What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-04-22 compared with 2024-04-17 · 2597 added, 827 removed, 265 unchanged (93% of the section changed)

Controls and Procedures

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and our Chief Financial Officer and concluded that our disclosure controls and procedures were not effective as of December 31, 2023 because of the identification of material

weaknesses in our internal control over financial reporting as described below.

A material weakness, as defined in the SEC regulations, is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

In light of these material weaknesses, we performed additional analyses as deemed necessary to ensure that our financial statements were prepared in accordance with U.S.

Disclosure controls and procedures are controls

and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange

Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

Disclosure controls

and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our

reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer

and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rules 13a-15 and 15d-15 under the Exchange Act,

our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under

the supervision of our Chief Executive Officer and our Chief Financial Officer and concluded that our disclosure controls and procedures

were not effective as of December 31, 2024 because of the identification

of material weaknesses in our internal control over financial reporting as described below.

A material weakness, as defined in the SEC

regulations, is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable

possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected

on a timely basis.

In light of these material weaknesses, we performed additional analyses as deemed necessary to ensure that our financial

statements were prepared in accordance with U.S.

generally accepted accounting principles.

Accordingly, management believes that the financial statements included in this Annual Report on Form 10-K present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

Management’s Report on Internal Controls Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)).

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with GAAP.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2023 based on criteria specified in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on our assessment, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2023, our internal control over financial reporting was not effective as of December 31, 2023.

We identified the following material weaknesses in our internal control over financial reporting:

In November 2023, the Company withdrew approximately $562,000 of interest income earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

The Company did not use such funds to pay its tax obligations (which were not yet due and payable) and instead deposited the funds in its general account and they were used for the payment of general operating expenses.

In consultation with counsel and the Company’s Audit Committee, management determined that this use of funds was not in accordance with the Trust Agreement.

As of April 16, 2024, the funds have been replaced in full by funds loaned to the Company from the Company’s Sponsor and the Company has paid its federal tax obligations on time.

The Company has failed to timely receive Audit Committee approval for related party transactions, as required by the Audit Committee’s charter, including financing transactions pursuant to promissory notes between the Company and related parties.

The Company has failed to timely and properly document certain related party financing transactions.

The Company does not have sufficient personnel in its accounting and financial reporting group which could result in errors in reporting in the future.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Accordingly, management believes that the financial

statements included in this Annual Report on Form 10-K present fairly in all material respects our financial position, results of operations

and cash flows for the period presented.

Management’s Report on Internal Controls

Over Financial Reporting

Our management is responsible for establishing

and maintaining adequate internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of our financial statements for external reporting purposes in accordance with GAAP.

Because of its inherent

limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because

of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation

of our Chief Executive Officer and Chief Financial Officer, our management assessed the effectiveness of our internal control over financial

reporting as of December 31, 2024 based on criteria specified in Internal Control - Integrated Framework (2013) issued

by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on our assessment, our management, including our Chief

Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2024, our internal control over financial reporting

was not effective as of December 31, 2024.

We identified the following material weaknesses in our internal control over financial

In November 2023, the Company withdrew $561,957 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

The Company deposited the funds in the Company's unrestricted general account and they were used for the payment of general operating expenses.

On April 16, 2024, the Company paid $461,957 in income taxes.

On April 17, 2024, the Company withdraw of $100,000 of interest income earned in the Trust Account for payment of the Company's state franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

On May 20, 2024, the Company paid $193,183 in franchise taxes.

On May 23, 2024, the Company withdrew $218,857 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

The Company deposited the funds in the Company's unrestricted general account and they were used for payment of general operating expenses.

On October 29, 2024, the Company paid $127,200 in franchise taxes.

On November 25, 2024, the Company withdrew $136,805 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

As of December 31, 2024, the Company withdrew $1,017,619 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account and paid $798,589 in franchise and incomes taxes resulting in $219,030 having been withdrawn from the Trust Account and not used to pay franchise and income taxes.

As of December 31, 2024, the Company's obligations for franchise taxes has been paid in full.

As of December 31, 2024, the Company has outstanding income tax obligations of $358,333 and has recorded prepaid franchise taxes of $78,383 related to future periods.

The Company failed to maintain effective internal control over

the timely recognition and payment of excise tax obligations, which resulted in the incurrence of penalties and interest totaling $121,186.

As of December 31, 2024, the Company had recorded total excise tax payable of $843,464.

The Company did not maintain effective internal control over

the completeness and accuracy of its liabilities.

The Company did not have sufficient personnel in its accounting

and financial reporting group which could result in errors in reporting in the future.

A material weakness is a deficiency, or combination

of deficiencies, in internal control over financial reporting, such that there is reasonable possibility that a material misstatement

of the annual or interim financial statements will not be prevented or detected on a timely basis.

Because of its inherent limitations,

internal control over financial reporting may not prevent or detect misstatements.

Projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

This Annual Report does not

include an attestation report of our independent registered public accounting firm, because as an “emerging growth company”

under the JOBS Act our independent registered public accounting firm is not required to issue such an attestation report.

