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ABVC Biopharma Reports First Quarter 2022 Financial and Operational Results
FREMONT, CA, May 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire--ABVC BioPharma, Inc. (Nasdaq: ABVC), a clinical stage biopharmaceutical company developing
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA, May 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire--ABVC BioPharma, Inc. (Nasdaq: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, today announced its financial and operating results for the first quarter of 2022. First Quarter 2022 Financial Results All comparisons are made on a year-over-year basis. Revenues. The Company generated $25,660 and $263,150 in revenues for the three months ended March 31, 2022 and 2021, respectively. The decrease in revenues was mainly due to the impact of COVID-19 on the Contract Development & Manufacturing Organization (“CDMO”) business sector. Operating Expenses increased by $4,727,835 to $6,242,485 for the three months ended March 31, 2022 from $1,514,650 for the three months ended March 31, 2021. The increase in operating expenses was mainly attributable to the increase in stock-based compensation and selling, general and administrative expenses by $4,489,746, which relates to costs in conjunction with the recent stock issuance, as well as the increase in research and development expenses of $238,089 to continue developing the Company’s pipeline.Other Income (Expense) was $44,239 and $6,398 for the three months ended March 31, 2022 and 2021, respectively. The change was principally caused by the increase in rental income and decrease in interest expense, as well as the loss on investment in equity securities and government grant income, which occurred in the three months ended March 31, 2021.Net interest income (expense) was $21,962 for the three months ended March 31, 2022, compared to $(77,700) for the three months ended March 31, 2021. The increase of $99,662, or approximately 128%, was primarily due to the repayment of convertible notes payable during the year ended 2021. Government grant income totaled $0 for the three months ended March 31, 2022, compared to $124,400 for the three months ended March 31, 2021, which was recorded as receipt of the first round of PPP loan forgiveness.Net Loss was $6,087,615 for the three months ended March 31, 2022 compared to $1,195,323 for the three months ended March 31, 2021. Recent 2022 Highlights Engaged the FreeMind Group to help explore and identify funding opportunities from non-dilutive sources, such as the NIH, DOD, NSF, FDA and BARDA, as well as private ...