KOSDAQBiotech & Pharma226950

OliX Pharmaceuticals

₩116,900 0.00%2026-10-02 close

Market Cap

₩2.7T

Turnover

₩21B

Volume

180,000 shares

Shares out.

22.8M

PER

—

PBR

9.0×

EPS

-₩566

Dividend Yield

0.00%

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

Report overview

After the Lilly Deal: Data Versus Share Supply

Olix is broadening a licensing-fee revenue base through layered partnerships with Eli Lilly and Hansoh, while at the same time facing a widening operating loss and the listing of new shares from preferred-stock conversion.

1
In February 2025 Olix licensed OLX702A, a candidate for MASH and obesity, to Eli Lilly in a deal totaling USD 630 million, with Olix completing Phase 1 and Lilly leading from Phase 2.
2
On 21 August 2026 Olix signed a development and commercialization agreement with Hansoh affiliates covering two specific siRNA sequences; the upfront is non-refundable and the total value was disclosed as more than 10% of 2025 consolidated revenue, with exact figures undisclosed.
3
Revenue swings with the timing of licensing-fee recognition: annual revenue fell from KRW 17.1bn in 2023 to KRW 5.7bn in 2024 before recovering to KRW 14.7bn in 2025, while operating losses persisted for four straight years.
4
Large capital raises reshaped the balance sheet: equity rose from KRW 18.5bn at end-2024 to KRW 150.1bn at end-2025, and the debt-to-equity ratio fell from 285.7% to 30.2%.
5
Of the preferred shares issued in August 2025, 1,657,522 were submitted for conversion on 31 August and 1 September 2026, and 1,662,789 new common shares are scheduled to list on 15 September with no lock-up, leaving a supply variable.

Business structure

Olix designs and develops short interfering RNA (siRNA) drugs based on RNA interference, and its income comes not from product sales but from upfront payments, stage milestones, sublicense income and sales royalties tied to licensing deals.

Its recent Hansoh agreement likewise specifies an upfront plus development, approval and commercialization milestones, sublicense income and sales royalties.

The core asset is OLX702A, which inhibits the MARC1 enzyme and targets MASH and cardiovascular and metabolic disease; in February 2025 Olix signed a deal with Eli Lilly totaling USD 630 million.

Under the agreement Olix completes the Australian Phase 1 study, after which Lilly takes charge of development and commercialization.

In-house clinical assets include OLX104C for male-pattern hair loss and OLX301A for macular degeneration, and the pipeline also spans OLX104C developed alongside L'Oreal, OLX301A for dry and wet age-related macular degeneration, and next-generation obesity candidate OLX501A.

OLX501A targets the ALK7 gene in adipose tissue; after interim preclinical data in obese monkeys showed target-gene suppression and fat reduction, the company fixed its development candidate and is aiming for clinical entry in 2027.

Expansion beyond the liver is underway: joint research with France's Vect-Horus confirmed blood-brain-barrier delivery potential and target-gene suppression for a TfR-targeting siRNA using a BBB shuttle platform after systemic dosing.

The platform itself is also a business-development product, and at its 2026 R&D Day the company disclosed progress on OASIS-D, which targets two genes within the same organ, and OASIS-DUO, which targets genes in two different organs.

Competition runs against global RNAi leaders such as Alnylam, Arrowhead and Novo Nordisk on both technology and speed, and a Novo Nordisk candidate against the same MARC1 target had finished single-ascending-dose testing and moved into multiple-ascending-dose testing. The consolidated entity carries non-controlling interests, but they are negligible relative to total equity.

Earnings trend

Quarterly revenue · Operating profit

₩6.3B-₩5B25Q2₩2.9B-₩8.3B25Q3₩4.5B-₩8.5B25Q4₩3.6B-₩10.8B26Q1₩2.6B-₩14B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩9.3B-₩22.4B2022₩17.1B-₩18.2B2023₩5.7B-₩30.9B2024₩14.7B-₩30B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩6.3B	-₩5B	−79.4%
2025Q3	₩2.9B	-₩8.3B	−285.7%
2025Q4	₩4.5B	-₩8.5B	−186.7%
2026Q1	₩3.6B	-₩10.8B	−301.9%
2026Q2	₩2.6B	-₩14B	−533.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩9.3B	-₩22.4B	-₩19.5B	−240.1%	−29.6%	100.4%
2023	₩17.1B	-₩18.2B	-₩19.1B	−106.6%	−38.3%	104.3%
2024	₩5.7B	-₩30.9B	-₩40.7B	−544.6%	−227.8%	285.7%
2025	₩14.7B	-₩30B	-₩15.7B	−204.4%	−10.5%	30.2%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04

Earnings analysis

The revenue line is driven by the timing of licensing-fee recognition. Annual revenue was KRW 9.3bn in 2022, KRW 17.1bn in 2023, KRW 5.7bn in 2024 and KRW 14.7bn in 2025, while operating losses of KRW 22.4bn, 18.2bn, 30.9bn and 30.0bn ran for four consecutive years.

