| Related parties |
6. Related Parties
A. List of related parties
List of related parties that had transactions with the Company for the periods covered by the unaudited interim condensed financial statements as of June 30, 2026 and December 31, 2025 is as follows:
| Relationship |
|
Name of entity |
| Individual that has control over the Company (*1) |
|
EUN JONG CHOI |
| Other related party (*2) |
|
CUBEBIO Co., Ltd. |
|
(*1) |
The Company recognized “EUN JONG CHOI” as a related party as EUN JONG CHOI is a key management personnel member as the CEO of the Company, holding 100% of its equity share. |
|
(*2) |
The Company recognized “CUBEBIO Co., Ltd.” as a related party since EUN JONG CHOI, an individual who has control over the Company, was simultaneously the CEO of “CUBEBIO Co., Ltd.” through January 30, 2026. Effective January 30, 2026, JAEMYUNG KIM was appointed as the CEO of “CUBEBIO Co., Ltd.” |
B. Account balances with related parties
Details of receivables and payables account balances with related parties as of June 30, 2026 and December 31, 2025 are as follows:
| Schedule of receivables and payables account balances related parties |
|
|
|
|
|
|
| |
|
|
|
|
June 30,
2026 |
|
| Related party |
|
Name of entity |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
|
$ |
- |
|
|
|
54,058 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
|
|
32,435 |
|
|
|
- |
|
| Total |
|
|
|
|
$ |
32,435 |
|
|
|
54,058 |
|
| |
|
|
|
|
December 31,
2025 |
|
| Related party |
|
Name of entity |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
|
$ |
- |
|
|
|
52,918 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
|
|
31,751 |
|
|
|
- |
|
| Total |
|
|
|
|
$ |
31,751 |
|
|
|
52,918 |
|
C. Financing transactions with related parties
Details of significant financing transactions with related parties for the six-months ended June 30, 2026 and 2025:
| Schedule of significant financial transactions with related parties |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2026 |
|
| Related party |
|
Name of entity |
|
Account Name |
|
|
January 1 |
|
|
Increase |
|
|
Decrease |
|
|
June 30 |
|
| |
|
|
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
Other receivables |
|
|
$ |
52,918 |
|
|
|
1,140 |
(*1) |
|
|
- |
|
|
|
54,058 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
Promissory note payables |
|
|
|
31,751 |
|
|
|
684 |
(*2) |
|
|
- |
|
|
|
32,435 |
|
| |
|
|
|
|
|
|
2025 |
|
| Related party |
|
Name of entity |
|
Account Name |
|
|
January 1 |
|
|
Increase |
|
|
Decrease |
|
|
June 30 |
|
| |
|
|
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
Other receivables |
|
|
$ |
50,618 |
|
|
|
1,140 |
(*3) |
|
|
- |
|
|
|
51,758 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
Promissory note payables |
|
|
|
30,371 |
|
|
|
684 |
(*4) |
|
|
- |
|
|
|
31,055 |
|
|
(*1) |
The Company recognized interest income accrued under an agreement to issue 50,000 shares of common share in consideration for gross proceeds of $50,000 during the six months ended June 30, 2026. |
|
(*2) |
The Company recognized interest expense accrued under a promissory note to pay $30,000 issued for common share issuing-related costs and organization costs paid by CubeBio Co., Ltd. on behalf of the Company during the six months ended June 30, 2026. |
|
(*3) |
The Company recognized interest income accrued under an agreement to issue 50,000 shares of common share in consideration for gross proceeds of $50,000 during the six months ended June 30, 2025. |
|
(*4) |
The Company recognized interest expense accrued under a promissory note to pay $30,000 issued for common share issuing-related costs and organization costs paid by CubeBio Co., Ltd. on behalf of the Company during the six months ended June 30, 2025. |
|
6. Related Parties
A. List of related parties
List of related parties that had transactions with the Company for the periods covered by the financial statements as of December 31, 2025 and 2024 is as follows:
