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: -₩15b 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 (-₩15b free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 9.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (82% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩105.1b market cap, or US$69.7m). Announcement • Feb 24
CORESTEMCHEMON Inc., Annual General Meeting, Mar 27, 2026 CORESTEMCHEMON Inc., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 240, nampyeong-ro, yangji-eup, cheoin-gu, gyeonggi-do, yongin South Korea Announcement • Dec 18
Corestemchemon Advances Toward Als Stem Cell Commercialization with Regulatory Progress in Korea and Nsf-Backed U.S. Expansion CorestemChemon is entering a critical late-stage phase in the commercialization of its ALS stem cell therapy, Neuronata-R. The company attributes this momentum to advanced domestic regulatory review in Korea, entry into an NSF-supported regenerative medicine ecosystem in the United States, secured commercialization capital, and a sizable open-market share purchase by the CEO. In Korea, Neuronata-R is undergoing a product license modification review by the Ministry of Food and Drug Safety (MFDS). Following mixed efficacy results in the overall patient population in the Phase 3 ALSUMMIT trial, CorestemChemon refined its regulatory strategy to focus on a clinically defined " slow progressor" subgroup. Post-hoc analyses in this subgroup showed clinically meaningful and internally consistent signals, including maintenance of ALS Functional Rating Scale-Revised (ALSFRS-R) scores, stabilization of slow vital capacity (SVC), and favorable trends in neurofilament light chain (NfL) biomarkers. The company believes these findings have supported a more structured and focused regulatory dialogue with the MFDS. The company expects this precision-targeted approach to further clarify the domestic regulatory pathway, while preserving the option for initial commercialization upon potential approval. A favorable MFDS decision would enable domestic market entry and generation of real-world evidence (RWE), which could support future global regulatory strategies. The company expects a final regulatory decision in Korea before the first quarter of 2026. CorestemChemon has been selected to join the Piedmont Triad Regenerative Medicine Innovation Engine, a U.S. regional innovation cluster supported by the National Science Foundation (NSF). The company stated that it is the first Korean biotechnology firm to be included in an NSF-backed regenerative medicine ecosystem. The selection was initiated by the Wake Forest Institute for Regenerative Medicine (WFIRM), which cited the scientific robustness of Neuronata-R's Phase 3 clinical dataset and the consistency observed in long-term real-world follow-up data. Participants in the NSF Engine is expected to provide access to translational research capabilities, manufacturing resources, and a broader regulatory network. To align more closely with this ecosystem, CorestemChemon plans to relocate its U.S. subsidiary to North Carolina. The company intends to leverage the cluster as a platform for regulatory engagement with the U.S. Food and Drug Administration (FDA), targeting submission of a Biologics License Application (BLA) in the third quarter of 2026. Commercialization Funding and Financial Position: To support commercialization readiness following potential domestic approval, CorestemChemon recently completed a rights offering, raising KRW 26.1 billion in operating capital (approximately USD 17.8 million, based on recent exchange rates). The proceeds are allocated to upgrading production facilities, establishing commercial-scale manufacturing systems, and preparing for both domestic and global regulatory processes. The company expects the capital raise to strengthen its financial position and reduce execution risk associated with manufacturing scale-up and regulatory preparation, while addressing near-term funding concerns. In a move widely interpreted as reinforcing market confidence, CEO Yang Gil-ahn recently executed a large-scale open-market share purchase. Over a two-week period, he acquired more than one million shares, representing an investment of approximately KRW 1.7 billion (approximately USD 1.2 million, based on recent exchange rate). The purchase coincided with the submission of supplementary regulatory materials to the MFDS and is viewed as a signal of management's conviction at a key regulatory inflection point. Following the transaction, the combined ownership stake of the controlling shareholder group increased to 10.32%, further strengthening alignment between management and shareholders. New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 82% 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 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (82% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₩48.3b market cap, or US$33.0m). Announcement • Nov 05