The operating margin deteriorated to -544.6% in 2024 before narrowing to -204.4% in 2025, a shift driven more by differences in recognized revenue than by cost improvement.

Net loss attributable to owners narrowed from KRW 40.7bn in 2024 to KRW 15.7bn in 2025, and operating cash outflow shrank from KRW 28.0bn to KRW 15.9bn, yet all four years were net outflows.

On a quarterly basis, revenue of KRW 6.3bn and an operating loss of KRW 5.0bn in 2Q25 gave way to KRW 2.9bn and KRW 8.3bn in 3Q25, KRW 4.5bn and KRW 8.5bn in 4Q25, KRW 3.6bn and KRW 10.8bn in 1Q26, and KRW 2.6bn and KRW 14.0bn in 2Q26, a sequence of falling revenue and widening losses.

The 2Q26 operating loss of KRW 14.0bn is the largest of the five disclosed quarters, with rising research and development spending tied to broader clinical activity the main driver.

In 4Q25, despite an operating loss of KRW 8.5bn, net profit attributable to owners was positive at KRW 15.4bn, reflecting non-operating items whose detailed composition needs to be checked in the confirmed filings.

The balance-sheet shift is more pronounced than the earnings trend: equity fell from KRW 50.3bn at end-2023 to KRW 18.5bn at end-2024 before rising to KRW 150.1bn at end-2025, while the debt-to-equity ratio moved from 104.3% to 285.7% and then to 30.2%.

Over the four quarters from 3Q25 to 2Q26, revenue totaled about KRW 13.6bn against a net loss attributable to owners of about KRW 14.0bn, showing how quickly the cost base turns into losses in periods without licensing inflows.

Industry analysis

Unlike conventional drugs that act on already-formed proteins, RNAi therapeutics block protein production at the mRNA stage, seeking differentiation in target selectivity and dosing intervals. Deal practice is also changing.

The scope of RNAi contracts has been narrowing, whereas early deals mostly transferred an entire platform as a package.

Even for the same gene target, sequence, chemical modification, delivery technology, tissue selectivity, dosing route and indication can change a candidate's properties and development value, so multiple sequences from one target can each become an independent commercial asset, according to the company.

End demand is concentrated in metabolic and obesity indications. Rival Arrowhead released interim Phase 1 data for two siRNA-based obesity candidates in January 2026, drawing attention for targeting fat alone.

Definitive deals with large pharma remain rare among Korean developers, and Shinhan Securities noted in a September 2025 report that only four domestic biotechs had signed definitive big-pharma contracts: Alteogen, LigaChem Bio, ABL Bio and Olix. Returns of rights are part of the same landscape.

Domestic partner Hugel terminated Asian rights to hypertrophic scar candidate OLX101A in May 2023, and in June 2024 France's Thea returned rights to OLX301A and OLX301D.

As a result, the cycle in this industry is set less by product sales than by clinical data releases and the signing or termination of partnerships, and it is heavily influenced by the prevailing funding environment and sentiment toward biotech.

Outlook

The next steps for in-house clinical assets are set out in relatively concrete terms.

On 24 August 2026 the company said the final patient follow-up in the Australian Phase 1b study of male-pattern hair-loss candidate OLX104C was completed on 17 August, and that while analyzing the 1b data it plans to enter Phase 2a and dose the first patient within the year.

The Phase 2a design compares three dose groups against placebo to assess in-human efficacy from repeated intradermal injections. Progress on the Lilly-licensed asset is another focal point.

Daishin Securities said in a June 2026 report that, on the back of a liver-targeting siRNA platform validated by the Lilly partnership, the company is expanding into extra-hepatic indications including obesity, central nervous system disorders and skin and hair.

The same report projected that a clinical study report would be received after completion of the Phase 1 multiple-ascending-dose portion, followed by Phase 2 entry and milestone receipt.

On new deals, the company said the Hansoh agreement should let it develop multiple siRNA candidates against the same gene target and expand a strategy of finding partners suited to each candidate's properties, indication, delivery method and territory.

