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JONBUR Research · Initiation

Kolon TissueGene · 950160 · Biotech & Pharma

Kolon TissueGene: Tiny Revenue, Persistent Losses and a Sharp Share Price Decline

Why this report

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

Kolon TissueGene (KOSDAQ: 950160) closed at ₩15,140 on 2026-10-12, down 80.2% over three months, with a market cap of ₩1.2T against TTM revenue of only about ₩3.3M. Filed statements show operating losses every year from 2021 to H1 2026, and the model estimate based on the assumptions shown is ₩0 per share.

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 whose market value is not backed by current financial results. TTM revenue to H1 2026 was ₩3.3M, the operating loss was ₩16.6M and the net loss was ₩61.8M. The market cap of ₩1.2T therefore reflects expectations that the filed numbers do not show.

The data does not explain the share price fall. The 52-week range runs from ₩11,470 to ₩149,000, and the price is down 80.2% over three months and 66.4% over one year. No news headlines are provided. Recent filings include a change of CEO (2026-09-18) and lawsuit-related disclosures (2026-09-15 and 2026-09-16), but their content is not in the data, so any link to the price move cannot be established. Investor flows, foreign ownership and short balance data are not available.

Business overview

Kolon TissueGene is a KOSDAQ-listed company in the Biotech & Pharma sector. It was founded on 1999-06-09 and listed on 2017-11-06. It has 81,428,645 listed shares, and the CEO is listed as 전승호 in the data, although a change of CEO was filed on 2026-09-18. The data gives no description of products or pipeline.

Revenue has been small and uneven: ₩3.5M in 2021, ₩7.3M in 2022 (+109.2%), ₩2.8M in 2023 (-61.2%), ₩3.7M in 2024 (+31.0%) and ₩3.6M in 2025 (-2.5%).

Financial analysis

These figures come from filed financial statements (DART). The company has reported operating losses in each year shown. Operating income was -₩41.0M in 2021, -₩12.6M in 2022, -₩15.7M in 2023, -₩16.1M in 2024 and -₩15.7M in 2025. Operating margins ranged from -172.4% to -1,171.7%.

Net loss widened to ₩135.4M in 2025 from ₩24.8M in 2024, with ROE of -188.2%. For TTM to H1 2026, the operating margin was -499.7%, the net margin -1,863.5% and ROE -53.3%.

Liabilities to equity were 151.4%. Cash was ₩43.8M and free cash flow was -₩12.5M. Borrowings are not available in the data.

Valuation

Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. Price-to-book is 9,310.3 and price-to-sales is 371,970.2, both extreme, which reflects very small book value and revenue relative to the ₩1.2T market cap. Enterprise value is ₩1.2T. The year-end 2025 P/B was 145,138.5, the only historical multiple available.

Peers in the data trade at P/B of 2.2 (Celltrion) to 23.0 (Alteogen), and P/E of 24.5 to 63.9 where positive. HLB has no P/E. Kolon TissueGene's multiples are far outside this range.

The DCF model gives a base, bear and bull estimate of ₩0 per share at an 8.3% rate, as of TTM to H1 2026. This is a model estimate based on the assumptions shown, not a target. It compares with a share price of ₩15,140. The result reflects that current cash flows are negative and says nothing about any future outcomes outside the model inputs.

Catalysts

  • A change of CEO was filed on 2026-09-18, which may affect management direction, though details are not in the data.
  • Lawsuit filings and an amended lawsuit disclosure on 2026-09-15 and 2026-09-16 could matter, but their content and potential impact are not available.
  • Multiple 5%+ holding reports (2026-07-28, 2026-07-31, 2026-08-07, 2026-09-18) show changes in major shareholdings.
  • Insider shareholding reports in late July and early August 2026 show ongoing insider position changes.
  • The H1 2026 half-year report was filed on 2026-08-14; the next periodic filing will update the financial picture.

Risks

  • Revenue of ₩3.3M TTM is tiny relative to a ₩1.2T market cap, leaving valuation dependent on factors not visible in the financials.
  • Persistent operating losses and negative free cash flow of -₩12.5M against cash of ₩43.8M put pressure on funding.
  • Liabilities are 151.4% of equity, and borrowings data is unavailable, so the debt picture is incomplete.
  • The share price fell 80.2% in three months with a 52-week high of ₩149,000, indicating very high volatility.
  • Pending lawsuits and a CEO change add uncertainty, and the data gives no detail on either.

Closing view

The filed numbers show a company with minimal revenue, recurring losses and a market value far above what its financials support, while the DCF model estimate is ₩0 per share. The sharp price decline and recent governance and legal filings point to heightened uncertainty, but the data does not explain the causes or reveal the pipeline or other factors that might justify the valuation. Readers should treat the multiples as not meaningful and look to the underlying filings for details.

Model estimate of fair value

Bear
₩0
-100%
Base
₩0
-100%
Bull
₩0
-100%

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 8.3%). 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)Kolon TissueGene: Tiny Revenue, Persistent Losses and a Sharp Share Price Decline

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