Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 460

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 460
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R’s only revenue producing subsidiary, with the termination of RMC’s distribution agreement with Penumbra for its neuro intervention medical device equipment, OSR expects its revenue to decrease substantially in 2025 and possibly longer, until RMC can replace sales of Penumbra’s products by increasing sales of products from other manufacturers. Cost of Revenue and Gross Margin Cost of revenue increased by KRW 521 million. The increase was due to increased costs relating to the foreign exchange rate, as RMC is required to pay its suppliers in U.S. dollars, which increased in value relative to the KRW during 2024. Research and Development Expenses Research and development expenses decreased by KRW 55,245,928, or 31%, from KRW 179,364,186 for the six months ended June 30, 2023 to KRW 124,118,258 for the six months ended June 30, 2024. This was primarily due to cash constraints at the Company’s subsidiaries, Darnatein and Vaximm. Administrative Expenses Administrative expenses increased by KRW 3,882 million, or 70%, from KRW 5,530 million for the six months ended June 30, 2023, to KRW 9,412 million for the six months ended June 30, 2024. The increase was primarily attributable to the amortization of intangible assets following the acquisition of Darnatein, which began to be recognized in the second half of 2023, and, to a lesser extent, an increase in accounting/finance expenses. The amortization of intangible assets increased 92%, from KRW 4,007 million for the six months ended June 30, 2023, to KRW 7,695 million for the six months ended June 30, 2024, while accounting/finance expenses increased by 174%, from KRW 102 million to KRW 279 million. Those increases offset a 94% decrease in legal expenses, which decreased from approximately KRW 140 million to KRW 8 million for the six months ended June 30, 2024 and June 30, 2023, respectively, and decreases in certain other smaller administrative expenses.

291

Non-Operating Income (Loss) Finance income decreased from KRW 68 million in the first half of 2023 to KRW 15 million in the first half of 2024. Finance costs (interest expense) decreased by KRW 304