ABVC BioPharma Achieves First Operational Profit in Q3 2024, Reports Significant Revenue Growth

ABVC BioPharma, Inc., a clinical-stage biopharmaceutical company focused on developing therapeutic solutions in oncology/hematology, CNS, and ophthalmology, has reported its first operational profit and significant revenue growth for the third quarter of 2024. This milestone marks a transformative moment for the company and underscores the effectiveness of its strategic approach.

The company's revenue surged to $389,276 in Q3 2024, up from $15,884 in the same quarter of 2023, representing a remarkable increase. This growth is attributed to the rising demand for ABVC's CNS and oncology R&D services and the positive impact of strategic partnerships. The net loss for Q3 2024 decreased substantially to $134,272 from $3.37 million in Q3 2023, demonstrating improved financial management and focused R&D investments.

ABVC's earnings per share (EPS) also showed significant improvement, with a basic and diluted net loss per share of $(0.02) for Q3 2024, compared to $(0.82) per share in Q3 2023. The company's cash position strengthened, with cash and cash equivalents reaching $137,344 as of September 30, 2024, up from $60,155 at the end of 2023.

The company's progress extends beyond financial metrics. ABVC has completed Phase II trials for ABV-1504 in Major Depressive Disorder (MDD) and is preparing for an FDA End-of-Phase 2 meeting. The company is also advancing its ADHD program with Phase IIb trials at multiple sites, aiming for an interim report by Q4 2024. Additionally, ABVC's first-in-class vitreous substitute, Vitargus®, for retinal detachment surgery, is progressing through regulatory stages with approvals for further trials in Australia.

ABVC has secured multiple long-term licensing agreements, including a notable partnership with ForSeeCon Eye Corporation for Vitargus®, which could potentially generate $187 million in revenue over time. The company has also expanded its intellectual property portfolio with multiple patents granted in the U.S., Taiwan, and Australia, covering a range of CNS and ophthalmology treatments.

Dr. Uttam Patil, ABVC Chief Executive Officer, commented on the results, stating, "Our third-quarter results showcase the impact of our strategic direction and dedicated team. Our strengthened financial position and exciting progress in CNS and oncology programs should enable us to drive future shareholder value."

The achievement of operational profitability and significant revenue growth positions ABVC BioPharma for continued expansion in key therapeutic markets. As the company advances its pipeline and leverages strategic partnerships, it aims to bring innovative therapies to patients worldwide while potentially delivering increased value to shareholders.