KOSDAQBiotech & Pharma299660

Cellid

₩2,430▲ 0.83%2026-10-02 close

Market Cap

₩72.1B

Turnover

₩500M

Volume

200,000 shares

Shares out.

29.5M

PER

—

PBR

—

EPS

-₩926

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

COVID Vaccine Phase 3 Setback, Funding Risk Persists

Cellid is a biotech company developing cancer immunotherapy vaccines and a COVID-19 vaccine, and its core pipeline was set back when the global Phase 3 trial for its COVID-19 vaccine failed to meet its primary endpoint in June 2026.

1
The global Phase 3 trial for COVID-19 vaccine candidate AdCLD-CoV19-1 OMI failed to demonstrate non-inferiority on its primary immunogenicity endpoint, disclosed on June 26, 2026.
2
Cancer immunotherapy vaccine candidates BVAC-C and BVAC-E6E7 remain in clinical development alongside a separate government-funded national new drug program for BVAC-HPVmi.
3
Net loss attributable to owners widened sharply to roughly KRW 19.0 billion in the second quarter of 2026 compared with the prior quarter.
4
The company has repeatedly raised capital through rights offerings to shareholders across 2023 through 2025.
5
The core biotech pipeline still generates no commercial revenue, and recent reported revenue has come mainly from a non-core bakery e-commerce subsidiary.

Business structure

Founded in 2006, Cellid is a vaccine-focused biotech company whose core technologies are the CeliVax cancer immunotherapy vaccine platform and the Ad5/35 adenovirus vector-based infectious disease vaccine platform.

Building on the CeliVax platform, the company has developed a pipeline of cancer immunotherapy vaccine candidates, with clinical development currently focused on BVAC-C, a therapeutic vaccine for HPV16/18-positive cervical cancer, and BVAC-E6E7, targeting HPV16/18-positive head and neck cancer.

An investigator-initiated trial combining BVAC-C with AstraZeneca's immune checkpoint inhibitor Durvalumab is in its final stages, with a publication of the results being prepared.

In June 2026, a follow-on candidate targeting HPV31/33/45/52/58, named BVAC-HPVmi, was selected for a national new drug development program that will provide government funding for 24 months.

On the infectious disease side, COVID-19 vaccine candidate AdCLD-CoV19-1 OMI advanced through a multi-country Phase 3 trial spanning South Korea, Vietnam, and the Philippines, with the platform's ability to swap antigen genes for rapid new vaccine development presented as a key strength.

The company has extended this vector platform into high-risk emerging pathogen vaccine development, participating as a joint research institution in a Marburg virus vaccine project led by the Korea National Institute of Health and the International Vaccine Institute (IVI).

To meet KOSDAQ listing revenue requirements, however, the company acquired a bakery e-commerce business, and a substantial portion of recently reported revenue has come from this non-core operation.

Both the cancer vaccine and COVID-19 vaccine franchises remain clinical-stage with no commercialized products, positioning the company among a field of domestic and global vaccine developers using varied platforms including mRNA and recombinant protein technologies.

Earnings trend

Quarterly revenue · Operating profit

₩2.1B-₩2.4B25Q2₩2.3B-₩2.5B25Q3₩2.8B-₩3.7B25Q4₩3.2B-₩1.6B26Q1₩2.1B-₩2.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩500M-₩14.9B2022-₩12.2B2023₩4.2B-₩12B2024₩8.8B-₩11.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩2.1B	-₩2.4B	−113.2%
2025Q3	₩2.3B	-₩2.5B	−109.2%
2025Q4	₩2.8B	-₩3.7B	−131.1%
2026Q1	₩3.2B	-₩1.6B	−50.3%
2026Q2	₩2.1B	-₩2.5B	−121.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩500M	-₩14.9B	-₩22.9B	−3106.5%	−101.9%	104.4%
2023	—	-₩12.2B	-₩11.6B	—	−28.7%	57.9%
2024	₩4.2B	-₩12B	-₩12.3B	−287.6%	−23.9%	48.6%
2025	₩8.8B	-₩11.3B	-₩12.1B	−128.3%	−16.3%	49.4%

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

Consolidated revenue rose from KRW 480 million in 2022 to KRW 4.17 billion in 2024 and KRW 8.84 billion in 2025, but with the core biotech pipeline still uncommercialized, much of this increase is attributable to non-core operations.

