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Marvion Inc. Announces Annual Financial Results for 2024 with 134% Gain in Year-to-Year Revenue

HONG KONG, April 28, 2025 /PRNewswire/ — Marvion Inc. (OTC: MNVC) filed and reported the financial results with the period ended 31 December, 2025.  For annual fiscal period ended 31 December, 2024, the company achieved a revenue of $1,544,108 with a gross profit of $763,805, which is 134% growth in revenue and 171% growth in gross profit, compared to the fiscal year ended 31 December, 2023.

CEO of Marvion Inc. Mr. Chan Sze Yu spoke for Marvion, “With industry market pressures coming from the tariff wars, we continue to work very hard to hold tight to our business operations and keep looking for new business opportunities to maintain a business growth in the future.  With our past track records and business relationships with major cross-regional logistic operators, we are still seeing growth opportunities, and we will continue be working extremely hard to maintain a business growth in the coming years.”

“We have faced some extra non-business operational expenses in 2024 when we have decided to become a publicly traded company on the OTC Markets, such cost would expect to reduce a lot in 2025.  Our fourth warehouse will be ready in Q2 2025 which will allow us to expand our services in a larger scope,” added Mr. Chan.

About Marvion

Mavion (MVNC) is a group provides logistics and warehousing services in the Hong Kong market.  The group provides one-stop transport and storage solutions to business clients.

Website: http://www.unitedksk.com

For media queries, please contact: 
ir@unitedksk.com 

 

TDH Holdings, Inc. Reports Full Year 2024 Audited Financial Results

BEIJING, April 28, 2025 /PRNewswire/ — TDH Holdings, Inc. (NASDAQ: PETZ) (“TDH” or the “Company”), a PRC-based company that is an operator and manager of commercial real estate properties, announced today its financial results for the fiscal year ended December 31, 2024.

Full Year 2024 Financial Highlights:

 For the Twelve Months Ended December 31, 

 ($ millions, except per share data) 

2024

2023

 % Change 

  Revenues from continuing operations 

$0.56

74,664.72 %

 Gross profit (loss)

$0.24

(107,497.30) %

 Gross profit (loss) margin 

42.29 %

-29.44 %

71.73 pp*

 Loss from operations

($1.83)

($6.19)

(70.37) %

 Operating loss margin 

(325.10) %

(820,361.14) %

820,036.04 pp*

 Net income (loss) attributable to common
stockholders 

$2.68

$(23.63)

(111.36 %)

Earnings (loss) per share – basic and
diluted 

$0.26

$(2.29)

(111.36 %)

 * pp: percentage points 

 

  • Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024. We discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future.
  • Gross profit from continuing operations was $0.24 million in fiscal year 2024 as compared to gross loss from continuing operations of $0 million in fiscal year 2023. The increase in gross margin from continuing operations was mainly attributable to gross profit generated from our commercial real estate property management services beginning in the second quarter of 2024 when we began to focus on this business line when we discontinued our restaurant business segment during the second quarter of 2024.

    Operating loss from continuing operations was $1.83 million in fiscal year 2024 as compared to an operating loss of $6.19 million in fiscal year 2023. Our operating loss as a percentage of total revenues was approximately negative 325% and approximately negative 820,361% for the years ended December 31, 2024 and 2023, respectively. Although total operating loss from continuing operations decreased in fiscal year 2024 as compared to fiscal year 2023, we still reported loss from continuing operations in fiscal year 2024 mainly due to limited revenue generated from commercial real estate property management business offset by higher amount of operating expenses during fiscal year 2024.

  • Net income attributable to common stockholders was $2.68 million, or an income per share of $0.26, for the fiscal year 2024 as compared to net loss of $23.63 million, or a loss per share of $2.29, for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate management business segment, increased investment income and decreased operating expenses for the year ended December 31, 2024.

Full Year 2024 Financial Results

Revenues

Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company’s revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,665% from $0 million in fiscal year 2023 to $0.56 million in fiscal year 2024.

 For the Twelve Months Ended December 31, 

2024

2023

 Y/Y Change 

Revenues
($’000)

% of
Total

Revenues
($’000)

% of
Total

Amount ($’000)

%

 Pet food domestic sales 

$

$

1

100.00 %

$

(1)

-100.00 %

Commercial real estate business revenue

566

100.36 %

566

100.00 %

 Less: sales tax and additional surcharge 

(2)

-0.36 %

2

-100.00 %

 Total 

$

564

100.00 %

$

1

100.00 %

$

563

74,664.72 %

For the year ended December 31, 2024, revenue generated from continuing operations increased by $0.56 million or 100% from our commercial real estate property management business. We discontinued our pet food business in 2023 and also discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added a business line, revenue from our continuing business only amounted to $0.56 million for the year ended December 31, 2024. We expect our revenue from the commercial real estate management business will continue to grow in the near future.

For the year ended December 31, 2024, in terms of continuing operations, our revenue generated from the commercial real estate business increased by $0.56 million or 100% as compared to fiscal year 2023, and there was no sales of petfood products in fiscal year 2024 due to its discontinuation during the 2023 fiscal year, and we discontinued our restaurant business segment during the second quarter of 2024.

Cost of revenues

Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by $0.32 million or approximately 33,230% for the year ended December 31, 2024 as compared to the fiscal year ended December 31, 2023, primarily due to our focus on the commercial real estate business beginning in the second quarter of 2024. Our cost of revenues as a percentage of revenue was 58% and 129% for the years ended December 31, 2024, and 2023, respectively.

Gross profit (loss) and gross profit (loss) margin

Gross profit from continuing operations was $0.24 million for fiscal year 2024, compared to gross loss of $0 million for fiscal year 2023. Our gross margin from continuing operations was 42.29% for the year ended December 31, 2024, compared with a negative gross margin of -29.44% for the year ended December 31, 2023. The negative gross margin in fiscal year 2023 was primarily associated with limited petfood sales. The increase in gross margin in 2024 was mainly due to our focus on the commercial real estate property management service business line in the second quarter of 2024. The commercial real estate property management business line has higher gross margins than the gross margins associated with petfood sales.

