ABVC Biopharma Reports First Quarter 2022 Financial and Operational Results
May 16 2022 - 5:46PM
via NewMediaWire--ABVC BioPharma, Inc. (Nasdaq: ABVC), a
clinical stage biopharmaceutical company developing therapeutic
solutions in oncology/hematology, CNS, and ophthalmology, today
announced its financial and operating results for the first quarter
of 2022.
First Quarter 2022 Financial
Results
All comparisons are made on a year-over-year
basis.
- Revenues. The Company generated $25,660 and
$263,150 in revenues for the three months ended March 31, 2022 and
2021, respectively. The decrease in revenues was mainly due to the
impact of COVID-19 on the Contract Development & Manufacturing
Organization (“CDMO”) business sector.
- Operating Expenses increased by
$4,727,835 to $6,242,485 for the three months ended March 31, 2022
from $1,514,650 for the three months ended March 31, 2021. The
increase in operating expenses was mainly attributable to the
increase in stock-based compensation and selling, general and
administrative expenses by $4,489,746, which relates to costs in
conjunction with the recent stock issuance, as well as the increase
in research and development expenses of $238,089 to continue
developing the Company’s pipeline.
- Other Income (Expense) was $44,239 and
$6,398 for the three months ended March 31, 2022 and 2021,
respectively. The change was principally caused by the increase in
rental income and decrease in interest expense, as well as the loss
on investment in equity securities and government grant income,
which occurred in the three months ended March 31, 2021.Net
interest income (expense) was $21,962 for the three months ended
March 31, 2022, compared to $(77,700) for the three months ended
March 31, 2021. The increase of $99,662, or approximately 128%, was
primarily due to the repayment of convertible notes payable during
the year ended 2021. Government grant income totaled $0 for the
three months ended March 31, 2022, compared to $124,400 for the
three months ended March 31, 2021, which was recorded as receipt of
the first round of PPP loan forgiveness.
- Net Loss was $6,087,615 for the three
months ended March 31, 2022 compared to $1,195,323 for the three
months ended March 31, 2021.
Recent 2022 Highlights
- Engaged the FreeMind Group to help explore and identify funding
opportunities from non-dilutive sources, such as the NIH, DOD, NSF,
FDA and BARDA, as well as private foundations.
- All five clinical study sites in Taiwan participating in the
Phase II part 2 clinical study of the company’s ADHD medicine
completed site initiation visits (SIV).
- The Company entered into a $3.0 million clinical services
contract with NeuCen BioMed Co. Ltd. to guide two NeuCen drug
products, CEN501 and NEU001, through completion of Phase II
clinical studies under U.S. FDA IND regulatory requirements.
- The first subject treatment in the Phase II part 2 clinical
study of the Company’s ADHD medicine (ABV-1505) began at the Cheng
Hsin General Hospital. The study is a randomized,
double-blind, placebo-controlled study, involving a total of
approximately 100 patients in the United States and Taiwan. This is
a continuation of the Phase II part 1 study of ABV-1505, which was
completed successfully at the University of California, San
Francisco, and accepted by the U.S. FDA in October 2020.
About ABVC BioPharma, Inc.
ABVC BioPharma is a clinical-stage
biopharmaceutical company with an active pipeline of six drugs and
one medical device (ABV-1701/Vitargus®) under development. For its
drug products, it is focused on utilizing its licensed technology
to conduct proof-of-concept trials through Phase II of the clinical
development process at world-famous research institutions (such as
Stanford University, University of California at San Francisco, and
Cedars-Sinai Medical Center). For Vitargus®, the Company intends to
conduct the clinical trials through Phase III at various locations
throughout the globe.
Forward-Looking Statements
Clinical trials are in early stages, and there is
no guarantee that any specific outcome will be achieved. This press
release contains “forward-looking statements.” Such statements may
be preceded by the words “intends,” “may,” “will,” “plans,”
“expects,” “anticipates,” “projects,” “predicts,” “estimates,”
“aims,” “believes,” “hopes,” “potential,” or similar words.
