T&R Biofab티앤알바이오팹

T&R Biofab remains loss-making with heavy debt, though trailing revenue has grown sharply and the share price has fallen over the past year.

T&R Biofab, a KOSDAQ-listed maker of 3D bioprinting systems, bioinks and biodegradable scaffolds, reported trailing twelve-month revenue of about ₩32.7B to H1 2026 but an operating loss of ₩5.4B and a net loss of ₩27.7B. Borrowings of ₩29.7B exceed cash of ₩6.0B, and the company pays no dividend. The share price closed at ₩1,925 on 2026-10-23, roughly 16% lower over one month and 11% lower over one year, with a market capitalisation of about ₩92B.

What stands out

• Revenue rose sharply in 2025 to ₩27.0B from ₩4.9B in 2024, but operating losses remained large at ₩9.1B and the operating margin was -33.6%.
• Trailing net margin is -84.7% and ROE is -122%, reflecting continued losses relative to equity.
• Liabilities are 337% of equity, and trailing free cash flow was negative at about ₩2.3B.
• Price-to-book is 4.3 and price-to-sales is 2.8; P/E is not meaningful because earnings are negative, and no dividend is paid.
• Recent filings include a derivative trading loss amendment and several amended annual and quarterly reports, and a preliminary consolidated earnings filing was made on 2026-10-19; the data does not include the figures in that preliminary filing.

What to watch

• The full half-year and third-quarter results, and whether the loss narrows relative to revenue growth.
• Debt levels against cash, since borrowings are about five times cash on the trailing figures.
• Details of the derivative trading loss and the amended filings, which the data does not explain further.