GemVax&KAEL: 1Q26 Consolidated Operating Loss of 7.6B KRW, Net Loss of 14.9B KRW; Debt Ratio Improves to 88.6%; GV1001 PSP Conditional Approval Filed

1Q26 (consolidated): Revenue 18.26B KRW (+47.6% YoY from 12.37B)
Operating loss 0.76B KRW (vs. loss of 2.58B in same quarter last year)
Net loss 1.49B KRW (vs. loss of 12.66B YoY)
Debt ratio improved to 88.6% from 146.9% at year-end 2025 (equity increased due to BW exercise)
Bio division: GV1001 PSP conditional approval application in Korea (Jan 2026)
- Orphan drug designations from US FDA and EU EMA; FDA Fast Track
- Global Phase 2 CSR for Alzheimer's received (Nov 2025)
PSP license deal with Samsung Pharm (total 220B KRW, upfront 11.5B received)
Litigation provision of 25.74B KRW (appeal of damages case with BioBill; partial win for plaintiff on Mar 27, 2026)
Post-report events: Issuance of 14th & 15th CBs totaling 16.3B KRW (to BioBill); planned 17B KRW third-party allotment
Shares outstanding: 44,269,203 (increase of 1,588,814 from year-end due to BW exercises)
Cash & equivalents: 23.96B KRW; borrowings: 33.36B KRW
No dividend or share buyback plans

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