PenetriumBio Science Announces 73.8 Billion Won Rights Offering — Capital Raising Amid Financial Distress
The company resolved on April 30, 2026 to issue 8,500,000 common shares (approx. 73.8 billion won, 25% discount) via a rights offering followed by a public offering.
Proceeds: 55 billion won for R&D (solid tumor phase 1 in Korea, phase 2 in US, rheumatoid arthritis phase 2) using Penetrium platform; 5 billion won for short-term loan repayment.
Three consecutive years of operating losses (2025: -7.38 billion won) and net losses (2025: -14.83 billion won); Q1 2026 also shows operating loss of -1.84 billion won.
Debt ratio 52.33% (end-2025), current ratio 89.08%, indicating liquidity risk. Debt ratio spiked to 330% in 2024 before improvement.
Largest shareholder (Hyundai Bioscience, 25.95%) plans to fully subscribe; related parties' participation unclear; post-offering stake expected at 25.99%.
1.86 million unexercised stock options exist, potentially causing further dilution.
The stock has been designated as cautionary (10 times), warning (5 times), and risk (1 time) in last 3 years. Continued losses risk management listing and delisting.
683,321 treasury shares held; no buyback or dividend plans.