{"url_path":"/sec/mens/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1954488/0001213900-26-057073-index.html","accession_number":"0001213900-26-057073","cik":"0001954488","ticker":"MENS","issuer_name":"Jyong Biotech Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1954488/0001213900-26-057073-index.html","primary_entity_key":"0001954488","primary_entity_name":"Jyong Biotech Ltd."},"word_count":16720,"has_tables":true,"body_markdown":"** **\n\n**Item 19. EXHIBITS**\n\n** **\n\n**EXHIBIT INDEX**\n\n** **\n\n**Exhibit No.**\n \n**Description**\n\n1.1\n \n[Memorandum and Articles of Association (incorporated herein by reference to Exhibit 3.1 of our Registration Statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on August 17, 2023)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex3-1_jyongbio.htm)\n\n2.1\n \n[Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex4-1_jyongbio.htm)\n\n2.2*\n \n[Description of Securities](ea028725401ex2-2.htm)\n\n4.1\n \n[Form of Employment Agreement by and between executive officers and the Registrant (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-1_jyongbio.htm)\n\n4.2\n \n[Form of Director Agreement by and between directors and the Registrant (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-2_jyongbio.htm)\n\n4.3\n \n[Form of Indemnification Agreement with the Registrant’s directors and officers (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-3_jyongbio.htm)\n\n4.4\n \n[English Translation of Share Purchase Agreement, dated May 15, 2019, among Taizhou City Optimization Upgrading Partnership (Limited) Corporation, Medi-life Co. Limited, Sira View Corp., Jyong Biotech Ltd., Health Ever Bio-Tech Co., Ltd., and Fu-Feng Guo (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-4_jyongbio.htm)\n\n4.5\n \n[English Translation of Supplementary Agreement to Share Purchase Agreement, dated July 2, 2019, among Taizhou City Optimization Upgrading Partnership (Limited) Corporation, Medi-life Co. Limited, Sira View Corp., Jyong Biotech Ltd., Health Ever Bio-Tech Co., Ltd., and Fu-Feng Guo (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-5_jyongbio.htm)\n\n4.6\n \n[English Translation of Agreement of Cooperation Framework, dated December 21, 2018, among Taizhou High-tech Industrial Park Management Committee, Taizhou Infrastructure Investment Group Co., Ltd., and Jyong Biotech Ltd. (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-6_jyongbio.htm)\n\n4.7\n \n[English Translation of Jianyong Biotechnology Herbal Medicine Project Investment Cooperation Agreement, dated September 12, 2019, between Management Committee of Aggregating Area of Taizhou Bay Circulating Economic Productions Industries (Gaoxin Zone and Luxin Resort Zone) and Chuang-Yao Biotech Pharmaceutical Co., Ltd. (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on March 7, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024020570/ea0200696ex10-7_jyongbio.htm)\n\n4.8\n \n[Loan and Mortgage Agreement, dated May 20, 2019, between Taiwan Cooperative Bank Co., Ltd. and Health Ever Bio-Tech Co., Ltd (incorporated herein by reference to Exhibit 10.8 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on May 8, 2024)](https://www.sec.gov/Archives/edgar/data/1954488/000121390024040670/ea020069603ex10-8_jyong.htm)\n\n4.9*\n \n[English Translation of Loan Agreement, dated June 24, 2025, between Jyong Biotech Ltd. and Linkage Gladden Enterprise Ltd.](ea028725401ex4-9.htm)\n\n8.1*\n \n[List of subsidiaries of the Registrant](ea028725401ex8-1.htm)\n\n11.1\n \n[Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-277725), as amended, initially filed with the Securities and Exchange Commission on August 17, 2023)](https://www.sec.gov/Archives/edgar/data/1954488/000121390023068470/ff12023ex99-1_jyongbio.htm)\n\n11.2*\n \n[Insider Trading Compliance Manual of the Registrant](ea028725401ex11-2.htm)\n\n12.1*\n \n[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028725401ex12-1.htm)\n\n12.2*\n \n[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028725401ex12-2.htm)\n\n13.1**\n \n[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028725401ex13-1.htm)\n\n13.2**\n \n[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028725401ex13-2.htm)\n\n97.1*\n \n[Compensation Recovery Policy of the Registrant](ea028725401ex97-1.htm)\n\n101.INS*\n \nInline XBRL Instance Document\n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document\n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document\n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document\n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document\n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document\n\n104*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n\n** **\n\n*\nFiled with this annual report on Form 20-F\n\n**\nFurnished with this annual report on Form 20-F\n\n157\n\n \n\n** **\n\n**SIGNATURES**\n\n** **\n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report\non its behalf.\n\n** **\n\n \nJyong Biotech Ltd.\n\n \n \n \n \n\n \nBy:\n*/s/ Fu-Feng Kuo*\n\n \n \nName: \nFu-Feng Kuo\n\n \n \nTitle:\nChief Executive Officer\n\n \n\nDated: May 14, 2026\n\n \n\n158\n\n \n\n \n\nJYONG BIOTECH LIMITED\n\n**INDEX TO CONSOLIDATED\nFINANCIAL STATEMENTS**\n\n** **\n\n**TABLE OF CONTENTS**\n\n \n\n**CONTENTS**\n \n**PAGE(S)**\n\n \n \n \n\n**CONSOLIDATED FINANCIAL STATEMENTS**\n \n \n\n \n \n \n\n[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB#1171)](#k_006)\n \nF-2\n\n \n \n \n\n[AUDITED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2025](#k_001)\n \nF-3\n\n \n \n \n\n[AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2023, 2024, AND 2025](#k_002)\n \nF-4\n\n \n \n \n\n[AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT FOR THE YEARS ENDED DECEMBER 31, 2023, 2024, AND 2025](#k_003)\n \nF-5\n\n \n \n \n\n[AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023, 2024, AND 2025](#k_004)\n \nF-6\n\n \n \n \n\n[NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#k_005)\n \nF-7 – F-29\n\n** **\n\nF-1\n\n \n\n \n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo:The Board of Directors and Shareholders of\n\nJyong Biotech Ltd. and Subsidiaries\n\n** **\n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying\nconsolidated balance sheets of Jyong Biotech Ltd. and subsidiaries (collectively the “Group”) as of December 31, 2024 and\n2025, and the related consolidated statement of operations and comprehensive loss, change in shareholders’ deficit, and cash flows\nfor each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated\nfinancial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial\nposition of the Group as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of the years in\nthe three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.\n\n** **\n\n**Emphasis of Matter — Substantial Doubt\nabout the Company’s Ability to Continue as a Going Concern**\n\n \n\nThe\naccompanying consolidated financial statements have been prepared assuming\nthat the Group will continue as a going concern. As discussed in Note 2 to the consolidated financial\nstatements, the Group has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds\nto meet its obligations and sustain its operations. These conditions raise substantial doubt about the Group’s ability to continue\nas a going concern. Management’s evaluation of the events and conditions and management’s plans regarding those matters are\nalso described in Note 2. The consolidated financial statements do not\ninclude any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese\nconsolidated financial statements are the responsibility of the Group’s\nmanagement. Our responsibility is to express an opinion on our consolidated financial\nstatements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)\n(PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the\napplicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe\nconducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to\nobtain reasonable assurance about whether the consolidated financial statements\nare free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an\naudit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control\nover financial reporting, but not for the purpose of expressing an opinion on the effectiveness of its internal control over financial\nreporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudit included performing procedures to assess the risks of material misstatement of the consolidated financial\nstatements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,\non a test basis, evidence regarding the amounts and disclosures in the consolidated financial\nstatements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as\nevaluating the overall presentation of the consolidated financial statements.\nWe believe that our audit provides a reasonable basis for our opinion.\n\n \n\n/s/ WWC, P.C.\n\nWWC, P.C.\n\nCertified Public Accountants\n\nPCAOB ID No.1171\n\n \n\nWe have served as our auditor since 2023.\n\nSan Mateo, California\n\nMay 14, 2026\n\n \n\nF-2\n\n \n\n**JYONG BIOTECH LIMITED**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(in thousand US Dollars, except share\nand per share data)**\n\n \n\n \n \nAs of December 31,\n \n\n \n \n2024\n \n \n2025\n \n\nASSETS\n \n \n \n \n \n \n\nCurrent Assets\n \n \n \n \n \n \n\nCash\n \n$\n98\n \n \n$\n1,175\n \n\nRestricted cash\n \n \n3\n \n \n \n3\n \n\nPrepayments and other current assets\n \n \n105\n \n \n \n854\n \n\nLoan receivable from shareholder\n \n \n\n-\n\n \n \n \n13,510\n \n\nTotal current assets\n \n \n206\n \n \n \n15,542\n \n\nProperty and equipment, net\n \n \n3,049\n \n \n \n3,088\n \n\nOperating right-of-use assets\n \n \n137\n \n \n \n66\n \n\nDeferred offering costs\n \n \n934\n \n \n \n\n-\n\n \n\nRestricted asset\n \n \n2,034\n \n \n \n2,076\n \n\nOther non-current assets\n \n \n6\n \n \n \n6\n \n\nTotal non-current assets\n \n \n6,160\n \n \n \n5,236\n \n\nTOTAL ASSETS\n \n$\n6,366\n \n \n$\n20,778\n \n\nLIABILITIES AND SHAREHOLDERS’ DEFICIT\n \n \n \n \n \n \n \n \n\nCurrent liabilities\n \n \n \n \n \n \n \n \n\nShort-term bank loans\n \n$\n7,225\n \n \n$\n7,711\n \n\nNotes and accounts payable\n \n \n3\n \n \n \n2\n \n\nAccrued expenses\n \n \n1,203\n \n \n \n1,044\n \n\nAccrued expenses due to related parties\n \n \n147\n \n \n \n281\n \n\nCurrent portion of long-term bank loans\n \n \n57\n \n \n \n571\n \n\nOperating lease liabilities due to related parties-current\n \n \n159\n \n \n \n81\n \n\nAccrued liabilities - guarantee obligation\n \n \n\n-\n\n \n \n \n21,603\n \n\nOther current liabilities\n \n \n3,292\n \n \n \n3,449\n \n\nOther current liabilities due to related parties\n \n \n41\n \n \n \n68\n \n\nTotal current liabilities\n \n \n12,127\n \n \n \n34,810\n \n\nLong-term loan from related parties\n \n \n5,515\n \n \n \n6,176\n \n\nLong-term loan from third parties\n \n \n3,131\n \n \n \n2,431\n \n\nLong-term bank loans, net of current portion\n \n \n2,032\n \n \n \n1,553\n \n\nOperating lease liabilities due to related parties – non-current\n \n \n16\n \n \n \n26\n \n\nOther non-current liabilities\n \n \n58\n \n \n \n60\n \n\nOther non-current liabilities due to related parties\n \n \n628\n \n \n \n628\n \n\nGuarantee liabilities\n \n \n19,378\n \n \n \n\n-\n\n \n\nTotal non-current liabilities\n \n \n30,758\n \n \n \n10,874\n \n\nTOTAL LIABILITIES\n \n \n42,885\n \n \n \n45,684\n \n\nCommitments and contingencies (Note 18)\n \n \n\n \n\n \n \n \n\n \n\n \n\nShareholders’ deficit\n \n \n \n \n \n \n \n \n\nOrdinary shares, $0.00001 par value; 5,000,000 thousand shares authorized; 73,361 thousand and 76,028 thousand shares issued and outstanding as of December 31, 2024 and 2025, respectively\n \n \n1\n \n \n \n1\n \n\nAdditional paid-in capital\n \n \n11,805\n \n \n \n28,528\n \n\nTreasury shares, 1,794 thousand shares as of December 31, 2024 and 2025, respectively\n \n \n(16,366\n)\n \n \n(16,366\n)\n\nAccumulated deficit\n \n \n(33,080\n)\n \n \n(37,751\n)\n\nAccumulated other comprehensive income\n \n \n1,121\n \n \n \n682\n \n\nTotal shareholders’ deficit\n \n \n(36,519\n)\n \n \n(24,906\n)\n\nTOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT\n \n$\n6,366\n \n \n$\n20,778\n \n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-3\n\n \n\n**JYONG BIOTECH LIMITED**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE\nLOSS**\n\n**(in thousand US Dollars, except share data\nin thousands and per share data)**\n\n \n\n  \nFor the years ended December\n31, \n\n  \n2023  \n2024  \n2025 \n\nOperating expenses \n   \n   \n  \n\nResearch and development \n$(1,071) \n$(927) \n$(813)\n\nSelling and marketing \n (47) \n (44) \n (45)\n\nGeneral and administrative \n (1,679) \n (1,085) \n (1,749)\n\nTotal operating expenses \n (2,797) \n (2,056) \n (2,607)\n\nLoss from