IMBiologics Q1 2026: $5M Milestone from Navigator Medicines, Cash & Equivalents of 127B KRW
Received $5M (approx. KRW 7.2B) milestone in Q1 2026 from Navigator Medicines for IMB-101/102 (NAV-240/242) license deal, accounting for 99.8% of quarterly revenue
Q1 2026 revenue: KRW 7.23B (vs. KRW 10M in Q1 2025), net profit of KRW 3.83B due to milestone recognition
Cash and equivalents + short-term financial instruments: KRW 127.7B (up 75.7% from KRW 72.7B at year-end 2025), solid financial position
Navigator Medicines advancing IMB-101 (NAV-240) Phase 2a for hidradenitis suppurativa in US/Canada (dosing started Q1 2026), and NAV-242 Phase 1a in Australia underway
Total license deal value with Navigator Medicines: $1.262B (including amended agreement), $33.4M received to date; Huadong deal terminated, rights consolidated
All redeemable convertible preferred shares converted to common shares in Q3 2025, eliminating derivative liabilities and improving capital structure
Listed on KOSDAQ in March 2026; Pre-IPO of KRW 42.2B and IPO proceeds partly invested in short-term instruments
No dividend or share buyback history; no plans disclosed