KOSDAQBiotech & Pharma246960

SCL Science

₩2,625▲ 0.19%2026-10-02 close

Market Cap

₩89.1B

Turnover

₩300M

Volume

120,000 shares

Shares out.

34M

PER

—

PBR

3.2×

EPS

-₩98

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

Narrowing Losses Meet New-Business Growth

SCL Science has turned operating profitable on a standalone basis as its bio-logistics and data-platform businesses ramp up, while the consolidated entity still posts net losses in this transition phase.

1
In H1 2026, the standalone entity posted revenue of KRW10.8bn and operating profit of KRW96mn, achieving a half-year swing to profit.
2
On a consolidated basis, 2Q2026 operating profit reached KRW0.41bn, returning to positive territory.
3
2025 consolidated revenue reached KRW22.0bn, a sharp increase, but the company still posted an operating loss of KRW3.4bn and an owner's net loss of KRW3.9bn.
4
Subsidiary Neogenlogic's AI neoantigen discovery technologies, DeepNeo and DeepDependency, have secured patents in Korea, Japan, and China, building a technical base for the cancer vaccine pipeline.
5
The debt ratio jumped from 55.0% in 2024 to 240.1% in 2025, a shift in the balance sheet structure worth monitoring.

Business structure

SCL Science is the only listed affiliate of the Seoul Clinical Laboratories (SCL) group, functioning as an intermediate holding company across four business lines: bio-data, precision medicine, hemostatic devices, and cancer-vaccine R&D.

The company originated as InnoTherapy, a developer of absorbable internal hemostatic materials, and was restructured into its current form after acquiring InnoTherapy in November 2022 and completing a comprehensive stock-swap merger in December 2024.

The hemostatic segment centers on the InnoSEAL product line, which uses mussel-inspired biomimetic polymer technology, and the company obtained Class IV medical device approval for InnoSEAL Plus DL in 2025, moving into the high-risk hemostatic device market.

The bio-logistics segment, which provides IoT-based cold-chain transport for biological materials, pharmaceuticals, and medical devices, has been the key new business driving recent growth.

The precision-medicine and data-platform segment operates through fully consolidated subsidiary SCL Healthcare, offering clinical-trial central laboratory (C-LAB) services, genetic analysis, and direct-to-consumer (DTC) genetic testing, with expanding ties to health-screening operators such as Hanaro Medical Foundation.

The cancer-vaccine R&D segment is run by subsidiary Neogenlogic, acquired in September 2025, which develops AI neoantigen-discovery technologies DeepNeo and DeepDependency built on a single-cell big-data platform developed in collaboration with KAIST.

In hemostatic devices, the company competes against established standards such as the TachoSil fibrin sealant patch, while in cancer vaccines it is a later entrant into a field led by global majors such as Moderna.

Revenue mix has been shifting rapidly toward the newer bio-logistics and data-platform businesses in recent quarters.

Earnings trend

Quarterly revenue · Operating profit

₩4.5B-₩1.4B25Q2₩7B₩200M25Q3₩8.3B-₩800M25Q4₩7.7B-₩600M26Q1₩7.6B₩400M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩400M-₩4.6B2022₩1.3B-₩4B2023₩4.7B-₩3.7B2024₩22B-₩3.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩4.5B	-₩1.4B	−30.5%
2025Q3	₩7B	₩200M	2.4%
2025Q4	₩8.3B	-₩800M	−10.2%
2026Q1	₩7.7B	-₩600M	−8.5%
2026Q2	₩7.6B	₩400M	5.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩400M	-₩4.6B	-₩6B	−1245.4%	−45.8%	134.0%
2023	₩1.3B	-₩4B	-₩5B	−303.8%	−26.6%	59.5%
2024	₩4.7B	-₩3.7B	-₩3.7B	−77.3%	−24.0%	55.0%
2025	₩22B	-₩3.4B	-₩3.9B	−15.4%	−16.1%	240.1%

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

Earnings analysis

Annual revenue rose sharply for three straight years: KRW0.37bn in 2022, KRW1.32bn in 2023, KRW4.74bn in 2024, and KRW22.01bn in 2025. Operating losses, however, gradually narrowed even as revenue expanded, moving from -KRW4.61bn in 2022 to -KRW4.02bn in 2023, -KRW3.66bn in 2024, and -KRW3.40bn in 2025.

The operating margin improved from -303.8% in 2023 to -77.3% in 2024 and -15.4% in 2025, showing the loss ratio easing quickly as the revenue base grew. Owner's net loss narrowed from -KRW5.97bn in 2022 to -KRW3.93bn in 2025, though the company remains unprofitable.

On a quarterly basis, 3Q2025 posted the first operating profit of KRW0.17bn, but 4Q2025 swung back to an operating loss of -KRW0.85bn and a net loss of -KRW2.40bn despite revenue rising to KRW8.29bn, underscoring quarter-to-quarter volatility.

In 1Q2026, revenue was KRW7.66bn with an operating loss of -KRW0.65bn, a narrower loss than prior quarters, and 2Q2026 revenue of KRW7.59bn came with an operating profit of KRW0.41bn, marking a return to profitability on a consolidated basis.