operations \n (2,797) \n (2,056) \n (2,607)\n\nOther incomes (expenses): \n    \n    \n   \n\nInterest income \n 56  \n 7  \n 610 \n\nInterest expenses \n (757) \n (1,035) \n (2,539)\n\nOther (losses) gains, net \n (902) \n 65  \n (135)\n\nTotal other expenses, net \n (1,603) \n (963) \n (2,064)\n\nLoss before income tax \n (4,400) \n (3,019) \n (4,671)\n\nIncome tax expense \n \n-\n  \n \n-\n  \n \n-\n \n\nNet loss \n (4,400) \n (3,019) \n (4,671)\n\nOther comprehensive (loss) income \n    \n    \n   \n\nForeign currency translation adjustments, net of nil tax \n (42) \n 573  \n (439)\n\nTotal comprehensive loss \n$(4,442) \n$(2,446) \n$(5,110)\n\n  \n    \n    \n   \n\nNet loss per share: \n    \n    \n   \n\nBasic and Diluted \n$(0.06) \n$(0.04) \n$(0.06)\n\n  \n    \n    \n   \n\nWeighted average shares outstanding (in thousands): \n    \n    \n   \n\nBasic and Diluted \n 71,567  \n 71,567  \n 73,011 \n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n** **\n\nF-4\n\n \n\n**JYONG BIOTECH LIMITED**\n\nCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nDEFICIT\n\n(In thousand US Dollars, except share data\nin thousands)\n\n \n\n** **** **\n**Ordinary Shares**** **** **\n**Additional Paid-in**** **** **\n**Accumulated Other Comprehensive**** **** **\n**Accumulated**** **** **\n**Treasury**** **** **\n**Total Shareholders’**** **\n\n** **** **\n**Shares**** **** **\n**Amount**** **** **\n**Capital**** **** **\n**Income**** **** **\n**Deficit**** **** **\n**Shares**** **** **\n**Deficit**** **\n\nBalance as of January 1, 2023 \n 73,361  \n$    1  \n$11,805  \n$   590  \n$(25,661) \n$(16,366) \n$(29,631)\n\nNet loss \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (4,400) \n \n-\n  \n (4,400)\n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n (42) \n \n-\n  \n \n-\n  \n (42)\n\nBalance as of December 31, 2023 \n 73,361  \n$1  \n$11,805  \n$548  \n$(30,061) \n$(16,366) \n$(34,073)\n\nNet loss \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (3,019) \n \n-\n  \n (3,019)\n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n 573  \n \n-\n  \n \n-\n  \n 573 \n\nBalance as of December 31, 2024 \n 73,361  \n$1  \n$11,805  \n$1,121  \n$(33,080) \n$(16,366) \n$(36,519)\n\nIssuance of shares upon initial public offering, net \n 2,667  \n \n-\n  \n 16,723  \n \n-\n  \n \n-\n  \n \n-\n  \n 16,723 \n\nNet loss \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (4,671) \n \n-\n  \n (4,671)\n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n (439) \n \n-\n  \n \n-\n  \n (439)\n\nBalance as of December 31, 2025 \n 76,028  \n$1  \n$28,528  \n$682  \n$(37,751) \n$(16,366) \n$(24,906)\n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-5\n\n \n\n**JYONG BIOTECH LIMITED**\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n**(In thousand US Dollars)**\n\n \n\n \n \nFor the years ended December 31,\n \n\n \n \n2023\n \n \n2024\n \n \n2025\n \n\nCash flows from operating activities\n \n \n \n \n \n \n \n \n \n\nNet loss\n \n$\n(4,400\n)\n \n$\n(3,019\n)\n \n$\n(4,671\n)\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \n \n \n \n \n \n \n \n \n \n\nDepreciation\n \n \n127\n \n \n \n120\n \n \n \n100\n \n\nNoncash operating lease expenses\n \n \n175\n \n \n \n170\n \n \n \n176\n \n\nFair value changes in the guarantee liabilities\n \n \n379\n \n \n \n591\n \n \n \n(19,378\n)\n\nGain on disposal of short-term investments\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(3\n)\n\nChanges in operating assets and liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n\nPrepayments and other current assets\n \n \n(2\n)\n \n \n(8\n)\n \n \n(749\n)\n\nNotes and accounts payable\n \n \n(2\n)\n \n \n1\n \n \n \n(1\n)\n\nAccrued liabilities – guarantee obligation\n \n \n-\n \n \n \n\n-\n\n \n \n \n**21,603**\n \n\nAccrued expenses\n \n \n254\n \n \n \n76\n \n \n \n(159\n)\n\nAccrued expenses due to related parties\n \n \n42\n \n \n \n92\n \n \n \n134\n \n\nOperating lease liabilities due to related parties\n \n \n(128\n)\n \n \n(124\n)\n \n \n(130\n)\n\nOther current liabilities\n \n \n878\n \n \n \n(1,542\n)\n \n \n10\n \n\nOther current liabilities due to related parties\n \n \n17\n \n \n \n20\n \n \n \n27\n \n\nOther non-current liabilities\n \n \n59\n \n \n \n(1\n)\n \n \n\n-\n\n \n\nNet cash used in operating activities\n \n \n(2,601\n)\n \n \n(3,624\n)\n \n \n(3,041\n)\n\nCash flows from investing activities\n \n \n \n \n \n \n \n \n \n \n \n \n\nPurchases of short-term investments\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(16,870\n)\n\nProceeds from disposal of short-term investments\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n16,873\n \n\nProceeds from maturity of time deposits\n \n \n95\n \n \n \n\n-\n\n \n \n \n\n-\n\n \n\nLoan to a shareholder\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(15,000\n)\n\nRepayment from shareholder\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n1,490\n \n\nNet cash provided by (used in) investing activities\n \n \n95\n \n \n \n\n-\n\n \n \n \n(13,507\n)\n\nCash flows from financing activities\n \n \n \n \n \n \n \n \n \n \n \n \n\nPayments of deferred offering costs\n \n \n(445\n)\n \n \n(213\n)\n \n \n(114\n)\n\nProceeds from short-term bank loans\n \n \n9,803\n \n \n \n9,241\n \n \n \n23,096\n \n\nRepayment of short-term bank loans\n \n \n(9,113\n)\n \n \n(9,394\n)\n \n \n(22,936\n)\n\nProceeds from issuance of ordinary shares\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n17,771\n \n\nProceeds of loan from related parties\n \n \n2,026\n \n \n \n2,427\n \n \n \n1,376\n \n\nRepayments of loan from related parties\n \n \n(120\n)\n \n \n\n-\n\n \n \n \n(800\n)\n\nRepayment of loan from third party\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n(700\n)\n\nRepayments of long-term bank loans\n \n \n(123\n)\n \n \n(71\n)\n \n \n(60\n)\n\nNet cash provided by financing activities\n \n \n2,028\n \n \n \n1,990\n \n \n \n17,633\n \n\nEffects of exchange rate changes on cash and restricted cash\n \n \n(54\n)\n \n \n(7\n)\n \n \n(8\n)\n\nNET (DECREASE)INCREASE IN CASH AND RESTRICTED CASH\n \n \n(532\n)\n \n \n(1,641\n)\n \n \n1,077\n \n\nCASH AND RESTRICTED CASH AT BEGINNING OF THE YEAR\n \n \n2,274\n \n \n \n1,742\n \n \n \n101\n \n\nCASH AND RESTRICTED CASH AT END OF THE YEAR\n \n$\n1,742\n \n \n$\n101\n \n \n$\n1,178\n \n\nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION\n \n \n \n \n \n \n \n \n \n \n \n \n\nIncome taxes paid\n \n$\n\n-\n\n \n \n$\n\n-\n\n \n \n$\n\n-\n\n \n\nInterest paid\n \n$\n104\n \n \n$\n223\n \n \n$\n337\n \n\nReconciliation to amount on consolidated balance sheets\n \n \n \n \n \n \n \n \n \n \n \n \n\nCash\n \n$\n177\n \n \n$\n98\n \n \n$\n1,175\n \n\nRestricted cash\n \n \n1,565\n \n \n \n3\n \n \n \n3\n \n\nTOTAL CASH AND RESTRICTED CASH\n \n$\n1,742\n \n \n$\n101\n \n \n$\n1,178\n \n\n \n\nThe accompanying notes are an integral part of\nthe consolidated financial statements.\n\n \n\nF-6\n\n \n\n**JYONG BIOTECH LIMITED**\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n**(Amounts in thousand US Dollars, except for\nnumber of shares, per share data, or otherwise stated)**\n\n \n\n1.ORGANIZATION AND BUSINESS OPERATION\n\n \n\nHealth Ever Biotech\nCo., Ltd., was incorporated under the laws of Taiwan in August 2002 to research and develop new drugs for today’s great unmet medical\nneeds and planned to manufacture and sell new drugs after receiving regulatory approval. In January 2018, HEB incorporated Jyong Biotech\nLtd., (“Jyong” or the “Company”) under the laws of the Cayman Islands and was reorganized into the Company’s\nsubsidiary in December 2018. After the reorganization, HEB was wholly owned by the Company in April 2019.\n\n \n\nThe Company and its subsidiaries’ (the “Group”) product\ncandidates are led by “Botreso” (also known as Botreso®) and PCP. Botreso is a drug candidate in the clinic,\ndeveloped for unmet medical needs of benign prostate hyperplasia/lower urinary tract symptoms (BPH/LUTS). The Group has completed four\nPhase III clinical trials in Taiwan and the U.S. and submitted a new drug application for Botreso to the U.S. Food and Drug Administration\n(“US FDA”) for review in December 2021, using Active Pharmaceutical Ingredient (API)-1, but voluntarily withdrew it in November\n2022, in order to develop more information about API-2 for the U.S. FDA’s review. The Group is still in the process of providing\nthe information required by the U.S. FDA and has not yet successfully demonstrated the comparability of API-1 and API-2. “PCP”\nis the other key new drug candidate developed for the prevention of prostate cancer. Similar to Botreso®, PCP works through\nits mechanism of antioxidant and anti-inflammatory. PCP contains several types of patented medical-grade active pharmaceutical ingredients\nthat reduce oxidative stress and inflammatory cytokines (IL-6), both of which are causes of many chronic inflammatory diseases. The Group\njust completed phase II clinical trials of PCP in Taiwan. PCP has completed the data lock in May 2025, and statistical analysis of primary\nendpoint was completed in September 2025.\n\n \n\nInitial Public Offering\n\n \n\nOn June 17, 2025,\nthe Company consummated its initial public offering (“IPO”) of 2,666,667 ordinary shares at a public offering price per share\nof $7.5. The gross proceeds from IPO, before deducting the underwriting discounts and commissions and offering expenses were $20,000 with\nnet proceeds of $17,771.\n\n \n\nAs of December 31, 2025, the Company’s\nsubsidiaries are as follows:\n\n \n\nSubsidiaries  Date of\nincorporation  Place of\nincorporation  Ownership  Principal activities\n\nHealth Ever Biotech Co., Ltd. (“HEB”)  August 1, 2002  Taiwan  100% owned by the Company  Research, development, manufacturing\n\nGenvace Biotechnology (“GB”)  September 14, 2021  Taiwan  100% owned by HEB  Research and development\n\nTop ShunXing Bio-Tech Co., (“TSB”)  March 4, 2019  Hong Kong  100% owned by the Company  Investment holding\n\nInnovative Biotech Co., (“IB”)  July 1, 2019  People’s Republic of China (“China”)  100% owned by TSB  Research, development, manufacturing\n\nJyong Biotech International Pte. Ltd.  September 29, 2022  Singapore  100% owned by the Company  Leasing of non-financial intangible assets\n\n \n\n2.LIQUIDITY RISKS AND GOING CONCERN\n\n \n\nIn accordance\nwith Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue\nas a Going Concern (Subtopic 205-40), the Group has evaluated whether there are conditions and events, considered in the aggregate, that\nraise substantial doubt about the Group’s ability to continue as a going concern within one year after the date that the consolidated\nfinancial statements are issued.\n\n \n\nAs of December 31, 2025 and as of April\n30, 2026, the Group had cash of approximately $1,175 and $428, respectively. The Group has incurred recurring negative cash flows since\ninception and has funded its operations primarily from equity and debt financing. The Group had accumulated deficit of approximately $30,061,\n$33,080 and $37,751 as of December 31, 2023, 2024 and 2025, respectively and net losses of approximately $4,400, $3,019 and $4,671 for\nthe years ended December 31, 2023, 2024, and 2025. In addition, the Group incurred negative cash flows in operating activities for the\napproximate amount of $2,601, $3,624 and $3,041 for the years ended December 31, 2023, 2024, and 2025, respectively. The Group’s\nability to fund its operations is highly contingent on raising additional capital until a regulatory approval that provides an ability\nto generate sufficient revenue, if ever. As such, the Group’s management concluded that there is substantial doubt about the Group’s\nability to continue as a going concern within one year after the issuance date of the consolidated financial statements.\n\n \n\nF-7\n\n \n\nThe Group\nintends to pursue an additional public offering to fund future operations. However, there can be no assurance that the Group will be\nsuccessful in completing such an offering on a timely basis or on terms acceptable to the Group. In the event that a public offering\nis not completed for a sufficient amount, the Group’s financing strategy includes obtaining credit facilities or bridge loans\nfrom related parties, in addition to pursuing other alternative such as third-party debt financing or strategic collaboration\nagreements. There can be no assurances, however, that the current operating plan will be achieved or that such related party funding\nor other financing will be available on commercially reasonable terms, or at all. If the Group is unable to obtain sufficient\nfunding by April 2027, it will be required to significantly delay, limit, or terminate its research and development efforts and\nimplement further cost-reduction measures. Such circumstances would have a material adverse effect on the Group’s business,\nfinancial condition, and its ability to continue as a going concern. The accompanying consolidated financial statements do not\ninclude any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements\nhave been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of\nassets and satisfaction of liabilities and commitments in the ordinary course of business.