Keeps Biopharma킵스파마

Keeps Biopharma reported a large TTM loss on revenue of about ₩220B, and its shares are down 40% over the past year.

Revenue has grown quickly since 2021 and reached ₩220B on a trailing basis to H1 2026, but operating income is slightly negative and net losses are large. Liabilities are about 194% of equity and free cash flow is deeply negative, while the company is moving into new areas such as ESS batteries.

What stands out

• Trailing revenue to H1 2026 is ₩220B, up from ₩170B in 2025, but trailing net loss is about ₩12.4B with a net margin of -5.6%.
• Operating income swung from a ₩1.6B profit in 2025 to a small trailing loss of about ₩0.6B.
• Borrowings of about ₩81.7B exceed cash of about ₩11.5B, and trailing free cash flow is about -₩43.8B.
• The share price is ₩5,610, near the lower end of its 52-week range of ₩5,110 to ₩12,880, and the P/B ratio is 1.8 with no P/E because earnings are negative.
• A recent news item says a subsidiary will sell finished products instead of recycled battery materials as it enters the ESS business; the data does not give financial details of this move.

What to watch

• Half-year and quarterly filings for future periods, to see whether operating income and free cash flow turn positive.
• The convertible bond issue decision (amended in July 2026) and the derivatives trading loss filed in August 2026, which the data does not explain in detail.
• The management matter filed in September 2026 and the ESS expansion, since the data does not say what either involves.