Breakeven Date Change • Mar 17
No longer forecast to breakeven The 5 analysts covering ABL Bio no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of ₩10.9m in 2027. New consensus forecast suggests the company will make a loss of ₩16.0m in 2027. Announcement • Mar 17
ABL Bio Inc., Annual General Meeting, Mar 27, 2026 ABL Bio Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 456, bongeunsa-ro, gangnam-gu, seoul South Korea New Risk • Mar 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Currently unprofitable and not forecast to become profitable over next 2 years (₩16b net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Jan 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: ₩29b Forecast net loss in 2 years: ₩13b This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (₩13b net loss in 2 years). Announcement • Jan 09
ABL Bio Inc. announced that it has received KRW 21.7244227 billion in funding from Eli Lilly and Company On January 9, 2026, ABL Bio Inc. closed the transaction. The company issued 172,553 common shares at an issue price of KRW 125,900 for gross proceeds of KRW 21,724,422,700. Major Estimate Revision • Nov 29
Consensus EPS estimates fall by 24% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₩311 to ₩236 per share. Revenue forecast steady at ₩105.7m. Net income forecast to grow 54% next year vs 42% growth forecast for Biotechs industry in South Korea. Consensus price target up from ₩102,833 to ₩124,500. Share price rose 5.1% to ₩188,000 over the past week. Reported Earnings • Nov 13
Third quarter 2025 earnings released: ₩395 loss per share (vs ₩274 loss in 3Q 2024) Third quarter 2025 results: ₩395 loss per share (further deteriorated from ₩274 loss in 3Q 2024). Revenue: ₩1.44b (down 82% from 3Q 2024). Net loss: ₩21.3b (loss widened 62% from 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Biotechs industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 171 percentage points per year, which is a significant difference in performance. New Risk • Nov 12
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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₩820 (vs ₩238 loss in 2Q 2024) Second quarter 2025 results: EPS: ₩820 (up from ₩238 loss in 2Q 2024). Revenue: ₩75.7b (up ₩67.3b from 2Q 2024). Net income: ₩39.8b (up ₩51.2b from 2Q 2024). Profit margin: 53% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 153 percentage points per year, which is a significant difference in performance. New Risk • Apr 07
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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 15
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₩1,156 loss per share (further deteriorated from ₩55.00 loss in FY 2023). Revenue: ₩33.4b (down 49% from FY 2023). Net loss: ₩55.5b (loss widened ₩52.9b from FY 2023). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 38% growth forecast for the Biotechs industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Mar 14
ABL Bio Inc., Annual General Meeting, Mar 28, 2025 ABL Bio Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 20, pangyo-ro 289beon-gil, bundang-gu, gyeonggi-do, seongnam South Korea Reported Earnings • Nov 14
Third quarter 2024 earnings released: ₩1,095 loss per share (vs ₩86.00 loss in 3Q 2023) Third quarter 2024 results: ₩1,095 loss per share (further deteriorated from ₩86.00 loss in 3Q 2023). Revenue: ₩7.94b (down 7.4% from 3Q 2023). Net loss: ₩52.5b (loss widened ₩48.4b from 3Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 36% growth forecast for the Biotechs industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2024 earnings released: ₩238 loss per share (vs ₩217 loss in 2Q 2023) Second quarter 2024 results: ₩238 loss per share (further deteriorated from ₩217 loss in 2Q 2023). Revenue: ₩8.44b (down 1.7% from 2Q 2023). Net loss: ₩11.4b (loss widened 10% from 2Q 2023). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in South Korea. New Risk • Apr 18
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 8.2% 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 are forecast to decline by an average of 74% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Reported Earnings • Mar 19
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: ₩55.00 loss per share (down from ₩67.00 profit in FY 2022). Revenue: ₩65.5b (down 2.6% from FY 2022). Net loss: ₩2.65b (down 183% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Revenue is expected to decline by 44% p.a. on average during the next 2 years, while revenues in the Biotechs industry in South Korea are expected to grow by 18%. New Risk • Jan 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 81% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩18,830, the stock trades at a trailing P/E ratio of 38.2x. Average forward P/E is 42x in the Biotechs industry in South Korea. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩16,520, the stock trades at a trailing P/E ratio of 33.5x. Average forward P/E is 34x in the Biotechs industry in South Korea. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩20,750, the stock trades at a trailing P/E ratio of 42.1x. Average forward P/E is 42x in the Biotechs industry in South Korea. Total loss to shareholders of 43% over the past three years. Announcement • Aug 05
ABL Bio Receives IND Approval for Phase 1 Clinical Trial of ABL501, an anti-LAG-3/PD-L1 Bispecific Antibody ABL Bio Inc. announced that the Investigational New Drug (IND) application for ABL501 has been approved by South Korea'sMinistry of Food and Drug Safety (MFDS). The Phase 1 clinical trial is an open-label, multi-center dose escalation and dose expansion study designed to evaluate the safety, tolerability, maximum tolerated dose (MTD) and preliminary efficacy of ABL501 in patients with advanced or metastatic solid tumors. ABL501 uses Grabody-I platform technology to simultaneously block PD-L1 and LAG-3-mediated T cell inhibition. Preclinical results demonstrate a synergistic increase of T cell activation that is higher than the enhancements induced by combination of anti-PD-L1 and LAG-3. ABL501 also showed a good safety profile in monkeys. Is New 90 Day High Low • Feb 17
New 90-day low: ₩21,400 The company is down 17% from its price of ₩25,800 on 19 November 2020. The South Korean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: ₩22,300 The company is down 27% from its price of ₩30,700 on 19 August 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 Biotechs industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: ₩27,550 The company is down 5.0% from its price of ₩29,050 on 17 July 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 3.0% over the same period. 
