GemVax & KAEL announced on November 14 that its cumulative sales for the third quarter of this year reached 55.4 billion won, representing an increase of approximately 24.65% compared to the same period last year.
GemVax also reported an operating loss of 3.7 billion won in the third quarter, a reduction in losses compared to the previous year.
The company focused its efforts on cost reduction and profitability improvement. If it achieves a turnaround to operating profit on a separate financial basis, the risk of being designated as an investment caution stock will be resolved.
A GemVax official stated, "In the fourth quarter of this year, we will continue our efforts to improve performance and reduce costs to enhance profitability," adding, "We will secure financial stability and resources for new drug development through multifaceted reviews and efforts, including additional fundraising." The official further emphasized, "We will carry out research and development without wavering to achieve results that will attract global attention."
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