Biosolution's core business is cell therapy, in which cells taken from a patient's body are cultured and returned for treatment. Its representative products are CartiLife, an osteoarthritis therapy that grows a patient's own knee cartilage cells for implantation, and skin cell therapies, and it also earns money from cosmetic raw materials and alternative-testing services. Core-business revenue has grown by double digits for two straight years and continued to expand +19.9% in the first quarter of 2026, and in its investor briefings the company has emphasized CartiLife's entry into commercialization in China (the Hainan medical zone) and cooperation talks with Japan and the Middle East. The point to watch is that the case is strong if overseas commercialization is confirmed through actual contracts and revenue and CartiLife works as revenue leverage; but the operating loss has continued for several years so top-line growth has not yet translated into profit, and with a debt ratio of 214% and a current ratio of 57% the financial cushion is tight, making the timing of a turn to profit important.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 214.0%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 56.7%).
- Revenue rose 17.9% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 19.9% higher than a year earlier.
- ROE is 0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is -28.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Song-seon 17.6% (individual)
Controlling bloc incl. related parties 19.29%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Biosolution's core business is cell therapy, in which cells taken from a patient's body are cultured and returned for treatment.
- Its flagship product is CartiLife, an osteoarthritis therapy that grows a patient's own knee cartilage cells and implants them at the damaged site, backed by the skin cell therapies KeraHeal and KeraHeal-Allo for burns and skin regeneration.
- On top of this, stem-cell-derived cosmetic raw materials (the StemSU line) and human-tissue-mimicking platforms and alternative-testing services that replace animal testing form another revenue axis.
- In other words, it earns money along two lines, high-priced cell therapies plus cosmetic raw materials and testing services; the therapies command very high per-unit prices, but the pace at which prescriptions and adoption grow is what drives results.
- The latest close is ₩5,620 and the market cap is ₩145.7 billion.
- The price sits below the 20-day line (₩6,240) and below the 60-day line (₩8,485).
- Trading below both the short- and mid-term moving averages, the trend is on the depressed side.
- RSI (a supporting gauge that measures upward versus downward strength over the past 14 days on a 0-100 scale) is 28.2, close to depressed territory.
- The 1-month change is -19.9%, the 3-month change is -49.7%, and the position versus the 52-week high is -56.6%.
- Relative strength versus KOSDAQ is 51 (1-99, converting return versus the index over the past year with more recent weight; higher means stronger than the market).
- That places it in roughly the top 49% of all stocks by strength.
- Over the past three months it lagged the index by 33.8%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- This is a company whose valuation metrics are easy to misread if taken at face value.
- The P/E ratio (how many times a year's profit the share price represents) shows as 571x, but this is simply because 2025's barely positive net profit of ₩270 million is close to zero, making the denominator abnormally small; it does not mean the stock is expensive relative to earnings.
- At the operating level it lost -₩4.3 billion (operating margin -28.6%), so the core business is not yet making money, and the positive net profit in 2025 is closer to an inflection created by non-operating items.
- So this is a company in a loss-making phase, where a P/E set on last year's confirmed earnings can hardly have meaning, and since most peers in regenerative medicine and cell therapy are also loss-making, earnings-based comparison does not hold.
- The asset-based P/B (how many times net assets the share price represents) is 4.55x and the revenue-based P/S (how many times revenue the share price represents) is 11.6x, so against assets and revenue some growth expectation is reflected.
- The debt ratio (debt versus equity) is 214% and the current ratio (assets that can be turned into cash immediately versus debt due within a year) is 57%, so the financial cushion is not ample, but this is a common structure for loss-making drug and cell-therapy companies.
- In short, this is a company whose value is better gauged by revenue trends and the progress of pipeline commercialization than by trailing (last-year confirmed) earnings metrics.
- The top line is clearly growing.
- Revenue rose from ₩12.5 billion in 2023 → ₩12.9 billion in 2024 → ₩15.2 billion in 2025, and in 2025 the pace of growth stepped up to +17.9% year on year.
- First-quarter 2026 revenue also grew +19.9% year on year to ₩3.76 billion, continuing the growth trend.
- This revenue growth came from CartiLife's expanding domestic prescriptions together with cosmetic-raw-material and alternative-testing revenue, and it stems not from a one-off but from steady demand growth in the core business.
- Earnings, however, are still a different picture.
- Operating profit has been in loss (-₩4.3 billion to -₩5.3 billion) for the past several years, and the positive 2025 net profit (+₩270 million) is an inflection created by base effects versus the prior -₩11.9 billion loss and by non-operating factors, so it is too early to read it as a trend.
- Indeed, in first-quarter 2026 it was again in loss with operating -₩1.3 billion and net -₩2.0 billion.
- Since there is not yet a basis to conclude that this year's annual net profit has settled positive, this is a phase to watch when revenue connects to an operating profit rather than to explain the price with earnings-based valuation.
- The key variable for growth is the point at which CartiLife's overseas commercialization is booked as actual revenue and top-line expansion leads to earnings improvement.
- Recent disclosures consist mainly of periodic reports such as quarterly and annual reports and the holding of investor briefings (IR).
- Entering 2026, the company held IR events in succession in March and April, directly explaining CartiLife's expanding domestic hospital prescriptions and the progress of overseas expansion; what the company officially emphasizes is CartiLife's entry into commercialization in China (the Hainan medical zone) and cooperation talks with Japan, the Middle East and elsewhere.
