Reported Earnings • May 13
First quarter 2026 earnings released: NT$0.10 loss per share (vs NT$0.27 loss in 1Q 2025) First quarter 2026 results: NT$0.10 loss per share (improved from NT$0.27 loss in 1Q 2025). Net loss: NT$15.3m (loss narrowed 63% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Mar 11
Formosa Pharmaceuticals, Inc., Annual General Meeting, May 25, 2026 Formosa Pharmaceuticals, Inc., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: NT$0.55 loss per share (vs NT$1.43 loss in FY 2024) Full year 2025 results: NT$0.55 loss per share (improved from NT$1.43 loss in FY 2024). Net loss: NT$83.6m (loss narrowed 58% from FY 2024). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Chao-Chou Kang was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.39 loss per share (vs NT$0.37 loss in 3Q 2024) Third quarter 2025 results: NT$0.39 loss per share (further deteriorated from NT$0.37 loss in 3Q 2024). Net loss: NT$59.2m (loss widened 20% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.61 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.43 (up from NT$0.61 loss in 2Q 2024). Net income: NT$64.3m (up NT$157.8m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Jun 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m (NT$16m revenue, or US$539k). Reported Earnings • May 13
First quarter 2025 earnings released: NT$0.27 loss per share (vs NT$0.14 loss in 1Q 2024) First quarter 2025 results: NT$0.27 loss per share (further deteriorated from NT$0.14 loss in 1Q 2024). Net loss: NT$40.7m (loss widened 109% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Apr 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 8.9% 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 (8.9% average weekly change). Revenue is less than US$5m (NT$143m revenue, or US$4.4m). New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.25b (US$98.8m) 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: Minor Risks Revenue is less than US$5m (NT$143m revenue, or US$4.4m). Market cap is less than US$100m (NT$3.25b market cap, or US$98.8m). Reported Earnings • Mar 15
Full year 2024 earnings released: NT$1.43 loss per share (vs NT$2.60 loss in FY 2023) Full year 2024 results: NT$1.43 loss per share (improved from NT$2.60 loss in FY 2023). Net loss: NT$201.0m (loss narrowed 38% from FY 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Formosa Pharmaceuticals, Inc., Annual General Meeting, May 27, 2025 Formosa Pharmaceuticals, Inc., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 15 floor no,99, fu hsing n. rd., taipei city Taiwan Announcement • Mar 04
Formosa Pharmaceuticals, Inc. to Report Fiscal Year 2024 Results on Mar 11, 2025 Formosa Pharmaceuticals, Inc. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.37 loss per share (vs NT$1.07 loss in 3Q 2023) Third quarter 2024 results: NT$0.37 loss per share (improved from NT$1.07 loss in 3Q 2023). Net loss: NT$46.0m (loss narrowed 68% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Formosa Pharmaceuticals, Inc. Announces Successful Top-Line Results from CPN-303, a Phase 3 Trial in Chinese Subjects for the Treatment of Inflammation and Pain After Cataract Surgery Formosa Pharmaceuticals, Inc. reported completion and successful top-line results from CPN-303, a Phase 3 clinical study of APP13007 (GPN00833), conducted in Chinese cataract surgery patients by licensee, Grand Pharma (0512.HK). APP13007, a novel ophthalmic nanosuspension formulation of the potent corticosteroid, clobetasol propionate (0.05%), was recently approved and launched in the United States for the treatment of post-operative inflammation and pain following ocular surgery. Grand Pharma obtained exclusive rights from Formosa Pharma in 2021 for the commercialization of APP13007 in Mainland China, Hong Kong and Macau. CPN-303 is a randomized, double-blind trial in China that evaluated APP13007 versus matching placebo (2:1 ratio) in 255 subjects following cataract surgery. Similar to Phase 3 studies, CPN-301 and CPN-302, completed in the United States in 2022, the primary endpoints were complete and sustained resolution of ocular inflammation and pain after cataract surgery, i.e., anterior chamber cell (ACC) count = 0 from post-operative day 8 (POD8) through POD15 and ocular pain grade = 0 from POD4 through POD15. Treatment with an APP13007 eyedrop twice daily for 14 days achieved both primary endpoints by producing rapid and sustained clearance of ocular inflammation and cure of ocular pain which were clinically and statistically superior to placebo. A total of 31.8% of subjects had ACC count = 0 on POD8 through POD15 following APP13007 treatment as compared to 20.0% following placebo treatment (p<0.05). Additionally, 91.2% of subjects on APP13007 were free of ocular pain (ocular pain = 0) by POD4 and remained pain-free through POD15, as compared to only 55.3% of subjects taking placebo (p<0.001). APP13007 treatment was well tolerated with a safety profile similar to that of placebo and the pharmacokinetic profile also aligned with expectations. New Risk • Nov 02
