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). Announcement • 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. Reported Earnings • Apr 26
Full year 2024 earnings released: NT$3.69 loss per share (vs NT$3.32 loss in FY 2023) Full year 2024 results: NT$3.69 loss per share (further deteriorated from NT$3.32 loss in FY 2023). Net loss: NT$220.8m (loss widened 11% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Apr 01
General Biologicals Corporation, Annual General Meeting, Jun 27, 2025 General Biologicals Corporation, Annual General Meeting, Jun 27, 2025. Location: no,6, ch`uang hsin 1st rd., hsinchu science park, hsinchu county Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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$1.3b free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 47% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (NT$1.19b market cap, or US$36.2m). New Risk • Dec 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. 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$1.3b free cash flow). Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$1.13b market cap, or US$34.3m). New Risk • Aug 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$1.3b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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$1.3b free cash flow). Earnings have declined by 47% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.20b market cap, or US$37.2m). Reported Earnings • May 04
Full year 2023 earnings released: NT$3.32 loss per share (vs NT$0.89 loss in FY 2022) Full year 2023 results: NT$3.32 loss per share (further deteriorated from NT$0.89 loss in FY 2022). Revenue: NT$264.8m (down 28% from FY 2022). Net loss: NT$198.8m (loss widened 274% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Apr 10
General Biologicals Corporation, Annual General Meeting, Jun 27, 2024 General Biologicals Corporation, Annual General Meeting, Jun 27, 2024. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (NT$1.42b market cap, or US$44.8m). New Risk • Jan 19
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 7.2% 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 Risk Share price has been highly volatile over the past 3 months (7.2% average weekly change). Minor Risk Market cap is less than US$100m (NT$1.44b market cap, or US$45.5m). New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (NT$1.60b market cap, or US$50.8m). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Director Joanna Chen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$29.40, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 32x in the Biotechs industry in Taiwan. Total returns to shareholders of 274% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$32.60, the stock trades at a trailing P/E ratio of 44.2x. Average trailing P/E is 42x in the Biotechs industry in Taiwan. Total returns to shareholders of 315% over the past three years. Reported Earnings • May 02
Full year 2021 earnings released: EPS: NT$0.74 (vs NT$1.18 in FY 2020) Full year 2021 results: EPS: NT$0.74 (down from NT$1.18 in FY 2020). Revenue: NT$551.7m (up 16% from FY 2020). Net income: NT$44.1m (down 29% from FY 2020). Profit margin: 8.0% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improved over the past week After last week's 28% share price gain to NT$50.10, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 34x in the Biotechs industry in Taiwan. Total returns to shareholders of 390% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 19% share price gain to NT$36.65, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 29x in the Biotechs industry in Taiwan. Total returns to shareholders of 255% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$36.55, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 23x in the Biotechs industry in Taiwan. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 17% share price gain to NT$32.95, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 22x in the Biotechs industry in Taiwan. Total returns to shareholders of 186% over the past three years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 19% share price gain to NT$44.50, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 21x in the Biotechs industry in Taiwan. Total returns to shareholders of 278% over the past three years. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$0.88 (vs NT$0.053 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$318.1m (up 93% from 1H 2020). Net income: NT$52.4m (up NT$54.9m from 1H 2020). Profit margin: 17% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$60.50, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 25x in the Biotechs industry in Taiwan. Total returns to shareholders of 393% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 102% share price gain to NT$85.20, the stock trades at a trailing P/E ratio of 72.2x. Average trailing P/E is 28x in the Biotechs industry in Taiwan. Total returns to shareholders of 569% over the past three years. Reported Earnings • May 01
Full year 2020 earnings released: EPS NT$1.18 (vs NT$0.99 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$475.9m (up 99% from FY 2019). Net income: NT$62.2m (up NT$101.2m from FY 2019). Profit margin: 13% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
General Biologicals Corporation, Annual General Meeting, Jun 17, 2021 General Biologicals Corporation, Annual General Meeting, Jun 17, 2021. Is New 90 Day High Low • Feb 11
New 90-day low: NT$43.00 The company is down 12% from its price of NT$48.85 on 13 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is flat over the same period. Is New 90 Day High Low • Nov 10
New 90-day low: NT$44.00 The company is down 71% from its price of NT$153 on 12 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 23
New 90-day low: NT$55.60 The company is down 72% from its price of NT$197 on 24 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 8.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: NT$70.50 The company is down 72% from its price of NT$252 on 02 July 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 9.0% over the same period. Announcement • Jul 24
General Biologicals Corporation announced that it has received TWD 77.623729 million in funding from Hong Kong Chlitina International Limited General Biologicals Corporation announced a private placement of 1,805,203 shares for TWD 43 per share for gross proceeds of TWD 77,623,729 on July 23, 2020. The transaction included participation from returning investor Hong Kong Chlitina International Limited which will change its stake from 20.05% to 19.71% stake after completion. The transaction has been approved by the board of investor Chlitina Holding Limited (TSEC:4137), parent of the investor.