Excel Therapeutics: Q1 2026 sales up but operating loss widens; R&D and market expansion continue

Consolidated sales in Q1 2026: 1.02 billion KRW (up 210% YoY), operating loss: 2.91 billion (wider than 2.55 billion loss in Q1 2025)
Net loss: 2.93 billion, accumulated deficit: 67.46 billion, equity: 6.54 billion (debt ratio 128%)
Product (cell culture media) sales: 0.21 billion (similar to Q1 2025), merchandise sales: 0.81 billion (surge from equipment/reagent distribution)
Cash and cash equivalents: 6.02 billion (up from 2.09 billion at 2025 year-end). Raised 9.5 billion via rights offering in Nov 2025, used 3.24 billion
FDA DMF registration for MSC media complete; signed supply contracts for T cell media and exosome media with Chinese companies (Bloomage, Shinya)
R&D expenses: 1.20 billion (129% of sales); multiple product launches expected in 2026 (T XF, FeederFree NK, etc.)
Missed sales forecasts for 2024 and 2025 compared to IPO prospectus due to market conditions and customer project delays