Brokerage : IBK Securities
Analyst : E-soo Jung, CFA
Investment Rating : Not Rated
Target Price : –
Core Momentum : Demonstration of clinical efficacy in Enhertu-resistant patients and concentrated 1H26 clinical readouts driving subsequent out-licensing deals
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: Not Rated (No Target Price provided), Current Price KRW 185,600 (As of 2025-11-26)
- Historical Financial Highlights:
- 2020: Revenue KRW 49 Billion, Operating Profit KRW -30 Billion (OP Margin -61.2%), Pre-tax Profit KRW -9 Billion, Net Profit KRW -7 Billion, EPS KRW -290, PBR 15.1x, ROE -6.0%, EV/EBITDA -59.3x
- 2021: Revenue KRW 32 Billion, Operating Profit KRW -28 Billion (OP Margin -87.5%), Pre-tax Profit KRW -22 Billion, Net Profit KRW -24 Billion, EPS KRW -961, PBR 5.8x, ROE -12.9%, EV/EBITDA -48.0x
- 2022: Revenue KRW 33 Billion, Operating Profit KRW -50 Billion (OP Margin -151.5%), Pre-tax Profit KRW -47 Billion, Net Profit KRW -45 Billion, EPS KRW -1,662, PBR 5.3x, ROE -18.7%, EV/EBITDA -20.4x
- 2023: Revenue KRW 34 Billion, Operating Profit KRW -81 Billion (OP Margin -238.2%), Pre-tax Profit KRW -77 Billion, Net Profit KRW -75 Billion, EPS KRW -2,676, PBR 12.3x, ROE -40.0%, EV/EBITDA -22.2x
- 2024: Revenue KRW 126 Billion, Operating Profit KRW -21 Billion (OP Margin -16.7%), Pre-tax Profit KRW 8 Billion, Net Profit KRW 7 Billion, EPS KRW 206, PER 530.0x, PBR 6.5x, ROE 1.9%, EV/EBITDA -213.2x
- Stock Indicators: KOSDAQ 877.32pt (As of 11/26), Market Cap KRW 6,795 Billion, Outstanding Shares 36,610 Thousand shares, Par Value KRW 500, 52-Week High/Low KRW 185,600 / KRW 89,500, 60-Day Average Daily Trading Value KRW 71 Billion, Foreign Ownership 11.6%, Dividend Yield (2024.12) 0.0%, Major Shareholders Pan Orion Corp. Limited (26.28%), National Pension Service (6.03%)
🚀 2. [Market Opportunities & Business Outlook]
- Enhertu-Resistant Treatment Potential & LCB14 (IKS014):
- As Enhertu expands into earlier treatment lines, the population of resistant patients is increasing.
- Partner Iksuda is conducting Phase 1b trials recruiting across four cohorts, including HER2-positive breast cancer patients previously treated with Enhertu.
- Phase 1a demonstrated 3 partial responses out of 4 Enhertu-refractory patients; meaningful efficacy and safety in 1H26 Phase 1b interim results are expected to boost third-party out-licensing opportunities.
- 1H26 Core Pipeline Clinical Readouts:
- LCB71 (ROR1 ADC): Partner CStone is running a Phase 1b trial in hematologic cancers with interim readouts expected in 1H26. With no commercialized ROR1 ADC, advanced development progress and securing positive data are expected to drive third-party out-licensing.
- LNCB74 (B7-H4 ADC): Phase 1a initiated in January 2025 is progressing on schedule, targeting data readout in 1H26.
- Platform Competitiveness & Technology Transfer Pipeline:
- Validated linker/payload technologies enable global big pharma to accelerate ADC pipeline development with proprietary antibodies.
- Multiple licensing discussions are underway based on platform validation and novel Topo1 payloads, with initial deal closures expected between late 2025 and early 2026.
📝 Editor’s Comment (Perspective)
The covering analyst views LigaChem Biosciences as a frontline ADC biotech positioned to address major unmet medical needs in Enhertu-resistant oncology settings while leveraging its validated platform to continuously generate licensing deal flow. This perspective places greater significance on clinical validation in refractory patient groups and advanced development pace in uncommercialized target areas than on standalone pipeline counts.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the actual readouts in 1H26—specifically LCB14 Phase 1b interim results, LCB71 Phase 1b hematology data, and LNCB74 Phase 1a safety/efficacy data—alongside the formal execution of newly negotiated platform and asset licensing deals. These operational developments can be monitored through upcoming corporate IR presentations, regular regulatory disclosures, and official company filings.
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Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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