Revenue generation has effectively stalled with multiple quarters of zero reported sales, while SG&A costs frequently exceed $1.5 million, significantly outpacing R&D spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Dec'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | -795.95K | 0 | 509.59K | 152.43K | 969.78K | 355.8K | 483.05K | 701.72K | 6.96K | 0 | 0 | 0 | 0 | 7.79K | 5.71K | 3.19K | 14.86K | 0 | 25.09K | 41.67K | 41.84K | 17.08K | 57.49K | 13.67K | 10K |
| Revenue Growth % | -256.56% | -100% | 234.31% | -84.28% | 172.57% | -26.34% | -31.16% | 9987.97% | - | - | - | - | -100% | 36.28% | 79.12% | -78.53% | - | -100% | -39.78% | -0.41% | 144.9% | -70.29% | 320.59% | 36.7% | - |
| Cost of Goods Sold | 92.16K | 0 | 763 | 302.04K | 286.42K | 5.09K | 18.72K | 20.14K | 228.89K | 0 | 32 | 0 | 0 | 0 | 0 | 34.18K | 45.25K | 1.53M | 37.49K | 12.76K | 0 | 408 | 32.39K | 25.76K | 10K |
| COGS % of Revenue | - | - | 0.15% | 198.15% | 29.53% | 1.43% | 3.87% | 2.87% | 3290.54% | - | - | - | - | - | - | 1071.44% | 304.5% | - | 149.39% | 30.62% | - | 2.39% | 56.34% | 188.42% | 100% |
| Gross Profit | -888.11K | 0 | 508.83K | -149.61K | 683.37K | 350.71K | 464.33K | 681.58K | -221.93K | 0 | -32 | 0 | 0 | 0 | 0 | -30.99K | -30.39K | -1.53M | -12.39K | 28.91K | 41.84K | 16.68K | 25.1K | -12.09K | 0 |
| Gross Margin % | 111.58% | - | 99.85% | -98.15% | 70.47% | 98.57% | 96.13% | 97.13% | -3190.54% | - | - | - | - | - | - | -971.44% | -204.5% | - | -49.39% | 69.38% | 100% | 97.61% | 43.66% | -88.42% | - |
| Gross Profit Growth % | - | -100% | 440.11% | -121.89% | 94.85% | -24.47% | -31.87% | 407.11% | - | 100% | - | - | - | - | 100% | -1.98% | 98.01% | -12213.91% | -142.87% | -30.9% | 150.89% | -33.57% | 307.69% | - | - |
| Operating Expenses | 7.94M | 7.15M | 5.21M | 6.62M | 15.8M | 12.06M | 8.97M | 4.14M | 2.56M | 4.14M | 11M | 315.6K | 24.1K | 161.19K | 1.12M | 1.86M | 1.86M | 3.38M | 5.34M | 4.44M | 652.91K | 318.35K | 23.1K | 11.72K | 20K |
| OpEx % of Revenue | - | - | 1023.19% | 4341.09% | 1629% | 3388.64% | 1856.99% | 590.03% | 36840.55% | - | - | - | - | 2069.95% | 19525.92% | 58209.22% | 12510.67% | - | 21290.92% | 10665.76% | 1560.56% | 1863.45% | 40.17% | 85.71% | 199.99% |
| Selling, General & Admin | 7.81M | 7.03M | 5.03M | 5.55M | 13.1M | 11.05M | 8.42M | 3.09M | 1.57M | 967.09K | 997.2K | 315.6K | 24.1K | 161.19K | 1.12M | 1.86M | 1.86M | 3.38M | 5.34M | 4.44M | 652.91K | 318.35K | 23.1K | 11.72K | 20K |
| SG&A % of Revenue | - | - | 988.01% | 3643.78% | 1351.26% | 3106.51% | 1743.2% | 440.6% | 22626.62% | - | - | - | - | 2069.95% | 19525.92% | 58209.22% | 12510.67% | - | 21290.92% | 10665.76% | 1560.56% | 1863.45% | 40.17% | 85.71% | 200% |
| Research & Development | 125.32K | 121.08K | 179.27K | 1.06M | 2.69M | 1M | 549.66K | 1.05M | 988.72K | 3.17M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 35.18% | 697.31% | 277.74% | 282.13% | 113.79% | 149.43% | 14213.93% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.83M | -7.15M | -4.71M | -6.77M | -15.11M | -11.71M | -8.51M | -3.46M | -2.78M | -4.14M | -11M | -315.6K | -24.1K | -177.26K | -1.14M | -1.89M | -1.89M | -4.91M | -5.35M | -4.42M | -611.07K | -301.68K | 2.01K | -23.8K | -20K |
