Icure: Sustained Large Net Loss and Delisting Risk - Granted Improvement Period

Consolidated net loss of 34.5 billion KRW in 2025 (swing from 1.7 billion profit in prior year), operating loss narrowed to 12.0 billion.
Separate net loss of 26.8 billion, operating loss of 10.7 billion.
Consolidated equity fell 58.5% to 24.5 billion KRW; debt-to-equity ratio surged to 270%.
KRX imposed an 8-month improvement period (until July 12, 2026) after delisting review due to embezzlement/breach of trust allegations.
Current liabilities exceeded current assets by 24.1 billion, raising substantial doubt about going concern.
Discontinued operations gain of 0.8 billion from full disposal of former subsidiary BioRojet.
Large impairment losses on tangible and intangible assets: 6.9 billion and 6.0 billion respectively (consolidated).
Lawsuit filed against former largest shareholder Choi Young-kwon for 17.1 billion in damages for breach of trust and embezzlement.
National Tax Service audit resulted in 0.43 billion additional tax and potential 7.1 billion withholding obligation.
Cosmetics segment revenue surged 145% YoY to 63.3 billion, driving top-line growth, but pharmaceutical segment continued operating losses.