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
MedPacto is expanding its Vactosertib osteosarcoma Phase 2 trial and pursuing global partnering across multiple pipelines, while annual revenue remains minimal and operating losses continue.
2025 revenue of about KRW 3.9 billion met the KOSDAQ listing revenue requirement, but the operating loss remained large at roughly KRW 14.0 billion.
In August 2026, MedPacto filed an IND amendment with Korea's MFDS to add a mid-dose cohort to the Vactosertib osteosarcoma Phase 2 trial.
MedPacto has continued licensing discussions for Vactosertib, MP010, and MP2021 at global conferences including AACR, Bio USA, and China Bio.
The sale of Theragen Etex's controlling 14.65% stake has been delayed for an extended period, leaving governance uncertainty unresolved.
Operating cash flow has been negative for four consecutive years, though the scale of losses has narrowed each year.
Founded in 2013 as a spin-off from Theragen Etex's new drug research institute, MedPacto aims to discover drug candidate targets using genomic analysis technology and develop customized therapeutics based on those findings.
Its lead pipeline is the TGF-beta inhibitor Vactosertib, being developed both as monotherapy in osteosarcoma and in combination with immuno-oncology agents in non-small cell lung cancer and colorectal cancer.
In osteosarcoma, Phase 1 data showed an objective response rate of 36.4% including complete responses, forming the basis for expanding the Phase 2 patient cohort.
The next-generation pipeline MP010 is a next-generation TGF-beta-targeted candidate directed at the tumor microenvironment, with plans to pursue combinations with antibody-drug conjugates and other anticancer agents after entering clinical trials in the second half of the year.
Another new candidate, MP2021, is a preclinical-stage program targeting bone diseases such as osteoporosis that has completed monkey toxicology studies and aims to file a Phase 1 IND in 2026.
In diagnostics, the company holds MO-B2, a prognostic test for relapsed or refractory triple-negative breast cancer developed since 2016 that measures blood BAG2 protein levels to assess patient prognosis.
Current revenue comes not from commercialized drugs but from pharmaceutical distribution, genomic analysis, and health-supplement businesses. Competitively, MedPacto's osteosarcoma program is benchmarked against candidates being developed by other global pharmaceutical companies pursuing similar mechanisms.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩800M | -₩2.6B | −304.8% |
| 2025Q3 | ₩1.2B | -₩4.7B | −395.4% |
| 2025Q4 | ₩1.4B | -₩2.9B | −204.4% |
| 2026Q1 | ₩1.3B | -₩4.2B | −316.6% |
| 2026Q2 | ₩1B | -₩3.6B | −346.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩0 | -₩37.2B | -₩35.8B | — | −110.6% | 233.2% |
| 2023 | ₩0 | -₩28.8B | -₩35.3B | — | −49.8% | 13.5% |
| 2024 | ₩0 | -₩21.8B | -₩20.1B | — | −34.9% | 5.3% |
| 2025 | ₩3.9B | -₩14B | -₩12.8B | −359.6% | −27.9% | 5.8% |
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
MedPacto's annual revenue was zero for three straight years from 2022 to 2024, before recording approximately KRW 3.9 billion in 2025 — its first reported sales. This came not from commercialized drugs but from ancillary businesses such as pharmaceutical distribution, genomic analysis, and health-supplement sales.
Operating losses narrowed for four consecutive years, from about KRW 37.2 billion in 2022 to KRW 28.8 billion in 2023, KRW 21.8 billion in 2024, and KRW 14.0 billion in 2025.
Net loss attributable to owners also declined clearly, from roughly KRW 35.8 billion in 2022 and KRW 35.3 billion in 2023 to KRW 20.1 billion in 2024 and KRW 12.8 billion in 2025.
Total equity rose to about KRW 70.9 billion after the 2023 rights offering before falling to KRW 57.7 billion in 2024 and KRW 46.0 billion in 2025 as losses accumulated. The debt ratio, which stood at a risky 233.2% in 2022, dropped sharply after the capital raise to 13.5% in 2023, 5.3% in 2024, and 5.8% in 2025.
On a quarterly basis, the operating loss of about KRW 4.74 billion in Q3 2025 was the largest of the last five quarters, followed by roughly KRW 2.92 billion in Q4 2025, KRW 4.17 billion in Q1 2026, and KRW 3.63 billion in Q2 2026 — a fluctuating rather than clearly improving pattern.
