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ABVC Biopharma Announces Fiscal Year 2021 Financial and Operational Results
FREMONT, CA, March 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (Nasdaq: ABVC), a biotechnology company specializing in botanically
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, March 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC BioPharma, Inc. (Nasdaq: ABVC), a biotechnology company specializing in botanically based solutions that seeks to deliver high efficacy with low toxicity for improved health outcomes, today announced its financial and operating results for the fiscal year ended December 31, 2021. Full Year 2021 Financial ResultsAll comparisons are made on a year-over-year basis. Revenues. We generated $355,797 and $483,045 in revenues for the year ended December 31, 2021 and 2020, respectively. The decrease of $127,248, or approximately 26%, was primarily caused by the decrease in contract services due to the impact of the COVID-19 pandemic.Operating Expenses. Our operating expenses were $12,056,679 in the year ended December 31, 2021, as compared to $8,970,105 in the year ended December 31, 2020. Such increase in operating expenses was mainly attributable to the increase in stock-based compensation and selling, general and administrative expenses by $2,632,427 which relates to costs in conjunction with our public offering and our recent stock issuances, as well as increasing research and development expenses of $454,147 to continue to develop our pipeline.Other Income (Expense).Other income was $495,141 for the year ended December 31, 2021, as compared to other expense of $2,308,160 for the year ended December 31, 2020. The increase was principally caused by an increase in foreign currency exchange income, government PPP forgiveness and a decrease in impairment loss and loss on investment in equity securities. Loss on impairment was $0 for the year ended December 31, 2021, compared to $961,217 for the year ended December 31, 2020. Net Loss. Net loss was $12,035,851 for the year ended December 31, 2021, compared to $10,593,584 for the year ended December 31, 2020. The Company’s net loss increased by $1,442,267, or approximately 14%, during the year ended December 31, 2021, from the year ended December 31, 2020. Working Capital.Working capital as of December 31, 2021 was $5,932,808, compared to $1,328,575 as of December 31, 2020, for an increase of $4,604,233, primarily as a result of an increase in net cash from financing activities. The net cash provided by financing activities increased by $427,707 due to the issuance of common stock partially offset by offering costs, re...