OSRHHIGH SIGNALFINANCIAL10-K

OSRH completed its business combination transformation from BLAC with deteriorating operating performance, including substantially worsened cash burn and declining revenues.

The company has transitioned from a SPAC structure to an operating healthcare company, but the underlying business shows concerning trends with revenue declining and operating cash flow deteriorating substantially. The completion of share exchanges with non-participating stockholders and IPO costs of $2.7M indicate significant capital structure changes, but operational metrics suggest execution challenges in the core business.

Comparing 2026-03-31 vs 2025-04-22View on EDGAR →
FINANCIAL ANALYSIS

The company's financial performance deteriorated across key metrics, with revenue declining 17.7% to $2.9M and gross profit falling 26.9% to $593K. Operating cash flow burned substantially more cash, moving from -$2.2M to -$4.3M, while R&D expenses roughly doubled and SG&A expenses grew meaningfully to $18.9M. Working capital components like inventory and accounts receivable declined significantly, potentially indicating reduced business activity or improved collection efforts.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-97.8%
-$2.2M-$4.3M

Operating cash flow fell 97.8% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+97.6%
$161K$318K

R&D investment increased 97.6% — signals commitment to future product development, though near-term margin impact.

Inventory
Balance Sheet
-78.7%
$922K$196K

Inventory drawn down 78.7% — strong sell-through or deliberate destocking; watch for supply constraints.

Accounts Receivable
Balance Sheet
-64.7%
$904K$319K

Receivables declined — improved collection efficiency or conservative revenue recognition.

SG&A Expense
P&L
+51.4%
$12.5M$18.9M

SG&A up 51.4% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Gross Profit
P&L
-26.9%
$811K$593K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Revenue
P&L
-17.7%
$3.5M$2.9M

Revenue softened 17.7% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-22
ADDED
As of March 20, 2026, there were 33,124,755 shares of common stock, par value $0.0001 per share issued and outstanding.
The Company s vision is to acquire and operate a portfolio of innovative healthcare-related companies globally.
This Annual Report on Form 10-K covers the fiscal year ended December 31, 2025, and presents the consolidated results of OSR Holdings, Inc.
The transaction costs of our IPO amounted to $2,721,126, consisting of $1,380,000 of underwriting discounts and $1,341,126 of other offering costs.
As a subsequent event following the end of the period covered by this Form 10-K, the Non-Participating Stockholders exercised their options to put their OSR shares to exchange them into the shares of the common stock of OSR Holdings, Inc.
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REMOVED
Employer Identification Number) 10900 NE 4th Street , Suite 2300 Bellevue , WA 98004 (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (425) 635-7700 BELLEVUE LIFE SCIENCES ACQUISITION CORP.
As of April 15, 2025, there were 19,276,978 shares of common stock, par value $0.0001 per share issued and outstanding.
the Company s vision is to acquire and operate a portfolio of innovative health-care related companies globally.
Because we closed the Business Combination after the end of our fiscal year, this Annual Report on Form 10-K describes our business and operations following the Closing of the Business Combination, but includes the financial statements of BLAC and related Management s Discussion and Analysis of Financial Condition and Results of Operations, which describe the business, financial condition, results of operations, liquidity and capital resources of BLAC prior to the Business Combination, and disclosure in Item 14.
Principal Accounting Fees and Services relates to fees paid in respect of BLAC s financial statements.
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