Biotoxtech바이오톡스텍

Biotoxtech's revenue is growing but it is still loss-making at the operating line, and the share price has fallen sharply over the past year.

Biotoxtech runs a non-clinical contract research business doing safety and toxicity testing, mainly through its subsidiary Keyprime Research, and is also developing drug candidates. In the trailing twelve months to H1 2026 it booked about ₩52.5B of revenue but an operating loss of about ₩3.5B and a net loss of about ₩4.0B. The share price closed at ₩2,045 on 26 October 2026, with a market value of about ₩32.6B.

What stands out

• Trailing revenue of ₩52.5B is above the 2025 annual figure of ₩47.0B, but operating margin is still negative at -6.6%.
• 2025 showed a net profit of ₩1.2B despite an operating loss of ₩4.8B, so the net result that year was not driven by core operations; the filings given do not explain the gap.
• Leverage is high: liabilities are 491% of equity and borrowings are about ₩41.5B against cash of about ₩14.8B.
• The shares are down 27.2% over one year and trade between ₩1,896 and ₩4,115 over 52 weeks; foreign ownership is 2.1% and unchanged over 60 days.
• Recent filings are mostly shareholding reports, plus a bond-with-warrants related filing on 8 October 2026 and an investor relations event on 20 October 2026.

What to watch

• Next periodic results and whether operating losses narrow from the trailing -6.6% margin.
• Progress on repaying or refinancing borrowings relative to cash on hand, and the bond-with-warrants filing's effect on share count.
• Licensing progress on the TB-4 and HX-1171 pipeline; the data does not give timelines or deal terms.