Notably, the owner's net loss in 2Q2026 narrowed to just -KRW0.009bn, approaching breakeven. Over the trailing four quarters (3Q2025-2Q2026), cumulative owner's net loss stood at -KRW3.38bn, meaning the business remains in a loss position on an annualized view.

On the cash-flow side, 2025 operating cash flow was -KRW2.17bn, exceeding the net loss in magnitude, while the debt ratio jumped from 55.0% in 2024 to 240.1% in 2025, suggesting increased reliance on external or debt-related financing.

Industry analysis

The domestic healthcare and precision-medicine industry that SCL Science operates in is a composite of several sub-markets, including genomic analysis, contract research organization (CRO) services, and cold-chain bio-logistics, each with its own growth cycle and competitive intensity.

The clinical-trial central laboratory (C-LAB) and genetic-analysis markets are growing steadily on rising domestic pharma and bio clinical-trial demand, while the bio-logistics cold-chain market is seen as expanding relatively faster amid demand for more sophisticated pharmaceutical and medical-device distribution.

In the global cancer-vaccine field, major players such as Moderna and Merck are ahead, and foreign media reported in August 2026 that the two companies' personalized mRNA cancer vaccine produced statistically meaningful results in a Phase 3 trial for high-risk melanoma, which in turn drew renewed attention to domestic developer Neogenlogic.

Industry estimates put China's neoantigen cancer-vaccine market at growing from $1.4bn in 2025 to $7.1bn by 2032, a 26.2% compound annual growth rate, with China also emerging as a global hub for next-generation oncology pipelines such as ADCs and CAR-T therapies.

In the hemostatic device market, established fibrin sealant patches remain the dominant standard of care, meaning the domestic InnoSEAL line must build clinical evidence and expand certifications to gain share.

Overall, SCL Science appears to be pursuing a strategy of diversifying its business portfolio as a relative latecomer, riding the growth of each sub-market it participates in.

Outlook

The company has said that in the second half of 2026, revenue from hemostatic treatment-material supply contracts will be additionally reflected in results, and that as SCL Healthcare's operational performance and Neogenlogic's R&D achievements accumulate, the business could enter a fuller growth phase.

SCL Healthcare turned profitable in H1 2026 as clinical-trial analysis and precision-medicine infrastructure service revenue expanded following completion of its mass-spectrometry facility.

The company stated that InnoSEAL completed European Patent Office (EPO) patent registration in H1 2026, laying groundwork for entry into the European market.

Neogenlogic published research on simultaneously analyzing T-cell and B-cell immune responses in an international journal, has secured related patents in Korea, Japan, and China, is pursuing patent expansion into the United States and Europe, and the company has referenced a target of advancing toward clinical trial entry around 2027.

Kiwoom Securities stated in a March 2026 report that it projected 2026 consolidated revenue of KRW34.9bn (up 53.2% year-on-year) and operating profit of KRW0.7bn (a swing to profit), though this is a single brokerage's estimate that may differ from actual results.

The company says it plans to continue expanding its top line by operating existing businesses including central-laboratory CRO services, genetic-testing libraries, and regional bio-logistics and health-screening sales operations.

Whether these plans translate into actual revenue and profitability improvement will need to be confirmed sequentially through future quarterly results and disclosures.

Valuation

PER

—

PBR

3.2×

ROE

-13.5%

EPS

-₩98

BPS

₩701

Dividend per share

₩0

SCL Science remains in a net-loss position, making traditional profit-based multiples difficult to interpret in a stable way, which is one reason price-to-book measures tend to draw relatively more attention in the market.

Shareholders' equity grew from KRW13.17bn in 2022 to KRW23.50bn in 2025, but the debt ratio also rose sharply over the same period, so any read on the premium of share price relative to net assets should be considered alongside this shift in balance-sheet structure.

Over the past three to four years, the company's earnings structure has moved from large losses toward gradually narrowing losses, and in two of the most recent quarters (3Q2025 and 2Q2026) consolidated operating profit turned positive, meaning the durability of this earnings recovery is likely to be a key variable in future valuation discussions.

On dividends, the company has no cash dividend under its most recent disclosures, which limits any assessment of investment appeal based on dividend yield at this time.

Ultimately, the multiples at which the stock currently trades can be read as reflecting both the accumulated historical losses and the recent signals of earnings improvement simultaneously, and how that balance is weighed will differ across investors.

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

Bull factors

Core Business on a Path to Profitability

In H1 2026, standalone operating profit reached KRW96mn, marking a half-year swing to profit, and the company has now posted operating profit for two consecutive quarters. On a consolidated basis, 2Q2026 operating profit reached KRW0.41bn, the second time the business has entered profitable territory since 3Q2025.

Subsidiary SCL Healthcare also turned profitable in H1 2026 with revenue of KRW5.05bn and operating profit of KRW57mn, adding to the group-wide earnings improvement trend.

High Growth in New Businesses

Contributions from the bio-logistics and data-platform businesses have driven consolidated revenue up 238% year-on-year in 1Q2026, and H1 gross profit more than tripled year-on-year.