Operating expense

Operating expense consists of selling expenses and general and administrative expenses.

Operating expenses from our continuing operations were $2.07 million and $6.19 million for the years ended December 31, 2024 and 2023, respectively, a decrease of $4.11 million, or 66.52% in fiscal year 2024 as compared to fiscal year 2023. The ratio of operating expenses as a percentage of revenue decreased from approximately 820,332% for the year ended December 31, 2023 to approximately 367% for the year ended December 31, 2024.

Selling expense from our continuing operations was $0 million for both years ended December 31, 2024, and 2023.

General and administrative expenses from our continuing operations were $1.75 million and $3.15 million for the years ended December 31, 2024 and 2023 respectively, representing a decrease of $1.40 million, or $44.51% in fiscal year 2024 as compared to fiscal year 2023. The main reason for the decrease was mainly due to decreased payroll expenses as a result of the decrease in the number of employees and the company’s cost control efforts.

Impairment of goodwill charge was $0.32 million in fiscal year 2024, as compared to $0 million in fiscal year 2023.

Operating loss and operating loss margin

Operating loss from our continuing operations was $1.83 million for fiscal year 2024, as compared to operating loss of $6.19 million for fiscal year 2023. Our operating loss as a percentage of total revenues was negative 325.10%, and 820,361.14% for the years ended December 31, 2024 and 2023, respectively. The decrease in loss from continuing operations was mainly due to decreased operating expenses in 2024.

Net income (loss) and earnings (loss) per share

  • Net income was $2.50 million for fiscal year 2024, compared to net loss of $23.63 million for fiscal year 2023. Net income attributable to common shareholders was $2.68 million, or earnings per share of $0.26, for the fiscal year 2024. This is compared to net loss attributable to common shareholders of $23.63 million, or loss per share of $2.29 for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate property business segment, decreased operating expenses and increased investment income for the year ended December 31, 2024.

Financial Conditions

As of December 31, 2024, the Company had cash and cash equivalents of $15.70 million, compared to $13.13 million as of December 31, 2023. Accounts receivable and inventories were $0.01 million and $0 million, respectively, as of December 31, 2024, compared to $0 million and $0 million, respectively, as of December 31, 2023. As of December 31, 2024, we had working capital of approximately $24.60 million, as compared to working capital of $23.83 million as of December 31, 2023.

Net cash used in operating activities was $0.23 million for the fiscal year 2024, compared to net cash used in operating activities of $2.49 million for fiscal year 2023. Net cash provided by investing activities was $2.78 million for fiscal year 2024, compared to net cash of $6.07 million used investing activities in fiscal 2023. Net cash provided by financing activities was $0 million for the fiscal year 2024, compared to $1.92 million net cash provided by financing activities in fiscal year 2023.

Liquidity

Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

For the year ended December 31, 2024, in June 2024, we discontinued our restaurant business and started to focus on owing, operating and managing commercial real estate properties going forward. Because the commercial real estate property management business is a newly added business line, our revenue generated from it only slightly increased by approximately $0.56 million as compared to 2023. In addition, we reported continued negative cash flows from operating activities of approximately $0.23 million in fiscal year 2024. Currently our revenue is substantially generated from the commercial real estate property business. Our business turnaround depends, in part, on our ability to successfully obtain and lease new properties.

If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows.

In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of December 31, 2024, we had cash and cash equivalents of approximately $15.70 million. We also had short-term investments of approximately $12.95 million, which are highly liquid and can be converted into cash and used in our operations if needed.

As of December 31, 2024 our major liabilities included accounts payable of $0.12 million, advance from customers of $0.18 million, short-term loans-related parties of $0.26 million, due to related parties of $0.20 million, and operating lease liabilities -current portion of $0.49 million and non-current portion of operating lease liabilities of $1.74 million. Our working capital amounted to approximately $24.6 million as of December 31, 2024. Based on the current operating plan, management believes that the above-mentioned measures collectively will provide sufficient liquidity for the Company to meet its future liquidity and capital requirement for at least 12 months from the date the audited financial statements were issued.

Recent Developments

Discontinued operations

We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises.

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

About TDH Holdings, Inc.

Founded in April 2002, TDH Holdings, Inc. (the “Company”) (NASDAQ: PETZ), a PRC-based company that is an owner, operator and manager of commercial real estate properties. More information about the Company can be found at www.tiandihui.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company’s commercial real estate management business and the Company’s ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate); changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the United States and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Feng Zhang, CFO
Email: tdhpets@163.com
Phone: +86 183-1102-1983

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2024

2023

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

15,699,562

$

13,126,605

Short-term investments

12,952,597

13,317,882

Accounts receivable, net

5,748

Advances to suppliers, net

37,790

Prepayments and other current assets, net

103,519

63,074

Current assets held for sale associated with discontinued operation of Farlings and Bolings

713,715

Total current assets

28,799,216

27,221,277

NON-CURRENT ASSETS

Property, plant and equipment, net

2,363,989

657,124

Operating lease right-of-use assets

2,175,456

Non-current assets held for sale associated with discontinued operation of Farlings and Bolings

1,022,996

Total non-current assets

4,539,445

1,680,120

Total assets

$

33,338,661

$

28,901,397

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

122,251

$

65,982

Advances from customers

183,173

295

Bank overdrafts

73,105

77,486

Short-term loans – related parties

261,725

277,408

Taxes payable

14,681

9,290

Due to related parties

200,318

1,963,794

Operating lease liabilities, current

486,121

Other current liabilities

2,859,061

166,025

Current liabilities held for sale associated with discontinued operation of Farlings and Bolings

828,764

Total current liabilities

4,200,435

3,389,044

NON-CURRENT LIABILITIES:

Operating lease liabilities, non-current

1,738,371

Non-current liabilities held for sale associated with discontinued operation of Farlings and Bolings

463,196

Total liabilities

5,938,806

3,852,240

SHAREHOLDERS’ EQUITY:

Common shares ($0.02 par value; 50,000,000 shares authorized; 10,323,268 shares issued and outstanding at December 31, 2024 and 2023)

206,465

206,465

Additional paid-in capital

51,129,439

51,129,439

Accumulated deficit

(23,937,478)

(26,622,000)

Accumulated other comprehensive loss

(95,784)

(95,066)

Total TDH Holdings, Inc. shareholders’ equity

27,302,642

24,618,838

Non-controlling interest

97,213

430,319

Total shareholders’ equity

27,399,855

25,049,157

Total liabilities and shareholders’ equity

$

33,338,661

$

28,901,397

The accompanying notes are an integral part of these consolidated financial statements.

