Exhibit 99.1
JYONG BIOTECH LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousand US Dollars, except share and per share data)
As of December 31, 2024 | As of June 30, 2025 | |||||||
| Audited | Unaudited | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 98 | $ | 132 | ||||
| Restricted cash | 3 | 3 | ||||||
| Short-term investments | - | 16,875 | ||||||
| Prepayments and other current assets | 105 | 153 | ||||||
| Total current assets | 206 | 17,163 | ||||||
| Property and equipment, net | 3,049 | 3,358 | ||||||
| Operating right-of-use assets | 137 | 94 | ||||||
| Deferred offering costs | 934 | - | ||||||
| Restricted asset | 2,034 | 2,049 | ||||||
| Loan receivable from shareholder | - | 15,000 | ||||||
| Other non-current assets | 6 | 7 | ||||||
| Total non-current assets | 6,160 | 20,508 | ||||||
| TOTAL ASSETS | $ | 6,366 | $ | 37,671 | ||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
| Current liabilities | ||||||||
| Short-term bank loans | $ | 7,225 | $ | 22,436 | ||||
| Notes and accounts payable | 3 | 3 | ||||||
| Accrued expenses | 1,203 | 991 | ||||||
| Accrued expenses due to related parties | 147 | 219 | ||||||
| Current portion of long-term bank loans | 57 | 349 | ||||||
| Operating lease liabilities due to related parties-current | 159 | 131 | ||||||
| Other current liabilities | 3,292 | 3,366 | ||||||
| Other current liabilities due to related parties | 41 | 59 | ||||||
| Total current liabilities | 12,127 | 27,554 | ||||||
| Long-term loan from related parties | 5,515 | 7,195 | ||||||
| Long-term loan from third parties | 3,131 | 3,131 | ||||||
| Long-term bank loans, net of current portion | 2,032 | 1,945 | ||||||
| Operating lease liabilities due to related parties – non-current | 16 | 7 | ||||||
| Other non-current liabilities | 58 | 58 | ||||||
| Other non-current liabilities due to related parties | 628 | 628 | ||||||
| Guarantee liabilities | 19,378 | 19,625 | ||||||
| Total non-current liabilities | 30,758 | 32,589 | ||||||
| TOTAL LIABILITIES | 42,885 | 60,143 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ deficit | ||||||||
| Ordinary shares, $0.00001 par value; 5,000,000 thousand shares authorized; 73,361 thousand and 76,028 thousand shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 11,805 | 28,263 | ||||||
| Treasury shares, 1,794 thousand shares as of December 31, 2024 and June 30, 2025 | (16,366 | ) | (16,366 | ) | ||||
| Accumulated deficit | (33,080 | ) | (34,332 | ) | ||||
| Accumulated other comprehensive income (loss) | 1,121 | (38 | ) | |||||
| Total shareholders’ deficit | (36,519 | ) | (22,472 | ) | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 6,366 | $ | 37,671 | ||||
JYONG BIOTECH LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousand US Dollars, except share data in thousands and per share data)
For the six months ended June 30, | ||||||||
| 2024 | 2025 | |||||||
| Unaudited | Unaudited | |||||||
| Operating expenses | ||||||||
| Research and development | $ | (499 | ) | $ | (367 | ) | ||
| Selling and marketing | (21 | ) | (20 | ) | ||||
| General and administrative | (431 | ) | (429 | ) | ||||
| Total operating expenses | (951 | ) | (816 | ) | ||||
| Loss from operations | (951 | ) | (816 | ) | ||||
| Other incomes (expenses): | ||||||||
| Interest income | 6 | 24 | ||||||
| Interest expenses | (448 | ) | (417 | ) | ||||
| Other gains (losses), net | 67 | (43 | ) | |||||
| Total other expenses, net | (375 | ) | (436 | ) | ||||
| Loss before income tax | (1,326 | ) | (1,252 | ) | ||||
| Income tax expense | - | - | ||||||
| Net loss | (1,326 | ) | (1,252 | ) | ||||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustments, net of nil tax | 473 | (1,163 | ) | |||||
| Unrealized gain on short term investments, net of nil tax | - | 4 | ||||||
| Total other comprehensive income (loss) | 473 | (1,159 | ) | |||||
| Total comprehensive loss | $ | (853 | ) | $ | (2,411 | ) | ||
| Net loss per share: | ||||||||
| Basic and Diluted | $ | (0.02 | ) | $ | (0.02 | ) | ||
| Weighted average shares outstanding (in thousands): | ||||||||
| Basic and Diluted | 71,567 | 71,758 | ||||||