New Risk • Aug 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.0% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (8.0% net profit margin). Market cap is less than US$100m (₩66.2b market cap, or US$47.5m). Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩5,390, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 35x in the Biotechs industry in South Korea. Total loss to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩6,550, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 39x in the Biotechs industry in South Korea. Total returns to shareholders of 3.1% over the past three years. Announcement • Mar 13
PanGen Biotech Inc., Annual General Meeting, Mar 31, 2026 PanGen Biotech Inc., Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 147, gwanggyo-ro, yeongtong-gu, gyeonggi-do, suwon South Korea Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩39.00 (vs ₩104 in 3Q 2024) Third quarter 2025 results: EPS: ₩39.00 (down from ₩104 in 3Q 2024). Revenue: ₩4.01b (down 13% from 3Q 2024). Net income: ₩531.9m (down 55% from 3Q 2024). Profit margin: 13% (down from 26% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jul 30
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 8.1% 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 (8.1% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩86.6b market cap, or US$62.7m). New Risk • May 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩86.6b market cap, or US$63.1m). Announcement • May 13
PanGen Biotech Inc. announced that it has received KRW 2.967484 billion in funding from Hyosung Corporation On May 12, 2025, PanGen Biotech Inc. closed the transaction. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩5,700, the stock trades at a trailing P/E ratio of 77.9x. Average trailing P/E is 27x in the Biotechs industry in South Korea. Total loss to shareholders of 30% over the past three years. Announcement • Mar 08
PanGen Biotech Inc., Annual General Meeting, Mar 31, 2025 PanGen Biotech Inc., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 147, gwanggyo-ro, yeongtong-gu, gyeonggi-do, suwon South Korea New Risk • Dec 16
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 Risks No financial data reported. Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (₩73.1b market cap, or US$50.9m). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₩104 (vs ₩93.00 loss in 3Q 2023) Third quarter 2024 results: EPS: ₩104 (up from ₩93.00 loss in 3Q 2023). Revenue: ₩4.60b (up 129% from 3Q 2023). Net income: ₩1.19b (up ₩2.19b from 3Q 2023). Profit margin: 26% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Nov 11
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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Market cap is less than US$100m (₩82.7b market cap, or US$59.2m). Announcement • Nov 07
PanGen Biotech Inc. announced that it expects to receive KRW 5.261042025 billion in funding from Huons Co., Ltd. and other investor PanGen Biotech Inc. announced a private placement of 1,157,545 common shares at a price of KRW 4,545 per share for the gross proceeds of KRW 5,261,042,025 on November 5, 2024. The transaction has been approved by the shareholders of the company and is expected to close on November 13, 2024. The transaction will include participation from Huons Co., Ltd. for 1,112,500 shares and Yoon Sungtae for 45,045 shares. The shares will be allotted through third party method of allotment. Announcement • Nov 05
Huons Co., Ltd. (KOSDAQ:A243070) agreed to acquire an additional minority stake in PanGen Biotech Inc. (KOSDAQ:A222110) from CG Invites Co., Ltd. (KOSDAQ:A083790) for KRW 9.3 billion Huons Co., Ltd. (KOSDAQ:A243070) agreed to acquire an additional minority stake in PanGen Biotech Inc. (KOSDAQ:A222110) from CG Invites Co., Ltd. (KOSDAQ:A083790) for KRW 9.3 billion on November 5, 2024. A cash consideration of KRW 9.29 billion valued at KRW 6050 per share will be paid by Huons Co., Ltd. As part of consideration, KRW 9.29 billion is paid towards common equity of PanGen Biotech Inc.
The expected completion of the transaction is December 13, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: ₩6.00 (vs ₩121 loss in 1Q 2023) First quarter 2024 results: EPS: ₩6.00 (up from ₩121 loss in 1Q 2023). Revenue: ₩3.47b (up 374% from 1Q 2023). Net income: ₩66.7m (up ₩1.36b from 1Q 2023). Profit margin: 1.9% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Apr 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.9% 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: Minor Risks Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Revenue is less than US$5m (₩4.9b revenue, or US$3.6m). Market cap is less than US$100m (₩64.5b market cap, or US$46.8m). Announcement • Mar 27
PanGen Biotech Inc. announced that it has received KRW 3.999986631 billion in funding from CrystalGenomics Invites Co., LTD., Huons Co., Ltd., Hwail Pharmaceutical Co.,Ltd. On March 27, 2024, PanGen Biotech Inc. closed the transaction. Announcement • Mar 19
PanGen Biotech Inc. announced that it expects to receive KRW 3.999986631 billion in funding from CrystalGenomics Invites Co., LTD., Huons Co., Ltd., Hwail Pharmaceutical Co.,Ltd. PanGen Biotech Inc. announced a private placement to issue 737,053 shares at an issue price of KRW 5,427 for the gross proceeds of KRW 3,999,986,631 on March 18, 2024. The transaction will include participation from returning investor CrystalGenomics Invites Co., LTD. 368,527 shares, new investors Huons Co., Ltd. 184,263 shares and Hwail Pharmaceutical Co.,Ltd. 184,263 shares. The transaction has been approved by the shareholders of the company and is expected to close on March 27, 2024. The securities are restricted to a hold period. Announcement • Jun 11
PanGen Biotech Inc. announced that it has received KRW 9.99998571 billion in funding from Huons Co., Ltd. On June 11, 2021, PanGen Biotech Inc. (KOSDAQ:A222110) closed the transaction. Announcement • Jun 04
PanGen Biotech Inc. announced that it expects to receive KRW 9.99998571 billion in funding from Huons Co., Ltd., and another investor PanGen Biotech Inc. (KOSDAQ:A222110) announced a private placement of 1,021,449 common shares at an issue price of KRW 9,790 per share for the gross proceeds of KRW 9,999,985,710 on June 3, 2021. The transaction will include participation from Huons Co., Ltd. (KOSDAQ:A243070) for 970,377 shares for KRW 9,499,990,830, Yoon Seong-tae for 51,072 shares for KRW 499,994,880. The shares to be issued have a par value of KRW 500 per share. The company will issue shares through third party allocation method. The expected listing date of new shares on June 28, 2021 and payment date is June 11, 2021. The company has received approval from the board of directors. The shares will have a hold period of one years post the closing. Is New 90 Day High Low • Mar 11
New 90-day low: ₩9,330 The company is down 4.0% from its price of ₩9,740 on 11 December 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 16% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: ₩11,450 The company is up 2.0% from its price of ₩11,250 on 04 November 2020. The South Korean market is up 28% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 20% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: ₩12,000 The company is up 58% from its price of ₩7,600 on 14 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 1.0% over the same period. 
