Aprogen Biologics Reports Q1 2026 Operating Loss of KRW 13.6B, Implements Reverse Stock Split and Rights Offering

Q1 2026 consolidated: Revenue KRW 21.6B, operating loss KRW 13.6B, net loss KRW 4.6B
Pharmaceutical segment posted operating profit of KRW 1.8B, but bio segment loss of KRW 13.2B drove overall deficit
Biosimilar pipeline: GS071 (Remicade) global phase 3 completed, AP056 (Rituxan) preclinical done, AP063 (Herceptin) global phase 1 completed
Equity at end of period KRW 272.8B, retained earnings -KRW 413.9B, indicating capital impairment
On March 30, 2026, shareholders approved 15:1 reverse stock split (from 198,407,845 to 13,227,189 shares)
On April 27, 2026, completed rights offering (592,593 shares at KRW 3,375 each, raising ~KRW 2B)
7 consolidated subsidiaries, including semiconductor equipment parts business