ABVC BioPharma Reports Annual 2023 Financials and Provides Fiscal Year 2024 First Quarter Business Update

Core Insights - ABVC BioPharma, Inc. reported its 2023 annual financial and operating results, highlighting a significant decrease in revenue and a reduction in net loss compared to the previous year [1][13][14]. Financial Performance - Revenues for 2023 were $152,430, down approximately 84% from $969,783 in 2022, primarily due to the completion of ongoing projects and awaiting new approvals [13]. - Operating expenses decreased to $8,066,902 in 2023 from $15,797,780 in 2022, mainly due to reduced stock-based compensation and lower selling, general, and administrative expenses [13]. - The net loss for 2023 was $10,910,288, a reduction of approximately 31% from the net loss of $16,312,374 in 2022, attributed to more effective funding usage and discontinuation of certain consulting services [14]. Licensing and Strategic Agreements - The company entered a multi-year global licensing agreement with AiBtl BioPharma Inc. for CNS drugs targeting Major Depressive Disorder (MDD) and Attention Deficit Hyperactivity Disorder (ADHD), receiving 23 million shares of AIBL stock valued at $10 per share [3][21]. - ABVC also signed a cooperation agreement with Zhong Hui Lian He Ji Tuan, Ltd., acquiring 20% ownership of a property in Leshan, Sichuan, China, valued at $37 million, to develop a healthcare center [5][10]. Compliance and Equity - The company regained compliance with Nasdaq Marketplace Rules regarding minimum bid price and stockholders' equity requirements [4]. - As of December 31, 2023, total stockholders' equity was reported at $8,388,050, an increase from $3,098,585 in 2022 [13][31]. Research and Development Highlights - ABVC received multiple patents for Polygala extract for treating MDD and ADHD, with patents valid until 2040 and 2041 [16]. - The company successfully completed Phase II trials for MDD and commenced Phase IIb trials for ADHD, with further studies planned for 2024 [18]. Cash Flow and Investments - Cash and cash equivalents as of December 31, 2023, were $60,155, down from $85,265 in 2022 [15]. - The company reported net cash used in operating activities of $4,235,845 for 2023, an improvement from $7,398,391 in 2022 [36].