F-3

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For The Years Ended December 31,

2024

2023

2022

Net revenue

$

563,726

$

754

$

24,726

Total revenue

563,726

754

24,726

Cost of revenue

325,304

976

105,554

Total cost of revenue

325,304

976

105,554

Gross profit

238,422

(222)

(80,828)

Operating expenses:

Selling expense

22

146

General and administrative expense

1,745,247

3,145,280

2,952,355

Stock-based compensation expense

3,040,000

Impairment of long-lived assets other than goodwill

6,833

Impairment of goodwill

325,832

Total operating expenses

2,071,079

6,185,302

2,959,334

Loss from operations

(1,832,657)

(6,185,523)

(3,040,162)

Interest income (expense)

(68,858)

(14,276)

43,081

Other income (expense)

15,670

461,461

(21,375)

Investment income (loss), net

3,811,339

(2,644,576)

4,161,093

Total other income (expenses)

3,758,151

(2,197,391)

4,182,799

Income (loss) before income tax provision

1,925,494

(8,382,915)

1,142,637

Income tax provision

(182)

Net income (loss) from continuing operations

1,925,312

(8,382,915)

1,142,637

Net income (loss) from discontinued operations of Tiandihui

(15,095,547)

(339,054)

Net income (loss) from discontinued operations of Bo Lings and Far Lings

575,249

(153,054)

51,430

Net income (loss)

2,500,561

(23,631,516)

855,013

Less: Net income (loss) attributable to non-controlling interest

(183,961)

(5,344)

51,313

Net income (loss) attributable to TDH Holdings, Inc.

$

2,684,522

$

(23,626,172)

$

803,700

Comprehensive income (loss)

Net (loss) income

$

2,500,561

$

(23,631,516)

$

855,013

Other comprehensive income (loss)

Foreign currency translation adjustment

(718)

(523,315)

888,951

Total comprehensive income (loss)

2,499,843

(24,154,831)

1,743,964

Less: Comprehensive income (loss) attributable to non-controlling interest

(333,106)

(5,344)

51,313

Comprehensive income (loss) attributable to TDH Holdings, Inc.

$

2,832,949

$

(24,149,487)

$

1,692,651

Earnings (loss) per common share attributable to TDH Holdings, Inc.

Basic

$

0.26

$

(2.29)

$

0.10

Diluted

$

0.26

$

(2.29)

$

0.10

Weighted average common shares outstanding

Basic

10,323,268

10,323,268

8,019,208

Diluted

10,323,268

10,323,268

8,019,208

The accompanying notes are an integral part of these consolidated financial statements.

F-4

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Number of
Shares*

Common
Shares

Additional
Paid-in
Capital

Stock
Subscription
Receivable

Statutory
Reserves

Accumulated
Deficit

Accumulated
Other
Comprehensive
Income (Loss)

Total
Stockholders’
Equity
Attributable
to TDH

Non-
controlling
Interest

Total
Stockholders’
Equity

Balance, December 31, 2021

5,218,681

$

104,374

$

42,151,658

$

$

160,014

$

(28,969,627)

$

(460,702)

$

12,985,717

$

384,350

$

13,370,067

Net income

803,700

803,700

51,313

855,013

Issuance of common stock and
   warrants in private
   placements

4,000,000

80,000

5,937,781

6,017,781

6,017,781

Warrants exercised for cashless

1,104,587

22,091

22,091

22,091

Foreign currency translation
   adjustment

888,951

888,951

888,951

Balance, December 31, 2022

10,323,268

$

206,465

$

48,089,439

$

$

160,014

$

(28,165,927)

$

428,249

$

20,718,240

$

435,663

$

21,153,903

Net loss

(23,626,172)

(23,626,172)

(5,344)

(23,631,516)

Stock-based compensation
   expense

3,040,000

3,040,000

3,040,000

Adjustment to reflect the effect
   of disposal of Tiandihui and
   Chongaijiujiu

(160,014)

25,170,099

25,010,085

25,010,085

Foreign currency translation
   adjustment

(523,315)

(523,315)

(523,315)

Balance, December 31, 2023

10,323,268

$

206,465

$

51,129,439

$

$

$

(26,622,000)

$

(95,066)

$

24,618,838

$

430,319

$

25,049,157

Net income

2,684,522

2,684,522

(183,961)

2,500,561

Foreign currency translation
   adjustment

(718)

(718)

(149,145)

(149,863)

Balance, December 31, 2024

10,323,268

$

206,465

$

51,129,439

$

$

$

(23,937,478)

$

(95,784)

$

27,302,642

$

97,213

$

27,399,855

The accompanying notes are an integral part of these consolidated financial statements.

F-5

 

 

 

TDH HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

For The Years Ended December 31,

2024

2023

2022

Cash flows from operating activities

Net income (loss)

$

2,684,522

$

(23,626,172)

$

803,700

Less: net income (loss) from discontinued operations

575,249

(15,248,601)

(287,624)

Net income (loss) from continuing operations

2,109,273

(8,377,571)

1,091,324

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization expense

111,642

22,649

17,114

Fair value change of short-term investments

(3,811,339)

2,644,576

(4,161,093)

Impairment of goodwill

325,832

Impairment of long-lived assets other than goodwill

1,964

6,833

Inventory write-down

69,677

11,532

Allowance for doubtful accounts

22,674

7,210

Loss (gain) on disposal of property, plant and equipment

59,009

37,766

153,983

Gain from operating lease contract modification

(408,198)

Amortization of operating lease right-of-use assets

(676,397)

2,623,288

Stock-based compensation

3,040,000

Changes in operating assets and liabilities:

