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JONBUR Research · Initiation

T&R Biofab · 246710 · Biotech & Pharma

T&R Biofab: Revenue Jumped in 2025 but Losses and Leverage Remain Heavy

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

T&R Biofab, a KOSDAQ-listed biotech and pharma company, had a market value of ₩98.9B at a close of ₩2,075 on 2026-10-19. Revenue rose sharply in 2025, but the company is still loss-making, with high leverage and a negative return on equity.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a clear revenue step-up: 2025 revenue was ₩27.0B versus ₩4.9B in 2024, and trailing revenue to H1 2026 was ₩32.7B. Operating losses narrowed from ₩13.3B in 2024 to ₩9.1B in 2025 and ₩5.4B on a trailing basis. The data does not show profitability: trailing net loss was ₩27.7B, far larger than the operating loss, which points to large non-operating items. Filings include an amended report on derivative trading loss, but the data gives no detail on its size. The shares are up 15.0% over one year but down 8.8% over one month, and trade 57.9% below the 52-week high of ₩4,925. Foreign investors were net sellers over 20 days, while institutions and retail were net buyers, but all flow amounts are small.

Business overview

T&R Biofab is listed on KOSDAQ in the Biotech & Pharma sector. It was founded on 2013-03-11 and listed on 2018-11-28, with 47,664,504 listed shares. Revenue was ₩3.2B in 2021, ₩5.8B in 2022, ₩5.2B in 2023 and ₩4.9B in 2024, before jumping 453.3% to ₩27.0B in 2025. The data does not describe its products or customers. Foreign ownership is 2.4%, down from 2.7% sixty days ago, and the short balance is 0.3%.

Financial analysis

From filed financial statements: trailing revenue to H1 2026 was ₩32.7B, with an operating loss of ₩5.4B (margin -16.5%) and a net loss of ₩27.7B (margin -84.7%). Return on equity was -122.0%. In 2025, revenue was ₩27.0B, operating loss ₩9.1B (margin -33.6%) and net loss ₩32.0B. Operating margins were between -224.1% and -316.9% in 2021-2024. On the balance sheet, liabilities to equity were 337.4%, cash was ₩6.0B and borrowings were ₩16.0B. Trailing free cash flow was -₩2.3B. A preliminary earnings filing was submitted on 2026-10-19, and its figures are not in the data. A news headline cites cumulative third-quarter revenue of ₩27.2B.

Valuation

Price-to-book is 4.7, down from 7.1 at the end of 2025 and 13.6 at the end of 2023, and price-to-sales is 3.0. P/E and EV/EBITDA are not available because earnings are negative. Enterprise value is ₩108.9B and there is no dividend. Peers show P/B of 2.6 to 31.0 (Celltrion 2.6, Yuhan 2.7, SK biopharmaceuticals 5.8, Samsung Biologics 7.9, Alteogen 31.0) and P/E of 14.9 to 86.2, but they are far larger and profitable, so comparisons are limited. No valuation model estimate per share is available, so no comparison with the share price can be made.

Catalysts

  • The preliminary consolidated earnings filing on 2026-10-19 gives an update on recent results, though its figures are not in the data.
  • A news report from Edaily on 2026-10-19 cites cumulative third-quarter revenue of ₩27.2B.
  • Amended annual, quarterly and audit reports filed in August 2026 may affect how investors read past results.
  • Two 5%+ holding reports and several insider shareholding reports in August 2026 show changes in ownership.

Risks

  • Net losses of ₩27.7B on a trailing basis are much larger than operating losses, and the data does not explain the gap.
  • Liabilities are 337.4% of equity and borrowings of ₩16.0B exceed cash of ₩6.0B.
  • An amended filing on a derivative trading loss and several amended reports raise questions about reporting and results quality.
  • Revenue has been volatile, staying near ₩5B for several years before the 2025 jump, so the durability of the increase is not shown in the data.
  • Foreign ownership is falling and the share price is far below its 52-week high, showing volatility.

Closing view

The data shows a real jump in revenue and a narrower operating loss, but also deep net losses, a negative return on equity, high leverage and amended filings. Valuation multiples have fallen from earlier years, yet the lack of earnings and of a model estimate limits what they can say. The picture is mixed, and the latest preliminary results will matter for judging whether the improvement continues.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 20, 2026InitiationStart of coverage (reader request)T&R Biofab: Revenue Jumped in 2025 but Losses and Leverage Remain Heavy

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information