Brokerage : DS Investment & Securities
Analyst : Min-jeong Kim
Investment Rating : N/R
Target Price : N/R
Core Momentum : Limited enterprise value impact from ABL001 clinical trial statistical insignificance, with core valuation anchored in Grabody-B and Grabody-T platforms
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: N/R (No Target Price provided), Current Price KRW 172,700 (As of 2026-04-27)
- Historical Financial Highlights (K-IFRS Consolidated):
- 2021: Revenue KRW 5 Billion, Operating Profit KRW -52 Billion (OP Margin -981.0%), Pre-tax Profit KRW -44 Billion, Controlling Net Profit KRW -44 Billion, EPS KRW -924, ROE -59.4%, PER -23.9x, PBR 18.6x, EV/EBITDA -20.3x
- 2022: Revenue KRW 65 Billion, Operating Profit KRW 0 Billion (OP Margin 0.2%), Pre-tax Profit KRW 4 Billion, Controlling Net Profit KRW 4 Billion, EPS KRW 81, ROE 6.1%, PER 285.2x, PBR 15.7x, EV/EBITDA 440.5x
- 2023: Revenue KRW 64 Billion, Operating Profit KRW -3 Billion (OP Margin -4.7%), Pre-tax Profit KRW -2 Billion, Controlling Net Profit KRW -2 Billion, EPS KRW -52, ROE -3.4%, PER -473.4x, PBR 15.8x, EV/EBITDA -2,557.9x
- 2024: Revenue KRW 33 Billion, Operating Profit KRW -59 Billion (OP Margin -176.8%), Pre-tax Profit KRW -55 Billion, Controlling Net Profit KRW -55 Billion, EPS KRW -1,144, ROE -45.5%, PER -26.1x, PBR 9.6x, EV/EBITDA -23.8x
- 2025: Revenue KRW 89 Billion, Operating Profit KRW -151 Billion (OP Margin -171.1%), Pre-tax Profit KRW -151 Billion, Controlling Net Profit KRW -151 Billion, EPS KRW -2,731, ROE -143.5%, PER -68.0x, PBR 243.6x, EV/EBITDA -49.6x
- Stock Indicators: KOSDAQ 1,226.2pt, Market Cap KRW 9,669 Billion, Outstanding Shares 55,987 Thousand shares, Par Value KRW 500, Capital Stock KRW 28 Billion, 60-Day Avg Daily Trading Volume 731 Thousand shares, 60-Day Avg Daily Trading Value KRW 138,603 Million, Foreign Ownership 0.0%, 52-Week High/Low KRW 257,500 / KRW 57,700, Major Shareholders Sang Hoon Lee & 12 affiliated parties (24.5%), Kyung Dae Kim & 1 affiliated party (0.1%)
🚀 2. [Market Opportunities & Business Outlook]
- ABL001 Phase 2/3 Data & Regulatory Outlook:
- Partner Compass Therapeutics reported final Phase 2/3 data on April 27.
- mPFS demonstrated statistical superiority at 4.7 months vs. 2.6 months for control (HR=0.44, p<0.0001), but mOS failed to achieve statistical significance at 8.9 months vs. 9.4 months for control (HR=1.05, p=0.78).
- Safety profile presented high risk, with Grade 3+ TRAEs including hypertension (~44%) and neutropenia (~36%).
- Given the FDA’s historical demand for statistically significant mOS data and challenges in utilizing subgroup analyses, obtaining FDA approval is anticipated to be difficult.
- Impact on Corporate Valuation & Platform Thesis:
- The commercial value of ABL001 was already marginal due to small patient population in biliary tract cancer and short dosing duration (mPFS ~4.7 months); thus, clinical failure has a very limited impact on total enterprise value.
- Fundamental corporate valuation resides in the Grabody-B BBB-shuttle platform (anchored by ABL301) and the Grabody-T (4-1BB) platform with human PoC validated through ABL111.
- ABL111 is scheduled to enter registrational clinical trials following final Phase 1b readouts in 2H.
📝 Editor’s Comment (Perspective)
The covering analyst views ABL Bio not as an enterprise whose corporate value is impaired by clinical setbacks in low-commercial-impact assets (ABL001), but as a platform biotech whose core valuation is concentrated in its proprietary bispecific antibody platforms (Grabody-B and Grabody-T). This perspective places primary importance on the technological validity and advancing clinical pipelines of its core platforms—such as ABL111 entering registrational trials—rather than the regulatory uncertainties of a single legacy asset.
To verify whether this investment thesis continues to materialize, primary focus should be directed toward the final Phase 1b data readout for ABL111 in 2H and its subsequent entry into registrational trials, along with clinical milestone progression across Grabody-B (including ABL301) and Grabody-T programs. These operational developments can be monitored through upcoming corporate IR presentations, official regulatory disclosures, and periodic company reports.
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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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