Long-Term Investments

3 Months Ended

Mar. 31, 2026

6. LONG-TERM INVESTMENTS

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

	Ownership percentage
	March 31,			December 31,			Accounting
Name of investees	2026			2025			treatments
Braingenesis Biotechnology Co., Ltd.		0.17	%		0.17	%	Cost Method
Genepharm Biotech Corporation*		0.39	%		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	%		37.00	%	Equity Method
BioLite Japan K.K.		49.00	%		49.00	%	Equity Method

This company was acquired by Canal Biotech Corporation Inc., and upon completion of the acquisition, the Company’s ownership percentage is determined to be 0.39% The Company’s 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
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		Loans provided to 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

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

	March 31, 2026		December 31, 2025
Non-marketable Cost Method Investments, net
Braingenesis Biotechnology Co., Ltd.	$	6,904	$	7,014
Genepharm Biotech Corporation		21,079		21,727
ForSeeCon Eye Corporation^(d)		-		-
BioHopeKing Corporation		-		-
Subtotal		27,983		28,741
Equity Method Investments, net
BioFirst Corporation^(a)		1,267,191		1,298,038
Rgene Corporation^(b)		550,596		551,686
BioLite Japan K.K. (BioLite JP)^(c)		-		-
OncoX BioPharma, Inc.^(e)		-		-
Total	$	1,845,770	$	1,878,465

(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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the amount of prepayment for long-term investments in Biofirst are both $1,124,842.

(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.

(4)	Disposition of long-term investment

During the three-month periods ended March 31, 2026 and 2025, 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:

	Three Months Ended March 31,
	2026			2025
Share of equity method investee losses	$	(31,416	)	$	(50,877	)

(c)	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 for FEYE ownership. See Note 4 for the details of such transactions. In February 2026, The Company made a prepayment for equity investment in FEYE to purchase additional 136,000 shares to be issued by FEYE in the aggregate amount of $680,000, recorded as prepayment for long-term investments as of March 31, 2026.

(d)	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 for OncoX’s ownership. See Note 4 for the details of such transactions.