# EDGAR Filing Document

**Accession Number:** 0001840425
**File Stem:** 0001213900-25-072321
**Filing Date:** 2025-8
**Character Count:** 29130
**Document Hash:** 0c495fff65d69c6f69e5f815421072a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-072321.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001213900-25-072321

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OSR Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001840425
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 845052822
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41390
- **FILM NUMBER:** 251187542

**BUSINESS ADDRESS:**
- **STREET 1:** 10900 NE 4TH STREET, SUITE 2300
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** 425-635-7700

**MAIL ADDRESS:**
- **STREET 1:** 10900 NE 4TH STREET, SUITE 2300
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bellevue Life Sciences Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210113

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 6, 2025

**OSR HOLDINGS, INC.**

(Exact Name of Registrant as Specified in Charter)

<u>Delaware</u> <u>001-41390</u> <u>85-5052822</u> <br> (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

<u>10900 NE 4th Street, Suite 2300, Bellevue, WA</u> <u>98004</u> <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (425) 635-7700

<u>Not Applicable </u> <br> (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on<br> which registered** |
| Common stock, par value $0.0001 per share | OSRH | The Nasdaq Stock Market LLC |
| Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share | OSRHW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 7.01. Regulation FD Disclosure**

On August 6, 2025, OSR Holdings, Inc. (the "Company") will host an investor presentation in connection with an Investor Event. A copy of the presentation materials that will be used during the event is attached hereto as Exhibit 99.1 and is incorporated herein by reference. These materials will also be made available on the Company's investor relations website.

The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Investor Presentation dated August 6, 2025](ea025201201ex99-1_osrhold.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2025

---

| | | |
|:---|:---|:---|
| **OSR HOLDINGS, INC.** | **OSR HOLDINGS, INC.** | **OSR HOLDINGS, INC.** |
| By: | /s/ Kuk Hyoun Hwang | /s/ Kuk Hyoun Hwang |
|  | Name: | Kuk Hyoun Hwang |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

OSR HOLDINGS Innovation Headquarters \| NASDAQ : OSRH Investor Update \| August 6, 2025

![](ex99-1_002.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Forward Looking Statements This material has been prepared by OSR Holdings, Inc . (the "Company") solely for the purpose of providing information during presentations intended for institutional and general investors . Redistribution, duplication, or transmission of this material to others is strictly prohibited . Attendance at this presentation shall be deemed as agreement to comply with the above restrictions . Any violation of these restrictions may constitute a breach of applicable securities laws . All information regarding the Company's management performance and financial results contained herein has been prepared in accordance with corporate accounting standards . The "forward - looking information" included in this material has not undergone individual verification procedures . This information pertains to future events rather than past ones and reflects the Company's expected business operations and financial performance . Expressions such as "expect," "forecast," or "outlook" are indicative of such forward - looking statements . These forward - looking statements are subject to changes in future business environments and inherently involve uncertainties . As a result of these uncertainties, actual future performance may differ materially from what is stated or implied in the forward - looking information . Furthermore, all projections are based on conditions and assumptions as of the date of the presentation and may be subject to change without notice due to evolving market conditions and strategic revisions . The Company, its affiliates, advisors, and representatives bear no liability whatsoever for any loss arising from the use of this material (including in cases of negligence or otherwise) . This document does not constitute an offer, solicitation, or recommendation to subscribe for or purchase any shares, and no part of this document should form the basis of, or be relied upon in connection with, any contract or investment decision . 2

![](ex99-1_003.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Today's Agenda • Corporate overview and value drivers • Subsidiary and R&D pipeline updates: • Vaximm : versatile, cost - effective oral immunotherapies • Darnatein : innovative protein therapies • RMC: evolution to fourth party logistics • Woori IO acquisition: The opportunity in noninvasive CGM • Equity Line of Credit (ELOC) financing strategy • Live Q&A with management 3 CGM, continuous glucose monitoring .

