 8.66 billion in 2022 to KRW 5.61 billion in 2023, recovered modestly to KRW 6.23 billion in 2024, then declined again to KRW 4.96 billion in 2025.
Operating losses persisted every year, at KRW -4.32 billion (2022), KRW -6.72 billion (2023), KRW -5.44 billion (2024), and KRW -7.32 billion (2025), with the loss widening again in 2025.
In contrast, net loss attributable to owners narrowed sharply from KRW -9.08 billion (2023) and KRW -6.79 billion (2024) to KRW -0.64 billion in 2025, diverging from the operating trend, which suggests the influence of non-operating items.
This divergence is also visible quarterly: net income attributable to owners swung from +KRW 0.38 billion in Q2 2025, to -KRW 2.05 billion in Q3 2025, +KRW 2.60 billion in Q4 2025, -KRW 3.00 billion in Q1 2026, and -KRW 0.74 billion in Q2 2026.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative revenue was roughly KRW 5.54 billion, cumulative operating loss roughly KRW 7.78 billion, and cumulative net loss attributable to owners roughly KRW 3.19 billion, underscoring a continued operating-level deficit.
Meanwhile, total equity jumped from KRW 5.38 billion in 2024 to KRW 25.73 billion in 2025, lowering the debt ratio from 207.0% to 109.1%, suggesting a capital infusion such as an equity raise or bond conversion occurred.
Operating cash flow was negative in every year from 2022 through 2025, ranging from roughly KRW -2.5 billion to KRW -5.6 billion, indicating that recovery of core-business cash generation has not yet been confirmed.
The peptide pharmaceutical and biomaterials industry is in a phase of rising interest in raw material supply and CDMO capacity, driven by surging global demand for GLP-1-class obesity and diabetes treatments.
Peptide APIs, which require sophisticated synthesis and purification technology, carry relatively high entry barriers, prompting competition among capable producers to secure stable revenue through CDMO and supply contracts with drug developers.
HLB Pep has built a structure combining industrial and pharmaceutical raw material supply, CDMO, and in-house drug development, drawing on years of accumulated peptide technology in Korea.
At the same time, an increasing number of KOSDAQ technology-special-listed biotech companies are being designated as administrative issues or delisted due to failure to meet pre-tax loss or revenue requirements, reflecting industry-wide consolidation.
According to the Korea Exchange, 13 technology-special-listed bio/healthcare companies were designated administrative issues based on fiscal year 2024 results, a record high.
HLB Pep is not exempt from this industry-wide financial-soundness pressure, facing the dual challenge of investing to expand drug development and CDMO while working to resolve its administrative-issue risk.
The company has stated it continues to pursue production automation and process efficiency improvements centered on the Osong plant to strengthen peptide production competitiveness.
Its stated mid- to long-term direction is to expand its foothold in the global CDMO market by strengthening large-scale synthesis and high-difficulty purification capabilities.
A key point to watch is whether the CDMO cooperation with Japan's ReproCELL and PeptiGrowth, and the joint drug-development agreements with Korea's Novacell and Raymed, progress into definitive contracts and commercialization.
Financially, as a KRW 30 billion convertible bond faces a put-option exercise window in October 2026, the company's response alongside the broader HLB Group liquidity situation warrants attention.
Whether the pre-tax loss ratio underlying the administrative-issue designation improves will be determined by future settlement results; the 2025 capital infusion that lowered the debt ratio can be seen as a positive signal, but resolution of the administrative-issue status requires separate confirmation.
The drug pipeline spanning oncology, anti-diabetic, ulcerative colitis, and RPT candidates remains at an early stage, and concrete outcomes such as clinical progress or licensing deals will take time to materialize.
Given several consecutive years of losses, the company sits in a range where conventional earnings-based valuation metrics are difficult to apply.
Relative to net asset value, the shares tend to trade at a certain premium, which can be interpreted as partly reflecting market expectations for the drug pipeline and CDMO business expansion.
However, financial uncertainties including the administrative-issue designation and the convertible bond put-option schedule coexist, so how this premium may adjust going forward will depend on future financial improvement and business performance.
No dividends are being paid, making dividend-based metrics unavailable for assessing investment attractiveness. While net losses have narrowed in recent periods, it should also be considered that the operating result itself has not yet moved out of deficit.
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
Overseas partnerships are accumulating, including a neo-antigen peptide CDMO contract with Japan's ReproCELL and a functional peptide collaboration with PeptiGrowth. This demonstrates that the high-purity peptide synthesis and purification capability based at the Osong plant is gaining recognition abroad.
