1. What Happened? Protina’s Q2 Earnings Miss the Mark

Protina reported KRW 9 billion in revenue, KRW 23 billion in operating loss, and KRW 19 billion in net loss for the first half of 2025. While no specific market consensus was available, the results were generally below expectations, showing decreased revenue and increased operating losses compared to the previous period.

2. Why the Underperformance? Analyzing the Factors Behind the Disappointing Results

The underperformance can be attributed to increased R&D investment and IPO-related expenses. It’s also crucial to consider that Protina is in its early growth stages, having commenced full-scale operations in Q3 2024. Furthermore, increased USD foreign currency deposits and receivables have heightened the company’s sensitivity to exchange rate fluctuations.

3. What’s Next? Short-Term and Long-Term Outlook

  • Short-Term Impact: The disappointing earnings are likely to dampen investor sentiment and put downward pressure on the stock price. The volatility could be amplified given the recent IPO.
  • Long-Term Impact: Protina’s innovative protein-protein interaction (PPI) analysis technology, SPID Platform, positions it for growth in the expanding global proteomics and antibody market. Funding secured through the IPO will be used for R&D, business expansion, and global market penetration.

4. What Should Investors Do? Investment Strategy Recommendations

  • Short-Term Strategy: A cautious wait-and-see approach is recommended, closely monitoring the company’s performance for signs of improvement.
  • Long-Term Strategy: Investors should focus on revenue growth and operating loss reduction in the next earnings report. Monitoring new technology development, pipeline expansion, and key partnerships will be crucial for assessing Protina’s long-term potential.