Aribio Lab (fka CHA Vaccine) Quarterly Report: Name Change and Charter Amendment Raise Dilution Concerns, Continued Losses
Changed company name to 'Aribio Lab Inc.' and amended articles to increase issuance limits for convertible bonds and bonds with warrants from 100 billion won to 200 billion won each, and expanded third-party allotment limit from 20% to 100% of total shares, significantly increasing potential dilution.
Major shareholder changed from CHA Biotech to Sorooks Inc. (April 30, 2026), and subsequently Sorooks entered into a share pledge agreement with Unicorn Asset Loan Brokerage.
Q1 2026 consolidated sales of 173 million won (vs. zero in prior year), operating loss of 1.71 billion won, net loss of 2.07 billion won, accumulated deficit of 84.0 billion won. R&D expense-to-sales ratio 804%.
Chronic hepatitis B therapeutic vaccine (CVI-HBV-002) completed phase 2b; recombinant shingles vaccine (CVI-VZV-001) obtained phase 2 IND approval; animal anticancer drug (CVI-CT-002) pilot study ongoing.
Fully redeemed the 4th convertible bond (10 billion won) and partially redeemed 5 billion won of the 5th convertible bond (10 billion won). Remaining CB balance 5.92 billion won, derivative liabilities (put option) 4.08 billion won.
Debt ratio 129.3% (adjusted debt ratio 106.0%), cash and cash equivalents 2.23 billion won, short-term financial instruments 13.49 billion won.