Detailed financial statements for ABVC BioPharma, Inc. (ABVC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ABVC BioPharma, Inc. is a clinical-stage biopharmaceutical company focused on creating novel drugs and medical devices to address critical, underserved healthcare requirements across the United States. The company's pipeline includes several key candidates: ABV-1501, currently undergoing Phase I/II clinical trials, is being developed as a combination treatment for triple-negative breast cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 100.0%, operating margin 9.2%, net margin 9.9%.
At the current price of $1.08, ABVC has negative trailing earnings (P/E not meaningful) and an ROE of -71.17%. Market capitalisation stands at $28M.
Balance sheet quality for ABVC: current ratio of 0.4, net debt of $2.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $6956 | $701719 | $483045 | $355797 | $969783 | $152430 | $509589 | 0 |
| Cost of Revenue | $32 | 0 | $228890 | $20137 | $18716 | $5086 | $286415 | $302037 | $763 | 0 |
| Gross Profit | -$32 | 0 | -$221934 | $681582 | $464329 | $350711 | $683368 | -$149607 | $508826 | 0 |
| Research & Development | $10.0M | $3.2M | $988721 | $1.0M | $549658 | $1.0M | $2.7M | $1.1M | $179272 | $121085 |
| Selling, General & Admin | $997203 | $967085 | $1.6M | $3.1M | $8.4M | $11.1M | $13.1M | $5.6M | $5.0M | $7.0M |
| Operating Expenses | $11.0M | $4.1M | $2.6M | $4.1M | $9.0M | $12.1M | $15.8M | $6.6M | $5.2M | $7.2M |
| Operating Income | -$11.0M | -$4.1M | -$2.8M | -$3.5M | -$8.5M | -$11.7M | -$15.1M | -$6.8M | -$4.7M | -$7.2M |
| EBITDA | -$11.0M | -$4.1M | -$5.9M | -$3.5M | -$10.4M | -$11.0M | -$15.2M | -$6.3M | -$4.3M | -$7.4M |
| Interest Expense | $10170 | $103460 | $462751 | $482014 | $405032 | $227210 | $293968 | $1.3M | $825899 | $415890 |
| Pre-tax Income | -$11.0M | -$4.2M | -$6.4M | -$4.0M | -$10.8M | -$11.2M | -$15.5M | -$8.0M | -$5.4M | -$8.4M |
| Income Tax | $836 | $830 | -$365097 | -$77041 | -$220352 | $825024 | $797778 | $256006 | -$110539 | $24154 |
| Net Income | -$11.0M | -$4.2M | -$5.6M | -$3.6M | -$9.8M | -$12.8M | -$16.4M | -$7.8M | -$4.9M | -$7.9M |
| EPS | $-10.21 | $-3.58 | $-4.69 | $-2.10 | $-5.00 | $-5.10 | $-5.20 | $-1.80 | $-0.42 | $-0.39 |
| EPS (Diluted) | $-10.80 | $-3.58 | $-4.69 | $-2.10 | $-5.00 | $-5.10 | $-5.20 | $-1.80 | $-0.42 | $-0.39 |
| Shares Outstanding (Diluted) | $1.2M | $1.2M | $1.2M | $1.7M | $2.0M | $2.5M | $3.2M | $4.3M | $11.7M | $23.3M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18645 | $256925 | $40044 | $144295 | $5.0M | $5.8M | $1.4M | $716780 | $863815 | $681480 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $108147 | $75797 | $79312 | $64736 | $64354 |
| Receivables | 0 | $2.5M | $14639 | $640526 | $999402 | $426091 | $1.4M | $759566 | $1.2M | $763388 |
| Inventory | 0 | $199708 | $1318 | -$476960 | 0 | $25975 | 0 | 0 | 0 | 0 |
| Total Current Assets | $18645 | $760973 | $96273 | $878238 | $6.2M | $7.7M | $3.0M | $1.7M | $2.2M | $2.5M |
| Property, Plant & Equipment | 0 | $570576 | $510066 | $1.0M | $2.3M | $2.0M | $1.7M | $1.4M | $1.2M | $14.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $18645 | $6.6M | $96273 | $6.9M | $14.8M | $13.7M | $10.9M | $7.8M | $7.5M | $21.1M |
| Accounts Payable | 0 | 0 | $14639 | $23995 | $23044 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | $1.1M | $550000 | $4.0M | $2.7M | $1.9M | $2.6M | $2.4M | $3.0M | $1.9M |
| Total Current Liabilities | $6.5M | $4.1M | $5.6M | $6.8M | $4.8M | $3.7M | $5.5M | $6.1M | $6.6M | $6.2M |
| Long-term Debt | 0 | 0 | $250000 | 0 | $2.6M | 0 | 0 | 0 | 0 | $1.6M |
| Total Liabilities | $6.5M | $4.1M | $5.8M | $7.1M | $8.9M | $4.8M | $6.3M | $6.5M | $6.8M | $7.8M |
| Retained Earnings | -$11.5M | -$10.0M | -$19.9M | -$15.9M | -$25.6M | -$38.5M | -$54.9M | -$64.0M | -$68.9M | -$76.9M |
