ABVC BioPharma Inc. Reports Operational Profit and Income Growth in Q3 2024

ABVC BioPharma, Inc. (NASDAQ: ABVC), a clinical-stage biopharmaceutical company focusing on therapeutic solutions in oncology/hematology, CNS, and ophthalmology, has announced its financial results and key operational achievements for the third quarter ended September 30, 2024.

Financial Highlights:
In the third quarter of 2024, ABVC experienced significant revenue growth, reaching $389,276 from $15,884 in the same period in 2023. This surge in revenue reflects the increased demand for the company’s CNS and oncology R&D services.
The net loss for Q3 2024 decreased notably to $134,272 from $3.37 million in Q3 2023, showcasing a trend of improved earnings driven by disciplined financial management and R&D investments.
Earnings per share (EPS) saw a significant enhancement, with a basic and diluted net loss per share of $(0.02) in Q3 2024, a notable progress from $(0.82) per share in Q3 2023.
The cash and cash equivalents for ABVC stood at $137,344 as of September 30, 2024, showing an increase from $60,155 at the end of 2023.
Shareholders’ equity as of September 30, 2024, remained solid at $7.98 million despite challenging macroeconomic conditions.

Operational Milestones:
ABVC achieved its first operational profit in the third quarter of 2024, with a 102% improvement compared to the same period last year.
The company received incremental payments based on executed global licensing agreements, potentially amounting to $292 million in income.
Cash milestone incomes of $496,000 were obtained for the nine months ended September 30, 2024.

Key Developments in Clinical Development:
ABVC successfully completed Phase II trials for ABV-1504 in Major Depressive Disorder (MDD) and is preparing for an FDA End-of-Phase 2 meeting to finalize the Phase III protocol.
Progress is ongoing in the ADHD program with Phase IIb trials at multiple distinguished sites.
The company’s first-in-class vitreous substitute, Vitargus®, for retinal detachment surgery, has advanced through regulatory stages and received approvals for further trials in Australia.

Partnerships and Intellectual Property:
ABVC secured multiple long-term licensing agreements, notably with ForSeeCon Eye Corporation for Vitargus®, potentially generating $187 million in revenue over time.
Collaborations with partners like OncoX have expanded the oncology pipeline, positioning ABVC for strong growth in future revenue streams.
The company has been granted patents in the U.S., Taiwan, and Australia, covering various CNS and ophthalmology treatments, reflecting a commitment to innovative R&D and protecting novel therapies.

Dr. Uttam Patil, CEO of ABVC, commented on the results, highlighting the company’s strategic approach, financial stability, and significant operational achievements. The Board of Directors expressed confidence in ABVC’s growth prospects, expecting further revenue growth through strategic collaborations and clinical advancements in CNS, oncology, and ophthalmology programs.

Disclaimer: This press release contains forward-looking statements that are subject to risks and uncertainties beyond the company’s control, and actual results may differ. Interested investors are encouraged to review the company’s filings with the Securities and Exchange Commission for more detailed information.

For further information, please contact Uttam Patil at [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ABVC BioPharma’s 8K filing here.

About ABVC BioPharma

ABVC BioPharma, Inc, a clinical stage biopharmaceutical company, develops drugs and medical devices to fulfill unmet medical needs in the United States. The company is developing ABV-1501, which is in Phase II clinical trials a combination therapy for triple negative breast cancer; ABV-1504 has completed Phase II clinical trials for major depressive disorders; ABV-1505, which is in Phase II clinical trials for adult attention deficit hyperactivity disorder; ABV-1703, which is in Phase II clinical trials for the treatment of metastatic pancreatic cancer; ABV-1702, which is in Phase II clinical trials to treat myelodysplastic syndromes; and ABV-1601 that is in Phase I/II clinical trials for treating depression in cancer patients.