ABVC BioPharma Files Q2 2024 10-Q Report

TL;DR

ABVC BioPharma dropped its Q2 10-Q. Check financials.

AI Summary

ABVC BioPharma, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Nevada, is based in Fremont, California, and operates in the pharmaceutical preparations sector. This filing provides an update on its financial and operational status.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational details for ABVC BioPharma, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a biopharmaceutical company, ABVC BioPharma is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• ABVC BioPharma, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 20240814 (date) — Filing date
• Nevada (location) — State of incorporation
• Fremont, CA (location) — Business address city and state
• 001-40700 (other) — Commission file number

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ABVC The Nasdaq Stock Market
• $0 — es of common stock, par value per share $0.001, issued and outstanding. TABLE OF
• $3,500,000 — ite Taiwan are each eligible to receive $3,500,000 and royalties equaling 5% of net sales,
• $100 million — yalties equaling 5% of net sales, up to $100 million. 2. LIQUIDITY AND GOING CONCERN The

Filing Documents

• ea0210568-10q_abvcbio.htm (10-Q) — 1172KB
• ea021056801ex31-1_abvcbio.htm (EX-31.1) — 11KB
• ea021056801ex31-2_abvcbio.htm (EX-31.2) — 11KB
• ea021056801ex32-1_abvcbio.htm (EX-32.1) — 5KB
• ea021056801ex32-2_abvcbio.htm (EX-32.2) — 5KB
• 0001213900-24-068907.txt ( ) — 7632KB
• abvc-20240630.xsd (EX-101.SCH) — 81KB
• abvc-20240630_cal.xml (EX-101.CAL) — 48KB
• abvc-20240630_def.xml (EX-101.DEF) — 386KB
• abvc-20240630_lab.xml (EX-101.LAB) — 682KB
• abvc-20240630_pre.xml (EX-101.PRE) — 390KB
• ea0210568-10q_abvcbio_htm.xml (XML) — 856KB

Signatures

Signatures 65 i CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains "forward-looking statements" which discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue" and negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annu

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ABVC BIOPHARMA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 124,296 $ 60,155 Restricted cash 618,473 656,625 Accounts receivable, net 1,530 1,530 Accounts receivable - related parties, net 10,463 10,463 Due from related parties - current 1,258,312 747,573 Short-term investments 75,683 79,312 Prepaid expense and other current assets 100,810 101,051 Total Current Assets 2,189,567 1,656,709 Property and equipment, net 7,929,121 7,969,278 Operating lease right-of-use assets 607,001 809,283 Long-term investments 2,377,549 2,527,740 Deferred tax assets, net - - Prepaid expenses - non-current 74,210 78,789 Security deposits 60,017 62,442 Prepayment for long-term investments 1,274,842 1,274,842 Due from related parties - non-current, net 121,392 113,516 Total Assets $ 14,633,699 $ 14,492,599 LIABILITIES AND EQUITY Current Liabilities Short-term bank loans $ 847,000 $ 899,250 Accrued expenses and other current liabilities 3,961,050 3,696,380 Contract liabilities 79,500 79,500 Taxes payables - 112,946 Operating lease liabilities - current portion 378,199 401,826 Due to related parties 326,298 173,132 Convertible notes payable - third parties, net 956,880 569,456 Total Current Liabilities 6,548,927 5,932,490 Tenant security deposit 27,680 21,680 Operating lease liability - non-current portion 228,802 407,457 Total Liabilities 6,805,409 6,361,627 COMMITMENTS AND CONTINGENCIES 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, 12,051,823 and 7,940,298 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (1) 12,052 7,940 Additional paid-in capital 87,082,558 82,636,966

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND DESCRIPTION OF BUSINESS ABVC BioPharma, Inc. (the "Company"), formerly known as American BriVision (Holding) Corporation, a Nevada corporation, through the Company's operating entity, American BriVision Corporation ("BriVision"), which was incorporated in July 2015 in the State of Delaware, engages in biotechnology to fulfill unmet medical needs and focuses on the development of new drugs and medical devices derived from plants. BriVision develops its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company to identify drugs that BriVision believes demonstrate efficacy and safety. Once a drug appears to be a good candidate for development and ultimately commercialization, BriVision licenses the drug or medical device from the original researchers and begins to introduce the drugs clinical plan to highly respected principal investigators in the United States, Australia and Taiwan to conduct a Phase II clinical trial. At present, clinical trials for the Company's drugs and medical devices are being conducted at such world-famous institutions as including Stanford University, University of California San Fransisco (UCSF) and Cedar Sinai Medical Centre (CSMC). BriVision had no predecessor operations prior to its formation on July 21, 2015. The Company has three wholly-owned subsidiaries, BriVision, BioLite Holding Inc. ("BioLite Holding"), and BioKey Inc. ("BioKey"), and a partially-owned subsidiary, AiBtl BioPharma Inc. ("AIBL"). BioLite Holding was incorporated in the State of Nevada with wholly owned subsidiary BioLite BVI, Inc. ("BioLite BVI") that was incorporated in the British Virgin Islands. BioLite BVI holds 73 % ownership of BioLite Inc. ("BioLite Taiwan"), a Taiwanese corporation that was founded in F

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View this 10-Q filing on SEC EDGAR