Accounts receivable, net

114,462

40,894

93,952

Inventories, net

8,370

44,240

41,252

Operating lease liabilities

2,315,206

691,854

4,023,944

Advances to suppliers, net

(38,144)

(32,465)

8,197

Prepayments and other current assets, net

(1,660,998)

(3,210,336)

(2,714,557)

Accounts payable

66,823

(369,142)

(266,778)

Accounts payable – related parties

502,635

(132,081)

Interest payable

30,662

3,573

(411,112)

Taxes payable

6,982

(2,445)

(17,103)

Advances from customers

185,145

(6,974)

Advances from customer – related party

(13,799)

Other current liabilities

2,615,861

(1,239,570)

811,658

Net cash provided by (used in) operating activities from continuing operations

1,762,390

(3,492,712)

(1,857,721)

Net cash provided by (used in) operating activities from discontinued operations

(1,996,377)

999,987

(214,994)

Net cash used in operating activities

$

(233,987)

$

(2,492,725)

$

(2,072,715)

Cash flows from investing activities

Payments to acquire property and equipment

(1,881,370)

(7,655)

Disposal of subsidiaries

578,400

Cash obtained from business acquisition

16,047

Purchase of short-term investments

(46,777,749)

(37,066,925)

(42,483,794)

Proceeds from sale of short-term investments

50,944,982

31,024,365

41,150,967

Investment in equity

(99,280)

Leasehold improvement

(16,836)

Net cash provided by (used in) investing activities from continuing operations

2,781,030

(6,067,051)

(1,332,827)

Net cash provided by investing activities from discontinued operations

Net cash provided by (used in) investing activities

2,781,030

(6,067,051)

(1,332,827)

Cash flows from financing activities

Collection of stock subscription receivable

6,017,781

Proceeds from related parties

22,410

Repayments to related parties

(6,774)

Payment to related party

1,928,329

15,289

Net cash provided by financing activities from continuing operations

1,921,554

6,055,480

Net cash provided by financing activities from discontinued operations

Net cash provided by financing activities

$

$

1,921,554

$

6,055,480

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(508,863)

(1,557,522)

(303,788)

Net change in cash, cash equivalents and restricted cash

2,038,180

(8,195,743)

2,346,150

Cash, cash equivalents and restricted cash, beginning of the year

13,661,382

21,857,125

19,510,975

Cash, cash equivalents and restricted cash, end of the year

$

15,699,562

$

13,661,382

$

21,857,125

Less: cash and restricted cash of discontinued operations at the end of the period

534,777

1,856,529

Cash and restricted cash of continued operations at the end of the period

$

15,699,562

$

13,126,605

$

20,000,596

Supplemental cash flow information

Interest paid

$

$

$

Income taxes paid

$

$

$

Non-cash investing and financing activities

Liabilities assumed in connection with purchase of property, plant and equipment

$

$

$

Notes payable reclassified to short-term loans

$

$

$

Short-term loans settled by transferring an equity investment to the creditor

$

$

$

Cashless exercise of warrants

$

$

$

Right of use assets obtained in exchange for operating lease obligations

$

$

$

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents

$

15,699,562

$

13,126,605

$

20,000,596

Restricted cash

$

$

534,777

$

1,856,529

Total cash, cash equivalents, and restricted cash

$

15,699,562

$

13,661,382

$

21,857,125

The accompanying footnotes are an integral part of these financial statements.

F-6

Kangpu Biopharmaceuticals Received CDE Approval for Phase IIb Clinical Trial of KPG-818 in Moderate to Severe Cutaneous Manifestations of SLE

HEFEI, China, April 28, 2025 /PRNewswire/ — Kangpu Biopharmaceuticals, Ltd. announced today that the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) has approved Phase IIb clinical trial of KPG-818 capsule for the treatment of moderate to severe cutaneous manifestations of systemic lupus erythematosus (SLE).

About Cutaneous Manifestations of SLE

SLE is a complex, heterogeneous, inflammatory, chronic autoimmune disease in which the body’s immune system attacks its own tissues, including skin, joints, and kidneys. Skin is the second most frequently affected organ system of SLE. The majority of SLE patients experience cutaneous manifestations over the course of the disease. Cutaneous manifestations of SLE carries a significant burden with regard to psychosocial well-being and medical costs.

Treatment options for cutaneous manifestations of SLE are limited, and current therapies (e.g., glucocorticoids, antimalarials, immunosuppressants) often lack efficacy or carry systemic side effects. There are tremendous unmet medical needs for novel therapeutics, especially an oral agent.

About KPG-818

KPG-818 is a novel oral molecular glue modulator of the E3 ubiquitin ligase complex CRL4-CRBN. It demonstrated high binding affinity to CRBN and potent degradation of zinc-finger transcription factors Aiolos (IKZF3) and Ikaros (IKZF1). KPG-818 effectively regulates immune cells (B cells, T cells, and pDC cells) and the release of multiple cytokines, possessing immunomodulatory, anti-angiogenic and anti-tumor effects. In the Phase IIa clinical study in SLE patients completed in the US, KPG-818 was well tolerated and demonstrated promising preliminary efficacy in SLE patients with cutaneous manifestations. KPG-818 was well tolerated in healthy subjects in a Phase I clinical study completed in China. 

About Kangpu Biopharmaceuticals, Ltd.

Kangpu Biopharmaceuticals, Ltd. is a clinical-stage company focused on the discovery and development of innovative therapeutics for the treatment of solid tumors, hematologic malignancies, autoimmune diseases, and inflammatory disorders through novel solutions, including targeted protein degradation. Kangpu has developed a robust pipeline of potential first-in-class and best-in-class drug candidates based on proprietary technology platforms, including NeoMIDES®, gDACs®, and X-SYNERGY®.

For more information, please visit www.KangpuGroup.com.

Sky Labs’ CART BP pro at the Heart of New Research on Sleep Apnea and Nocturnal Hypertension

SEOUL, South Korea, April 28, 2025 /PRNewswire/ — Sky Labs, a health-tech startup based in South Korea and the developer of CART BP pro—a ring-type, cuffless device for 24-hour blood pressure monitoring—announced that a research presentation by Professor Jin Oh Na introduced the application of CART BP pro in exploring the relationship between sleep and cardiovascular patterns, offering an opportunity to gain deeper insights into cardiovascular risks during sleep.

