Analogies for ABVC BioPharma (ABVC)

Here are 1-3 brief analogies to describe ABVC BioPharma:

1. It's a clinical-stage biopharmaceutical company focused on botanical drug and medical device development, akin to a small, research-driven version of a larger pharmaceutical firm like Eli Lilly or Merck.
2. Think of it as an early-stage biotech firm, similar to a nascent Biogen or Amgen, but specializing in plant-derived (botanical) drugs and medical devices.
3. It's like a pharmaceutical startup concentrating on natural compounds and medical devices for new treatments, similar to how Moderna began with its specialized mRNA technology.

• ABV-1703 (Mitochondrial Protection Drug): A drug candidate being developed for the treatment of macular degeneration.
• ABV-1505 (Chemotherapy Sensitizer): A drug candidate designed to enhance the effectiveness of chemotherapy for pancreatic cancer.
• ABV-1701 (Neurodegenerative Drug): A potential therapeutic for various neurodegenerative diseases, including Huntington's, Alzheimer's, and Parkinson's.
• ABV-1601 (Vitargus): An investigational drug focused on treating recurrent glioblastoma, a severe form of brain cancer.
• ABV-1501 (Oncology Drug): A drug candidate targeting prostate cancer and non-small cell lung cancer.

ABVC BioPharma (symbol: ABVC) is a clinical-stage biopharmaceutical company primarily engaged in the research and development of drug candidates for various medical conditions, including oncology, ophthalmology, and central nervous system disorders. As of its latest financial reports, the company's pipeline products are in various stages of clinical trials and have not yet received regulatory approval for commercialization.

Consequently, ABVC BioPharma does not currently have "major customers" in the traditional sense of companies or individuals purchasing its products on a commercial scale. The company is pre-commercialization, meaning its primary focus is on advancing its drug candidates through clinical development rather than generating substantial revenue from product sales.

While the company has reported minor and non-substantial revenue from specific contract research and development agreements (e.g., with BioLite, Inc., a related party) and the sale of medical devices, these do not constitute major customer relationships for its core biopharmaceutical products. Its future revenue generation, if successful, would likely come from licensing agreements with larger pharmaceutical companies or direct commercialization of approved drugs, neither of which has materialized into major customer relationships at this stage.

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Dr. Uttam Yashwant Patil Chief Executive Officer and Interim Chief Financial Officer

Dr. Patil comes from a research background, having worked on several multidisciplinary projects during his time in academics. Prior to joining ABVC BioPharma, he served as a post-doctoral fellow at National Taiwan Normal University after earning his Ph.D. from the National Tsing Hua University, Department of Chemistry. Dr. Patil is also the R&D Manager of Rgene Corporation, a Taiwanese company focused on developing new plant-based drugs and combination cancer therapies, and serves as Chief Operating & Scientific Officer of BioKey, Inc., a GMP-certified facility providing integrated pharmaceutical services. He was appointed Chief Executive Officer of ABVC BioPharma on June 21, 2023. On March 5, 2025, Dr. Patil assumed the additional responsibilities of Interim Chief Financial Officer following the resignation of Leeds Chow. He has chosen to forgo a salary, opting for stock options, demonstrating a commitment to reinvesting profits back into the company for business expansion. Dr. Patil has been recognized among influential Indian-origin CEOs making a global impact in science and technology.

Leeds Chow Former Chief Financial Officer

Leeds Chow was appointed as ABVC BioPharma's Chief Financial Officer and Principal Accounting Officer on September 4, 2022, having previously served as the company's Financial Controller from March 2021 to August 2022. He possesses over 12 years of experience in the Audit and Financing Industry. Mr. Chow's background includes serving as a finance manager in a family office, where he was responsible for managing investment portfolios and overseeing financial and operational aspects. He also worked in a local investment company in Hong Kong, acting as a financial advisor during Initial Public Offering processes and preparing independent financial advisor opinion letters for transactions involving Hong Kong-listed companies. Mr. Chow holds a Bachelor of Arts degree in Business Economics with an Accounting Emphasis from the University of California, Santa Barbara. He resigned from his role as Chief Financial Officer on March 5, 2025.

Dr. TS Jiang EMBA Chief Scientific Officer

Dr. Jiang has extensive experience in the biotech industry, having served as President and/or Chairman for several biotech companies in Taiwan, including PhytoHealth Corporation from 1998 to 2009 and AmCad BioMed Corporation from 2008 to 2009. During his tenure at PhytoHealth, the PG2 Lyo Injectable product was developed, which later received NDA approval from the Taiwan Food and Drug Administration in 2010 and commenced sales in Taiwan in 2012. Additionally, Dr. Jiang has held directorial roles in various biotech associations, such as the Taiwan Bio Industry Organization (2006 to 2008) and the Chinese Herbs and Biotech Development Association in Taiwan (2003 to 2006). His academic career includes serving as an assistant professor at the University of Illinois from 1981 to 1987 and an associate professor at Rutgers from 1987 to 1990.

