Raphas

라파스 · 214260

Materials Chemicals · KOSDAQ

Small-cap

Market cap US$45.1M (₩62.3B)

Overview

Raphas makes dissolving microneedle patches, tiny needle arrays that deliver active ingredients through the skin without injections, currently used mainly in cosmetic beauty patches.

It supplies these patches to the beauty and skincare market and is developing versions for pharmaceuticals, vaccines, and medical devices. Listed on KOSDAQ, Korea's tech-focused small-cap board, the company's core business today is cosmetic patches, which account for the bulk of its revenue. Its proprietary manufacturing process, called DEN (Droplet Extension), uses room-temperature air-drying rather than heat or moulds, enabling high-volume production of dissolving microneedle patches.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$22.5M

▲ +13.9% YoY

Operating profit · FY2025

−US$2.2M

Loss narrowed

Net income · FY2025

−US$3.4M

Loss narrowed

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$20.2M(₩27.9B)	US$19.7M(₩27.2B)	US$22.5M(₩31B)
Operating profit	−US$2.9M(−₩4.1B)	−US$2.5M(−₩3.5B)	−US$2.2M(−₩3B)
Net income	−US$6.7M(−₩9.2B)	−US$4.2M(−₩5.8B)	−US$3.4M(−₩4.7B)

Revenue

FY2023US$20.2M
FY2024US$19.7M
FY2025US$22.5M

Operating profit

FY2023−US$2.9M
FY2024−US$2.5M
FY2025−US$2.2M

Net income

FY2023−US$6.7M
FY2024−US$4.2M
FY2025−US$3.4M

Key ratios (FY2025)

ROE

-15.4%

Debt/Eq

144.4%

Op. margin

-9.8%

Net margin

-15.3%

Rev. YoY

▲ +13.9%

Why it matters

The DEN technology is Raphas's own patented process, described in the filing as capable of producing millions of dissolving microneedle patches per month at high yield.

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