Nibec나이벡

Nibec swung from a strong 2025 profit to a trailing first-half 2026 loss, and its share price has fallen sharply over the past year.

Nibec, a KOSDAQ-listed biotech and pharma company, reported revenue of about ₩22.6B on a trailing basis to H1 2026, with an operating loss of about ₩1.9B and a net loss of about ₩2.7B. It is still well funded on paper, with about ₩22.0B in cash against only ₩0.4B in borrowings, but free cash flow was negative at about -₩2.8B. The share price closed at ₩14,680 on 2026-10-13, down 63.4% over one year and well below its 52-week high of ₩54,300.

What stands out

• 2025 was a profitable year: revenue of about ₩32.7B, operating income of about ₩5.0B and net income of about ₩4.6B, after several years of losses.
• The trailing figures to H1 2026 show a reversal, with an operating margin of -8.4% and a net margin of -11.9%.
• Valuation is elevated against earnings: the year-end 2025 P/E was 92 and the current P/B is 3.5, while the P/E is not meaningful on current losses.
• Recent filings include a half-year report (Aug 2026) and a filing on acquisition of convertible bonds after issuance (Aug 2026); the data does not explain the details of that bond transaction.
• No recent news headlines or company profile text are included in the data, so the business drivers behind the swing are not explained here.

What to watch

• The Q3 2026 quarterly report, to see whether losses continue after the first-half result.
• Details of the convertible bond acquisition filing from 2026-08-24, which the data does not describe further.
• Free cash flow and cash balance trends, since trailing free cash flow was negative at about -₩2.8B.