HLB Pep Q1 2026 Revenue Up 51% but Net Loss Widens, Convertible Bond Burden Persists

Q1 2026 revenue: KRW 1.64bn (up 51% YoY from KRW 1.09bn), estimated operating loss KRW 1.96bn, net loss KRW 3.00bn (vs KRW 1.57bn loss YoY)
R&D expenses: KRW 1.01bn (61.2% of revenue), significantly up from KRW 0.38bn YoY
Convertible bonds outstanding: KRW 16.47bn, derivative liabilities KRW 8.74bn; conversion price adjusted from KRW 8,509 to KRW 7,165
No dividends or share buyback plans; credit rating 'B' (Korea Data)
Key pipeline: AGM-217 (obesity) undergoing non-clinical toxicity in Japan; AGM-260 (ulcerative colitis) received Canadian patent
Low utilization: Osong GMP 2.6%, Jangseong GMP 52.4%, Gwangju Non-GMP 60.2%

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