Financial instruments – Fair values and risk management (Tables) - CubeBio Co., Ltd. [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Entity Information [Line Items]

Schedule of financial assets and liability at fair value

				Carrying amount				Fair value				Level 1				Level 2				Level 3				Total

				(In thousands of Korean won)
Financial liabilities at fair value through profit or loss
Derivative liabilities (*)		₩			979,969				979,969				-				-				979,969				979,969

(*)	Represents the early redemption rights of the issuer and the investor, which are embedded derivatives of bonds with warrants issued to fund the operations.

The carrying amounts of financial instruments by category as of December 31, 2025 are as follows:

				Carrying amount				Fair value				Level 1				Level 2				Level 3				Total
				(In thousands of Korean won)
Financial liabilities at fair value through profit or loss
Derivative liabilities (*)		₩			1,267,801				1,267,801				-				-				1,267,801				1,267,801

(*)	Represents the early redemption rights of the issuer and the investor, which are embedded derivatives of bonds with warrants issued to fund the operations.

				2025

				Carrying amount				Fair value				Level 1				Level 2				Level 3				Total
				(In thousands of Korean won)
Financial liabilities at fair value through profit or loss
Derivative liabilities (*)		₩			1,267,801				1,267,801				-				-				1,267,801				1,267,801

(*)	Represents the early redemption rights of the issuer and the investor, which are embedded derivatives of bonds with warrants issued to fund the operations.

				2024
				Carrying amount				Fair value				Level 1				Level 2				Level 3				Total
				(In thousands of Korean won)
Financial liabilities at fair value through profit or loss
Derivative liabilities (*)		₩			1,473,823				1,473,823				-				-				1,473,823				1,473,823

(*)	Represents the early redemption rights of the issuer and the investor, which are embedded derivatives of bonds with warrants issued to fund the operations.

Assumptions to value the warrants used

Assumptions to value the warrants used
		2026		2025
Early redemption rights
Risk-adjusted discount rate		15.23%~22.17%		12.60%~19.80%

Assumptions to value the warrants used
		2025		2024
Early redemption rights
Risk-adjusted discount		12.60% ~ 19.80%		14.43% ~ 20.17%

Schedule of fair value measurements

				December 31, 2025
Schedule of fair value measurements
				Profit or loss								Other comprehensive income or loss
				Favorable changes				Unfavorable changes				Favorable changes				Unfavorable changes
				(In thousands of Korean won)
Financial Liabilities
Derivative financial liability
Early redemption rights (*1)		₩			43,698				(41,087	)			-				-

(*1)	For early redemption rights, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between risk free discount rates (-1%p~1%p).

				December 31, 2024
				Profit or loss								Other comprehensive income or loss
				Favorable changes				Unfavorable changes				Favorable changes				Unfavorable changes
				(In thousands of Korean won)
Financial Liabilities
Derivative financial liability
Early redemption rights (*1)		₩			62,935				(60,750	)			-				-

(*1)	For early redemption rights, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between risk free discount rates (-1%p~1%p).

Financial assets and liabilities exposed to credit risk


				December 31, 2025				December 31, 2024
				(In thousands of Korean won)
Cash and cash equivalents		₩			335,814				3,662,174
Current portion of long-term bank deposits					30,000				-
Short-term loan receivable – related parties, net					442,894				214,245
Other receivables					33,411				202,477
Long-term bank deposit					-				30,000
Long-term loan receivable, net					1,671,780				1,917,960
Long-term other receivables, net					-				2,065
Other non-current financial assets					525,042				473,682
Total		₩			3,038,941				6,502,603

Financial liabilities of company by maturity

				December 31, 2025

				Carrying amount				Less than 3 months				3 months ~ 1 year				1~2 years				2~5 years				More than 5 years				Total
				(In thousands of Korean won)
Financial liabilities
Accounts payable (*)		₩			1,374,936				1,006,436				368,500				-				-				-				1,374,936
Bond with warrants					4,533,113				3,232,801				3,000,000				-				-				-				6,232,801
Lease liabilities					552,631				40,932				122,795				146,965				350,746				-				661,438
Total		₩			6,460,680				4,280,169				3,491,295				146,965				350,746				-				8,269,175

(*)	Accounts payable that are not financial liabilities are excluded.

				December 31, 2024

				Carrying amount				Less than 3 months				3 months ~ 1 year				1~2 years				2~5 years				More than 5 years				Total
				(In thousands of Korean won)
Financial liabilities
Accounts payable (*)		₩			996,719				504,909				491,810				-				-				-				996,719
Bond with warrants					4,992,962				6,648,823				-				-				-				-				6,648,823
Lease liabilities					669,032				42,602				126,605				163,206				418,494				79,086				829,993
Total		₩			6,658,713				7,196,334				618,415				163,206				418,494				79,086				8,475,535

(*)	Accounts payable that are not financial liabilities are excluded.

Financial assets and liabilities exposed to foreign currency risk


		December 31, 2025
		Assets in foreign currency				Assets in Korean won
		(Individual amounts in each foreign currency)				(In thousands of Korean won)
USD			41,258				59,201

		December 31, 2024
		Assets in foreign currency				Assets in Korean won
		(Individual amounts in each foreign currency)				(In thousands of Korean won)
USD			39,877				58,619

Impact of fluctuation in foreign currency exchange rates


				December 31, 2025								December 31, 2024
				Increased by 10%				Decreased by 10%				Increased by 10%				Decreased by 10%
				(In thousands of Korean won)
Discount rate		₩			5,920				(5,920	)			5,862				(5,862	)

Schedule of significant unobservable inputs

				June 30, 2026

				Profit or loss								Other comprehensive income or loss
				Favorable changes				Unfavorable changes				Favorable changes				Unfavorable changes
				(In thousands of Korean won)
Financial Liabilities
Derivative financial liability
Early redemption rights (*1)		₩			27,311				(26,418	)			-				-

(*1)	For early redemption rights, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between risk-adjusted discount rates (-1%p~1%p).

				December 31, 2025
				Profit or loss								Other comprehensive income or loss
				Favorable changes				Unfavorable changes				Favorable changes				Unfavorable changes
				(In thousands of Korean won)
Financial Liabilities
Derivative financial liability
Early redemption rights (*1)		₩			43,698				(41,087	)			-				-

(*1)	For early redemption rights, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between risk-adjusted discount rates (-1%p~1%p).