\n\n \n\n3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n\n \n\n**Basis of presentation**\n\n \n\nThe consolidated\nfinancial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.\nGAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).\n\n \n\n**Principle of consolidation**\n\n \n\nThe consolidated\nfinancial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions\nhave been eliminated on consolidation.\n\n \n\n**Use of estimates**\n\n \n\nThe preparation\nof financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported\namounts and disclosures. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but\nare not limited to, useful lives for property and equipment, impairment of long-live assets, determination of incremental borrowing rate\nfor lease, research and development expense recognition, other contingency liabilities, and valuation allowance for deferred income tax\nassets. Management evaluates the estimates based on historical experience and various other assumptions that are believed to be reasonable,\nthe results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results\ncould differ from those estimates.\n\n \n\n**Risk and uncertainties**\n\n \n\nThe product candidates\ndeveloped by the Group require approvals from the US FDA or foreign regulatory agencies prior to commercial sales. There can be no assurance\nthat the Group’s current and future product candidates will receive the necessary approvals or be commercially successful. If the\napproval is denied or delayed, it will have a material adverse impact on the business and consolidated financial statements of the Group.\n\n \n\nGenerally, the\nindustry in which the Group operates subjects the Group to a number of other risks and uncertainties that can affect its operating results\nand financial condition. Such factors include, but are not limited to: the timing, costs and results of clinical trials and other development\nactivities versus expectations; the ability to manufacture products successfully; competition from products sold or being developed by\nother companies; the price of, and demand for products once approved; the ability to negotiate favorable licensing or other manufacturing\nand marketing agreements for its products.\n\n \n\nF-8\n\n \n\n**Emerging Growth Company Status**\n\n \n\nThe Group is\nan “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities\nAct”), as modified by the Jumpstart The Company’s Business Startups Act of 2012, (the “JOBS Act”), and it may\ntake advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging\ngrowth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404\nof the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements,\nand exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden\nparachute payments not previously approved.\n\n \n\nFurther, Section 102(b)(1) of the JOBS\nAct exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies\nare required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out\nof the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election\nto opt out is irrevocable. The Group has elected not to opt out of such extended transition periods which means that when a standard is\nissued or revised and it has different application dates for public or private companies, the Group, as an emerging growth company, can\nadopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Group’s\nconsolidated financial statements with another public company difficult because of the potential differences in accounting standards used.\n\n \n\n**Fair value measurements**\n\n \n\nThe Group applies\nASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands\ndisclosures about fair value measurements.\n\n \n\nASC 820 requires\ndisclosures to be provided for fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs\nused in measuring fair value as follows:\n\n \n\nLevel 1\n— Observable inputs such as quoted prices for identical instruments in active markets;\n\n \n\nLevel 2\n—Inputs, other than the quoted prices\nin active markets, that are observable either directly or indirectly;\n\n \n\nLevel 3\n—Unobservable inputs in which there is\nlittle or no market data, which require the reporting entity to develop its own assumptions.\n\n \n\nASC 820 describes\nthree main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach.\nThe market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets\nor liabilities.\n\n \n\nThe income approach\nuses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated\nby current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to\nreplace an asset.\n\n \n\nThe carrying\namount of the Group’s financial instruments, including cash, short-term bank loans, notes and accounts payable, other current liabilities\ndue to related parties, approximates fair value due to the short-term maturity of the instruments. The Group’s long-term liabilities\napproximate their fair values as they contain interest rates that vary according to market interest rates.\n\n \n\n**Cash**\n\n \n\nCash consists\nof cash and demand deposits placed with banks. All cash is unrestricted to withdrawal and use.\n\n \n\n**Restricted cash**\n\n \n\nRestricted cash\nmainly consists of the bank deposits held as collateral for the credit of a business credit card and bank deposits with time deposits\nhaving original maturities of more than three months.\n\n \n\n**Short-term investments**\n\n \n\nThe short-term investments consist\nof U.S. Treasury Bills with contractual maturities of 12 months or less. The Group classifies these investments as available-for-sale.\nThese investments are stated at fair value within current assets. Unrealized gains and losses on investment are recorded within accumulated\nother comprehensive income.\n\n \n\nF-9\n\n \n\n**Property and equipment**\n\n \n\nProperty and\nequipment are stated at cost less accumulated depreciation and impairment if applicable. Significant additions, renewals and betterments\nare capitalized, while maintenance and repairs are expenses as incurred. Depreciation is computed on a straight-line basis over estimated\nuseful lives that range as follows:\n\n \n\n   Useful life\n\nBuildings  50 years\n\nBuilding improvements  3 to 15 years\n\nLaboratory equipment  3 to 5 years\n\nTransportation equipment  5 years\n\nOffice equipment  2 to 8 years\n\nOther equipment  2 to 10 years\n\nLeasehold improvements  the shorter of the estimated useful life or the lease term, which is 3 to 5 years\n\n \n\nRetirements,\nsale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected\nin the consolidated statements of operations and comprehensive loss.\n\n \n\n**Leases**\n\n \n\nThe Group determines\nif an arrangement is a lease at inception. The Group classifies the lease as a finance lease if it meets certain criteria or as an operating\nlease when it does not. The Group leases several properties for offices, research and development centers, and manufacturing factories\nin mainland China and Taiwan, which are all classified as operating leases with fixed lease payments, as contractually stated in the lease\nagreements. The Group’s leases do not contain any material residual value guarantees or material restrictive covenants.\n\n \n\nAt the commencement\ndate of a lease, the Group recognizes a lease liability for future fixed lease payments and a right-of-use (“ROU”) asset representing\nthe right to use the underlying asset during the lease term. The lease liability is initially measured as the present value of the future\nfixed lease payments that will be made over the lease term. The future fixed lease payments are discounted using the rate implicit in\nthe lease, if available, or the incremental borrowing rate (“IBR”) based on the information available at the commencement\ndate of the lease. The Group has elected not to record leases with an initial term of 12 months or less on the consolidated balance sheets.\n\n \n\nThe ROU asset\nis measured at the amount of the lease liability with adjustments, if applicable, for lease prepayments made prior to or at lease commencement,\ninitial direct costs incurred by the Group and lease incentives. Under ASC 842, land use rights agreements are also considered to be operating\nlease contracts. The Group will evaluate the carrying value of ROU assets if there are indicators of impairment and review the recoverability\nof the related asset group. If the carrying value of the asset group is determined to not be recoverable and is in excess of the estimated\nfair value, the Group will record an impairment loss in other expenses in the consolidated statements of operations. ROU assets for operating\nleases are included in operating lease right-of-use assets in the consolidated balance sheets.\n\n \n\nOperating leases\nare included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Operating lease\nliabilities that become due within one year of the balance sheet date are classified as current operating lease liabilities.\n\n \n\nLease expense\nis recognized on a straight-line basis over the lease term.\n\n \n\nIn addition,\nIB, the Company’s subsidiary, acquired land use rights from the Bureau of Natural Resources and Planning in Taizhou, China (“Taizhou\nResources Bureau”) in December 2019 for 50 years and paid RMB 16,494 thousand ($2,528). All land in mainland China is owned by the\nChina government. The China government may sell land use rights for a specified period of time. The purchase price of land use rights\nrepresents the operating lease prepayments for the rights to use the land in mainland China under ASC 842 and is recorded as operating\nROU assets on the consolidated balance sheets, which is amortized over the lease term.\n\n \n\nF-10\n\n \n\n**Restricted asset**\n\n \n\nRestricted asset\nmainly consists of the land use rights from the Taizhou Resources Bureau have been seized by the Taizhou Intermediate People’s Court\nas asset preservation for the Taizhou Bay New District Administrative Committee. See Note 18 — Commitments and Contingencies for\nfurther detail.\n\n \n\n**Intangible assets**\n\n \n\nIntangible assets\nconsist of costs incurred to acquire computer software, which are considered finite live assets and recorded at cost less accumulated\namortization and accumulated impairment. Amortization is recorded using the straight-line basis over estimated useful lives that range\nfrom 3 years.\n\n \n\n**Impairment of long-lived assets**\n\n \n\nThe Group evaluates\nthe recoverability of long-lived assets, including finite-lived intangible assets, whenever events or changes in circumstances indicate\nthe carrying value may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets\nby comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and\ntheir eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group\nrecognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally\ndetermined by discounting the cash flows expected to be generated by the assets when the market prices are not readily available. The\nadjusted carrying amount of the assets becomes a new cost basis and is depreciated over the assets’ remaining useful lives. No impairment\nloss was recorded for the years ended December 31, 2023, 2024, and 2025.\n\n \n\n**Deferred offering costs**\n\n \n\nDeferred offering costs consist of underwriting, legal, accounting\nand other expenditures incurred through the balance sheet date that are directly related to the Company’s initial public offering\nand that will be charged to shareholder’s deficit upon the completion of the initial public offering. Should the initial public\noffering prove to be unsuccessful, the deferred offering costs, will be charged to operating expense in the consolidated statement of\noperations and comprehensive loss. As of December 31, 2024 and 2025, the Company recorded $934 and nil of offering costs, respectively.\nTotal deferred offering cost of $1,048 reclassified to additional paid-in capital upon the completion of IPO in June 2025.