KOSDAQBiotech & Pharma382150

Oncocross

₩3,720▼ 0.80%2026-10-02 close

Market Cap

₩49.2B

Turnover

₩93,120,615

Volume

20,000 shares

Shares out.

13.1M

PER

—

PBR

3.1×

EPS

-₩543

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

Revenue Stagnates as Business Model Expands

OnCoCross is expanding from drug repositioning services into ADC and data-banking businesses, but revenue growth still falls well short of the targets presented at its IPO.

1
2025 revenue fell sharply to KRW 370 million from KRW 1.07 billion in 2024, while the operating loss widened to KRW 8.83 billion.
2
In September 2026 the company signed an antibody-drug conjugate (ADC) co-development deal with Aptis, extending its business from analysis services into candidate development.
3
In April 2026 the company absorbed OncoMaster to secure a cancer-patient cohort of roughly 10,000 people, though the absorbed entity was in full capital impairment.
4
The debt ratio jumped from 10.2% in 2024 to 116.5% in 2025, and operating cash flow has remained negative for five consecutive years.
5
In Q2 2026, net income attributable to owners briefly turned positive even as the operating loss continued, reflecting significant earnings volatility.

Business structure

OnCoCross is a precision-medicine AI company centered on RAPTOR AI, a platform that analyzes gene-expression (transcriptomic) data to identify new indications and combination therapies for existing drugs.

Most of its revenue comes from drug-evaluation analysis services sold to pharmaceutical companies, with clients including Daewoong Pharmaceutical, Dong Wha Pharmaceutical, JW Pharmaceutical and Boryung domestically, and 4P-Pharma of France and AlphaMol Science of Switzerland internationally.

According to Bloter, last year's entire revenue came from analysis services, and analysis services still accounted for 84.3% of revenue in the first half of this year, while co-development revenue was zero from 2024 through the first half of this year.

In April 2026 the company absorbed OncoMaster, a holder of cancer-patient cohort data, internalizing a genomic and clinical data asset, and Yuhan Corporation, formerly OncoMaster's second-largest shareholder, became an OnCoCross shareholder through the merger.

In January of the same year the company invested KRW 2 billion in proteomics firm OmicsAI, expanding into next-generation analysis areas such as targeted protein degradation (TPD).

In September 2026 it signed a co-development agreement with ADC specialist Aptis to jointly discover cancer targets and antibody candidates, extending its role beyond providing analysis results into actual candidate development.

That contract, combining upfront payment and staged milestones, totals KRW 2.8 billion, with additional revenue sharing if Aptis licenses the resulting assets to a third party.

The company is discussed alongside domestic AI drug-discovery peers such as Paros IBio, Syntekabio and Protina, and positions its specialization in expanding indications for drugs that have already completed preclinical or clinical testing as a differentiator from early-stage candidate-discovery competitors.

Earnings trend

Quarterly revenue · Operating profit

₩100M-₩1.9B25Q2₩29,180,750-₩2.4B25Q3₩100M-₩2.2B25Q4₩200M-₩2.5B26Q1₩58,122,500-₩2.7B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩200M-₩10B2022₩91,524,496-₩6.8B2023₩1.1B-₩7B2024₩400M-₩8.8B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩100M	-₩1.9B	−1356.4%
2025Q3	₩29,180,750	-₩2.4B	−8104.5%
2025Q4	₩100M	-₩2.2B	−1567.1%
2026Q1	₩200M	-₩2.5B	−1503.2%
2026Q2	₩58,122,500	-₩2.7B	−4642.0%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩200M	-₩10B	-₩10.2B	−6655.3%	−217.3%	78.9%
2023	₩91,524,496	-₩6.8B	-₩4.2B	−7440.6%	−25.6%	6.7%
2024	₩1.1B	-₩7B	-₩6.5B	−649.6%	−31.7%	10.2%
2025	₩400M	-₩8.8B	-₩8.9B	−2383.0%	−66.8%	116.5%

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

Earnings analysis

OnCoCross's revenue moved from KRW 150 million in 2022 to KRW 92 million in 2023 and KRW 1.07 billion in 2024, before falling sharply again to KRW 370 million in 2025.

Quarterly revenue was similarly volatile, at KRW 138 million in Q2 2025, KRW 29 million in Q3, KRW 141 million in Q4, KRW 167 million in Q1 2026 and KRW 58 million in Q2 2026, showing no stable revenue base.

The operating loss narrowed from KRW 10.00 billion in 2022 to KRW 6.81 billion in 2023 and KRW 6.96 billion in 2024, before widening again to KRW 8.83 billion in 2025, and the quarterly operating loss has been trending wider, from KRW 1.87 billion in Q2 2025 to KRW 2.70 billion in Q2 2026.

Net income attributable to owners also failed to show a clear improving trend, moving from -KRW 10.20 billion in 2022 to -KRW 4.21 billion in 2023, then widening again to -KRW 6.48 billion in 2024 and -KRW 8.93 billion in 2025.

