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ABVC BioPharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $389,276 from $15,884 in the same quarter the previous year. The increase is attributed to licensing revenues recognized from agreements with ForSeeCon and OncoX.
Operating expenses for the quarter decreased to $339,033 from $2,141,143 in the previous year. This decrease is primarily due to reduced selling, general, and administrative expenses.
The company reported a net loss of $134,272 for the quarter, compared to $3,369,080 in the previous year, with the improvement attributed to increased revenue and decreased operating expenses.
Interest expense, net, was $175,272, compared to $1,178,378 in the previous year, reflecting a decrease due to the reduction in convertible note interest expenses.
ABVC BioPharma's working capital deficit was $4,167,315 as of September 30, 2024. The company acknowledges its dependence on generating positive cash flows and raising additional capital to meet future obligations.
The filing outlines various collaborative agreements, including those with BioHopeKing Corporation and Rgene Corporation, focusing on drug development for cancer therapies and CNS disorders.
ABVC BioPharma continues to focus on advancing its clinical trials and licensing agreements to enhance its pipeline of botanical drugs and medical devices.
The company is exploring opportunities to restore compliance with NASDAQ listing standards following a deficiency notice related to minimum bid price requirements.
ABVC BioPharma's management plans to improve operations and secure additional capital through private or public offerings to support its ongoing business activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ABVC BioPharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.