| Operating Margin % | 1108.95% | - | -923.34% | -4439.24% | -1558.54% | -3290.07% | -1760.87% | -492.9% | -40031.1% | - | - | - | - | -2276.35% | -20004.31% | -59180.66% | -12715.16% | - | -21340.32% | -10596.38% | -1460.56% | -1765.83% | 3.49% | -174.13% | -200% |
| Operating Income Growth % | - | -51.98% | 30.47% | 55.23% | -29.12% | -37.62% | -145.92% | -24.21% | 32.72% | 62.37% | -3384.53% | -1209.55% | 86.4% | 84.49% | 39.45% | 0.09% | 61.52% | 8.3% | -21.28% | -622.55% | -102.56% | -15131.14% | 108.43% | -19.02% | - |
| EBITDA | -8.34M | -6.65M | -4.5M | -6.39M | -15.09M | -11.69M | -8.47M | -3.4M | -2.74M | -4.14M | -11M | -315.6K | -24.1K | -153.4K | -1.11M | -1.85M | -1.84M | -4.87M | -5.32M | -4.4M | -609.75K | -301.27K | 2.58K | -23.8K | -20K |
| EBITDA Margin % | 1048.26% | - | -883.91% | -4189.69% | -1556.08% | -3286.7% | -1753.18% | -485.05% | -39404.15% | - | - | - | - | -1969.95% | -19425.92% | -58109.22% | -12410.67% | - | -21190.92% | -10565.76% | -1457.41% | -1763.45% | 4.48% | -174.13% | -200% |
| EBITDA Growth % | -413.45% | -47.56% | 29.47% | 57.68% | -29.05% | -38.09% | -148.81% | -24.18% | 33.77% | 62.37% | -3384.37% | -1209.55% | 84.29% | 86.18% | 40.12% | -0.51% | 62.1% | 8.5% | -20.78% | -622.02% | -102.4% | -11799.69% | 110.82% | -19.02% | - |
| D&A (Non-Cash Add-back) | 483.04K | 504.83K | 200.92K | 380.39K | 23.8K | 11.99K | 37.14K | 55.09K | 43.61K | 0 | 0 | 0 | 0 | 23.86K | 33.05K | 34.18K | 45.25K | 45.08K | 37.49K | 12.76K | 0 | 408 | 0 | 0 | 0 |
| EBIT | -9.58M | -7.94M | -4.54M | -6.71M | -15.22M | -10.98M | -10.41M | -3.53M | -5.97M | -4.14M | -11M | -315.6K | -24.1K | -177.26K | -914.24K | -1.01M | -1.68M | -4.91M | -5.35M | -4.39M | -609.75K | -301.68K | 2.58K | -23.8K | 0 |
| Net Interest Income | -90.5K | -248.79K | -738.54K | -1.13M | -106.15K | -184.01K | -333.99K | -458.67K | -457.54K | -103.28K | -9.81K | 0 | 0 | -49.09K | -87.7K | -204.92K | -218.57K | -271.72K | -1.42M | -235.57K | -52.58K | -10.37K | 532 | -1.56K | 0 |
| Interest Income | 151.8K | 167.1K | 87.36K | 185.48K | 187.82K | 43.2K | 71.05K | 23.34K | 5.21K | 180 | 361 | 0 | 0 | 0 | 0 | 0 | 0 | 142 | 5.78K | 20.94K | 1.32K | 0 | 568 | 0 | 0 |
| Interest Expense | 242.3K | 415.89K | 825.9K | 1.31M | 293.97K | 227.21K | 405.03K | 482.01K | 462.75K | 103.46K | 10.17K | 0 | 0 | 49.09K | 87.7K | 204.92K | 218.57K | 271.86K | 1.42M | 256.51K | 53.9K | 10.37K | 36 | 1.56K | 0 |
| Other Income/Expense | -1.07M | -1.2M | -664.33K | -1.26M | -400.18K | 495.14K | -2.31M | -551.5K | -3.65M | -103.28K | -9.67K | 0 | 0 | -49.09K | 141.1K | 669.21K | -11.59K | -271.72K | -1.42M | -235.57K | -52.58K | -10.37K | 532 | -1.56K | 0 |
| Pretax Income | -9.89M | -8.35M | -5.37M | -8.02M | -15.51M | -11.21M | -10.81M | -4.01M | -6.43M | -4.24M | -11.01M | -315.6K | -24.1K | -226.35K | -1M | -1.22M | -1.9M | -5.18M | -6.77M | -4.65M | -663.65K | -312.04K | 2.54K | -25.36K | -20K |
