ABVC BIOPHARMA, INC.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 10, 2026
ABVC$0.99-2.9%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001213900-26-088348
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001213900-26-118078
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 159 previous paragraphs and 152 current paragraphs.
122 unchanged; 25 reworded; 5 added; 11 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
On August 21, 2026, ABVC completed the Distribution of 4,500,390 ordinary shares of BioKey Cayman, representing approximately 15% of BioKey Cayman’s outstanding ordinary shares, to ABVC’s shareholders on a pro rata basis. Shareholders received 0.169464 BioKey Cayman ordinary shares for each share of ABVC common stock held at the close of business on July 24, 2026, the record date for the Distribution. Following the Distribution, ABVC retained approximately an 85% ownership interest in BioKey Cayman and remains BioKey Cayman’s controlling shareholder. As a result of the Spin-Off, BioKey Cayman is now a stand-alone, separate entity, although we maintain majority control.
Current report
In November2023, the FASB issued ASUNo.2023-07, Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures. This ASU requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss. ASU2023-07 is effective for fiscal years beginning after December15, 2023, and interim periods within fiscal years beginning after December15 , 2024 on a retrospective basis. The Company adopted this ASU starting from January 1, 2025.
Current report
In December2023, the FASB issued ASUNo.2023-09, Income Taxes (Topic74): Improvements to Income Tx Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. The ASU is effective on a prospective basis for annual periods beginning after December15, 2024. Early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted. The Company adopted this ASU starting from January 1, 2026.
Current report
Results of Operations - Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025.
Current report
On October 30, 2026, the Company successfully obtained $3,387,500 proceeds in principal amount of $4,106,060 through the sale of original issue discount senior convertible promissory notes, which is due on June 30, 2027 with a one-time three-month extension at the Company’s option and principal increasing by 5%. After deducting the issuance expenses and repayment to Lind, it obtained $2,216,927 net to meet working capital needs, which helps alleviate part of the liquidity matter in short-term.
Removed paragraphs (11)
Previous report
For the Distribution, ABVC intends to distribute approximately 4,500,000 of its ordinary shares of BioKey Cayman, which represents approximately 15% of BioKey Cayman’s current issued and outstanding Ordinary Shares, to ABVC’s shareholders on a pro rata basis. Following the Distribution, it is anticipated that ABVC will retain approximately an 85% ownership interest in BioKey Cayman and will remain BioKey Cayman’s controlling shareholder. The distribution was originally scheduled for August 3, 2026, but was postponed due to outstanding tax, administrative and regulatory matters. A revised distribution date has not yet been determined. Accordingly, BioKey Cayman currently exists as a separate reporting entity but remains wholly owned by ABVC until the Distribution is completed.
Previous report
NASDAQ Listing
Previous report
On July 10, 2024, we received a notification letter from the Nasdaq notifying the Company that the minimum bid price per share for its common shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2). The notification received has no immediate effect on the listing of the Company’s common stock on Nasdaq. Under the Nasdaq Listing Rules, the Company has until January 6, 2025, to regain compliance. On January 9, 2025, the Company received a notification from Nasdaq granting the Company an additional 180 days, until July 7, 2025, to meet the minimum bid price requirement of $1.00 per share, as outlined in Nasdaq Listing Rule 5550(a)(2) (the “Rule”). To satisfy the Rule, the Company’s common stock must achieve a closing bid price of at least $1.00 for a minimum of ten consecutive trading days within this extension period; if successful, Nasdaq will confirm compliance with the Rule and close this matter. If compliance is not achieved by the new deadline, Nasdaq may initiate delisting procedures, which the Company would have the right to appeal.
Previous report
On April 24, 2025, we received a letter from the listing qualifications staff (the “Staff”) of Nasdaq informing us that, as reported in our Annual Report on Form 10-K for the year ended December 31, 2024, because ourstockholders’ equity was $723,959, as of April 23, 2025, we did not meet the alternatives of market value of listed securities or net income from continuing operations, and we no longer comply with Listing Rule 5550(b)(1) (the “Rule 5550”).
Previous report
We have 45 calendar days to submit a plan to the Staff to regain compliance. If our plan is accepted, we may be granted an extension of up to 180 calendar days from the date of the letter, or until October 21, 2025, to evidence compliance.
