ISU Abxis Q1 2026: Revenue up 32% YoY, operating loss widens, net loss narrows on derivative gains

Q1 2026 revenue: KRW 9.45bn, up 32% YoY (KRW 7.18bn in Q1 2025)
Operating loss widened to KRW 3.44bn (vs KRW 0.46bn in Q1 2025)
Net loss sharply reduced to KRW 0.2bn (vs KRW 8.76bn), driven by derivative valuation gain of KRW 4.12bn
Debt ratio improved to 32.58% (from 38.82% at end-2025)
Cash and equivalents decreased to KRW 17.64bn from KRW 22.64bn at year-end 2025
R&D expenditure: KRW 3.9bn, 41.23% of sales
Received 1-month suspension of phase 3 clinical trial for Clotinab (Mar 2026)
Paid fine of KRW 0.89bn for customs law violation (Dec 2025)
Derivative liabilities of KRW 5.2bn from convertible bonds and put option on real estate fund
Pipeline progress: ISU104 phase 2 IND filed in US, ISU305 phase 1 completed