Operating losses have continued at double-digit billion-won scale for four straight years: KRW 14.91 billion in 2022, KRW 12.20 billion in 2023, KRW 11.98 billion in 2024, and KRW 11.34 billion in 2025.

Net loss attributable to owners also remained substantial each year, at KRW 22.86 billion in 2022, KRW 11.61 billion in 2023, KRW 12.26 billion in 2024, and KRW 12.07 billion in 2025.

On a quarterly basis, net loss fluctuated from KRW 2.51 billion in Q2 2025, KRW 2.37 billion in Q3 2025, KRW 4.50 billion in Q4 2025, to KRW 1.48 billion in Q1 2026, before widening sharply to KRW 19.02 billion in Q2 2026.

This Q2 2026 widening coincides with the June 26, 2026 disclosure that the global Phase 3 trial for the COVID-19 vaccine failed to meet its primary endpoint, raising the possibility that one-off items such as asset revaluations related to development costs or financing-related charges were reflected.

The trailing four-quarter sum of net loss attributable to owners (Q3 2025 through Q2 2026) reached approximately KRW 27.38 billion, a wider loss than the preceding four-quarter window.

Operating cash flow remained negative every year from 2022 to 2025, ranging from roughly KRW 7.1 billion to KRW 12.2 billion in outflows, underscoring a continued reliance on external financing rather than core operations for cash generation.

The debt ratio declined from 104.4% in 2022 to 49.4% in 2025, a change better explained by capital raised through rights offerings than by improved profitability.

Industry analysis

The domestic COVID-19 vaccine market is structured around recurring government procurement demand tied to annual concerns over variant resurgence, and the company estimated in a 2024 press release that the domestic government procurement market runs at roughly 15.3 million doses per year, with global demand exceeding 2.78 billion doses annually.

However, large global pharmaceutical companies leading with mRNA vaccines have already captured much of the market, meaning a later-entrant adenovirus vector vaccine developer must clearly demonstrate clinical advantage or cost competitiveness to gain entry.

The difficulty of this competitive landscape was illustrated when the June 2026 global Phase 3 trial, designed to demonstrate non-inferiority against Pfizer's COVID-19 vaccine as the comparator, failed to meet its goal.

The HPV-related therapeutic cancer vaccine field remains an area of unmet need globally, with few commercialized therapeutic vaccines, and combination strategies with immune checkpoint inhibitors are being pursued by multiple developers.

Domestically, R&D funding secured through government-backed programs such as the national new drug development project plays an important role in sustaining development for small and mid-sized biotech companies in this space, and Cellid has itself secured funding through multiple such government-funded projects.

It is also a characteristic of the sector that share price volatility tends to increase as a vaccine-theme stock whenever infectious disease issues gain attention, as seen in a short-term surge in late August 2026 amid renewed COVID-19 resurgence concerns.

Outlook

The company has stated that once the World Health Organization and the U.S. FDA announce their recommended variant strains for the 2026-27 season, it will select and swiftly pursue either a new IND filing for its BA.3.2 variant vaccine currently in development, or a re-filing of the IND for its LP.8.1 variant vaccine.

This plan follows the May 2026 rejection of the Phase 2 IND application for the LP.8.1 variant vaccine by Korea's Ministry of Food and Drug Safety, citing insufficient supporting data.