Professor Jin Oh Na of Korea University Guro Hospital Cardiovascular Center, presenting his research
Professor Jin Oh Na of Korea University Guro Hospital Cardiovascular Center, presenting his research

This study represents a meaningful step forward in cardiovascular research. Until now, studying the connection between sleep-disordered breathing and hypertension has been limited due to constraints in traditional measurement tools. With CART BP pro, researchers can gather uninterrupted blood pressure data, offering an opportunity to better understand cardiovascular patterns during sleep.

Professor Jin Oh Na of Korea University Guro Hospital’s Cardiovascular Center presented a research plan under the theme “Sleep and Cardiovascular Health: Why It Matters” at the 2025 Annual Spring Scientific Conference of the Korean Society of Cardiology. His upcoming research will explore the correlation between sleep apnea and cardiovascular risks using CART BP pro to measure blood pressure noninvasively during sleep.

“Obstructive sleep apnea is a condition that affects cardiovascular health but is frequently underdiagnosed. In Korea, about 85% of OSA patients remain undiagnosed, often dismissed as simple snoring,” said Professor Na. “We are planning a study to measure nighttime blood pressure every five minutes using CART BP pro, with the aim of developing a model that may help identify patients at risk and support long-term assessment.”

CART BP pro offers several advantages for both clinical practice and research:

  • Blood pressure data collection over extended periods, rather than relying on single-point measurements
  • Nighttime monitoring that does not interfere with natural sleep, making it suitable for studying nocturnal hypertension
  • Convenient home use, supporting patient comfort and adherence

Professor Na pointed out that while polysomnography (PSG) is the current gold standard for diagnosing sleep apnea, it does not allow for precise blood pressure monitoring during sleep. He explained that cuff-based devices may disturb sleep due to pressure inflation and are not suitable for high-frequency nocturnal measurements. By using CART BP pro, researchers expect to collect more consistent, real-world data without interfering with sleep.

The 2025 Annual Spring Scientific Conference held from April 17 to 19 in Busan, Korea, was jointly hosted with the 29th Asian Pacific Society of Cardiology Congress and attended by leading cardiology experts from across the region.

Currently available at more than 1,300 hospitals and clinics throughout South Korea, CART BP pro has received regulatory approval from the Ministry of Food and Drug Safety (MFDS) and is eligible for national health insurance reimbursement, making it more accessible to a broader range of patients.

About Sky Labs

Founded in September 2015, Sky Labs is a leading healthcare startup that has developed CART (Cardio Tracker), a ring-shaped medical device designed for disease monitoring using heart signals collected through optical sensors. Following this, the company developed CART BP, a cuffless, ring-shaped device that enables 24-hour blood pressure monitoring, providing valuable treatment information and making a groundbreaking contribution to improving the quality of life for hypertension patients. Sky Labs has signed an exclusive domestic distribution agreement for CART BP pro with South Korea’s Daewoong Pharmaceutical and is preparing for nationwide sales to hospitals, clinics, and general consumers.

Media Inquiries

Edelman Korea SkyLabs@edelman.com

 

Small Lab Co., Ltd., obtains FDA OTC approval. Leading the K-Beauty wave

SEOUL, South Korea, April 28, 2025 /PRNewswire/ — SmallLab Inc, a microneedle platform company, has received final approval from the U.S. Food and Drug Administration (FDA) for its over-the-counter (OTC) drug manufacturing facility.

Image povided by Smalllab Inc.
Image povided by Smalllab Inc.

The approval follows a Good Manufacturing Practice (GMP) inspection conducted in October.

SmallLab received a VAI rating, indicating that only one minor observation was noted, which was fully resolved by December. This rating also reflects the FDA’s recognition and trust in the company’s quality management practices.

Since 2022, SmallLab has operated a smart factory for OTC-grade pharmaceutical production, exporting its products to the U.S., Europe, and beyond. With this FDA approval, the facility is now officially recognized as GMP-compliant for OTC drug manufacturing.

Leveraging its proprietary large-area (LSCR) microneedle technology, SmallLab is developing microneedle patch pharmaceuticals formulated with a variety of active ingredients. The company aims to become a global leader in OTC contract manufacturing.

CEO James Lee stated, “We put human health and beauty first. With our microneedle technology, we aim to lead the global market and maximize customer satisfaction.”

Previously selected as a Daejeon Star Company and a Promising SME, SmallLab has been recognized for its technological excellence. As an ODM company, it supplies OTC acne patches, serums, and sunscreens. This FDA approval further solidifies its position as a small but powerful player on the global stage.

Galaxy Macau Launches “Timeless Flavors of Macau” in Tributes to Local Culinary Heritage

A Symphony of Authentic Macanese Flavors and Luxury Dining Experiences


MACAU SAR – Media OutReach Newswire – 28 April 2025 – Galaxy Macau™, a world-class luxurious integrated resort boasting over 120 dining offerings, is widely recognized as a gastronomic crossroads where global palates converge, presenting award-winning delicacies to guests from locals and global alike. Beyond its culinary diversity, the integrated resort turns its spotlight this season onto the launch of “Timeless Flavors of Macau,” showcasing Galaxy Macau’s commitment to supporting local SMEs, collaborating with time-honored Macanese brands to present a heartfelt tribute to the city’s culinary legacy. All while underscoring its endeavors to preserving Macau’s UNESCO Creative City of Gastronomy proivenance, while elevating the city’s dining scene to greater heights.

The culinary team at Waso Cafe have meticulously incorporated Pak Fa Fui’s beloved nostalgic dishes and drinks for a limited run.
The culinary team at Waso Cafe have meticulously incorporated Pak Fa Fui’s beloved nostalgic dishes and drinks for a limited run.

