HanAll BioPharma Q1 Turns to Profit, Pipeline Advances; Harbour Arbitration Risk Remains

Q1 2026 consolidated revenue KRW 40.0B (+11% YoY), operating profit KRW 0.8B, net profit KRW 0.3B, returning to profit
Pipeline: Batoclimab MG Ph3 top-line positive, TED Ph3 results awaited; Imeroprubart Ph2b/3 in 6 indications; HL036 Ph3 (VELOS-4) ongoing; HL192 Ph1 completed
Dividend policy: Considering cash dividend of ~10% of FCF after 2028; currently no dividend
Treasury shares: 1,448,447 shares (2.77%) held for future employee performance grants
Risk: Contract termination with Harbour BioMed led to ICC arbitration; decision pending
Financial position: Total borrowings KRW 43.2B, cash KRW 36.2B, net debt KRW 7.0B; debt ratio 50.18% (FY-end 39.30%)
R&D spending: 15.86% of revenue (consolidated), maintaining high investment

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