1. What Happened? H1 2025 Earnings Release

Thiombio reported revenue of KRW 4.72 billion (up 13% YoY), an operating loss of KRW 8.84 billion, and a net loss of KRW 10.65 billion for H1 2025. The revenue increase is attributed to the inclusion of the natural cosmetics business following the Petraon merger, while increased R&D expenses and derivative valuation losses contributed to the operating loss.

2. Why Does It Matter? Balancing Pipeline Potential with Financial Risk

The positive clinical results for NCE401 highlight Thiombio’s growth potential, particularly its focus on rare and intractable diseases. However, persistent losses and rising debt raise concerns about financial stability. Investors must consider both aspects.

3. What Should Investors Do? Investment Strategy and Considerations

Investing in Thiombio presents both high growth potential and significant risks. Investors should carefully consider the following:

  • Pipeline Progress Monitoring: Closely monitor the subsequent clinical trial results of NCE401 and the potential for technology transfer.
  • Financial Health Check: Scrutinize debt ratios, cash flow, and funding plans.
  • Natural Cosmetics Business Performance: Assess the growth and profitability of the new business segment.
  • Macroeconomic Factors: Analyze the impact of interest rate and exchange rate fluctuations on the company.