Kainos Medicine: 1Q26 Operating Loss 1.01B Won, Net Loss 1.31B Won, Delisting Risk Persists
Consolidated Q1 2026: Revenue 0.37B KRW (vs 0.369B YoY), operating loss 1.01B KRW (vs 2.06B), net loss 1.31B KRW (vs 2.17B). Accumulated deficit 137.6B KRW, controlling interest -41M KRW (full capital erosion). Standalone: operating loss 0.77B KRW, net loss 1.05B KRW.
FY2025 audit opinion: 'disclaimer' (scope limitation and going concern uncertainty). KOSDAQ market committee decided delisting (Jan 13, 2026). Company filed for injunction to suspend delisting (Jan 14, 2026) but uncertainty remains. Delisting procedures on hold.
Going concern uncertainty: Capital increase (third-party allocation) cancelled due to non-payment (Jan 23, 2026). Funding plan unclear. Plans to secure profitability through technology transfer of MSA and Parkinson's treatments but outcome uncertain.
Pipeline: KM-819 (Parkinson's) US Phase 2 Part 2 preparation ongoing, pending funding. MSA treatment Korea Phase 2 IND approved (Oct 2025), MSA rights returned from FAScinate (Mar 2026). HIV drugs ACC007/ACC008 generating royalties from China (quarterly 0.37B KRW).
Financial position: Cash 1.82B KRW (from 2.87B at 2025 year-end). Net debt ratio 11.28%. Full allowance for loan receivables (0.6B KRW). Defendant in lawsuit (0.2B KRW) related to supply contract, first trial pending.