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For ABVC BioPharma's main products and services, the addressable markets are identified as follows:

• ABV-1505 (Attention Deficit Hyperactivity Disorder - ADHD Treatment): The global ADHD treatment market was valued at $15.23 billion in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% to exceed $24 billion by 2032. This market is also expected to reach US$24.9 billion by 2025.
• Vitargus® (ABV-1701, Vitreous Substitute for Retinal Detachment Surgery): This product addresses a global market of $3.5 billion for retinal detachment surgeries annually. The global market for retinal surgery devices is anticipated to reach $4.3 billion by 2029, growing at a CAGR of 7.7%.
• ABV-1504 (Major Depressive Disorder - MDD Treatment): The global MDD market was valued at $11.51 billion in 2022 and is expected to reach $14.96 billion by 2032 with a CAGR of 2.8%. Another projection indicates the MDD therapeutics market will reach $14 billion by 2027.
• ABV-1519 (Non-Small Cell Lung Cancer - NSCLC Treatment): The global Non-Small Cell Lung Cancer therapeutics market was valued at US$29.5 billion in 2022 and is projected to grow at an 11% CAGR through 2032. Other estimates place the global NSCLC therapeutics market size at USD 21.5 billion in 2024, growing to USD 71.2 billion by 2034 with a CAGR of 12.74%. The U.S. non-small cell lung cancer therapeutics market was valued at USD 4.97 billion in 2023 and is projected to reach USD 16.82 billion by 2033, with a CAGR of 13.0%.

ABVC BioPharma (ABVC) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from its strategic licensing model, pipeline advancement, and enhanced manufacturing capabilities.

1. Milestone Payments and Royalties from Global Licensing Agreements: A significant driver of revenue growth is expected from milestone payments and royalties associated with ABVC's existing global licensing agreements. The company has secured three global licensing agreements with a combined potential valuation of $959 million, which are structured to include upfront payments, milestone-based revenues, and commercialization royalties. ABVC projects approximately $19 million in cash revenue from these licensing deals in 2025 alone. This is supported by a reported 230% year-over-year increase in licensing revenue for Q3 2025 and a 234% increase in 2024 over 2023, largely attributed to milestone payments from global partners in CNS, oncology, and ophthalmology therapeutic areas. Furthermore, ABVC remains eligible to receive up to an additional $18.3 million in milestone payments under these current agreements.
2. Advancement and Commercialization of Pipeline Products: As a clinical-stage biopharmaceutical company, ABVC's future revenue growth is intrinsically linked to the successful advancement and eventual commercialization of its active pipeline, which includes six drug candidates and one medical device (ABV-1701/Vitargus®). The company's strategy involves progressing its key pipeline assets and seeking additional partnerships to facilitate long-term growth. Successful clinical trial outcomes leading to market approval or further licensing deals are crucial for realizing this revenue potential.
3. Expansion of Manufacturing Capabilities via CDMO Acquisition and Strategic Investments: ABVC's 2019 acquisition of a Contract Development and Manufacturing Organization (CDMO) for $60 million is set to enhance its vertical integration, offering in-house manufacturing capabilities. This acquisition provides multiple benefits, including cost reduction, improved operational efficiency, and the potential for revenue diversification through contract manufacturing services for third-party pharmaceutical companies. Additionally, recent strategic asset investments in Taiwan, totaling approximately $11 million in Q3 2025 for a plant factory, drug substance research, and API cultivation, are expected to bolster the company's Asia-based production and research capabilities. The planned completion of a GMP factory in Hsinchu Biomedical Science Park, Taiwan, by 2025, further aims to support global market supply for its products.

Share Issuance

• ABVC BioPharma’s shares outstanding significantly increased from 2 million in 2020 to 12 million in 2024, and further to 17 million as of June 30, 2025.
• In October 2025, a performance incentive plan was approved, potentially granting shares equivalent to 1% of outstanding common stock, capped at $10 million in total awards, upon achieving a $1 billion market capitalization by December 31, 2027.
• In June 2024, the company filed to sell 1 million shares of common stock for holders.

Inbound Investments

• ABVC reported approximately $1.28 million in licensing revenue for Q3 2025, representing a 230% year-over-year increase.
• In July 2025, the company secured $350,000 in licensing revenue from three partners: AiBtl BioPharma, OncoX BioPharma, and ForSeeCon Eye Corporation.
• As of October 2025, ABVC has received $2.14 million from licensing partners, with a potential contractual cash revenue pool of up to $14.25 million.

Outbound Investments

• In June 2025, ABVC BioPharma converted a $100,000 convertible note into equity in AiBtl BioPharma Inc., acquiring 10,000 shares, and stated an intention to invest up to an additional $20 million in AiBtl over time.
• In April 2024, ABVC acquired TT Life Company for $8.33 million, which included 1.66 million shares of AiBtl BioPharma at $5 per share.

Capital Expenditures

• ABVC BioPharma has invested over $100 million in its U.S. operations since 2015, including the acquisition of a $60 million pharmaceutical manufacturing facility in California for producing GMP-certified drug products for clinical trials.
• The company plans to invest an estimated $120 million in the construction of "gigafactories" in the U.S. for cultivating high-value medicinal plants using advanced technologies.
• In Q3 2025, ABVC completed two land acquisitions in Taiwan totaling approximately $11 million for developing a plant factory for botanical raw materials, new drug substance research, agricultural R&D, and API cultivation.