OSCOTEC Q1 2026: Consolidated Loss but Parent Turns Profitable, Sanofi Deal Positive

Consolidated Q1 2026 operating loss 10.0B KRW, net loss 5.0B KRW (narrowed from prior year)
Separate net profit 593M KRW, turning to black from loss 3.3B KRW YoY
Alzheimer's drug ADEL-Y01 licensed to Sanofi with 55.3B KRW upfront (received in 2026), 364M recognized this quarter
Royalty income from Yuhan's Lecraz 2.37B KRW remains key revenue
Cash & short-term financial assets 145.4B KRW (up from 92.9B at end 2025)
Major shareholder Kim Jung-keun deceased (12.45% stake), inheritance process ongoing
R&D expenses 6.35B KRW (174% of revenue), four clinical pipelines progressing
Convertible bonds and derivative liabilities 20.3B KRW (conversion price $36.50, dilutive risk on stock decline)
Subsidiary Genosco et al. continue to generate consolidated loss (55.6B net loss this quarter)