Previous report
In determining whether to accept our plan, the Staff will consider such things as the likelihood that the plan will result in compliance with Nasdaq’s continued listing criteria, our past compliance history, the reasons for our current non-compliance, other corporate events that may occur within our review period, our overall financial condition, and our public disclosures. If the Staff does not accept our plan, we will have the opportunity to appeal that decision to a Hearings Panel.
Previous report
The Nasdaq notification has no immediate effect on the listing of our Common Stock on the Nasdaq Capital Market. We intend to actively monitor ourstockholders’ equity and will consider options available to us to achieve compliance with Rule 5550. There can be no assurance that we will be able to regain compliance with the Listing Rule or will otherwise be in compliance with the other listing standards for the Nasdaq Capital Market.
Previous report
If our Common Stock ultimately were to be delisted for any reason, it could negatively impact us by (i) reducing the liquidity and market price of our Common Stock; (ii) reducing the number of investors willing to hold or acquire our Common Stock; (ii) limiting our ability to use a registration statement to offer and sell freely tradable securities, thereby preventing us from accessing the public capital markets; and (iv) impairing our ability to provide equity incentives to our employees.
Previous report
On April 30, 2025, the Company reported that it received a letter from the listing qualifications staff (the “Staff”) of Nasdaq informing it that, as reported in its Annual Report on Form 10-K for the year ended December 31, 2024, because its stockholders’ equity was $723,959, as of April 23, 2025, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations, and it no longer comply with Listing Rule 5550(b)(1) (the “Listing Rule”).
Previous report
On May 5, 2025, the Company received a notification letter (the “Notification Letter”) from Nasdaq notifying the Company that the Staff has determined that based on the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which evidenced stockholders’ equity of $7,956,295, the Company complies with the Listing Rule and the matter is closed.
Previous report
Results of Operations - Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025.
Reworded paragraphs (25)
Previous wording
ABVC BioPharma Inc., which was incorporated under the laws of the State of Nevada on February 6, 2002, is a clinical stage biopharmaceutical company focused on development of new drugs and medical devices, all of which are derived from plants. The Company has three directly wholly owned subsidiaries, BriVision, BioLite Holding Inc. (“BioLite Holding”) and BioKey (Cayman), Inc. (“BioKey Cayman”), and one majority-owned subsidiary, AiBtl BioPharma Inc. (“AiBtl”). BioKey Cayman owns 100% of BioKey, Inc. (“BioKey”), the Company’s California-based pharmaceutical manufacturing and development subsidiary.
Current wording
ABVC BioPharma Inc., which was incorporated under the laws of the State of Nevada on February 6, 2002, is a clinical stage biopharmaceutical company focused on development of new drugs and medical devices, all of which are derived from plants. The Company has two directly wholly owned subsidiaries, BriVision and BioLite Holding Inc. (“BioLite Holding”), and two majority-owned subsidiaries, AiBtl BioPharma Inc. (“AiBtl”) and BioKey (Cayman), Inc. (“BioKey Cayman”). Following the distribution completed on August 21, 2026, the Company retained approximately 85% ownership of BioKey Cayman and remained its controlling shareholder, but BioKey Cayman is now a separate reporting and operating company. BioKey Cayman owns 100% of BioKey, Inc. (“BioKey”), the Company’s California-based pharmaceutical manufacturing and development subsidiary.
Previous wording
Incorporated in California on November 20, 2000, BioKey, Inc. (“BioKey”), a subsidiary of the Company, has chosen to initially focus on developing generic drugs to ride the opportunity of the booming industry.
Current wording
Incorporated in California on November 20, 2000, BioKey, Inc. (“BioKey”) as a wholly owned subsidiary of ABVC, a subsidiary of the Company, has chosen to initially focus on developing generic drugs to ride the opportunity of the booming industry.
Previous wording
BioKey Cayman was incorporated in Cayman Islands in July 2023, which is 100% owned by ABVC. This subsidiary has no activities since inception. On May 10, 2025, ABVC transferred its 100% ownership in BioKey to BioKey Cayman. This reorganization did not have other impact to the consolidated financial statements.
