Raphas라파스

Raphas is still loss-making and its shares have fallen sharply over the past year, though its revenue base is steady.

Raphas makes dissolving microneedle patches, mainly cosmetic beauty patches, and is trying to expand into drug, vaccine and medical device patches. On trailing twelve-month figures to H1 2026 it had revenue of ₩30.2B, an operating loss of ₩3.9B and a net loss of ₩5.5B, with borrowings of ₩28.4B against cash of ₩12.3B. The share price closed at ₩7,040, down 47.9% over one year and well below its 52-week high of ₩16,670.

What stands out

• Revenue was ₩31.0B in 2025, up 13.9%, but the company has posted operating losses in every year shown from 2021 to H1 2026.
• Net losses were ₩4.3B in 2025 and ₩5.5B on a trailing basis to H1 2026, and return on equity is negative at -19.9%.
• Liabilities are 146.8% of equity, and free cash flow was negative at about -₩0.6B on a trailing basis.
• The company pays no dividend, and the price-to-book ratio of 2.5 is shown without a usable earnings-based P/E because earnings are negative.
• Recent filings include a half-year report for June 2026 and two management-related disclosures in May 2026, but the data does not explain their content, and no recent news headlines are included.

What to watch

• The next quarterly and half-year results, to see whether the operating loss narrows and whether revenue keeps growing.
• The details and any follow-up to the May 2026 major management matter filings, which the data does not describe.
• Debt levels against cash, since borrowings are more than twice cash on the trailing figures.