The company attributed the revenue growth mainly to expanded IoT-based cold-chain services and medical-site digital transformation (DX/AX) services. Whether this growth pace continues into the second half is a key variable for future results.

Cancer Vaccine Technology and Global Tailwinds

Subsidiary Neogenlogic's AI neoantigen-discovery technologies, DeepNeo and DeepDependency, have secured patents in Korea, Japan, and China, and its research combining T-cell and B-cell immune response analysis was published in the international journal Science Advances.

In August 2026, when Moderna and Merck's personalized mRNA cancer vaccine produced statistically meaningful results in a Phase 3 trial for high-risk melanoma, domestic developer Neogenlogic drew renewed attention as well.

That said, this remains early-stage technology, and substantial time and validation are needed before any commercialization.

Bear factors

Consolidated Losses Persist

Over the trailing four quarters (3Q2025-2Q2026), cumulative owner's net loss stood at -KRW3.38bn, meaning the business remains unprofitable on an annualized basis. In 4Q2025, despite revenue rising to KRW8.29bn, net loss widened to -KRW2.40bn, illustrating significant quarter-to-quarter earnings volatility.

There may be a lag before the profitability seen in individual new businesses translates into stable consolidated earnings.

Shifting Balance-Sheet Structure

The debt ratio rose sharply from 55.0% in 2024 to 240.1% in 2025, and 2025 operating cash flow was -KRW2.17bn, a cash outflow exceeding the net loss itself. This appears related to investment and acquisition costs from the successive subsidiary acquisitions (SCL Healthcare, Neogenlogic) and rising R&D spending. How future financing and debt management unfold warrants attention.

Commercialization Uncertainty of an Early-Stage Pipeline

Neogenlogic's cancer-vaccine technology is still at a pre-clinical-trial stage, and how the 2027 clinical-related plans the company has referenced actually play out requires further confirmation.

The global cancer-vaccine market is led by large, well-capitalized players with extensive clinical experience such as Moderna and Merck, creating competitive pressure for a later entrant. Securing patents does not guarantee commercial success, and failure risk exists at every stage of clinical development.

Risk factors

Financial Risk

The debt ratio jumped from 55.0% in 2024 to 240.1% in 2025, and operating cash flow has remained negative. With consolidated losses continuing, additional external financing may become necessary, which could lead to dilution for existing shareholders. As a small-cap stock, the company may be sensitive to changes in financing conditions.

Technology and Clinical Risk

Neogenlogic's cancer-vaccine pipeline is still pre-clinical, and whether preclinical data will translate into successful clinical results remains uncertain. As a later entrant into a market led by large global pharmaceutical companies, the company faces the burden of clearing clinical and regulatory processes. Securing patents and journal publications does not guarantee commercial success.

Business Integration Risk

The business structure has become more complex following successive acquisitions such as SCL Healthcare and Neogenlogic, and synergies among subsidiaries may not materialize as expected. Rising R&D and facility investment costs at subsidiaries could continue to weigh on consolidated earnings. If the growth pace of new businesses slows, the recent improvement in consolidated results could waver again.

What to watch next

Around November 2026 (3Q2026 report filing)
Check whether 3Q2026 results show continued consolidated operating profitability and how SCL Healthcare and Neogenlogic each contribute to earnings.
Q4 2026
Verify whether the H2 hemostatic treatment-material supply contract revenue the company referenced is actually reflected in results, and at what scale.
From Q4 2026 onward
Watch for follow-up disclosures on actual European market entry for InnoSEAL (certifications, distribution agreements) following its EPO patent registration.
2027
Confirm whether Neogenlogic's referenced plans to advance toward cancer-vaccine clinical trials materialize into concrete steps such as an investigational new drug (IND) application.
H2 2026 through 2027
Track progress on expanding DeepNeo and DeepDependency patents into the United States and Europe, and whether related technology partnership or licensing deals emerge.

Overall view

Having passed through a period of large losses from 2022 to 2024, SCL Science is now in a transition phase in 2025-2026 where revenue is growing quickly, driven mainly by the bio-logistics and data-platform businesses, and where both the standalone and consolidated entities have achieved partial swings to operating profit.

That said, on a trailing four-quarter basis the company remains in a net-loss position, and the rising debt ratio along with persistently negative operating cash flow remain balance-sheet points worth watching.

Cancer-vaccine subsidiary Neogenlogic continues to accumulate patents and academic achievements but remains at a pre-clinical-trial stage, meaning commercialization still requires more time and validation.

The hemostatic device business has built a foothold for regional expansion through domestic high-risk market entry and a European patent, but continues to compete against established standard-of-care products.

Investors will likely want to track the new businesses' revenue growth and profitability durability, the shift in balance-sheet structure, and progress on the cancer-vaccine pipeline's clinical entry as separate variables.

Overall, the company is in a phase where top-line growth and earnings-improvement signals are appearing simultaneously, and whether this proves sustainable will likely be determined by results over the coming several quarters.

Sources

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

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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.