| Relationship |
|
Name of entity |
| Individual that has control over the Company (*1) |
|
EUN JONG CHOI |
| Other related party (*2) |
|
CUBEBIO Co., Ltd. |
| (*1) |
The Company recognized “EUN JONG CHOI” as a related party as EUN JONG CHOI is a key management personnel member as the CEO of the Company, holding 100% of its equity share. |
| (*2) |
The Company recognized “CUBEBIO Co., Ltd.” as a related party as EUN JONG CHOI, an individual that has control over the Company, is simultaneously the CEO of “CUBEBIO Co., Ltd.” |
B. Account balances with related parties
Details of receivables and payables account balances with related parties as of December 31, 2025 and 2024 are as follows:
| Schedule of receivables and payables account balances related parties |
|
|
|
|
|
|
| |
|
|
|
|
December 31,
2025 |
|
| Related party |
|
Name of entity |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
|
$ |
- |
|
|
|
52,918 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
|
|
31,751 |
|
|
|
- |
|
| Total |
|
|
|
$ |
31,751 |
|
|
|
52,918 |
|
| |
|
|
|
|
December 31,
2024 |
|
| Related party |
|
Name of entity |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
|
$ |
- |
|
|
|
50,618 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
|
|
30,371 |
|
|
|
- |
|
| Total |
|
|
|
$ |
30,371 |
|
|
|
50,618 |
|
C. Financing transactions with related parties
Details of significant financing transactions with related parties for the years ended December 31, 2025 and 2024 are as follows:
| Schedule of significant financial transactions with related parties |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2025 |
|
| Related party |
|
Name of entity |
|
Account Name |
|
|
January 1 |
|
|
Increase |
|
|
Decrease |
|
|
December 31 |
|
| |
|
|
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
Other receivables |
|
|
$ |
50,618 |
|
|
|
2,300 |
(*1) |
|
|
- |
|
|
|
52,918 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
Promissory note payables |
|
|
|
30,371 |
|
|
|
1,380 |
(*2) |
|
|
- |
|
|
|
31,751 |
|
| Total |
|
|
|
$ |
80,989 |
|
|
|
3,680 |
|
|
|
- |
|
|
|
84,669 |
|
| |
|
|
|
|
|
|
2024 |
|
| Related party |
|
Name of entity |
|
Account Name |
|
|
September 24
(Inception) |
|
|
Increase |
|
|
Decrease |
|
|
December 31 |
|
| |
|
|
|
|
|
|
(In U.S. Dollar) |
|
| Individual that has control over the Company |
|
EUN JONG CHOI |
|
Other receivables |
|
|
$ |
- |
|
|
|
50,618 |
(*3) |
|
|
- |
|
|
|
50,618 |
|
| Other related party |
|
CUBEBIO Co., Ltd. |
|
Promissory note payables |
|
|
|
- |
|
|
|
30,371 |
(*4) |
|
|
- |
|
|
|
30,371 |
|
| Total |
|
|
|
$ |
- |
|
|
|
80,989 |
|
|
|
- |
|
|
|
80,989 |
|
| (*1) |
The Company recognized interest income accrued under an agreement to issue 50,000 shares of common share in consideration for gross proceeds of $50,000 during the year ended December 31, 2025, which originally commenced in 2024 and was subsequently extended from 2025 to 2026. |
| (*2) |
The Company recognized interest expense accrued under a promissory note to pay $30,000 issued for common share issuing-related costs and organization costs paid by CubeBio Co., Ltd. on behalf of the Company during the year ended December 31, 2025, which originally commenced in 2024 and was subsequently extended from 2025 to 2026. |
| (*3) |
The Company recognized interest income accrued under an agreement to issue 50,000 shares of common share in consideration for gross proceeds of $50,000 during the period from September 24, 2024 (inception), through December 31, 2024. |
| (*4) |
The Company recognized interest expense accrued under a promissory note to pay $30,000 issued for common share issuing-related costs and organization costs paid by CubeBio Co., Ltd. on behalf of the Company during the period from September 24, 2024 (inception), through December 31, 2024. |
|
| Related parties |
25. Related parties
| A. |
List of related parties |
