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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K/A

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 16, 2025 (April 15, 2025)

 

ABVC BIOPHARMA, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   001-40700   26-0014658
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

44370 Old Warm Springs Blvd.

Fremont, CA

  94538
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number including area code: (510) 668-0881

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol   Name of each exchange on which registered
Common Stock, par value $0.001 per share   ABVC   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On April 15, 2025, ABVC BioPharma, Inc. (the “Company”) issued a press release announcing its financial results for fiscal year ended December 31, 2024 (the “Original PR”), which were disclosed in the Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on April 15, 2025. A copy of the Original PR was furnished as Exhibit 99.1 to the original Current Report on Form 8-K that the Company filed on April 15, 2025 (the “Original 8K”).

 

After filing the Original 8K, the Company realized an immaterial error in the Original PR and immediately released a corrected press release. The Company is filing this amendment to disclose the error and attach the corrected press release. The error is shown below, with the incorrect figures shown as language with a strikethrough and the new language in bold italics.

 

Remaining Licensing Milestone Income Provides Strong Revenue Visibility

 

Partner  Program  Cash Collected   Remaining Milestone Potential 
AiBtl BioPharma Inc.  CNS (MDD & ADHD)  $200,000   $6,800,000 
ForSeeCon Eye Corporation  Ophthalmology (Vitargus®)  $296,000   $6,704,000 
OncoX BioPharma Inc.  Oncology  $200,000   $4,800,000 
Total     $702,000696,007   $18,298,00018,304,000 

 

Future milestone payments remain subject to the achievement of specified development and regulatory events outlined in each licensing agreement and therefore such payments are not guaranteed.

 

The information reported under this Item 2.02 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Neither this Current Report on Form 8-K, nor any exhibit attached hereto, is an offer to sell or the solicitation of an offer to buy the Securities described herein. Such disclosure does not constitute an offer to sell, or the solicitation of an offer to buy nor shall there be any sales of the Company’s securities in any state in which such an offer, solicitation or sale would be unlawful. The securities mentioned herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. 

 

Item 7.01 Regulation FD Disclosure.

 

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

 

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Item 9.01 Exhibits

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release
104   Cover Page Interactive Data File, formatted in Inline XBRL

 

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SIGNATURE

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ABVC BioPharma, Inc.
     
April 16, 2025 By: /s/ Uttam Patil
    Uttam Patil
    Chief Executive Officer

 

 

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Exhibit 99.1

 

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Description automatically generated

ABVC BioPharma Announces 2024 Financial Results

 

Revenue Surges 234%, Expenses Down 21%, EPS Improves 77%, with Over $18.3 Million1 Licensing Incomes Available

 

Silicon Valley, CA (April 16, 2025) – ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focused on innovative treatments in ophthalmology, CNS (central nervous system), and oncology/hematology, leveraging its asset-light, partnership-driven model, today announced its financial results for the fiscal year ended December 31, 2024, marking a pivotal year of operational transformation and financial improvement.

 

Revenue Growth of 234% Fueled by Global Licensing Milestones

 

ABVC reported total revenues of $509,589 in 2024, representing a 234% increase compared to $152,430 in 2023. This significant growth was primarily driven by milestone payments collected from the Company’s global licensing partners in CNS, oncology, and ophthalmology therapeutic areas.

 

Importantly, ABVC remains eligible to receive up to an additional $18.3 million in milestone payments under existing licensing agreements, which, if received, will provide strong non-dilutive funding visibility to support future growth.

 

Operating Expenses Reduced by 21% Reflecting Cost Discipline

 

Total operating expenses were reduced to $5.21 million in 2024, down 21% from $6.62 million in 2023. The decline was primarily driven by:

 

Selling, General and Administrative expenses reduced by 58%

 

Research and Development expenses reduced by 83%

 

This demonstrates ABVC’s successful shift to a capital-efficient, partnership-focused operating model.

 

Stock-Based Compensation Aligns Talent Retention with Long-Term Growth

 

ABVC significantly increased the use of stock-based compensation in 2024 to $2.77 million, compared to $0.19 million in 2023, preserving cash while aligning employees and consultants with long-term shareholder value creation.

 

 

 

1 Estimated

 

 

 

 

EPS Improves by 77% Driven by Strong Execution

 

Net loss attributable to ABVC narrowed from $7.79 million in 2023 to $4.90 million in 2024. Basic and diluted loss per share improved significantly from $(1.80) to $(0.42), reflecting a 77% year-over-year improvement.

 

Remaining Licensing Milestone Income Provides Strong Revenue Visibility

 

Partner  Program  Cash Collected   Remaining Milestone Potential 
AiBtl BioPharma Inc.  CNS (MDD & ADHD)  $200,000   $6,800,000 
ForSeeCon Eye Corporation  Ophthalmology (Vitargus®)  $296,000   $6,704,000 
OncoX BioPharma Inc.  Oncology  $200,000   $4,800,000 
Total     $696,007   $18,304,000 

 

Future milestone payments remain subject to the achievement of specified development and regulatory events outlined in each licensing agreement and therefore such payments are not guaranteed.

 

Management Commentary

 

“2024 was a breakthrough year for ABVC. We delivered strong revenue growth, executed disciplined cost management, and validated our partnership-driven business model. With over $18 million of contracted milestone payments remaining available under licensing agreements, we believe ABVC is uniquely positioned to drive long-term shareholder value without relying on dilutive financings.”

 

Uttam Patil, Ph.D., Chief Executive Officer of ABVC

 

About ABVC BioPharma & Its Industry

 

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, the Company utilizes in-licensed technology from its network of world-renowned research institutions to conduct proof-of-concept trials through Phase II of clinical development. The Company's network of research institutions includes Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the Company intends to conduct pivotal clinical trials (phase III) through global partnerships.

 

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Forward-Looking Statements

 

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. None of the outcomes expressed herein are guaranteed. 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 any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's 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 such state or jurisdiction.

 

Contact:

Dr. Uttam Patil

Email: [email protected]

 

 

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