Optipharm Q1 2026 Sales Up 9.0% but Operating Loss of KRW 723M Persists

Sales KRW 5.36bn (+9.0% YoY), operating loss KRW 723mn (vs. KRW 804mn loss prior yr), net loss KRW 754mn
R&D expense KRW 673mn (12.6% of sales), engaged in government-led xenotransplantation project
Xenotransplantation: corneal graft in primate survived 289 days, kidney 221 days, heart 217 days
PCV2d antigen patent registered (Mar 2026), bacteriophage paper for bovine mastitis published (Feb 2025)
Accumulated deficit KRW 31.2bn, short-term borrowings KRW 10.2bn, cash & equivalents KRW 2.2bn
Debt ratio 59.8%, related-party short-term loans KRW 6.0bn
No dividends (5 consecutive years), no share buyback/cancellation

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