Announcement • Mar 17
Dx & Vx Co., Ltd., Annual General Meeting, Mar 31, 2026 Dx & Vx Co., Ltd., Annual General Meeting, Mar 31, 2026, at 09:01 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea New Risk • Jan 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-₩3.2b). Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). New Risk • Dec 30
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: -₩25b 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 (-₩25b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-₩3.2b). Earnings have declined by 48% per year over the past 5 years. Announcement • Dec 23
Dx & Vx Co., Ltd. has filed a Follow-on Equity Offering. Dx & Vx Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 49,210,000
Transaction Features: Subsequent Direct Listing New Risk • Dec 22
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 11% 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 (-₩25b free cash flow). Negative equity (-₩3.2b). Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩111.5b market cap, or US$75.4m). New Risk • Nov 29
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₩3.2b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. 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 (-₩25b free cash flow). Negative equity (-₩3.2b). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩88.4b market cap, or US$60.2m). New Risk • Jul 30
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 11% 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 (-₩25b free cash flow). Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩132.4b market cap, or US$95.9m). Announcement • May 30
Dx&Vx Accelerates Development of Universal COVID-19 Vaccine Dx&Vx (DXVX) has officially announced the acceleration of its development program for a universal COVID-19 vaccine, following the recent acquisition of related technology. Designed to provide immunity against both current and future variants of the coronavirus, this next-generation vaccine is drawing global attention amid a new wave of COVID-19 cases worldwide. Global health organizations, including the WHO, have raised concerns about rising COVID-19 cases in parts of Europe, Asia, and North America. These warnings have highlighted the urgent need for more robust and lasting immune solutions against evolving virus variants. Currently, DXVX is advancing through the regulatory procedures necessary to initiate Phase 2 clinical trials in South Korea, the U.S., and Southeast Asia. After successfully completing Phase 1 trials in the U.S. and South Africa, the company is preparing its Investigational New Drug (IND) applications for global Phase 2 studies. Announcement • Mar 12
Dx & Vx Co., Ltd., Annual General Meeting, Mar 28, 2025 Dx & Vx Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, geumcheon-gu, seoul South Korea New Risk • Feb 14
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 12% 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 (-₩19b free cash flow). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (₩65.0b market cap, or US$45.1m). New Risk • Nov 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: -₩19b 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 (-₩19b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩93.1b market cap, or US$66.7m). Announcement • Oct 04
Dx & Vx Co., Ltd. (KOSDAQ:A180400) agreed to acquire remaining 37% stake in Avixgen, Inc. for KRW 4.7 billion. Dx & Vx Co., Ltd. (KOSDAQ:A180400) agreed to acquire remaining 37% stake in Avixgen, Inc. for KRW 4.7 billion on October 2, 2024. The consideration consists of 1.7 million common equity of Dx & Vx Co., Ltd. at a ratio of 0.290319 per common equity of Avixgen, Inc. The merger agreement is expected to signed on October 4, 2024. The expected completion of the transaction is December 17, 2024. New Risk • Oct 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 63% 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 Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩131.4b market cap, or US$98.6m). Announcement • Sep 13
Dx & Vx Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 42.37 billion. Dx & Vx Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 42.37 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 18,385,983
Price\Range: KRW 2230
Discount Per Security: KRW 44.6
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 614,017
Price\Range: KRW 2230
Discount Per Security: KRW 44.6
Transaction Features: Rights Offering New Risk • Aug 30
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: -₩13b 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 (-₩13b free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩111.4b market cap, or US$83.4m). Announcement • Jul 19
DX&VX Is on Track and Accelerating the Development of Oral Obesity Treatment DX&VX, which is gaining attention for developing an oral GLP-1 obesity treatment. The company is accelerating the optimization of new drug candidates. GLP-1 (glucagon-like peptide-1), an oral obesity treatment drug being developed by DX&VX, is a hormone that induces weight loss by suppressing appetite and increasing satiety to treat obesity. DX&VX researchers have developed organic compounds that can be taken orally once a day instead of through injections. While obesity treatment drug developers are conducting clinical trials for new oral GLP-1 organic compound drugs, the importance of this field is expanding day by day. To date, DX&VX has secured excellent candidate substances based on its AI-based innovative new drug design technology, and plans to submit patents for at least two more substances within this year. This research outcome is receiving significant attention from the industry and many pharmaceutical companies, both domestically and internationally, with some companies exploring the possibility of cooperation with DX&VX. Based on these achievements, DX&VX is expected to further accelerate the development of oral GLP-1 obesity treatments by utilizing various options such as early licensing out, global joint clinical trials, and research funding investment. As additional research results and patent applications continue, the obesity treatment drug being developed byDX&VX is expected to have stronger market competitiveness in the future. New Risk • May 30
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 12% 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 (-₩18b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 9.9% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (₩84.6b market cap, or US$61.5m). New Risk • May 29
New major risk - Revenue and earnings growth Earnings have declined by 9.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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 (-₩18b free cash flow). Earnings have declined by 9.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (₩123.9b market cap, or US$90.8m). Reported Earnings • Mar 23
Full year 2023 earnings released: ₩929 loss per share (vs ₩47.45 loss in FY 2022) Full year 2023 results: ₩929 loss per share (further deteriorated from ₩47.45 loss in FY 2022). Revenue: ₩46.7b (up 45% from FY 2022). Net loss: ₩27.5b (loss widened ₩26.1b from FY 2022). New Risk • Oct 27
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 9.0% 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: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Announcement • Jun 15
Dx & Vx Co., Ltd. announced that it has received KRW 9.223311402 billion in funding from Renaissance Asset Management and other investors On June 14, 2023, Dx & Vx Co., Ltd. closed the transaction. Announcement • May 25
Dx & Vx Co., Ltd. (KOSDAQ:A180400) acquired Avixgen, Inc Dx & Vx Co., Ltd. (KOSDAQ:A180400) acquired Avixgen, Inc. recently. Board Change • Apr 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