\n\n \n\n**Guarantee liabilities**\n\n \n\nThe Company provided\na joint and several guarantee for the performance of buyback shares obligation of the certain shareholders who transferred some of their\nshares in the Company to others. The guarantee of buyback shares obligation falls within the scope of ASC 460-10-15-4(b). The guarantee\nliability is recognized at the fair value at the inception of the guarantee and subsequently remeasured at each reporting period. Changes\nin the fair value of the guarantee liability are recorded as changes in guarantee liabilities in the consolidated statements of operations\nand comprehensive loss. When the Company settles the guarantee liability through the performance of the guarantee by making requisite\npayments to buy back shares, the Company records a corresponding deduction to the guarantee liability. When the Company is released from\nthe guarantee obligation due to the buyback of shares performed by certain shareholders, it is recognized as a reversal of the deduction\nto the guarantee liability. See Commitment with the Taizhou Company in Note 18 — Commitments and Contingencies for further detail.\n\n \n\n**Loss contingencies**\n\n \n\nThe Group is subject to certain legal\nproceedings and contingencies in addition to those related to guarantee liabilities discussed above in this Note, the outcome of which\nare subject to significant uncertainty. The Group accrues for estimated losses if it is probable that a liability has been incurred and\nthe amount of the loss can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.\nThe Group uses judgment and evaluates whether a loss contingency arising from litigation or an unasserted claim should be disclosed or\nrecorded. The outcome of legal proceedings and other contingencies is inherently uncertain and often difficult to estimate. Accrued legal\ncontingencies are reported within other current liabilities or other non-current liabilities in the consolidated balance sheets based\non the period in which the Group expects the contingency to be settled.\n\n \n\nF-11\n\n \n\n**Segment reporting**\n\n \n\nASC 280, Segment Reporting, establishes standards for reporting information\nabout operating segments on a basis consistent with the Group’s internal organizational structure. The Group’s chief operating\ndecision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews the financial information of each\nseparate operating segment when making decisions about allocating resources and assessing the performance of the segment. The Group operates\nand manages its business as a single segment—in the research and development of novel therapeutics targeting significant unmet needs.\nRefer to Note 19 — Segment Reporting for the Group’s segment reporting disclosure.\n\n \n\n**Research and development expenses**\n\n \n\nResearch and\ndevelopment expenses primarily include (1) payroll and other related costs of personnel engaged in research and development activities,\n(2) costs related to preclinical testing of the Group’s technologies and clinical trials such as payments to contract research organizations\n(“CRO”), investigators and clinical trial sites that conduct the clinical studies, (3) costs to develop the product candidates,\nincluding raw materials and supplies, product testing, depreciation, and facility related expenses, and (4) other research and development\nexpenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Group’s research\nand development services and have no alternative future uses.\n\n \n\nThe Group is\nrequired to estimate its expenses resulting from its obligations under contracts with vendors, consultants and CROs, in connection with\nconducting research and development activities. The financial terms of these contracts are subject to negotiations, which vary from contract\nto contract and may result in payment flows that do not match the periods over which the services are provided under such contracts. The\nGroup reflects research and development expenses in the consolidated financial statements by matching those expenses with the period in\nwhich services and efforts are expended. The Group accounts for these expenses according to the progress of the preclinical or clinical\nstudy as measured by the timing of various aspects of the study or related activities and determines accrual estimates through reviewing\nthe underlying contracts along with discussions with research and other key personnel as to the progress of studies, or other services\nbeing conducted. During the course of a study, the Group adjusts its expense recognition if actual results differ from its estimates.\n\n \n\n**Income tax**\n\n \n\nThe Group accounts\nfor income taxes under the liability method in accordance with the regulations of the relevant tax jurisdictions. Under the liability\nmethod, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income\ntax bases of assets and liabilities and are measured using the enacted income tax rates expected to apply when the differences are expected\nto be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the\nperiod including the enactment date. A valuation allowance is recorded if it is more likely than not that some portion or all of a deferred\nincome tax assets will not be realized in the foreseeable future.\n\n \n\nThe Group evaluates\nits uncertain tax positions using the provisions of ASC 740-10, Income Taxes, which prescribes a recognition threshold that a tax position\nis required to meet before being recognized in the consolidated financial statements. The Group recognizes in the consolidated financial\nstatements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on\nthe technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the\nrecognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than\nfifty percent likelihood of being realized upon settlement. It is the Group’s policy to recognize interest and penalties related\nto unrecognized tax benefits, if any, as a component of income tax expense.\n\n \n\nFor years ended December 31, 2023,\n2024 and 2025, the Group did not have any material interest or penalties associated with tax positions nor did the Group have any significant\nuncertain tax benefits.\n\n \n\nF-12\n\n \n\n**Earnings (loss) per share**\n\n \n\nBasic earnings\n(loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by weighted average number of\nordinary shares outstanding during the period.\n\n \n\nDiluted earnings\n(loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares.\nThe Company did not have potential ordinary shares (e.g., stock options, non-vested restricted shares and other securities), which could\npotentially convert into ordinary shares and dilute basic earnings (loss) per share in the future.\n\n \n\n**Foreign currency transactions**\n\n \n\nThe functional\ncurrency of the Company is the U.S. dollar. The Company’s subsidiaries determined their functional currency to be the local currency\nof the respective entities except for TSB which determined its functional currency to be the U.S. dollar based on the criteria of ASC\n830, Foreign Currency Matters. Gains or losses, resulting from the application of different foreign exchange rates when cash in foreign\ncurrency is converted into the entities’ functional currency, or when foreign currency receivable and payable are settled, are credited\nor charged to income in the period of conversion or settlement. At year-end, the balances of foreign currency monetary assets and liabilities\nare recorded based on prevailing exchange rates and any resulting gains or losses are credited or charged to non-operating income or loss.\n\n \n\n**Translation of foreign currency\nfinancial statements**\n\n \n\nThe reporting\ncurrency of the Group is the US dollar. Assets and liabilities are translated from each entity’s functional currency to the reporting\ncurrency at the exchange rate on the balance sheet date. Equity amounts, except for the change in accumulated deficits, are translated\nat historical exchange rates at the date of entry to shareholders’ equity; the change in accumulated deficits uses historical exchange\nrates of each period’s statement of operations. Translation adjustments are reported as accumulative translation adjustments and\nare shown as a separate component of other comprehensive income in the consolidated statements of changes in shareholders’ deficit.\n\n \n\nTranslation of\namounts into USD has been made at the following exchange rates from Board of Governors of the Federal Reserve System:\n\n \n\nBalance sheet\nitems, except for equity accounts\n\n \n\nDecember 31, 2025  RMB6.9931 to $1; NTD31.3700 to $1\n\n    \n\nDecember 31, 2024  RMB7.2993 to $1; NTD32.7900 to $1\n\n \n\nStatement of\noperations and comprehensive loss, and cash flows items\n\n \n\nFor the year ended December 31, 2025  RMB7.1875 to $1; NTD31.1663 to $1\n\n    \n\nFor the year ended December 31, 2024  RMB7.1957 to $1; NTD32.1064 to $1\n\n    \n\nFor the year ended December 31, 2023  RMB7.0809 to $1; NTD31.1525 to $1\n\n \n\n**Comprehensive loss**\n\n \n\nComprehensive\nloss consists of two components, net loss and other comprehensive income (loss). The foreign currency translation gain or loss resulting\nfrom translation of the consolidated financial statements expressed in USD is reported in other comprehensive loss in the consolidated\nstatements of operations and comprehensive loss.\n\n \n\nF-13\n\n \n\n**Concentration of risks**\n\n \n\n*Concentration of suppliers*\n\n \n\nThe following\nsuppliers accounted for 10% or more of research and development expenses for the years ended December 31, 2023, 2024, and 2025:\n\n \n\n \n \nYears ended December 31,\n \n\n \n \n2023\n \n \n2024\n \n \n2025\n \n\nSupplier\n \n \n \n \n \n \n \n \n \n\n \nA\n \n \n\n-\n\n \n \n \n\n-\n\n \n \n \n44\n%\n\n \nB\n \n \n*\n \n \n \n*\n \n \n \n31\n%\n\n \nC\n \n \n*\n \n \n \n*\n \n \n \n\n*\n\n \n\n \nD\n \n \n24\n%\n \n \n27\n%\n \n \n*\n \n\n \nE\n \n \n\n-\n\n \n \n \n24\n%\n \n \n\n-\n\n \n\n \nF\n \n \n22\n%\n \n \n10\n%\n \n \n*\n \n\n \nG\n \n \n15\n%\n \n \n\n-\n\n \n \n \n\n-\n\n \n\n \nH\n \n \n10\n%\n \n \n\n-\n\n \n \n \n\n-\n\n \n\n \n\n*Represents less than 10% of research and development expenses\nfor the years ended December 31, 2023, 2024, and 2025.\n\n \n\n*Concentration of credit risk*\n\n \n\nFinancial\ninstruments that potentially subject the Group to significant concentration of credit risk consist primarily of deposits and time\ndeposits with original maturities more than three months.\n\n \n\nIn China, the\ninsurance coverage of each financial institution is RMB 500 thousand. As of December 31, 2024 and 2025, all deposits at the financial\ninstitution incorporated in China were covered by the insurance, respectively.\n\n \n\nIn Taiwan, the\ninsurance coverage of each financial institution is NTD 3,000 thousand. As of December 31, 2024 and 2025, the Group had $13 and $931 in\nuninsured deposits at the financial institutions incorporated in Taiwan, respectively.\n\n \n\nIn Hong Kong,\nthe insurance coverage of each financial institution is HKD 800 thousand. As of December 31, 2024 and 2025, all deposits at the financial\ninstitution incorporated in Hong Kong were covered by the insurance, respectively.\n\n \n\nIn the United\nStates of America, the insurance coverage of each financial institution is provided by the Federal Deposit Insurance Corporation (FDIC)\nup to USD 250 thousand and by the Securities Investor Protection Corporation (SPIC) up to a total of USD 500 thousand (including a USD\n250 thousand limit for cash). As of December 31, 2024 and 2025, all deposits at the financial institution incorporated in the United States\nof America were covered by SPIC, respectively.\n\n \n\nWhile management\nbelieves that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.\n\n \n\nF-14\n\n \n\n**Recent adopted and issued accounting pronouncements**\n\n \n\nIn November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic\n280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced\ndisclosures about significant segment expenses among other disclosure requirements. The amendment is effective for fiscal years beginning\nafter December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments\nwill be applied retrospectively to all prior periods presented in the financial statements. The adoption of this standard has not had\na material impact on the Group’s consolidated financial statements and disclosures (See Note19).\n\n \n\nIn October 2023, the FASB issued ASU\n2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.”\nThis amendment incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards\nCodification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification\nTopics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not\npreviously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities\nsubject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or\nto the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer,\nthe effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other\nentities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure\nfrom its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Group does not\nexpect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements.