New Risk • Jun 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (₩121.9b market cap, or US$79.1m). Announcement • Jun 23
Amicogen, Inc. announced that it expects to receive KRW 9.999998911 billion in funding Amicogen, Inc. has announced a private placement to issue common stock of 8,554,319 at the price of KRW 1,169 for the gross proceeds of KRW 9,999,998,911 on June 22, 2026. The transaction involves the new investor participation of YK Bionova Holdings Co., Ltd. for 8,554,319 shares. The transaction will happen through third party allocation. The transaction has been approved by the board of directors of the company. All the securities issued under the offering is subject to a hold period of 1 year from the date of issuance. The transaction is expected to close on July 15, 2026. New Risk • May 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩49b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩49b free cash flow). Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (₩128.3b market cap, or US$84.4m). Announcement • Mar 11
Amicogen, Inc., Annual General Meeting, Mar 31, 2026 Amicogen, Inc., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 33, yeongudanji-ro 55beon-gil, yeonsu-gu, incheon South Korea New Risk • Feb 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 52% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (₩87.7b market cap, or US$61.5m). New Risk • Feb 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩69.6b market cap, or US$48.2m). Announcement • Feb 10
Amicogen, Inc. has completed a Follow-on Equity Offering in the amount of KRW 17.373135 billion. Amicogen, Inc. has completed a Follow-on Equity Offering in the amount of KRW 17.373135 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 14,925,374
Price\Range: KRW 1164 New Risk • Dec 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩108.0b market cap, or US$73.0m). Announcement • Dec 20
Amicogen, Inc. has filed a Follow-on Equity Offering in the amount of KRW 30.000002 billion. Amicogen, Inc. has filed a Follow-on Equity Offering in the amount of KRW 30.000002 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 14,925,374
Price\Range: KRW 2010 New Risk • Dec 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.8b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩44b free cash flow). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩143.8b market cap, or US$97.9m). New Risk • Nov 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩44b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩44b free cash flow). Earnings have declined by 52% per year over the past 5 years. Announcement • Aug 12
Amicogen, Inc. announced that it has received KRW 7 billion in funding from BIFIDO Co., Ltd. On August 11, 2025, Amicogen, Inc. closed the transaction. New Risk • Jul 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩25b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 46% per year over the past 5 years. Reported Earnings • Mar 25
Full year 2024 earnings released: ₩961 loss per share (vs ₩584 loss in FY 2023) Full year 2024 results: ₩961 loss per share (further deteriorated from ₩584 loss in FY 2023). Revenue: ₩173.6b (up 8.6% from FY 2023). Net loss: ₩52.8b (loss widened 127% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Announcement • Mar 12
Amicogen, Inc., Annual General Meeting, Mar 27, 2025 Amicogen, Inc., Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 33, yeongudanji-ro 55beon-gil, yeonsu-gu, incheon South Korea New Risk • Dec 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.7% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (40% increase in shares outstanding). Announcement • Dec 12
An undisclosed buyer agreed to acquire an unknown stake in Amicogen (China) Biopharm Co., Ltd. from Amicogen, Inc. (KOSDAQ:A092040) for KRW 54.7 billion. An undisclosed buyer agreed to acquire an unknown stake in Amicogen (China) Biopharm Co., Ltd. from Amicogen, Inc. (KOSDAQ:A092040) for KRW 54.7 billion on December 10, 2024. After completion of this ransaction, Amicogen, Inc. will hold 14.36% stake in Amicogen (China) Biopharm.
Amicogen (China) Biopharm reported total assets of KRW 210.359 billion, total debt of KRW 95.656 billion, sales of KRW 84.911 billion and net income of KRW 8.074 billion as at September 30, 2024. The expected completion of the transaction is December 30, 2024. New Risk • Dec 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.7% operating cash flow to total debt). Earnings have declined by 44% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (40% increase in shares outstanding). New Risk • Dec 07
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (40% increase in shares outstanding). Announcement • Nov 23
Enzynomics Co., Ltd. completed the acquisition of 37.32% stake in SKINMED Co., Ltd. from Amicogen, Inc. (KOSDAQ:A092040). Enzynomics Co., Ltd. agreed to acquire 37.32% stake in SKINMED Co., Ltd. from Amicogen, Inc. (KOSDAQ:A092040) for KRW 5.6 billion on November 15, 2024. A cash consideration of KRW 5.6 billion will be paid by Enzynomics for 2,360,714 shares. For the period ending December 31, 2023, SKINMED Co., Ltd. reported total revenue of KRW 6.07 billion and net loss of KRW 1.04 billion. As of December 31, 2023, SKINMED Co., Ltd. reported total debt of KRW 4.96 billion, total assets of KRW 11.22 billion and total common equity of KRW 6.26 billion.
