Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩14,290, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 9x in the Pharmaceuticals industry in South Korea. Total loss to shareholders of 48% over the past three years. New Risk • Jul 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 14% 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: Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩32,250, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 10x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩54,100, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 15x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₩64,500, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 15x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 88% over the past three years. Reported Earnings • Mar 21
Full year 2025 earnings released: EPS: ₩2,001 (vs ₩7,794 loss in FY 2024) Full year 2025 results: EPS: ₩2,001 (up from ₩7,794 loss in FY 2024). Revenue: ₩209.0b (up 30% from FY 2024). Net income: ₩25.0b (up ₩118.0b from FY 2024). Profit margin: 12% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Mar 07
Kolon Life Science Inc., Annual General Meeting, Mar 26, 2026 Kolon Life Science Inc., Annual General Meeting, Mar 26, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 110, magokdong-ro, gangseo-gu, seoul South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩50,500, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 17x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩54,200, the stock trades at a trailing P/E ratio of 39.3x. Average trailing P/E is 16x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩61,200, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 15x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 90% over the past three years. Announcement • Nov 28
Kolon Life Science Inc. announced that it has received KRW 30 billion in funding from Green Esg Growth No.1 Private Equity Fund and Woori Corporate Turnaround No.1 Private Equity Fund On November 26, 2025, Kolon Life Science Inc. closed the transaction New Risk • Nov 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 7.9% 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 33% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Announcement • Nov 12
Kolon Life Science Inc. announced that it expects to receive KRW 30 billion in funding from Green Esg Growth No.1 Private Equity Fund, Woori Corporate Turnaround No.1 Private Equity Fund Kolon Life Science Inc. announced private placement of Zero Coupon Series 9 Unregistered Interest Unsecured Private Convertible Bonds due November 26, 2055 for gross proceeds of KRW 30,000,000,000 on November 11, 2025. The transaction includes participation from Green Esg Growth No.1 Private Equity Fund for KRW 15,000,000,000 and Woori Corporate Turnaround No.1 Private Equity Fund for KRW 15,000,000,000. The bonds bear no interest rate with a yield to maturity rate of 5% and will mature on November 26, 2055. The bonds are 100% convertible into 914,076 common shares at a conversion price of KRW 32,820 from November 26, 2026 to October 26, 2055. The bonds are restricted for 1 year. The transaction is approved by board of directors of the company and is expected to close on November 26, 2025. Reported Earnings • Mar 22
Full year 2024 earnings released: ₩7,794 loss per share (vs ₩2,944 loss in FY 2023) Full year 2024 results: ₩7,794 loss per share (further deteriorated from ₩2,944 loss in FY 2023). Revenue: ₩161.4b (up 30% from FY 2023). Net loss: ₩93.1b (loss widened 177% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Feb 19
Kolon Life Science Inc., Annual General Meeting, Mar 26, 2025 Kolon Life Science Inc., Annual General Meeting, Mar 26, 2025, at 08:30 Tokyo Standard Time. Location: conference room, 110, magokdong-ro, gangseo-gu, seoul South Korea New Risk • Feb 17
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 9.8% 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 0.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). 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 (8.9% increase in shares outstanding). New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (8.9% increase in shares outstanding). 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 Risk Shareholders have been diluted in the past year (8.9% increase in shares outstanding). New Risk • Aug 31
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: -₩40b 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 Risk Less than 1 year of cash runway based on free cash flow trend (-₩40b free cash flow). Minor Risk Shareholders have been diluted in the past year (8.9% increase in shares outstanding). New Risk • Jul 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 22
Full year 2023 earnings released: ₩2,944 loss per share (vs ₩352 profit in FY 2022) Full year 2023 results: ₩2,944 loss per share (down from ₩352 profit in FY 2022). Revenue: ₩124.6b (down 23% from FY 2022). Net loss: ₩33.6b (down ₩37.6b from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Dec 02
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: -₩14b 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩187 (vs ₩121 loss in FY 2021) Full year 2022 results: EPS: ₩187 (up from ₩121 loss in FY 2021). Revenue: ₩192.4b (up 16% from FY 2021). Net income: ₩2.13b (up ₩3.51b from FY 2021). Profit margin: 1.1% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 08
New 90-day low: ₩18,800 The company is down 35% from its price of ₩29,100 on 08 December 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 23% over the same period. Announcement • Feb 10
Kolon Life Science Inc., Annual General Meeting, Mar 25, 2021 Kolon Life Science Inc., Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 29
New 90-day low: ₩19,300 The company is down 40% from its price of ₩32,000 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₩28,250 The company is down 16% from its price of ₩33,700 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 10
New 90-day low: ₩28,850 The company is down 9.0% from its price of ₩31,600 on 12 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩29,550 The company is down 8.0% from its price of ₩32,200 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 23% over the same period. 
