Poongjeon Pharmacy (formerly SCM Lifescience) Q1 Report: Merger Completed, Clinical Progress, Persistent Net Loss

Completed merger with pharmaceutical wholesaler Poongjeon Pharmacy on April 1, 2026, diversifying business and expanding revenue base
Stem cell therapy clinical progress: Chronic GVHD (SCM-CGH) phase 2 completed, acute pancreatitis (SCM-AGH) phase 2a completed and published in Gastroenterology, atopic dermatitis phase 1/2 results published in JACI
SCM-CGH and SCM-AGH received orphan drug designation (MFDS)
Consolidated Q1 2026 revenue KRW 15.2 billion (vs KRW 0.57 billion in prior-year period, due to merger), operating loss KRW 1.5 billion, net loss KRW 1.8 billion
Gearing ratio 15.81% (vs -4.13% at year-end), leverage increased
Issued KRW 5 billion in convertible bonds, derivative liability KRW 2.3 billion (fair value)
Trademark infringement lawsuit ongoing
Largest shareholder: Mars New Technology Fund No.77 (25.56%)
Stock split approved (from KRW 500 to KRW 2,500 per share, effective April 25, 2026)

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