For its obesity candidate, it also outlined plans to pursue follow-up meetings and business-development talks including the possibility of early licensing, based on the monkey preclinical data. On the organizational side, it hired Dr.

Min Ji-young, who has roughly 20 years of experience in RNAi and nucleic-acid drug development, as executive vice president and chief development officer in August 2026.

Most of these items, however, are company plans and broker projections, and their timing and content can change with clinical data and partner decisions.

Valuation

PER

—

PBR

9.0×

ROE

-10.8%

EPS

-₩566

BPS

₩10,638

Dividend per share

₩0

Earnings-based multiples effectively do not apply. Operating and net losses ran through all four years from 2022 to 2025 and the most recent four quarters were also loss-making, so profit multiples cannot be computed.

The market therefore looks at net assets alongside pipeline expectations, and the shares currently trade at a substantial premium to book value.

That said, the price-to-book figure can differ across data providers depending on the share-count and equity basis used, and 1,662,789 new common shares from preferred-stock conversion are scheduled to list on 15 September, so the share-count basis itself is about to change.

There is no per-share cash dividend in the confirmed filings, so dividend-yield comparisons do not apply.

Ultimately the share price responds less to reported results than to whether the Lilly-licensed asset advances into Phase 2 and whether upfront and milestone amounts on new deals are disclosed; the frequency of undisclosed contract terms makes external valuation harder to quantify.

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 2026-09-04

Bull factors

A definitive big-pharma contract as validation

The company signed an exclusive license for a MASH therapy with Eli Lilly worth about KRW 910bn. Because rights pass to Lilly from Phase 2 depending on Phase 1 results, the market has treated the final Phase 1 readout as the deal's key variable.

The company has said it confirmed average liver-fat reduction of 60-80%, up to 90%, in patients with non-alcoholic fatty liver disease, with durability of more than ten months. If the data land as planned, the path opens to the next development stage and to stage-based licensing fees.

Layered partnerships that dilute single-deal dependence

On 21 August 2026 it signed an agreement with existing partner Hansoh covering two specific siRNA sequences against two different genes, a new contract pursued separately from their existing joint-development deal.

Hansoh holds exclusivity on the contracted sequences while Olix retains rights to other sequences against the same genes, allowing it to develop follow-on candidates in-house or sign separate deals with other partners.

A company official said it adopted a multi-deal structure rather than a single partnership so it can respond flexibly to varying situations. Skin and hair work with L'Oreal and ophthalmic and CNS programs run in parallel.

A balance sheet reshaped by capital raises

On confirmed figures, equity rose from KRW 18.5bn at end-2024 to KRW 150.1bn at end-2025, while the debt-to-equity ratio fell from 285.7% to 30.2%. That capital came from a KRW 115bn third-party allotment to major domestic and overseas institutional investors in August 2025.

Reports indicate a further investment of about KRW 100.2bn followed in 2026. With operating cash flow in net outflow for four consecutive years, the thicker cushion for clinical spending is a verifiable fact.

Bear factors

An operating loss that keeps widening

Quarterly operating losses widened from KRW 5.0bn in 2Q25 to KRW 8.3bn in 3Q25, KRW 8.5bn in 4Q25, KRW 10.8bn in 1Q26 and KRW 14.0bn in 2Q26. Over the same span revenue fell from KRW 6.3bn to KRW 2.6bn, combining rising costs with shrinking revenue.

Annually, operating losses ran through 2022 to 2025 and operating cash flow was in net outflow in all four years. The structural lag is visible in the income statement: costs come first as trials advance, while licensing income arrives as discrete events.

Conversion supply and dilution

Between 31 August and 1 September 2026, conversion was requested for 1,657,522 preferred shares, and 1,662,789 common shares are due to list on 15 September after applying the conversion ratio.

These common shares carry no lock-up or sale restriction and can be traded on the market, leaving potential selling supply from existing investors. For the 197,901 shares subject to a call option, the company said no specific exercise plan has been set.

Earlier, as the August conversion window approached, the stock weakened for three straight sessions on overhang concerns.

Returned rights and undisclosed deal terms

Doubts about the company's technology surfaced during the years after its 2021 Greater China license when it had no big-pharma deal, followed by Hugel's termination of Asian rights to OLX101A in May 2023 and Thea's return of OLX301A and OLX301D rights in June 2024.

Management has argued that returns are a standard industry risk, but the history remains a variable in setting expectations.