This series debuts with a collaboration between Waso Cafe, the iconic cha chaan teng, and Tong Iec Pak Fa Fui, a century-old purveyor of traditional preserves. The culinary team at Waso Cafe has meticulously incorporated Pak Fa Fui’s beloved products into exceptional dishes such as “Pork Ribs with Five Preserved Vegetables”, “Stir-Fried Noodles with Shredded Pork”, and “Braised Pork Belly in Waso Soft Bun”, creating a harmonious fusion of flavors to delight the senses. The beverage menu offers dazzling creative infusions of preserved fruits – think “Preserved Plum and Mulberry Herbal Tea”, “Soda with Dried Tangerine Peel and Dried Sweet Plum”, and “Sprite with Salted Lemon and Fresh Lemon” – a refreshing nostalgic ode to spring and summer. These six delicious creations are available for a limited time only.

Galaxy Macau also offers a diverse range of culinary experiences encompassing regional Chinese cuisines, including Northern, Sichuan, and Cantonese dishes. Each with expert tea sommeliers who are deeply versed in Chinese tea culture and earn coveted award titles at national competitions for their exceptional skills in the art of curating exclusive premium pairings. On May 15, Galaxy Macau is hosting the “The Art of Tea: Workshop and Dinner”, promising an immersive exploration of Chinese tea traditions led by the Champion of the 2018 National Competition for Tea Sommeliers, Mr. Andrew U. Guests will be joining the journey into tea by tasting nine rare teas, mastering basic brewing techniques, and gaining foundational knowledge of different tea varieties, with a curated tea set gift to take home. The evening will culminate at Pak Loh Chiu Chow Restaurant with a Tea-infused Cuisine and Tea Pairing Dinner, Savor the refreshing fragrance of Iron Buddha in his tender abalone, or immerse yourself in the pleasing jasmine notes in a crispy pigeon. Three award-winning tea masters will be at the dinner to present their selection of premium teas, with each brew telling a unique story. Guests will embark on a sensorial adventure by sipping, studying, brewing, and savoring, and finally immersing themselves in the refined artistry of Chinese tea culture.

On May 15, Galaxy Macau is hosting the "The Art of Tea: Workshop and Dinner”, promising an immersive exploration of Chinese tea traditions led by the Champion of the 2018 National Competition for Tea Sommeliers Mr. Andrew U.
On May 15, Galaxy Macau is hosting the “The Art of Tea: Workshop and Dinner”, promising an immersive exploration of Chinese tea traditions led by the Champion of the 2018 National Competition for Tea Sommeliers Mr. Andrew U.

Chef Ng Man Kin at Putien of Galaxy Macau redefines the globally acclaimed Fujian cuisine with deluxe flair. Adhering to authentic culinary traditions, the Chef meticulously selects precious ingredients to present a variety of delicious dishes. Seasonal standouts include Braised Fish Maw with Yong An Yellow Pepper – a fiery-sweet crescendo, featuring a spicy yellow pepper sauce with a smooth texture. The novel pairing of devilishly hot Yong An yellow pepper sauce with sea cucumber takes the premium delicacy to sensational heights. Marinated Shrimp in Fujian Wine, marinated in old wine for a smooth and tender taste. Braised Duck with Ginger, slow-cooked to aromatic perfection. The 12-hour-simmered Tong An Braised Pork Belly takes over guests’ taste buds owing rich and savory flavor, all the above showcase the kitchen’s technical brilliance. The restaurant also offers exclusive dishes and Southeast Asian-inspired creative delicacies in an elegant setting, dedicated to providing guests with a distinguished and cozy dining experience.

Chef Ng Man Kin at Putien of Galaxy Macau redefines the globally acclaimed Fujian cuisine with a luxe flair. Marinated Shrimp in Fujian Wine, marinated in aged wine for a smooth taste.
Chef Ng Man Kin at Putien of Galaxy Macau redefines the globally acclaimed Fujian cuisine with a luxe flair. Marinated Shrimp in Fujian Wine, marinated in aged wine for a smooth taste.

Meanwhile at Hotel Okura Macau, Nagomi embodies thoughtful Japanese hospitality at its finest. From now until May 28, Nagomi presents a Sakura-themed feast. Desserts feature the delicate elegance of cherry blossom intertwined with fragrant peach and the subtle bitterness of matcha, while the refreshing combination of fragrant sakura tea cake and sour cherry compote spotlights the vibrancy of spring, offering a duet of tea and fruit flavors. The Sakura tea cake with cherry compote and Chocolate nibs financier with sakura cream joyfully evoke the tenderness of spring. Savory bites include the A5 Wagyu beef sushi, Negitoro taco, Tamagoyaki with sea urchin, and unique Sakura shrimp toast, all crafted with premium ingredients to paint a springtime culinary masterpiece to savor. Paired with a selection of coffee or tea, the pink-hued Japanese afternoon tea invites guests to savor the sensory romance of spring.

From now until May 28, Nagomi presents a delicate Sakura-themed feast to delight the senses.
From now until May 28, Nagomi presents a delicate Sakura-themed feast to delight the senses.

Hashtag: #GalaxyMacau

The issuer is solely responsible for the content of this announcement.

About Galaxy Macau Integrated Resort

Galaxy Macau™, The World-class Luxury Integrated Resort delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau and Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz-Carlton Spa, Macau help guests relax and rejuvenate.

As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meter, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind cabaret lounge that evokes the glamor of Shanghai’s golden era with stylish entertainment and customizable surrounds; and Foot Hub, which presents the traditional art of reflexology for authentic relaxation and revitalization. For Authentic Macau Flavours and Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also catered to with a portfolio of unique venues in Galaxy Macau and an expert service team.

Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world-class event venue featuring 40,000-square-meters of total flexible MICE, and the 16,000-seat Galaxy Arena – the largest indoor arena in Macau.

For more details, please visit , and .