Current wording
BioKey Cayman was incorporated in the Cayman Islands in July 2023 and is a stand-alone, separate entity, over which we maintain majority control. On May 10, 2025, ABVC transferred its 100% ownership in BioKey to BioKey Cayman. This reorganization did not have any other impact to the consolidated financial statements.
Previous wording
In connection with the Land transaction, on July 15, 2025, the Company entered into a one-year consulting agreement with Shuling, pursuant to which Shuling shall provide advisory and development support services related to the Land. Such services include but not limited to site supervision and care, liaison with local authorities regarding land zoning and permits, acting as the Company’s agent to the Land, and other Land development related matters. The Company shall issue 1,000,000 restricted shares of the Company’s common stock, subject to a 5-year vesting schedule of 200,000 shares per year. On July 16, 2025, the Company issued 200,000 shares of restricted stock as a prepayment for Shuling’s first year service.
Current wording
In connection with the Land transaction, on July 15, 2025, the Company entered into a one-year consulting agreement with Shuling, pursuant to which Shuling shall provide advisory and development support services related to the Land. Such services include but not limited to site supervision and care, liaison with local authorities regarding land zoning and permits, acting as the Company’s agent to the Land, and other Land development related matters. The Company shall issue 1,000,000 restricted shares of the Company’s common stock, subject to a 5-year vesting schedule of 200,000 shares per year. On July 16, 2025 and July 2, 2026, the Company issued 200,000 shares each of restricted stock as a prepayment for Shuling’s first year service.
Previous wording
On June 18, 2024, the Company and BioFirst, each entered into an amendment (the “Amendment”) to the Licensing Agreement with FEYE, pursuant to which the Company and BioFirst have agreed to allow FEYE to pay the second milestone payment in the amount of $3.5 million per Licensing Agreement, incrementally (such as $100,000), at any given time, rather than in one lump sum. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $296,000, pursuant to the Amendment. There was no cash received in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On June 18, 2024, the Company and BioFirst, each entered into an amendment (the “Amendment”) to the Licensing Agreement with FEYE, pursuant to which the Company and BioFirst have agreed to allow FEYE to pay the second milestone payment in the amount of $3.5 million per Licensing Agreement, incrementally (such as $100,000), at any given time, rather than in one lump sum. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $296,000, pursuant to the Amendment. There was no cash received in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On April 16, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (“Oncox”), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Non-Small Cell Lung Cancer (the “Lung Cancer Products”), within North America for 20 years (the “April 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering into the agreement and $625,000, 30 days following the completion of Oncox’s next round of fundraising, of which there is no guarantee; ABVC is also entitled to 5% royalties based on the net sales, as defined in the April 2024 Oncox Agreement, from the first commercial sale of the Lung Cancer Product in North America, of which there can be no guarantee. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $200,000 pursuant to the agreement. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On April 16, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (“Oncox”), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Non-Small Cell Lung Cancer (the “Lung Cancer Products”), within North America for 20 years (the “April 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering into the agreement and $625,000, 30 days following the completion of Oncox’s next round of fundraising, of which there is no guarantee; ABVC is also entitled to 5% royalties based on the net sales, as defined in the April 2024 Oncox Agreement, from the first commercial sale of the Lung Cancer Product in North America, of which there can be no guarantee. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $200,000 pursuant to the agreement. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On June 18, 2024, the Company and BioFirst, each entered into an amendment (the “Amendment”) to the Licensing Agreement with FEYE, pursuant to which the Company and BioFirst have agreed to allow FEYE to pay the second milestone payment in the amount of $3.5 million per Licensing Agreement, incrementally (such as $100,000), at any given time, rather than in one lump sum. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $296,000, pursuant to the Amendment. There was no cash received in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On June 18, 2024, the Company and BioFirst, each entered into an amendment (the “Amendment”) to the Licensing Agreement with FEYE, pursuant to which the Company and BioFirst have agreed to allow FEYE to pay the second milestone payment in the amount of $3.5 million per Licensing Agreement, incrementally (such as $100,000), at any given time, rather than in one lump sum. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $296,000, pursuant to the Amendment. There was no cash received in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On April 16, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (“Oncox”), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Non-Small Cell Lung Cancer (the “Lung Cancer Products”), within North America for 20 years (the “April 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering into the agreement and $625,000, 30 days following the completion of Oncox’s next round of fundraising, of which there is no guarantee; ABVC is also entitled to 5% royalties based on the net sales, as defined in the April 2024 Oncox Agreement, from the first commercial sale of the Lung Cancer Product in North America, of which there can be no guarantee. