Jyong Biotech Ltd. Announces Closing of $20 Million Initial Public Offering
New Taipei City, Taiwan, June 18, 2025 (GLOBE NEWSWIRE) — Jyong Biotech Ltd. (Nasdaq: MENS) (the 'Company'), a science-driven biotechnology company based in Taiwan committed to developing and commercializing innovative and differentiated new drugs (plant-derived) mainly specializing in the treatment of urinary system diseases, with an initial focus on the markets of the U.S., the EU and Asia, today announced the closing of its initial public offering (the 'Offering') of 2,666,667 ordinary shares (the 'Ordinary Shares') at a public offering price of $7.5 per share for aggregate gross proceeds of approximately $20 million, before deducting underwriting discounts and other offering expenses. The Ordinary Shares commenced trading on Nasdaq Global Market on June 17, 2025, under the ticker symbol 'MENS'. The Offering closed on June 18, 2025.
The Company has granted the underwriters an option, exercisable within 45 days from the date of the final prospectus, to purchase up to an additional 400,000 Ordinary Shares at the public offering price, less underwriting discounts, to cover over-allotments, if any.
The Company intends to use the net proceeds from the Offering for (i) funding the additional Phase III trials of MCS-2 (API-2) and the new drug application of MCS-2 (40%); (ii) funding earlier phase trials if the Company is unable to demonstrate comparability (25%); (iii) funding the Phase II trial of PCP (10%); (iv) funding the Phase I clinical trial of IC (5%), and (v) general corporate purposes (20%).
The Offering was conducted on a firm commitment basis. Joseph Stone Capital, LLC acted as sole underwriter for the Offering (the 'Underwriter'). Sichenzia Ross Ference Carmel LLP acted as U.S. securities counsel to the Company, and VCL Law LLP acted as U.S. securities counsel to the Underwriter, in connection with the Offering.
A registration statement on Form F-1 (File No. 333-277725) relating to the Offering, as amended, was previously filed with the U.S. Securities and Exchange Commission (the 'SEC') and was declared effective by the SEC on June 16, 2025. The Offering was made only by means of a prospectus. Copies of the prospectus related to the Offering may be obtained from Joseph Stone Capital, LLC by standard mail to Joseph Stone Capital, LLC, 585 Stewart Ave., Suite L60-C, Garden City, NY 11530, or via email at [email protected] or by telephone at +1 (888) 302-5548. In addition, a copy of the final prospectus relating to the Offering, dated June 16, 2025, can also be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Jyong Biotech Ltd.
Headquartered in Taiwan, Jyong Biotech Ltd.is a science-driven biotechnology company committed to developing and commercializing innovative and differentiated new drugs (plant-derived), mainly specializing in the treatment of urinary system diseases, with an initial focus on the markets of the U.S., the EU and Asia. Since its inception in 2002, the Company has built integrated capabilities that encompass all key functionalities of drug development, including early-stage drug discovery and development, clinical trials, regulatory affairs, manufacturing, and commercialization. Leveraging strong research and development capabilities and a proprietary platform, the Company has been developing a series of botanical drug candidates, including its primary botanical drug candidate, MCS-2, another clinical-stage botanical drug candidate, and other preclinical-stage botanical drug candidates. The Company endeavors to develop and supply first-class innovative drugs to meet customers' health needs and seeks to be a valuable business organization that is held in high esteem by the public.
