S.Biomedics Q1 2026: Improved Debt Ratio, Continued Operating Loss, Clinical Pipeline on Track

Consolidated revenue KRW 4.4B (down 1.4% YoY), net loss KRW 2.4B (widened)
Debt ratio 124.3% (improved from 146.5% at year-end), equity KRW 16.7B
R&D expenses KRW 3.5B (78.5% of revenue), 7 pipelines in clinical/preclinical
Parkinson's treatment TED-A9 phase 1/2a completed enrollment of 12 patients, under follow-up; license-out expected after phase completion in 2026
Critical limb ischemia FECS-Ad phase 1/2a completed, phase 2b/3 planned for 2025
Conversion of KRW 2.9B convertible bonds issued 161,904 shares, increasing equity and reducing debt
Derivative liability valuation gain of KRW 1.3B, cash and equivalents KRW 4.9B (down KRW 1.2B from year-end)
Major shareholders: Kang Se-il 16.66%, Kim Dong-wook 3.88%