Penetrium Bioscience페니트리움바이오

Penetrium Bioscience's revenue is shrinking and losses remain deep, even though the share price has risen sharply over the past year.

Penetrium Bioscience is a Korean contract research company that runs clinical trials and late-phase studies, and is developing cancer drug technology. Trailing twelve-month revenue is about ₩8.3B, with an operating loss of about ₩6.7B and free cash flow of about -₩4.3B, and cash is only about ₩0.4B against ₩5.0B of borrowings. The share price is ₩5,770, up 82% over one year but down 13% over one month.

What stands out

• Revenue fell 4.8% in 2025 and 29.3% in 2024, and trailing revenue is about ₩8.3B, well below the ₩13.8B to ₩14.9B seen in 2021 to 2023.
• Operating losses widened from ₩1.9B in 2023 to ₩15.9B in 2024 and ₩7.4B in 2025, with a trailing operating margin of -80.3%.
• Cash of about ₩0.4B is small compared with ₩5.0B of borrowings, and liabilities are 48.8% of equity.
• Price-to-book is 16.1 and price-to-sales is 44.2, while there are no earnings-based multiples because earnings are negative and the company pays no dividend.
• Foreign ownership fell from 5% to 0.6% over 60 days, while retail investors were net buyers of about ₩2.6B over the last 20 days.

What to watch

• Next half-year or annual results, to see whether revenue stabilises and losses narrow from current levels.
• Further filings on the company's financing, since cash is low relative to borrowings and free cash flow is negative.
• Recent filings include several 5%+ holding reports and insider shareholding reports, and a management matter filed on 3 September 2026; the filings do not explain their significance, so check the full text.