Remediation Process

To address the material weaknesses related to the use of funds withdrawn from the Trust Account, management has devoted, and plans to continue to devote, significant effort and resources to the remediation and improvement of its internal control over financial reporting.

In particular, management’s plans include enhanced controls and improved internal communications within the Company and its financial reporting advisors related to the identification of any new contractual arrangements, as well as controls to ensure the Company has oversight of the cash availability for operating needs, including more clearly designating in the Company’s internal books and records the cash that is restricted in its use and the implementation of an additional layer of review of payments for operating expenses to ensure that restricted cash is not used for payment of general operating expenses, and conducting training for management, relevant staff and service providers to reiterate and reinforce the terms of the Trust Agreement.

Additionally, management plans to remediate the other material weaknesses by enhancing our processes related to documenting financing transactions, including related-party transactions, and by increasing communication among our personnel and third-party professionals with whom we consult regarding such transactions.

Additionally, the Company is actively recruiting additional accounting and finance professionals to add more personnel resources to the Company’s accounting and finance functions.

Lastly, going forward, the Company will require the authorization of two officers for any material expenditures exceeding $100,000.

The elements of our remediation plan can only be accomplished over time, and these initiatives may not ultimately have the intended effects.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

To address the material weaknesses related to

the use of funds withdrawn from the Trust Account in 2023, management has devoted, and plans to continue to devote, significant effort

and resources to the remediation and improvement of its internal control over financial reporting.

In particular, management’s

plans include enhanced controls and improved internal communications within the Company and its financial reporting advisors related

to the identification of any new contractual arrangements, as well as controls to ensure the Company has oversight of the cash availability

for operating needs, including more clearly designating in the Company’s internal books and records the cash that is restricted

in its use and the implementation of an additional layer of review of payments for operating expenses to ensure that restricted cash

is not used for payment of general operating expenses, and conducting training for management, relevant staff and service providers to

reiterate and reinforce the terms of the Trust Agreement.

Additionally, management intends to remediate the other material weaknesses

through enhanced procedures for the classification, documentation, and review of liabilities, including accounts payable, accrued expenses,

and tax obligations.

These efforts will be supported by increased collaboration and communication with both internal personnel and external

advisors involved in financial reporting and transaction review.

Additionally, the Company is actively recruiting additional accounting

and finance professionals to add more personnel resources to the Company’s accounting and finance functions.

Lastly, going forward,

the Company will require the authorization of two officers for any material expenditures exceeding $100,000.

The elements of our remediation plan can

only be accomplished over time, and these initiatives may not ultimately have the intended effects.

Changes in Internal Control over Financial

There were no changes in our internal control

over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended

December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Information

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Disclosure Regarding Foreign Jurisdictions that Prevent

Not applicable.

Directors, Executive Officers and Corporate Governance

As of the date of this report, our current directors and executive officers are as follows:

As of the date of this report, our current directors and executive

officers are as follows:

Kuk Hyoun Hwang

Chief Executive Officer and Director

Chief Financial Officer

Chairman of the Board

Chief Executive Officer and President

Jun Chul Whang

In Chul Chung

Chief Legal Officer and Secretary

Sang Hoon Kim

Head of Corporate Venture Capital

Chief Financial Officer

Constance Höfer

Chief Scientific Officer

Phil Geon Lee

Lead Independent Director

Alcide Barberis

Independent Director

Seng Chin Mah

Independent Director

Jin Whan Park

Kuk Hyoun Hwang has been the Chief Executive Officer and a director of the Company since March 2020.

Independent Director

Sang Hyun Kim

Independent Director

Joong Myung Cho

Independent Director

Kuk Hyoun Hwang has been the Chief Executive Officer and a director

of OSR since March 2020.

Hwang is also the President and Chief Executive Officer of the Company as of the Closing of the Business

Hwang is the Managing Partner of BCM, which he founded in August 2012.

BCM is the South Korea advisor for Bellevue Asset Management AG, a subsidiary of Bellevue Group AG, a Swiss financial group holding company

with global healthcare investing expertise which is publicly listed on the Swiss Exchange (SIX) and oversees assets under management of approximately $9 billion, primarily invested in private and public equities across the global healthcare sector.

As a representative of BAM, Mr.

Hwang has advised numerous clients, including end-investors and product distributors, on global healthcare investments with strategic sectoral approaches.

He is also the Chief Executive Officer and Chairman of BCM Europe, a position he has held since February 2020, and Chairman of Vaximm AG since November 2022.

Since July 2019 until April 2021 and December 2022 to present, Mr.

Hwang has also served as Chief Executive Officer of OSR Holdings Ltd., a global healthcare holding company and a wholly-owned subsidiary of BCM, where he has also served as chairman since July 2019.

Prior to founding BCM in 2012, Mr.

Hwang served with financial services firms in Korea and the U.S., including North Head Capital Partners LLC from 2011-2012, Kim Eng Research Korea and Kim Eng Securities USA from 2006-2008, and Shinhan Investment Corp from 2002-2004 and 2006.

