Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 464

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 464
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timegain from the disposal of financial assets of KRW 2.3 billion. Other finance income, consisting of interest income, increased by 912% in 2023 from 2022, from KRW 2.5 million to KRW 25 million, as a result of higher balances on interest bearing funds. Finance costs, consisting of interest expense, increased by 2,626%, from KRW 18 million to KRW 490 million, as a result of outstanding indebtedness of KRW 960 million during 2023. Profit (loss) before income tax Profit (loss) before income tax decreased 1,270% from a profit of KRW 1.3B in 2022 to a loss of KRW 15.7B in 2023, primarily (89%) due to the increase in administrative expenses, offset in part ( -7%) by the gross profit from the Company’s RMC subsidiary. Liquidity and Capital Resources From inception through June 30, 2024, OSR Holdings has incurred significant operating losses and negative cash flows from its operations. OSR Holdings’ operating losses were KRW 784.7 million and KRW 14.7 billion for the years ended December 31, 2022 and December 31, 2023, respectively, and KRW 4.8 billion and KRW 8.8 billion for the six months ended June 30, 2023 and 2024, respectively. As of June 30, 2024, OSR Holdings had an accumulated deficit of KRW 21.14 billion. OSR Holdings has funded its operations primarily through the issuance of common shares, convertible preferred shares, convertible bonds as well as from bank loans, loans from affiliates and, to a lesser extent, from RMC product revenue. OSR Holdings (primarily through its subsidiaries) has raised a cumulative KRW 11.6 billion in gross proceeds through the issuance of common stock and convertible preferred shares. OSR Holdings had KRW 683.8 million in cash and cash equivalents at June 30, 2024, which consisted primarily of bank deposits. OSR Holdings has incurred significant expenses in connection with the Transaction and this Form S -4, which, together with other expenses, has reduced its available funds for operations, resulting in the need for immediate cash infusion, including the October 2024 loan from BLAC, to pay outstanding expenses. If the Closing is delayed, OSR Holdings will likely