![](ex99-1_004.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Executive Summary Hub - and - Spoke Healthcare Holdco: OSRH currently holds 100% ownership in three Subcos across biotech and med ical device sectors . Three global hub operations: Korea (Paju, Corporate HQ), Switzerland (Basel, Drug Development) and U.S. (Seattle, IR & Regulatory). Focused on advancing healthcare innovation globally to improve health and wellness outcomes. During the final deSPAC process, from February 10th to 14th, a series of steep share price declines occurred from ~$11 to below $3 for no known fundamental reasons but only upon "short - term dynamics" while volumes were still thin as a SPAC. This share price drop did not represent any fundamental events or corporate or operational changes in any way. Excessive Market Discount vs Peers : As of August 5, 2025, the company's market capitalization is approximately $16 million. Compared to the median valuation of global peers at around $500 million\*, which suggests that the excessive and short sale - driven share price decline is likely to be corrected by underlying market fundamentals. Portfolio Expansion Strategy: Recently signed Term Sheet to acquire 4 th Subco in blood glucose monitoring (BGM/CGM) space with noninvasive technologies (i.e. no skin prick required). Represents ~$10.9B annual market in 2024, estimated to grow at 16% CAGR to ~$47.1B by 2034\*\*. Further pipeline opportunities are under constant evaluation. 4 \*Based on the S - 4 Fairness Opinion filed by the Company; \*\*Market Data from Global Market Insights.

![](ex99-1_005.jpg)

Value Drivers 5 • Hub provides centralized overarching expertise and resources • Spokes focus on individual unique core competencies • Flexibility to scale operations, promote collaboration, spread risk • Reduced costs, enhanced efficiency and elevated probability of success • Synthetic biology platform employing AI to generate "hybrid" versions of endogenous proteins with superior activity and excellent safety profile • Lead asset DRT01 is engineered to function as BMP super - agonist for joint cartilage regeneration, targeting OA with huge unmet medical need and potential as a DMOAD • Potential first - in - class approach addressing $10B market annually with no current FDA - approved DMOAD • Versatile proprietary platform directing cytotoxic T - cells against a wide range of epitopes with p.o. dosing • Clinical stage VEGFR - 2 inhibitor, VXM01, with preclinically proven anti - angiogenic activity, and encouraging Phase 1/2 safety profile in pancreatic cancer and GBM • Development expansion into other oncology and non - oncology indications being investigated • Importer & distributor for neuro - intervention devices • Active evolution to healthcare 4PL business to boost revenues an estimated tenfold in 3 years (with 10% OPM+) 4PL, fourth party logistics ; AI, artificial itelligence; BMP, bone morphogenic protein ; DMOAD, disease modifying osteoarthritis drug ; GBM, glioblastoma ; OA, osteoarthritis ; OPM, operating margin ; p.o ., per oral; VEGFR, vascular endothelial growth factor receptor . Hub - and - Spoke Biotech Vaximm : versatile, cost - effective oral immunotherapies Darnatein : innovative protein therapies RMC: evolution to fourth party logistics

![](ex99-1_006.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H OSR Group 6 • Basel, Switzerland • Oral, T - cell based immunotherapies • Clinical stage VEGFR - 2 inhibitor (Phase 2b/3 ready) • Incheon, Korea • Innovative protein therapies • DRT - 101 (potential DMOAD therapy) • Hanam, Korea • Medical device import/distribution • Healthcare 4PL to be launched 100% 100% 100% \*66.56% NASDAQ : OSRH \* To be increased to ~88% post - stock swap with Non - Participating Stockholder as set forth in the S - 4 for Business Combination wi th BLAC. 4PL, fourth party logistics; DMOAD, disease modifying osteoarthritis drug; VEGFR, vascular endothelial growth factor receptor. OSR Holdings (Korea)

![](ex99-1_007.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Holdco Management 7 Kuk Hyoun (Peter) Hwang, Chairman & Chief Executive Officer • Founder & Managing Member, Bellevue Capital Management • Korea Representative, Bellevue Asset Management AG • Strategic Planning, Shinhan Securities Sang Hoon (Harry) Kim, Head of Corporate Venture Capital • Managing Director, APC Private Equity • Head of Division, Meritz Asset Management • Head of Overseas Investment, KDB Asset Management Gihyoun (Chris) Bang, Chief Financial Officer • VP, Newlake Alliance Management • Team Leader, IPO Division, Shinhan Investment Corp Constance H öfer , PhD, Chief Scientific Officer • Executive Director & Global Program Head, Merck Group • Global Program Head, Sandoz Biopharmaceuticals • Chief Operating Officer, Priaxon AG Jun Whang, Chief Legal Officer • General Counsel, Bellevue Capital Management • Partner, Greenspoon Marder • Partner, Jacob Medinger & Finnegan, LLP Josh Pan, PhD, MBA, Venture Partner • Partner, Bellevue Capital Management • Chief Business Officer, Landmark BioVentures • VP Corporate Development & External Affairs, Athira Pharma • Interim Chief Operating Officer, The W Fund

