Quad Medicine Q1 2026: Sharp Revenue Drop and Net Loss Widening, R&D Investment Continues

Q1 2026 consolidated revenue of 274 million KRW, down 77% from 1,189 million KRW in Q1 2025.
Consolidated net loss of 4,508 million KRW (EPS -394 KRW), widening from a loss of 3,409 million KRW in the same period last year.
R&D expenses of 4,419 million KRW, representing 1,613.9% of revenue. R&D headcount maintained at 50.
Cash and cash equivalents of 11,946 million KRW; including short/long-term financial instruments, total liquidity of 24,456 million KRW.
Contract liabilities of 9,712 million KRW (including advance payments) to be recognized as revenue in future periods.
Phase 1 clinical trial in Australia for osteoporosis treatment completed; Phase 1 ongoing in Korea for hepatitis B vaccine.
Obesity treatment (S-MAP) and acute allergy treatment (C-MAP) in preclinical stages.
Subsidiary in Australia has negative net equity (assets 958 million KRW, liabilities 2,678 million KRW).
In 2024, imposed a fine of 65 million KRW by the Financial Services Commission for failure to file securities registration.