Access Bio: Continued Losses Due to COVID-19 Sales Plunge, Self-Share Cancellation and Business Diversification
Consolidated Q1 2026 revenue plummeted 83% YoY to $3.68M (vs. $21.71M in Q1 2025), operating loss of $7.71M
COVID-19 RDT sales dropped 97% YoY to $0.30M (vs. $13.57M in Q1 2025), malaria RDT sales also declined to $0.22M
Entered pharmaceutical distribution business in Jan 2026 via acquisition of goodwill, contributing $0.56M in Q1
Completed cancellation of all 2,553,998 treasury shares on May 8, 2026, with book value of approximately $27.83M, as part of shareholder return policy
Ongoing lawsuits with Gredale, LLC and PP Tango NJ 1 LLC; contingent liabilities currently unpredictable
Consolidated cash and cash equivalents of ~2.96 trillion KRW (~$1.96B as of Mar 2026), debt-to-equity ratio of 8.8% indicating solid financial position
Consolidated R&D expense of $1.31M (35.6% of revenue), separate R&D expense of $1.09M (102.4% of revenue)
Post-period: Acquired 4,280,510 shares of (주)알에프바이오 for KRW 57 billion (Apr 15, 2026); subsidiary WellsBio merged with Access Bio Korea (Apr 1, 2026)