PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Aptamer Sciences has broadened its revenue base through CRO and distribution businesses to clear the KOSDAQ revenue-based listing threshold, but its drug pipeline remains in early clinical stages while large operating losses and repeated capital raises continue.
2025 revenue rose sharply to KRW 3.50 billion from KRW 1.08 billion in 2024, clearing the KOSDAQ revenue-based listing requirement of KRW 3 billion per year.
Operating losses have persisted in the KRW 7.0-12.2 billion range for four consecutive years from 2022 to 2025, continuing despite revenue growth.
Lead drug candidate AST-201 for liver cancer has entered clinical trials after IND approval and IRB clearance, with the company stating licensing discussions with a global pharmaceutical partner are ongoing.
A recent third-party allocation capital raise to WELLNEW & CO. marks entry into a new distribution business, involving equity dilution.
Convertible bond issuances, a gap between conversion price and market price, and pre-tax loss ratio-related administrative issue designation risk have repeatedly surfaced.
Aptamer Sciences is a bio company spun off from Pohang University of Science and Technology (POSTECH) in 2011 and listed on KOSDAQ in September 2020 under the technology-growth special listing track.
Based on its aptamer technology platform, the company develops targeted therapeutics for solid and blood cancers as well as in-vitro diagnostic products, including its AptoDetect Lung diagnostic kit, which has been noted for strong performance.
Its drug pipeline is built on the Aptamer-Drug Conjugate (ApDC) platform, led by liver cancer candidate AST-201, while immuno-oncology candidate AST-202 and pancreatic cancer candidate AST-203 use a structure linking three drug payloads per aptamer to enhance stability.
In 2024 the company acquired analytical firm ISS to enter the contract research organization (CRO) business, aiming for steadier revenue based on expertise in bioanalysis of ADC and peptide drugs.
In 2026, a third-party allocation capital raise to WELLNEW & CO. funded entry into a new import/export and distribution business for health, beauty, and pet products, with planned fund deployment of KRW 5 billion in 2026 and KRW 7 billion in 2027.
The largest shareholder is RT Cast, holding a 17.59% stake, and combined with affiliate Daehyun Gigeon (16.36%), the controlling group's stake reaches roughly 34%.
However, no out-licensing deal for the drug pipeline has been signed to date, meaning current revenue is currently driven mainly by CRO services and the new distribution business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩600M | -₩2.2B | −375.4% |
| 2025Q2 | ₩600M | -₩1.5B | −253.6% |
| 2025Q3 | ₩500M | -₩2.1B | −381.6% |
| 2025Q4 | ₩1.8B | -₩1.9B | −110.7% |
| 2026Q1 | ₩700M | -₩1.5B | −210.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩400M | -₩8.3B | -₩7.1B | −2322.3% | −24.3% | 56.2% |
| 2023 | ₩200M | -₩12.2B | -₩13.6B | −5019.5% | −87.9% | 110.2% |
| 2024 | ₩1.1B | -₩7.1B | -₩8.7B | −651.2% | −34.2% | 25.7% |
| 2025 | ₩3.5B | -₩7.8B | -₩8.6B | −222.6% | −30.5% | 45.6% |
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
On a confirmed basis, revenue contracted to KRW 358 million in 2022 and KRW 243 million in 2023, before recovering markedly to KRW 1.08 billion in 2024 and KRW 3.50 billion in 2025.
Operating losses, however, remained large throughout the same period at KRW 8.32 billion, KRW 12.21 billion, KRW 7.05 billion, and KRW 7.80 billion respectively, persisting even as revenue grew.
Net loss attributable to owners was KRW 7.12 billion in 2022, KRW 13.60 billion in 2023, KRW 8.70 billion in 2024, and KRW 8.62 billion in 2025, exceeding operating losses in several years.
Owners' equity fell sharply from KRW 29.22 billion in 2022 to KRW 15.48 billion in 2023, before recovering to KRW 25.44 billion in 2024 and KRW 28.23 billion in 2025 through capital raises. Liabilities declined from KRW 17.06 billion in 2023 to KRW 6.54 billion in 2024, then rose again to KRW 12.87 billion in 2025.
