Net loss for the year ended December 31, 2025, increased to $27.06 million, up from $10.33 million in 2024. Operating loss increased by 57% to $18.34 million in 2025, compared to $11.69 million in 2024. Selling, General, and Administrative (SG&A) expenses rose by 51% to $18.93 million in 2025, primarily due to professional service fees and personnel costs related to the business combination. Other expenses surged by $10.35 million, largely due to $8.5 million in non-cash merger-related expenses and $4.8 million in expenses from warrants and convertible notes with White Lion Capital. Cash and cash equivalents stood at $1.7 million as of December 31, 2025, up from $0.34 million in 2024. The company completed its business combination with OSR Holdings Co., Ltd. (OSRK) on February 14, 2025, and changed its name to OSR Holdings, Inc. Vaximm AG, a subsidiary, entered a binding term sheet with BCM Europe AG for an exclusive global license of the VXM01 oral cancer immunotherapy platform, including a $30 million upfront payment ($15 million cash, $15 million digital assets) and up to $815 million in milestone payments. OSRK acquired Woori IO Co., Ltd., a South Korea-based medical device company developing non-invasive biosensing technology for glucose monitoring, on January 26, 2026. RMC, the medical device distribution subsidiary, saw net sales decrease by 18% to $2.91 million in 2025, due to changes in supplier contracts and increased product costs. RMC is strategically transforming into a fourth-party logistics (4PL) platform for the Korean healthcare supply chain, with projected revenue growth from KRW 4.1 billion in 2026 to KRW 44.8 billion in 2030. Research and Development (R&D) expenses increased by 98% to $318,446 in 2025, mainly for Darnatein's cGMP facility maintenance. The company received a Nasdaq notice for non-compliance with the minimum bid price rule ($1.00) on September 5, 2025, and has an extended deadline until August 31, 2026, to regain compliance.