Voronoi FY 2025 Annual ReportBeta
Voronoi annual report for FY 2025, filed with DART (Korea Financial Supervisory Service) on March 20, 2026. This page provides AI-powered English analysis including business overview, management discussion & analysis (MD&A), risk factors, and KIFRS consolidated financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE).
Voronoi FY 2025 Annual Report Analysis
Business Overview
- • Voronoi (보로노이) business model: preclinical-to-Phase 1/2 Kinase inhibitor developer, monetizing via global license-out and tech-asset sales
- • Sep 2025: VRN04 (RIPK1) program tech-asset sold to Anvia Therapeutics, Inc. — first non-license-out deal structure disclosed in this filing
Management Discussion & Analysis
- • Net loss KRW 42.7B (vs. KRW 32.6B prior year, +30.9% YoY); operating loss KRW 54.4B (vs. KRW 36.3B, +49.7%); revenue KRW 7.5B (prior year: nil)
- • VRN04 tech-asset sale to Anvia Therapeutics generated KRW 7.5B revenue; R&D expense rose KRW 13.1B and stock-based compensation KRW 7.2B, widening operating loss
Risk Factors
- • USD 10% FX move → ±KRW 1.5B after-tax impact on equity (up from ±KRW 1.1B in 2024)
- • Total debt surged to KRW 67.4B from KRW 7.2B YoY; debt ratio jumped to 64.97% from 10.91%
Voronoi FY 2025 Key Financial MetricsDART
Total Assets
KRW 171.2B
▲ +132.5% YoY
Operating Cash Flow
-KRW 72.1B
▼ -148.2% YoY
CapEx
KRW 1.6B
▲ +46.8% YoY
Source: KIFRS consolidated financial data from Voronoi annual report on DART. All figures in KRW.
Source: DART (Korea Financial Supervisory Service) · AI summaries generated from the original Korean filing (English output) · Beta: coverage is expanding