ABVC BIOPHARMA, INC. (ABVC): auditor change — ABVC BioPharma reports 2024 revenue up 234%, EPS improves 77%, but restates FY2023 financials

ABVC BIOPHARMA, INC.

Revenue $509,589 (+234% YoY); net loss narrowed to $4.90M; EPS improved 77% to ($0.42).
Operating expenses cut 21% to $5.21M; SG&A down 58%, R&D down 83%.
Remaining milestone payments potential of $18.3M from licensing partners.
Board concludes FY2023 financials should no longer be relied upon due to errors in share-based payments, interest, non-controlling interest.
Material weakness in internal controls over financial reporting identified.

item 2.02 item 4.02 item 7.01 item 9.01

Key facts

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

ABVC BIOPHARMA, INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Simon & Edward, LLP

Exact text from the filing

he matters disclosed in this Item 4.02 with its independent registered public accounting firm, Simon & Edward, LLP. Due to the above, the Company determined that it has a material weakness in its internal controls over financial reporting and included such determination in its Annual Report on Form

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Source: SEC EDGAR

accession 0001213900-25-032135

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