S.Biomedics에스바이오메딕스

S.Biomedics is still loss-making with heavy spending and debt, and its share price has fallen over the past year despite a strong three-month rise.

The company, a Korean stem cell and cell therapy developer, reported trailing revenue of about ₩16.5B for the half year to June 2026, but operating losses of about ₩11.3B and a net loss of about ₩12.1B. Cash of ₩39.7B sits against borrowings of ₩21.8B, and free cash flow was negative at about -₩10.9B. The share price closed at ₩20,150 on 28 October 2026, down 16.4% over one year but up 33.4% over three months.

What stands out

• Revenue grew 20.5% in 2025 to about ₩16.5B, after 4.8% growth in 2024, but operating margin stayed deeply negative at -50.4% for 2025 and -68.4% on a trailing basis.
• Losses have widened: the 2025 net loss was about ₩8.1B, while the trailing net loss to H1 2026 is about ₩12.1B.
• Liabilities are 92.3% of equity and the company reports a negative ROE of -57.1% on a trailing basis.
• Filings in April 2026 included a rights offering decision, a convertible bond issue and a convertible preferred share allotment, and in August 2026 the company adjusted the conversion price of its 5th series convertible bonds and bought back some of them early.
• Valuation has no earnings-based multiple since earnings are negative; price-to-book is 8.3 and price-to-sales is 15.2. The company pays no dividend.
• Foreign ownership fell from 2.3% to 2.0% over the past 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers. No news headlines were included in the data.

What to watch

• Next periodic results and whether losses narrow relative to revenue, since the data show no profit in any year shown.
• Dilution from the convertible bonds, convertible preferred shares and rights offering, and any further conversion price adjustments.
• Funding needs: cash of ₩39.7B against borrowings of ₩21.8B and negative free cash flow, with no going-concern or refinancing details in the data.