Forward-looking statements are not guarantees of future
performance, are based on certain assumptions, and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company’s control, and cannot be predicted or
quantified, and, consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) our inability to manufacture our
product candidates on a commercial scale on our own, or in
collaboration with third parties; (ii) difficulties in obtaining
financing on commercially reasonable terms; (iii) changes in the
size and nature of our competition; (iv) loss of one or more key
executives or scientists; and (v) difficulties in securing
regulatory approval to proceed to the next level of the clinical
trials or to market our product candidates. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company’s filings with the Securities and Exchange Commission
(SEC), including the Company’s Annual Report on Form 10-K and its
Quarterly Reports on Form 10-Q. Investors are urged to read these
documents free of charge on the SEC’s website at
http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction.
Contact
ICR, LLCLucy PengPhone: +1
646-677-1872Email: Lucy.Peng@icrinc.com
ABVC BIOPHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
|
March 31, |
|
December 31, |
|
|
|
2022 |
|
2021 |
ASSETS |
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
2,717,936 |
|
$ |
5,828,548 |
|
Restricted cash
and cash equivalents |
|
714,652 |
|
|
736,667 |
|
Accounts
receivable, net |
|
281,197 |
|
|
280,692 |
|
Accounts
receivable - related parties, net |
|
145,399 |
|
|
145,399 |
|
Due from related
parties |
|
2,715,375 |
|
|
1,286,618 |
|
Inventory,
net |
|
22,700 |
|
|
25,975 |
|
Short-term
investments |
|
95,553 |
|
|
108,147 |
|
Prepayment for
long-term investments |
|
663,798 |
|
|
684,720 |
|
Prepaid expense
and other current assets |
|
631,321 |
|
|
528,354 |
|
|
Total Current
Assets |
|
7,987,931 |
|
|
9,625,120 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
598,648 |
|
|
525,881 |
Operating lease
right-of-use assets |
|
1,382,695 |
|
|
1,471,899 |
Goodwill, net |
|
- |
|
|
- |
Long-term
investments |
|
904,254 |
|
|
932,755 |
Deferred tax
assets |
|
1,036,830 |
|
|
981,912 |
Prepaid expenses -
noncurrent |
|
115,664 |
|
|
119,309 |
Security
deposits |
|
40,733 |
|
|
41,157 |
|
|
Total Assets |
$ |
12,066,755 |
|
$ |
13,698,033 |
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
Short-term bank
loans |
$ |
1,609,750 |
|
$ |
1,640,000 |
|
Accrued expenses
and other current liabilities |
|
1,247,558 |
|
|
1,300,803 |
|
Advance from
customers |
|
10,985 |
|
|
10,985 |
|
Operating lease
liability – current portion |
|
349,008 |
|
|
347,100 |
|
Due to related
parties |
|
446,397 |
|
|
393,424 |
|
|
Total Current Liabilities |
|
3,663,698 |
|
|
3,692,312 |
|
|
|
|
|
|
|
|
Tenant security
deposit |
|
7,980 |
|
|
10,580 |
|
Operating lease
liability – noncurrent portion |
|
1,033,686 |
|
|
1,124,799 |
|
|
Total Liabilities |
|
4,705,364 |
|
|
4,827,691 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 20,000,000 authorized, nil shares issued and
outstanding |
|
- |
|
|
- |
|
Common stock,
$0.001 par value, 100,000,000 authorized, 30,307,329 and 28,926,322
shares issued and outstanding |
|
30,307 |
|
|
28,926 |
|
Additional paid-in
capital |
|
62,578,549 |
|
|
58,113,667 |
|
Stock subscription
receivable |
|
(2,031,660) |
|
|
(2,257,400) |
|
Accumulated
deficit |
|
(44,476,640) |
|
|
(38,481,200) |
|
Accumulated other
comprehensive income |
|
426,321 |
|
|
539,660 |
|
Treasury
stock |
|
(9,100,000) |
|
|
(9,100,000) |
|
|
Total Stockholders’
equity |
|
7,426,877 |
|
|
8,843,653 |
Noncontrolling
Interest |
|
(65,486) |
|
|
26,689 |
|
|
Total Equity |
|
7,361,391 |
|
|
8,870,342 |
|
|
|
|
|
|
|
|
Total
Liabilities and Equity |
$ |
12,066,755 |
|
$ |
13,698,033 |
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