Notably, in Q2 2026 net income attributable to owners briefly turned positive at +KRW 1.01 billion even as the operating loss continued at KRW 2.70 billion, a swing that appears driven by non-operating factors rather than any underlying improvement in operating profitability.

Total equity fell from KRW 20.46 billion in 2024 to KRW 13.37 billion in 2025, while total liabilities surged from KRW 2.09 billion to KRW 15.58 billion over the same period, pushing the debt ratio from 10.2% to 116.5%.

Operating cash flow has been negative for five straight years, at -KRW 8.20 billion in 2022, -KRW 4.91 billion in 2023, -KRW 5.52 billion in 2024 and -KRW 7.41 billion in 2025, indicating continued cash burn.

According to Topdaily, the roughly tenfold gap between the 2025 revenue target of KRW 3.7 billion presented in the IPO prospectus and the actual result of KRW 370 million drew criticism over the reliability of the company's original earnings projections.

Industry analysis

Korea's AI drug-discovery industry is at an early growth stage with several listed and unlisted companies—including Paros IBio, Syntekabio and Protina—competing under distinct business models spanning candidate discovery, platform licensing and clinical-stage indication expansion.

OnCoCross is differentiated by its specialization in expanding indications and identifying combination therapies for drugs that have already completed preclinical or clinical testing, setting it apart from early-stage candidate-discovery peers.

Domestic and global AI drug-discovery firms have recently been expanding into next-generation modalities such as ADCs, bispecific antibodies and targeted protein degradation (TPD), and OnCoCross has joined this trend through the unveiling of RAPTOR AI 2.0 and its ADC co-development with Aptis.

Industry observers note growing interest among global pharmaceutical companies in real-world-data (RWD)-based platforms that use actual patient tissue, blood and clinical information, in contrast to earlier AI platforms that relied on cell-line-based data.

OnCoCross has emphasized its data competitiveness in this trend, combining roughly a decade of accumulated cancer-patient data covering about 10,000 patients with the cohort data acquired through the OncoMaster acquisition.

However, the AI drug-discovery sector as a whole still has a limited track record of major licensing deals or clear revenue growth, leaving the pace at which individual companies' pipeline progress and contracts convert into actual revenue as the key variable.

Outlook

The company has framed 2026 as the year it moves beyond RAPTOR AI-centered analysis services to launch a Digital Bio-Banking (DBB) business spanning proteomic and metabolomic analysis, aiming to broaden its revenue base.

Toward this end, it signed a proteomic analysis service agreement with OmicsAI in July 2026, running from July 1 to December 31, 2026, with 50% of the contract amount paid on July 31, 25% as an interim payment on October 30, and the remaining 25% settled on December 31.

It is also working to combine the clinical and genomic data acquired through the OncoMaster absorption with its RAPTOR AI and ONCOfind platforms to enhance cancer-indication discovery and biomarker exploration capabilities.

Regarding the ADC co-development agreement with Aptis, CEO Kim Yi-rang stated that the company plans to sign several additional similar co-development contracts.

In June 2026 the company unveiled its next-generation platform "RAPTOR AI 2.0" at Bio USA in the United States and held meetings with global pharmaceutical companies, while in April it presented preclinical results for its pancreatic cancer pipeline OC212e at the American Association for Cancer Research (AACR), pursuing overseas marketing and pipeline promotion in parallel.

As a technology-special-listed company, it has a grace period through 2028 before delisting risk tied to the revenue requirement (below KRW 3 billion) could become an issue, making the expansion of its revenue base within this window an important task.

However, given that actual results have fallen well short of the company's own targets for two consecutive years since listing, it will be important to track quarterly how much and how quickly newly announced contracts and businesses convert into actual revenue.

Valuation

PER

—

PBR

3.1×

ROE

-42.6%

EPS

-₩543

BPS

₩1,111

Dividend per share

₩0

Because of its continuous operating losses, OnCoCross is difficult to value on an earnings basis, and valuation discussions instead tend to focus on the share price relative to book value.

The current share price trades at a level reflecting a considerable premium to net asset value, which may be interpreted as the market pricing in expectations for future business-model expansion and pipeline progress rather than current profit or asset scale.

The company pays no dividend, so a dividend-based comparison does not apply.

The multi-year gap between revenue targets and actual results, along with the recent rise in the debt ratio, are factors that could also affect the stability of the underlying asset-value calculation and should be considered alongside any book-value comparison.

How recent business-model changes—such as the ADC co-development with Aptis and the expanded data assets from the OncoMaster merger—affect future revenue and earnings structure will likely be a key variable in whether the premium to book value persists.

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

Bull factors

Business Model Diversification

The company is expanding beyond its analysis-service-centric revenue structure into ADC co-development with Aptis and a data-banking business via the OncoMaster merger.

The Aptis contract includes a separate revenue-sharing structure upon any licensing, alongside the upfront payment and milestones, leaving room for additional performance-based revenue.

