MOA Life Plus Q1 2026: Operating Loss Continues, Technology Transfer and New Contracts Underway

1. Q1 2026 consolidated sales: KRW 2.33bn, operating loss KRW 1.36bn, net loss KRW 1.11bn – continued losses (vs Q1 2025 separate operating loss KRW 1.42bn).
2. Debt ratio 35.6%, cash 3.59bn, equity 31.99bn.
3. Loans to related parties (major shareholder MoaData, etc.) KRW 11.28bn, allowance for bad debts KRW 0.95bn.
4. R&D expenses KRW 0.24bn (10.48% of sales). Key pipeline: CIN2/3 vaccine (BLS-M07) phase 2/3 IND approved; DMD drug (BLS-M22) out-licensed, phase 2 preparation.
5. Healthcare (health functional foods) sales KRW 2.4bn (72.5% of total), skincare KRW 2.4bn (24.2%).
6. Convertible bonds (11th, 12th series) partially redeemed and newly reissued; derivative liabilities KRW 1.5bn.
7. Exclusive supply agreement with RAHN AG (Switzerland) for cosmetic raw materials – total contract KRW 14.4bn.
8. Major shareholder MoaData (17.18% stake) provides loans, debt guarantees, and receives guarantees.