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.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 475.1%).
- 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
- 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 ₩19,390 and market capitalization is ₩240.1 billion.
- The price sits below its 20-day line (₩22,344) and below its 60-day line (₩28,522).
- With the price under both its short- and medium-term moving averages, the trend is subdued.
- RSI (a gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.4, a neutral level.
- The one-month change is -36.9%, the three-month change is -24.3%, and the position versus the 52-week high is -52.1%.
- Relative strength against the KOSDAQ is 61 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 39% of all stocks by strength.
- Over the past three months it edged the index by 0.1%.
- Chart reading is best done alongside trading volume and disclosure dates.
- 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 27.68x, 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 | — | 2.60x | -37.33% |
| Helixmith | — | 1.21x | -0.31% |
| Genomictree | — | 2.29x | -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 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 ₩19,390 and the market capitalization is ₩240.1 billion. The price sits below its 20-day moving average (₩22,344) and below its 60-day moving average (₩28,522). 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 37.4, a neutral level. The one-month change is -36.9%, the three-month change is -24.3%, and the position relative to the 52-week high is -52.1%. Relative strength versus the KOSDAQ is 61 (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 61% of all stocks. Over the past three months it outpaced the index by 0.1%. 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 +0.06% / 6M -37.07% / 12M -8.40%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 27.68x 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 -93.6%, below the sector average (3.0%). The operating margin is -50.4%. The debt ratio is 475.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $8.7M | $9.1M | $11.0M | +20.49% ↑ faster |
| Operating profit | -$4.0M | -$3.6M | -$5.5M | — |
| Net profit | -$6.8M | -$4.4M | -$5.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $8.7M | $9.1M | $11.0M |
| Operating profit | — | — | -$4.0M | -$3.6M | -$5.5M |
| Net profit | — | — | -$6.8M | -$4.4M | -$5.4M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 20.5% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 475.1%).
- The most recent full-year net result was a loss.
- 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
- 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.