| Total Equity | -$6.5M | $1.7M | -$5.7M | -$150964 | $6.6M | $8.8M | $4.5M | $1.6M | $1.2M | $11.1M |
| Total Debt | 0 | $1.2M | $800000 | $4.6M | $6.8M | $3.3M | $3.4M | $2.8M | $3.2M | $3.5M |
| Net Debt | -$18645 | $969197 | $759956 | $4.4M | $1.8M | -$2.6M | $1.9M | $2.0M | $2.3M | $2.7M |
| Working Capital | -$6.5M | -$3.3M | -$5.5M | -$5.9M | $1.3M | $4.0M | -$2.6M | -$4.4M | -$4.4M | -$3.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$4.5M | -$6.7M | -$4.1M | -$3.9M | -$10.6M | -$12.0M | -$16.3M | -$7.8M | -$5.3M | -$8.4M |
| Depreciation & Amortization | 0 | $43996 | $43610 | $55086 | $37142 | $11993 | $23799 | $380390 | $200921 | $504834 |
| Stock-based Compensation | $1.3M | $155400 | $28800 | $22314 | $4.1M | $5.3M | $7.0M | $185933 | $2.8M | $4.1M |
| Change in Working Capital | -$262232 | $824808 | $892308 | $597667 | -$86434 | -$1.6M | $635565 | $309310 | -$408422 | -$615302 |
| Operating Cash Flow | -$3.5M | -$1.7M | -$630195 | -$3.1M | -$4.6M | -$7.6M | -$7.4M | -$4.2M | -$1.8M | -$3.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | -$17503 | -$119692 | -$21201 | $5 | 0 |
| Acquisitions | 0 | -$7.8M | 0 | -$17801 | 0 | -$680916 | -$1.6M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$7320 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.5M | -$1.7M | -$630195 | -$3.1M | -$4.6M | -$7.6M | -$7.5M | -$4.2M | -$1.8M | -$3.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9988.0% | -31.2% | -26.3% | +172.6% | -84.3% | +234.3% | -100.0% | |||
| Net Income Growth (YoY) | +61.5% | -31.4% | +34.7% | -168.9% | -31.1% | -27.9% | +52.6% | +37.0% | -61.3% | |
| EPS Growth (YoY) | +64.9% | -31.0% | +55.2% | -138.1% | -2.0% | -2.0% | +65.4% | +76.7% | +7.1% | |
| Shares Change (YoY) | +1.2% | +0.3% | +47.3% | +12.7% | +27.1% | +26.4% | +36.9% | +169.3% | +99.2% | |
| FCF Growth (YoY) | +51.5% | +62.6% | -397.4% | -45.6% | -66.9% | +1.3% | +44.0% | +57.0% | -65.1% | |
| Gross Margin | -3190.5% | 97.1% | 96.1% | 98.6% | 70.5% | -98.1% | 99.9% | |||
| Operating Margin | -40031.1% | -492.9% | -1760.9% | -3290.1% | -1558.5% | -4439.2% | -923.3% | |||
| EBITDA Margin | -85153.4% | -495.0% | -2147.2% | -3083.7% | -1567.0% | -4153.2% | -852.2% | |||
| Net Margin | -80152.1% | -519.0% | -2027.0% | -3608.5% | -1693.5% | -5109.3% | -962.1% | |||
| FCF Margin | -9059.7% | -446.7% | -944.8% | -2140.3% | -775.2% | -2760.6% | -355.0% | |||
| Effective Tax Rate | -0.0% | -0.0% | 5.7% | 1.9% | 2.0% | -7.4% | -5.1% | -3.2% | 2.1% | -0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.97 | $-1.42 | $-0.53 | $-1.79 | $-2.31 | $-3.04 | $-2.37 | $-0.97 | $-0.15 | $-0.13 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.2M | $1.2M | $1.2M | $1.7M | $2.0M | $2.5M | $3.2M | $4.3M | $11.7M | $23.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -71.17% |
| Return on Invested Capital | -42.64% |
| Return on Assets | -37.55% |
| Gross Margin | 100.00% |
| Operating Margin | 918.55% |
| Net Margin | 992.85% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 0.07 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -2.61 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -35.26 | -100.56 | -76.76 | -20.81 | -10.20 | -6.65 | -1.20 | -0.64 | -1.40 | -5.46 |
| P/B | -64.67 | 256.71 | -74.39 | -506.54 | 15.24 | 9.60 | 4.44 | 3.24 | 5.62 | 4.46 |
| P/S | 0.00 | 0.00 | 61483.61 | 108.97 | 208.16 | 238.71 | 20.41 | 32.99 | 13.52 | 0.00 |
| Gross Margin | 0.0% | 0.0% | -3190.5% | 97.1% | 96.1% | 98.6% | 70.5% | -98.1% | 99.9% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -40031.1% | -492.9% | -1760.9% | -3290.1% | -1558.5% | -4439.2% | -923.3% | 0.0% |
| Net Margin | 0.0% | 0.0% | -80152.1% | -519.0% | -2027.0% | -3608.5% | -1693.5% | -5109.3% | -962.1% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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