List of related parties that had transactions with the Company for the periods covered by the unaudited interim condensed financial statements as of June 30, 2026 and December 31, 2025 is as follows:
| Relationship |
|
June 30,
2026 |
|
December 31,
2025 |
| Entity that has significant influence over the Company (*1) |
|
Well Core Co., Ltd. (“Well Core”) |
|
Well Core Co., Ltd. (“Well Core”) |
| Entities controlled by Key Management Personnel (*2) |
|
Dongsung D&C Co., Ltd. (“Dongsung D&C”), CubeBio Holdings., Ltd. (“CubeBio Holdings”) |
|
Dongsung D&C Co., Ltd. (“Dongsung D&C”), CubeBio Holdings., Ltd. (“CubeBio Holdings”) |
| Other related parties |
|
(*3) |
|
(*3) |
| (*1) |
Well Core Co., Ltd. (“Well Core”) is an entity that has significant influence over the Company. |
| (*2) |
Dongsung D&C Co., Ltd. (“Dongsung D&C”) and CubeBio Holdings Co., Ltd. (“CubeBio Holdings”) are related parties as they are controlled by Yun Woo Choo and Eun Jong Choi, respectively, who are members of the Company’s key management personnel. |
| (*3) |
Other related parties include a member of the key management personnel of the reporting entity, a close member of the person’s family, and an entity that is controlled or jointly controlled by such person. |
| B. |
Transactions with related parties |
Details of transactions with related parties for the six-month periods ended June 30, 2026 and 2025 are as follows:
| Schedule of transaction with related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Six-month
period ended
June 30,
2026 |
|
|
Six-month
period ended
June 30,
2025 |
|
| Related party |
|
Name of
entity |
|
|
|
Interest
income |
|
|
Interest
expenses |
|
|
Interest
income |
|
|
Interest
expenses |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
₩ |
|
|
- |
|
|
|
11,973 |
|
|
|
- |
|
|
|
715 |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
|
|
|
5,560 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings |
|
|
|
|
1,207 |
|
|
|
- |
|
|
|
928 |
|
|
|
|
|
| Key management personnel |
|
Noh Bin Park |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,472 |
|
| Key management personnel |
|
Ho Sung Han |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,104 |
|
| Key management personnel |
|
Eun Jong Choi |
|
|
|
|
3,194 |
|
|
|
- |
|
|
|
3,194 |
|
|
|
- |
|
| Other related party |
|
Gyung Ha Yu |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,218 |
|
| Total |
|
₩ |
|
|
9,961 |
|
|
|
11,973 |
|
|
|
4,122 |
|
|
|
4,509 |
|
| C. |
Account balances with related parties |
Details of receivables and payables account balances with related parties as of June 30, 2026 and December 31, 2025 are as follows:
| Schedule of receivables and payables account balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
| Related party |
|
Name of
entity |
|
|
|
Payables |
|
|
Receivables |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
₩ |
|
|
1,011,973 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
|
|
|
1,280,000 |
|
|
|
326,856 |
|
|
|
- |
|
|
|
221,295 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings |
|
|
|
|
- |
|
|
|
55,859 |
|
|
|
- |
|
|
|
45,564 |
|
| Key management personnel |
|
Eun Jong Choi (*) |
|
|
|
|
5,235 |
|
|
|
179,229 |
|
|
|
24,855 |
|
|
|
176,035 |
|
| Key management personnel |
|
Yun Woo Choo |
|
|
|
|
72,383 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other related party |
|
Jung Gon Kim |
|
|
|
|
1,900,000 |
|
|
|
- |
|
|
|
300,000 |
|
|
|
- |
|
| Total |
|
₩ |
|
|
4,269,591 |
|
|
|
561,944 |
|
|
|
324,855 |
|
|
|
442,894 |
|
| (*) |
The Company provided a loan to Eun Jong Choi, a director of the Company, who resigned as CEO on January 30, 2026. As of June 30, 2026, compensation payable to the director was recorded as other payable and remained unpaid. Pursuant to a mutual agreement between the Company and the director, the unpaid compensation is expected to be applied against the outstanding loan receivable from the director. As the offsetting has not been executed as of June 30, 2026, the loan receivable and other payable are presented on a gross basis. |
