Inbiogen Q1 Net Loss Widens on Revenue Drop and Equity Method Loss

Q1 2026 revenue 786 million KRW (52%↓ YoY from 1,639 million)
Operating loss 98 million KRW (improved from 132 million loss in Q1 2025)
Net loss 1,468 million KRW (surge from 142 million loss in Q1 2025) due to equity method loss of 1,392 million from associate Bitdent (trading suspended)
Total liabilities 5.4 billion KRW, debt ratio 3.75% (year-end 2025: 1.49%)
Short-term borrowings increased to 3.5 billion (from 0.5 billion); cash 3.5 billion (from 0.9 billion)
No dividends or share buybacks
Equity method investment in Bitdent at 13.6 billion remains under trading suspension with further impairment risk

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