KOSDAQBiotech & Pharma378800

Shaperon

₩2,635▲ 3.94%2026-10-02 close

Market Cap

₩24.4B

Turnover

₩300M

Volume

110,000 shares

Shares out.

9.3M

PER

-1.2×

PBR

0.9×

EPS

-₩2,035

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

NuGel Miss, Beauty Unit Pivot

With lead candidate NuGel failing its Phase 2b Part 2 primary endpoint, Chaperone is diversifying its revenue base through the consolidation of beauty subsidiary Needstech.

1
NuGel's global Phase 2b Part 2 trial missed its primary endpoint as announced in June 2026, and the company is conducting additional analysis through September.
2
Chaperone acquired a 60% stake in beauty and healthcare firm Needstech in July 2026, with results to be consolidated starting in the third quarter.
3
Consolidated operating losses widened for four straight years from the KRW 11 billion range in 2022 to the KRW 15.8 billion range in 2025, with operating cash flow negative every year.
4
The company expects the KOSDAQ management-issue designation warning tied to the share price requirement to be resolved once its 5-for-1 face value consolidation listing is completed at the end of September 2026.
5
The company holds roughly KRW 25 billion in cash and equivalents as of mid-2026 and early-redeemed a convertible bond issued in April by August.

Business structure

Chaperone is an immune-modulation platform biotech founded in 2008 that has developed anti-inflammatory and immuno-oncology pipelines based on the Damage-Associated Molecular Pattern (DAMP) theory.

Its lead candidate is NuGel, a topical atopic dermatitis treatment that inhibits inflammasome activity via GPCR19 and has advanced through a US FDA Phase 2b trial.

The company also holds Alzheimer's disease candidate NuCerin and CD47/PD-L1 bispecific nanobody immuno-oncology candidate Papiliximab, alongside four Phase 1-completed assets it is seeking to commercialize or out-license: acute respiratory distress syndrome candidate NuSepin, diabetic foot ulcer candidate NuDifin, and pulmonary fibrosis candidate NuPulin.

In July 2026, the company acquired a 60% stake in beauty device and healthcare firm Needstech, which posted roughly KRW 17.1 billion in revenue in 2025, becoming its controlling shareholder.

Needstech's healthcare brand Hugrab and skincare brand Vude will be consolidated into Chaperone's financials starting in the third quarter of 2026. The company plans to leverage its US subsidiary Hudson Therapeutics as a base for expanding Needstech products into North America.

In the first quarter of 2026, revenue rose sharply year-on-year on higher research-service revenue and beauty segment product sales, though drug development cost burdens persisted.

The drug pipeline has yet to reach commercialization, and revenue is currently generated mainly from research services, royalties, and the newly consolidated beauty business.

Earnings trend

Quarterly revenue · Operating profit

₩0-₩3.4B25Q2₩200M-₩4.4B25Q3₩48,420,246-₩4.4B25Q4₩65,400,036-₩3.7B26Q1₩41,172,633-₩3.1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩2B-₩11B2022₩200M-₩13.2B2023₩17,704,497-₩15.1B2024₩200M-₩15.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩0	-₩3.4B	—
2025Q3	₩200M	-₩4.4B	−2617.5%
2025Q4	₩48,420,246	-₩4.4B	−9183.7%
2026Q1	₩65,400,036	-₩3.7B	−5607.8%
2026Q2	₩41,172,633	-₩3.1B	−7565.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩2B	-₩11B	-₩10.7B	−551.5%	−36.5%	20.1%
2023	₩200M	-₩13.2B	-₩12.4B	−6145.5%	−65.3%	31.7%
2024	₩17,704,497	-₩15.1B	-₩14.9B	−85523.5%	−93.1%	20.5%
2025	₩200M	-₩15.8B	-₩15.5B	−6952.9%	−62.8%	12.7%

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 fell sharply from KRW 2.0 billion in 2022 to KRW 0.22 billion in 2023 and KRW 18 million in 2024, before recovering modestly to KRW 0.23 billion in 2025.

With the drug pipeline still pre-commercial and an R&D-heavy cost structure, operating losses widened for four straight years, from KRW 11.03 billion in 2022 to KRW 13.23 billion in 2023, KRW 15.14 billion in 2024, and KRW 15.84 billion in 2025.

Net loss attributable to owners grew similarly, from KRW 10.67 billion to KRW 12.40 billion, KRW 14.90 billion, and KRW 15.53 billion over the same period, while operating cash flow was negative every year, ranging from KRW 7.95 billion to KRW 16.74 billion in outflows, underscoring reliance on external financing to sustain operations.

On a quarterly basis, operating losses of KRW 3.37 billion in Q2 2025, KRW 4.39 billion in Q3 2025, and KRW 4.45 billion in Q4 2025 narrowed somewhat to KRW 3.67 billion in Q1 2026 and KRW 3.11 billion in Q2 2026.

However, the Q2 2026 net loss attributable to owners of KRW 3.70 billion exceeded the operating loss, a gap attributed to non-operating items such as convertible-bond-related finance costs in addition to clinical trial expenses.