\n\n \n\nIn December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic\n740) — Improvements to Income Tax Disclosures. The amendment requires that entities on an annual basis (1) disclose specific categories\nin the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect\nof those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable\nstatutory income tax rate. The amendment also requires disclosure of, on an annual basis, the year-to-date amount of income tax paid (net\nof refunds received) disaggregated by disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information\non income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net\nof refunds received). This amendment is effective for the Group’s consolidated financial statements issued for annual periods beginning\nafter December 15, 2024. Early adoption is permitted. The Group adopted this standard on January 1, 2025. There was no material impact\nto the Group’s consolidated financial statements (See Note 13).\n\n \n\nIn November 2024,\nthe FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic\n220-40): Disaggregation of Income Statement Expenses. The amendment requires that entities disclose the amounts of purchases of inventory,\nemployee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the consolidated\nstatements of operations, as well as qualitatively describe remaining amounts included in those captions. The amendment also requires\nthe entities disclose both the amount and their definition of selling expenses. In January 2025, the FASB issued ASU 2025-01, Clarifying\nthe Effective Date. The amendments, as clarified by ASU 2025-01, are effective for annual reporting periods beginning after December\n15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.\nThe amendment is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after\nDecember 15, 2027. Early adoption is permitted. The amendment should be applied either prospectively to financial statements issued for\nreporting periods after the effective date of this amendment or retrospectively to any or all prior periods presented in the financial\nstatements. The Group is currently evaluating the impact of adopting this amendment.\n\n \n\nIn December 2025,\nthe FASB issued ASU 2025-12, Codification Improvements. This amendment revises and supplements existing literature, addressing minor changes\nand corrections across 33 Accounting Standards Codification topics. The amendment is effective for fiscal years beginning after December\n15, 2026. The Group is currently assessing the potential impact of adoption.\n\n \n\nExcept as mentioned above, the Group does not believe other recently\nissued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group’s consolidated\nbalance sheets, statements of operations and comprehensive loss and statements of cash flows.\n\n \n\nF-15\n\n \n\n4.CASH AND RESTRICTED CASH\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nCash in hand \n$1  \n$1 \n\nDeposits in banks \n 97  \n 1,174 \n\nTotal cash \n$98  \n$1,175 \n\nCollateral for the credit of a business credit card \n 3  \n 3 \n\nTotal restricted cash \n$3  \n$3 \n\nTotal cash and restricted cash \n$101  \n$1,178 \n\n \n\n5.SHORT-TERM INVESTMENT\n\n \n\nShort-term investments\nconsisted of U.S. Treasury Bills with contractual maturities of 12 months or less and were classified as available-for-sale. The Group’s\nshort-term investments are categorized as Level 1 instruments, as the Group uses quoted market prices in active markets when determining\nthe fair value of these securities. During the year ended December 31, 2025, the Company purchased U.S. Treasury Bills for $16,870 and\nsold all such securities for $16,873 prior to year-end. As of December 31, 2024 and 2025, the Group had no short-term available-for-sale\ninvestment securities. For the years ended December 31, 2023, 2024, and 2025, a realized gain of nil, nil and $3 were recorded within\nother income related to these investment securities, respectively.\n\n \n\n6.PROPERTY AND EQUIPMENT, NET\n\n \n\nProperty and equipment consist of the\nfollowing:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nLand \n$952  \n$995 \n\nBuildings \n 2,334  \n 2,440 \n\nBuildings improvements \n 142  \n 148 \n\nLaboratory equipment \n 741  \n 775 \n\nOffice equipment \n 112  \n 117 \n\nTransportation equipment \n 21  \n 22 \n\nOther equipment \n 48  \n 50 \n\nLeasehold improvements \n 140  \n 146 \n\nConstruction in progress \n 135  \n 140 \n\n  \n 4,625  \n 4,833 \n\nLess: accumulated depreciation \n (1,576) \n (1,745)\n\nProperty and equipment, net \n$3,049  \n$3,088 \n\n \n\nDepreciation\nexpenses recognized during the years ended December 31, 2023, 2024 and 2025 were approximately $127, $120 and $100, respectively.\n\n \n\nF-16\n\n \n\n7.LEASES\n\n \n\nThe Group leased\nfacilities for office, research and development and manufacturing facilities in China and Taiwan. Most of the lease facilities in Taiwan\nwere leased from the related parties. In December 2019, the land use right of gross value of RMB 16,494 thousand ($2,528) for 50 years\nwas acquired from Taizhou Resource Bureau in China. As of December 31, 2024 and 2025, the net carrying values of the acquired Taizhou\nland use rights were RMB 14,845 thousand ($2,034) and RMB 14,515 thousand ($2,076), respectively. This asset was reclassified as restricted\nassets after the Taizhou Intermediate People’s Court seized the land use right in January 2024 due to litigation with the Taizhou\nBay New District Administrative Committee. See Notes 18 for the detail. In February 2024, May 2024, January 2025 and December 2025, the\nGroup renewed the lease agreement with the related party, Zhao Jian Fu Co., Ltd. and Ms. Kuo to lease an office in Taiwan, continuously.\nLease terms vary based on the nature of operations and the market dynamics; however, all leased facilities are classified as operating\nleases with remaining lease terms between 0.17 to 4 years except for the land use rights\nacquired from the Bureau of Land and Resources in Taizhou, China with remaining lease terms of 44 years. See Note 17 for related party\nlease obligations due and related party lease costs.\n\n \n\nSupplemental information related to\nleases was as follows:\n\n \n\n  \nYears ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nOperating fixed lease cost \n$180  \n$175  \n$179 \n\n \n\nSupplemental cash\nflow information related to leases was as follows:\n\n \n\n  \nYears ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nCash paid for amounts included in measurement of lease liabilities \n$133  \n$129  \n$133 \n\nNon-cash operating lease liabilities arising from obtaining operating right-of-use assets \n 43  \n 113  \n 52 \n\n \n\n \n\nThe\nmaturities of lease liabilities as of December 31, 2025 were as follows:\n\n \n\n  \nAmount \n\n2026 \n$82 \n\n2027 \n 23 \n\n2028 \n 2 \n\n2029 \n 2 \n\n2030 \n \n-\n \n\nThereafter \n \n-\n \n\nTotal lease payments \n 109 \n\nLess: imputed interest \n (2)\n\nPresent value of minimum operating lease payments \n$107 \n\n \n\nWeighted-average\nremaining lease terms and discount rates are as follows:\n\n \n\n   2024   2025 \n\nWeighted-average remaining lease term   1.15 years    1.73 years \n\nWeighted-average discount rate   3.20%    3.05% \n\n \n\nF-17\n\n \n\n8.LOAN RECEIVABLE FROM SHAREHOLDERS\n\n \n\nOn June 24, 2025, the Company entered into a loan agreement with Linkage\nGladden Enterprise Ltd., a shareholder holding less than 10% of the Company’s voting interest. The loan was extended with a principal\namount of $15,000, carrying a fixed interest rate of 8.0% per annum. Under the payment terms, the principal and all accrued interest are\ndue in a single lump-sum payment upon maturity. In September and October 2025, the Company received aggregate repayments of $1,490. As\nof December 31, 2025, the outstanding loan receivable from the shareholder was $13,510, classified as a current asset since it is not\ndue within one year. As of December 31, 2025, the interest receivable related to this loan amounted to $602, which was reclassified as\na current asset. For the year ended December 31, 2025, interest income recognized from this loan was $602. In the subsequent period, the\nCompany received an aggregate repayment of US$12,328 from Linkage Gladden Enterprise Ltd. as of May 12, 2026. The residual amount of US$1,182\nwill be fully repaid by Linkage Gladden Enterprise Ltd. no later than May 31, 2026.\n\n \n\n9.SHORT-TERM BANK LOANS\n\n \n\nThe following table presents short-term\nbank loan as of December 31, 2024 and 2025:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nShanghai Commercial & Savings Bank \n$6,389  \n$6,838 \n\nTaipei Fubon Bank \n 836  \n 873 \n\nTotal \n$7,225  \n$7,711 \n\n \n\n*Morgan Stanley Bank N.A.*\n\n \n\nSince May 2025,\nthe Company has maintained a revolving margin loan facility with Morgan Stanley Bank N.A. to provide flexible working capital. The loan\ncarried a variable interest rate, had no fixed maturity date, and was payable on demand by Morgan Stanley Bank N.A. It was secured by\nU.S. Treasury Bills held in the Company’s investment account with Morgan Stanley Bank N.A. The Company borrowed an aggregate principal\nof $15,335, incurred interest expenses of $30, and fully repaid the loan in 2025. As of December 31, 2025, the facility had no outstanding\nprincipal balance.\n\n \n\n*Shanghai Commercial & Savings\nBank loan*\n\n \n\nOn September\n23, 2023, HEB entered into a one-year loan agreement with Shanghai Commercial and Savings Bank, Ltd., increasing its credit limit from\nNTD 200,000 thousand to NTD 300,000 thousand. The loan carried a variable interest rate and had a maturity date of September 23, 2024.\nThe agreement was subsequently renewed on September 23, 2024 and again on September 30, 2025, extending the maturity date to September\n23, 2026.\n\n \n\nUnder this agreement,\nHEB borrowed NTD 227,800 thousand ($7,312), NTD 214,500 thousand ($6,681), and NTD 214,500 thousand ($6,882) in 2023, 2024, and 2025,\nrespectively, and made repayments of NTD 206,300 thousand ($6,622), NTD 208,000 thousand ($6,479), and NTD 209,500 thousand ($6,722) in\nthe same respective years.\n\n \n\nAs of December\n31, 2024 and 2025, the outstanding borrowings under this agreement amounted to NTD 209,500 thousand ($6,389) at an interest rate of 2.19%\nper annum and NTD 214,500 thousand ($6,838) at an interest rate of 1.90% per annum, respectively. The borrowing was guaranteed by Panatoz\nCorporation, Nobel Consumer Corporation, Fu-Feng Kuo, and Ju-Ting Chen, related parties.\n\n \n\nIn the subsequent period, HEB had repaid an aggregate amount of NTD\n51,400 thousand ($1,639) for this loan as of April 30, 2026.\n\n \n\nF-18\n\n \n\n*Taipei Fubon Bank loan*\n\n \n\nOn December 16,\n2021, HEB entered into a short-term loan agreement with Taipei Fubon Bank, providing a credit limit of NTD 38,800 thousand with a variable\ninterest rate. The Company subsequently rolled over and renewed this facility through 2022 and 2023.\n\n \n\nOn November 21,\n2024, HEB entered into a new short-term loan agreement with Taipei Fubon Bank, providing a credit limit of NTD 27,400 thousand with a\nvariable interest rate.\n\n \n\nUnder these agreements,\nHEB borrowed aggregate amounts of NTD 77,600 thousand ($2,491), NTD 82,200 thousand ($2,560), and NTD 27,400 thousand ($879) in 2023,\n2024, and 2025, respectively, and made aggregate repayments of NTD 77,600 thousand ($2,491), NTD 93,600 thousand ($2,915), and NTD 27,400\nthousand ($879) in the same years.\n\n \n\nAs of December\n31, 2024 and 2025, the outstanding borrowings under this agreement amounted to NTD 27,400 thousand ($836), which were due on December\n15, 2025, at an interest rate of 2.85% per annum, and NTD 27,400 thousand ($873), which were due on June 12, 2026, at an interest rate\nof 2.96% per annum, respectively. These borrowings were guaranteed by Panatoz Corporation, Fu-Feng Kuo, and Ju-Ting Chen, the related\nparties.\n\n \n\n10.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES\n\n \n\nAccrued\nexpenses and other current liabilities consist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nClinical trial \n$248  \n$260 \n\nInterest expenses \n 343  \n 320 \n\nProfessional service fees \n 433  \n 295 \n\nPayroll \n 145  \n 137 \n\nOther \n 34  \n 32 \n\nTotal accrued expenses \n$1,203  \n$1,044 \n\nAccrued government subsidy repayment obligations (Note 18) \n$2,878  \n$3,004 \n\nRepayment of government subsidies (Note 18) \n 413  \n 437 \n\nOther \n 1  \n 8 \n\nTotal other current liabilities \n$3,292  \n$3,449 \n\n \n\n11.LOANS FROM THIRD PARTIES\n\n \n\nOn September\n10, 2019, the Company entered into a loan facility with Medi-life Co., Limited (“Medi-life), a minority shareholder, for $600. This\nloan had a one-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed the loan agreement with Medi-life\nto extend the maturity date to September 10, 2026. On December 3, 2020, the Company also entered into a new loan facility with Medi-life\nfor $100, which had a two-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed the loan agreement\nwith Medi-life to extend the maturity date to December 2, 2026. In July 2025, the Company repaid an aggregate amount of $700 to Medi-life.