CORESTEMCHEMON Inc. has completed a Follow-on Equity Offering in the amount of KRW 26.14 billion. CORESTEMCHEMON Inc. has completed a Follow-on Equity Offering in the amount of KRW 26.14 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: KRW 1307
Discount Per Security: KRW 23.526
Transaction Features: Rights Offering Announcement • Sep 18
Neuronata- Phase 3 Results Confirm Subgroup Benefit at PACTALS 2025, Strengthening Biomarker-Driven Pathway CorestemChemon Inc. announced that it has presented key findings from the Phase 3 ALSummit trial of Neuronata-R® (lenzumestrocel), an autologous bone marrow-derived mesenchymal stem cell (MSC) therapy for amyotrophic lateral sclerosis (ALS), at the PACTALS 2025 congress in Melbourne, Australia. The first session, chaired by Professor Seung-Hyun Kim of Hanyang University Hospital — a global leader in stem cell-based ALS research — brought together a panel of seven distinguished ALS experts from six countries. As part of the panel, Dr. Ryung-A Lee (Head of R&D Innovation, CorestemChemon) introduced the company and shared a brief overview of the Phase 3 trial results. In the second session, the full Phase 3 clinical trial (ALSUMMIT trial) results were formally presented by Professor Ki-Uk Oh (Department of Neurology, Advanced Regenerative Medicine Center, Hanyang University Hospital, and principal investigator of the ALSUMMIT trial). Subgroup Analysis Demonstrates Statistically Significant Benefit: While the overall trial did not meet its primary and secondary endpoints, Neuronata-R® showed meaningful efficacy in patients with slower disease progression. At 12 months, participants in this subgroup receiving Neuronata-R achieved: ALSFRS-R (functional rating scale): 31.2 vs. 26.4 in placebo (p=0.001), CAFS (Combined Assessment of Function and Survival): 20.95 and 24.78 vs. 17.92 in placebo (p=0.024; p=0.041), SVC (slow vital capacity, respiratory function): 62.2% vs. 50.6% in placebo (p=0.017, Study Group 2). These findings confirm Neuronata-R's potential to preserve function and respiratory capacity in ALS — outcomes directly linked to quality of life and survival. Biomarker Data Underscore Neuroprotective Effect: Biomarker analysis revealed sustained reductions in neurofilament light chain (NfL) and MCP-1, indicating a strong link between neuroprotection and clinical outcomes. This strengthens the case for biomarker-guided patient stratification and a precision-medicine strategy in ALS drug development, reflecting the evolving global regulatory landscape. Regulatory Pathway Toward Accelerated Approval: CorestemChemon stated that the PACTALS 2025 results mark an important step for regulatory discussions. The company plans to request a Type-C meeting with the U.S. Food and Drug Administration (FDA) in Fourth Quarter 2025 to discuss the dataset and biomarker-driven subgroup efficacy. Based on this discussion, CorestemChemon plans to submit a Biologics License Application (BLA) within 2026, aiming to pursue an accelerated approval pathway aligned with precedents in ALS, including FDA's decision on Tofersen. Announcement • Aug 20
CORESTEMCHEMON Inc. has filed a Follow-on Equity Offering in the amount of KRW 37.8 billion. CORESTEMCHEMON Inc. has filed a Follow-on Equity Offering in the amount of KRW 37.8 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: KRW 1890
Discount Per Security: KRW 34.02
Transaction Features: Rights Offering New Risk • Aug 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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 (-₩42b free cash flow). Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₩50.3b market cap, or US$36.2m). Announcement • May 29
