Brokerage : Shinhan Securities
Analyst : Hocheol Lee, Minyong Eom
Investment Rating : Not Rated
Target Price : –
Core Momentum : Acceleration into a large-scale licensing phase supported by upcoming 1H clinical readouts for LCB71 and LCB84 alongside clinical track records with global big pharma
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: Not Rated (No Target Price provided), Current Price KRW 191,700 (As of 2026-03-23)
- Historical Financial Highlights:
- 2021: Revenue KRW 32.2 Billion, Operating Profit KRW -27.7 Billion, Controlling Interest Net Profit KRW -23.4 Billion, PBR 5.9x, ROE -9.0%
- 2022: Revenue KRW 33.4 Billion, Operating Profit KRW -50.4 Billion, Controlling Interest Net Profit KRW -45.1 Billion, PBR 5.4x, ROE -18.9%
- 2023: Revenue KRW 34.1 Billion, Operating Profit KRW -80.8 Billion, Controlling Interest Net Profit KRW -73.7 Billion, PBR 12.5x, ROE -40.1%
- 2024: Revenue KRW 125.9 Billion, Operating Profit KRW -20.9 Billion, Controlling Interest Net Profit KRW 7.8 Billion, PER 483.5x, PBR 6.5x, ROE 2.0%
- Stock Metrics: Market Cap KRW 7,018.2 Billion, Outstanding Shares 36.6 Million shares (Floating Ratio 69.9%), 52-Week High/Low KRW 213,000 / KRW 89,500, 60-Day Average Daily Trading Value KRW 87,882 Million, Foreign Ownership 11.7%, Major Shareholders Pan Orion Corp. Limited & 8 affiliated parties (26.3%), National Pension Service (6.0%)
🚀 2. [Market Opportunities & Business Outlook]
- Platform Technology & Competitive Edge:
- Cumulative KRW 9.6 Trillion in licensing agreements executed with global pharmaceutical companies based on the proprietary ‘ConjuALL’ ADC platform.
- Next-generation site-specific linkers improve conjugation homogeneity and react selectively to tumor enzymes, reducing hematological toxicities.
- Hydrophilic-masked novel payloads remain inert until inside tumor cells, improving safety profiles.
- Industry Dynamics:
- Global ADC market is projected to grow at a CAGR exceeding 20% through 2032, offering market leadership opportunities for high-tier technology holders.
- Key Pipeline Developments & Catalysts:
- LCB71 (ROR1 Hematologic Malignancies): Phase 1b clinical results scheduled for presentation at ASCO in May (2026-05-29 to 2026-06-02), with potential for first-line approval in combination with standard of care (SoC).
- LCB84 (TROP2 Solid Tumors): Phase 1 completion expected in 1H, establishing clinical validation alongside global partner J&J.
- Pipeline Expansion: More than four drug candidates from platform partners, including IKSUDA and SOTIO, are scheduled to enter clinical trials within the year.
📝 Editor’s Comment (Perspective)
The covering analyst views LigaChem Biosciences as a premier ADC biotech enterprise that is systematically validating its proprietary ‘ConjuALL’ platform and expanding global licensing potential through high-tier partner track records. This perspective places greater value on upcoming clinical catalysts and large-scale deal expansion with global big pharma than on historical accounting figures.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the Phase 1b clinical readout of LCB71 at ASCO in May, the formal conclusion of LCB84 Phase 1 in the first half, and the clinical entry of more than four partnered assets alongside new out-licensing agreements. These milestones can be monitored through upcoming medical congress presentations, corporate disclosures, and regulatory filings.
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