Detailed financial statements for OSR Holdings, Inc. (OSRH): 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.
OSR Holdings, Inc. operates as a Special Purpose Acquisition Company (SPAC) – essentially a blank check entity. Its primary objective is to execute a substantial business combination, which may take the form of a merger, a capital stock exchange, an asset acquisition, a stock purchase, a reorganization, or other comparable strategic transaction with one or more established businesses.
Analysis Summary
Trailing-twelve-month margins: gross margin -98.8%, operating margin -9.3%, net margin -8.4%.
At the current price of $0.12, OSRH has negative trailing earnings (P/E not meaningful) and an ROE of -16.47%. Market capitalisation stands at $4M.
Balance sheet quality for OSRH: current ratio of 0.2, 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $3.5M | $2.9M |
| Cost of Revenue | 0 | 0 | 0 | 0 | $2.7M | $2.3M |
| Gross Profit | 0 | 0 | 0 | 0 | $811236 | $592905 |
| Research & Development | 0 | 0 | 0 | 0 | $161155 | $318446 |
| Selling, General & Admin | $23812 | $3308 | $35388 | $1.8M | $2.5M | $9.2M |
| Operating Expenses | $23812 | $3308 | $35388 | $1.8M | $12.5M | $18.9M |
| Operating Income | -$23810 | -$3308 | -$35388 | -$1.8M | -$11.7M | -$18.3M |
| EBITDA | -$23810 | $233250 | $193097 | $3.7M | -$2.2M | -$19.1M |
| Interest Expense | 0 | 0 | 0 | 0 | $43011 | $506196 |
| Pre-tax Income | -$23812 | -$3308 | -$35388 | $944591 | -$11.9M | -$28.9M |
| Income Tax | 0 | 0 | 0 | $540811 | -$1.6M | -$1.8M |
| Net Income | -$23812 | -$3308 | -$35388 | $403780 | -$10.3M | -$18.0M |
| EPS | $-0.00 | $-0.00 | $-0.00 | $0.07 | $-0.54 | $-4.02 |
| EPS (Diluted) | $-0.00 | $-0.00 | $-0.00 | $0.07 | $-0.54 | $-4.02 |
| Shares Outstanding (Diluted) | $7.9M | $7.9M | $9.1M | $7.7M | $4.5M | $4.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $627747 | $381269 | $484057 | $315669 |
| Gross Profit | $261734 | $129703 | -$2.3M | $86605 |
| Operating Income | -$3.8M | -$6.4M | -$3.7M | -$3.0M |
| EBITDA | -$2.1M | -$5.1M | -$1.5M | $932104 |
| Net Income | -$2.1M | -$9.1M | -$2.9M | -$1.0M |
| EPS | $-0.71 | $-2.02 | $-0.77 | $-0.02 |
| EPS (Diluted) | $-0.71 | $-2.02 | $-0.77 | $-0.22 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $62653 | $4757 | $2238 | $15419 | $66135 | $1.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $402 | 0 | 0 | $599065 |
| Inventory | 0 | 0 | $858 | 0 | 0 | $196432 |
| Total Current Assets | $62653 | $4757 | $3511 | $22627 | $455398 | $2.8M |
| Property, Plant & Equipment | 0 | 0 | $295 | 0 | 0 | $252167 |
| Goodwill | 0 | 0 | $9642 | 0 | 0 | $24.9M |
| Intangible Assets | 0 | 0 | $82335 | 0 | 0 | $142.5M |
| Total Assets | $322749 | $705087 | $95982 | $36.6M | $2.3M | $171.2M |
| Accounts Payable | 0 | $2847 | $3382 | $1.1M | $2.9M | $7.8M |
| Short-term Debt | $300000 | $400000 | $904 | $72000 | $2.6M | $4.3M |
| Total Current Liabilities | $321561 | $707207 | $4658 | $2.0M | $6.7M | $17.2M |
| Long-term Debt | 0 | 0 | $101 | 0 | 0 | 0 |
| Total Liabilities | $321561 | $707207 | $17216 | $40.5M | $8.8M | $44.2M |
| Retained Earnings | -$23812 | -$27120 | $42 | -$3.9M | -$8.3M | -$37.2M |
| Total Equity | $1188 | -$2120 | $78766 | -$3.9M | -$6.5M | $77.6M |
| Total Debt | $300000 | $400000 | $1240 | $72000 | $2.6M | $4.4M |
| Net Debt | $237347 | $395243 | -$998 | $56581 | $2.6M | $2.7M |
| Working Capital | -$258908 | -$702450 | -$1147 | -$2.0M | -$6.3M | -$14.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $2.2M | $1.7M | $1.6M | $1.5M |
| Total Assets | $177.3M | $171.2M | $172.2M | $166.6M |
| Total Liabilities | $43.1M | $44.2M | $44.8M | $41.7M |
| Total Equity | $81.9M | $77.6M | $103.9M | $104.3M |
| Total Debt | $4.4M | $4.4M | $5.0M | $578187 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$23812 | -$3308 | $846 | $403780 | -$2.0M | -$18.0M |
| Depreciation & Amortization | 0 | 0 | $18 | 0 | 0 | $9.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 0 | $2847 | $107 | $1.6M | $1.7M | $1.7M |
| Operating Cash Flow | -$23812 | -$461 | -$410 | -$818766 | -$2.2M | -$4.3M |
| Capital Expenditure | $2 | 0 | -$62 | 0 | 0 | -$176385 |
| Acquisitions | 0 | 0 | $1415 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$36.0M | -$36.2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$23810 | -$461 | -$472 | -$818766 | -$2.2M | -$4.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.7M | -$1.1M | -$1.0M | -$2.4M |
| Capital Expenditure | -$94190 | -$79514 | -$4 | $4 |
| Free Cash Flow | -$2.8M | -$1.1M | -$1.0M | -$2.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | -17.7% |
| Net Income Growth (YoY) | | +86.1% | -969.8% | +1241.0% | -2658.1% | -74.4% |
| EPS Growth (YoY) | | +86.7% | -875.0% | +1941.0% | -852.1% | -644.4% |
| Shares Change (YoY) | | +0.5% | +14.2% | -14.7% | -41.9% | +0.0% |
| FCF Growth (YoY) | | +98.1% | -2.4% | -173404.1% | -167.2% | -105.9% |
| Gross Margin | | | | | 23.0% | 20.4% |
| Operating Margin | | | | | -331.2% | -631.0% |
| EBITDA Margin | | | | | -60.9% | -656.5% |
| Net Margin | | | | | -292.6% | -619.8% |
| FCF Margin | | | | | -62.0% | -155.0% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 57.3% | 13.1% | 6.3% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.00 | $-0.00 | $-0.00 | $-0.11 | $-0.49 | $-1.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $7.9M | $7.9M | $9.1M | $7.7M | $4.5M | $4.5M |
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 | -16.47% |
| Return on Invested Capital | -10.61% |
| Return on Assets | -9.08% |
| Gross Margin | -98.82% |
| Operating Margin | -933.75% |
| Net Margin | -836.91% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 0.18 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.71 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3366.67 | -25250.00 | -2589.74 | 146.24 | -21.35 | -0.14 |
| P/B | 67078.28 | -37779.72 | 1161.10 | -20.66 | -7.97 | 0.03 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 14.64 | 0.87 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 23.0% | 20.4% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -331.2% | -631.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -292.6% | -619.8% |