QuadMedicine쿼드메디슨

QuadMedicine shows steep losses and a share price well down over three months, though it holds more cash than debt.

QuadMedicine, a KOSDAQ-listed microneedle drug delivery developer working as a contract partner to drugmakers, reported trailing twelve-month revenue of ₩7.1B against an operating loss of ₩9.9B for the period to H1 2026. Cash of ₩8.2B exceeds borrowings of ₩7.8B, and the shares closed at ₩4,130 on 2026-10-23, down 27.7% over three months. The data does not include forward forecasts or analyst views.

What stands out

• Revenue rose about 15% in 2025 to ₩10.7B, but the operating margin was still -59.7% for that year and -137.9% on a trailing basis.
• Trailing free cash flow was about -₩9.7B, so the cash balance would fall quickly at this burn rate if it continued.
• Price-to-book is about 1.9 and price-to-sales about 6.7; earnings-based multiples are not meaningful because the company is loss-making.
• Recent filings include a half-year report (Aug 2026), a major sales or supply contract (May 2026) and a major management matter (Sep 2026), though the data does not describe their contents.
• Foreign ownership eased slightly to 4.2% from 4.4% over 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• Next periodic results and whether losses narrow relative to the ₩7.1B revenue base.
• Details of the September 2026 major management matter, which the data does not explain.
• Whether the company continues to fund operations from its cash balance, given the negative free cash flow and the ₩7.8B in borrowings.