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $200,000 pursuant to the agreement. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On April 16, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (“Oncox”), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Non-Small Cell Lung Cancer (the “Lung Cancer Products”), within North America for 20 years (the “April 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering into the agreement and $625,000, 30 days following the completion of Oncox’s next round of fundraising, of which there is no guarantee; ABVC is also entitled to 5% royalties based on the net sales, as defined in the April 2024 Oncox Agreement, from the first commercial sale of the Lung Cancer Product in North America, of which there can be no guarantee. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. During the year ended December 31, 2024, the Company received in cash and recognized revenue of $200,000 pursuant to the agreement. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On May 8, 2024, the Company entered into a definitive agreement with OncoX, pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Pancreatic (the Pancreatic Product), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 8, 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) within 30 days of entering into the May 8, 2024 Oncox Agreement, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; ABVC is also entitled to royalties of 5% of net sales, as defined in the May 8, 2024 Oncox Agreement, from the first commercial sale of the Pancreatic Product in the noted territory, which remains uncertain. The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On May 8, 2024, the Company entered into a definitive agreement with OncoX, pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Pancreatic (the Pancreatic Product), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 8, 2024 Oncox Agreement”). In consideration thereof, Oncox shall pay ABVC a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) within 30 days of entering into the May 8, 2024 Oncox Agreement, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; ABVC is also entitled to royalties of 5% of net sales, as defined in the May 8, 2024 Oncox Agreement, from the first commercial sale of the Pancreatic Product in the noted territory, which remains uncertain. The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. Oncox entered into another agreement with ABVC’s affiliate, Rgene Corporation, on the same terms. At the time of transferring the license, the Company also received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On May 14, 2024, the Company and its subsidiary, BioLite Inc (collectively, the “licensor”), each entered into a licensing agreement with OncoX, on the same terms, pursuant to which the licensors will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Tripple Negative Breast Cancer (the TNBC Product), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 14, 2024 Oncox Agreements”). In each agreement for consideration thereof, Oncox shall pay each licensor a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) within 30 days of entering into the May 14, 2024 Oncox Agreements, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; each licensor is also entitled to royalties of 5% of net sales, from the first commercial sale of the TNBC Product in the noted territory, which remains uncertain. The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. At the time of transferring the license, the Company and BioLite also each received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On May 14, 2024, the Company and its subsidiary, BioLite Inc (collectively, the “licensor”), each entered into a licensing agreement with OncoX, on the same terms, pursuant to which the licensors will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Tripple Negative Breast Cancer (the TNBC Product), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 14, 2024 Oncox Agreements”). In each agreement for consideration thereof, Oncox shall pay each licensor a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) within 30 days of entering into the May 14, 2024 Oncox Agreements, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; each licensor is also entitled to royalties of 5% of net sales, from the first commercial sale of the TNBC Product in the noted territory, which remains uncertain. The Company will permit Oncox to pay the license fee in installments or in a lump sum and will allow Oncox to use its revenue to fund such payments. At the time of transferring the license, the Company and BioLite also each received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the nine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
On May 23, 2024, the Company and its subsidiary, BioLite Inc (collectively, the “licensor”), each entered into a licensing agreement with OncoX, on the same terms, pursuant to which the licensors will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Myelodysplastic Syndrome (the “MS Products”), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 23, 2024 Oncox Agreements”). In consideration thereof, Oncox shall pay each licensor a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering the May 23, 2024 Oncox Agreements, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; each licensor is also entitled to royalties of 5% of net sales, from the first commercial sale of the MS Product in the noted territory, which remains uncertain. Oncox may use its revenue to fund the licensing fees. At the time of transferring the license, the Company and BioLite also each received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in the six months periods ended June 30, 2026 and 2025, respectively.