If these progress to definitive contracts and commercialization, they could contribute to revenue diversification.
The 2025 net loss attributable to owners narrowed sharply to KRW -0.64 billion versus the prior two years, while total equity expanded to KRW 25.73 billion, lowering the debt ratio to 109.1%.
This can be read as an early signal of balance-sheet improvement, though it should be weighed against the fact that the operating loss itself widened during the same period.
HLB Group Chairman Jin Yang-gon has made multiple on-market purchases of HLB Pep shares recently, and has reportedly purchased over one million shares across HLB Group affiliates so far this year. The company described this as a reflection of confidence in mid- to long-term growth potential.
However, this represents one individual's investment decision and should not be taken as a basis for predicting future share price direction.
HLB Pep has been designated an administrative issue after its pre-tax continuing operations loss ratio exceeded 50% of equity in two of the past three years. While under this designation, trading restrictions apply, including a ban on margin trading and ineligibility as collateral securities.
If the underlying cause is not resolved, the possibility of becoming subject to a listing eligibility review cannot be ruled out.
HLB Pep holds a KRW 30 billion outstanding convertible bond that faces a put-option exercise window in October 2026. Total outstanding convertible bonds across nine listed HLB Group affiliates reach KRW 356.8 billion, prompting observations of high group-wide CB dependence.
If affiliate share prices decline, the incentive for investors to opt for early redemption over conversion grows, raising concern that cash burden could expand faster than expected.
Operating losses either widened or persisted every year from 2022 through 2025, and in 2025 the loss actually widened to KRW -7.32 billion versus the prior year.
Operating cash flow was also negative for four consecutive years, meaning recovery of self-sustaining cash generation from the core business has not yet been confirmed.
The narrowing of net loss appears attributable to non-operating items, and should be interpreted separately from any improvement in operating performance.
If the cause of the administrative-issue designation (excess pre-tax loss ratio) is not resolved, the stock could become subject to a listing eligibility review. Industry-wide vigilance is elevated as more technology-special-listed biotech companies on KOSDAQ have been delisted for similar reasons recently. Confirming improvement in the pre-tax loss ratio in future settlement results will be important.
The put-option exercise window for a KRW 30 billion convertible bond arrives in October 2026, and if investors demand early redemption, short-term cash outflow could occur. High CB dependence across HLB Group affiliates also adds to group-level liquidity management burden.
Should additional rights offerings or new CB issuances be pursued for funding, the possibility of equity dilution cannot be ruled out.
Many CDMO and joint drug-development agreements remain at the MOU stage, and whether they will progress to definitive contracts and actual revenue generation remains uncertain.
The drug pipeline covering oncology, anti-diabetic, ulcerative colitis, and RPT candidates is also at an early development stage, with clinical success unverified. Commercialization timelines could be adjusted due to contract or development delays, or changes in partner circumstances.
The put-option exercise window for the KRW 30 billion convertible bond arrives — a point to check whether investors request early redemption and how the company manages its cash response.
The Q3 2026 quarterly report is expected to be disclosed — worth checking whether the operating loss narrows and whether non-operating income volatility recurs.
It is worth confirming whether the MOUs with Japan's ReproCELL and PeptiGrowth, and Korea's Novacell and Raymed, convert into definitive contracts or concrete revenue-generating agreements.
It should be confirmed in the FY2026 settlement whether the pre-tax loss ratio has fallen below the administrative-issue designation threshold and whether the designation is lifted.
HLB Pep is expanding its business scope by deepening cooperation with Japanese and domestic partners centered on its peptide API and CDMO operations, but its annual results have yet to break out of the pattern of declining revenue and persistent operating losses seen since 2022.
The sharp narrowing of the 2025 net loss attributable to owners and the lower debt ratio from capital infusion represent balance-sheet changes, but since the operating loss itself actually widened, improvement in core-business profitability has not yet been confirmed.
The company has been designated an administrative issue due to exceeding the pre-tax loss ratio threshold over the past three years, and financial uncertainties coexist, including a put-option exercise window for a KRW 30 billion convertible bond arriving in October 2026.
At the same time, CDMO and joint drug-development agreements with Japan's ReproCELL and PeptiGrowth, and Korea's Novacell and Raymed, along with continued share purchases by the group's largest shareholder, stand out as factors supporting expectations for business expansion.
Investors should watch three key checkpoints together: whether the administrative-issue designation is resolved, how the company handles the CB put option, and whether the MOUs convert into definitive contracts. This report is prepared for informational purposes and does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.