| D. |
Financing transactions with related parties |
Details of significant financing transactions with related parties for the six-month periods ended June 30, 2026 and 2025 are as follows:
| Schedule of changes in related party balances by account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Six-month
period ended
June 30,
2026 |
|
| Related party |
|
Name of
entity |
|
Account |
|
Beginning
Balance |
|
|
Increase |
|
|
Decrease |
|
|
Ending
Balance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
Borrowings |
|
|
- |
|
|
|
1,000,000 |
|
|
|
- |
|
|
|
1,000,000 |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
Accrued expense |
|
|
- |
|
|
|
11,973 |
|
|
|
- |
|
|
|
11,973 |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
Short-term loan receivable |
|
|
220,000 |
|
|
|
100,000 |
|
|
|
- |
|
|
|
320,000 |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
Short-term loan receivable |
|
|
1,296 |
|
|
|
5,560 |
|
|
|
- |
|
|
|
6,856 |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
Other payables- Advances received for allotment of common shares (*1) |
|
|
- |
|
|
|
1,280,000 |
|
|
|
- |
|
|
|
1,280,000 |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
140,000 |
|
|
|
- |
|
|
|
- |
|
|
|
140,000 |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
36,035 |
|
|
|
3,194 |
|
|
|
- |
|
|
|
39,229 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings |
|
Short-term loan receivable |
|
|
43,047 |
|
|
|
8,902 |
|
|
|
- |
|
|
|
51,949 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings |
|
Short-term loan receivable |
|
|
2,517 |
|
|
|
1,393 |
|
|
|
- |
|
|
|
3,910 |
|
| Other related party |
|
Jung Gon Kim |
|
Other payable- Advances received for sale of treasury shares (*2) |
|
|
300,000 |
|
|
|
1,600,000 |
|
|
|
- |
|
|
|
1,900,000 |
|
| Total |
|
|
742,895 |
|
|
|
4,011,022 |
|
|
|
- |
|
|
|
4,753,917 |
|
| (*1) |
The Company received an advance payment of KRW 1,280,000 thousand from Dongsung D&C in connection with a planned investment, which was recorded within other payables as of June 30, 2026, as no shares had been issued. Subsequent to the reporting date, the transaction was finalized as a third-party allotment of common shares, under which the advance payment will be applied as share subscription proceeds (refer to Note 29). |
| (*2) |
On November 4, 2025, the Company entered into an agreement with Jung Gon Kim to dispose of 1,000,000 treasury shares at KRW 3,000 per share, for total consideration of KRW 3,000,000 thousand. The Company received a down payment of KRW 300,000 thousand in the prior year and an interim payment of KRW 1,600,000 thousand during the six-month period ended June 30, 2026. As the shares had not been transferred as of June 30, 2026, the cumulative amount received of KRW 1,900,000 thousand was recorded as other payable. |
| E. |
Key management personnel compensation |
The compensation for key management personnel for the six-month periods ended June 30, 2026 and 2025 is as follows:
| Schedule of compensation for key management personnel |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Six-month
period ended
June 30,
2026 |
|
|
Six-month
period ended
June 30,
2025 |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Short-term employee benefits |
|
₩ |
|
|
177,950 |
|
|
|
245,000 |
|
| Retirement benefit |
|
|
|
|
18,422 |
|
|
|
23,951 |
|
| Total |
|
₩ |
|
|
196,372 |
|
|
|
268,951 |
|
The compensation for the Company’s key management personnel includes salaries and contributions to a post-employment defined benefit plan. Executive officers also participate in the Company’s share option plan.
|
29. Related parties
| A. |
Transactions with related parties |
Details of transactions with related parties for the years ended December 31, 2025 and 2024 are as follows:
| Schedule of transaction with related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
Interest |
|
|
Interest |
|
|
Interest |
|
|
Interest |
|
| Related party |
|
