Company: OSRH
Filing Date: 2025-06-23
Form Type: 424B3
Source: 0001213900-25-056351
Chunk: 99

Company: OSR Holdings, Inc.
Filing Date: 2025-06-23
Form: 424B3
Chunk 99
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 21%, from $13.5 thousand in the three months ended March 31, 2024, to $16.4 thousand in the same period in 2025, The increase
in interest expense was primarily due to the addition of approximately $2.6 million in short-term corporate bonds, which were not outstanding
during the same period of the prior year. Other income (gains on foreign currency exchange and foreign currency translation) decreased
by $0.3 thousand, from $26.8 thousand for the three months ended March 31, 2024 to $26.5 thousand for the same period in 2025. Other expenses
increased significantly by $8.4 million, from $71.6 thousand to $8.5 million, primarily due to the one-time recognition of approximately
$8.5 million in merger-related expenses associated with the business combination that closed on February 14, 2025.

Loss Before Income Taxes

Loss before income taxesincreased
by approximately $8.0 million from $3.4 million for the three months ended March 31, 2024 to $11.4 million in the three months ended March
31, 2025, reflecting the one-time recognition of $8.5 million in merger-related expenses mentioned above.

Liquidity and Capital Resources

From inception through March 31, 2025, OSR Holdings
has incurred significant operating losses and negative cash flows from its operations. OSR Holdings’ operating loss was $3.3 million
for the three months ended March 31, 2024 and $2.9 million for the three months ended March 31, 2025. As of March 31, 2025, OSR Holdings
had an accumulated deficit of $30.6 million. OSR Holdings has funded its operations primarily through the issuance of common shares
and convertible bonds as well as from bank loans, loans from affiliates and, to a lesser extent, from RMC product revenue. OSR Holdings
had $1.6 million in cash and cash equivalents on March 31, 2025, which consisted primarily of bank deposits. OSR Holdings has incurred
significant expenses in connection with the business combination and the Form S-4, which, together with other expenses, has reduced
its available funds for operations, resulting in the need for immediate capital raising. In response, in February 2025, OSR Holdings entered
into an equity line of credit agreement with an