Cellid Q1 2026: Liquidity Concerns, COVID Vaccine Setback, Pipeline Progress

Q1 2026 revenue: 3.2 billion won (up from 1.6 billion YoY), operating loss narrowed to 1.6 billion won (from 2.7 billion).
Current liabilities (34.9B) exceed current assets (22.9B), raising liquidity risk. Cash dropped sharply to 10.5B from 22.4B at year-end 2025.
High debt burden: borrowings 29.4B, financial guarantees 42.3B (related to Magok HQ PF loan).
COVID-19 vaccine AdCLD-CoV19-1 OMI phase 3 dosing completed (Nov 2024), awaiting final results.
IND for variant vaccine AdCLD-CoV19-1 LP.8.1 phase 2 was rejected on May 8, 2026.
BVAC-C investigator-initiated trial shows complete/partial responses; presented at ASCO, SGO, AOS.
BVAC-E6E7 (head and neck cancer) phase 1/2a approved (Nov 2024), patient recruitment started.
LG Chem license-out for BVAC-Neo continues (upfront 1B, milestones up to 183.5B, plus royalties).
Three ongoing lawsuits totaling ~4.8B won.
R&D expenses 0.84B (down from 1.46B YoY), continued capitalization of development costs (289B).

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