Name of entity |
|
|
|
income |
|
|
expenses |
|
|
income |
|
|
expenses |
|
| |
|
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core(*1) |
|
₩ |
|
|
- |
|
|
|
783 |
|
|
|
567 |
|
|
|
3,882 |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C(*2) |
|
|
|
|
1,296 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
|
|
|
1,980 |
|
|
|
- |
|
|
|
550 |
|
|
|
- |
|
| Key management personnel |
|
Jae Myung Kim |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
62,234 |
|
| Key management personnel |
|
Noh Bin Park |
|
|
|
|
- |
|
|
|
2,060 |
|
|
|
- |
|
|
|
3,358 |
|
| Key management personnel |
|
Ho Sung Han |
|
|
|
|
- |
|
|
|
2,171 |
|
|
|
- |
|
|
|
2,519 |
|
| Key management personnel |
|
Eun Jong Choi |
|
|
|
|
6,440 |
|
|
|
- |
|
|
|
23,257 |
|
|
|
- |
|
| Other related party |
|
Se Yoon Kim |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,594 |
|
| Other related party |
|
Gyung Ha Yu |
|
|
|
|
- |
|
|
|
1,775 |
|
|
|
- |
|
|
|
2,068 |
|
| Other related party |
|
Jung Gon Kim |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
231,172 |
|
| Total |
|
₩ |
|
|
9,716 |
|
|
|
6,789 |
|
|
|
24,374 |
|
|
|
321,827 |
|
| (*1) |
Well Core Co., Ltd. (“Well Core”) is an entity that has significant influence over the Company. |
| (*2) |
Dongsung D&C., Ltd. (“Dongsung D&C”) was identified as a related party because it is controlled by a member of the Company’s key management personnel. |
| (*3) |
CubeBio Holdings., Ltd. (“CubeBio Holdings”) was recognized as entities controlled by key management personnel, as Eun Jong Choi, a key management personnel of the Company, has control over CubeBio Holdings., Ltd. |
| B. |
Account balances with related parties |
Details of receivables and payables account balances with related parties as of December 31, 2025 and 2024 are as follows:
| Schedule of receivables and payables account balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
| Related party |
|
Name of entity |
|
|
|
Payables |
|
|
Receivables |
|
|
Payables |
|
|
Receivables |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
|
(In thousands of Korean won) |
|
| Entities controlled by Key Management Personnel |
|
Dongsung D&C |
|
₩ |
|
|
- |
|
|
|
221,295 |
|
|
|
- |
|
|
|
- |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
|
|
|
- |
|
|
|
45,564 |
|
|
|
- |
|
|
|
44,650 |
|
| Key management personnel |
|
Eun Jong Choi (*) |
|
|
|
|
24,855 |
|
|
|
176,035 |
|
|
|
- |
|
|
|
169,595 |
|
| Key management personnel |
|
Noh Bin Park |
|
|
|
|
- |
|
|
|
- |
|
|
|
16,738 |
|
|
|
- |
|
| Key management personnel |
|
Ho Sung Han |
|
|
|
|
- |
|
|
|
- |
|
|
|
12,553 |
|
|
|
- |
|
| Other related party |
|
Jung Gon Kim |
|
|
|
|
300,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other related party |
|
Gyung Ha Yu |
|
|
|
|
- |
|
|
|
- |
|
|
|
10,478 |
|
|
|
- |
|
| Total |
|
|
|
₩ |
|
|
324,855 |
|
|
|
442,894 |
|
|
|
39,769 |
|
|
|
214,245 |
|
| (*) |
The Company provided a loan to Eun Jong Choi, the CEO of the Company, who resigned as CEO on January 30, 2026. As of December 31, 2025, compensation payable to the CEO was recorded as other payable and remained unpaid. Pursuant to a mutual agreement between the Company and the CEO, the unpaid compensation is expected to be applied against the outstanding loan receivable from the CEO. |
| C. |
Changes in related party balances by account |
Changes in related party balances by accounts for the years ended December 31, 2025 and 2024 are as follows:
| Schedule of changes in related party balances by account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
2025 |
|
| Related party |
|
Name of entity |
|
Account |
|
Beginning
Balance |
|
|
Increase |
|
|
Decrease |
|
|
Ending
Balance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
Borrowings |
|
|
- |
|
|
|
270,000 |
|
|
|
270,000 |
|
|
|
- |
|
| Entity that has significant influence over the Company |
|
Dongsung D&C |
|
Short-term loan receivable |
|
|
- |
|
|
|
220,000 |
|
|
|
- |
|
|
|
220,000 |
