New Risk • Apr 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩11b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩11b free cash flow). Earnings have declined by 2.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (₩1.9b revenue, or US$1.3m). Market cap is less than US$100m (₩24.1b market cap, or US$16.0m). Announcement • Mar 13
Xcell Therapeutics Inc., Annual General Meeting, Mar 27, 2026 Xcell Therapeutics Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 20, yeongdong-daero 96-gil, gangnam-gu, seoul South Korea New Risk • Jan 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Revenue is less than US$1m (₩1.4b revenue, or US$934k). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₩29.1b market cap, or US$20.0m). 
