Reported Earnings • Mar 20
Full year 2025 earnings released: ₩18,158 loss per share (vs ₩4,918 loss in FY 2024) Full year 2025 results: ₩18,158 loss per share (further deteriorated from ₩4,918 loss in FY 2024). Revenue: ₩165.5b (down 5.1% from FY 2024). Net loss: ₩272.9b (loss widened 269% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
GC Cell Corporation, Annual General Meeting, Mar 24, 2026 GC Cell Corporation, Annual General Meeting, Mar 24, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 107, ihyeon-ro 30beon-gil, giheung-gu, gyeonggi-do, yongin South Korea New Risk • Nov 26
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 8.0% 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 Less than 1 year of cash runway based on free cash flow trend (-₩6.7b free cash flow). Earnings have declined by 62% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • Mar 21
Full year 2024 earnings released: ₩4,918 loss per share (vs ₩12.00 loss in FY 2023) Full year 2024 results: ₩4,918 loss per share (further deteriorated from ₩12.00 loss in FY 2023). Revenue: ₩174.5b (down 7.0% from FY 2023). Net loss: ₩73.9b (loss widened ₩73.7b from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
GC Cell Initiates First Patient Dosing in Phase 1 Clinical Trial for GCC2005, A Promising T-Cell Lymphoma CD5 CAR-NK Therapy GC Cell announced the initiation of its domestic Phase 1 clinical trial for GCC2005 (AB-205), a novel CD5 CAR-NK cell therapy. This "first patient dosing" marks a critical milestone in the company's collaboration with its ex-APAC partner Artiva Biotherapeutics, as company advance the development of this innovative treatment targeting relapsed or refractory NK and T-cell malignancies. With GCC2005, GC Cell is striving to fulfill a significant unmet need in oncology. T-cell lymphomas, which often arise in extranodal lymphoid tissues, are highly aggressive and generally exhibit a poorer prognosis than their B-cell counterparts with limited treatment options. Aimed at expanding possibilities for NK-cell therapies, GCC2005 is an allogeneic cell therapy product manufactured using umbilical cord blood–derived NK cells. Engineered to target the CD5 marker—which is highly expressed on T-cell lymphomas—GCC2005 co-expresses a chimeric antigen receptor (CAR) alongside interleukin-15 (IL-15). This dual expression is designed to enhance the persistence and anti-tumor efficacy of NK cells—effectively addressing a common limitation of conventional NK-cell therapies. The ongoing Phase 1 trial (ClinicalTrials.gov Identifier: NCT06699771) will enroll up to approximately 48 patients diagnosed with relapsed or refractory NK and T-cell malignancies. The primary objectives of the study are to evaluate the safety and tolerability of GCC2005, the maximum tolerated dose (MTD), and the recommended Phase 2 dose (RP2D). Preclinical efficacy data presented last year at the American Association for Cancer Research (AACR) and the T Cell Lymphoma Forum (TCLF) highlighted GCC2005's potent ability to kill tumor cells and improve in vivo persistence. These promising results have bolstered expectations that GCC2005 could become a global first-in-class therapeutic option for T-cell lymphoma. In recognition of its innovative potential, GCC2005 has also been selected by a Korea Drug Development Fund program aimed at promoting global market entry and strategic partnerships in drug development. Announcement • Feb 12
GC Cell Corporation, Annual General Meeting, Mar 25, 2025 GC Cell Corporation, Annual General Meeting, Mar 25, 2025, at 09:01 Tokyo Standard Time. Location: auditorium, 107, ihyeon-ro 30beon-gil, giheung-gu, gyeonggi-do, yongin South Korea Reported Earnings • Mar 22
Full year 2023 earnings released: ₩12.00 loss per share (vs ₩1,767 profit in FY 2022) Full year 2023 results: ₩12.00 loss per share (down from ₩1,767 profit in FY 2022). Revenue: ₩187.5b (down 21% from FY 2022). Net loss: ₩174.0m (down 101% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Jan 09
GC Cell's Promising AB-201 Cancer Treatment to Begin Phase 1 Trials Using Lunit AI Platform GC Cell announce the approval from both the Australian Human Research Ethics Committee (HREC) and the Korean Ministry of Food and Drug Safety (MFDS) for a Phase 1 Investigational New Drug (IND) trial for its AB-201 cancer treatment, a HER2 targeted chimeric antigen receptor-natural killer (CAR-NK) cell therapy that shows great promise. Additionally, GC Cell is excited to reveal a strategic partnership with Lunit, the medical AI leader, to enhance precision and clinical intelligence of AB-201's efficacy evaluation by applying its advanced AI technology, in addition to traditional Immunohistochemistry (IHC) based assessments. After participating in the US White House's Cancer Moonshot initiative this past October, both accomplishments represent major milestones in GC Cell's efforts to revolutionize immunotherapy-based cancer treatment while harnessing AI and digital transformation to fight cancer. AB-201, a novel CAR-NK cell therapy targeting solid tumors, represents a breakthrough in cancer immunotherapy, capable of killing malignant cells. While existing NK cell treatments typically dissipate within a few weeks, AB-201 has demonstrated persistence for