In the recent Hansoh deal the upfront, milestone and royalty amounts are undisclosed at the counterparty's request, with only the fact that total value exceeds 10% of 2025 consolidated revenue disclosed. Without confirmed amounts, outsiders cannot readily estimate the timing or scale of revenue recognition.

Risk factors

Clinical and development risk

Because most of the company's value sits in clinical-stage assets, delayed or failed data is an immediate re-rating factor.

OLX104C is slated for 1b data analysis and Phase 2a entry with first-patient dosing within the year, while brokers project that OLX702A will see a study report received after the multiple-ascending-dose portion, followed by Phase 2 entry.

The company itself has described the central nervous system as a difficult area with lower trial success rates than other diseases. Planned timelines can shift with regulatory review and patient enrollment.

Financial and listing-maintenance requirements

A KOSDAQ-listed company is designated for administrative issue status if pre-tax losses from continuing operations exceed 50% of equity in two of the past three fiscal years, and Olix, which listed via the technology-special track in 2018, has exhausted all related grace periods. In 2024 that ratio spiked to 222%.

Equity has since expanded from KRW 18.5bn at end-2024 to KRW 150.1bn at end-2025, widening the arithmetic cushion, but with losses continuing both the capital base and the loss scale need to be watched together. Four consecutive years of net operating cash outflow also connect to the possibility of further fundraising.

Deal and share-supply volatility

Licensing revenue is recognized in clusters around deal signings and milestone achievements, making quarterly results highly variable, and undisclosed contract values reduce predictability.

Filings note that the Hansoh agreement may be terminated during research, clinical work, approval or commercialization, in which case Olix owes no penalty. The sector has also repeatedly seen broad valuation swings driven by factors such as geopolitical risk. On top of that, volatility can rise in periods when converted-share listings coincide with such events.

What to watch next

15 September 2026
1,662,789 common shares from preferred-stock conversion are scheduled to list, with no lock-up so they can trade freely. Watch trading volume around the listing along with how the remaining 123,924 preferred shares and 197,901 call-option shares are handled.
Mid-November 2026
The 3Q26 quarterly report is the point to check whether the Hansoh upfront is recognized as revenue and how research and development spending is trending. With the 2Q26 operating loss of KRW 14.0bn the largest in the period shown, whether cost growth persists is the key question.
Fourth quarter of 2026
The company plans to analyze OLX104C Phase 1b data and enter Phase 2a with first-patient dosing within the year, with Phase 2a comparing three dose groups against placebo to assess in-human efficacy. Whether dosing actually begins, and how the 1b safety results are released, are the checkpoints.
4Q 2026 to 1H 2027
Daishin Securities projected in a June 2026 report that a clinical study report for OLX702A would follow completion of the Phase 1 multiple-ascending-dose portion, with Phase 2 entry and milestone receipt thereafter. A disclosure of Lilly-led Phase 2 initiation and any stage-based fee inflow would feed directly into earnings.
March 2027
The 2026 annual report is the point to confirm full-year revenue, operating loss and the size of equity. It also settles the final assessment for the 2024-2026 window under the rule that a company is designated an administrative issue if pre-tax losses from continuing operations exceed 50% of equity in two of the past three fiscal years. Progress against the 2027 clinical-entry target for OLX501A is another item to watch.

Overall view

Olix is a classic platform-type drug developer whose profit and loss are set by licensing consideration rather than product sales.

On confirmed numbers, annual revenue swung from KRW 17.1bn in 2023 to KRW 5.7bn in 2024 and KRW 14.7bn in 2025 while operating losses ran for four straight years, and the quarterly operating loss widened to KRW 14.0bn in 2Q26.

By contrast, equity rose from KRW 18.5bn at end-2024 to KRW 150.1bn at end-2025 and the debt-to-equity ratio fell from 285.7% to 30.2%, leaving the financial cushion for clinical spending in a different state than before.

Operationally, the roughly KRW 910bn exclusive license with Eli Lilly and the August 2026 agreement with Hansoh on two siRNA sequences broadened the partner base, with indications extending into hair loss, macular degeneration, obesity and the central nervous system.

At the same time, the history of rights returns by Hugel and Thea, undisclosed deal terms and the listing of converted shares without lock-up remain variables pointing the other way.

What matters to watch is therefore threefold: progression of the Lilly-licensed asset, entry of in-house programs into Phase 2a, and the scale of revenue recognition from new deals, each of which can reshape the earnings and share-supply picture. This material is for information purposes only and does not contain buy or sell opinions on any security.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

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.