Cumulative net loss attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) was about KRW 14.14 billion, actually larger than the full-year 2025 net loss of KRW 12.8 billion.
Operating cash flow was negative for four straight years from 2022 through 2025, though the outflow gradually shrank from about KRW 29.6 billion to KRW 13.4 billion.
Inhibiting TGF-beta signaling to improve the tumor microenvironment and enhance the efficacy of checkpoint inhibitors in combination therapy is a field of steady research across the global pharmaceutical industry.
Because osteosarcoma is classified as a rare cancer, there is an incentive in that successful development meeting relevant criteria could qualify the company for a U.S. FDA Priority Review Voucher.
MedPacto explains its competitive position by indirectly comparing Vactosertib's early clinical results in osteosarcoma with those of GSK's osteosarcoma candidate HS-20093.
Large pharmaceutical companies have shown interest in in-licensing TGF-beta and immuno-oncology combination candidates beyond their own pipelines, but reaching a licensing agreement with a Korean biotech typically requires years of negotiation and data accumulation.
Across the Korean biotech sector more broadly, whether early licensing deals materialize has become a key variable differentiating individual companies' stock and earnings outlooks.
MedPacto is pursuing a strategy of advancing multiple pipelines simultaneously — Vactosertib alongside MP010 and MP2021 — to broaden partnering opportunities.
However, more than a decade after listing without commercial revenue from a core drug, some observers note that realizing pipeline value is taking longer than for competing biotechs at similar clinical stages.
In August 2026, MedPacto filed an IND amendment with Korea's Ministry of Food and Drug Safety for the Vactosertib osteosarcoma Phase 2 trial, planning to add a mid-dose cohort receiving 200mg twice daily alongside the existing high-dose cohort.
In April of the same year, at AACR 2026, the company said it had unveiled preclinical results for a Vactosertib-based triple combination therapy in colorectal cancer and begun co-research discussions with a global pharmaceutical company.
At Bio USA in June, MedPacto held about 50 pre-scheduled meetings centered on Vactosertib's rare cancer clinical status and preclinical results for the new pipeline MP010.
In March, the company attended China Bio 2026 in Suzhou, where it discussed commercialization partnerships for Vactosertib, MP010, and MP2021 with major pharmaceutical companies from China, Japan, and Europe.
In July, the company also announced preclinical results confirming a combination effect between a dendritic-cell-based cancer vaccine and Vactosertib, broadening the scope of its combination partnerships.
MP2021 has completed monkey toxicology studies and targets a Phase 1 IND filing for the osteoporosis indication sometime in 2026. The company said it plans to continue its pharmaceutical distribution, genomic analysis, and health-supplement businesses to sustain revenue.
MedPacto remains at a stage of ongoing operating and net losses, making earnings-based valuation metrics difficult to apply, and its share price tends to move mainly on individual events such as clinical data or licensing expectations.
The price-to-book ratio varies depending on the calculation basis, with the self-calculated figure running somewhat higher than the exchange-disclosed figure, suggesting a premium relative to net assets. With no dividend payment history, comparing dividend yield against industry peers carries limited meaning.
While losses have clearly narrowed over multiple years, the company has not yet turned profitable, which limits direct comparison with peers using traditional earnings-based metrics. Ultimately, assessment of the current share price level depends heavily on whether future clinical and licensing events materialize.
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
Operating and net losses have narrowed each year since 2022, and the debt ratio has fallen from 233.2% to the mid-single digits, greatly easing concerns about capital impairment. In 2025, the company's results satisfied the KOSDAQ listing maintenance requirement.
This suggests the company has secured some financial capacity to continue R&D without a large additional capital raise in the near term.
Beyond Vactosertib, MedPacto is simultaneously advancing MP010 and MP2021 across different indications while seeking partnerships at global venues such as AACR, Bio USA, and China Bio.
The company has also said it is conducting co-research discussions with an overseas pharmaceutical company holding anti-PD-1 and VEGF inhibitor assets, based on preclinical results from the colorectal cancer triple-combination study.
Having multiple candidates on the negotiating table simultaneously can be read as a strategy to raise the odds of a licensing deal.
