Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 878

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 878
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22, 2025
  
    Joong Myung Cho

115

OSR HOLDINGS, INC.

(f/k/a Bellevue Life
Sciences Acquisition Corp.)

INDEX TO
CONSOLIDATED FINANCIAL STATEMENTS 

    Page
  
    Report of Independent Registered Public Accounting Firm (PCAOB ID #100) 
    F-2
  
    Consolidated Financial Statements:

    Consolidated Balance Sheets as of
    December  31, 2024 and 2023
    F-3
  
    Consolidated Statements of
    Operations for the years ended December 31, 2024 and 2023
    F-4
  
    Consolidated Statements of Changes
    in Stockholders’ Deficit for the years ended December 31, 2024 and 2023
    F-5
  
    Consolidated Statements of Cash
    Flows for the years ended December 31, 2024 and 2023
    F-6
  
    Notes to Consolidated Financial
    Statements
    F-7

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Stockholders and the Board of Directors
of

OSR Holdings, Inc. (f/k/a Bellevue Life Sciences
Acquisition Corp.):

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated
balance sheets of OSR Holdings, Inc. (f/k/a Bellevue Life Sciences Acquisition Corp.) (the “Company”) as of December 31, 2024
and 2023, the related consolidated statements of operations, changes in stockholder’s deficit and cash flows for the years then
ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023
and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted
in the United States of America.

Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the entity will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the entity has incurred recurring losses from operations and expects to continue to incur operating losses that raise substantial doubt
about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2.