1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
ABVC
Listed on
2021-08-03
Sector
Health Care
Subsector
Pharmaceuticals
Offer Range
—
Shares Offered
1.1M
26.68M
$166.8M
4.1%
Implied Upside vs Midpoint
Description
Our Mission We devote our resources to building a sophisticated biotech company and becoming a pioneer in the biopharmaceutical industry. Dr. Howard Doong, our Chief Executive Officer, and Dr. Tsung-Shann Jiang, the founder and majority shareholder of the Company, understand the challenges and opportunities of the biotech industry and intend to provide therapeutic solutions to significant unmet medical needs and to improve health and quality of human life by developing innovative botanical drugs to treat central nervous system (“CNS”) and oncology/ hematology diseases. The Company develops its pipeline by carefully tracking new medical discoveries or medical device technologies in research institutions in the Asia-Pacific region. Pre-clinical, disease animal model and Phase I safety studies are examined closely by the Company’s scientists and other specialists known to the Company to identify drugs or medical devices that it believes demonstrate efficacy and safety based on the Company’s internal qualifications. Once a drug or medical device is shown to be a good candidate for further development and ultimately commercialization, ABVC licenses the drug or medical device from the original researchers and introduces the drug or medical device clinical trial plan to highly respected principal investigators in the United States, Australia and Taiwan. In almost all cases, ABVC has found that research institutions in each of those countries are eager to work with the Company to move forward with Phase II clinical trials. Currently, institutions that have or are now conducting phase II clinical trials in partnership with ABVC include: . Drug: ABV-1504, Major Depressive Disorder (MDD), Phase II completed. NCE drug Principal Investigators: Charles DeBattista M.D. and Alan F. Schatzberg, MD, Stanford University Medical Center, Cheng-Ta Li, MD, Ph.D – Taipei Veterans General Hospital . Drug: ABV-1505, Adult Attention-Deficit Hyperactivity Disorder (ADHD), Phase II Part 1 completed. NCE drug Principal Investigators: Keith McBurnett, Ph.D. and Linda Pfiffner, Ph.D., University of California San Francisco (UCSF), School of Medicine . Drug: ABV-1601, Major Depression in Cancer Patients, Phase I/II, NCE drug Principal Investigator: Scott Irwin, MD, Ph.D. – Cedars Sinai Medical Center (CSMC) . Drug: ABV-1703, Advanced Inoperable or Metastatic Pancreatic Cancer, Phase II, NCE drug Principal Investigator: Andrew E. Hendifar, MD – Cedars Sinai Medical Center (CSMC) The following trials are expected to begin in the second or third quarter of 2021: . Medical Device: ABV-1701, Vitargus® in vitrectomy surgery, Pivotal Study in Australia, Principal Investigator: Andrew Chang, MD, Ph.D., Sydney Eye Hospital, Australia . Drug: ABV-1501, A Phase I/II, Open Label Study to Evaluate the Safety and Efficacy of BLEX 404 Oral Liquid Combined with Docetaxel Monotherapy in Patients with Stage IV or Recurrent Breast Cancer Patients . Medical Device: ABV-2002, Class I/II through 510K for market launch, Corneal Storage Media, Technology Licensing in progress Upon successful completion of a Phase II trial, ABVC will seek a partner – a large pharmaceutical company – to complete a Phase III study, submit the New Drug Application (NDA), and commercialize the drug or medical device upon approval by the US FDA, Taiwan TFDA and other country regulatory authorities. We expect to seek our first commercialization partner in 2021 for Vitargus®, our vitreous substitute that helps to maintain both a round shape and a stable retinal location during vitrectomy surgery. Another part of our business