Medipost Q1 2026: Net loss narrows, debt ratio surges; Cartistem US phase 3 IND approved

Revenue KRW 19.5B (+1.2% YoY), operating loss KRW 16.9B (vs KRW 13.7B), net loss (parent) KRW 10.6B (vs KRW 16.4B, improved)
Debt ratio 139.5% (vs 72.7% at year-end 2025); issuance of convertible bonds (total KRW 205B, KRW 150B added in Q1)
Cash & equivalents KRW 102.5B (vs KRW 76.9B)
Cartistem US phase 3 IND approved (Feb 2026), patient enrollment started
Cartistem Japan phase 3 database lock completed (Dec 2025), CSR in progress
Exclusive Japan license agreement with Teikoku Seiyaku ($18M upfront)
Operating loss continues; net loss improved due to derivative gains (KRW 11.7B)