Dt&Cro디티앤씨알오

Dt&Cro's revenue has held near ₩48B but losses remain deep, with heavy debt and a liquidity crisis reported in the press.

Dt&Cro is a Korean contract research organization running non-clinical and clinical trial services. Trailing twelve-month revenue to H1 2026 was about ₩49.0B, but operating loss was about ₩10.4B and net loss about ₩17.1B, with borrowings of ₩38.7B against only ₩1.6B of cash. The shares closed at ₩2,030, up 25.5% over one month but down 30.7% over one year.

What stands out

• Trailing revenue of ₩49.0B is roughly flat with 2025's ₩47.7B, after 2024 and 2025 growth of 35.3% and 32.7%.
• Operating margin was -21.3% and net margin -34.9% on a trailing basis; 2025 was loss-making at the operating line too, though less than 2024.
• Liabilities are 1,152% of equity and free cash flow was about -₩5.4B, so the balance sheet is stretched.
• Recent press headlines describe a liquidity crisis, a possible loss tied to 'contract assets', and alleged special bonuses paid to the chairman; these are press claims, not confirmed findings in the filings provided.
• Many recent filings are lawsuit-related, plus adjustments to convertible and warrant prices, which can point to dilution risk.
• Foreign ownership rose from 1.1% to 2.0% over 60 days, while the 20-day retail flow was negative.

What to watch

• Next periodic results and whether losses narrow or the cash position improves from the H1 2026 level.
• Outcomes of the lawsuits listed in recent filings, and any further amended filings.
• Whether the company's planned AI pathology digitization progresses, and any new details on the 'contract assets' issue reported in the press.