OSRHWHIGH SIGNALFINANCIAL10-K

OSRHW completed a transformative business combination that dramatically increased assets by 7,335% but resulted in massive operating losses and deteriorating cash flows.

The company underwent a major transformation from what appears to be a SPAC (Bellevue Life Sciences Acquisition Corp.) into OSR Holdings, a healthcare investment company. While the business combination brought substantial assets ($171.2M vs $2.3M), it also created significant operational challenges with operating losses expanding to -$18.3M and negative stockholders' equity deepening to -$8.3M.

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FINANCIAL ANALYSIS

The financial transformation is dramatic but concerning - while total assets exploded by over 7,000% to $171.2M following the business combination, the company's operational performance severely deteriorated with operating losses expanding from -$3.5M to -$18.3M and net income swinging from positive $404K to negative $2.4M. The company now carries substantial liabilities of $44.2M against negative stockholders' equity of -$8.3M, while operating cash flow worsened to -$4.3M, signaling significant execution challenges in integrating and operating the acquired healthcare assets.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+7335.3%
$2.3M→$171.2M

Asset base grew 7335.3% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+2470.9%
$66K→$1.7M

Cash position surged 2470.9% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-697.1%
$404K→-$2.4M

Net income declined 697.1% — review whether driven by operations, interest costs, or non-recurring items.

Current Assets
Balance Sheet
+518.5%
$455K→$2.8M

Current assets grew 518.5% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
-420.2%
-$3.5M→-$18.3M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Liabilities
Balance Sheet
+402.9%
$8.8M→$44.2M

Liabilities grew 402.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+155.5%
$6.7M→$17.2M

Current liabilities surged 155.5% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
-113.3%
-$3.9M→-$8.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

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.

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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