Pharos iBio Q1 2026: PHI-101 Phase 1 Complete, Operating Loss Continues, Convertible Bond Burden

PHI-101 (AML) Phase 1 CSR received June 2025; global licensing underway for FLT3-mutant AML
PHI-501 (Pan-RAF/DDR) IND approved June 2025; Phase 1 for solid tumors ongoing
PHI-101-OC (CHK2) Phase 1 for ovarian cancer in Korea; PHI-601/701/301 at lead optimization
Q1 2026 consolidated net loss KRW 2.21bn (improved from KRW 3.03bn YoY)\- Cash & equivalents KRW 7.27bn, short-term financial assets KRW 16.53bn; total liquidity KRW 23.8bn
Convertible bond face value KRW 19bn, carrying value KRW 8.15bn; derivative liability (put option) KRW 6.69bn
Debt-to-equity ratio 135.6% (consolidated); net debt position KRW 8.82bn
No revenue; operating loss persists; R&D expense KRW 1.31bn (down from KRW 2.22bn YoY)
Shareholder returns: no share buyback/cancellation, no dividend
Dilution risk: convertible bond conversion price KRW 8,935 (current price KRW 9,390); stock options 754,493 shares