| Pretax Margin % | 1243.11% | - | -1053.71% | -5264.61% | -1599.8% | -3150.91% | -2238.7% | -571.49% | -92432.82% | - | - | - | - | -2906.79% | -17534.86% | -38202.23% | -12793.14% | - | -26981.99% | -11161.73% | -1586.24% | -1826.51% | 4.42% | -185.54% | -200% |
| Income Tax | 24.15K | 24.15K | -110.54K | 256.01K | 797.78K | 825.02K | -220.35K | -77.04K | -365.1K | 830 | 836 | 0 | 0 | 0 | 67.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.24% | -0.29% | 2.06% | -3.19% | -5.14% | -7.36% | 2.04% | 1.92% | 5.68% | -0.02% | -0.01% | 0% | 0% | 0% | -6.75% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.42M | -7.91M | -4.9M | -7.79M | -16.42M | -12.84M | -9.79M | -3.64M | -5.58M | -4.24M | -11.01M | -315.6K | -24.1K | -226.35K | -1.07M | -1.22M | -1.9M | -5.18M | -6.77M | -4.65M | -654.81K | -312.04K | 2.54K | -25.36K | -20K |
| Net Margin % | 1183.83% | - | -962.12% | -5109.26% | -1693.5% | -3608.47% | -2026.97% | -518.98% | -80152.08% | - | - | - | - | -2906.79% | -18718.57% | -38202.23% | -12793.14% | - | -26981.99% | -11161.73% | -1565.1% | -1826.51% | 4.42% | -185.54% | -200% |
| Net Income Growth % | -441.01% | -61.3% | 37.05% | 52.58% | -27.92% | -31.13% | -168.86% | 34.68% | -31.41% | 61.46% | -3387.85% | -1209.55% | 89.35% | 78.84% | 12.23% | 35.9% | 63.32% | 23.46% | -45.57% | -610.27% | -109.85% | -12389.92% | 110.01% | -26.82% | - |
| Net Income (Continuing) | -9.92M | -8.38M | -5.26M | -8.28M | -16.31M | -12.04M | -10.59M | -3.93M | -6.06M | -4.24M | -11.01M | -315.6K | -24.1K | -226.35K | -1.07M | -1.22M | -1.9M | -5.18M | -6.77M | -4.65M | -663.65K | -312.04K | 2.54K | -25.36K | -20K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.06M | 2.19M | -502.18K | -300.64K | 137.55K | 26.69K | -776.27K | 26.15K | 317.61K | 806.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.39 | -0.42 | -1.80 | -5.20 | -5.10 | -5.00 | -2.10 | -4.69 | -3.58 | -10.80 | -0.01 | -126.07 | -1244.19 | -8102.33 | -61418.00 | -139823.64 | -235554.18 | -55043.27 | -125702.70 | -686.46 | -720.81 | 68.62 | -113.23 | -89.29 |
| EPS Growth % | 19.54% | 7.14% | 76.67% | 65.38% | -1.96% | -2% | -138.1% | 55.22% | -31.01% | 66.85% | -93813.04% | 99.99% | 89.87% | 84.64% | 86.81% | 56.07% | 40.64% | -327.94% | 56.21% | -18211.73% | 4.77% | -1150.44% | 160.6% | -26.81% | - |
| EPS (Basic) | - | -0.39 | -0.42 | -1.80 | -5.20 | -5.10 | -5.00 | -2.10 | -4.69 | -3.58 | -10.21 | -0.01 | -126.07 | -1244.19 | -8102.33 | -61418.00 | -139823.64 | -235554.18 | -55043.27 | -125702.70 | -686.46 | -720.81 | 68.62 | -113.23 | -89.29 |
| Diluted Shares Outstanding | 25.45M | 23.26M | 11.67M | 4.34M | 3.17M | 2.51M | 1.97M | 1.75M | 1.19M | 1.19M | 1.17M | 2.81M | 190 | 190 | 190 | 49 | 23 | 22 | 123 | 37 | 37 | 37 | 37 | 224 | 224 |
