KOSDAQBiotech & Pharma304840

PeopleBio

₩561 0.00%2026-10-02 close

Market Cap

₩13.6B

Turnover

₩0

Volume

0 shares

Shares out.

24.3M

PER

—

PBR

0.4×

EPS

-₩708

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

From Alzheimer's Diagnostics to an AI/Semiconductor Pivot

PeopleBio, the Alzheimer's blood-test diagnostics company, has renamed itself TimeX AI and added AI data center and semiconductor refurbishing businesses, even as its core diagnostics revenue stays subdued and KOSDAQ listing-maintenance requirements weigh on the stock.

1
FY2025 revenue was KRW 2.85 billion, down from KRW 3.73 billion in 2024, while the operating loss narrowed to KRW 8.38 billion from KRW 15.25 billion in 2023.
2
Q2 2026 revenue reached KRW 1.67 billion, the highest of the past five quarters, while the operating loss narrowed to about KRW 749 million.
3
In a July 2026 extraordinary shareholders' meeting, the company changed its name to TimeX AI and added AI edge data center and semiconductor refurbishing as new growth pillars.
4
Its flagship diagnostic product AlzOn Plus received US FDA Breakthrough Device Designation in August 2026, accelerating its US market entry process.
5
The company's market capitalization remains close to the KOSDAQ maintenance threshold of KRW 20 billion, and real-estate/convertible-bond-related debt remains a key variable.

Business structure

Founded in 2002 and listed on KOSDAQ in 2020 under the technology special-listing track, PeopleBio developed proprietary SI-MDS (protein-misfolding disease diagnostic system) technology to specifically detect oligomers in blood, and its core product is an early Alzheimer's disease blood-test diagnostic.

In Korea it supplies its AlzOn kit to major hospitals and large health-checkup centers, including KMI Korea Medical Institute, Hanaro Medical Foundation, and the Korea Health Management Association, which conducts more than 8 million checkups annually.

Overseas, under the AlzOn Plus brand, it has entered Hungary, Thailand, Malaysia, and Indonesia, partnering with Malaysian distributor DKSH and Europe's largest checkup network, SYNLAB. In August 2026, AlzOn Plus received Breakthrough Device Designation from the US FDA, accelerating its US regulatory pathway.

At a July 2026 extraordinary shareholders' meeting, the company changed its name to TimeX AI and added AI data centers and semiconductor equipment refurbishing as new growth pillars.

Together with its new major shareholder Realitygen, an affiliate of Eastern Networks, it is participating as a co-partner in building an AI edge data center in the Samsung-dong international business district in Seoul, handling project management and core equipment supply and operation.

In the semiconductor segment, it is negotiating with refurbishing partner Systa to supply used 200mm wafer-fabrication equipment to a mid-tier domestic foundry.

Its revenue mix is still centered on AlzOn diagnostic services, automated testing equipment, and consumables, now supplemented by rental income from its Daechi-dong commercial property and emerging new-business revenue.

Earnings trend

Quarterly revenue · Operating profit

₩700M-₩2B25Q2₩1.2B-₩2.1B25Q3₩200M-₩1.7B25Q4₩600M-₩1.5B26Q1₩1.7B-₩700M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩4.4B-₩11.7B2022₩4.5B-₩15.2B2023₩3.7B-₩11.5B2024₩2.9B-₩8.4B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩700M	-₩2B	−269.6%
2025Q3	₩1.2B	-₩2.1B	−174.6%
2025Q4	₩200M	-₩1.7B	−1133.8%
2026Q1	₩600M	-₩1.5B	−230.5%
2026Q2	₩1.7B	-₩700M	−44.9%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩4.4B	-₩11.7B	-₩14.3B	−263.2%	−350.6%	614.3%
2023	₩4.5B	-₩15.2B	-₩16B	−342.4%	−83.6%	40.3%
2024	₩3.7B	-₩11.5B	-₩10.9B	−308.2%	−130.0%	255.3%
2025	₩2.9B	-₩8.4B	-₩15.7B	−293.9%	−54.9%	55.7%

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 was flat at KRW 4.44 billion in 2022 and KRW 4.45 billion in 2023, then fell for two straight years to KRW 3.73 billion in 2024 and KRW 2.85 billion in 2025.

