Q1 2026 revenue KRW 65M (up from KRW 12M YoY) including research service revenue (KRW 39M) and beauty segment (KRW 3M). Operating loss KRW 3,615M, net loss KRW 3,492M (continuing losses).
Consolidated cash and equivalents KRW 1.07B, short-term financial instruments KRW 20.19B, total financial assets KRW 21.76B. Net debt ratio 11.4% (up from 9.2% at prior year-end).
Post-report period private convertible bond issuance of KRW 8.6B (Apr 15, 2026) to fund M&A and strengthen technology transfer negotiation. Potential dilution.
Technology transfer: NuCerin license with Kukje Pharma continues (KRW 23M revenue recognized in Q1 2026); NuPulin (IPF) returned (Sep 2024), seeking new partner.