Xcell Therapeutics: 2025 Revenue Slightly Up but Operating Loss Widens to KRW 10.9B; Debt Ratio Soars

2025 consolidated revenue KRW 1.95B (+0.8% YoY), operating loss KRW 10.9B (loss widened 16.3%), net loss KRW 10.9B.
Debt ratio surged to 120.2% (2024: 85.2%); cash and equivalents fell to KRW 2.09B from KRW 7.76B.
Raised KRW 9.5B via rights offering in Nov 2025, but operating cash flow was negative KRW 9.38B, cash burn continues.
Core product 'CellCor' revenue KRW 0.65B (down from KRW 1.12B in 2024), product sales increased to KRW 1.26B.
Q4 2025 revenue KRW 1.06B (quarterly record), but annual revenue far below forecast of KRW 7.22B.
Penalty of KRW 126M imposed in Dec 2025 for securities registration violation (pre-listing issue).
In Mar 2026, expected gain of ~KRW 2.3B from sale of Gencurix shares.
R&D expenses KRW 4.58B (234.8% of revenue); intangible assets increased by KRW 0.37B.
FDA DMF registration and multiple global supply agreements signed; near-term earnings visibility low.
No dividend, basic EPS loss KRW 938.