Inbiogen인바이오젠

Inbiogen's revenue is shrinking and losses are deep, with the shares down about 65% over the past year.

Inbiogen runs a kiosk distribution business (about 89.6% of sales) and a small food and beverage business (about 10.4%). In the trailing twelve months to H1 2026 it booked revenue of ₩5.1B against an operating loss of ₩3.9B and a net loss of ₩4.0B. The share price closed at ₩4,775 on 2026-10-28, roughly a third of its 52-week high of ₩14,300.

What stands out

• Trailing revenue of ₩5.1B is well below the ₩6.3B reported for 2025 and ₩7.0B for 2024, and 2025 revenue fell 10.6%.
• Operating margin is -76.6% and net margin is -78.7% on a trailing basis, so the company is losing heavily relative to sales.
• Free cash flow is negative at about -₩3.7B, while cash is ₩2.3B and the filings show no borrowings.
• Net income was positive in 2023 and 2024 but the 2024 profit does not line up with the operating losses shown, and 2025 returned to a net loss of ₩1.4B.
• Valuation metrics are mixed: price-to-book is 0.3 and price-to-sales is 9.4, while P/E is not meaningful because earnings are negative; the dividend yield is 0%.

What to watch

• The full-year 2026 results and any update on whether losses are narrowing relative to revenue.
• Further filings after the August 2026 5%+ holding report and the June 2026 shareholders' meeting and independent director changes.
• Foreign ownership is only 0.8% and retail investors have been net sellers over the last 20 days, while no recent news headlines are in the data.