For more information, please visit: https://www.jyongbio.com/, https://jyongir.com/
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as 'may, 'will, 'intend,' 'should,' 'believe,' 'expect,' 'anticipate,' 'project,' 'estimate' or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company's statements regarding the intended use of the proceeds from the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the 'Risk Factors' section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
UnderwriterJoseph Stone Capital, LLC (888) 302-5548
[email protected]
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A portion of the redemption has already been paid upon signing of these agreements. For further details on the terms of 111's arrangements with these investors, please see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources" in the Company's annual report for the fiscal year ended December 31, 2024. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP income from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income from operations as income from operations excluding share-based compensation expenses. The Company defines non-GAAP net income (loss) as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company believes that non-GAAP income from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: 111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As ofDecember 31, 2024 March 31, 2025RMB RMBUS$ ASSETS Current assets: Cash and cash equivalents 462,289 485,73666,936 Restricted cash 56,043 71,0969,797 Short-term investments - -- Accounts receivable, net 413,101 266,58236,736 Notes receivable 78,827 94,76513,059 Inventories 1,387,403 1,342,798185,043 Prepayments and other current assets 251,994 224,21830,898 Total current assets 2,649,657 2,485,195342,469 Property and equipment, net 32,903 30,8824,256 Intangible assets, net 1,437 1,259173 Long-term investments - -- Other non-current assets 14,682 14,1431,949 Operating lease right-of-use asset 89,071 76,41010,530 Total assets 2,787,750 2,607,889359,377LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICITCurrent liabilities: Short-term borrowings 160,981 148,50020,464 Accounts payable 1,721,425 1,680,164231,531 Accrued expense and other current liabilities 460,173 346,01847,684 Total current liabilities 2,342,579 2,174,682299,679 Long-term operating lease liabilities 55,448 46,7026,436 Other non-current liabilities 8,961 8,6321,190 Total liabilities 2,406,988 2,230,016307,305MEZZANINE EQUITY Redeemable non-controlling interests 1,038,914 1,051,913144,957SHAREHOLDERS' DEFICIT Ordinary shares Class A 33 335 Ordinary shares Class B 25 253 Treasury shares (5,887) (5,887)(811) Additional paid-in capital 3,172,820 3,176,937437,794 Accumulated deficit (3,883,992) (3,901,641)(537,661) Accumulated other comprehensive income 74,357 74,27710,236 Total shareholders' deficit (642,644) (656,256)(90,434) Non-controlling interest (15,508) (17,784)(2,451) Total deficit (658,152) (674,040)(92,885) Total liabilities, mezzanine equity and deficit 2,787,750 2,607,889359,377 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except for share and per share data) For the three months ended March 31,20242025RMBRMBUS$ Net revenues 3,528,4293,529,279486,348 Operating costs and expenses: Cost of products sold (3,319,896)(3,334,184)(459,463) Fulfillment expenses (88,523)(93,566)(12,894) Selling and marketing expenses (80,360)(67,908)(9,358) General and administrative expenses (19,074)(18,341)(2,527) Technology expenses (18,309)(15,459)(2,130) Other operating income, net 1,45732445 Total operating costs and expenses (3,524,705)(3,529,134)(486,327) Income from operations 3,72414521 Interest income 1,9661,254173 Interest expense (7,982)(8,732)(1,203) Foreign exchange (loss) gain (219)426 Other loss, net (123)-- Loss before income taxes (2,634)(7,291)(1,003) Income tax expense (51)(16)(2) Net loss (2,685)(7,307)(1,005) Net loss attributable to non-controlling interest (173)1,745240 Net loss attributable to redeemable non-controlling interest 28944561 Adjustment attributable to redeemable non-controlling interest (11,206)(12,532)(1,727) Net loss attributable to ordinary shareholders (13,775)(17,649)(2,431) Other comprehensive loss Unrealized gains of available-for-sale securities, (34)-- Realized gains of available-for-sale debt securities 177-- Foreign currency translation adjustments 620(80)(11) Comprehensive loss (13,012)(17,729)(2,442) Loss per ADS: Basic and diluted (1.60)(2.00)(0.20) Weighted average number of shares used in computation of loss per share Basic and diluted 171,220,973173,119,578173,119,578 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the three months ended March 31,20242025RMBRMBUS$ Net cash provided by operating activities 108,438112,59915,516 Net cash provided by (used in) investing activities 29,742(1,088)(150) Net cash used in financing activities (155,471)(72,981)(10,057) Effect of exchange rate changes on cash and cash equivalents, and restricted cash 1,072(30)(4) Net (decrease) increase in cash and cash equivalents, and restricted cash (16,219)38,5005,305 Cash and cash equivalents, and restricted cash at the beginning of the period 623,548518,33271,428 Cash and cash equivalents, and restricted cash at the end of the period 607,329556,83276,733 111, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except for share and per share data) For the three months ended March 31,20242025RMBRMBUS$ Income from operations 3,72414521 Add: Share-based compensation expenses 5,1714,115567 Non-GAAP income from operations 8,8954,260588 Net loss (2,685)(7,307)(1,005) Add: Share-based compensation expenses, net of tax 5,1714,115567 Non-GAAP net income (loss) 2,486(3,192)(438) Net loss attributable to ordinary shareholders (13,775)(17,649)(2,431) Add: Share-based compensation expenses, net of tax 5,1714,115567 Non-GAAP net loss attributable to ordinary shareholders (8,604)(13,534)(1,864) Loss per ADS(6): Basic and diluted (1.60)(2.00)(0.20) Add: Share-based compensation expenses per ADS(6), net of tax 0.600.400.00 Non-GAAP loss per ADS(6) (1.00)(1.60)(0.20) (6) Every one ADS represents twenty Class A ordinary shares. View original content: SOURCE 111, Inc.