Medicus Pharma Ltd. Announces a Binding Letter of Intent to Acquire Antev Ltd. for ~US$75 Million in a Share Exchange Transaction

Antev Shareholders to Receive Aggregate ~19% Equity Stake in Medicus, Plus US$65 Million in Contingent Payments

  • Antev is developing Teverelix, A next generation GnRH Antagonist, as first in class market product for Acute Urinary Retention (AUR) and high CV risk Prostate Cancer

Philadelphia, Pennsylvania–(Newsfile Corp. – April 28, 2025) – Medicus Pharma Ltd. (NASDAQ: MDCX) (“Medicus“) and Antev Ltd. (“Antev“), a UK-based late clinical-stage drug development company, announced today that they have entered into a binding letter of intent dated April 26, 2025 (the “Letter Agreement“) pursuant to which Medicus has agreed to acquire all of the issued and outstanding shares of Antev (the “Antev Shares“) on a share exchange basis (the “Transaction“).

Antev is a clinical stage biotech company, developing Teverelix, a next generation GnRH antagonist, as first in market product for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention (AURr) episodes due to enlarged prostate.

Subject to the assumptions, qualifications, and conditions noted in the Letter Agreement, Medicus will negotiate and enter into a definitive agreement with Antev to acquire all issued and outstanding Antev Shares, on a fully diluted basis, in exchange for 2,666,600 (or approximately 19% in aggregate) of the issued and outstanding Medicus common shares (the “Consideration Shares“).

In addition to resale restrictions prescribed under applicable securities law, the Consideration Shares issuable to Antev shareholders will be subject to a 9-month staggered lock-up and an agreement granting certain voting rights in favor of Medicus management for a period of 36 months.

Antev shareholders will be entitled to receive up to approximately US$65 million in additional contingent consideration tied to potential future FDA Phase 2 and New Drug Application approvals, as more particularly described in the Letter Agreement.

The Transaction is expected to close before the end of June 2025, subject to the completion of satisfactory due diligence by Medicus, negotiation of definitive agreements, obtaining applicable corporate, regulatory and other third-party approvals and the fulfillment of customary closing conditions. No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transactions will be consummated on the terms or timeframe currently contemplated, or at all.

“The LOI to acquire Antev represents strategic depth in our drug development program,” stated Dr. Raza Bokhari, Executive Chairman & CEO. “Teverelix, a next generation GnRH antagonist, is relatively derisked and is well positioned to become first in class product to prevent acute urinary retention recurrence and treat advanced prostate cancer in patients with high cardiovascular risk profile, collectively representing ~$6 Billion in potential market opportunity.”

1. Antev Acute Urinary Retention (AUR) Indication:

Teverelix is aiming to be the first-in-class indication product for preventing recurrence of acute urinary retention (AURr) in males 45 years or older who suffer from benign prostate hyperplasia (BPH). Antev has a US Food and Drug Administration (FDA) approved phase 2b study designed to randomize 390 men after a successful trial without catheterization (TWOC). 85% of nearly one million (1M) annual AUR episodes in the US occur in Men 60+ who suffer from enlarged prostate that manifests with age and frequently is followed by a recurrent episode within 6 months for approximately 30% of men, presenting a potential market opportunity of more than US$2B annually.

Antev planned Phase 2b Study Design in Acute Urinary Retention:

Randomized controlled double blinded study in 390 men after a successful TWOC in 60-70 sites in United States (US) and European Union (EU). The participants shall receive either single intramuscular (IM) or subcutaneous (SC) injection (90mg or 120mg) or placebo in addition to standard therapy. Primary endpoint is a composite of AURr, need for surgery or poor urinary flow metrics in the first 28 weeks, plus 24 weeks follow up.

2. Antev High Cardiovascular (CV) Risk Advanced Prostate Cancer (APC) Indication:

Teverelix is aiming to be the best-in-class indication product for hormone therapy for advanced prostate cancer (APC) patients with increased CV risk. Antev has a US Food and Drug Administration (FDA) approved phase 2b open label study designed to recruit 40 men with advanced prostate cancer. Antev is targeting a niche in patients with CV risk, aiming to provide an androgen deprivation therapy (ADT) option with potentially lower cardiac toxicity than conventional GnRH agonists. If approved, Teverelix could become the first hormone therapy labeled specifically for treating prostate cancer in patients with a history of cardiovascular disease. 300,000 to 500,000 men in the US are living with advanced stage prostate cancer, presenting a potential market opportunity of more than US$4B annually.

Antev planned Phase 2b Study Design in Advanced Prostate Cancer

Open label study in 40 men with advanced prostate cancer suitable for ADT. The participants shall receive a loading dose of 180mg IM plus x2 180mg SC (total 540mg), followed by x2 180mg (360mg) SC day 29 and every 6 weeks. The total duration of the treatment is 22 weeks. Primary endpoint is to confirm castration rate by day 29, sustaining to day 155, probability greater than 90%.

For further information, contact:
Carolyn Bonner, President
(610) 636-0184
cbonner@medicuspharma.com

Anna Baran-Djokovic, SVP Investor Relations
(305) 615-9162
adjokovic@medicuspharma.com

About Medicus Pharma Ltd.:

Medicus Pharma Ltd. (NASDAQ: MDCX) is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.

SkinJect Inc. a wholly owned subsidiary of Medicus Pharma Ltd., is a development stage, life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumors cells. The Company has completed a phase 1 safety & tolerability study (SKNJCT-001) in March of 2021, which met its primary objective of safety and tolerability; the study also describes the efficacy of the investigational product D-MNA, with six (6) participants experiencing complete response on histological examination of the resected lesion. The Company submitted a Phase 2 IND clinical protocol to the FDA in January 2024 for a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-003). In July 2024, an updated package was submitted to the FDA. The study design is to evaluate the efficacy of two dose of two dose levels (100 and 200 ug) of D-MNA compared to placebo (P-MNA) in sixty (60) subjects with nodular BCC. Patient recruitment is currently underway in nine sites across the United States. In April 2025, investigational review board increased the number of participants to Ninety (90) subjects. In March 2025, the company also announced a positively trending interim analysis for SKNJCT-003, demonstrating more the 60% clinical clearance. The interim analysis was conducted after more than 50% of the targeted 60 patients in the study were randomized. The findings of the interim analysis are preliminary and may or may not correlate with the findings of the study once completed.

About Antev Ltd.:

Antev is a clinical stage biotech company, developing Teverelix, a next generation GnRH antagonist, as first in market product for high CV-risk prostate cancer patients and patients with first acute urinary retention (AUR) episodes due to enlarged prostate.

