iNtRON Biotechnology인트론바이오

iNtRON Biotechnology is still loss-making with shrinking revenue, though its shares have risen over the past three months.

The company runs a drug-development arm built on bacteriophage and endolysin platforms and a diagnostics arm that sells infectious-disease test kits in about 60 countries. Trailing revenue to H1 2026 was about ₩7.2B, against an operating loss of about ₩7.9B and a net loss of about ₩10.2B, and cash of ₩26.3B exceeds borrowings of ₩4.8B. The latest news covers a material transfer agreement with a European biotech firm for its 'pHyal20' subcutaneous platform, which the data does not show as having any financial effect yet.

What stands out

• Revenue has fallen for several years, from about ₩29.3B in 2021 to about ₩5.7B in 2025, with 2025 down 10.6% year on year.
• Operating margin was -109.1% on a trailing basis, and free cash flow was negative at about -₩5.3B.
• The shares closed at ₩3,155, up 25.7% over three months and 10.9% over one month, but down 12.8% over one year and well below the 52-week high of ₩7,010.
• The data's DCF model gives a base value of ₩435 and a bear value of ₩540, while the bull case is ₩280; these figures are inconsistent with the share price and are not analyst targets, so treat them with caution. Price-to-book is 1.6 and there is no dividend.
• Foreign ownership is 2.2% and unchanged over 60 days, and the 20-day net flows in the data are small, with foreign investors net sellers.

What to watch

• The next quarterly or annual results, to see whether revenue stabilises and losses narrow.
• Follow-up filings on the ₩ convertible bond issued in June 2026 and any further share-related disclosures, including the share cancellation decided in April 2026.
• Whether the pHyal20 agreement leads to a signed commercial deal; the data does not say what, if any, payments are involved.