Current wording
On May 23, 2024, the Company and its subsidiary, BioLite Inc (collectively, the “licensor”), each entered into a licensing agreement with OncoX, on the same terms, pursuant to which the licensors will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Myelodysplastic Syndrome (the “MS Products”), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “May 23, 2024 Oncox Agreements”). In consideration thereof, Oncox shall pay each licensor a total of $6.25 million (or 1.25 million Oncox shares valued at $5 per share) 30 days after entering the May 23, 2024 Oncox Agreements, with an additional milestone payment of $625,000 in cash after OncoX’s next round of fundraising, of which there can be no guarantee. Oncox may remit cash payments of at least $100,000 towards the licensing fees and deductible from the second milestone payment; each licensor is also entitled to royalties of 5% of net sales, from the first commercial sale of the MS Product in the noted territory, which remains uncertain. Oncox may use its revenue to fund the licensing fees. At the time of transferring the license, the Company and BioLite also each received 1.25 million OncoX shares but did not recognize such licensing revenue since the fair value of Oncox stock is uncertain. There was no cash receipt in thenine months periods ended September 30, 2026 and 2025, respectively.
Previous wording
Operating Expenses. Our operating expenses have decreased by $1,515,457 or 66%, to $779,526 for the three months ended June 30, 2026 from $2,294,983 for the three months ended June 30, 2025. Such an decrease in operating expenses was mainly due to the Company hired certain consultants and advisors for business opportunity and financial advisory services during the three months ended June 30, 2025, leading to higher stock-based compensation expenses.
Current wording
Operating Expenses. Our operating expenses have decreased by $723,767 or 37%, to $1, 240,593 for the three months ended September 30, 2026 from $1,964,360 for the three months ended September 30, 2025. Such a decrease in operating expenses was mainly due to the Company hired certain consultants and advisors for business opportunity and financial advisory services during the three months ended September 30, 2025, leading to higher stock-based compensation expenses and service fee.
Previous wording
Other Income (Expense). Our other expense was $30,955 for the three months ended June 30, 2026, compared to other expense of $14,223 for the three months ended June 30, 2025. The change was principally caused by lower exchange gain, partially offset by decrease in interest expenses in the three months ended June 30, 2026.
Current wording
Other Expense. Our other expense was $149,539 for the three months ended September 30, 2026, compared to other expense of $118,586 for the three months ended September 30, 2025. The change was principally Lind settlement expense, partially offset by lower exchange loss in the three months ended September 30, 2026.
Previous wording
Interest income (expense), net. was expense of $41,640 for the three months ended June 30, 2026, compared to ($110,274) for the three months ended June 30, 2025. The decrease of $68,634, or approximately 62%, was primarily due to decrease in bank loans partially offset by increase in convertible notes payable.
Current wording
*Interest income (expense), net.*was expense of $41,265 for the three months ended September 30, 2026, compared to income of $16,328 for the three months ended September 30, 2025. The decrease of $57,593, was primarily due to decrease in interest income generated from loans to Biofirst, in combination with increase in interest expense incurred by higher convertible notes payable.
Previous wording
Net Loss. As a result of the above factors, our net loss was $810,481 for the three months ended June 30, 2026 compared to $2,332,833 for the three months ended June 30, 2025, representing an loss decrease of $1,522,352, or 65%.
Current wording
Net Loss. As a result of the above factors, our net loss was $1,390,132 for the three months ended September 30, 2026 compared to $2,083,473 for the three months ended September 30, 2025, representing an loss decrease of $693,341, or 33%.
Previous wording
The following table presents, for the three months indicated, our unaudited consolidated statements of operations information.
Current wording
The following table presents, for the nine months indicated, our unaudited consolidated statements of operations information.
Previous wording
*Revenues.*We generated We generated $0 and $0 revenues for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Revenues. We generated $0 and $0 revenues for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Operating Expenses. Our operating expenses have decreased by $635,990, or 21%, to $2,351,998 for the six months ended June 30, 2026 from $2,987,988 for the six months ended June 30, 2025. Such decrease in operating expenses was mainly attributable to the decrease in stock-based compensation expenses by $579,971, mainly attributable more consultants and advisors services for business opportunity and financial advisory services during the six months ended June 30, 2025.
