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JONBUR Research · Initiation

D&D Pharmatech · 347850 · Biotech & Pharma

D&D Pharmatech: Share Price Down 79.9% in a Year as Losses Continue on Small Revenue

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

D&D Pharmatech, a KOSDAQ-listed biotech, closed at ₩40,150 on 2026-10-12, near its 52-week low of ₩39,850 and 79.9% below the level a year earlier. Filed statements show small revenue, large operating losses and negative free cash flow, while the model estimate is far below the current share price.

Written Oct 13, 2026 · Data as of Oct 12, 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 picture of a company still in a loss-making stage. TTM revenue to H1 2026 was ₩2.8B against an operating loss of ₩37.6B, and revenue fell 62.4% in 2025. The share price fell 15.6% over one month, 47.9% over three months and 79.9% over one year, and sits just above the 52-week low of ₩39,850 (high ₩342,500).

What the data does not show is the reason for the decline. No news headlines are provided, and investor flows, foreign ownership and short balance are not available. Filings include a convertible bond conversion claim, an early acquisition of its own convertible bonds, a major sales or supply contract amendment and a major management matter, but the data gives no details of their content or effect.

Business overview

D&D Pharmatech (디앤디파마텍) is a Biotech & Pharma company listed on KOSDAQ on 2024-05-02. It was founded on 2014-11-28 and the CEO is 이슬기. It has 10,707,301 listed shares and a market capitalisation of about ₩429.9B. Enterprise value is about ₩417.6B. Revenue was ₩11.4B in 2024 and ₩4.3B in 2025. Beyond these figures, the data gives no description of products or pipeline.

Financial analysis

The figures below come from filed financial statements (DART). Revenue was ₩11.4B in 2024 and ₩4.3B in 2025 (down 62.4%). TTM revenue to H1 2026 was ₩2.8B.

Operating loss widened from ₩25.0B in 2024 to ₩34.0B in 2025, and TTM operating loss was ₩37.6B, an operating margin of -1,367.9%. Net loss was ₩28.6B in 2024, ₩23.6B in 2025 and ₩21.6B on a TTM basis (net margin -785.5%). ROE was -40.8% in 2024, -31.5% in 2025 and -21.1% on a TTM basis.

On the balance sheet, liabilities to equity were 138.6% and cash was ₩12.3B. Borrowings are not available. TTM free cash flow was -₩24.9B, which is about twice the cash balance, though the data does not show other funding sources.

Valuation

P/E and EV/EBITDA cannot be calculated because earnings are negative, and no dividend yield is available. P/B is 3.2 now, versus 12.4 at the end of 2025. P/S is 156.3.

Peers in the data: Samsung Biologics (P/E 43.1, P/B 10.2), Celltrion (24.5, 2.2), Alteogen (63.9, 23.0), Hanmi Pharm (28.0, 4.3) and HLB (no P/E, P/B 16.9). The company's P/B is within the peer range, but those peers are far larger by market cap.

The valuation model (5-year DCF, 8.6% rate, TTM to H1 2026) gives a model estimate based on the assumptions shown of ₩625 per share in the base case, with ₩717 for the bear case and ₩502 for the bull case. The bear value being above the bull value is unusual and suggests the scenario inputs are hard to interpret. All values are well below the ₩40,150 share price. This is an estimate from stated assumptions, not a target or a reason to buy or sell.

Catalysts

  • The half-year report for June 2026, filed 2026-08-14, showed the latest loss and cash figures.
  • A major management matter relevant to investors was filed on 2026-08-21, though the data does not give its content.
  • An amended major sales or supply contract filing on 2026-07-14 may bear on future revenue, but details are not in the data.
  • The June 2026 filings on a convertible bond conversion claim and early acquisition of its own convertible bonds relate to the capital structure.
  • Insider shareholding reports filed on 2026-09-08 and in June show insider holdings activity.

Risks

  • Operating losses of ₩37.6B on TTM revenue of ₩2.8B mean the business is not covering its costs.
  • TTM free cash flow of -₩24.9B compared with cash of ₩12.3B points to possible need for new funding, which could dilute shareholders.
  • Revenue fell 62.4% in 2025 and the data shows no sign yet of recovery.
  • The share price is near its 52-week low after a 79.9% one-year fall, showing high volatility.
  • The DCF estimate of ₩625 per share is far below the market price, and investor flow, foreign ownership and short interest data are not available to explain the gap.

Closing view

The filed numbers show a loss-making biotech with falling revenue, negative cash flow and a sharply lower share price. The market still values it at about ₩429.9B, and the model estimate is far below that, while key context such as news, flows and filing details is missing. The evidence points to high uncertainty and funding risk, and it does not by itself show whether the price decline has run its course.

Model estimate of fair value

Bear
₩717
-98%
Base
₩625
-98%
Bull
₩502
-99%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)D&D Pharmatech: Share Price Down 79.9% in a Year as Losses Continue on Small Revenue

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