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
With the court-led rehabilitation dismissed for failure to file a reorganization plan and a delisting injunction pending, quarterly revenue has shrunk to near zero.
The court-led rehabilitation was dismissed after the company failed to file a reorganization plan, removing legal protection from creditor actions.
Celestra sought an injunction against KRX's delisting decision, temporarily halting the liquidation-trading and delisting process.
Q2 2026 revenue came in at zero, indicating the core diagnostics business has effectively stopped generating sales.
Owners' equity turned negative at the 2025 fiscal year-end, marking full capital impairment.
A Samil PwC-led stalking-horse sale process is underway, but securing a new investor remains uncertain.
Celestra, formerly Clinomics, listed on KOSDAQ in late 2020 under the technology special-listing track as a genome-based early cancer and disease diagnostics company.
Its operations are organized into four areas - genome-based healthcare, liquid biopsy platforms, cancer diagnosis and monitoring, and early cancer detection - supported by an in-house bio big data center used for research and commercialization.
The company also pursued global expansion through subsidiaries in the United States and the United Kingdom.
However, to avoid falling below the revenue threshold that triggers management-issue designation, it acquired unrelated businesses in 2023, spending roughly KRW 18.5 billion on New Oriental Hotel and taking a 40% stake in Gageum Nongsan, a mushroom-farming automation company.
Despite raising funds through repeated convertible bond issuances, the acquired hotel never reached normal operations, and the roughly KRW 26 billion invested did not improve results.
In March 2025, the company changed its name from Clinomics to Celestra at an extraordinary shareholders meeting and carried out a 15-to-1 reverse stock split to reduce paid-in capital.
In April 2025, Brand Refactoring, a personal company of the CEO, acquired a 14.12% stake in Dongsung Pharmaceutical to become its largest shareholder, described as part of Celestra's broader new-business strategy even as the parent faced delisting risk, raising industry concern over the outcome.
The company ultimately received a disclaimer of opinion from its auditor due to audit-scope limitations and going-concern uncertainty, triggering delisting grounds and a trading halt.
Celestra filed for court receivership with the Suwon Rehabilitation Court in September 2025 and received a commencement decision on September 30, with the incumbent CEO deemed the receiver without a separate appointment.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩1.6B | -₩2.8B | −174.7% |
| 2025Q3 | ₩1.1B | -₩1.9B | −174.4% |
| 2025Q4 | — | -₩200M | — |
| 2026Q1 | ₩24,087,300 | -₩300M | −1052.6% |
| 2026Q2 | ₩0 | -₩400M | — |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩23.1B | -₩10.8B | -₩10.2B | −46.7% | −19.3% | 82.5% |
| 2023 | ₩11.4B | -₩34.6B | -₩42.4B | −303.2% | −109.8% | 91.0% |
| 2024 | ₩8.5B | -₩28.7B | -₩46.9B | −337.7% | −861.0% | 877.7% |
| 2025 | ₩2B | -₩7.8B | -₩11.8B | −386.5% | — | −395.7% |
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
Consolidated revenue fell for four consecutive years, from KRW 23.08 billion in 2022 to KRW 11.41 billion in 2023, KRW 8.50 billion in 2024, and just KRW 2.01 billion in 2025.
The operating loss widened from KRW 10.78 billion in 2022 to KRW 34.59 billion in 2023 before narrowing to KRW 28.71 billion in 2024 and KRW 7.76 billion in 2025, though the 2025 operating margin remained deeply negative at -386.5%.
Net loss attributable to owners widened from KRW 10.23 billion in 2022 to KRW 42.40 billion in 2023 and KRW 46.92 billion in 2024, before narrowing to KRW 11.77 billion in 2025.
Owners' equity collapsed from KRW 52.94 billion in 2022 to KRW 38.63 billion in 2023 and KRW 5.45 billion in 2024, turning negative at KRW -6.22 billion in 2025, indicating full capital impairment.
Total liabilities actually declined from KRW 48.08 billion in 2024 to KRW 24.63 billion in 2025, which appears to reflect debt adjustments made during the receivership process.
Operating cash flow stayed negative every year - KRW -11.97 billion in 2022, KRW -10.69 billion in 2023, KRW -11.26 billion in 2024, and KRW -5.59 billion in 2025 - showing no internal cash-generating capacity.
On a quarterly basis, the company posted an operating loss of KRW 2.84 billion but a net profit of KRW 3.68 billion in the second quarter of 2025, likely reflecting a one-time item.
It returned to net losses from the third quarter of 2025, and revenue shrank to KRW 24 million in the first quarter of 2026 and to zero in the second quarter, bringing the cumulative net loss attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) to KRW 5.86 billion.
This pattern shows the core diagnostics business has effectively stopped generating revenue amid the ongoing receivership and trading halt.
Korea's genome-based cancer and disease diagnostics market, centered on liquid biopsy, multi-omics analysis, and precision medicine, is generally viewed as a mid-to-long-term growth area.
Several companies, including Macrogen, EDGC, and Genoplan, operate similar genomic analysis and early-diagnosis businesses, forming a competitive landscape.
Celestra, however, never secured meaningful commercial revenue after listing, and its acquisitions of unrelated businesses to meet revenue thresholds ended up worsening its financial structure rather than strengthening it.
Regardless of the industry's growth potential, accumulated company-specific risks - the audit disclaimer, trading halt, and dismissal of the rehabilitation procedure - have severely undermined the foundation needed to compete in the core business.