![](ex99-1_008.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Corporate Milestones 8 July 2019 November 2022 November 2023 June 202 5 S - 1 Effective July 2025 July 2025 Executed Term Sheet to Acquire Woori IO, Entering Noninvasive CGM Market Founded Acquired RMC December 2022 Acquired Vaximm February 2023 Acquired Darnatein February 2025 Fe bruary 2020 BLAC (SPAC) E stablished Business Combination Agreement Executed June 2024 Public Filing of S - 4 February 2025 Approval of Business Combination; OSRH Nasdaq Launch $80mn Equity Line of Credit with White Lion Capital March 2025 Vaximm P2a Fully Completed STO Roadmap Announced (Digital Asset Strategy)

![](ex99-1_009.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Vaximm : Versatile, Cost - effective Oral Immunotherapies 9 HPV, human papillomavirus; IND, investigational new drug; p.o. , per oral; VEGFR, vascular endothelial growth factor receptor. • Innovative : T - cell mediated, selective elimination of diseased target cells via natural immune processes: oral route, high selectivity, low resistance potential, high tolerability • Robust, Safe & Versatile Delivery Technology : Approved vector (Vivotif) plus variably encoded plasmid: "plug - and - play" capabilities, short technical, production and development timelines (anticipated concept to IND 18 - 24 months approx) • Wide Range of Possible Indications : Oncology , infectious disease (e.g. HPV), ophthalmology , obesity • Low Treatment - Associated Costs : Facile p.o . dosing at primary care centers or at home • Preclinical Proof - of - Concept : VXM01 (anti - VEGFR - 2) inhibits angiogenesis and tumor growth in vitro and in vivo • Clinical Experience to Phase 2 : VXM01 (anti - VEGFR - 2) with encouraging results in pancreatic cancer and GBM, safety profile proven as amenable to combination therapies even in frail patient populations

![](ex99-1_010.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Vaximm : Competitive Advantages, Potential to Disrupt 10 IV, intravenous; mAb , monoclonal antibody; MCB, master cell bank; SC, subcutaneous. Vaximm Immunotherapy Conventional Biologic (mAb) Immunotherapy Factor "Plug - and - play" Same plasmid / bacterial vector , production and scale - up for any epitope of choice Individual, dedicated cell line and MCB development for each mAb , including extensive selection / optimization Production speed and versatility < $50k estimated >$150k/year for innovative therapies Treatment cost Oral (primary care centers or at home) Low (homecare is possible) IV/SC at specialist care centers High (administration/supervision/travel) Administration and treatment - associated costs Broad global accessibility Focused on developed markets Access

![](ex99-1_011.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H 11 8/6/2025 Future VXM01 clinical studies to demonstrate anti - VEGFR - 2 mode of action and clinical activity • Imaging, biomarkers, biopsies • e.g. Neoadjuvant IO trials in GBM in treatment - naive patients: tumor imaging at diagnosis and post - treatment (pre - surgery), tumor material availability post - surgery • Neoadjuvant trial operational advantages: patient characteristics, trial size, duration, and endpoints VEGFR - 2 overexpression - related diseases • Oncology: e.g. breast, gastric cancer, angiosarcoma • Ophthalmology: diabetic retinopathy, age - related macular degeneration • Potentially implicated also in autoimmune disorders, pulmonary disease, and cerebrovascular disease\* Further improvements of dosage form and production technology • Potential extension of drug substance shelf - life • Investigation of scope for solid drug substance(dried suspension) • Development of capsule drug product (either liquid - filled or powder - capsule) • Assessment of additional vector and plasmid technologies Proof of Concept Studies Indication Expansion CMC & Life Cycle Management \*Shah et al. Archives of Pharmacol Research (2025). GBM, glioblastoma; IO, immuno - oncology; VEGFR, vascular endothelial growth factor receptor. Vaximm : Potential Development Outlook for VXM01

