Kolon TissueGene코오롱티슈진

Kolon TissueGene remains loss-making with tiny revenue, and its share price has fallen sharply over the past year.

The company is developing TG-C, a knee osteoarthritis cell and gene therapy in U.S. FDA Phase 3 trials with 1,066 patients enrolled and follow-up ongoing. Its reported revenue comes from a small health, beauty and wine distribution business, while operating losses remain large relative to sales. Recent filings include a change of CEO and a lawsuit filing or ruling.

What stands out

• Trailing twelve-month revenue is about ₩3.3B against an operating loss of about ₩16.6B and a net loss of about ₩61.8B, giving an operating margin of roughly -500%.
• Cash of about ₩43.8B is below borrowings of about ₩37.3B, and free cash flow over the period was negative at about ₩12.5B.
• Liabilities are about 151% of equity, and the price-to-book ratio is about 9,446x, which reflects a very small equity base rather than a typical valuation signal.
• The share price closed at ₩14,720 on 26 October 2026, down 66.4% over one year and well below its 52-week high of ₩149,000.
• Over the last 20 days, retail investors were net buyers of about ₩2.3B while foreign and institutional investors were net sellers, and foreign ownership fell from 5.3% to 4.2% over about 60 days.

What to watch

• Progress and any readouts from the TG-C Phase 3 trials, which the data does not give a timetable for.
• The outcome of the lawsuit recorded in September 2026 and any further filings on it.
• Funding needs: the data shows cash below borrowings and negative free cash flow, and does not state how the gap will be covered.