over three months in preclinical studies, highlighting its potential in managing long-term, advanced cancers. A multi-country study, the Phase 1 trial will evaluate safety and efficacy in 48 patients with HER2-overexpressing breast, gastric, and gastroesophageal junction cancers. GC Cell holds exclusive rights to AB-201 in the Asia Pacific region, while ex-Asia-Pacific rights were licensed to Artiva Biotherapeutics Inc. in an exclusive partnership. A recent McKinsey report found that AI has the potential to increase the value of the pharmaceutical R&D industry by six to eleven billion US dollars. Employing the technology, GC Cell anticipates that AI-driven imaging can analyze vast amounts of data with a high degree of precision and consistency while reducing variability by individual interpretation. This leads to a more accurate assessment of HER2 expression levels, which is vital for appropriate treatment decisions. With such quantitative analysis, AI can help standardize the assessment of cancer target expression across different laboratories and geographical locations. This standardization is essential for multicenter clinical trials and for ensuring that patients receive consistent care regardless of where they are treated. It's a pivotal step in GC Cell's journey towards a digital future, aligning with the broader healthcare industry's shift towards technology-enhanced solutions. AB-201 is an allogeneic HER2-targeted chimeric antigen receptor NK (CAR-NK) cell therapy for the treatment of solid tumors in the outpatient setting with the option for repeat dosing. A novel, high affinity anti-HER2 antibody converted to scFv structure confers highly specific tumor targeting and is coupled with a unique costimulatory structure and IL-15 expression for enhanced activity and persistence. AB-201 has demonstrated potent anti-tumor activity in multiple preclinical HER2-positive tumor model systems. The underlying NK cell is derived from umbilical cord blood donors preselected for advantageous attributes including the high affinity variant of the CD16 receptor and a KIR-B haplotype. AB-201 cell products maintain high expression of CD16, as well as other activating innate cell tumor engaging receptors, enabling the potential for dual targeting therapeutic approaches via monoclonal antibody combinations. The resulting CAR-NK is manufactured at very large scale and cryopreserved in infusion-ready media to enable repeat clinical administrations in the outpatient setting. GC Cell holds exclusive rights to AB-201 in the Asia-Pacific region, while ex-Asia-Pacific rights were licensed to Artiva Biotherapeutics Inc. in an exclusive partnership. The U.S. Food and Drug Administration previously cleared Artiva's investigational new drug (IND) application for AB-201 in 2022. Upcoming Dividend • Dec 20
Upcoming dividend of ₩350 per share at 0.8% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (0.7%). New Risk • Jul 07
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: ₩1,767 (vs ₩2,785 in FY 2021) Full year 2022 results: EPS: ₩1,767 (down from ₩2,785 in FY 2021). Revenue: ₩236.1b (up 40% from FY 2021). Net income: ₩26.5b (down 16% from FY 2021). Profit margin: 11% (down from 19% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₩70,000, the stock trades at a trailing P/E ratio of 20.6x. Average forward P/E is 27x in the Biotechs industry in South Korea. Total returns to shareholders of 152% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₩74,000, the stock trades at a trailing P/E ratio of 75.9x. Average trailing P/E is 34x in the Biotechs industry in South Korea. Total returns to shareholders of 68% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 6.9% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (0.8%). Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩394 (vs ₩216 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩85.6b (up 48% from FY 2019). Net income: ₩4.16b (up ₩6.44b from FY 2019). Profit margin: 4.9% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Announcement • Feb 10
Green Cross Lab Cell Corporation, Annual General Meeting, Mar 24, 2021 Green Cross Lab Cell Corporation, Annual General Meeting, Mar 24, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 27
New 90-day high: ₩124,500 The company is up 160% from its price of ₩47,850 on 29 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: ₩86,000 The company is up 73% from its price of ₩49,800 on 23 September 2020. The South Korean market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 14% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩25.00 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of December. The trailing yield of 0.03% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.3%). Is New 90 Day High Low • Nov 23
New 90-day high: ₩59,100 The company is up 4.0% from its price of ₩57,000 on 25 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₩45,550 The company is down 15% from its price of ₩53,800 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 11% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩49,800 The company is down 13% from its price of ₩57,200 on 25 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 Biotechs industry, which is up 4.0% over the same period.