Bio Solution바이오솔루션

Bio Solution remains loss-making at the operating line, with shares down sharply over the past year and no recent news coverage in the data.

Bio Solution sells cell therapy products, human tissue test models and cosmetic bio-ingredients. In the trailing twelve months to H1 2026 it reported revenue of ₩17.4B and an operating loss of ₩3.4B, with a small net profit of ₩0.9B. The shares closed at ₩5,720 on 2026-10-23, roughly 57% above the 52-week low of ₩5,240 but well below the 52-week high of ₩13,450.

What stands out

• Revenue has grown from ₩10.1B in 2022 to ₩15.2B in 2025, but operating losses have persisted every year shown, with the 2025 operating margin at -28.6%.
• The trailing net profit of ₩0.9B sits against an operating loss of ₩3.4B, so the data does not explain the gap; the filings would need to be checked for non-operating items.
• Borrowings of ₩18.7B exceed cash of ₩9.3B, and trailing free cash flow is negative at about -₩0.2B.
• Valuation is high relative to earnings: trailing P/E is 170.6 and P/B is 3.6, while the data shows no dividend.
• Foreign ownership fell from 2.7% to 2.3% over about 60 days, and the 20-day flows show foreign buying of about ₩0.6B against retail selling of about ₩0.6B.
• Recent filings include a convertible bond issue decision (amended in August 2026) and a July 2026 management-related disclosure, but the data does not give details of either.

What to watch

• The next filings on the convertible bond terms and the July 2026 management matter, whose content is not in the data.
• Whether operating losses narrow, given the negative trailing operating margin and ongoing losses since 2021.
• Debt levels against cash, as borrowings are about twice cash in the data provided.