Operating cash flow was negative in every year from 2022 to 2025 (KRW -5.78 billion, -11.24 billion, -5.90 billion, -9.67 billion), underscoring continued reliance on external financing.
On a quarterly basis, revenue held around KRW 590-610 million in the first three quarters of 2025 before jumping to KRW 1.76 billion in the fourth quarter, then falling back to KRW 707 million in the first quarter of 2026.
Quarterly operating losses moderated somewhat from KRW 2.23 billion in the first quarter of 2025 to KRW 1.49 billion in the first quarter of 2026, but still far exceeded revenue.
Aptamer-drug conjugates (ApDC) are gaining attention as an alternative or complementary technology to antibody-drug conjugates (ADC), leveraging the smaller molecular size and shorter half-life of aptamers to improve tissue penetration in solid tumors.
The global pancreatic cancer treatment market is projected to grow from about $2.9 billion in 2021 to about $4.1 billion in 2026, an area of high unmet need that has drawn multiple drug developers.
Domestic peer Aptabio, which uses a similar aptamer-based platform, has partnered with global pharmaceutical company MSD on immuno-oncology co-development, a case often cited as supporting broader market interest in aptamer-based platforms.
However, such partnership outcomes do not apply uniformly across all aptamer platform companies, and Aptamer Sciences has not yet signed an out-licensing deal for its drug pipeline.
The CRO sector is expanding on growing demand for biologic drug bioanalysis amid the global ADC and peptide drug development boom, and Aptamer Sciences participates in this market through its ISS acquisition.
Separately, KOSDAQ bio companies listed under the technology-growth special track face phased revenue-based administrative issue designation requirements once a grace period expires, a regulatory challenge common across many special-listed bio firms including Aptamer Sciences.
According to the company, AST-201 has entered domestic clinical trials following IND approval from the Ministry of Food and Drug Safety and IRB clearance at two hospitals.
The company has stated it expects licensing discussions with a global pharmaceutical partner to advance to the term sheet stage on the back of human proof-of-concept data for liver cancer candidate AST-201, while also planning a combination immuno-oncology trial with a Chinese partner.
For pancreatic cancer candidate AST-203, the strategy is to pursue early out-licensing at the preclinical stage after securing animal study data across multiple indications.
Collaborative research on the ApRC platform, which combines the aptamer conjugate with radioisotope technology, is also underway, which the company says is aimed at expanding its technological influence in the oncology drug market.
On the revenue side, funds raised through the third-party allocation to WELLNEW & CO. are earmarked for the distribution business at KRW 5 billion in 2026 and KRW 7 billion in 2027, making it a watch point whether this becomes an additional revenue driver alongside CRO services.
The KOSDAQ revenue-based listing maintenance threshold rises in steps to KRW 3 billion this year, KRW 7.5 billion by 2027, and KRW 10 billion by 2028, with an exemption if market capitalization exceeds a certain level, meaning both revenue growth pace and market capitalization trends will jointly determine whether the requirement is met going forward.
Aptamer Sciences has posted operating and net losses for multiple consecutive years, leaving its price-to-earnings ratio in loss-making territory where the metric cannot be meaningfully calculated.
Regarding price-to-book, one market data provider's figures put the recent reading in the low 2-times range with a 5-year average of roughly 2.9 times, placing current levels closer to the middle-to-lower part of the historical band rather than the upper end, though this is a reference figure from a specific point in time and methodology that may differ from real-time figures shown on screen.
The company currently maintains a no-dividend policy, meaning shareholder returns are not being distributed via dividends. Repeated capital raises and convertible bond issuances have steadily increased the share count, which has acted as a dilution factor for per-share metrics over time.
The relationship between the share price level relative to net assets and the pace of earnings improvement may evolve depending on future clinical, licensing, and revenue diversification progress.
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
2025 revenue rose sharply to KRW 3.50 billion from KRW 1.08 billion in 2024, clearing the KOSDAQ revenue threshold of KRW 3 billion per year. CRO revenue grew from KRW 900 million in 2024 to a cumulative KRW 1.1 billion through the third quarter of 2025, and a new distribution business now adds a third revenue stream. This suggests a shift away from sole reliance on drug licensing revenue.
