Company: OSRH
Filing Date: 2025-06-23
Form Type: 424B3
Source: 0001213900-25-056351
Chunk: 98

Company: OSR Holdings, Inc.
Filing Date: 2025-06-23
Form: 424B3
Chunk 98
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 the meantime, the Health Insurance Review and Assessment
Service of Korea (“HIRA”) will officially increase the reimbursement amount by 2% from April 1, 2025. This is expected to
partially offset the impact of unfavorable KRW exchange rates.

Selling, General and Administrative Expenses

OSR Holding’s SG&A expenses in the three
months ended March 31, 2025, consisted mainly of personnel-related expenses, including salaries, retirement payment, benefits, bonus,
and travel. Other SG&A expenses included amortization of intangible assets, research and development expenses, professional services
fees, such as legal, audit, investor relations and press releases, non-income taxes, insurance costs, and employee recruiting and
training costs. SG&A expenses decreased by 13% in the three months ended March 31, 2025, primarily attributable to a decrease of approximately
$623 thousand in amortization expense, resulting from the change in the useful life of certain intangible assets to align with the useful
life of other intangible assets. This benefit was partially offset by an increase in personnel-related expenses.

Research and Development (R&D) Expenses

OSR Holding’s R&D expenses consisted
primarily of development costs associated with our product candidates in pre-clinical and clinical trials, and related costs of salaries
and contractors. R&D costs are expensed as incurred. OSR Holdings expects to incur and report R&D related expenses mainly from
its subsidiaries actively engaged in R&D at an estimated amount of $2.5 million to $3.0 million per quarter beginning from
the middle of 2025, which could potentially increase to $5.0 million to $6.0 million per quarter.

Operating Loss

Operating loss was $2.9 million for the three
months ended March 31, 2025, compared to $3.3 million in the same period of 2024. The slight improvement was primarily driven by a reduction
in SG&A expenses, largely attributable to lower amortization expenses following a change in the useful lives of certain intangible
assets. This benefit was partially offset by an increase in personnel-related expenses.

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Other Income (Expense)

Interest income decreased from $5.5 thousand for
the three months ended March 31, 2024 to $4.3 thousand in the same period in 2025, a decrease of 22%. Interest expense increased by $2.9
thousand, or