S.Biomedics (304360) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
S.Biomedics develops regenerative-medicine therapeutics that process stem cells to restore damaged nerves and tissue. Using three-dimensional cell-culture (FECS) and targeted cell-differentiation (TED) technologies, it is advancing a Parkinson's disease cell therapy, TED-A9 (Phase 1/2a), and a spinal-cord-injury therapy, FECS-DF (Phase 1 complete, Phase 2), while for now generating about ₩16.5 billion in 2025 revenue from a cosmetics and ingredient business based on stem-cell culture media. In April 2026 it raised about ₩40 billion by combining ₩22.2 billion in convertible bonds and about ₩17.8 billion in convertible preferred stock (conversion price ₩28,266, issuance completed April 22), securing clinical funding while adding a dilution factor of a 10%-plus increase in share count on future conversion. What stands out is that the company is pushing clinical trials with proprietary technology in Parkinson's disease and spinal-cord injury, both large areas of unmet need, and is strong when cosmetics revenue and the fundraising thicken its cash position; but because the new drugs are still pre-approval, value can swing sharply on a single trial readout and dilution from conversion may continue, so the assessment turns on the time horizon and clinical progress.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Biotech (Drug Development & Research)” (Biotech & Pharmaceuticals), a type best read first through qualitative factors such as pipeline value and cash runway rather than earnings multiples.
Drug-discovery biotech firms often have little in the way of earnings or revenue yet, so P/E or sales multiples can't meaningfully capture their value. Instead, it makes more sense to judge them qualitatively — by the clinical stage of the pipeline, licensing and out-licensing progress, and the cash runway that keeps research going.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 253.0%).
- The most recent full-year net result was a loss.
- Revenue rose 20.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.5% lower than a year earlier.
- ROE is -93.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -50.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kang Se-il 16.88% (individual)
Controlling bloc incl. related parties 21.45%
With the controlling bloc holding 21%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
S.Biomedics develops regenerative-medicine therapeutics that process stem cells to restore damaged nerves and tissue. Its core technologies are two: FECS, which grows cells into three-dimensional clusters (spheroids), and TED, which differentiates stem cells into specific cell types such as dopamine neurons. Its most advanced candidates are a Parkinson's disease cell therapy, TED-A9 (Phase 1/2a underway), and a spinal-cord-injury therapy, FECS-DF (Phase 1 complete, Phase 2 stage); as these are not yet at the approved-sales stage, there is no new-drug revenue. Actual money today comes from cosmetics and skin ingredients using stem-cell culture media (Cureskin, the FECS-based secretome line) and from contract-development-and-manufacturing-type work, with confirmed 2025 revenue in the ₩16.5 billion range. In short, revenue is supported by cosmetics and ingredients, while the center of gravity for corporate value rests on the prospects of the clinical pipeline.
The latest close is ₩18,850 and the market capitalization is ₩233.5 billion. The price sits above its 20-day moving average (₩17,669) and below its 60-day moving average (₩23,521). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.5, a neutral level. The one-month change is -6.9%, the three-month change is -44.7%, and the position relative to the 52-week high is -53.4%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 17.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Because the company is not yet profitable, a P/E ratio (how many times one year's earnings the price represents) cannot be calculated. The P/B (how many times equity the price represents) is 28.43x, higher than the sector median (1.45x), but this largely reflects a small equity base (₩8.7 billion) at a loss-making company, where a small denominator inflates the ratio. So rather than reading the absolute P/B directly as 'expensive,' it is more accurate to first see it as a pre-profit clinical-stage prospect. ROE (how much is earned in a year on equity) is -93.6% and the operating margin is -50.4%, a common look for a clinical-stage company whose R&D and labor spending exceeds revenue. The debt ratio (debt against equity) of 475.1% looks high, but this is largely because the convertible bonds issued in April 2026 are booked as debt; as they convert to shares in the future, debt falls and the share count rises. The key is that trailing metrics alone make such a company hard to value, so it is important to also look at how much cash (runway) it holds to see the clinical timeline through.
Revenue rose steadily from ₩13.1 billion in 2023 to ₩13.7 billion in 2024 to ₩16.5 billion in 2025 (+20.5% year on year, a three-year uptrend), with a three-year revenue CAGR of 12.4%. The cosmetics and stem-cell ingredient business growing double digits each year and building the top line through the clinical period is a clear strength. Over the same period, however, operating losses widened from -₩6.0 billion to -₩5.4 billion to -₩8.3 billion, driven by rising R&D spend as the clinical program advances - a result of expanded investment rather than weak sales. In the most recent Q1 2026, revenue was ₩4.4 billion, down 1.5% year on year, so the top-line growth briefly paused, a point that needs checking. The company does not separately disclose an official revenue or profit outlook, and as it is still pre-profit, forward-P/E-type metrics that value on future earnings do not apply. So the growth picture for this stock rests less on numerical earnings forecasts than on how far the clinical trials progress in the large unmet-need markets of Parkinson's and spinal-cord injury, and on whether ingredient and cosmetics revenue keeps growing.
The core narrative of 2026 is fundraising. On April 14 the company decided to issue ₩22.2 billion in convertible bonds (a 0%-coupon bond that returns only principal if held to maturity) together with about ₩17.8 billion in privately placed convertible preferred stock, raising a combined roughly ₩40 billion for working capital. Both carry a conversion price of ₩28,266, and issuance was completed on April 22. Securing clinical funding at once is positive for the cash position, while the dilution of a 10%-plus rise in share count on future conversion is a factor existing shareholders should weigh. In addition, the 2025 annual report was filed on March 24, the annual general meeting and a change of head-office location took place on March 31, and the Q1 2026 report was filed on May 14, updating confirmed results and clinical progress.