\n\n \n\nOn August 5,\n2019, TSB entered a loan facility with Medi-life for RMB 16,003 thousand ($2,273), which had a two-year term with a 2% interest rate per\nannum. On June 1, 2021, TSB repaid $250 to Medi-life. Before the maturity date, TSB renewed the loan agreement with Medi-life to extend\nthe maturity date to May 31, 2027.\n\n \n\nF-19\n\n \n\nOn January 10,\n2020 and December 7, 2020, TSB also entered two loan facilities with Medi-life for an aggregate amount of $408, which had a two-year term\nwith a 2% interest rate per annum. Before the maturity date, TSB renewed the loan agreement with Medi-life, totaling $80 and $328, extending\nthe maturity date to January 9, 2027 and December 6, 2026, respectively.\n\n \n\nLoans from third\nparties were $3,131 and $2,431 as of December 31, 2024 and 2025, and accrued interests were $334 and $311 as of December 31, 2024 and\n2025, respectively.\n\n \n\nThe\nfuture principal payments for the Group’s loans from third parties as of December 31,\n2025 were as follows:\n\n \n\n  \nAmount \n\n2026 \n$328 \n\n2027 \n 2,103 \n\n2028 \n \n-\n \n\n2029 \n \n-\n \n\n2030 \n \n-\n \n\nThereafter \n \n-\n \n\nTotal loans from third parties \n$2,431 \n\n \n\n12.LONG-TERM BANK LOANS\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nSecured bank loans \n$2,089  \n$2,124 \n\nLess: Current portion \n (57) \n (571)\n\nLong-term bank loans \n$2,032  \n$1,553 \n\n \n\n  \n **As of December 31,** \n\n  \n 2024  \n 2025 \n\nLoan content \n    \n   \n\nAnnual interest rate \n 2.72%~3.38%    \n 2.72%~3.30%   \n\nMaturity date \n Due by June 2032    \n Due by June 2032   \n\n \n\n*Taiwan Cooperative Bank loan*\n\n \n\nOn June 5, 2014,\nHEB entered into a loan agreement with Taiwan Cooperative Bank for NTD 73,200 thousand. This loan had an 18-year term with a variable\ninterest rate per annum. HEB started repaying the principal from June 2015. HEB suspended principal repayments under the COVID-19 emergency\nrelief program provided by Taiwan Cooperative Bank. As of December 31, 2024, the outstanding loan was NTD 55,012 thousand ($1,677) with\nan interest rate of 2.72% per annum. On March 18, 2025, HEB reached an agreement with Taiwan Cooperative Bank to postpone principal repayments,\nand subsequently repaid NTD 200 thousand ($6) on March 28, 2025. As a result, HEB will pay only interest until principal repayments resume\nin April 2026. As of December 31, 2025, the outstanding loan balance was NTD 54,812 thousand ($1,747) at an interest rate of 2.72% per\nannum.\n\n \n\nOn August 20,\n2019, HEB also entered into a new loan agreement with Taiwan Cooperative Bank for NTD 15,000 thousand. This loan had a 5-year term with\na variable interest rate per annum. Similar to the above, principal repayments were suspended from 2020 through March 2023 under the COVID-19\nemergency relief program. On February 19, 2024, HEB reached an agreement with Taiwan Cooperative Bank to postpone principal repayments,\nwith interest-only payments until March 2025. As of December 31, 2024, the outstanding loan balance was NTD 12,328 thousand ($376) at\nan interest rate of 2.88% per annum. On March 18, 2025, HEB further agreed with Taiwan Cooperative Bank to extend the maturity date to\nAugust 20, 2026 and postpone principal repayments until February 2026. In addition, HEB repaid NTD 500 thousand ($16) on March 28, 2025.\nAs of December 31, 2025, the outstanding loan balance was NTD 11,828 thousand ($377) at an interest rate of 2.88% per annum.\n\n \n\nHEB provided\nland and buildings located in Yilan, Taiwan as collateral for these loans from Taiwan Cooperative Bank. These loans were also guaranteed\nby Fu-Feng Kuo, CEO of the Company, and Ju-Ting Chen, the shareholder of the Company. The carrying amount of pledged land, buildings,\nand building improvements was $2,817 and $2,895 as of December 31, 2024 and 2025, respectively.\n\n \n\nIn the subsequent period, HEB had repaid an aggregate amount of NTD\n4,598 thousand ($147) for this loan as of April 30, 2026.\n\n \n\nF-20\n\n \n\n*Shanghai Commercial & Savings\nBank loan*\n\n \n\nOn August 25,\n2020, HEB entered into a loan agreement with Shanghai Commercial & Saving Bank for NTD 16,000 thousand. This loan had a 5-year term\nwith a variable interest rate per annum. For the years ended December 31, 2023, 2024, and 2025, HEB repaid NTD 1,770 thousand ($57), NTD\n1,770 thousand ($55), and NTD 1,180 thousand ($38) for this loan, respectively. HEB had fully repaid the amount as of December 31, 2025.\nAs of December 31, 2024 and 2025, the outstanding loan was NTD 1,180 thousand ($36) and nil with an interest rate of 3.38% and nil, respectively.\nThis loan was also guaranteed by Fu-Feng Kuo, CEO of the Company with the fixed asset located in Xinbei, Taiwan owned by Panatoz Corporation.\n\n \n\nThe future principal\npayments for the Group’s long-term bank loans as of December 31, 2025 were as follows:\n\n \n\n  \nAmount \n\n2026 \n$571 \n\n2027 \n 265 \n\n2028 \n 273 \n\n2029 \n 280 \n\n2030 \n 288 \n\nThereafter \n 447 \n\nTotal long-term bank loans \n$2,124 \n\n \n\n13.INCOME TAX\n\n \n\nThe Group is\nsubject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.\n\n \n\n*Cayman Islands*\n\n \n\nThe Company is\nincorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital\ngain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.\n\n \n\n*Taiwan*\n\n \n\nHEB and GB are\nincorporated in Taiwan and are subject to corporate income tax at a rate of 20%. Both of them have no taxable income for all periods presented,\ntherefore, no provision for income taxes is required.\n\n \n\n*Hong Kong*\n\n \n\nTSB is incorporated\nin Hong Kong and is subject to Hong Kong profits tax on the taxable income as reported in the respective statutory financial statements\nadjusted in accordance with the relevant Hong Kong tax laws. The applicable tax rate in Hong Kong is 8.25% for assessable profits on the\nfirst HKD2 million and 16.5% for any assessable profits in excess.\n\n \n\nF-21\n\n \n\n*China*\n\n \n\nIB is incorporated\nin China and is subject to China statutory income tax rate of 25% on the assessable income in accordance with relevant PRC enterprise\nincome tax legislation, interpretations and practices.\n\n \n\nNo provision\nfor PRC corporate income tax has been made for the years ended December 31, 2023, 2024, and 2025 as IB had no such assessable profit for\nthe years ended December 31, 2023, 2024, and 2025.\n\n \n\n*Singapore*\n\n \n\nEntities incorporated\nin Singapore are subject to corporate income tax rate of 17%. Jyong Biotech International Pte. Ltd., which was incorporated under the\nlaw of Singapore on September 29, 2022, and is subject to corporate income tax rate of 17%. No provision for Singapore corporate income\ntax has been made for the years ended December 31, 2023, 2024, and 2025 as Jyong Biotech International Pte. Ltd., had no such assessable\nprofit.\n\n \n\nThe Company and\nits subsidiaries file separate income tax returns. The applicable statutory income tax rate in the Cayman Islands was zero for the Company\nfor the years being reported. For purpose of reconciling the provision for income at the statutory rate to the provision for income taxes\nat the effective tax rate, the Group applies the 20% Taiwan statutory income tax rate, as the main operation of Group is located in Taiwan.\nA reconciliation of the Group’s effective income tax rate for the years ended December 31, 2025 are as follows:\n\n \n\n  \nYear ended\n\nDecember 31, 2025 \n\n  \nAmount  \nPercentage \n\nStatutory income tax rate \n$(934) \n 20.00%\n\nForeign tax effect: \n    \n   \n\nCayman Island: \n    \n   \n\nStatutory tax rate difference between Cayman Island and Taiwan \n 602  \n (12.89)%\n\nOther foreign jurisdictions \n 29  \n (0.62)%\n\nChanges in valuation allowances \n 300  \n (6.42)%\n\nOthers \n 3  \n (0.07)%\n\nEffective tax rate \n$\n-\n  \n 0.00%\n\n \n\nReconciliations\nof the differences between the Taiwan statutory income tax rate and the Group’s effective income tax rate for the years ended December\n31, 2023 and 2024 are as follows:\n\n \n\n  \nYears ended\n\nDecember 31, \n\n  \n2023  \n2024 \n\nStatutory income tax rate \n 20.00% \n 20.00%\n\nNon-deductible expenses \n (0.09)% \n (0.07)%\n\nChanges in valuation allowances \n (19.91)% \n (19.93)%\n\nEffective tax rate \n 0.00% \n 0.00%\n\n \n\nF-22\n\n \n\nThe deferred\nincome tax assets and liabilities as of December 31, 2024 and 2025 consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nDeferred income tax assets \n   \n  \n\nNet operating loss carryforwards \n$6,919  \n$6,529 \n\nResearch and development credits \n 10,089  \n 10,534 \n\nOthers \n 36  \n 40 \n\n  \n 17,044  \n 17,103 \n\nValuation allowance \n (17,044) \n (17,103)\n\nTotal net deferred income tax assets \n$\n-\n  \n$\n-\n \n\n \n\nRealization of\nthe net deferred income tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate\nfuture taxable income, exclusive of reversing deductible temporary differences and tax loss carry forwards. The Group evaluates the potential\nrealization of deferred tax assets on an entity-by-entity basis. As of December 31, 2024 and 2025, valuation allowances were provided\nagainst deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets\nwill not be realized.\n\n \n\nAs of December\n31, 2024 and 2025, HEB had Taiwan research and development credit carryforwards of approximately $10,089 and $10,534, respectively. The\nAct for the Development of Biotech and New Pharmaceuticals Industry in Taiwan provided HEB the research and development credit for a period\nof five years from the time it is subject to the profit-seeking enterprise income tax.\n\n \n\nAs of December\n31, 2025, the Group had net operating loss carryforward available to offset future taxable income, shown below by jurisdictions.\n\n \n\n  \nAmount  \nExpiring year \n\nJurisdiction \n   \n  \n\nTaiwan \n$30,617  \n 2026-2035 \n\nChina \n 1,623  \n 2026-2030 \n\n \n\n14.ORDINARY SHARES\n\n \n\nAs of December\n31, 2024 and 2025 the Company was authorized to issue 5,000,000 thousand shares. As of December 31, 2024 and 2025, 73,361 thousand and\n76,028 thousand shares were issued and outstanding, respectively, $0.00001 par value ordinary shares. Holders of the Company’s ordinary\nshares are entitled to dividends, if and when, declared by the board of directors of the Company. The holder of each ordinary share is\nentitled to one vote. As of December 31, 2025, no dividends were declared.\n\n \n\n15.LICENSE AGREEMENTS\n\n \n\nIn April 2016, HEB entered into a licensing agreement with Chhak Kamponngsaon\nSez Co., Ltd to grant an exclusive right to sell and market Botreso in the Kingdom of Cambodia until April 2036 in exchange for an upfront\npayment of $100 thousand, a certain amount in milestone payments for applying the regulatory approval of Botreso and obtaining the regulatory\napproval of Botreso in the Kingdom of Cambodia, and a certain percent on net sales in royalty payments. HEB has no other performance obligation\nin addition to the license, and Chhak Kamponngsaon Sez Co., Ltd is responsible for assisting HEB to obtain initial and all subsequent\nregulatory approvals of Botreso in the Kingdom of Cambodia. HEB recognized the upfront payment of $100 thousand as revenue in 2016 since\nHEB has no other performance obligation in addition to the licenses. As of April 30, 2026, HEB has not achieved any milestones.\n\n \n\nF-23\n\n \n\n16.NET LOSS PER SHARE\n\n \n\nBasic and diluted\nnet loss per share for the years ended December 31, 2023, 2024, and 2025 are calculated as follows:\n\n \n\n  \nYears ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nNumerator: \n   \n   \n  \n\nNet loss attributable to ordinary shareholders \n$(4,400) \n$(3,019) \n$(4,671)\n\nDenominator: \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding – basic and diluted (in thousands) \n 71,567  \n 71,567  \n 73,011 \n\nNet loss per share – basic and diluted \n$(0.06) \n$(0.04) \n$(0.06)\n\n \n\n17.RELATED PARTY TRANSACTIONS\n\n \n\nIntercompany\nbalances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated upon\nconsolidation; therefore, those items are not disclosed in this note. The table below sets forth the major related parties and their relationships\nwith the Group as of December 31, 2024 and 2025:\n\n \n\nName of related parties  Relationship with the Group\n\nFu-Feng Kuo  CEO and Chairwoman of the Company\n\nJu-Ting Chen  The shareholder of the Company\n\nXue-Juan Chen  The fourth degree of kinship to CEO\n\nPanatoz Corporation  Significantly influenced by Fu-Feng Kuo, CEO of the Company\n\nZhao Jian Fu Co., Ltd.  