Regarding the Omicron-targeting vaccine AdCLD-CoV19-1 OMI, following the June 2026 disclosure that the Phase 3 trial missed its primary endpoint, the company has said it is reviewing options to amend the clinical trial plan with reinforced efficacy data, citing favorable safety results relative to the comparator, and is in discussions with regulators with a goal of filing within the year.

In the cancer immunotherapy vaccine segment, publication of final results from the investigator-initiated BVAC-C plus Durvalumab combination trial is anticipated, while lead candidate development for BVAC-HPVmi, targeting HPV31/33/45/52/58, proceeds over 24 months under a national new drug development program.

Marburg virus vaccine candidate development is being conducted jointly with CreoSG under an IVI-led, Korea National Institute of Health-supported project, presented as an opportunity to broaden the application of the Ad5/35 platform.

However, with multiple pipeline programs still at early or mid-stage clinical trials, further confirmed clinical results and regulatory approvals will be required before any reach product licensing or commercialization.

Valuation

PER

—

PBR

—

ROE

-40.7%

EPS

-₩926

BPS

—

Dividend per share

₩0

Cellid has posted operating and net losses for years running, putting it in a range where conventional earnings-based valuation metrics are difficult to apply.

The share price trades above the company's self-calculated book value per share, suggesting a degree of premium to net asset value exists, a pattern that should be considered alongside a financial history of repeatedly funding accumulated losses through capital markets.

No dividends have been paid in recent years, so dividend-related metrics currently carry little meaning. The debt ratio has fallen from levels once exceeding 100% to roughly half that today, but this reflects capital raised through rights offerings rather than a reduction in losses themselves.

The stock continues to show sensitivity to individual events such as clinical trial readouts, government project selections, and patent registrations, a characteristic that makes it difficult to reduce its valuation to earnings or asset value alone.

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

Continued Selection for Government R&D Programs

Cellid was selected in 2026 for a national new drug development project targeting lead candidate BVAC-HPVmi, which will provide government funding for the next 24 months.

Its BVAC-E6E7 candidate was similarly selected for a national new drug development program in 2025, and the company also participates as a joint research institution in a Marburg virus vaccine project led by the Korea National Institute of Health and the International Vaccine Institute.

Such government program selections serve as a channel for offsetting a portion of R&D spending with external funding.

Accumulating Data from Cancer Vaccine Combination Trial

The investigator-initiated trial combining BVAC-C with AstraZeneca's checkpoint inhibitor Durvalumab is in its final stages, with interim results having been presented at international conferences including ASCO, SGO, and AOS.

Once the trial concludes, a publication is planned, potentially expanding the scope of disclosed data. The checkpoint-inhibitor combination approach aligns with a strategy pursued by multiple developers in the HPV-related cancer vaccine field.

Diversification Potential of the Vector Platform

The company is extending its Ad5/35 adenovirus vector platform beyond COVID-19 into high-risk emerging pathogens such as Marburg virus.

It presents the ability to rapidly develop new vaccine candidates by simply swapping antigen genes as a platform strength, arguing that manufacturing and quality-control experience accumulated during COVID-19 vaccine development can be applied to other infectious disease responses.

Bear factors

COVID-19 Vaccine Phase 3 Failure

According to a disclosure on June 26, 2026, the global Phase 3 trial for AdCLD-CoV19-1 OMI failed to demonstrate non-inferiority on its primary immunogenicity endpoint.

The proportion of subjects with at least a fourfold increase in neutralizing antibody titer was 17.12% in the test group versus 42.64% in the comparator group receiving Pfizer's vaccine, falling short of the pre-specified non-inferiority margin.

While the company stated safety data were favorable, the missed primary endpoint represents a direct setback to any conditional approval and commercialization timeline.

Dilution from Repeated Rights Offerings

Cellid raised capital through rights offerings to existing shareholders on three separate occasions between 2023 and 2025, contributing to the increase in shares outstanding.

The lead underwriter noted in a securities registration statement that with revenue not yet materializing and high reliance on external financing, further capital raises could risk diluting shareholder value.