Antev’s flagship drug candidate is Teverelix trifluoroacetate (Teverelix TFA), a long-acting gonadotrophin-releasing hormone (GnRH) antagonist. Unlike GnRH agonists, which can cause an initial surge in testosterone levels, Teverelix directly suppresses sex hormone production without this surge, potentially reducing cardiovascular risks. This mechanism is particularly beneficial for patients with existing cardiovascular conditions. Teverelix is formulated as a microcrystalline suspension, allowing for sustained release and a six-week dosing interval, which may improve patient compliance and outcomes.

In September 2020, Antev completed a Phase 1 clinical trial in which Teverelix was shown to be well tolerated with no dose-limiting toxicities and demonstrated rapid testosterone suppression. The study included 48 healthy male volunteers. In February 2023, Antev also completed a Phase 2a study in fifty (50) patients with advanced prostate cancer (APC), where Teverelix achieved the primary endpoint of greater than 90% probability of castration levels of testosterone suppression (97.5%) but the secondary endpoint of maintaining this rate above 90% was not met with the probability dropping to 82.5% by Day 42.

In January 2023, the U.S. Food and Drug Administration (FDA) reviewed the Phase 1 and Phase 2a data and provided written guidance on Antev’s proposed Phase 3 trial design for Teverelix. This milestone supports the company’s clinical plans to develop Teverelix as a treatment for advanced prostate cancer patients with increased cardiovascular risk.

In December 2023, FDA approved the phase 2b study design in advanced prostate cancer covering 40 patients.

In November 2024, FDA approved the Phase 2b study design in acute urinary retention covering 390 patients.

Cautionary Notice on Forward-Looking Statements

Certain information in this news release constitutes “forward-looking information” under applicable securities laws. “Forward-looking information” is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, statements regarding the Transaction, including the entry into a definitive agreement in respect of the Transaction, the closing of the transaction or the timing thereof, the potential benefits of the Transaction, if consummated, including plans and expectations concerning, and future outcomes relating to, the development, advancement and commercialization of Teverelix, and the potential market opportunities related thereto, the results of the Company’s interim analysis, which may or may not correlate with the findings of the clinical study report that will be compiled following completion of the phase 2 study, the Company’s plans and expectations concerning, and future outcomes relating to, the submission and advancement of the phase 2 clinical protocol, the randomization of patients and size of the study, the Company’s intention to complete and submit an interim data analysis to the FDA and to request a Type C meeting and the timing thereof, the Company’s aim to fast fast-track the clinical development program and convert the SKNJCT-003 exploratory clinical trial into a pivotal clinical trial, and approval from the FDA and the timing thereof. Forward-looking statements are often but not always, identified by the use of such terms as “may”, “on track”, “aim”, “might”, “will”, “will likely result”, “would”, “should”, “estimate”, “plan”, “project”, “forecast”, “intend”, “expect”, “anticipate”, “believe”, “seek”, “continue”, “target” or the negative and/or inverse of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company’s annual report on form 10-K for the year ended December 31, 2024 (the “Annual Report”), along with the Company’s other public filings on EDGAR and SEDAR+, which may impact, among other things, the trading price and liquidity of the Company’s common shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Readers are cautioned that the foregoing list is not exhaustive, and readers are encouraged to review the Annual Report accessible on the Company’s profile on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The issuer is solely responsible for the content of this announcement.

JCET Reports Q1 2025 Revenue Growth of 36.4% and Net Profit Growth of 50.4%

Q1 2025 Financial Highlights:

  • Q1 revenue of RMB 9.34 billion, a 36.4% increase year-on-year, marking a record high for the same period.
  • Q1 net profit attributable to shareholders of the parent company of RMB 200 million, up 50.4% year-on-year.
  • Q1 net cash flow from operating activities of RMB 1.14 billion.
  • Q1 earnings per share of RMB 0.11, compared to RMB 0.08 in Q1 2024.

SHANGHAI, April 28, 2025 /PRNewswire/ — JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its financial results for the first quarter of 2025. The company achieved revenue of RMB 9.34 billion in Q1 2025, a 36.4% increase year-on-year, marking a record high for the same period. Net profit attributable to owners of the parent was RMB 200 million, a 50.4% year-on-year increase.

In the first quarter of 2025, JCET maintained a steady and progressive business development, focusing on advanced technologies and key application markets. The company continued to optimize its business structure and improve its capacity layout and supply chain both domestically and internationally. During the reporting period, all business segments achieved significant year-on-year growth. In the field of computing electronics, JCET provides comprehensive solutions for global customers, meeting the increasing market demand, with revenue growing by 92.9% year-on-year. The automotive electronics business strengthened its turnkey service capabilities, with related revenue increasing by 66.0%. The industrial and medical electronics segment saw a revenue increase of 45.8% year-on-year. JCET remains committed to building a diversified and resilient supply chain, closely monitoring the international trade landscape, assessing and responding to potential impacts, and maintaining close communication with customers and suppliers.

With its comprehensive strength, JCET further solidified its position as a global semiconductor packaging leader, ranking in the “Semiconductor 30 2025” list published by Brand Finance in Q1.

Under the guidance of its strategic direction, JCET will continue to advance lean production, optimize product structure and capacity layout, and enhance its medium and long term profitability through technology innovation and economy of scale.

For more information, please refer to the JCET Q1 2025 Report

About JCET Group

JCET Group is the world’s leading integrated circuit back-end manufacturing and technology services provider. We offer a full range of turnkey solutions, including semiconductor package integration design and characterization, R&D, wafer probing, bumping, package assembly, final testing, and drop shipment to vendors worldwide.

Our comprehensive portfolio spans a broad range of semiconductor applications—including mobile, communication, computing, consumer, automotive, and industrial—delivered through advanced wafer-level packaging, 2.5D/3D packaging, System-in-Package solutions, and reliable flip chip and wire bonding technologies.

JCET Group has two R&D centers in China and Korea; eight manufacturing sites across China, Korea, and Singapore; and sales centers around the world, enabling close technology collaboration and efficient supply-chain manufacturing for our global customers.