GenNBio, a Korean biotech firm formerly known for its efforts in xenotransplantation, is set to be delisted from the Kosdaq after the Korea Exchange (KRX) ruled on Wednesday that it failed to address multiple grounds for delisting, including consecutive disclaimed audit opinions and sustained financial instability.

The Korea Exchange will delist GenNBio on June 18 following years of financial losses, audit failures, and a trading suspension, leaving over 58 percent of shares held by minority investors.
The Korea Exchange will delist GenNBio on June 18 following years of financial losses, audit failures, and a trading suspension, leaving over 58 percent of shares held by minority investors.

According to the KRX disclosure, the committee reviewed the company’s explanations and documentation but ultimately concluded that delisting procedures would proceed.

Following the delisting resolution, the exchange stated that GenNBio’s shares will be subject to a seven-day grace trading period from June 9 to 17. The company will be officially delisted from the Kosdaq on June 18.

This marks the culmination of GenNBio's long period of financial decline and governance instability. The company has reported operating losses for six consecutive years.

According to its latest financial statements, GenNBio posted an operating loss of 5.6 billion won ($4.1 million), a net loss of 11.1 billion won, and a negative operating cash flow of 2.76 billion won in 2024. As of the end of 2024, the company’s current liabilities exceeded current assets by 7.78 billion won, highlighting the firm’s severe liquidity crunch.

GenNBio's stock has been suspended from trading since March 25, 2024, at a stock price of 389 won, with minority shareholders holding more than 58 percent of the company's total shares.

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