RecensMedical Q1 Report: IPO Success, Cash of 151.9B KRW, Sales Decline and Legal Risk
IPO success and fundraising: Listed on KOSDAQ on March 31, 2026; issued 1,442,000 shares via rights offering; consolidated cash and cash equivalents increased to KRW 15.19 billion (from KRW 0.99 billion at year-end 2025)
Improved financial structure: Debt ratio 46.72% (vs. 72.09% at year-end 2025); net cash position of KRW 12.01 billion (net debt of -KRW 12.01 billion)
Revenue decline and loss: Q1 2026 consolidated revenue KRW 1.02 billion (down 54.7% from KRW 2.25 billion in Q1 2025); consolidated net loss KRW 1.86 billion (improved from KRW 3.60 billion loss in Q1 2025)
Product revenue: TargetCool KRW 0.71 billion (69.4%), VetEase KRW 0.07 billion (6.5%), increase in other products and goods
Core technology and regulation: OcuCool received FDA De Novo clearance (Sep 2024); TargetCool and VetEase sold globally; total 103 patents registered
Litigation risk: Related to US subsidiary (Reciprocity Holdings); won arbitration and court judgment; appeal pending; company did not recognize the asset
R&D investment: R&D expenses KRW 0.48 billion (46.6% of revenue); production facility investment plan of KRW 6.88 billion (using KRW 4.83 billion from IPO proceeds)