Over the same period, the operating loss widened from KRW 11.70 billion in 2022 to KRW 15.25 billion in 2023, then gradually narrowed to KRW 11.50 billion in 2024 and KRW 8.38 billion in 2025.

However, net loss attributable to owners improved from KRW 16.03 billion in 2023 to KRW 10.91 billion in 2024, only to widen again to KRW 15.71 billion in 2025, diverging from the operating-loss trend.

Operating cash flow also showed a shrinking deficit, from -KRW 13.97 billion in 2022 and -KRW 16.28 billion in 2023 to -KRW 10.91 billion in 2024 and -KRW 5.17 billion in 2025, indicating a slower cash-burn pace.

Owners' equity jumped from KRW 8.39 billion at end-2024 to KRW 28.62 billion at end-2025, a change largely attributable to non-operating capital effects such as the offsetting of a perpetual convertible bond against the Daechi-dong property acquisition.

On a quarterly basis, Q4 2025 revenue fell to just KRW 154 million, yet the net loss attributable to owners reached KRW 10.25 billion — far larger than the same quarter's operating loss of KRW 1.74 billion.

Subsequently, Q1 2026 posted revenue of KRW 643 million, an operating loss of KRW 1.48 billion, and a net loss of KRW 2.05 billion, while Q2 2026 revenue rose to KRW 1.67 billion — the highest of the past five quarters — with the operating loss narrowing to KRW 749 million, though the net loss of KRW 1.94 billion still exceeded the operating loss.

Over the trailing four quarters (Q3 2025 through Q2 2026), the cumulative net loss attributable to owners totaled KRW 15.37 billion, showing continued losses despite significant quarter-to-quarter volatility.

Industry analysis

Korea's Alzheimer's diagnostics market is expanding on the back of an aging population and a growing pool of mild cognitive impairment and early-stage dementia patients; Korea's 2.78 million mild cognitive impairment patients and 590,000 early-stage dementia patients as of 2023 imply more than 3 million potential AlzOn candidates.

The blood-test segment is expected to grow at an average annual rate of 28.5%, with the SI-MDS-based oligomerized beta-amyloid test seen as competitive due to its low cost and simple analysis.

Expanded prescribing of the newly launched dementia drug lecanemab is seen as a demand driver for early diagnostic testing, partly because it is likely to be used as a screening tool ahead of PET-CT.

However, since AlzOn is not part of the standard diagnostic protocol, there are also voices noting that results from AlzOn and PET-CT can be inconsistent even in the same patient, leaving diagnostic-reliability validation as an ongoing task.

Meanwhile, the company's new AI edge data center business is reportedly pursuing a high-margin multiplex business model combining floor-space leasing and fixed monthly cross-connect fees, similar to the neutral-network data center service model of Garbia's core subsidiary KINX, a space where incumbents are already well established, meaning the new entrant still needs to prove its competitiveness.

The semiconductor refurbishing business is likewise riding a trend of rising demand for used equipment from domestic foundries, though contract execution and revenue realization will require more time.

Outlook

The company is in advanced negotiations with refurbishing partner Systa over several supply contracts for used 200mm wafer equipment, aiming to book semiconductor-refurbishing revenue in the second half.

Its data-center partner Realitygen has stated that it plans to finalize the preferred construction contractor by late August, secure project financing (PF) in September, and begin construction of the edge data center around October.

In the biotech segment, building on AlzOn Plus's FDA Breakthrough Device Designation, the company plans to review linkage with the US Medicare reimbursement system, establish a US subsidiary within the year, and pursue US market entry together with a CLIA-certified lab partner currently under discussion.

