Dongsung Pharm: 2025 operating loss of 10.1B KRW, rehabilitation plan approved with major shareholder change

FY2025 revenue 87.2B KRW (down 1.4% YoY), operating loss 10.1B KRW (vs 5.7B loss in FY2024), net loss 25.7B KRW
Debt ratio 621% (vs 220% in FY2024), current ratio 69% (vs 74%), severe financial deterioration
Filed for rehabilitation in May 2025; plan approved in March 2026. Major shareholder changed to UAMCO consortium (72.45% stake)
Decided on 70B KRW rights offering (third-party allotment) and 50B KRW convertible bond issuance per rehabilitation plan
Cancellation (capital reduction) of 250,000 shares held by former CEO without compensation
Receivables from illegal acts by former management totaling 16.2B KRW, fully provisioned
Designated as unfair disclosure entity by KRX; given improvement period for listing eligibility review until May 13, 2026
Going concern uncertainty, accumulated deficit of 37.2B KRW