- Meanwhile, the first-quarter report confirmed top-line growth with revenue up +19.9% year on year.
- It has not yet reached the stage of a confirmed-order disclosure such as a single supply contract, so the next checkpoint is whether the overseas-commercialization plans presented in IR are confirmed through actual contract and revenue disclosures.
- This stock's strengths are clear.
- First, core-business revenue has grown by double digits for two straight years and continued +19.9% in first-quarter 2026, so top-line growth has settled into a trend rather than a temporary rebound.
- Second, CartiLife, a high-priced cell therapy, is expanding domestic prescriptions and has entered the early stage of overseas commercialization in China and elsewhere, an area that could work as revenue leverage.
- Points to consider are also clear and grounded in fact.
- The operating loss has continued for several years, so top-line growth has not yet connected to an operating profit, and as the 214% debt ratio and 57% current ratio show, the financial cushion is tight, making the timing of a turn to profit important.
- Also, the P/E is a distortion created by a one-off profit and cannot be a yardstick for judging the price; value should be seen through revenue trends and commercialization progress.
- In sum, this is a stock that is strong in a phase where overseas commercialization is confirmed through actual contracts and revenue and the operating loss shrinks, and weak in a phase where growth stays confined to revenue and the loss drags on.
- The clear progress of revenue growth and the earnings task that remains should be weighed equally.
🔎 Valuation vs peers Overvalued
KOSDAQ companies in the same regenerative-medicine and cell-therapy field, chosen because their clinical and commercialization stage and loss-making structure are similar.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| MEDIPOST | 0.00x | 1.34x | -34.29% |
| Anterogen | 0.00x | 1.72x | -1.57% |
Just as the direct peers of cartilage and stem-cell therapy companies (MEDIPOST P/B 1.6x, Anterogen 2.9x) are all loss-making so that a P/E does not hold, Biosolution's P/E of 644x is likewise a distortion created by a one-off profit, making earnings-based comparison meaningless. Looking at value against assets, the P/B of 5.5x is distinctly higher than the peers, and the P/S of 11.6x is also a heavy burden relative to revenue, so this is judged to be a premium zone in which overseas-commercialization expectations are priced in ahead of time. Last year's trailing P/E cannot be trusted because of the earnings inflection (a one-off profit), and this year a forward earnings-based value is also hard to set because of the return to loss in the first quarter. That said, if the clinical and commercialization progress is confirmed through actual contracts and revenue, there is room for the premium to be justified, so it is viewed as a zone of expectations priced in ahead rather than asserted to be expensive.
Price history Close · MA20 · MA60
The latest close is ₩5,620 and the market capitalization is ₩145.7 billion. The price sits below its 20-day moving average (₩6,240) and below its 60-day moving average (₩8,485). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 28.2, near oversold territory. The one-month change is -19.9%, the three-month change is -49.7%, and the position relative to the 52-week high is -56.6%. Relative strength versus the KOSDAQ is 51 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 51% of all stocks. Over the past three months it lagged the index by 33.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -33.78% / 6M -18.18% / 12M -36.41%
Key metrics vs sector median
Valuation
The P/E of 535.24x is above the sector median (15.98x). The P/B of 4.55x is above the sector median (1.37x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 0.9%, below the sector average (3.0%). The operating margin is -28.6%. The debt ratio is 214.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.3M | $8.5M | $10.1M | +17.93% ↑ faster |
| Operating profit | -$3.4M | -$3.4M | -$2.9M | — |
| Net profit | -$899,042 | -$7.9M | $181,177 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8M | $6.7M | $8.3M | $8.5M | $10.1M |
| Operating profit | -$1.0M | -$3.5M | -$3.4M | -$3.4M | -$2.9M |
| Net profit | -$1.1M | -$5.4M | -$899,042 | -$7.9M | $181,177 |
| Revenue CAGR | 4-yr avg 6.53% | ||||
Revenue rose 17.9% year over year (2023 ₩12.5 billion → 2024 ₩12.9 billion → 2025 ₩15.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.5%. The two-year revenue CAGR is 10.4%. In the most recent quarter (Q1 2026), revenue was 19.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 17.9% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 report filed — revenue of ₩3.76 billion (+19.9% year on year), operating loss of -₩1.3 billion, net loss of -₩2.0 billion; the top line grew but returned to an operating loss.Short term: revenue growth is confirmed, but the return to loss highlights profitability pressure. Medium term: the timing of the top line's turn to profit is the key variable. Source
- 2026-04-29IRInvestor briefing (IR) held — the company directly explained CartiLife's expanding domestic prescriptions and the progress of overseas commercialization in China (Hainan) and elsewhere.Short term: forms expectations of overseas momentum. Medium term: the verification point is whether the plans lead to actual order and revenue disclosures. Source
- 2026-03-27FilingAnnual general meeting results and filing on the appointment/dismissal of outside directors — routine governance items processed.Short- and medium-term impact is limited, but changes in board composition warrant review. Source
- 2026-03-19Earnings2025 annual report filed — annual revenue of ₩15.2 billion (+17.9%), operating loss of -₩4.34 billion, net profit of +₩270 million (a turn to profit versus -₩11.9 billion the prior year, driven by non-operating factors).Short term: the turn to net profit is a surface positive. Medium term: with the continued operating loss and the one-off nature of the profit, the underlying improvement is limited. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-17Disclosure
- 2026-04-08Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-18Disclosure
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.