[포스트 IPO]④ 이엔셀, 흑자 달성 불투명…관리종목 '갈림길'

ENCELL's struggle to bridge the gap between declining CDMO revenue and high-cost R&D highlights a critical survival phase for tech-listed biotech firms facing strict KOSDAQ maintenance rules. The success of its rare disease pipeline EN001 and the recovery of the clinical manufacturing market are now essential for the company to avoid regulatory risks and prove the sustainability of the technology-based listing track.