Daesung Microbiological Labs Changes Largest Shareholder and Appoints New Management; Q1 Sales Slightly Down, Net Loss Continues

On March 24, 2026, existing largest shareholder (Lee Dong-gyu and others) transferred all shares to Insilico Co., Ltd., completing change of control (38.60% stake)
At the 60th AGM (March 24, 2026), new directors including CEO Choi Seung-hoon were appointed; entire board and audit committee replaced
Q1 2026 (consolidated) revenue: KRW 5.08bn (vs KRW 5.20bn in Q1 2025, -2.3%); operating loss KRW 0.96bn; net loss KRW 0.21bn (vs net loss KRW 0.26bn)
Debt ratio 64.18% (FY2025 year-end: 63.68%); total borrowings KRW 19.48bn (short-term KRW 1.49bn, long-term KRW 18.06bn)
Cash dividend of KRW 75 per share for FY2025 approved (total dividend KRW 0.285bn)
Credit rating downgraded to BBB(0) as of June 2025 (from A(-) in 2023, BBB(+) in 2024)
Y280 lineage low-pathogenic H9N2 AI vaccine received product approval (Dec 31, 2025); additional preclinical studies ongoing
No share buyback or cancellation plans; no contingencies or litigation

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