is conducted by BioKey, a wholly owned subsidiary. BioKey provides a wide range of services, including, API characterization, pre-formulation studies, formulation development, analytical method development, stability studies, IND/NDA/ANDA/510K submissions, and manufacturing clinical trial materials (phase I through phase III) and commercial manufacturing. --- ABVC (f/k/a American BriVision (Holding) Corporation) was incorporated under the laws of the State of Nevada on February 6, 2002. BriVision was incorporated in the State of Delaware on July 21, 2015. BioLite was incorporated in the State of Nevada on July 27, 2016. BioKey was incorporated in the State of California on November 20, 2000. BriVision, BioLite and BioKey are three operating subsidiaries that are wholly owned by the Company. Our principal executive office is located at 44370 Old Warm Springs Blvd., Fremont, CA 94538. Our telephone number at our principal executive office is (510) 668-0881. Our corporate website is www.abvcbiopharma.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | >100x | 29.4x | ||
Revenue growth | -31.2% | — | — | |
Gross margin | 96.1% | 45.9% | ||
Operating margin | -1761% | -3.5% | ||
Net margin | -2193% | -8.5% | ||
Free cash flow margin | -945% | -2.6% | ||
Rule of 40 | -1784% | — | — | |
Net cash / market cap | 1.6% | 1.9% | ||
Debt / equity | 0.61 | 0.00 | ||
Current ratio | 1.27 | 1.88 | ||
Stock comp / revenue | 859% | — | — | |
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2003-04-25 | 424B1 | — | — | 600,000 | — |
| 2009-06-23 | S-1 | — | — | 8,766,444 | — |
| 2009-09-03 | S-1/A | — | $1.05 | 4,340,000 | $4.6M |
| 2009-09-10 | S-1/A | — | $1.05 | 4,340,000 | $4.6M |
| 2009-10-20 | S-1/A | — | — | 4,340,000 | — |
| 2009-11-23 | S-1/A | — | — | 4,340,000 | — |
| 2010-01-12 | S-1/A | — | — | 4,340,000 | — |
| 2010-02-17 | S-1/A | — | — | 4,340,000 | — |
| 2016-09-13 | S-1 | — | — | 32,409,505 | — |
| 2016-11-14 | S-1/A | — | — | 32,409,505 | — |
| 2017-01-12 | S-1/A | — | $2.00 | 32,409,505 | $64.8M |
| 2017-01-19 | S-1/A | — | $2.00 | 32,409,505 | $64.8M |
| 2017-05-24 | S-1/A | — | $2.00 | 57,882,012 | $115.8M |
| 2017-07-17 | S-1/A | — | $2.00 | 55,453,224 | $110.9M |
| 2017-09-22 | S-1/A | — | $2.00 | 55,453,224 | $110.9M |
| 2019-06-28 | S-1/A | — | $7.00 | 1,428,571 | $10.0M |
| 2019-07-24 | S-1/A | — | $7.00 | 1,428,571 | $10.0M |
| 2019-08-06 | S-1/A | — | $7.00 | 1,428,571 | $10.0M |
| 2019-08-09 | 424B2 | — | $7.00 | 1,428,571 | $10.0M |
| 2020-11-24 | S-1 | — | $4.00 | 4,575,923 | $18.3M |
| 2020-12-15 | S-1/A | — | $4.50 | 4,575,923 | $20.6M |
| 2020-12-28 | 424B4 | — | $4.50 | 4,575,923 | $20.6M |
| 2021-04-08 | S-1 | — | $4.50 | 104,558,777 | $470.5M |
| 2021-05-11 | 424B4 | — | $4.40 | 4,575,923 | $20.1M |
| 2021-05-14 | S-1/A | — | $7.50 | 1,000,000 | $7.5M |
| 2021-05-14 | 424B3 | — | — | 4,575,923 | — |
| 2021-06-21 | S-1/A | — | $7.50 | 1,000,000 | $7.5M |
| 2021-07-21 | S-1/A | — | $7.50 | 1,000,000 | $7.5M |
| 2021-07-28 | S-1/A | — | $6.30 | 1,000,000 | $6.3M |
| 2021-07-29 | S-1/A | — | $7.00 | 74,997,546 | $525.0M |
| 2021-08-04 | 424B4 | — | $6.30 | 1,100,000 | $6.9M |
ABVC BIOPHARMA, INC. income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $970K | — | $510K | $296K |
| Gross profit | $683K | — | $509K | — |
| Operating income | ($15.1M) | — | ($4.7M) | ($7.2M) |
| Net income | ($16.4M) | — | ($4.9M) | ($7.9M) |
| Revenue growth | — | — | — | −41.9% |
| Gross margin | 70.5% | — | 99.9% | — |
| Operating margin | −1559% | — | −923% | −2416% |
| Net margin | −1693% | — | −962% | −2672% |
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $9.9M | — | $7.5M | $21.1M |
| Total liabilities | $6.6M | — | $6.8M | $7.8M |
| Total equity | $3.2M | $1.3M | $724K | $13.3M |
| Cash & equivalents | $85.3K | $717K | $248K | $681K |