PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Olipass faces overlapping clinical failure of its lead candidate OLP-1002, a KRX delisting review, and a court rehabilitation filing, making corporate survival itself the central question for investors.
2025 revenue was KRW 816 million with an operating loss of KRW 7.39 billion and an owner net loss of KRW 15.38 billion, widening the deficit again.
Equity plunged from KRW 11.86 billion in 2024 to KRW 1.70 billion in 2025, while the debt ratio surged to 917.8%.
The Korea Exchange finalized a delisting decision for Olipass in October 2025, but the process has been paused pending a court injunction suspending its effect.
The company filed for court-supervised rehabilitation at the Suwon Rehabilitation Court on May 7, 2026, and additional listing-eligibility review triggers arose from first-quarter 2026 revenue falling below KRW 300 million.
Lead candidate OLP-1002 failed to demonstrate statistical significance in both Phase 1b and 2a trials, while ALS candidate STMN2-OPNA remains in preclinical work with a Chinese partner.
Founded in 2006, Olipass is an RNA therapeutics developer built around its proprietary OPNA (peptide nucleic acid-based) platform.
The company describes the technology as capable of efficient cell penetration and gene-expression modulation to suppress disease-causing proteins or restore normal function, positioning it as an answer to the immunogenicity, off-target, and delivery limitations of conventional RNA drugs.
Its flagship candidate is OLP-1002, a non-opioid analgesic designed to selectively inhibit the Nav1.7 pain protein by targeting the SCN9A gene. However, this candidate failed to achieve statistical significance in both Phase 1b and Phase 2a trials, clouding its path to commercialization.
The company's second program is an ALS candidate, 'STMN2-OPNA,' an antisense oligonucleotide developed in collaboration with AskHelpU, an ALS patient-support and research affiliate of China's Chiral Group, aimed at normalizing STMN2 gene expression; it is currently in preclinical testing.
Revenue has come almost entirely from small government research grants and technology fees, repeatedly falling short of the KRW 3 billion annual threshold required to avoid delisting review under the technology-listing special rules.
Amid its management crisis, the company has also pursued business diversification, including mergers with an IT consulting firm and a real estate investment firm and a large apartment-complex asset acquisition, raising questions about the connection to its core drug-development business.
Controlling ownership has changed hands multiple times, from founder Jung Shin to Invest Partners and subsequent third-party share allottees, and a further ownership transfer via investor sale is currently being pursued.
This contrasts with domestic peers in the RNA/oligonucleotide space, such as Olix, which continue to advance global partnering discussions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩200M | -₩2.3B | −1450.7% |
| 2025Q3 | ₩100M | -₩1.5B | −1246.6% |
| 2025Q4 | ₩100M | -₩1.7B | −1290.4% |
| 2026Q1 | ₩91,366,355 | -₩1.8B | −1958.0% |
| 2026Q2 | ₩1.2B | -₩100M | −10.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩2.3B | -₩24.1B | -₩24.2B | −1050.9% | −231.0% | 170.3% |
| 2023 | ₩5.3B | -₩13.7B | -₩12.9B | −259.1% | −519.3% | 445.8% |
| 2024 | ₩800M | -₩10.1B | -₩5.3B | −1338.5% | −44.8% | 121.6% |
| 2025 | ₩800M | -₩7.4B | -₩15.4B | −905.6% | −905.0% | 917.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
On an annual basis, revenue rose temporarily from KRW 2.30 billion in 2022 to KRW 5.29 billion in 2023, then fell back to KRW 756 million in 2024 and KRW 816 million in 2025.
Operating losses narrowed in absolute terms from KRW 24.13 billion in 2022 to KRW 13.71 billion in 2023, KRW 10.12 billion in 2024, and KRW 7.39 billion in 2025, yet the loss-to-revenue ratio remained severe, at -905.6% in 2025.
Owner net loss eased from KRW 24.17 billion in 2022 to KRW 12.95 billion in 2023 and KRW 5.32 billion in 2024, before widening sharply again to KRW 15.38 billion in 2025, likely reflecting asset revaluation effects or other non-operating items.
Equity rose from KRW 2.49 billion in 2023 to KRW 11.86 billion in 2024 before collapsing again to KRW 1.70 billion in 2025, while the debt ratio spiked from 121.6% in 2024 to 917.8% in 2025, a sharp deterioration in financial soundness.
Operating cash flow was negative in every year shown (-KRW 15.49 billion in 2022, -KRW 14.66 billion in 2023, -KRW 9.69 billion in 2024, and -KRW 6.81 billion in 2025), indicating a persistent cash-burn structure.
