Seoul Pharma Q1 2026: Net Loss but Improved Cash Flow and Net Cash Position

Q1 2026 (Jan-Mar): Revenue 12.07B KRW, operating loss 0.19B, net loss 0.19B (no prior year quarterly comparison provided)
Operating cash flow surged to +8.72B from -0.41B in Q1 2025
Net debt turned to -0.9B (net cash) from +7.44B at end of 2025; debt ratio improved to 73.2%
New product launches: Empavex Tab (diabetes) in Oct 2025; Rosuvastatin/Amlodipine combo planned for Jul 2026
One lawsuit as plaintiff (1.3B claim); provision for choline alfoscerate related liability of 1.09B
R&D expense 0.56B (4.6% of sales), down from 0.84B in prior year Q1
No dividends paid in the last 5 years
External auditor changed from Samil PwC to Samjong KPMG starting 2026