Corestemchemon Announces Neuronata-R®? Stem Cell Therapy Shows Promise in Als Phase 3 Subgroup Analysis, Moves Toward Fda Accelerated Approval CorestemChemon announced Neuronata-R®?, an autologous bone marrow-derived mesenchymal stem cell (MSC) therapy for amyotrophic lateral sclerosis (ALS), has demonstrated meaningful efficacy signals in a subgroup of participants with slow disease progression in its recently completed Phase 3 trial. The therapy also showed consistent reductions in neurofilament light chain (NfL) levels -- a biomarker that served as the basis for FDA accelerated approval in ALS, including the recent decision on Tofersen -- supporting its potential to pursue a similar regulatory pathway. Developed by South Korean biotech company CorestemChemon, Neuronata-R®? utilizes MSCs derived from a participant's own bone marrow to modulate inflammation, protect motor neurons, and alter the neurodegenerative microenvironment through paracrine signaling. ALS, a rare and fatal disease with no cure, remains one of the most urgent areas of unmet medical need. Neuronata-R®®? aims to address the disease's complexology by leveraging the therapeutic potential of autologous MSCs. The final Clinical Study Report (CSR) confirmed that Neuronata-R®. Announcement • Feb 22
CORESTEMCHEMON Inc., Annual General Meeting, Mar 28, 2025 CORESTEMCHEMON Inc., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 240, nampyeong-ro, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Dec 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩123.5b (US$85.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 (-₩41b free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (₩123.5b market cap, or US$85.3m). New Risk • Dec 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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 (-₩41b free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • May 29
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: -₩26b 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 (-₩26b free cash flow). Earnings have declined by 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). New Risk • Apr 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Announcement • Mar 27
CORESTEMCHEMON Inc. announced that it has received KRW 21 billion in funding from NH Investment & Securities Co., Ltd., Samsung Securities Co., Ltd. On March 26, 2024, CORESTEMCHEMON Inc., closed the transaction. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩219 loss per share (vs ₩362 loss in 3Q 2022) Third quarter 2023 results: ₩219 loss per share (improved from ₩362 loss in 3Q 2022). Revenue: ₩6.47b (down 35% from 3Q 2022). Net loss: ₩4.68b (loss narrowed 19% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2023 earnings released: ₩115 loss per share (vs ₩237 profit in 2Q 2022) Second quarter 2023 results: ₩115 loss per share (down from ₩237 profit in 2Q 2022). Revenue: ₩9.85b (down 25% from 2Q 2022). Net loss: ₩2.45b (down 165% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Jan 27
CORESTEMCHEMON Inc. announced that it has received KRW 32.31145 billion in funding from a group of investors On January 26, 2023, CORESTEMCHEMON Inc. closed the transaction. Announcement • Jan 18
CORESTEMCHEMON Inc. announced that it expects to receive KRW 21.5 billion in funding from a group of investors CORESTEMCHEMON Inc. announced a private placement of series 2 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 21,500,000,000 on January 17, 2023. The transaction will include participation from Kiwoom Securities Co., Ltd., Investment Arm, JB Woori Capital Co., Ltd, returning investors, Hanyang Securities Co. Ltd., Asset Management Arm, Samsung Securities Co. Ltd., Investment Arm, Korea Investment & Securities Co., Ltd., Investment Arm, Mirae Asset Daewoo Co., Ltd., Investment Arm, NH Investment & Securities Co., Ltd., Investment Arm and KB Securities Co., Ltd., Investment Arm. The zero coupon bonds will have a yield to maturity rate of 1% maturing on January 19, 2027. The series 2 bonds will be fully convertible into 2,423,900 common shares at an issue conversion price of KRW 8,870 per share between the period starting from February 19, 2023 and ending on December 19, 2026. The bonds have a lock-up period of one year from the date of issuance. The expected date of payment is January 19, 2023. The transaction has been approved by board of directors of the company. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,380, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 26x in the Biotechs industry in South Korea. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 26% share price gain to ₩11,650, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 20x in the Biotechs industry in South Korea. Total returns to shareholders of 25% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day low: ₩19,150 The company is down 8.0% from its price of ₩20,900 on 20 November 2020. The South Korean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day low: ₩20,500 The company is down 1.0% from its price of ₩20,650 on 18 August 2020. The South Korean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 3.0% over the same period. 