Liver cancer candidate AST-201 has entered domestic clinical trials following IND approval and IRB clearance at two hospitals. The company has stated it expects licensing discussions with a global pharmaceutical partner to progress to the term sheet stage upon securing human proof-of-concept data. A combination immuno-oncology trial plan with a Chinese partner is also underway.
Pancreatic cancer candidate AST-203 targets TROP2 to address a market with significant unmet need, pursuing a strategy of early out-licensing at the preclinical stage. Collaborative research on the radioisotope-linked ApRC platform is also underway, indicating platform extensibility.
The global pancreatic cancer treatment market is projected to grow from about $2.9 billion in 2021 to about $4.1 billion in 2026, representing a sizable potential market.
Operating losses persisted in the KRW 7.0-12.2 billion range from 2022 to 2025, with net losses often exceeding this in several years. Operating cash flow was negative in all four years, indicating a high dependence on external financing. Despite revenue growth, the underlying profit-and-loss structure has not substantially improved.
Repeated capital raises, including the third-party allocation to WELLNEW & CO., have continuously increased the share count. The controlling shareholder group's combined stake stands at roughly 34%, and recent capital raises have accompanied changes in the shareholder structure.
A past convertible bond was classified as having a large gap between conversion price and market price, leaving capital structure risks such as early redemption demands in place.
No out-licensing deal for the drug pipeline has been signed to date. The KOSDAQ revenue-based listing maintenance threshold rises in steps from KRW 3 billion this year to KRW 7.5 billion by 2027 and KRW 10 billion by 2028.
If revenue growth fails to keep pace or the pre-tax loss ratio widens again, administrative issue designation risk could resurface.
The KOSDAQ revenue-based listing maintenance requirement is being raised in stages, and the pre-tax loss ratio-related administrative issue designation requirement also remains in place.
Although 2025 revenue exceeded the threshold, if revenue falls below the requirement again or large losses recur, listing eligibility review risk could resurface.
With operating cash flow persistently negative, further external financing through capital raises or convertible bonds may be needed again in the future. This could result in additional share dilution from an increased share count.
Past cases of a gap between convertible bond conversion price and market price could lead to cash outflow pressure if early redemption is demanded.
The drug pipeline, including AST-201, remains at an early clinical or preclinical stage, and clinical outcomes or licensing negotiations could be delayed or fall through relative to the company's expectations. Whether term sheet-stage discussions will lead to an actual contract has not been confirmed.
CRO and distribution business revenue also remain at an early stage and may take time to establish as a stable revenue base.
Check the preliminary third-quarter 2026 results to see whether revenue continues to exceed the KRW 3 billion annual threshold and whether quarterly losses maintain a moderating trend.
The 2026 annual business report will confirm whether full-year revenue met the listing maintenance threshold and whether the pre-tax loss ratio stayed clear of the administrative issue designation requirement.
Disclosures should be monitored to confirm the progress of AST-201's domestic clinical dosing and whether term sheet-stage licensing discussions with a global pharmaceutical partner advance to an actual contract.
Follow-up disclosures or quarterly results should be checked to see how much of the funds earmarked for the distribution business (KRW 5 billion planned for 2026) translate into actual revenue.
If disclosures on convertible bond early redemption requests or new issuances occur, the resulting cash outflow and share dilution impact should be reviewed together.
Aptamer Sciences has broadened its revenue base through CRO and new distribution businesses, achieving 2025 revenue that exceeded the listing maintenance threshold, but operating and net losses have remained large for four consecutive years and operating cash flow has stayed persistently negative.
Lead drug candidate AST-201 has entered domestic clinical trials, and global licensing discussions are described as reaching the term sheet stage, though whether this leads to an actual contract remains unconfirmed.
Repeated capital raises and convertible bond issuances leave dilution and capital structure risks in place, and the KOSDAQ revenue-based listing maintenance requirement rises in steps each year, keeping the pace of revenue growth an important variable going forward.
Given these coexisting bullish and bearish factors, investors should weigh upcoming quarterly results disclosures, clinical and licensing-related announcements, and the revenue contribution of the new distribution business in a balanced manner.
This report does not present a buy or sell opinion or a target price and is intended for informational purposes only.
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.