The strengths are clear. The company is running clinical trials with proprietary technology (FECS/TED) in areas of large unmet medical need - Parkinson's disease and spinal-cord injury - and cosmetics and ingredient revenue grows double digits each year, partly supporting cash flow through the clinical period. The roughly ₩40 billion raised in April has further thickened near-term cash headroom. The points to watch are equally clear. The core value, the new drugs, is still pre-approval, so value can move sharply on a single trial readout (the frequent price swings show this), and if this raise converts, the share count rises and existing shareholders are diluted. That said, losses and a high P/B are traits common to clinical-stage biotech, not flaws unique to this company. In short, this is a textbook clinical-stage regenerative-medicine company - strong when trials advance and cash headroom holds, weak when trials stumble or repeated fundraising follows - and the assessment shifts with the viewer's time horizon and how the clinical data progress.
🔎 Valuation vs peers Overvalued
Clinical- and R&D-focused biotech companies that, like S.Biomedics, are not yet profitable were used as the peer set; comparing loss-making clinical-stage companies with one another, rather than against profitable drugmakers such as Celltrion Pharm or Hugel, better gauges the expectations priced in.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ViGenCell | — | 2.67x | -37.33% |
| Helixmith | — | 1.11x | -0.31% |
| Genomictree | — | 2.63x | -7.81% |
(a) Against fellow loss-making clinical-stage biotechs, the P/B of 42.53x sits markedly higher than the peer set. (b) This premium appears to pre-reflect expectations of clinical success on the Parkinson's cell therapy (TED-A9) and the spinal-cord-injury therapy, and may be justified or unwound depending on how the clinical data progress. (c) The trailing P/E cannot be used at all given the losses, and the forward basis has no confirmed official revenue or profit-plan disclosure, so beyond a DART seasonality approximation (annual revenue of about ₩19.1 billion) there is no basis to gauge future earnings. Rather than declaring it cheap or expensive, then, it is better read as a zone where clinical expectations are already thickly priced in.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩5.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩18,850 and the market capitalization is ₩233.5 billion. The price sits above its 20-day moving average (₩17,669) and below its 60-day moving average (₩23,521). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.5, a neutral level. The one-month change is -6.9%, the three-month change is -44.7%, and the position relative to the 52-week high is -53.4%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 17.3%. 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 -17.31% / 6M -17.75% / 12M -6.68%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 28.43x is above the sector median (1.10x).
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 -93.6%, below the sector average (1.0%). The operating margin is -50.4%. The debt ratio is 253.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $9.2M | $9.6M | $11.6M | +20.49% ↑ faster |
| Operating profit | -$4.2M | -$3.8M | -$5.9M | — |
| Net profit | -$7.3M | -$4.7M | -$5.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $9.2M | $9.6M | $11.6M |
| Operating profit | — | — | -$4.2M | -$3.8M | -$5.9M |
| Net profit | — | — | -$7.3M | -$4.7M | -$5.7M |
| Revenue CAGR | 2-yr avg 12.36% | ||||
Revenue rose 20.5% year over year (2023 ₩13.1 billion → 2024 ₩13.7 billion → 2025 ₩16.5 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 3 years on record, revenue compound annual growth (CAGR) is 12.4%. The two-year revenue CAGR is 12.4%. In the most recent quarter (Q1 2026), revenue was 1.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 20.5% year over year, a sign of growth.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-14FilingDecision to issue ₩22.2 billion in convertible bonds (7th tranche) - working-capital raise, 0% coupon, conversion price ₩28,266, 785,395 new shares on conversion (about 5.96%)Carries both the positive of securing clinical funding and the dilution burden from a rising share count on conversion. Maturity 2031-04-22, conversion requests from 2027-04-22. Source
- 2026-04-14FilingDecision to issue about ₩17.8 billion in privately placed convertible preferred stock - working capital, conversion price ₩28,266, 629,724 new shares (about 4.84%)Together with the convertible bonds, a combined roughly ₩40 billion raise increases cash, but is an additional dilution factor on future conversion to common stock. Source
- 2026-04-22FilingSecurities-issuance results (voluntary disclosure) - completion of the 7th-tranche convertible bonds and privately placed convertible preferred stockA disclosure confirming that the roughly ₩40 billion raise decided on April 14 was actually completed. Source
- 2026-05-14EarningsQ1 2026 report filed - Q1 revenue ₩4.4 billion (-1.5% year on year), operating loss -₩3.0 billionConfirmed data showing top-line growth briefly paused and losses continued, to be read together with the annual trend. Source
- 2026-03-24Earnings2025 annual report filed - FY2025 revenue ₩16.5 billion (+20.5%), operating loss -₩8.3 billion confirmedAn official document summing up a year of higher revenue but deeper losses on clinical costs. Pipeline progress (TED-A9 for Parkinson's, FECS-DF for spinal-cord injury) is also updated. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue | ₩16.6 billion | ₩16,547,626,709 | Confirmed | link |
| Scale of the April 2026 fundraising | 222 + approx. 178 = approx. ₩40.0 billion | CB ₩22,200,000,000 / ₩17,799,778,584 | Confirmed | link |
| Q1 2026 revenue | ₩4.4 billion | ₩4,397,207,443 | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | approx. ₩19.1 billion | — | Unverified | link |
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-04-22OwnershipOwnership-change filing
- 2026-04-22Disclosure
- 2026-04-22Disclosure
- 2026-04-14Material-fact report
- 2026-04-14Material-fact report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-24PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-17Amended filing
📖 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.