Lameditech Reports Sharp Revenue Decline and Expanded Operating Loss in Q1 2026; Financial Structure Deteriorates

Q1 2026 revenue of 815 million KRW, down 57.7% YoY from 1.925 billion; operating loss of 2.76 billion KRW.
Net loss of 2.9 billion KRW; basic EPS loss of 329 KRW.
Total borrowings of 7.29 billion KRW, convertible bonds of 8.3 billion KRW; total liabilities 16.39 billion vs equity 5.73 billion, debt-to-equity ratio 286%.
Operating cash flow negative 2.8 billion KRW; cash and equivalents 2.28 billion KRW.
R&D expenses of 391 million KRW (48% of revenue), maintaining high investment.
New business in human tissue-based regenerative medicine under exploration, still early stage.
Customer A accounts for 38.5% of revenue, high concentration risk.
Capital gearing ratio rose to 46.7% from 18.5% at year-end 2025, indicating increased financial leverage.
Derivative liabilities related to convertible bond conversion rights of 5.98 billion KRW.