Voronoi Q1 2026: Operating loss of 22B won, positive clinical progress

Voronoi (KOSDAQ) Q1 2026 report: Zero revenue, consolidated operating loss of 22.0B won, net loss of 22.0B won (losses widened vs previous quarter)
VRN11 (EGFR C797S) achieved 86% objective response rate at AACR April 2026, approved for phase 1b/2 in Taiwan
VRN07 (ORIC-114) showed 80% ORR in treatment-naive patients and intracranial response in all brain metastasis patients at ESMO Asia Dec 2025
VRN10 (HER2) demonstrated antitumor activity in T-DXd refractory patients, phase 1 approved in Taiwan
Consolidated debt ratio 72.84% (end-2025: 64.97%), cash and cash equivalents 13.5B won (end-2025: 35.7B won)
R&D expenses 17.0B won (increase of approx. 50% QoQ)
No share buyback/cancellation or dividends
Pending litigation: 4.1B won claim lawsuit in first trial
Outstanding convertible bonds (50.0B won) and exchangeable bonds (12.6B won), PRS contract in place