Without a recapitalization through a new investor, the company currently appears unable to sustain normal research or commercial operations.
Industry participants note that Celestra's tangible assets, including its Ulju production site and Osong research center, could serve as a separate value consideration in any sale process.
As a result, Celestra's position in the market is currently determined less by its underlying technology and more by the progress of the sale and receivership proceedings.
After the September 2025 rehabilitation commencement, Celestra selected Samil PricewaterhouseCoopers as sale advisor and pursued a pre-approval M&A through a stalking-horse process.
However, having failed to secure a confirmed new investor and submit a reorganization plan within the court's extended deadline, the Fourth Division of the Suwon Rehabilitation Court dismissed the rehabilitation procedure under Article 286(1)(1) of the Debtor Rehabilitation and Bankruptcy Act.
The company issued ten announcements seeking investors between September 2025 and June 2026 without securing a deal. Celestra has said it plans to refile for rehabilitation once a new investor is confirmed, but market observers are largely skeptical given the difficulty of attracting fresh capital after the setback.
Separately, KRX decided on June 8 to delist the company, and Celestra filed for an injunction (case number 2026Kahap1390) with the Seoul Southern District Court to suspend the effect of the delisting decision, temporarily halting the liquidation-trading and delisting process pending a final ruling.
In addition, an additional trading-suspension cause tied to a listing-eligibility substantive review was added on May 15, layering onto the existing suspension grounds.
Following the dismissal of the rehabilitation procedure, the risk of individual creditor enforcement actions has resurfaced, and a shift toward liquidation proceedings cannot be ruled out.
As of the 2025 fiscal year-end, owners' equity turned negative, placing the company in a state of full capital impairment that makes conventional book-value-based valuation metrics difficult to interpret. Multi-year losses also mean earnings-based profitability metrics cannot be calculated in a normal way.
With no dividend history, dividend-related metrics carry little comparative meaning here.
Most importantly, trading has been halted for multiple overlapping reasons - the audit disclaimer, the delisting decision, and the dismissal of the rehabilitation procedure - so the currently displayed price should be understood as the last quote before suspension rather than one formed through active trading.
Rather than a typical valuation-band comparison, the progress of the receivership and sale process, and whether a new investor is secured, are likely to be the key variables shaping the company's value going forward.
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
The company holds tangible assets - including its Ulju production site and Osong research center - with a book value of roughly KRW 9.5 billion, cited as a downside-supporting factor in any sale negotiation. Its genomic analysis and multi-omics technology also remains an asset on its own.
Even after the rehabilitation procedure was dismissed, the company has stated it plans to refile once a new investor is confirmed, meaning the possibility of recapitalization is not entirely closed. The Samil PwC-led sale process nominally continues.
The liquid biopsy and multi-omics-based early diagnosis market is still classified as a mid-to-long-term growth industry, leaving potential room to leverage core technology if the company is normalized.
The Suwon Rehabilitation Court dismissed the rehabilitation procedure itself for failure to submit a reorganization plan, removing the legal shield of court receivership and reviving the risk of individual creditor enforcement actions. Market reaction to the news has reportedly been cold.
Q1 2026 revenue was just KRW 24 million and Q2 2026 was zero, showing the core diagnostics business has effectively stopped generating sales. The cumulative net loss attributable to owners over the most recent four quarters reached KRW 5.86 billion.
The hotel and mushroom-farm businesses acquired to avoid management-issue designation were never normalized, and the CEO's personal company separately acquiring a stake in Dongsung Pharmaceutical has added to governance concerns.
KRX has already decided to delist the company, and the process is only temporarily suspended by the injunction. Depending on the outcome of the underlying lawsuit, delisting could still be finalized.
If no new investor is found following the dismissal of the rehabilitation procedure, the company could move toward bankruptcy and liquidation, and market views on the likelihood of a refiling are largely skeptical.
The company was in a state of full capital impairment at the 2025 fiscal year-end, and operating cash flow has stayed negative continuously, meaning normal business operations are not sustainable without external funding.
Watch for the outcome of the underlying lawsuit related to the Seoul Southern District Court injunction against the delisting decision, which will determine whether delisting is finalized.
Check whether the company refiles for rehabilitation and under what terms (investment size, debt-adjustment ratio, etc.).
Check whether revenue recovers, whether full capital impairment persists, and the auditor's opinion.
The review result will determine whether trading resumes or the delisting process proceeds.
Celestra is a KOSDAQ-listed company that once held genome-based diagnostics technology, but unrelated business expansion undertaken to avoid management-issue designation worsened its financial structure, leading to an existential crisis involving delisting and court receivership.
Having failed to submit a reorganization plan, the rehabilitation procedure itself was dismissed, and liquidation trading has been temporarily suspended by an injunction against the delisting decision.
Confirmed financials show revenue falling from KRW 23.08 billion in 2022 to KRW 2.01 billion in 2025 and to zero in the second quarter of 2026, while owners' equity turned negative at KRW -6.22 billion in 2025, marking full capital impairment.
The company has stated it plans to refile for rehabilitation once a new investor is secured, but this depends entirely on the success of that fundraising effort.
While some view the company's tangible assets and genomic analysis technology as a minimal value floor in any sale negotiation, the possibility of a shift toward liquidation is also being discussed.
Investors should sequentially track the outcome of the delisting lawsuit, confirmation of a new investor, and any disclosure of a rehabilitation refiling.
Report written 2026-09-05 · Data as of 2026-09-04
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