On a quarterly basis, revenue fluctuated at low levels—KRW 159 million in Q2 2025, KRW 124 million in Q3, and KRW 129 million in Q4—while operating losses eased somewhat from -KRW 2.31 billion in Q2 2025 to -KRW 1.67 billion in Q4.
Revenue fell further to KRW 91 million in Q1 2026, with an operating loss of -KRW 1.79 billion and a net loss of -KRW 1.92 billion.
Q2 2026 revenue jumped to KRW 1.17 billion and the operating loss narrowed sharply to -KRW 117 million, but as this window has not yet been finalized in confirmed disclosures, whether one-off items drove the change requires further confirmation.
The RNA and oligonucleotide therapeutics industry remains an active area for technology licensing and joint research between global pharmaceutical majors and biotechs, with several domestic companies competing on platform technology.
Competitor Olix, for instance, said it would participate in the January 2026 JP Morgan Healthcare Conference to pursue additional licensing and joint-research opportunities building on existing collaborations with Hansoh Pharma, Eli Lilly, and L'Oreal.
The non-opioid analgesic market carries latent demand given concerns over opioid side effects, but sodium-channel-targeted drug development has proven difficult across the industry in demonstrating both safety and efficacy, and multiple developers have struggled at the clinical stage.
Olipass's OLP-1002 has not escaped this challenge, failing to achieve statistical significance in both Phase 1b and 2a trials, which can be seen as an early competitive setback relative to other developers pursuing the same mechanism.
ALS remains a rare disease area with limited treatment options, and academic and industry interest exists in STMN2-targeting approaches, but Olipass's candidate remains at an early preclinical stage, requiring substantial time and capital before clinical entry.
Industry-wide, revenue and listing-maintenance requirements for KOSDAQ technology-listed biotechs are being tightened in stages, structurally increasing delisting pressure on companies like Olipass that have failed to generate meaningful revenue over an extended period.
The company filed for court-supervised rehabilitation at the Suwon Rehabilitation Court on May 7, 2026, describing the move as a decision to normalize management and preserve going-concern value.
Through its corporate disclosure, the company stated that it continues to pursue development of its RNA-based platform technology, non-opioid analgesic, and ALS treatment pipeline, and will continue domestic and international collaboration discussions where possible.
On listing status, the Korea Exchange finalized a delisting decision in October 2025, but the process was paused by a court injunction suspending its effect; with an additional listing-eligibility review trigger arising from first-quarter 2026 revenue falling below KRW 300 million, the outcome of the court's injunction ruling and the exchange's subsequent review will be the key variables determining continued listing.
On the funding side, a sale structure via third-party share allotment has been pursued, designed so that an incoming investor acquires new shares to become the largest shareholder while simultaneously providing operating capital.
On the pipeline side, preclinical testing of the ALS candidate STMN2-OPNA is proceeding in collaboration with Chinese partner AskHelpU, with the company aiming to translate results into a licensing deal or clinical entry in China.
A company representative has said OLP-1002 clinical trials are expected to resume in the future, though no specific timeline or revised trial design has been disclosed.
On balance, the progress of the rehabilitation process, capital raising, and listing-eligibility review appear likely to matter more in the near term than pipeline development outcomes.
Olipass's net assets contracted sharply in 2025 versus 2024, thinning the underlying base for per-share book value, and against this backdrop the current share price trades at a level reflecting a substantial premium to net assets.
The company has shown no clear trajectory of revenue growth or earnings recovery in recent years; if anything, the net loss widened again in 2025. No dividends are being paid, so dividend-based metrics offer little support for valuation.
Given a history of sharp share-price swings around past clinical-trial failure announcements, valuation has historically been highly sensitive to pipeline news and listing- or rehabilitation-related disclosures.
The current trading multiple appears to be driven less by earnings or asset value than by expectations around listing continuity and capital restructuring, a distinctly special-situation dynamic.
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 2026-09-05
Olipass is conducting preclinical testing of its ALS candidate STMN2-OPNA in collaboration with AskHelpU, an affiliate of China's Chiral Group. The company has stated its goal of translating positive results into a licensing deal or clinical entry in China.
Given that ALS is a rare disease area with few treatment options, some observers note that success could open partnership possibilities.
The company has described its rehabilitation filing as a decision to normalize management and preserve going-concern value. Court-supervised rehabilitation is an institutional mechanism designed to enhance business sustainability through debt restructuring and balance-sheet stabilization.
