Tego Science Reports Q1 2026 Operating Loss of KRW 1.87B; Losses Continue Despite Increased R&D Investment

Consolidated revenue KRW 1.20B (down 8.7% YoY), operating loss KRW 1.87B (widened from KRW 1.31B loss in Q1 2025), net loss KRW 2.01B
R&D expenses KRW 1.94B (161.7% of revenue), up 102.8% YoY
Rotator cuff tear cell therapy TPX-115: phase 2b/3 in Korea ongoing; US phase 2 initiated after FDA approval in Feb 2025
4th convertible bond outstanding KRW 27B, conversion price KRW 17,713, convertible into 1,524,304 shares (18.8% potential dilution)
No share buyback/cancellation or cash dividend
Cash and cash equivalents KRW 9.60B, total assets KRW 75.05B, debt-to-equity ratio 55.3%