Current wording
Operating Expenses. Our operating expenses have decreased by $1,359,757, or 27%, to $3,592,591 for the nine months ended September 30, 2026 from $4,952,348 for the nine months ended September 30, 2025. Such decrease in operating expenses was mainly attributable to the decrease in stock-based compensation expenses, due to more consultants and advisors services for business opportunity and financial advisory services during the nine months ended September 30, 2025.
Previous wording
Other Income (Expense). Our other expense was $148,420 for the six months ended June 30, 2026, compared to other expense of $265,408 for the six months ended June 30, 2025. The change was principally caused by the decrease in interest expense as a result of bank loan repayments partially offset by increase in convertible notes payable.
Current wording
Other Expense. Our other expense was $297,959 for the nine months ended September 30, 2026, compared to other expense of $383,994 for the nine months ended September 30, 2025. The change was principally caused by the decrease in interest expense as a result of Lind notes maturity in the nine months ended September 30, 2025, partially offset by Lind settlement expense in the three months ended September 30, 2026.
Previous wording
Interest income (expense), net. was $(87,252) for the six months ended June 30, 2026, compared to $(314,170) for the six months ended June 30, 2025. The decrease of $226,918, or approximately 72%, was primarily due to the decrease in interest expense due to decrease in interest expense as a result of bank loan repayments partially offset by increase in convertible notes payable.
Current wording
Interest Income (Expense), net. was $128,517 for the nine months ended September 30, 2026, compared to $297,842 for the nine months ended September 30, 2025. The decrease of $211,035, or approximately 55%, was primarily due to the decrease in interest expense as a result of Lind notes maturity in the nine months ended September 30, 2025.
Previous wording
Net Loss. As a result of the above factors, our net loss was $2,500,418 for the six months ended June 30, 2026 compared to $3,277,023 for the six months ended June 30, 2025, representing a decrease of $776,605, or 24%.
Current wording
Net Loss. As a result of the above factors, our net loss was $3,890,550 for the nine months ended September 30, 2026 compared to $5,360,496 for the nine months ended September 30, 2025, representing a decrease of $1,469,946, or 37%.
Previous wording
For the six months ended Jun 30, 2026, the Company reported net loss of $2,500,418. As of June 30, 2026, the Company’s working capital deficit was $5,282,776. In addition, the Company had net cash outflows of $1,138,656 from operating activities for the six months ended June 30, 2026. These conditions give rise to substantial doubt as to whether the Company will be able to continue as a going concern.
Current wording
For the nine months ended September 30, 2026, the Company reported net loss of $3,890,550. As of September 30, 2026, our working capital deficit was $5,788,170. In addition, we had net cash outflows of $1,577,567 from operating activities for the nine months ended September 30, 2026. These conditions give rise to substantial doubt as to whether we will be able to continue as a going concern.
Previous wording
During the six months ended June 30, 2026 and 2025, the net cash used in operating activities were $1,138,656 and $1,434,007, respectively. The decrease in outflows was primarily due to the decrease in net loss as a result of operating expense controls.
Current wording
During the nine months ended September 30, 2026 and 2025, the net cash used in operating activities were $1,577,567 and $2,398,717, respectively. The decrease in outflows was primarily due to the decrease in net loss as a result of operating expense controls.
Previous wording
During the six months ended June 30, 2026 and 2025, the main investing activity are loan of funds to related parties for their operating needs and payment for investment in ForSeeCon, partially offset by the repayment received from related parties.
Current wording
During the nine months ended September 30, 2026 and 2025, the main investing activity are loan of funds to related parties for their operating needs and investment in ForSeeCon, partially offset by the repayment received from related parties.
Previous wording
During the six months ended June 30, 2026 and 2025, the net cash flows in financing activities were $115,972 used and $2,356,083 provided, respectively. The decrease in net cash provided by financing activities were primarily due to repayment of short-term bank loans and lower proceeds from private placements.
Current wording
During the nine months ended September 30, 2026 and 2025, the decrease in net cash provided by financing activities decreased by $3,267,206, primarily due to $0.7 million repayment of short-term bank loans and $2.4 million less proceeds from private placements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The following table presents, for the six months indicated, our unaudited consolidated statements of operations information.