Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩41,000, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 16x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 61% over the past three years. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 32% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ₩639 to ₩841. Revenue forecast unchanged at ₩84.0m. Net income forecast to shrink 39% next year vs 8.3% growth forecast for Pharmaceuticals industry in South Korea . Consensus price target of ₩75,000 unchanged from last update. Share price rose 17% to ₩57,200 over the past week. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩55,200, the stock trades at a forward P/E ratio of 86x. Average forward P/E is 21x in the Pharmaceuticals industry in South Korea. Total returns to shareholders of 126% over the past three years. New Risk • Mar 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% 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. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Duyuru • Mar 13
Oscotec Inc., Annual General Meeting, Mar 30, 2026 Oscotec Inc., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: auditorium, 700, daewangpangyo-ro, bundang-gu, gyeonggi-do, seongnam South Korea Reported Earnings • Nov 14
Third quarter 2025 earnings released: ₩13.00 loss per share (vs ₩442 profit in 3Q 2024) Third quarter 2025 results: ₩13.00 loss per share (down from ₩442 profit in 3Q 2024). Revenue: ₩8.95b (down 69% from 3Q 2024). Net loss: ₩489.3m (down 103% from profit in 3Q 2024). Revenue is forecast to grow 85% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. New Risk • Sep 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 7.4% 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. This is currently the only risk that has been identified for the company. Duyuru • Feb 27
Oscotec Inc., Annual General Meeting, Mar 27, 2025 Oscotec Inc., Annual General Meeting, Mar 27, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 700, daewangpangyo-ro, bundang-gu, gyeonggi-do, seongnam South Korea 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 Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Mar 21
Full year 2023 earnings released: ₩635 loss per share (vs ₩763 loss in FY 2022) Full year 2023 results: ₩635 loss per share (improved from ₩763 loss in FY 2022). Net loss: ₩24.3b (flat on FY 2022). Revenue is forecast to grow 94% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 07
Now 23% undervalued Over the last 90 days, the stock has risen 19% to ₩24,050. The fair value is estimated to be ₩31,314, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 76% over the last 3 years. Earnings per share has declined by 16%. Duyuru • Feb 23
Oscotec/Adel Initiates First-In-Human Dosing in Ph1 of Anti-Mtbr Tau Antibody Adel-Y01 in Alzheimer's Disease Oscotec Inc. and ADEL Inc. announced the dosing of the first healthy participant in its first-in-human study of ADEL-Y01 for the treatment of Alzheimer's disease. Oscotec and ADEL are jointly developing a novel disease-modifying immunotherapy agent (ADEL-Y01) targeting tau protein accumulation in the AD brain. ADEL-Y01 is uniquely designed to target tau protein acetylated at lysine-280 (acK280), inhibiting aggregation and propagation of toxic tau and thus may slow the course of the disease. This phase 1a/1b study in the U.S. is to evaluate the safety, tolerability, pharmacokinetics, and clinical activity of ADEL-Y01 in 40 healthy volunteers as well as in 33 participants with Mild Cognitive Impairment due to Alzheimer's disease or mild Alzheimer's disease. The preclinical results of ADEL-Y01 in animal models were published last year, demonstrating improvement in memory impairment, behavioral deficits through the inhibition of Tau seeding and propagation. Buying Opportunity • Dec 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₩28,990, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 76% over the last 3 years. Earnings per share has declined by 16%. Buying Opportunity • Oct 18
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 3.3%. The fair value is estimated to be ₩27,229, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 65% over the last 3 years. Earnings per share has declined by 23%. Duyuru • Sep 15
Oscotec Inc. and ADEL Inc. Announce FDA Clearance of IND Application of ADEL-Y01 for the Treatment of Alzheimer's Disease Oscotec Inc. and ADEL Inc. announced that the U.S. Food and Drug Administration (FDA) has cleared the investigational new drug (IND) application of ADEL-Y01 for the treatment of Alzheimer's disease (AD). Oscotec and ADEL are jointly developing a novel disease-modifying immunotherapy agent (ADEL-Y01) targeting tau protein accumulation in the AD brain. ADEL-Y01 is a recombinant IgG1 class type monoclonal humanized antibody that recognizes and binds to tau protein acetylated at lysine-280 (acK280) thus inhibiting aggregation and propagation of tau seeds and enhancing microglial tau clearance. Administration of ADEL-Y01 has ameliorated memory impairment, behavioral deficits, and tau pathology in preclinical models, which was published early this year ("Monoclonal antibody Y01 prevents tauopathy progression induced by lysine 280-acetylated tau in cell and mouse models" in The Journal of Clinical Investigation) This phase 1a/1b study is to evaluate the safety, tolerability, pharmacokinetics, and clinical activity of ADEL-Y01 in healthy volunteers as well as in participants with Mild Cognitive Impairment due to Alzheimer's disease or mild Alzheimer's disease. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: ₩866 loss per share (down from ₩145 loss in FY 2020). Revenue: ₩3.90b (down 91% from FY 2020). Net loss: ₩26.3b (loss widened ₩21.9b from FY 2020). Revenue missed analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 14% compared to a 1.5% decline forecast for the pharmaceuticals industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 11
Full year 2020 earnings released: ₩155 loss per share (vs ₩801 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: ₩43.5b (up ₩39.1b from FY 2019). Net loss: ₩4.36b (loss narrowed 81% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Duyuru • Mar 03
Oscotec Inc. and Beactica Therapeutics AB Announces License and Collaboration Agreement to Develop New Cancer Drug Oscotec Inc. and Beactica Therapeutics AB announced a new research development and licensing agreement. Oscotec and Beactica will initially jointly collaborate concerning research and early preclinical development of novel anti-cancer drug candidates arising out of Beactica's LSD1 programme. Oscotec may thereafter opt to take full responsibility for clinical development and commercialization. Under the terms of the agreement, Oscotec is entitled to gain exclusive global rights for further development and commercialization of Beactica's programme. Beactica is eligible to receive up to EUR 149 million in potential preclinical, clinical and regulatory milestones, including an upfront and equity payment from Oscotec upon signing of the agreement. Furthermore, Beactica is eligible to receive double-digit royalties on commercial sales of the products resulting from the partnership. Beactica is also entitled to revenue shares from any related future licensing activities by Oscotec. Full financial details remain undisclosed. Duyuru • Feb 25
Oscotec Inc., Annual General Meeting, Mar 25, 2021 Oscotec Inc., Annual General Meeting, Mar 25, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 17
New 90-day low: ₩36,100 The company is down 37% from its price of ₩57,100 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 Pharmaceuticals industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₩40,350 The company is down 2.0% from its price of ₩41,150 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₩69,500 The company is up 78% from its price of ₩39,050 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 04
New 90-day high: ₩51,400 The company is up 70% from its price of ₩30,150 on 06 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 07
New 90-day high: ₩49,700 The company is up 112% from its price of ₩23,450 on 09 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 Pharmaceuticals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Sep 18
New 90-day high: ₩44,250 The company is up 54% from its price of ₩28,750 on 19 June 2020. The South Korean market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.