VaxCell-Bio Q1 2026: Revenue 1.54B Won, Operating Loss 4.62B Won; Pipeline Progress and Distribution Business Stabilization

Q1 2026 revenue of 1.54 billion won (down from 1.72 billion won in Q1 2025), operating loss of 4.62 billion won (wider than 4.31 billion won), net loss of 3.97 billion won.
Cash and cash equivalents of 10.37 billion won, short-term financial instruments of 9.27 billion won, total financial assets of 43.27 billion won. Debt ratio at 11.15%, indicating sound financial structure.
Vax-NK phase 2a trial for hepatocellular carcinoma completed; phase 2b planning. Advanced regenerative medicine clinical study for SCLC completed and report submitted. Pancreatic cancer clinical study ongoing.
Pharmaceutical distribution business (from SH Pharm merger) generated 1.50 billion won, accounting for most of total revenue. Animal healthcare product 'Vaxleukin-15' being sold through Yuhan Corporation.
Preclinical progress for CAR-MIL and dual-target CAR-T. Five government projects selected (total ~14.4 billion won). Continued R&D in bispecific antibody and DDS platforms.
Key risks: persistent operating losses and uncertain commercialization timeline for human cancer drugs. Stock price averaged 8,090 won in March 2026, showing weakness.

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