L&C Bio엘앤씨바이오

L&C Bio reports a large TTM net loss on a much smaller operating profit, while a ₩144.7B rights offering and a new US patent make the latest news.

L&C Bio, a Korean maker of human tissue grafts and tissue-based medical devices, posted trailing twelve-month revenue of ₩116.3B and operating income of ₩19.4B to H1 2026, but a net loss of ₩149.4B. The share price closed at ₩24,900 on 2026-10-26, well below its 52-week high of about ₩62,810, and it has completed a ₩144.7B rights offering.

What stands out

• TTM operating margin is 16.7%, but net margin is -128.5% and ROE is -49.1%, so the net loss is far larger than the operating result; the filings given do not explain the gap.
• Full-year 2025 revenue grew 18.6% to ₩85.5B, yet 2025 net income was -₩138.2B, following a ₩141.1B profit in 2024.
• Free cash flow is -₩3.9B on a TTM basis, with cash of ₩36.4B against borrowings of ₩25.4B.
• Foreign ownership fell from 21.9% to 19.6% over 60 days, and foreign investors were net sellers of about ₩67.6B over the last 20 days, while retail investors were net buyers of about ₩65.3B.
• Recent news includes a US patent for a skin ECM-based wound care technology, a UAE import approval for its Re2O unit, and a 103.92% existing-shareholder subscription rate in the rights offering.

What to watch

• The ex-rights and bonus issue timing (ex-rights listed 2026-10-23) and how the new shares affect the share count and per-share figures, which the data does not yet show.
• The next periodic filings, to see whether the large 2025 and TTM net losses continue and what drove them, since the data gives no breakdown.
• Use of the ₩144.7B rights offering proceeds, including the Dongtan production base investment, and whether the company's borrowings and cash burn change.