There have also been instances in which the controlling shareholder sold existing holdings to fund participation in a rights offering, drawing scrutiny over governance commitment.

Absence of Revenue from the Core Biotech Business

Cellid's cancer vaccine and COVID-19 vaccine pipelines have no commercialized products and generate no revenue. To meet KOSDAQ listing revenue requirements, the company acquired a bakery e-commerce business, and much of the recent increase in reported revenue is understood to stem from this non-core operation.

As long as the core business remains without revenue, the underlying reliance on external financing is unlikely to be fundamentally resolved.

Risk factors

Clinical and Regulatory Risk

The COVID-19 vaccine's Phase 3 trial missed its primary endpoint, and the Phase 2 IND application for the LP.8.1 variant vaccine was subsequently rejected. The company itself has disclosed to investors that the statistical probability of a clinical drug candidate ultimately reaching approval is only about 10%.

Because any amended or refiled IND must go through discussions with regulators, schedule delays remain a persistent possibility.

Financing and Dilution Risk

With operating cash flow negative for years and accumulated deficits continuing to grow, further capital raises through rights offerings or convertible bonds may be needed going forward.

There is also a history of early redemption (put option) exercises on previously issued convertible bonds, meaning mezzanine financing conditions have not always been favorable. Any further capital raise carries the risk of repeated dilution for existing shareholders.

Revenue Structure and Listing Maintenance Risk

With the core biotech pipeline uncommercialized, revenue is heavily weighted toward non-core operations, making compliance with KOSDAQ listing revenue requirements an ongoing area to monitor.

A structure in which the ratio of pre-tax net loss remains elevated could again raise concerns about administrative issue designation. Should the non-core business also show weak profitability, that could add further pressure to overall results.

What to watch next

Around November 2026 (provisional)
Expected timing for Q3 2026 earnings disclosure; worth checking how R&D spending and profit/loss trends stabilize following the COVID-19 vaccine Phase 3 failure.
After WHO/FDA announce recommended variant strains for the 2026-27 season (timing unconfirmed)
It will be important to confirm which path the company chooses—a new IND filing for BA.3.2 or a re-filing for LP.8.1—and whether regulatory approval follows.
Upon completion of discussions with Korean regulators (timing unconfirmed)
Need to confirm whether an amended clinical trial plan with reinforced efficacy data for the COVID-19 vaccine is actually filed and approved.
Timing of publication (unconfirmed)
Worth monitoring for publication of final results and detailed data from the investigator-initiated BVAC-C plus Durvalumab combination trial.
Upon any future disclosure (ongoing)
Given the growing accumulated deficit and cash flow burden, it is worth continuously monitoring for any disclosure of additional rights offerings or convertible bond issuances.

Overall view

Cellid is a clinical-stage biotech company that has simultaneously developed cancer immunotherapy vaccines and a COVID-19 vaccine, and it suffered a significant setback in its core infectious disease pipeline when the global Phase 3 trial for its COVID-19 vaccine missed its primary endpoint in June 2026.

In the cancer vaccine segment, by contrast, continued selection for government-funded programs such as the national new drug development project has sustained a flow of externally sourced R&D funding.

Annual and quarterly results have shown double-digit billion-won operating and net losses for years, and net losses widened sharply in Q2 2026, coinciding with the timing of the COVID-19 vaccine Phase 3 results disclosure.

The company funded itself through three rights offerings between 2023 and 2025, a process that drew scrutiny over shareholder dilution and sales of shares by the controlling shareholder.

While revenue has grown, much of that growth stems from a non-core e-commerce business rather than the core biotech pipeline, meaning commercialization of the main business still hinges on future clinical results and regulatory approvals.

Going forward, key items to watch include whether a new or refiled IND for a variant-targeted vaccine proceeds, publication of cancer vaccine clinical trial results, and any further disclosures of capital raises.

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.