Raphas Q1 2026 Results: Revenue Down, Operating Loss Improves, Debt Ratio Slightly Down

Separate revenue 3.66 billion KRW (down 16.7% YoY), consolidated revenue 6.77 billion KRW (down 4.1% YoY)
Consolidated operating loss 0.52 billion KRW (improved from 1.11 billion in Q1 2025), net loss 0.76 billion (improved from 1.11 billion)
Debt ratio 142% (slightly improved from 144% at year-end 2025)
Cash and equivalents 9.15 billion KRW (down 40% from 15.34 billion)
Financial liabilities including convertible bonds and redeemable preferred shares: 40.59 billion KRW
Contingent liabilities: guarantees totaling 1.91 billion KRW
No shareholder returns: no dividends or share buyback/cancellation plans (holds 514,000 treasury shares)
Pipeline: Semaglutide obesity patch completed Phase 1, DF19001 allergic rhinitis completed Phase 1