Vactosertib recorded an objective response rate of 36.4%, including complete responses, in the osteosarcoma Phase 1 trial. Because osteosarcoma is classified as a rare cancer, successful development could potentially qualify the company for incentives such as a U.S. priority review voucher.
The company filed an IND amendment to incorporate the mid-dose response observed in Phase 1 into Phase 2 as a 200mg mid-dose cohort.
Research on Vactosertib has continued since 2013, but the licensing deal anticipated at the time of the 2019 listing had still not materialized as of the end of 2023.
The revenue generated in 2025 also came from businesses unrelated to the core drug, namely pharmaceutical distribution, genomic analysis, and health-supplement sales. Critics point out that the revenue gap has persisted for years because the early licensing deal expected at listing never materialized.
Operating cash flow has been negative for four consecutive years from 2022 through 2025. While the outflow has been shrinking, more than KRW 13.3 billion in cash was still consumed in 2025. This is a factor that cannot rule out the need for further capital raising going forward.
Controlling shareholder Theragen Etex disclosed a plan to sell its 14.65% controlling stake for a transfer amount of roughly KRW 35.7 billion, but reports followed indicating the sale stalled due to an asking price seen as excessively high relative to market value and doubts about the pipeline's appeal.
It was also reported that no buyer has emerged and an advisory firm for the sale has not been finalized. Whether a change in control will occur remains uncertain.
In 2022, a treatment-related death occurred in a Phase 2 trial combining Vactosertib with Keytruda in non-small cell lung cancer patients, leading to termination of development in that indication.
The company explained the event was on Keytruda's known adverse-event list and unrelated to Vactosertib, but this did not prevent a decline in market expectations. Unexpected safety issues or delays in MFDS approval of IND amendments could similarly arise in ongoing trials such as osteosarcoma.
With revenue still minimal, operating losses and cash outflows exceeding KRW 10 billion occur every year, raising the possibility that further capital raising will be needed to sustain R&D.
In 2023, the company already decided on a KRW 115.9 billion rights offering that was ultimately scaled down to about KRW 74.2 billion once the issue price was finalized. Depending on future funding methods, existing shareholders could face further dilution.
Controlling shareholder Theragen Etex is pursuing a stake sale that would result in a change of control if completed, so a strategic shift following any change in control cannot be ruled out if the sale is finalized. Conversely, continued delay or withdrawal of the sale would also prolong governance uncertainty.
Either scenario is a variable that could affect the consistency of pipeline development and licensing negotiations.
Whether MP010 files an IND and actually enters clinical trials as planned should be confirmed; achieving this would give MedPacto a second clinical-stage pipeline alongside Vactosertib.
Approval status of the MFDS IND amendment for the mid-dose cohort in the osteosarcoma Phase 2 trial and patient enrollment progress should be checked.
The Q3 2026 preliminary earnings disclosure should be reviewed to see whether revenue and loss trends improve compared with prior quarters.
Watch for further disclosures on Theragen Etex's planned sale of its roughly 14.65% MedPacto stake and any resulting change in the controlling shareholder.
Check whether additional Vactosertib or MP010 clinical or preclinical data are unveiled at major conferences such as SITC, and whether related licensing discussions advance.
MedPacto recorded its first-ever revenue in 2025, meeting the KOSDAQ listing maintenance requirement, but that revenue came from ancillary businesses rather than a commercialized drug, and the operating loss remained large at about KRW 14.0 billion.
The steady narrowing of losses and the debt ratio since 2022 can be read as a positive signal for the balance sheet. On the other hand, operating cash flow has been negative for four consecutive years, keeping funding pressure for continued R&D in place.
On the business side, multiple pipelines are advancing simultaneously — the expanded Vactosertib osteosarcoma Phase 2 trial, plans for MP010 to enter clinical trials in the second half, and preparations for an MP2021 Phase 1 trial — alongside ongoing licensing discussions at global conferences.
Still, the lack of commercial revenue from a core drug more than a decade after listing, and the prolonged delay in the sale of the controlling shareholder's stake, remain unresolved sources of uncertainty.
Concrete progress in clinical data releases and licensing negotiations, along with any change in ownership structure, are likely to be the key variables shaping the company's direction going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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