The company has stated it plans to sign several more similar co-development contracts, suggesting further business expansion may follow.

Global Partnering Activity

In June 2026 the company unveiled its next-generation platform RAPTOR AI 2.0 at Bio USA and held meetings with global pharmaceutical companies. In April it presented preclinical data on its pancreatic cancer pipeline OC212e at AACR, pursuing academic validation of its pipeline in parallel.

The company said global pharmaceutical companies showed interest in its platform competitiveness based on real patient real-world data.

Expanded Data Assets

Through the OncoMaster absorption, the company secured genomic and clinical data on roughly 10,000 cancer patients drawn from over 50 university hospitals.

Through the OmicsAI investment and a proteomic analysis service contract, it is building a multi-omics-based Digital Bio-Banking business that also incorporates proteomic data.

Media reports have noted that long-term follow-up data on Asian cancer patients is viewed as a scarce asset relative to Western-centric datasets.

Bear factors

Large Gap Versus Revenue Targets

Actual 2025 revenue of KRW 370 million came in at only about one-tenth of the KRW 3.7 billion target presented in the IPO prospectus. 2024 revenue of KRW 1.07 billion also fell short of the KRW 1.2 billion target.

This gap suggests that careful scrutiny is warranted when assessing the feasibility of the company's future business plans.

Deteriorating Financial Structure

The debt ratio surged from 10.2% in 2024 to 116.5% in 2025, while total equity fell from KRW 20.46 billion to KRW 13.37 billion. Operating cash flow has been negative for five consecutive years, indicating continued cash burn. The possibility of an ongoing need for external funding cannot be ruled out.

Earnings Volatility and Forecast Uncertainty

While the operating loss has widened every quarter, net income briefly turned positive only in Q2 2026, creating a large gap between operating and net results. Quarterly revenue has also swung widely, from around KRW 100 million to about KRW 60 million, making stable revenue forecasting difficult. This volatility makes it hard to judge the company's business performance on a quarter-by-quarter basis.

Risk factors

Revenue Concentration Risk

Most revenue depends on analysis-service contracts, and co-development revenue has been zero from 2024 through the first half of 2026. The timing and scale at which newly signed ADC co-development or the Digital Bio-Banking business will translate into actual revenue have not yet been confirmed. Delays or reductions in any individual contract could have an outsized impact on total revenue.

Financial Soundness Risk

The debt ratio jumped from 10.2% to 116.5% within a year, and total equity has been on a declining trend. Operating cash flow has been negative for five consecutive years, raising the possibility of continued reliance on external financing.

The fact that the OncoMaster merger target was in full capital impairment is also a potential burden on the financial structure.

Listing Maintenance and Technology Risk

As a technology-special-listed company, the revenue requirement grace period (below KRW 3 billion) runs through 2028, but current revenue is well below that threshold, leaving compliance at the end of the grace period as an open variable.

Entry into new modalities such as ADCs and bispecific antibodies carries technical difficulty and clinical-success uncertainty. Multiple co-research contracts are underway, but the allocation of rights and clinical leadership may be interpreted differently across individual agreements.

What to watch next

October 30, 2026
This is the interim payment (25%) date for the OmicsAI proteomic analysis service contract, offering a checkpoint on the progress of the Digital Bio-Banking business.
Around November 2026 (Q3 report filing)
Investors should check whether the Q3 2026 results reflect recognition of the Aptis ADC contract upfront payment and any recovery in analysis-service revenue.
December 31, 2026
This marks the end of the OmicsAI service contract and final (25%) settlement, a point to confirm whether final revenue is recognized upon contract completion.
First half of 2027 (2026 annual report filing)
In the first full-year results following the OncoMaster integration, it will be worth checking whether the debt ratio and equity position have stabilized and whether Digital Bio-Banking revenue is reflected.
Progress toward the revenue-requirement grace period through 2028
It is worth continuously monitoring the annual revenue trend toward meeting the KRW 3 billion revenue requirement applicable to technology-special-listed companies.

Overall view

OnCoCross is attempting to expand its business by adding new pillars—ADC co-development and data banking—to its existing drug-repositioning analysis-service model.

However, 2025 revenue fell sharply from the prior year and both the operating loss and net loss widened again, meaning the gap between the performance targets presented at listing and actual results has persisted for two consecutive years.

The sharp rise in the debt ratio and five straight years of negative operating cash flow are factors that warrant continued observation from a financial-soundness standpoint.

On the other hand, securing a large cancer-patient dataset through the OncoMaster merger, the ADC co-development with Aptis, and strengthened proteomic-analysis capability via OmicsAI can be viewed as concrete attempts to diversify the business model.

The brief turn to positive net income in Q2 2026 appears to stem from non-operating factors separate from operating performance and should not be taken as a definitive sign of sustained improvement.

Going forward, it will be important to track quarterly how much and when newly signed contracts convert into actual revenue, and whether the financial structure avoids further deterioration. This report is for informational purposes only and does not include a buy/sell recommendation or a target price.

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.