Mezzion 2026 Q1 Loss Widens, Pipeline Progress Continues

Revenue 2.0 billion KRW (up 3.2% YoY), operating loss 4.56 billion KRW (vs 3.52 billion loss in prior year), net loss 5.31 billion KRW (vs 3.31 billion loss)
Cash and cash equivalents 17.42 billion KRW (down 8.16 billion from year-end); operating cash flow -6.01 billion
R&D expenses 8.76 billion KRW (435% of revenue); mostly capitalized as development intangible assets
Fontan therapy (FUEL-2) additional trial ongoing; NDA resubmission planned
ADPKD preclinical: Mayo Clinic study showed cyst reduction
Convertible bonds (CB) of 23 billion KRW outstanding (conversion price 39,284 won, current stock ~90,100 won); total liabilities 83.41 billion including derivative liabilities 41.74 billion vs equity 15.51 billion (accumulated deficit)
Ongoing lawsuits (Dr. Reddy's, SOG Trading, Mintz, former executives)
No shareholder returns (buyback, dividend)

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