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 8.9% 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 (8.9% average weekly change). Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (NT$134m revenue, or US$4.2m). Announcement • Nov 02
Formosa Pharmaceuticals, Inc. to Report Q3, 2024 Results on Nov 11, 2024 Formosa Pharmaceuticals, Inc. announced that they will report Q3, 2024 results on Nov 11, 2024 New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Risk Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (NT$134m revenue, or US$4.1m). New Risk • Sep 11
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 7.6% 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: Major Risk Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Revenue is less than US$5m (NT$134m revenue, or US$4.2m). Announcement • Sep 05
Eyenovia, Inc. Announces Taiwan Export License Approval to Commence Shipment of Clobetasol Propionate Ophthalmic Suspension (0.05%) to the U.S Eyenovia, Inc. announced that its strategic partner, Taiwan-based Formosa Pharmaceuticals was granted a Taiwan Export License for clobetasol propionate ophthalmic suspension 0.05% (“clobetasol propionate”) to allow for shipment of commercial product to the U.S. Clobetasol is a powerful steroid approved for reducing inflammation and pain following the approximately seven million ocular surgeries performed annually in the U.S. In August 2023, Eyenovia secured exclusive rights to distribute and sell clobetasol in the U.S., entering a market for topical ocular steroids and steroid combinations valued at approximately $1.3 billion annually. A recent survey of 100 ophthalmic surgeons highlighted efficacy and cost as the two most important factors when choosing a treatment for postoperative inflammation and pain. Clobetasol's proven efficacy, allowing for just twice-daily dosing, offers an easier regimen versus other treatments that require up to four doses per day plus titration. Additionally, Clobetasol will be competitively priced to enhance affordability for all patients, regardless of their insurance coverage. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.72 loss per share (vs NT$0.57 loss in 2Q 2023) Second quarter 2024 results: NT$0.72 loss per share (further deteriorated from NT$0.57 loss in 2Q 2023). Revenue: NT$5.33m (down 65% from 2Q 2023). Net loss: NT$96.8m (loss widened 48% from 2Q 2023). Announcement • Mar 05
Eyenovia Congratulates Formosa Pharmaceuticals on FDA Approval of Clobetasol Propionate Ophthalmic Suspension 0.05% for the Treatment of Post-Operative Inflammation and Pain Following Ocular Surgery Eyenovia, Inc. congratulates Formosa Pharmaceuticals on the FDA approval of clobetasol propionate ophthalmic suspension 0.05% for the treatment of post-operative inflammation and pain following ocular surgery. Eyenovia acquired the U.S. commercial rights to clobetasol propIONate ophthalmic suspension 0.,05% from Formosa Pharmaceuticals in August 2023. Formosa's proprietary APNT technology, which has been used in the development of clobetasol Propionate ophthalmic suspension to reduce the particle size of the active pharmaceutical ingredient, is thought to provide many benefits, including high uniformity and purity, improved stability, improved dispersion properties and greater bioavailability. Longer term, Eyenovia is exploring further development of the product in the Optejet dispenser as a potential treatment for dry eye, which the Company estimates to be a $3.6 billion market. Eyenovia will provide a further update on this and other recent developments, including timing for approval of its tradename for this product, during its fourth quarter and full-year 2023 results conference call in mid-March. Reported Earnings • Feb 27
Full year 2023 earnings released: NT$2.59 loss per share (vs NT$3.82 loss in FY 2022) Full year 2023 results: NT$2.59 loss per share (improved from NT$3.82 loss in FY 2022). Net loss: NT$322.0m (loss narrowed 20% from FY 2022). Announcement • Feb 22
Formosa Pharmaceuticals, Inc., Annual General Meeting, May 23, 2024 Formosa Pharmaceuticals, Inc., Annual General Meeting, May 23, 2024. Reported Earnings • Dec 08
Third quarter 2023 earnings released: NT$1.08 loss per share (vs NT$0.89 loss in 3Q 2022) Third quarter 2023 results: NT$1.08 loss per share (further deteriorated from NT$0.89 loss in 3Q 2022). Net loss: NT$143.9m (loss widened 45% from 3Q 2022). Announcement • May 06
Formosa Pharmaceuticals and AimMax Therapeutics Announce the NDA Submission to the US FDA for APP13007 for the Treatment of Post-Operative Inflammation and Pain following Ocular Surgery Formosa Pharmaceuticals, Inc. and AimMax Therapeutics, Inc. announced the submission of a New Drug Application to the United States Food & Drug Administration (US FDA) for APP13007, a novel aqueous nanosuspension formulation of the potent corticosteroid, clobetasol propionate (0.05%), for the treatment of inflammation and pain following ocular surgery. This proprietary homogeneous nanosuspension has a solution-like appearance which offers great comfort to the eyes and enhanced drug penetration into ocular tissues. APP13007 was evaluated in two pivotal Phase 3 trials in more than 60 sites across the United States. Both trials were randomized, double-masked studies comparing APP13007 to its matching placebo in nearly 750 subjects following cataract surgery, and included 151 subjects in a corneal endothelial cell safety substudy. Treatment with one drop, twice daily for 14 days met the primary endpoints by producing rapid and sustained clearance of ocular inflammation and relief of ocular pain which were statistically and clinically superior to placebo (p<0.001). APP13007 was well-tolerated with a safety profile similar to that of placebo. Reported Earnings • Mar 22
