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Korean biotech developing small-molecule kinase-inhibitor cancer drugs, licensing candidates to global and regional pharma partners.
Korean biotech developing small-molecule kinase-inhibitor cancer drugs, licensing candidates to global and regional pharma partners.
Its income comes from licensing fees and milestone payments received when partners pay for rights and development progress, so results depend on the timing of deal payments rather than steady sales.
Moat: narrow (IP / patents). AI-assisted drug-design platform generating novel kinase inhibitors licensed to partners.
Headquarters: Seoul, South Korea · Founded: 2015 · Employees: 149
Size Voronoi (310210.KS) is a South Korea Health Care company (Pharmaceuticals: Major) with a market value of $1.31B, the 194th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩95,300 on 6 Nov 2026.
Performance Over six months the shares fell 66.4%, against -10.9% for the median peer and -24.5% for the South Korea market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 24.2% over the last twelve months (peer median +14.0%); the operating margin is -1,947.0% (peer median 2.9%).
Valuation It trades at 417.6× enterprise value to sales against a peer median of 7.4× (2nd most expensive of 17).
Capital Return on invested capital runs 187.9 points below its cost of capital (7.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩4.16B | ₩7.51B | ₩0 | ₩0 | ₩9.77B |
| Revenue growth | — | — | — | -100% | — |
| Gross profit | n/a | n/a | -₩1.97B | -₩2.71B | n/a |
| EBITDA | -₩78.9B | -₩52.6B | -₩34.4B | -₩28.6B | -₩15.5B |
| Net income | -₩69.1B | -₩42.7B | -₩32.6B | -₩36.8B | -₩19.9B |
| Free cash flow | -₩92.5B | -₩73.7B | -₩30.2B | -₩29.9B | -₩16.9B |
| Capital expenditure | ₩4.45B | ₩1.68B | ₩1.23B | ₩1.08B | ₩552M |
| Total debt | ₩33.8B | ₩39.8B | ₩990M | ₩12.3B | ₩25.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Voronoi 310210.KS | $1.31B | -66% | +24% | -1,947% | 417.6× | n/a |
| Oscotec 039200.KS | $1.02B | -30% | +233% | 62% | 8.3× | -9.5% |
| HanmiPharm 128940.KS | $4.36B | +2% | +14% | 16% | 3.5× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 310210.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.1% | -5.6% | 2nd lowest of 21 |
| 6-month return | -66.4% | -10.9% | lowest of 21 |
| Distance from 52-week high | -74.6% | -40.5% | lowest of 21 |
| Revenue growth (TTM) | +24.2% | +14.0% | 6th highest of 17 |
| Operating margin | -1,947.0% | 2.9% | lowest of 17 |
| EV / Sales | 417.6× | 7.4× | 2nd most expensive of 17 |
| ROIC minus cost of capital | -187.9 pp | -5.0 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Voronoi 310210.KS | South Korea | $1.31B | -66% | +24% | -1,947% | 417.6× | n/a | n/a |
| Sinopep-Allsino Bio Pharmaceutical 688076.SS | China | $1.31B | -7% | +14% | 19% | 5.0× | 4.0% | +27.9% |
| C.Q. Pharmaceutical 000950.SZ | China | $1.32B | -12% | -3% | 1% | 0.5× | n/a | n/a |
| Avalyn Pharma AVLN | United States | $1.29B | +7% | n/a | n/a | n/a | n/a | n/a |
| Tianjin Chase Sun Pharmaceutical 300026.SZ | China | $1.32B | -6% | -29% | 3% | 2.0× | 8.5% | -5.3% |
| PYC Therapeutics PYC.AX | Australia | $1.28B | +31% | n/a | n/a | n/a | n/a | n/a |
| D&D Pharmatech 347850.KS | South Korea | $1.28B | -49% | -71% | -1,368% | 617.6× | n/a | n/a |
| Hanall Biopharma 009420.KS | South Korea | $1.34B | -25% | +5% | 3% | 11.2× | n/a | n/a |
| Lotus Pharmaceutical 1795.TW | Taiwan | $1.34B | -26% | +49% | 24% | 3.4× | -2.4% | +13.8% |
| Idorsia IDIA.SW | Switzerland | $1.34B | -5% | -5% | -70% | 10.7× | n/a | n/a |
| GH Research GHRS | United States | $1.28B | -13% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Xianju Pharmaceutical 002332.SZ | China | $1.34B | +2% | +8% | 11% | 2.1× | 0.3% | -1.3% |
| Chongqing Genrix Biopharmaceutical 688443.SS | China | $1.34B | -10% | +256% | -27% | 10.0× | n/a | n/a |
| Phibro Animal Health PAHC | United States | $1.34B | -18% | +17% | 13% | 1.4× | -7.4% | +12.7% |
| Nektar Therapeutics NKTR | United States | $1.27B | -54% | -27% | -239% | 13.3× | n/a | n/a |
| Shanghai OPM Biosciences 688293.SS | China | $1.35B | +26% | +133% | 11% | 9.8× | 26.1% | +23.1% |
| Celltrion Pharm 068760.KS | South Korea | $1.27B | -29% | +14% | 11% | 3.0× | 11.7% | +18.1% |
| OliX Pharmaceuticals 226950.KS | South Korea | $1.26B | -57% | +81% | -305% | 111.4× | n/a | n/a |
| LB Pharmaceuticals LBRX | United States | $1.36B | +31% | n/a | n/a | n/a | n/a | n/a |
| MannKind MNKD | United States | $1.25B | +11% | +30% | 3% | 4.0× | n/a | n/a |
| Mabwell (Shanghai) Bioscience 2493.HK | Hong Kong | $1.37B | -32% | +21% | -127% | 15.3× | n/a | n/a |