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Long-Term Investments

12 Months Ended

Dec. 31, 2025

6. LONG-TERM INVESTMENTS

(1)	The ownership percentages of each investee are listed as follows:

	Ownership percentage
	December 31,			December 31,			Accounting
Name of investees	2025			2024			treatments
Braingenesis Biotechnology Co., Ltd.*		0.17	%		0.17	%	Cost Method
Genepharm Biotech Corporation		0.67	%		0.67	%	Cost Method
BioHopeKing Corporation		5.90	%		5.90	%	Cost Method
ForSeeCon Eye Corporation (see Note 10)		19.78	%		19.78	%	Cost Method
BioFirst Corporation		18.68	%		18.68	%	Equity Method
OncoX BioPharma, Inc. (see Note 10)		24.97	%		24.97	%	Equity Method
Rgene Corporation		37.00	%		26.65	%	Equity Method
BioLite Japan K.K.		49.00	%		49.00	%	Equity Method

*	This company was acquired by Canal Biotech Corporation Inc. Our stock is in the process of replacement with the stock of the acquired company and the ownership percentage is subject to change.

(2)	The extent the investee relies on the company for its business is summarized as follows:

Name of investees		The extent the investee relies on the Company for its business
Braingenesis Biotechnology Co., Ltd.		No specific business relationship
Genepharm Biotech Corporation		No specific business relationship
BioHopeKing Corporation		Collaborating with the Company to develop and commercialize drugs (referring to Note 4, Collaborative Agreements)
BioLite Japan K.K.		The Company’s joint venture noncontrolling subsidiary perform research and development activities and explore business opportunities in Japan
ForSeeCon Eye Corporation		Collaborating with the Company to develop and commercialize ophthalmic medical devices (referring to Note 4, Collaborative Agreements)
BioFirst Corporation		Loaned from the investee and provides research and development support service
OncoX BioPharma, Inc.		Collaborating with the Company to develop and commercialize single-herb botanical drug for treatment of certain diseases (referring to Note 4, Collaborative Agreements)
Rgene Corporation		Collaborating with the Company to develop and commercialize drugs (referring to Note 4, Collaborative Agreements)

(3)	Long-term investment mainly consists of the following:

	December 31,
	2025		2024
Non-marketable Cost Method Investments, net
Braingenesis Biotechnology Co., Ltd.	$	7,014	$	6,727
Genepharm Biotech Corporation		21,727		20,540
ForSeeCon Eye Corporation^(d)		-		-
BioHopeKing Corporation ^(f)		-		762,983
Subtotal		28,741		790,250
Equity Method Investments, net
BioFirst Corporation^(a)		1,298,038		1,468,504
Rgene Corporation^(b)		551,686		-
BioLite Japan K.K. (BioLite JP)^(c)		-		-
OncoX BioPharma, Inc.^(e)		-		-
Total	$	1,878,465	$	2,258,754

(a)	BioFirst Corporation (the “BioFirst”):

The Company holds an equity interest in BioFirst Corporation, accounting for its equity interest using the equity method to accounts for its equity investment as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. As of December 31, 2025 and 2024, the Company owns 18.68% and 18.68% common stock shares of BioFirst, respectively. The Company made a prepayment for equity investment in BioFirst to purchase additional shares to be issued by BioFirst in the aggregate amount of $2,688,578, recorded as prepayment for long-term investments as of December 31, 2022. On July 19, 2023, the Company successfully completed the registration process for this investment. The initial prepayment was $1,895,556, which is a portion of the prepayment as of December 31, 2022, and was converted into 994,450 shares of BioFirst stock. As of December 31, 2025, the amount of prepayment for long-term investment in BioFirst was $1,124,842.

