aibioABVC BioPharma files NT 10-K late filing notice for 2024 annual report
Tickers ABVC
The company says it is still completing its audit for the year ended December 31, 2024 and expects to file the 10-K within 15 calendar days of the due date. It does not expect a significant change in results.
Key facts
- Company
- ABVC BioPharma, Inc. (NASDAQ: ABVC)
- News type
- Distress
- Primary source
- ABVC BIOPHARMA, INC. Form NT 10-K filed March 31, 2025 (SEC EDGAR)
ABVC BioPharma, Inc. (Nasdaq: ABVC) told the Securities and Exchange Commission on March 31, 2025 that it could not file its annual report on Form 10-K for the year ended December 31, 2024 on time. In a Form NT 10-K, a notification of late filing, the company said it still has to finish its audit and compile other required information. It expects to file the annual report within the extra time the rules allow.
What the notice says
The form is filed under Rule 12b-25, which lets a company give notice of a late periodic report and the reason for it. ABVC checked the Part II box. By doing so, it states that the reason it gives could not be eliminated without unreasonable effort or expense, and that the annual report will be filed on or before the fifteenth calendar day following the prescribed due date.
The narrative section says the company is unable to file the 10-K by the deadline because of a delay in completing its financial statements and other disclosures. The company is still completing the audit for 2024, and it anticipates filing no later than the fifteenth calendar day after the prescribed date.
The form also answers two further questions. ABVC answered yes when asked whether all other periodic reports required over the preceding 12 months had been filed. It answered no when asked whether it anticipates a significant change in results of operations from the prior year. The notice gives no 2024 revenue, loss or cash figures to test that answer against.
Who signed
Uttam Patil, chief executive officer, chairman and director, signed the notice and is its named contact.
The 2023 annual report
ABVC's annual report for fiscal 2023, filed March 13, 2024, shows the company's position before the late 2024 filing. The company reported a net loss of $10,910,288 for 2023. As of December 31, 2023 it had a working capital deficit of $4,275,781, and it had net cash outflows of $4,235,845 from operating activities during 2023.
The auditor's report in that annual report carries a going concern paragraph. The company's own notes say the conditions raise substantial doubt about its ability to continue as a going concern. The notes say that ability depends on its ability to market and sell its products to generate positive operating cash flows.
The 2023 report also describes the company's structure. ABVC completed a business combination on February 8, 2019 under an Agreement and Plan of Merger dated as of January 31, 2018, acquiring BioLite Holding, Inc. and BioKey, Inc. by issuing additional shares of common stock to their shareholders. BioKey provides contract development and manufacturing services.
Nasdaq history
The 2023 report also describes a Nasdaq deficiency letter received on August 19, 2022. Nasdaq told the company that its closing bid price had been below the $1.00 minimum for 30 consecutive business days, under Listing Rule 5550(a)(2). The company's common stock has traded on the Nasdaq Capital Market as ABVC since August 3, 2021.
What the delay leaves open
The notice says the delay covers the financial statements and other disclosures, but it does not say when the audit is expected to be finished or what remains open. A late 2024 report would sit alongside the going concern question the 2023 report already raised, and this notice does not address that question.