NGeneBio Q1 2026 Revenue Surges (Merger Effect) but Losses Continue; Decides Reverse Stock Split and Rights Offering to Improve Financial Structure

Completion of merger with EnGenPharma (2026.03.31) reflected pharmaceutical distribution revenue, Q1 revenue surged to 11.95 billion won (up 500% YoY from 1.99 billion).
Operating loss narrowed to 1.57 billion won (from 2.04 billion), but net loss increased to 4.20 billion won (from 3.03 billion).
Debt ratio 224% (liabilities 495.7 billion, equity 221.2 billion), net debt ratio 57%. Short-term borrowings 124.9 billion, convertible bonds 197.6 billion pose repayment burden.
Concern over capital erosion: consolidated deficit 758.5 billion, equity 221.2 billion. Separate deficit 759.4 billion.
Key subsequent actions: On 2026.04.27, board decided 3:1 reverse stock split (capital from 268 billion to 89.4 billion) and rights offering of 7.15 million shares.
US subsidiary NGeneBioAI discontinued operations (2025.05), TOPLAB continues. Sold stake in Piatlux.
Issued 6th series CB of 25 billion won (2025.10), conversion of 4th and 5th series CB in progress.
Litigation: patent lawsuit with Korea Tuberculosis Association, outcome uncertain.
New businesses: Seongsu-dong real estate (leasing), F&B brand 'Purry Ki', AI digital pathology diagnosis being promoted.

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