|
| Entity that has significant influence over the Company |
|
Dongsung D&C |
|
Short-term loan receivable |
|
|
- |
|
|
|
1,296 |
|
|
|
- |
|
|
|
1,296 |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
140,000 |
|
|
|
- |
|
|
|
- |
|
|
|
140,000 |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
29,595 |
|
|
|
6,440 |
|
|
|
- |
|
|
|
36,035 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
Short-term loan receivable |
|
|
44,100 |
|
|
|
- |
|
|
|
1,053 |
|
|
|
43,047 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
Short-term loan receivable |
|
|
550 |
|
|
|
1,967 |
|
|
|
- |
|
|
|
2,517 |
|
| Key management personnel |
|
Noh Bin Park |
|
Bond with warrants (*1) |
|
|
20,000 |
|
|
|
- |
|
|
|
20,000 |
|
|
|
- |
|
| Key management personnel |
|
Ho Sung Han |
|
Bond with warrants (*1) |
|
|
15,000 |
|
|
|
- |
|
|
|
15,000 |
|
|
|
- |
|
| Other related party |
|
Jung Gon Kim |
|
Other payables |
|
|
- |
|
|
|
300,000 |
|
|
|
- |
|
|
|
300,000 |
|
| Other related party |
|
Gyung Ha Yu |
|
Bond with warrants (*1) |
|
|
15,000 |
|
|
|
- |
|
|
|
15,000 |
|
|
|
- |
|
| Total |
|
|
264,245 |
|
|
|
799,703 |
|
|
|
321,053 |
|
|
|
742,895 |
|
| (*1) |
The amounts are presented in principal of bonds. |
| |
|
|
|
|
|
2024 |
|
| Related party |
|
Name of entity |
|
Account |
|
Beginning
Balance |
|
|
Increase |
|
|
Decrease |
|
|
Ending
Balance |
|
| |
|
|
|
|
|
(In thousands of Korean won) |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
Short-term loan receivable |
₩ |
|
309,112 |
|
|
|
- |
|
|
|
309,112 |
|
|
|
- |
|
| Entity that has significant influence over the Company |
|
Well Core |
|
Short-term Borrowings |
|
|
- |
|
|
|
400,000 |
|
|
|
400,000 |
|
|
|
- |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
600,000 |
|
|
|
- |
|
|
|
460,000 |
|
|
|
140,000 |
|
| Key management personnel |
|
Eun Jong Choi |
|
Short-term loan receivable |
|
|
6,338 |
|
|
|
23,257 |
|
|
|
- |
|
|
|
29,595 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
Short-term loan receivable |
|
|
- |
|
|
|
44,100 |
|
|
|
- |
|
|
|
44,100 |
|
| Entities controlled by Key Management Personnel |
|
CubeBio Holdings., Ltd. |
|
Short-term loan receivable |
|
|
- |
|
|
|
550 |
|
|
|
- |
|
|
|
550 |
|
| Key management personnel |
|
Jae Myung Kim |
|
Bond with warrants (*1) |
|
|
700,000 |
|
|
|
- |
|
|
|
700,000 |
|
|
|
- |
|
| Key management personnel |
|
Noh Bin Park |
|
Bond with warrants (*1) |
|
|
20,000 |
|
|
|
- |
|
|
|
- |
|
|
|
20,000 |
|
| Key management personnel |
|
Ho Sung Han |
|
Bond with warrants (*1) |
|
|
15,000 |
|
|
|
- |
|
|
|
- |
|
|
|
15,000 |
|
| Other related party |
|
Se Yoon Kim |
|
Bond with warrants (*1) |
|
|
210,000 |
|
|
|
- |
|
|
|
210,000 |
|
|
|
- |
|
| Other related party |
|
Gyung Ha Yu |
|
Bond with warrants (*1) |
|
|
15,000 |
|
|
|
- |
|
|
|
- |
|
|
|
15,000 |
|
| Other related party |
|
Jung Gon Kim(*2) |
|
Bond with warrants (*1) |
|
|
2,400,000 |
|
|
|
- |
|
|
|
2,400,000 |
|
|
|
- |
|
| Total |
₩ |
|
4,275,450 |
|
|
|
467,907 |
|
|
|
4,479,112 |
|
|
|
264,245 |
|
| (*1) |
The amounts are presented in principal of bonds. |
| (*2) |
The Company recognized Jung Gon Kim as a related party as Jung Gon Kim is a close family member of Jae Myung Kim, a key management personnel. |
| D. |
Key management personnel compensation |
The compensation for key management personnel for the years ended December 31, 2025 and 2024 are as follows:
| Schedule of compensation for key management personnel |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
2025 |
|
|
2024 |
|
| |
|
|
|
(In thousands of Korean won) |
|
| Short-term employee benefits |
|
₩ |
|
|
453,226 |
|
|
|
402,519 |
|
| Retirement benefit |
|
|
|
|
48,434 |
|
|
|
30,292 |
|
| Total |
|
₩ |
|
|
501,660 |
|
|
|
432,811 |
|
The compensation for the Company’s key management personnel includes salaries and contributions to a post-employment defined benefit plan. Executive officers also participate in the Company’s share option plan.
|