New Risk • Jun 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (37% accrual ratio). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (NT$821.6m market cap, or US$25.9m). 공고 • Mar 30
General Biologicals Corporation, Annual General Meeting, Jun 17, 2026 General Biologicals Corporation, Annual General Meeting, Jun 17, 2026, at 10:00 Taipei Standard Time. Location: no,6, ch`uang hsin 1st rd., hsinchu science park, hsinchu county Taiwan New Risk • Mar 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$304.1m (US$9.56m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$643m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (NT$304.1m market cap, or US$9.56m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$643m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 62% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (NT$693.4m market cap, or US$22.1m). New Risk • Dec 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$643m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 62% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$939.7m market cap, or US$30.2m). Board Change • Jul 31
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Cheng-Hua Li was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.