Significantly influenced by Fu-Feng Kuo, CEO of the Company\n\nNobel Consumer Corporation  Managed by Xue-Juan Chen, a related party of the Company\n\n \n\nFrom February\n2021 to November 2021, the Company entered into several loan agreements with Nobel Consumer Corporation for an aggregate amount of $ 300,\nwhich had a 2-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed the loan agreements with Nobel\nConsumer Corporation to extend the maturity date of the loans. An amount of $100 will be due on February, June and November 2027, respectively.\n\n \n\nFrom March 2022\nto December 2022, the Company entered additional loan agreements with Nobel Consumer Corporation and Fu-Feng Kuo for an aggregate amount\nof $595 and $342, respectively, which had two-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed\nthe loan agreements to extend the maturity date of the loans due on March 2026 to December 2026. From July 2025 to October 2025, the Company\nrepaid an aggregate amount of $280 to Fu-Feng Kuo.\n\n \n\nFrom January\n2023 to December 2023, the Company and HEB entered additional loan agreements with Nobel Consumer Corporation, Fu-Feng Kuo, and Panatoz\nCorporation for an aggregate amount of $480, $963, and NTD 13,500 thousand ($433) and $30, respectively, which had two-year term with\na 2% interest rate per annum. Before the maturity date, the Company renewed several loan agreements to extend the maturity date of the\nloans due in January 2027 to December 2027, with an agreement amount of $1,906. From July 2025 to December 2025, the Company repaid an\naggregate amount of $520 to Fu-Feng Kuo.\n\n \n\nFrom January\n2024 to December 2024, the Company and HEB entered additional loan agreements with Nobel Consumer Corporation, Fu-Feng Kuo, Panatoz Corporation,\nand Zhao Jian Fu Co., Ltd. for an aggregate amount of $14 and NTD 10,400 thousand ($324), $656 and NTD 1,836 thousand ($57), NTD 25,600\nthousand ($797) and $114, and NTD 14,913 thousand ($465), respectively, which had two-year term with a 2% interest rate per annum.\n\n \n\nFrom January\n2025 to December 2025, the Company and HEB entered additional loan agreements with Nobel Consumer Corporation, Fu-Feng Kuo and Panatoz\nCorporation for an aggregate amount of $405 and NTD 13,590 thousand, $128 and NTD 1,106 thousand ($35), and $41 and NTD 10,300 thousand\n($330), respectively, which had two-year term with a 2% interest rate per annum.\n\n \n\nAs of December\n31, 2025, the accrued interest expenses to Nobel Consumer Corporation, Fu-Feng Kuo, Panatoz Corporation and Zhao Jian Fu Co., Ltd. were\n$115, $92, $55, and $18 respectively.\n\n \n\nF-24\n\n \n\nThe future principal payments for the\nGroup’s loans from related parties as of December 31, 2025 were as follows:\n\n \n\n  \nAmount \n\n2026 \n$3,122 \n\n2027 \n 3,054 \n\n2028 \n \n-\n \n\n2029 \n \n-\n \n\n2030 \n \n-\n \n\nThereafter \n \n-\n \n\nTotal loans from related parties \n$6,176 \n\n \n\nIn the subsequent period, the Company\nrepaid an aggregate amount of $1,278, $862, and $185 to Nobel Consumer Corporation, Fu-Feng Kuo, and Panatoz Corporation as of April 30,\n2026, respectively.\n\n \n\nHEB leased the\nfacilities for office, research and development, and manufacturing facilities in Taiwan from Panatoz Corporation, Zhao Jian Fu Co., Ltd.,\nand Fu-Feng Kuo, respectively. See Note 7.\n\n \n\nDuring 2018 and\n2019, Fu-Feng Kuo and Ru-Ting Chen paid securities exchange tax and bridge loan fees on behalf of the Company, respectively. As of December\n31, 2024 and 2025, the aggregate balance of due to Fu-Feng Kuo and Ju-Ting Chen were $628 and $628, respectively.\n\n \n\nNobel Consumer\nCorporation, Panatoz Corporation, Zhao Jian Fu Co., Ltd., Fu-Feng Kuo, and Ju-Ting Chen provided guarantees of short-term and long-term\nloans from Shanghai Commercial & Savings Bank, Ltd., short-term loan from Taipei Fubon Bank loan, and long-term loans from Taiwan\nCooperative Bank to HEB. As of December 31, 2024 and 2025, the amount of borrowing guaranteed were $9,314 and $9,835, respectively.\n\n \n\nThe related party\nbalances and transactions were summarized as follows:\n\n \n\n*(a)**Related party balances*\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nLoan from related parties \n   \n  \n\nNobel Consumer Corporation \n$1,706  \n$2,558 \n\nFu-Feng Kuo \n 2,018  \n 1,383 \n\nPanatoz Corporation \n 1,336  \n 1,760 \n\nZhao Jian Fu Co., Ltd. \n 455  \n 475 \n\n  \n$5,515  \n$6,176 \n\n  \n    \n   \n\nAccrued expenses \n    \n   \n\nNobel Consumer Corporation \n$64  \n$116 \n\nFu-Feng Kuo \n 53  \n 92 \n\nPanatoz Corporation \n 21  \n 55 \n\nZhao Jian Fu Co., Ltd. \n 9  \n 18 \n\n  \n$147  \n$281 \n\nOperating lease liabilities due to related parties (including current and non-current) \n    \n   \n\nPanatoz Corporation \n$65  \n$21 \n\nZhao Jian Fu Co., Ltd. \n 110  \n 79 \n\nFu-Feng Kuo \n \n-\n  \n 7 \n\n  \n$175  \n$107 \n\n  \n    \n   \n\nOther non-current liabilities due to related parties \n    \n   \n\nJu-Ting Chen \n$566  \n$566 \n\nFu-Feng Kuo \n 62  \n 62 \n\n  \n$628  \n$628 \n\n \n\nF-25\n\n \n\n*(b)**Related party transactions*\n\n \n\nDuring the years\nended December 31, 2023, 2024 and 2025, related party transactions of rental expenses consisted of the following:\n\n \n\n  \nYears ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nZhao Jian Fu Co., Ltd. \n$83  \n$80  \n$83 \n\nPanatoz Corporation \n 48  \n 47  \n 48 \n\nFu-Feng Kuo \n 2  \n 2  \n 2 \n\n  \n$133  \n$129  \n$133 \n\n \n\n18.COMMITMENTS AND CONTINGENCIES\n\n \n\n**Clinical Research Organization (CRO)**\n\n \n\nThe Group has\nagreements with contract service providers to assist in the performance of phase II clinical trial activities for PCP, one of the Group’s\nkey drug candidates. One CRO is mainly responsible for the data management, biostatistical analysis, and clinical study report writing;\nwhile the other CRO is responsible for the subjects’ enrollment and serving as study coordinator (SC) at each study site. Such agreements\nare generally cancellable upon reasonable notice and payment of costs incurred.\n\n \n\n**Commitment and Litigation with the Taizhou Company**\n\n \n\nIn May 2019,\ntwo of Jyong’s shareholders, Medi-life Co., Limited and Sira View Corp. (collectively, the “Transferring Shareholders”),\nentered into a share purchase agreement (the “Share Purchase Agreement) with Taizhou City Optimization and Upgrade Investment Partnership\n(Limited Partnership) (the “Taizhou Company”) to sell 1,794 thousand shares of Jyong’s ordinary shares held by the Transferring\nShareholders to the Taizhou Company at RMB 112,500 thousand ($16,366) (the “Share Purchase Transaction”). Under the Share\nPurchase Agreement, the Taizhou Company would have a right to request the Transferring Shareholders to repurchase the shares if Jyong\nwould not accomplish the “Qualified Issuance and Listing” (defined as Jyong’s public filing of shares and listing on\nthe main board of the Stock Exchange of Hong Kong Limited, or the HKEX) within 5 years after the closing of the Share Purchase Transaction,\nor any other commitments were breached, such as not changing the primary control-person of Jyong, not changing the main operation of HEB,\netc. and the repurchase payment is determined by the principal investment plus the interest based on the loan benchmark interest rate\nof People’s Bank of China when the payment is made. In addition, Jyong provided the Taizhou Company a joint and several guarantee\nfor the performance of the repurchase shares obligation of the Transferring Shareholders and pledged 100% of its equity interest in IB\nto the Taizhou Company as collateral pursuant to the Share Purchase Agreement. The above commitments and guarantees shall be automatically\nterminated after the Company completes the qualified issuance and listing.\n\n \n\nIn the event\nof any liquidation, dissolution, bankruptcy or winding up of Jyong, either voluntary or involuntary, or any deemed liquidation event as\ndefined in the agreement, the Taizhou Company is entitled to receive, prior to any distribution to the holders of ordinary shares, an\namount per share equal to the original issue price, plus accrued interest. This right enjoyed by the Taizhou Company shall be automatically\nsuspended when the Company submits its A1 application proof to go public on the main board of the HKEX, which never occurred. If the Company\nfails to pass the hearing procedure or withdraws the application, this right will automatically resume its validity and has retrospective\nrights to the rights and interests of the Taizhou Company during the period of expiration.\n\n \n\nF-26\n\n \n\nOn November 15,\n2022, the Group received a complaint for civil suit filed by the Taizhou Company to the Taizhou Intermediate People’s Court (the\n“Taizhou Court”) against the Transferring Shareholders, Jyong, HEB, TSB, IB and Ms. Kuo, Fu Feng (collectively, the “Defendants”),\nrequesting, among other claims: (i) redemption by the Transferring Shareholders for all shares purchased by the Taizhou Company under\nthe Share Purchase Agreement for the original purchase price of RMB112,500 thousand ($16,366) and corresponding interests from July 29,\n2019 to the date of actual payment calculated at the loan prime rate in China (the “Redemption”); (ii) the Taizhou Court to\nhold Jyong, HEB and Ms. Kuo, Fu Feng jointly liable for the Redemption; (iii) the Taizhou Court to confirm Taizhou Company’s right\nto liquidate all equity interest in IB held by TSB that was pledged to the Taizhou Company; and (iv) the Taizhou Court to hold IB for\nthe obligations of other Defendants within the scope of the benefits it received from the investment made under the Share Purchase Agreement.\nThe dispute went on trial in the Taizhou Court on March 16, 2023 and November 29, 2023, respectively.\n\n \n\nOn March 25, 2024, the Taizhou Court\nissued a judgment (the “Judgment”) partially in favor of the Taizhou Company, requiring Medi-life Co., Limited and Sira View\nCorp. to pay the redemption price of RMB 112,500 thousand ($16,366) and corresponding interests from August 20, 2019, to the date of actual\npayment calculated at the Loan Prime Rate published by the National Inter-bank Funding Center in China, and Jyong, HEB, and Ms. Fu Feng\nKuo to be jointly liable for such obligation. The Taizhou Court also ruled that the Taizhou Company is entitled to liquidate all equity\ninterest in Innovative Biotech pledged to it in order to realize the payment of the aforementioned obligations. Additionally, the lawyer\nservice fees of RMB 420 thousand ($59) incurred by the Taizhou Company and litigation fees of RMB 684 thousand ($97) should be paid by\nMedi-life Co., Limited, Sira View Corp., Jyong, HEB, or Ms. Fu Feng Kuo. In April 2024, Nobel Consumer Corporation, the Company’s\nrelated party, paid the litigation fees of RMB 684 thousand ($95) on behalf of Sira View Corp. Additionally, other than the guarantee\nliabilities under the Share Purchase Agreement as set forth below, the Company recognized an additional contingency liability of RMB 420\nthousand ($58) for litigation fees in 2023, which will be due by the end of appeal process. The Company filed an appeal with the High\nPeople’s Court of Zhejiang Province on April 29, 2024. The High Court held a hearing on August 9, 2024. On September 12, 2024, the\nHigh Court issued a judgment rejecting the Company’s petition and affirming the Taizhou Court’s ruling in its entirety. As\na result, Medi-life Co., Limited and Sira View Corp., the Transferring Shareholders, shall pay the redemption price of RMB 112,500 thousand\n($16,366) and corresponding interests to buy back the Company’s shares from the Taizhou Company, and Jyong, HEB, and Ms. Fu Feng\nKuo are jointly liable for this obligation. The judgment is final and non-appealable.\n\n \n\nOn November 19, 2025, the Judgment\nwas registered with the Court of First Instance of the High Court of Hong Kong. As of that registration date, the total outstanding obligation,\nincluding interest and legal fees, amounted to RMB 149,458 thousand (approximately $21,372 thousand). The Transferring Shareholders were\nformally notified of this registration on December 11, 2025. The Transferring Shareholders did not an appeal against this registration\nprior to December 31, 2025. On December 17, 2025, the Shilin District Court in Taipei recognized the Judgment. While HEB filed an appeal\nagainst this recognition prior to December 31, 2025. On March 10, 2026, the Financial Services Division of the Grand Court of the Cayman\nIslands recognized the Judgment. The Company filed a defense in the Grand Court of the Cayman Islands opposing enforcement of the Judgment\non May 5, 2026.