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ABVC BioPharma Reports Second Quarter 2021 Results
Clinical Trials Continue Despite COVID-19 Restrictions Fremont, CA, Aug. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC Biopharma, Inc., a clinical
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":" Clinical Trials Continue Despite COVID-19 Restrictions Fremont, CA, Aug. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ABVC Biopharma, Inc., a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, central nervous system (CNS), and ophthalmology, today announced its unaudited financial and operating results for the three-month period ended June 30, 2021. Revenues.We generated $31,441 and $226,513 in revenues for the three months ended June 30, 2021 and 2020, respectively; and incurred $646 and $4,236 in cost of sales for the three months ended June 30, 2021 and 2020, respectively. The decrease in revenues was mainly due to the impact of COVID-19 onto our CDMO business sector. Operating Expenses. Our operating expenses have increased by $650,010, or 46%, to $2,066,310 for the three months ended June 30, 2021, from $1,416,290 for the three months ended June 30, 2020. Such increase in operating expenses was mainly due to the increase in selling, general and administrative expenses and research and development expenses. Our selling, general and administrative expenses and stock-based compensation increased by $430,224, or 34%, mainly due to the increase in company’s marketing and up-list related expenses. Our research and development expenses increased by $219,796 or approximately 158% primarily because of new service agreements signed with vendors during the three months ended June 30, 2021. Other Income (Expense). Our other expense was $77,005 for the three months ended June 30, 2021, as compared to $1,038,688 for the three months ended June 30, 2020. The change was principally caused by the decrease in impairment loss of $944,204 during the quarter, and increase in interest income and rental income, as well as decreasing loss on investment in equity securities, while deducted from decrease in net other income. Interest income was $10,722 for the three months ended June 30, 2021, as compared to $9,350 for the three months ended June 30, 2020. The increase of $1,372, or approximately 15%, was primarily due to the interest income for various related-party loans. Loss on investment in equity securities was $53,591 for the three months ended June 30, 2021, as compared to $109,656 for the three months ended June 30, 2020. The decrease of $56,065, or approximately 51%, was primarily due to ...