**Revenue and Operating Results**: Consolidated Q1 2026 revenue of KRW 35.89 billion (down 66.5% YoY), operating loss of KRW 37.42 billion (improved from KRW 106.49 billion loss in Q1 2025). Net loss of KRW 33.31 billion.
**ADC Technology Transfer Revenue**: New drug R&D segment revenue of KRW 32.82 billion (91.4% of total), decreased from KRW 62.38 billion in Q1 2025 but still high. Key deals: Janssen (TROP2-ADC, total KRW 2.2 trillion), ONO (L1CAM-ADC, total KRW 943.5 billion).
**R&D Investment**: Consolidated R&D expenses of KRW 67.39 billion (187.8% of revenue), slightly down from KRW 74.15 billion in Q1 2025. R&D personnel of 157.
**Financial Position**: Total assets KRW 652.9 billion, liabilities KRW 152.4 billion, equity KRW 500.5 billion. Cash and cash equivalents of KRW 479.9 billion (within current assets). Intangible assets of KRW 104.6 billion (mainly technology transfer related).
**Pipeline**: HER2-ADC in Phase 3 (China), TROP2-ADC Phase 1, ROR1-ADC Phase 1b, etc. DLK1-ADC discontinued.
**Key Contracts**: In Oct 2024, signed L1CAM-ADC tech transfer with ONO (upfront undisclosed). Total deal size KRW 943.5 billion. Multiple ADC platform licensing deals.
**Governance**: Largest shareholder PAN ORION Corp. Limited (25.58%). New CEO Park Se-jin appointed in Apr 2026.
**Shareholder Returns**: No share buyback, cancellation, or dividend disclosed.