Financial Performance - The company reported a loss attributable to shareholders of approximately 25,050,000fortheyearendedDecember31,2023,primarilyduetoamortizationexpensesofintangibleassetstotalingabout22,180,000 and operational and R&D expenses of approximately 6,070,000[9].−Thecompanyrecordedacapitallossofapproximately1,550,000 as of December 31, 2023, a decrease of about 4,150,000fromthepreviousyear,primarilyduetothelossattributabletoshareholders[2].−Thecompanyreportedanetlossof25,049,000 for the year ended December 31, 2023, an improvement from a net loss of 36,427,000in2022,reflectingareductionofapproximately3130,463,000 for 2023, compared to a loss of 36,008,000in2022,indicatinga15.525,290,000, compared to a loss of 26,607,000in2022,reflectinga4.95,387,000 in 2023, compared to a tax expense of 433,000in2022,indicatingasignificantshift[60].−Thecompanyrecognizedataxcreditofapproximately5.41 million for the year ended December 31, 2023, compared to a tax expense of approximately 420,000fortheyearendedDecember31,2022[72].−Thecompany’stotalassetsdecreasedto2,785,000 in 2023 from 2,312,000in2022,whiletotalliabilitiessignificantlydecreasedfrom18,316,000 to 3,581,000,indicatingimprovedfinancialhealth[20][21].RevenueandGrowth−In2023,thecompanyreportedtotalrevenueof291,000, a substantial increase from 114,000in2022,representingagrowthofapproximately155317,000, compared to 223,000in2022,representinga42.2171,000 in 2023 from 35,000in2022,agrowthof388.6291,000 in 2023, up from 114,000in2022,markinga155.35,000,000 and 2,000,000inrevenuefromtheChinesemarket[3][5].−ThecompanyhasmadesignificantprogressinthecommercializationofFortacin™inEurope,withstrongdemandobservedinFrance,Germany,Italy,andPortugal,followingitsreintroductionin2023[3].−Thecompanyachievedasignificantmilestonein2023bysuccessfullycompletingthePhaseIIIclinicalstudyinChinaforFortacin™,withallfourprimaryendpointsmet[11].−ThecompanyisactivelydiscussinglicensingFortacin™rightstopharmaceuticalcompaniesinJapanandSouthKorea,whichcouldfurtherincreaseroyaltyincome[7].−ThecompanyisaddressingfeedbackfromtheFDAregardingthespecialprotocolassessmentforFortacin™intheU.S.andplanstoengagefurtherinthefirsthalfof2024[7].−Thecompanyhascompletedapproximately902,000,000 at an interest rate of 8%, with 400,000 already drawn down[29]. - The company has not early adopted any new standards or interpretations that have been issued but are not yet effective[38]. - The independent auditor, Roshan Mei, was appointed effective June 21, 2023, following the resignation of the previous auditor, Hong Kong Lee & Associates[98]. - The company is committed to adhering to Hong Kong Financial Reporting Standards in its financial disclosures[110]. Shareholder Matters - The board has resolved not to declare a final dividend for the year ended December 31, 2023, consistent with the previous year[96]. - The rights issue raised approximately HKD 170,080,000 (or about 21,670,000) before expenses, with a net amount of approximately HKD 163,800,000 (or about 20,870,000)afterestimatedexpenses[76].−Approximately63.6313,280,000) of the net proceeds from the rights issue will be used for debt repayment[76]. - The company has not repurchased, sold, or redeemed any of its listed securities during the year ended December 31, 2023[101].