![](ex99-1_012.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Darnatein : Innovative Protein Therapies 12 Key Highlights • Unique synthetic biology approach aided by design - augmented AI to develop novel protein chimeras with superior efficacy compared to original natural parent ligands • Current focus on developing improved BMPs, which are important in bone and cartilage healing, but current BMP drugs require high doses, causing local and systemic side effects • Darnatein DA - BMPs engineered for enhanced therapeutic potency, reducing required doses and minimizing the likelihood of adverse events DRT - 101: Potential disease - modifying treatment for osteoarthritis • Chimeric Activin A / BMP7 protein with over 30x higher activity compared to natural BMP7 • Current preclinical data indicate DRT - 101 potential as a first - in - class DMOAD • Additional efficacy and safety studies to complete an IND - enabling package are underway • Target 2026 IND submission (Korea) and subsequent submissions to other regulatory agencies to follow (EU, US) DRT - 102: Applications in bone fusion are already in clinical studies in Korea • Excellent safety profile with efficacy data (75% bone fusion rate) • Exp ected to be used as a reinforcing agent for spinal fusion and implant procedures for disc patients BMP, bone morphogenic protein; DA, design augmented; IND, DMOAD, disease modifying osteoarthritis drug; IND, investigational new drug.

![](ex99-1_013.jpg)

13 Darnatein : DRT - 101 Market Potential as First Disease - modifying OA Therapy • OA affects ~500 million people globally , its prevalence continually rising in aging populations worldwide • OA is currently an inexorably progressive disease , standard of care drug s (NSAIDs, corticosteroids, hyaluronic acid etc.) don't slow or reverse joint degeneration once it has occurred • Joint replacement is currently the only " curative " treatment but is highly invasive , expensive , requires extensive remobilization / rehabilitation therapy and the procedure poses additional risks , particularly in elderly patients • DRT - 101 has the potential to be a truly disease - modifying therapy to slow disease progession and delay or prevent surgery with potential to revolutionize OA care while tapping into a multi - billion - dollar opportunity Market Size Projection for DMOAD ($billion) DMOAD, disease modifying osteoarthritis drug; NSAID, nonsteroidal anti - inflammatory drug; OA, osteoarthritis. Precedence Research : OA Therapeutics Market Size 2023 to 2034

![](ex99-1_014.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H 14 MRI Imaging of in vivo OA model (rabbit) with and without intra - articular application of DRT - 101 Control DRT - 101 Arrows highlight areas of absent (Control) and DRT - 101 induced regenerated of hyaline cartilage Joint Synovial space OA, osteoarthritis. Darnatein : DRT - 101 induces Cartilage Regeneration in vivo

![](ex99-1_015.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Hubiomed Microport Microport Asahi Intecc RMC: Evolving from Distribution to 4th Party Logistics 15 Key Highlights Serving High Credit Clients • Large hospital systems are the main customers of RMC's products • Ultimately, it's the National Health Insurance Service (NHIS) who pays the bills for the hospitals • RMC is in evolution right now to become one of the leading 4PL players in the Korean healthcare / hospital supply chain • Default risk of NHIS is near zero while the hospital A/R cycle is 6 months Growing Demands for Medical Device Sales Reps • Market leaders assisting surgeons who need "live assistance" while providing continued training and support for medical staff across the country • Plans to expand capabilities across Asia and globally underway Products Leadership • Hutem Co., Ltd. • Microvention , Inc • Boston Scientific Korea • Janssen Korea Chan Kyoo , Park CEO Dong Jin, Shin General Manager • Fabmed Co., Ltd • HUTEM CO., Ltd • Meter Toledo Korea Uniquely Positioned in the Fast - Growing yet Highly Fragmented Medical Device Market in Korea Korean medical device/diagnostics market value was $14 . 9 B (2024), projected to reach $27 . 6 B by 2033 at 8 . 4 % CAGR RMC as part of OSR Holdings has rare opportunity to become a consolidator of the current market \*Source: verifiedmarketreports.com

