Kangstem Biotech Q1 2026: Sales decline, operating loss improves; OSCA license deal with Yuyoung Pharma ongoing

Sales KRW 805M (down 15.6% YoY), operating loss KRW 4.57B (slight improvement), net loss KRW 4.56B.
OSCA (knee OA) license deal with Yuyoung Pharma (total KRW 140B); first milestone KRW 2B received, second milestone (KRW 3B) expected by end 2026 upon condition.
Cash & ST instruments KRW 32.6B, borrowings KRW 7.77B, debt ratio 19.6%.
R&D expense KRW 3.09B (384% of sales), accumulated deficit KRW 181.9B.
Credit rating bb/bb-, previous undue disclosure designation deferred (June 2025), no further issues.