New Risk • Jun 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ₩5,815 loss per share (down from ₩6,394 profit in FY 2024). Revenue: ₩85.5b (up 19% from FY 2024). Net loss: ₩138.3b (down 195% from profit in FY 2024). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 113%. Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Biotechs industry in South Korea. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
L&C BIO Co.,LTD, Annual General Meeting, Mar 31, 2026 L&C BIO Co.,LTD, Annual General Meeting, Mar 31, 2026, at 10:00 Tokyo Standard Time. Location: conference room, 8, dunchon-daero 457beon-gil, jungwon-gu, gyeonggi-do, seongnam South Korea 