EyeGene Q1 2026: Revenue Up but Operating Loss Widens; Pipeline Progress Continues

Revenue: 1,271.9 million won (+55% YoY), Operating loss: 3,532.7 million won (wider from 2,353.8 million)
R&D expenses: 2,419.4 million won (+88% YoY), R&D/revenue ratio 190%
Cash & equivalents: 7.16 billion won, plus deposits 34.3 billion won, total ~41.5 billion (down from 43.5 billion at year-end 2025)
Meningococcal conjugate vaccine (EG-MCV4) Phase 2 dosing completed, preparing for Phase 3
Recombinant botulinum toxin (EG-rBTX100) in preclinical, targeting Phase 1 in 2027
Next-gen mRNA self-amplifying vaccine consortium project ongoing (Apr 2025–Feb 2026)
Rights offering in Dec 2025 raised 22.6 billion won (16.2 million shares at 1,397 won)
No dividends, no share buyback/cancellation