The company disclosed that its first-half 2026 pretax loss of KRW 7.24 billion had already reached 84.8% of the full-year pretax loss estimate presented in last year's rights offering securities registration statement, citing finance costs tied to an April convertible bond issuance and US Phase 2b trial expenses as the main drivers.

Total equity declined from KRW 29.28 billion in 2022 to KRW 19.00 billion in 2023 and KRW 16.00 billion in 2024 before rising back to KRW 24.74 billion in 2025, reflecting external capital raises offsetting persistent net losses.

The debt ratio rose from 20.1% in 2022 to 31.7% in 2023 before falling to 20.5% in 2024 and 12.7% in 2025, indicating that absolute financial leverage has remained low.

Industry analysis

The global atopic dermatitis treatment market is led by JAK inhibitors and PDE4 inhibitors, with JAK inhibitors estimated to generate about KRW 2.3 trillion and PDE4 inhibitors about KRW 1.5 trillion in 2025 sales. The market is projected to grow at an 8.2% compound annual rate to roughly KRW 37.9 trillion by 2032.

However, the space already features approved drugs from large global pharmaceutical companies such as ruxolitinib (Opzelura), placing pressure on later-stage pipelines to demonstrate differentiated efficacy and safety.

NuGel advanced through a US Phase 2b trial with a differentiated GPCR19-mediated inflammasome-inhibition mechanism, but its competitive standing was shaken after Part 2 results announced in June 2026 failed to meet the primary endpoint.

The company has attributed the elevated placebo response partly to moisturizer use, lesion severity distribution, and inter-rater variability, and is reviewing a follow-on strategy narrowing the target population to steroid-refractory adult patients.

Within Korea's KOSDAQ biotech sector, the company is still classified as a small pre-commercial drug developer, and the newly consolidated beauty subsidiary shifts its sector profile into a hybrid of drug development and consumer goods, adding a new variable to competitive assessment.

In the domestic home beauty device market, Needstech is known for building online and offline channel competitiveness through a direct, owned-mall-centered sales structure and rapid growth.

Outlook

The company plans to complete additional CRO analysis of NuGel's global Phase 2b Part 2 data by September 2026, using the results to finalize whether to adopt a quasi-registrational study and to shape its Phase 3 IND filing strategy.

Follow-on development is being reviewed with a priority focus on 'steroid-refractory' adult patients who show insufficient response or repeated relapse with standard topical steroid treatment.

The company intends to pursue global licensing discussions in parallel, using integrated analysis of domestic Phase 1 and 2a data together with global Phase 2b Part 1 and Part 2 data, citing improvement in the key IGA-TS endpoint.

The remaining Phase 1-completed assets NuSepin, NuDifin, and NuPulin, along with Alzheimer's candidate NuCerin, are also being pursued individually for commercialization or licensing, with NuSepin under discussion with malaria drug consortium MMV for potential application in acute respiratory distress syndrome.

Financially, the company held roughly KRW 25 billion in cash and equivalents as of mid-2026 and early-redeemed an April-issued convertible bond in August, removing the associated liability.

On the diversification front, Needstech's 2026 targets of revenue above KRW 20 billion and operating profit above KRW 2 billion, along with expansion into North America and Greater China, are key variables that will begin flowing into consolidated results from the third quarter.

The company also expects its 5-for-1 face value consolidation listing to be completed at the end of September 2026, resolving the KOSDAQ share-price-related management-issue designation warning.

Valuation

PER

-1.2×

PBR

0.9×

ROE

-113.3%

EPS

-₩2,035

BPS

₩2,940

Dividend per share

₩0

The share price sits close to book value per share, suggesting a range without a large premium or discount to net asset value. However, with large operating and net losses continuing every year, earnings-based valuation metrics remain unavailable.

Looking at the most recent four quarters (Q3 2025 through Q2 2026), the net loss level has not narrowed meaningfully versus the preceding four quarters, suggesting earnings have not yet entered a recovery phase. The company pays no dividend, making yield-based comparisons of limited relevance.

The Needstech consolidation could change how balance-sheet and equity metrics are interpreted as the consolidated revenue base expands, but this needs to be confirmed in results from the third quarter of 2026 onward.

The recent 5-for-1 face value consolidation and associated relisting change the basis for per-share metric calculations, so figures before and after the consolidation should not be compared directly; judgments should instead rely on figures disclosed after the relisting is completed.

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

Multiple Pipeline Assets for Potential Licensing

Phase 1-completed assets NuSepin, NuDifin, and NuPulin, along with Alzheimer's candidate NuCerin, are being pursued for commercialization separately from NuGel, partially diversifying single-pipeline risk.

NuSepin in particular is being discussed with international consortium MMV for application in acute respiratory distress syndrome, securing a separate global partnership pathway. NuGel's disappointing data does not entirely determine the company's overall commercialization strategy.

Revenue Diversification via Needstech Consolidation

In July 2026, the company acquired a 60% stake in beauty device firm Needstech, which had grown through a direct, owned-mall-centered sales structure, becoming its controlling shareholder, with results to be consolidated from the third quarter.