Enzynomics Co., Ltd. completed the acquisition of 37.32% stake in SKINMED Co., Ltd. from Amicogen, Inc. (KOSDAQ:A092040) on November 19, 2024. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (40% increase in shares outstanding). New Risk • Mar 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (39% increase in shares outstanding). New Risk • Dec 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 39% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (39% increase in shares outstanding). New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 44% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩24,850, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 33x in the Biotechs industry in South Korea. Total loss to shareholders of 34% over the past three years. Announcement • Sep 03
Amicogen, Inc. announced that it has received KRW 22.2724863 billion in funding from Lysando AG On September 2, 2021, Amicogen, Inc. closed the transaction. Announcement • Jul 23
Amicogen, Inc. (KOSDAQ:A092040) agreed to acquire a 30% stake in BIFIDO Co., Ltd (KOSDAQ:A238200) from a group of shareholders for KRW 60.1 billion. Amicogen, Inc. (KOSDAQ:A092040) agreed to acquire a 30% stake in BIFIDO Co., Ltd (KOSDAQ:A238200) from a group of shareholders for KRW 60.1 billion on July 21, 2021. Under the term, Amicogen will acquire 2.45 million shares of BIFIDO at KRW 24,500 per shares. Amicogen will pay 20% of the consideration amounting to KRW 12.02 billion on July 21, 2021 as the down payment or first payment, second payment or the interim payment which is 30% of the consideration amounting to KRW 18.04 billion will be paid on August 20, 2021 and the balance which is 50% of the consideration amounting to KRW 30.06 billion will be paid on October 20, 2021. Post completion, Amicogen will hold 30% stake in BIFIDO. The transaction was resolved by the board of directors of Amicogen on July 21, 2021. The transaction is expected to close on October 21, 2021. Announcement • Jul 15
Amicogen, Inc. announced that it expects to receive KRW 22.2724863 billion in funding from Lysando AG Amicogen, Inc. announced a private placement of 532,198 shares at a price of KRW 41,850 per share for gross proceeds of KRW 22,272,486,300 on July 14, 2021. The transaction will include participation from Lysando AG. The transaction is expected to close on August 20, 2021. The securities to be issued will have a hold period of 1 year. The transaction was approved by the board of directors of the company. The company will received funding through third party allocation. Announcement • Jul 01
Amicogen, Inc. announced that it has received KRW 50 billion in funding On June 29, 2021, Amicogen, Inc. closed the transaction. Announcement • Jun 24
Amicogen, Inc. announced that it expects to receive KRW 50 billion in funding from Samsung Securities Co., Ltd. and other investors Amicogen, Inc. (KOSDAQ:A092040) announced a private placement of series 1 unregistered nonguaranteed private convertible bond for gross proceeds of KRW 50,000,000,000 on June 23, 2021. The transaction will include participation from Samsung Securities Co., Ltd. (KOSE:A016360) for KRW 46,000,000,000, and Small and Medium Business Banks for the rest. The bonds will mature on June 28, 2026. The bonds are convertible into 1,203,311 common shares at a price of KRW 41,552 per share. The conversion period is from June 29, 2022 to May 29, 2026. The payment date is June 29, 2021. The transaction has been approved by the board. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 19% share price gain to ₩36,300, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 54x in the Biotechs industry in South Korea. Total returns to shareholders of 7.7% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₩29,700 The company is down 11% from its price of ₩33,400 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 7.0% over the same period. Is New 90 Day High Low • Feb 08
New 90-day low: ₩31,700 The company is down 5.0% from its price of ₩33,300 on 10 November 2020. The South Korean market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 15% share price gain to ₩38,400, the stock is trading at a trailing P/E ratio of 22.1x, up from the previous P/E ratio of 19.2x. This compares to an average P/E of 56x in the Biotechs industry in South Korea. Total returns to shareholders over the past three years are 68%.