As seen in other biotech cases, a path exists whereby the rehabilitation plan is approved, debt repayment is carried out, and the process concludes.
Olipass describes its proprietary OPNA platform as offering cell-penetration and gene-expression-modulation capabilities. Separate from the clinical failure of a single pipeline candidate, the intellectual property and know-how underlying the platform itself may remain a potential licensing or acquisition asset. The company has disclosed that it continues domestic and international collaboration discussions.
Lead candidate OLP-1002 failed to demonstrate statistical significance in both Phase 1b and Phase 2a trials. This has also weighed on market confidence in the company's core technology platform. The follow-on ALS candidate STMN2-OPNA remains at an early preclinical stage, requiring further time before validation.
The Korea Exchange finalized a delisting decision for Olipass in October 2025, and the process is currently paused by a court injunction suspending its effect. In addition, first-quarter 2026 revenue below KRW 300 million triggered an additional listing-eligibility review reason.
Continued listing status could again be decided based on the injunction outcome and the exchange's subsequent review.
Equity plunged from KRW 11.86 billion in 2024 to KRW 1.70 billion in 2025, while the debt ratio surged to 917.8%. Operating cash flow was negative every year from 2022 through 2025, reflecting a persistent cash-burn structure.
The company has also repeatedly experienced funding setbacks in the past, including a withdrawn convertible-bond issuance and delayed payment on a third-party share allotment.
The Korea Exchange's delisting decision has only been paused by a court injunction, not cancelled, and delisting proceedings could resume depending on the court's ruling.
At the same time, the ongoing rehabilitation process is a restructuring procedure that can affect creditor and shareholder relationships, and existing shareholder rights could be significantly diluted depending on whether and how a rehabilitation plan is approved. With both processes proceeding simultaneously, legal uncertainty is very high.
The company has repeatedly experienced delayed payments and withdrawn agreements from third-party share allottees, as well as a failed convertible-bond issuance.
Its largest shareholder has changed multiple times, and a sale of management control via new investor solicitation is being pursued, but no contract or funding schedule has yet been finalized.
Amid a weak financial structure, the company has also pursued a large rental-apartment asset acquisition, raising questions about capital-allocation priorities.
Core candidate OLP-1002 failed to achieve statistical significance in both Phase 1b and 2a trials, leaving its commercialization path unclear. ALS candidate STMN2-OPNA remains at an early preclinical stage, requiring substantial time and capital before clinical entry.
Given the persistent funding strain, it is also uncertain whether the company can reliably secure the R&D capital needed to resume clinical trials or develop new pipeline candidates.
Check the court's ruling on the injunction suspending the delisting decision and whether KOSDAQ Market Committee review resumes. The outcome could immediately restart delisting proceedings.
Review third-quarter 2026 revenue and earnings to assess the likelihood of meeting the annual revenue requirement and whether losses are narrowing.
Check whether the Suwon Rehabilitation Court approves the rehabilitation plan and review the specifics of debt restructuring and new capital-raising arrangements. This is a key event for gauging the degree of dilution to existing shareholders.
Check preclinical data for the ALS candidate being developed with Chinese partner AskHelpU, and whether discussions on licensing or clinical entry in China are progressing.
Verify whether new investor solicitation actually materializes, along with the scale of funds secured and the terms of any change in controlling shareholder.
Olipass faces accumulated difficulties on both the financial and technology fronts: failure of its lead candidate OLP-1002 in both Phase 1b and 2a trials, a sharp contraction in equity, and a surge in the debt ratio.
Compounding this, continued listing status remains highly uncertain amid a delisting decision finalized in October 2025 (currently paused by a court injunction), a rehabilitation filing in May 2026, and an additional listing-eligibility review trigger arising from failure to meet the first-quarter 2026 revenue threshold.
On the positive side, preclinical progress on the ALS candidate STMN2-OPNA alongside a Chinese partner and the possibility of debt restructuring through rehabilitation exist, but both remain at early stages with unconfirmed outcomes.
On funding, a sale of management control via third-party share allotment is being pursued, but no contract or payment schedule has been finalized. Financially, the revenue base is very weak and cash burn persists, while the share price trades at a level reflecting a substantial premium to a shrunken net-asset base.
Ahead of any investment decision, it is important to continuously track scheduled events such as the court's injunction ruling, whether the rehabilitation plan is approved, and whether new investor solicitation succeeds. This report is for informational purposes only and does not constitute 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.