Management stated that "two to three contract discussions worth tens of millions of dollars are already underway, so an earnings turnaround alongside the data center business is expected in the second half of this year." On the balance-sheet side, the company completed a 2-for-1 share consolidation and proposed offsetting accumulated losses using KRW 79.2 billion of capital surplus, aiming to strengthen its financial structure and build a foundation for future shareholder returns via dividends.

However, these new businesses remain at a pre-contract or pre-construction stage, and the timing and scale of eventual revenue contribution are not yet confirmed.

On KOSDAQ, the market-cap threshold for listing maintenance was raised to KRW 20 billion, and stocks trading below KRW 1,000 were newly included under the delisting criteria, making it an ongoing variable whether the company's market capitalization continues to satisfy this threshold.

Valuation

PER

—

PBR

0.4×

ROE

-93.5%

EPS

-₩708

BPS

₩1,340

Dividend per share

₩0

Because PeopleBio continues to post net losses, earnings-based price-to-earnings valuation remains difficult to compute, so asset-value metrics are relatively more often referenced.

Its price-to-book ratio sits below one, indicating the shares trade at a discount to per-share net asset value, a pattern that can be read as reflecting both repeated capital raises and a revenue structure that has not yet stabilized.

Dividends have not been paid to date, though the company has stated plans to build a future dividend-capable earnings structure by offsetting accumulated losses using capital surplus.

Because the timing of revenue contribution from the new AI data center and semiconductor businesses remains uncertain, and a profit turnaround in the core biotech business has not yet been confirmed, how the gap between asset value and the growth narrative closes over time is likely to be a key point the market will watch.

The company's market capitalization, which sits close to the KOSDAQ listing-maintenance threshold, is a separate variable worth monitoring alongside valuation, particularly from a liquidity and trading-continuity standpoint.

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

Business diversification into AI data centers and semiconductors

The company renamed itself TimeX AI and is participating as a co-partner in the Samsung-dong AI edge data center project with Realitygen, an Eastern Networks affiliate, while also negotiating with Systa to supply used 200mm wafer equipment in the semiconductor segment.

Q2 2026 revenue reached KRW 1.67 billion, the highest of the past five quarters, with new revenue sources such as Daechi-dong property rental income beginning to contribute. If the diversification takes hold, it has the potential to move the company beyond its single-product diagnostics revenue structure.

FDA designation lays groundwork for US market entry

In August 2026, AlzOn Plus received Breakthrough Device Designation from the US FDA, granting it regulatory support such as early-stage consultation with a dedicated reviewer and expedited review.

The company is pursuing a US subsidiary and a CLIA-certified lab partnership while also reviewing Medicare reimbursement linkage, which, if successful, could become a catalyst for overseas revenue diversification.

Balance-sheet cleanup and narrowing operating losses

The company used KRW 79.2 billion of capital surplus to eliminate most of its accumulated deficit and completed a 2-for-1 share consolidation.

Based on confirmed figures, the operating loss narrowed from KRW 15.25 billion in 2023 to KRW 8.38 billion in 2025, while operating cash outflow eased from -KRW 16.28 billion in 2023 to -KRW 5.17 billion in 2025.

Bear factors

Core AlzOn diagnostics revenue stagnation

In contrast to the growing number of partner facilities, AlzOn revenue jumped from about KRW 100 million in 2021 to KRW 2.8 billion in 2022 and rose further to KRW 4.0 billion in 2023, but growth then decelerated.

Confirmed consolidated revenue similarly declined from the KRW 4.4 billion range in 2022 to the KRW 2.85 billion range in 2025, exposing the limits of relying on a single product for growth.

While the company has cited temporary factors such as the medical-sector strike, whether it can generate structural demand remains an open question.

Widening net losses and non-operating volatility

Net loss attributable to owners widened to KRW 15.71 billion in 2025 from KRW 10.91 billion in 2024, and in Q4 2025 in particular, the net loss exceeded KRW 10.2 billion even though revenue was only about KRW 154 million, far outpacing the KRW 1.74 billion operating loss for the same quarter.

