Valuation Update With 7 Day Price Move • 20h
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$24.75, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 29x in the Biotechs industry in Taiwan. Total loss to shareholders of 7.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$35.90, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 30x in the Biotechs industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Apr 14
Full year 2025 earnings released: EPS: NT$0.86 (vs NT$1.33 in FY 2024) Full year 2025 results: EPS: NT$0.86 (down from NT$1.33 in FY 2024). Revenue: NT$206.7m (down 22% from FY 2024). Net income: NT$66.5m (down 28% from FY 2024). Profit margin: 32% (down from 35% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$35.05, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 29x in the Biotechs industry in Taiwan. Total returns to shareholders of 20% over the past three years. Announcement • Mar 12
3D Global Biotech Inc., Annual General Meeting, Jun 08, 2026 3D Global Biotech Inc., Annual General Meeting, Jun 08, 2026, at 09:00 Taipei Standard Time. Location: 30- floor building. c no,95, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan 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 Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.13b (US$99.7m) This is considered a minor 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 Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.13b market cap, or US$99.7m). Announcement • Nov 25
YD Bio Limited Announces U.S. Ophthalmology Market Entry, Advances Across Diagnostics and LSC Exosome Therapeutics YD Bio Limited announced that the Company has reached a set of regulatory and clinical milestones that together mark its first commercial entry into U.S. eye care and limbal stem cells exosome-based therapeutics. Through its partner 3D Global Biotech Inc. ("3D Global Biotech"), Exovisse Contact Lenses have obtained FDA 510(k) clearance as a Class II medical device, enabling legal marketing in the United States. In parallel, its Exovisse Artificial Tears have been developed in compliance with the FDA OTC Final Monograph M018, permitting nationwide over-the-counter distribution for eye hydration and dry eye comfort without individual FDA premarket approval, and its LSC and LSC-derived exosomes has been enrolled in the FDA Drug Master File. In plain terms, 510(k) clearance confirms the lenses are substantially equivalent to an already marketed device and can be sold in the U.S., while OTC monograph compliance confirms the artificial tears meet established safety and labeling requirements and can be marketed without case-by-case approval. For consumers, that means easier access to trusted solutions for comfort and clearer vision, which establishes a commercial foundation for YD Bio in ophthalmology that complements ongoing clinical development. YD Bio and 3D Global Biotech are also planning a small clinical trial in Taiwan to evaluate dry eye disease, working with YC Biotech, a Taiwan-based contract research organization. The Company is simultaneously advancing LSC Exosome Therapeutics through active collaboration with 3D Global Biotech, pursuing limbal stem cell-derived exosome applications via injection and eye drops for retinal and macular disorders. YD Bio has enrolled its limbal stem cells and limbal stem cell exosomes in the FDA Drug Master File, establishing quality and regulatory documentation to support future therapeutic development. Development timelines and commercial outcomes may be affected by factors including technology evolution, clinical validation, regulatory feedback, partner execution, customer acceptance, competitive dynamics, and economic conditions. YD Bio will comply with applicable regulatory disclosure obligations and provide timely, accurate, and complete updates on material developments. New Risk • Oct 28
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 6.7% 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 Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$53.00, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 35x in the Biotechs industry in Taiwan. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$48.95, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 33x in the Biotechs industry in Taiwan. Total returns to shareholders of 84% over the past three years. New Risk • Aug 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.94b (US$97.9m) This is considered a minor 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 Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (NT$2.94b market cap, or US$97.9m). Reported Earnings • Apr 19
Full year 2024 earnings released: EPS: NT$1.33 (vs NT$1.03 loss in FY 2023) Full year 2024 results: EPS: NT$1.33 (up from NT$1.03 loss in FY 2023). Revenue: NT$265.7m (up NT$245.1m from FY 2023). Net income: NT$91.7m (up NT$149.7m from FY 2023). Profit margin: 35% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
3D Global Biotech Inc., Annual General Meeting, Jun 04, 2025 3D Global Biotech Inc., Annual General Meeting, Jun 04, 2025, at 09:00 Taipei Standard Time. Location: 30- floor no,95, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city 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 Earnings have declined by 4.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Revenue is less than US$5m (NT$55m revenue, or US$1.7m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major 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 Earnings have declined by 4.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Revenue is less than US$5m (NT$55m revenue, or US$1.7m). New Risk • Dec 31
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 6.2% 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 Risk Earnings have declined by 4.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Revenue is less than US$5m (NT$55m revenue, or US$1.7m). New Risk • Apr 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% 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 Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (NT$16m revenue, or US$512k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (NT$1.90b market cap, or US$59.1m). New Risk • Feb 27
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: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (NT$16m revenue, or US$520k). 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$1.80b market cap, or US$56.9m). New Risk • Jan 31
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 Risks Share price has been highly volatile over the past 3 months (7.2% average weekly change). Earnings have declined by 15% per year over the past 5 years. Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (NT$16m revenue, or US$525k). Revenue is less than US$1m (NT$16m revenue, or US$525k). Minor Risks Market cap is less than US$100m (NT$1.40b market cap, or US$44.7m). Market cap is less than US$100m (NT$1.40b market cap, or US$44.7m). Announcement • Mar 14
3D Global Biotech Inc., Annual General Meeting, Jun 04, 2021 3D Global Biotech Inc., Annual General Meeting, Jun 04, 2021. 