Summarized unaudited financial information for the Company’s equity method investee, BioFirst, is as follows:

Balance Sheets

	December 31,
	2025			2024
Current Assets	$	1,534,484		$	1,323,952
Non-current Assets		1,124,625			1,083,472
Current Liabilities		4,508,191			3,508,413
Non-current Liabilities		122,508			114,606
Stockholders’ Deficit		(1,971,590	)		(1,215,595	)

Statements of operations

	Year Ended December 31,
	2025			2024
Net sales	$	31,779		$	357
Gross profit		31,779			216
Net loss		(737,414	)		(770,877	)
Share of losses from investments accounted for using the equity method		(180,626	)		(339,171	)

(b)

Rgene Corporation (the “Rgene”)

As described in Note 4, the Company acquired 26.65% of Rgene’s outstanding common shares since 2018 through multiple collaborative agreements, and has been accounting this equity investment with equity method as prescribed in ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”). Equity method adjustments include the Company’s proportionate share of investee’s income or loss and other adjustments required by the equity method. Further, as disclosed in Note 10 Related Party Transactions, the Company entered a convertible loan agreement with Rgene in 2022 and has been working with Rgene to obtain approval for the Company to exercise the conversion from Department of Investment Review in Taiwan, a government agency reviews foreign investors conducting investment in Taiwan. In May 2024, the conversion request for the conversion was approved but the Company was not informed by Rgene until April 2025. The Company determined that the impact to the financial statements is immaterial and assumed the conversion was incurred on January 1, 2025. After the conversion, the Company owns 37% of outstanding shares of Rgene.

Summarized unaudited financial information for the Company’s equity method investee, Rgene, is as follows:

Balance Sheets

	December 31,
	2025			2024
Current Assets	$	45,877		$	46,491
Non-current Assets		230,366			222,988
Current Liabilities		1,648,570			1,546,123
Non-current Liabilities		509			319
Shareholders’ Deficit		(1,372,836	)		(1,276,963	)

Statements of operations

	Year Ended December 31,
	2025			2024
Net sales	$	-		$	-
Gross Profit		-			-
Net loss		(41,835	)		(118,367	)
Share of loss from investments accounted for using the equity method		(12,133	)		-

(4)

Disposition of long-term investment

During the years ended December 31, 2025 and 2024, there is no disposition of long-term investment.

(5)

Loss on investment in equity securities

The components of loss on investment in equity securities for each period were as follows (not recognized since the carrying value of the investment was reduced to $0):

	Year Ended December 31,
	2025			2024
Share of equity method investee losses	$	(192,759	)	$	(339,171	)

(c)	BioLite Japan K.K. (BioLite JP)

In October 2021, the Company, Lucidaim Co., Ltd., a Japanese corporation (“Lucidaim,” together with the Company, the “Shareholders”), and BioLite Japan K.K., a Japanese corporation (“BioLite JP”) entered into a Joint Venture Agreement. BioLite JP is a private limited company incorporated on December 18, 2018. The business of the joint venture is the research and development of drugs, medical device and digital media, investment, fund running and consulting, distribution and marketing of supplements carried on by BioLite JP and its subsidiaries in Japan, or any other territory or businesses. At the date of the Agreement, BioLite JP has 10,000 ordinary shares authorized, with 3,049 ordinary shares issued and outstanding (the “Ordinary Shares”). Pursuant to the Agreement and the related share transfer agreement, Lucidaim shall own 1,555 Ordinary Shares (51%) and the Company shall own 1,494 Ordinary Shares (49%). The Company paid $150,000 towards the setup of the joint venture; BioLite Japan’s other shareholder also paid $150,000 after the Letter of Intent was signed. This prepayment is booked in prepayment for investment. As of December 31, 2025, the Company evaluated the investee’s business and financial conditions and determined to fully impair such prepayment.

(d)	ForSeeCon Eye Corporation (FEYE)

FEYE is a private company registered in the British Virgin Islands, focusing on the field of diagnosis and treatment of eye disorders, with its main product of Vitargus. The Company granted FEYE certain licensed products in exchange of FEYE ownership. See Note 4 for detail of such transactions.

(e)	OncoX BioPharma, Inc. (OncoX)

OncoX is a private company registered in the British Virgin Islands, focusing on oncology trials and drug development across Asia-Pacific. The Company granted OncoX certain licensed products in exchange of OncoX’s ownership. See Note 4 for detail of such transactions.

(f)	BioHopeKing Corporation (BHK)

As discussed in Note 4 with our collaborative relationship with BHK, the Company has evaluated the progress of BHK’s development and determined that the decline in fair value is other-than temporary based on BHK’s deteriorating financial condition. As a result, the Company fully reduced the fair value of the investment on the book in the amount of NTD 25,015,830 (approximately $803,008).