\n\n \n\nAs of the date these consolidated financial\nstatements were issued, the Transferring Shareholders are in settlement negotiations with Taizhou Company regarding the repurchase obligation\nand the Taizhou Company has initiated enforcement procedure before competent courts respectively in Taiwan, Hong Kong and Cayman Islands,\nhowever, the concerned parties are actively engaged in negotiation to reach a settlement and thus postpone or suspend the enforcement\nprocedure.\n\n \n\nThe Group considered the guarantee provided under this Share Purchase\nAgreement was accounted for as an equity transaction between Jyong and shareholders to buy back Jyong’s shares. Therefore, the Group\nestimated the fair value of guarantee liabilities at the fair value of the shares at the inception of this guarantee and recorded $16,366\nof guarantee liabilities and corresponding treasury shares at the inception date, as well as subsequently measured the fair value of guarantee\nliabilities determined by the interest expense which will be paid when repurchasing the shares under the Share Purchase Agreement and\nrecognized interest expense for the fair value change of guarantee liabilities. The Group reclassified the guarantee liabilities to accrued\nliabilities – guarantee obligation since the Judgment is final and non-appealable, and the Group expects this accrued liabilities\nto be settled within the next twelve months. The amount of interest expenses recognized were $438, $657, and $2,093 for the years ended\nDecember 31, 2023, 2024, and 2025, and the amount of guarantee liabilities were $19,378 as of December 31, 2024 and the amount of accrued\nliabilities was $21,603 as of December 31,2025, respectively. In addition, the negative net book value of IB’s equity pledged was\n$1,197 and $1,317 as of December 31, 2024 and 2025, respectively.\n\n \n\nF-27\n\n \n\n**Commitments with Taizhou Resources\nBureau**\n\n \n\nOn November 29,\n2019, IB, our PRC subsidiary, entered into the land use right agreement with Taizhou Resources Bureau (the “Land Use Right Agreement”).\nUnder the Land Use Right Agreement, IB shall commence construction on the industrial land granted by May 28, 2020 and complete the construction\nby November 28, 2022, otherwise, IB shall pay the liquidated damages to Taizhou Resources Bureau for each day of delay, being 0.1% of\nthe total amount of the land use right grant price of approximately RMB16,000 thousand plus tax.\n\n \n\nOn November 23,\n2022, Taizhou Resources Bureau (the “Bureau”) issued a formal notice of reminder of default, requiring IB to pay the liquidated\ndamages of RMB13,080 thousand, with the amount of damages accruing from November 24, 2022 to the date of actual construction to be calculated\nseparately. In addition, under the Land Use Right Agreement, apart from the liquidated damages, IB is obliged to pay a land idling fee\nif the land is left idle for more than one year but less than two years, and the Bureau has the right to take back the land use right\nif the land is left idle for more than two years. IB submitted the application to the People’s Government of Zhejiang Province (the\n“Zhejiang Government”) for seeking its approval for construction on March 18, 2023.\n\n \n\nOn September\n26, 2024, the Bureau issued a notice to reclaim the land use rights of IB without compensation. Although IB initially requested an administrative\nhearing, it subsequently decided to forgo the hearing process in accordance with the notice.\n\n \n\nOn February 8,\n2025, the Bureau issued a formal Decision Letter confirming the reclamation of IB’s land use rights without compensation. IB timely\nfiled an application for administrative reconsideration with the Taizhou Municipal People’s Government. On June 26, 2025, the Municipal\nGovernment issued its decision upholding the Bureau’s reclamation order. Dissatisfied with the outcome, IB initiated an administrative\nlawsuit with the Taizhou Intermediate People’s Court of Zhejiang Province on July 23, 2025.\n\n \n\nOn January 19, 2026, the Court rendered\na judgment dismissing IB’s claims and ordering IB to bear the litigation costs of RMB 50. Although IB filed an appeal against this\njudgment on February 2, 2026, management, based on the advice of our local legal counsel, assesses that there is a high probability that\nthe unfavorable judgment will be upheld on appeal. As of the date of these consolidated financial statements, the appellate process remains\nongoing.\n\n \n\nAs of December 31, 2024 and 2025, IB\nhad accrued a sufficient contingent liability for penalties estimated through January 16, 2024. No additional contingent loss needs to\nbe accrued for the years ended December 31, 2024 and 2025. Additionally, as of the issuance of consolidated financial statements, IB has\nnot yet received the Zhejiang Government’s approval and has not paid the penalty of RMB13,080 thousand. IB accrued RMB 21,005 thousand\n($2,878) and RMB 21,005 thousand ($3,004) of other liabilities for the liquidated damages as of December 31, 2024 and 2025, and recorded\nRMB 5,860 thousand ($828), nil, and nil of other loss for the years ended December 31, 2023, 2024, and 2025, respectively.\n\n \n\n**Litigation**\n\n \n\nFrom time to\ntime, the Group may have certain contingent liabilities that arise in the ordinary course of business activities or may be a party to\ncertain legal proceedings, as well as certain asserted and un-asserted claims. The Group accrues a liability for such matters when it\nis probable that future expenditures will be made and such expenditures can be reasonably estimated. Amounts accrued, as well as the total\namount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to\nthe consolidated financial statements. As of the issuance of consolidated financial statements, the Group is not aware of any current\npending legal matters or claims except for the litigation with the Taizhou Company discussed above and as set forth below:\n\n \n\nF-28\n\n \n\n*Innovative\nBiotech Co. v. Taizhou Bay New District Administrative Committee.* On November 29, 2022, the Taizhou Bay New District Administrative\nCommittee (the “Plaintiff” or “New District Administrative Committee”), the successor of the Taizhou Industry\nDistrict Committee, filed a civil complaint to the Taizhou Court (the “Court”) against the Company’s PRC subsidiary,\nIB, claiming that IB has materially breached the Jyong Biotechnology Herbal Medicine Project Investment Cooperation Agreement (the “2019\nTaizhou Agreement”) by failing to initiate and conclude the construction of the Factory Project in accordance with the schedule\nstipulated by the 2019 Taizhou agreement and the Land Use Right Agreement. The Plaintiff requested the Court to terminate the 2019 Taizhou\nAgreement, and to order IB to return the government subsidy of RMB12.0 million ($1,690) IB previously received under the 2019 Taizhou\nAgreement, and to pay corresponding interests calculated at the Loan Prime Rate published by the National Inter-bank Funding Center. On\nDecember 1, 2022, the Court issued an order of preliminary asset preservation, freezing the RMB 10,708 thousand ($1,477) deposit in IB’s\nbank account. This dispute went on trial on February 13, 2023, and two hearings were held on May 6, 2023 and August 17, 2023, respectively.\nOn September 8, 2023, the Court entered into a judgement in favor of the Plaintiff, terminating the 2019 Taizhou Agreement and ordering\nIB to return the government subsidy of RMB12.0 million ($1,690) and corresponding interest and expenses to the Plaintiff. On September\n14, 2023, IB filed an appeal with the High People’s Court of Zhejiang Province (the “High Court”) regarding each of\nthe Court’s rulings described above. The High Court held a hearing for this case on October 24, 2023. On December 12, 2023, the\nHigh Court issued a judgment against IB to affirm the Taizhou Court’s ruling in its entirety. In addition, IB is required to pay\nlitigation fees of RMB 94 thousand ($13) to the Taizhou Administrative Committee, and security fees of RMB 5 thousand ($1) and execution\nfees of RMB 79 thousand ($11) to the High Court. IB filed a petition for retrial to the Supreme People’s Court of the People’s\nRepublic of China (the “Supreme Court”) on December 27, 2023 and it was accepted by the Supreme Court on January 9, 2024.\n\n \n\nOn January 5\nand 10, 2024, the Taizhou Court issued an order of enforcement, stipulating, among other things, freezing and assignment of IB’s\ndeposit in its bank account or withholding of IB’s income up to RMB 12.0 million ($1,690) and corresponding interests, and the seizure,\nattachment and freezing of IB’s property valued at RMB 12.0 million ($1,690) and corresponding interests, and restrictions on making\ncertain high expenses by IB and related personnel. On January 16, 2024, the industrial land acquired by IB was seized by the Taizhou Court,\nand corresponding RMB15,010 thousand ($2,065) of operating right-of-use assets as of June 30, 2024. On February 22, 2024, RMB 11,129 thousand\n($1,547) of IB’s bank deposit was transferred to the Taizhou Court to repay litigation fees, security fees, and execution fees,\nand to the New District Administrative Committee to return a government subsidy. On July 7, 2024, the Taizhou Court issued a ruling of\nexecution, notifying IB that it had repaid RMB 10,952 thousand ($1,522) to the Taizhou Administrative Committee by enforcing the transfer\nof its bank deposit and the Taizhou Administrative Committee agreed to terminate the execution as IB had no available assets to repay\nthe remaining government subsidy of RMB 1,048 thousand ($144) and corresponding interest expenses. On August 21, 2024, the Supreme Court\nissued a decision to reject IB’s petition for retrial and this lawsuit was concluded. As a result, shall return government subsidy\nof RMB 12.0 million and corresponding interest expenses to the Taizhou Administrative Committee.\n\n \n\nAs of December\n31, 2024 and 2025, IB accrued an aggregate amount of RMB 3,021 thousand ($413) and RMB 3,058 thousand ($437) of other liabilities for\nthis litigation and recorded an aggregate amount of RMB 609 thousand ($86) in other losses and litigation expenses for the year ended\nDecember 31, 2023, as well as RMB 175 thousand ($24) in other gains for reversing overestimated other liabilities and RMB 32 thousand\n($5) in other losses for the year ended December 31, 2024, and RMB 37 thousand ($5) for the year ended December 31, 2025.\n\n \n\nAs of the issuance\nof consolidated financial statements, IB returned RMB 10,952 thousand ($1,566) of government subsidy to the New District Administrative\nCommittee and the remaining subsidy of RMB 1,048 thousand ($150) and corresponding interest expenses shall be repaid when IB has assets\nto pay in the future.\n\n \n\n**19.****SEGMENT**\n\n** **\n\nThe Group operates\nand manages its business as a single reportable segment—in the research and development of novel therapeutics targeting significant\nunmet needs.\n\n \n\nThe accounting policies of the segment are the\nsame as those described in “Note 3 — Summary of Significant Accounting Policies and Practices”. The Group’s\nCODM uses net loss to measure segment loss and assesses performance against expectations to make resource allocation decisions. Additionally,\nthe CODM reviews and uses functional expenses included in net loss to manage the Group’s operations and assess operating profitability. The\nGroup operates as one operating and reportable segment, and as such the significant segment expenses regularly provided to the CODM\nare those presented on the consolidated statements of operations, including research and development, selling and marketing and general\nand administrative. Other segment items that presented on the consolidated statements of operations include interest income, interest\nexpenses and other (losses) gains, net.\n\n \n\n20.SUBSEQUENT EVENTS\n\n \n\nThe Group evaluated all events and transactions that occurred after\nDecember 31, 2025 up through May 14, 2026, which is the date that these consolidated financial statements are available to be issued,\nother than the events disclosed above, no other subsequent events have occurred that would require recognition or disclosure in the Group’s\nconsolidated financial statements.\n\n \n\nF-29\n\n+886\n2-2732-5205\n\nhttp://fasb.org/us-gaap/2025#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember\n32.7900\n31.1663\n32.1064\n31.1525\n31.3700\n\nDue by June 2032\nDue by June 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