Cash and cash equivalents KRW 9.40B (up 92% from year-end), zero borrowings, very sound financial structure
Holding 175,840 treasury shares, disposed 4,497 shares during the quarter
Uncertainty over choline alfoscerate clinical reevaluation: recognized refund liability of KRW 1.12B, litigation ongoing (lost in first instance, appeal in progress)
R&D expenses KRW 0.30B (2.24% of revenue), continued development of new drugs and health functional foods pipeline
Key risks: choline alfoscerate clawback risk, executive indicted for violating Pharmaceutical Affairs Law (trial ongoing)