1. What Happened? Analysis of Intocell’s 2025 Semi-Annual Results

Intocell recorded zero sales, an operating loss of 3.7 billion won, and a net loss of 3.8 billion won in its 2025 semi-annual report. Even considering that it is a research and development-focused company, the results are disappointing. In particular, the issue of contract termination with a specific partner has increased market concerns.

2. Why These Results? Fundamental Analysis

  • Strengths: Excellent ADC platform technology (OHPAS, PMT), diverse pipeline (ITC-6146RO, etc.), collaboration with major pharmaceutical companies, secured patents, government support
  • Weaknesses: Chronic deficit, high R&D expenses, declining sales, contract termination issue

Intocell’s core competitiveness lies in its innovative ADC platform technology. However, the difficulty in generating profits and high R&D expenditures continue to be a burden.

3. What’s Next? Market Conditions and Outlook

The ADC market is expected to have high growth. If Intocell’s technology is recognized in the market, it can achieve significant growth. However, key events such as clinical trial results, new partnership agreements, and technology transfer must be successful. Macroeconomic conditions, interest rates, and exchange rate fluctuations can also affect Intocell’s growth.

4. What Should Investors Do? Action Plan

In the short term, investors should be wary of stock price volatility. From a long-term perspective, it is necessary to closely monitor the progress of clinical trials, the status of partnership agreements, and the success of technology transfer. Investors should keep in mind that investment decisions are their own responsibility.