This underscores continued volatility in non-operating items such as financial costs or asset/liability valuation effects.

Execution uncertainty in new businesses

The Samsung-dong AI edge data center project targets PF financing in September and construction start in October, meaning it remains at the planning stage without any revenue realized so far, while the semiconductor segment's used 200mm wafer equipment supply is still under negotiation rather than finalized.

Both businesses depend heavily on related or partner entities such as Realitygen and Systa, meaning execution progress could hinge on those partners' capabilities.

Risk factors

Listing-maintenance requirement risk

The KOSDAQ market-cap threshold for listing maintenance was raised to KRW 20 billion, and stocks trading below KRW 1,000 were newly included under the delisting criteria.

The company raised its nominal share price via a 2-for-1 consolidation, but as noted, a share consolidation only changes the share count and per-share price, without automatically improving corporate value or financial soundness, so whether market capitalization satisfies the threshold for 30 consecutive trading days remains the key issue.

Real estate and debt structure risk

The company acquired a KRW 98.3 billion property in Daechi-dong, Seoul, by offsetting the purchase price against a perpetual convertible bond, and if the resale is delayed, it could be left holding a KRW 62.7 billion balance-payment obligation, with the estimated annual interest burden — including the perpetual CB — reaching around KRW 4 billion, a figure that exceeds last year's consolidated revenue. Whether the property resale is completed is a key variable determining the financial burden.

Disclosure reliability and related-party transaction risk

The company was placed under advance notice for unfair-disclosure designation due to the withdrawal of a third-party private placement decision and a management-change agreement withdrawal, with a designation decision deadline of March 16, 2026.

Its new major shareholder, Realitygen (an Eastern Networks affiliate), has emerged as the key counterparty in both capital raising and the new data center/semiconductor businesses, warranting continued attention to disclosure and governance risk stemming from concentrated related-party dealings.

What to watch next

September-October 2026
Check whether project financing (PF) for the Samsung-dong AI edge data center is completed and whether construction actually begins.
Q4 2026 (October-December)
Verify whether semiconductor refurbishing revenue (used 200mm wafer equipment) is actually recognized in this period, and at what scale.
Around November 2026 (Q3 report disclosure)
Review the Q3 report for revenue contribution from the biotech, data center, and semiconductor segments, and check the trend in net losses.
Ongoing monitoring
Monitor whether the company sustains the KOSDAQ KRW 20 billion market-cap requirement for 30 consecutive trading days, and whether the risk of management-issue designation materializes.
By end of 2026
Track progress on AlzOn Plus's follow-up FDA-related steps, including establishment of a US subsidiary, a CLIA lab partnership, and review of Medicare reimbursement linkage.

Overall view

PeopleBio is attempting to transform itself from an Alzheimer's early-diagnostics company into a diversified growth company by adding AI data center and semiconductor refurbishing businesses, a shift reflected in its name change to TimeX AI.

Based on confirmed results, annual revenue fell from the KRW 4.4 billion range to the KRW 2.85 billion range between 2022 and 2025, while the operating loss narrowed from KRW 15.25 billion in 2023 to KRW 8.38 billion in 2025; in Q2 2026, revenue rose to KRW 1.67 billion, the highest of the past five quarters, with the operating loss narrowing further to about KRW 749 million.

However, net loss attributable to owners widened again to KRW 15.71 billion in 2025, and Q4 2025 saw a net loss far larger than the operating loss for that quarter, underscoring continued non-operating volatility.

The new AI edge data center and semiconductor used-equipment supply businesses remain at a pre-construction or pre-contract stage, and even the biotech business, having secured FDA Breakthrough Device Designation, will take time before it translates into US market revenue.

The company's market capitalization, which sits close to the KOSDAQ listing-maintenance threshold, along with real-estate and convertible-bond-related debt burdens, remain variables that must be weighed together when assessing its financial health.

Ultimately, how this company is judged will depend on how quickly the new businesses can be executed alongside a recovery in the profitability of its existing biotech operations.

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.