Aptamer Sciences: AST-201 Phase 1 Progress and CRO Revenue Growth; Convertible Bond Burden Remains

Q1 2026 revenue 7.1bn won (19% YoY increase), operating loss continues
Key pipeline AST-201 (GPC3-targeted solid tumor) phase 1 progressing well: no DLT in 6 cohorts, Cohort 6 (32mg/kg) dosing
CRO business revenue 4.3bn won (61% of total), distribution business new contribution of 2.6bn won
Three convertible bond issues (165bn, 120bn, 70bn won) totaling 35.5bn won, potential dilution ~46%
In April 2026, two third-party allotment capital increases completed (12mn shares at 1,000 won, 8.78mn shares at 911 won), CHOOLIP INC 100% acquisition
Net loss 2.36bn won (vs 2.18bn won in Q1 2025), cash holdings 18.9bn won
Net debt ratio 1.09% (vs -30.11% at end of 2025) due to increased debt, early redemption risk of convertible bonds if stock price falls

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