![](ex99-1_016.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H RMC: Market Consolidation by RMC 16 Supplier A Supplier B Supplier C Agent A Agent B Agent C Buyer A Buyer B Buyer C (2 weeks) : 4PL Engagement : Shipment & Delivery : Payment (A/R cycle) (6 months)

![](ex99-1_017.jpg)

17 Woori IO: Noninvasive CGM for Diabetes Management and Beyond • Signed term sheet in July with Woori IO (noninvasive CGM) to become wholly owned subsidiary of OSRK, pending due diligence. • Technology: Uses proprietary near - infrared spectroscopy (NIRS) platform. Completed proof - of - concept, preparing for MFDS trial. Backed by Samsung C - Lab Outside (since Q1 2025). • Deal Structure: Woori IO holders receive OSRK shares (convert to 12.96 OSRH @ $10/share). If not met in 3 years, renegotiation required. No immediate dilution or cash payout. • Upside: Early mover advantage, strategic tech, performance - based equity. Entry into global CGM market forecast to be worth $47B by 2034\*. Risks include regulatory milestones pending, due dilig ence pending, market volatility. • Integration Timeline: 6 - month exclusivity for due diligence. Definitive agreement targeted by October 2025 in good faith . Woori IO GluCheck device uses proprietary NIRS - based (near - infrared spectroscopy) monitoring \*Market Data from Global Market Insights. CGM, continuous glucose monitoring.

![](ex99-1_018.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Woori IO: Noninvasive Glucose Monitoring Device 18 Key Highlights South Korea – based Medtech startup pioneering non - invasive glucose monitoring technology • Using near - infrared spectroscopy (NIRS) and a proprietary multi - LED sensor, Woori - IO's device measures blood glucose levels without drawing blood - o ffering a painless, convenient solution for diabetes management . Completed exploratory clinical study at Korea University Guro Hospital • Demonstrated strong signal consistency and reproducibility across repeated measurements • Currently, Woori - IO is preparing for a confirmatory (pivotal) clinical trial to support regulatory approval as a medical device . Selected for Samsung's C - Lab Outside program • Continued year - over - year distribution demand and needs - based volume growth supports the vision to scale beyond initial Korean market into Asia and globally Pipeline cɝʅǄƠɝ cɝ˨Ǎʅ˃ǩ ʅɶȺ˓ʅʴȺɶș Ơʴɔǩ˓ ±˨˓ɝʅʅɔ ଵ 0 5 10 15 20 25 30 2025 2026 2027 2028 2029 2030 Estimated Market Size (USD Billions) \*Grand View Research, "Blood Glucose Monitoring Devices Market Size Report, 2023 - 2030"

![](ex99-1_019.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Financing: ELOC (Equity Line of Credit) • Firstly, OSRH comes with "No Dilution At All" from the listing event • The Founder still owns ~60.5% stake today – "We Need Dilution" as a public company • ELOC allows us to control the timing and volume of equity issuance 19 Addressing Concerns over Dilution With Disciplined Issuance, Aligned with Shareholder Value • We retain full discretion over if, when, and how much to draw • Strategic capital deployment aligned with milestone - driven growth • Committed to minimizing dilution and maximizing value

![](ex99-1_020.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Financing: Conceptual View of ELOC Drawdowns 20 Frontloaded Release : Compete for liquidity – "Execute immediately" Controlled Release : Timely and strategic drawdowns Time Share Price & Traded Volume Time Share Price & Traded Volume

![](ex99-1_021.jpg)

21 Financing: Theoretical "J - Curve Effect" of ELOC on Share Price Illustrative Example of "J - Curve Effect" of Prudent ELOC Financing on Share Price (Relative Share Price (Normalized) Time Since ELOC Utilization (Months) 1.0 0.8 0.6 1.2 1.4 1.6 1.8 2.0 0 5 10 15 20 25 Share Price Trend Initial Dilution Phase Recovery Phase Growth Phase