Needstech is reported to have no accumulated deficit and to operate on an essentially debt-free basis. Adding consumer-goods revenue and cash generation to a structure that previously lacked meaningful revenue is a factor that partially eases financial risk.

Stable Cash Position and Low Leverage

The company held roughly KRW 25 billion in cash and equivalents as of mid-2026 and early-redeemed an KRW 8.6 billion convertible bond issued in April by August, eliminating the associated liability and future conversion possibility.

The debt ratio also remained low at 12.7% in 2025, indicating limited financial leverage burden. This could support relatively comfortable negotiating leverage in follow-on clinical or commercialization discussions.

Bear factors

Lead Pipeline Missed Primary Endpoint

Lead candidate NuGel's global Phase 2b Part 2 trial was announced in June 2026 to have missed its primary endpoint, weakening the basis for licensing negotiations.

The company has attributed the elevated placebo response to moisturizer use and inter-rater variability, but this remains a company interpretation not yet validated by regulators or outside experts.

Analysts note that if additional analysis fails to confirm clear efficacy evidence, a scale-down or discontinuation of development cannot be ruled out.

Persistent Large Losses and Reliance on External Financing

Operating losses widened for four straight years since 2022 to reach KRW 15.84 billion in 2025, and operating cash flow has been negative every year, making it difficult to sustain R&D and operations without external financing.

In the first half of 2026, the pretax loss already reached 84.8% of the full-year estimate, driven partly by convertible-bond-related finance costs. If additional financing such as rights offerings or convertible bond issuances is needed going forward, dilution pressure on existing shareholders could increase.

New Earnings Variable from Needstech Consolidation

While Needstech's 2025 revenue remained similar to the prior year, net income swung from a profit of KRW 1.8 billion to a loss of KRW 0.1 billion, showing that revenue growth and profitability did not necessarily move together.

Industry observers have raised concerns that if Needstech fails to achieve an operating profit turnaround in 2026, Chaperone's consolidated losses could actually widen.

The exercise price of the call option on the remaining 40% stake is also tied to future performance, leaving uncertainty around additional acquisition costs if the subsidiary underperforms.

Risk factors

Clinical and Regulatory Risk

Following the primary endpoint miss in NuGel's Part 2 trial, whether to adopt additional analysis or a quasi-registrational study has not yet been finalized, and the timing and design of a Phase 3 trial could change depending on regulatory consultation outcomes.

The strategy of narrowing the target population to steroid-refractory patients also remains at the review stage.

Financial and Dilution Risk

The company has a history of funding persistent net losses through rights offerings and convertible bond issuances, and total equity has fluctuated significantly each year depending on losses and capital raises. Any future financing round could again lead to dilution for existing shareholders.

Listing Maintenance Risk

Under KOSDAQ listing rule Article 53, the company is under a management-issue designation warning after its common share closing price stayed below KRW 1,000 for 30 consecutive trading days, and the company expects this to be resolved only once its 5-for-1 face value consolidation relisting is completed at the end of September.

There remains a possibility of temporary management-issue designation if the 30-day requirement is triggered again before the relisting is completed.

What to watch next

September 2026
Check whether the CRO's additional analysis of NuGel's global Phase 2b Part 2 data is completed and whether the company announces its quasi-registrational study decision and Phase 3 IND strategy.
Late September 2026
Confirm whether the 5-for-1 face value consolidation relisting is completed and whether the KOSDAQ management-issue designation warning is resolved.
Around November 2026 (Q3 report filing)
Check Needstech's revenue and profit contribution in the third-quarter 2026 results, its first consolidated quarter, and progress toward its annual targets of KRW 20 billion in revenue and KRW 2 billion in operating profit.
Fourth quarter 2026
Monitor progress in discussions with MMV on NuSepin's application in acute respiratory distress syndrome and any licensing or partnership news for the other Phase 1-completed pipeline assets.
Ongoing
Watch for disclosure of outcomes from the strategic investment proposals under review or any new partnership or contract announcements.

Overall view

Chaperone has entered a phase in which its drug-development story centered on atopic dermatitis treatment NuGel is being combined with consumer-goods revenue from beauty subsidiary Needstech.

The primary endpoint miss announced in June 2026 for NuGel's global Phase 2b Part 2 trial weighs on the lead pipeline's licensing negotiations, and the company plans to finalize additional analysis and a follow-on development strategy by September.

Financially, operating losses have widened for four consecutive years and operating cash flow has remained negative every year, sustaining a structure dependent on external financing.

Still, short-term financial risk has been partly managed through roughly KRW 25 billion in cash and equivalents as of mid-2026 and the early redemption of a convertible bond, while the Needstech consolidation is set to expand the consolidated revenue base from the third quarter.

The company expects its 5-for-1 face value consolidation relisting, due at the end of September, to resolve the management-issue designation warning, though listing-related risk remains until then.

Confirmation of follow-on clinical data for the drug pipeline and Needstech's actual earnings contribution are likely to be the key variables shaping future assessments of the company.

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.