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

Consolidated Q1 2026 revenue: KRW 2.85bn (up 146% YoY from KRW 1.16bn), operating loss KRW 5.65bn (vs KRW 5.10bn), net loss KRW 4.91bn (vs KRW 4.97bn), losses persist.
BAL0891 Phase 1 (solid tumors and AML) recruiting in Korea and US; SJ-600 series preclinical complete, CDMO manufacturing process development ongoing.
July 2025: merged with wholly-owned subsidiary Wooseong Pharm (no new shares); acquired 2 core patents for BAL0891 from Crossfire Oncology (CHF 2mn).
On April 9, 2026, conversion of 34th CB resulted in issuance of 423,728 common shares (conversion price KRW 2,360).
Total assets KRW 111.8bn, liabilities KRW 6.6bn, equity KRW 105.3bn; cash & equivalents KRW 7.4bn (up from KRW 5.3bn year-end 2025).
Accumulated deficit KRW 495.3bn; full impairment of investments in two subsidiaries (SillaJen Biotherapeutics, USA).
No dividends; no shareholder return policy. Remaining CB KRW 0.75bn (matures 2028).
Key risks: continuing operating losses, large accumulated deficit, drug development uncertainty. All legal disputes resolved.