| Basic Shares Outstanding | 25.45M | 23.26M | 11.67M | 4.34M | 3.17M | 2.51M | 1.97M | 1.75M | 1.19M | 1.18M | 1.17M | 2.81M | 190 | 190 | 190 | 49 | 23 | 22 | 123 | 37 | 37 | 37 | 37 | 224 | 224 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial filings, ABVC's revenue trajectory has effectively stalled, with the company recording zero revenue in multiple recent quarters, reflecting a total reliance on sporadic, non-recurring milestone payments that have failed to materialize into a sustainable or predictable top-line growth engine for the firm.
The lack of consistent revenue underscores the company's status as a purely clinical-stage entity, where top-line performance is entirely decoupled from commercial demand. Investors should interpret the -100% year-over-year revenue growth as a clear indicator that the firm has yet to achieve any meaningful commercial traction or successful milestone execution with its co-development partners.
Based on the provided income statement data, ABVC's cost structure is heavily skewed toward SG&A expenses, which frequently exceed $1.5 million per quarter, significantly outpacing the company's R&D spending and suggesting a high fixed-cost burden that exacerbates the firm's ongoing cash burn and operational inefficiency.
The disproportionate allocation of capital toward administrative and general overhead relative to clinical research warrants further investigation into management's expense discipline. This cost structure appears to prioritize corporate maintenance over the rapid advancement of the drug pipeline, which may be unsustainable given the company's limited liquidity.
According to the company's quarterly income statements, stock-based compensation has reached as high as $1.6 million in a single period, creating a significant wedge between reported net losses and the actual cash resources consumed by the business to retain and incentivize its personnel during this development phase.
The reliance on equity-based incentives in the absence of meaningful revenue suggests that the true cost of operations is higher than the headline net loss figures imply. This practice effectively shifts the burden of compensation onto existing shareholders through dilution, which appears to be a primary mechanism for funding the company's ongoing operating deficits.
With cash reserves reported at approximately $681,480, the company faces a precarious financial position that, based on historical quarterly burn rates, suggests an extremely limited runway that may necessitate immediate and potentially dilutive capital raises to maintain its current clinical trial programs and general corporate operations.
The current cash position appears insufficient to support the company's multi-program development strategy, raising concerns about the viability of its long-term pipeline. Investors should monitor the potential for fire-sale licensing deals or aggressive equity issuance, both of which may signal a lack of bargaining power in future capital negotiations.
Quick answers to the most common questions about buying ABVC stock.
For fiscal year 2025, ABVC BioPharma, Inc. (ABVC) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2002.
ABVC BioPharma, Inc. (ABVC) reported a net loss of $7.9M for the fiscal year ending 2025.