Chabiotech Q1 2026: Improved Earnings & Capital Raise, Offset by Litigation and HUD Loan Risks

Q1 2026 consolidated revenue KRW 329.7bn (vs. annual KRW 1.26tn in prior year), operating loss KRW 30.7bn (improved from KRW 48.8bn loss in prior year), controlling interest net profit KRW 15.6bn (swung to profit).
Debt ratio improved to 139.65% from 185.45% at year-end 2025 (adjusted debt basis).
Issued ~8.58 million common shares via third-party allotment in January 2026 for capital raising.
Largest shareholder changed from Kakao Corp. to Cha Care Co., Ltd. (Dec 23, 2025).
US subsidiary CHA Hollywood Medical Center reclassified $163.6 million (~KRW 247.4bn) as current liabilities due to HUD loan covenant breach.
Three damage lawsuits lost in appellate court; appeals to Supreme Court pending (total claims ~KRW 5.7bn).
Received $15M upfront from Astellas for RPE technology license-out; up to $17M in additional milestones.
Clinical progress: CBT101 (solid tumor) Phase 1 completed; CBT210-POI (premature ovarian insufficiency) Phase 1 completed.
No disclosure on share buyback, cancellation, or dividend policy.

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