Full year 2022 earnings released: NT$3.82 loss per share (vs NT$4.33 loss in FY 2021) Full year 2022 results: NT$3.82 loss per share. Net loss: NT$401.9m (flat on FY 2021). Board Change • Nov 16
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. 7 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. Announcement • Aug 10
Formosa Pharmaceuticals, Inc. and AimMax Therapeutics, Inc. Announce Successful Top-Line Results from CPN-302 for the Treatment of Inflammation and Pain after Cataract Surgery Formosa Pharmaceuticals, Inc. and AimMax Therapeutics, Inc. report successful top-line results from CPN-302, the second of the two pivotal Phase 3 clinical studies of APP13007, a novel ophthalmic nanosuspension formulation of the potent corticosteroid, clobetasol propionate (0.05%), for the treatment of inflammation and pain after cataract surgery. CPN-302 was a randomized, double-masked trial in the United States that evaluated APP13007 versus matching placebo (1:1 ratio) in 370 randomized subjects following cataract surgery (including 151 in a corneal endothelial cell sub-study). As in the first Phase 3 study, CPN-301, the primary endpoints were complete and sustained resolution of ocular inflammation and pain after cataract surgery, i.e., anterior chamber cell (ACC) count = 0 from post-operative day 8 (POD8) through POD15 and ocular pain grade = 0 from POD4 through POD15. Treatment with an APP13007 eyedrop twice daily for 14 days achieved both primary endpoints by producing rapid and sustained clearance of ocular inflammation and cure of ocular pain which were statistically (p<0.001) and clinically superior to placebo. A total of 57.8% of subjects had ACC count = 0 on POD15 following APP13007 treatment as compared to 18.9% following placebo treatment (p<0.001). A total of 85.4% of subjects on APP13007 were ocular pain free as early as at POD4 as compared to 51.4% on placebo (p<0.001). APP13007 treatment was well tolerated with a safety profile similar to that of placebo. There were no study drug-related serious adverse events, and the treatment-emergent adverse events were mainly ocular events commonly seen after cataract surgery. Adverse events of IOP elevation were infrequent and were managed easily without the need to stop the study drug. There was no difference between APP13007 and placebo in corneal endothelial cell density prior to treatment or at 3 months following treatment. Announcement • May 13
Formosa Pharmaceuticals and AimMax Therapeutics Announce Successful Top-Line Results from CPN-301 for the Treatment of Inflammation and Pain after Cataract Surgery Formosa Pharmaceuticals, Inc. and AimMax Therapeutics, Inc. report successful top-line results from CPN-301, the first of two pivotal Phase 3 clinical studies of APP13007, a novel ophthalmic nanosuspension formulation of a potent corticosteroid, clobetasol propionate(0.05%), for the treatment of inflammation and pain after cataract surgery. CPN-301 was a randomized, double-masked trial in the United States of APP13007 versus matching placebo (1:1 ratio) in 378 subjects following cataract surgery. The primary endpoints are complete and sustained resolution of ocular inflammation and pain after cataract surgery. Treatment with an APP13007 eyedrop twice daily for 14 days met the two primary endpoints by producing rapid and sustained clearance of ocular inflammation and cure of ocular pain which were statistically and clinically superior to placebo. There were 26.5% of subjects who showed sustained anterior chamber cell (ACC) count = 0 (inflammation free) from post-operative day 8 (POD8) through POD15 in the APP13007 arm as compared to 5.1% in the placebo arm (p<0.001). A total of 58.6% of subjects had ACC count = 0 on POD15 following APP13007 treatment as compared to 15.7% following placebo treatment (p<0.001). 68.0% of subjects showed sustained ocular pain grade = 0 (pain free) as early as POD4 through to POD15 in the APP13007 arm as compared to 23% in the placebo arm (p<0.001). A total of 77.3% of subjects on APP13007 were ocular pain free at POD4 as compared to 43.7% on placebo (p<0.001). APP13007 treatment was well tolerated with a safety profile similar to that of placebo. There were no serious adverse events, and the treatment-emergent adverse events were mainly ocular events commonly seen after cataract surgery. Both the APP13007 and placebo treatments had comparable profiles of change in intraocular pressure (IOP) from baseline. 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. 7 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. 