1. What Happened?
NKMAX submitted materials addressing its capital impairment status, reporting a 74.3% capital impairment ratio as of June 30, 2025, and receiving an ‘unqualified’ audit opinion.
2. Why Does It Matter?
While the ‘unqualified’ opinion is positive, the high capital impairment ratio indicates significant financial risk. The company’s past ‘disclaimer of opinion’ and history of non-compliant disclosures further erode investor confidence. Planned capital increases through rights offerings must be accompanied by genuine financial restructuring and tangible progress in core business operations.
3. What Should Investors Do?
Investors should carefully examine the details of the submitted resolution materials, the feasibility of the capital impairment resolution plan, and the clinical trial results of NKMAX’s core immunotherapy treatments. Given the company’s history of non-compliant disclosures, ongoing monitoring of management transparency is crucial. Avoid being swayed by short-term stock fluctuations and focus on a long-term assessment of the company’s fundamentals and financial stability.
4. Investor Action Plan
- Verify the feasibility of the capital impairment resolution plan.
- Monitor clinical trial results and progress of core immunotherapy projects.
- Continuously track financial restructuring progress.
- Observe management transparency.
- Prioritize long-term evaluation over short-term stock movements.