MEDIPOST disclosed on the 15th that, on a consolidation basis, it recorded revenue of 19.46 billion won and an operating loss of 16.85 billion won in the first quarter of this year. Compared with a year earlier, revenue rose 1.2%, while the operating loss widened 23.3%.
The company said the impact reflected 17.68 billion won in recurring research and development expenses as phase 3 clinical trials for Cartistem in the United States got fully underway. On a consolidation basis, recurring development expenses increased from 15.047 billion won last year to 17.679 billion won this year.
However, profitability metrics themselves improved in part. On a consolidation basis, gross profit was 13.214 billion won, up from a year earlier, and cost of sales decreased from 7.47 billion won to 6.249 billion won.
On a separate basis, it posted revenue of 21.4 billion won and operating profit of 1.85 billion won. Compared with a year earlier, revenue rose 5.7% and operating profit increased 42.4%.
The company said the improvement in separate-basis results was largely due to revenue recognition tied to the exclusive license agreement for the knee osteoarthritis stem cell therapy "Cartistem" signed with Japan's Teikoku Pharma.
MEDIPOST received U.S. phase 3 clinical trial investigational new drug (IND) approval for Cartistem in February. It is targeting first patient in (FPI) in the second quarter of this year and is pursuing U.S. approval and commercialization in 2031.
Entry into the Japanese market is also underway. The company is preparing a marketing authorization application after completing phase 3 trials in Japan. It plans to apply for approval in the second half of this year and is targeting final approval in 2027.
The company said it currently holds 217.5 billion won in cash and cash equivalents.