![](ex99-1_022.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Vaximm : Valuation vs Peers 22 Enterprise Value (EV) Market Cap (1) (Unit : USD m) 83 98 Anixa Biosciences - 29 11 Hookipa Pharma 85 96 Oncolytics Biotech 99 133 Genelux 188 788 Immatics 142 243 Immutep 57 49 CEL SCI 146 148 Greenwich LifeSciences 16 73 Inovio 438 371 Northwest Biotherapeutics 139 195 Innate Pharma 33 970 Arcus Biosciences 132 153 Vaxcell Bio Therapeutics 214 283 Sillajen 199 160 Genexine 2,982 3,313 LigaChem Biosciences 2,400 2,451 ABL Bio 58 95 MedPacto 43,824 50,410 Mendus 14,371 27,325 Ultimovacs 140 178 Median Value of Comparables 100 100 Vaximm (2) 29% 44% % Discount 1) As of August 1, 2025 from publicly available dat a 2) Stated equity value relates to OSR's acquisition of Vaximm , dated December 2022 Comps Analysis DCF Analysis % Discount 100.2 177.7 183.5 Vaximm Comps DCF Approx. 44% Discount Approx. 29% Discount (USD M) Result Pipeline 114 VXM 01 22 rGBM 33 mCRC 38 Liver Cancer 22 Schwannoma NF2 70 VXM Technology platform 184 Total (Unit : USD M)

![](ex99-1_023.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H Darnatein : Valuation vs Peers 23 Enterprise Value (EV) Market Cap (1) (Unit : USD m) 17 23 Medivir 104 104 Cytonics (2) 2,156 2,170 Kolon TissueGene 205 251 MEDIPOST 154 177 Median Value of Comparables 78 78 Darnatein (3) 49% 56% % Discount % Discount 78 154 104 Darnatein Comps DCF Approx. 49% Discount Approx. 25% Discount (USD M) Result Pipeline 104 DRT 101 104 Total (Unit : USD M) 1) As of August 1, 2025 from publicly available dat a 2) Based on August 2025 StartEngine Reg A+ pre - money valuation 3) Stated value relates to OSR's acquisition of Darnatein , dated March 2023 Comps Analysis DCF Analysis

![](ex99-1_024.jpg)

OSR HOLDINGS Innovation Headquarters N A S D A Q : O S R H OSR Holdings: Summary • Hub - and - Spoke healthcare group with global reach • Proven management team across Biomedical and Capital Markets • Market discount excessive vs peers • Active Subco development with differentiated therapeutic platforms • Strategic portfolio expansion to drive long - term value creation • Disciplined capital management with prudent use of ELOC financing 24

![](ex99-1_025.jpg)

Consolidated Statements of Financial Position Q4 2024 Q1 2025 Account ASSETS 2,326,489 3,466,839 Ⅰ. Current Assets 172,913,090 171,083,358 Ⅱ. Non - Current Assets 175,239,579 174,550,197 Total Assets LIABILITIES 3,463,212 13,884,268 Ⅰ. Current Liabilities 28,568,152 28,383,452 Ⅱ. Non - Current Liabilities 32,031,364 42,267,720 Total Liabilities 143,208,215 132,282,477 STOCKHOLDERS' EQUITY 175,239,579 174,550,197 Total Liabilities and Stockholders' Equity Consolidated Statements of Comprehensive Income Three Months Ended, Q1 2024 Three Months Ended, Q1 2025 Account 910,225 761,272 Net Sales 670,424 592,586 Cost of Sales 239,802 168,686 Gross Profit 3,542,330 3,086,512 SG&A (3,302,528) (2,917,826) Operating Loss (52,834) (8,474,988) Other Income (Expense) (3,355,362) (11,392,814) Loss before Income Taxes (3.68) - Income Tax Benefit (3,355,366) (11,392,814) Net Loss (3,343,391) (10,925,738) Total Comprehensive Loss (USD) (USD) Consolidated Statements of Financial Position Consolidated Statements of Comprehensive Income 25 Appendix: Financial Summary

![](ex99-1_026.jpg)

Thank You ir@osr - holdings.com Email https://osr - holdings.com Website https://youtube.com/@osr - holdings Youtube https://t.me/osr_holdings_IR Telegram