Hwang received a BA in sociology from Korea University in 1998.

We believe Mr.

Hwang is well qualified as a director because of his significant investment and capital markets expertise within the healthcare industry.

Yoo has been the Chief Financial Officer of the Company since September 2021.

Yoo has over 25 years of experience in corporate finance, investment analysis and public company management.

Since October 2022, Mr.

Yoo has served as the Manager, Omnichannel Sales at Keeco LLC, a textile manufacturer.

From July 2019 to October 2022, Mr.

Yoo served as the executive director and operating management member of Decorstandard Corp., an early-stage designer and distributor of PVC and PPU-based interior solutions in Bergenfield, NJ.

From May 2013 to January 2019, Mr.

Yoo was the president and CEO of Agabang USA, Inc.

the wholly-owned subsidiary of Agabang & Company, Ltd, (KOSDAQ:

013990), a Korean vertically integrated retailer of infant and children’s apparel and accessories.

Before Agabang, Mr.

Yoo was the managing director and partner, from August 2010 to March 2013, of China Select Capital Partners Corp.

subsequently acquired by Roadman Investments Corp, a TSXV-listed investment issuer.

Yoo was the CFO of Ord Mountain Resources Corp., (TSXV:

OSR) a portfolio company of Roadman Investments Corp, from July 2019 until February 2021.

From 2008 to 2010, Mr.

Yoo was the managing director at SF Investment, a Seoul-based private equity firm.

Yoo was also at Early Bird Capital from 2004 to 2008, as a vice president in investment banking focused on Special Purpose Acquisition Companies.

Yoo was previously in various investment analyst roles at firms including Dalewood Associates, Ardour Capital, KPMG International and the Doosan Group.

He has served as a director and member of the audit committee at Tremisis Energy Acquisition Corp II (NYSE Amex:

Yoo earned a B.A.

in psychology from the University of California at Berkeley and an M.B.A.

in finance from the Leonard N.

Stern School of Business at New York University.

We believe Mr.

Yoo is well qualified as an officer because of his significant capital markets, investment and public company operating experiences.

Reed has been Chairman of the Board of the Company since February 2023.

Since July 2017 Dr.

Reed, founded and has served as President and Chief Executive Officer of HDT Bio, a biotechnology company focused on novel immunotherapy approaches for cancer and infectious diseases.

Reed founded Afrigen Biologics, a company in Cape Town, South Africa, focused on vaccines for tuberculosis and other infectious diseases, where he served as Director until August 2019.

Reed co-founded Immune Design Corp.

(IMDZ, Nasdaq), a cancer therapeutics company, where he served as Chief Executive Officer until 2011.

He also founded Dharma Therapeutics, a transdermal patch company, where he served as President from 2005 to 2008.

In 1994 he co-founded Corixa Corporation where he served as Executive Vice President and Chief Scientific Officer until 2004.

Since 1993, Dr.

Reed has served as both Adjunct Professor of Medicine at Cornell University Medical College in New York and as Research Professor of Pathobiology at the University of Washington.

Reed founded the Infectious Disease Research Institute (“IDRI”) in Seattle in 1993 and served as its President and CEO from 2014 to December 2019.

He serves on several editorial review committees, has served as a member of the Tropical Medicine Review Board of the National Institute of Health, and as a member of the Vaccine Development Steering Committee of the World Health Organization.

Reed is the author of over 400 publications, holds more than 100 patents and has raised over $150 million in grants during his career.

Reed earned a BA in Biology from Whitman College in 1973, a MS in Microbiology in 1977 from the University of Montana and a PhD in Microbiology and Immunology from the University of Montana in 1979.

We believe Dr.

Reed is qualified to serve as a member of our board because of his leadership skills demonstrated throughout his career spanning over 40 years in science, academia, entrepreneurship and executive management, and his extensive academic background and experience with companies in the diagnostics, vaccine and therapeutics fields.

Jun Chul Whang has been a director of the Company since August 2020.

Whang has been an advisor to BCM since January 2015, and starting in June 2018, has served as General Counsel and consultant to BCM.

Since then, he has led BCM’s and its subsidiaries’

growth and expansion as a cross-border healthcare investment group in three countries:

the U.S., South Korea and Switzerland.

the Chief Executive Officer of BCME, a position he has held since March 2020, and the Chairman of the Board of Vaximm AG since November

Since July 2019 until April 2021 and December 2022 to August 2024, Mr.

Hwang has also served as Chief Executive Officer of OSR,

a global drug development company and a subsidiary of BCM, where he has also served as chairman since July 2019.

Prior to founding BCM

Hwang served with financial services firms in Korea and the U.S., including North Head Capital Partners LLC from 2011-2012,

Kim Eng Research Korea and Kim Eng Securities USA from 2006-2008, and Shinhan Investment Corp from 2002-2004 and 2006.

Hwang received

a BA in sociology from Korea University in 1998.

Hwang is well qualified as Chief Executive Officer and President of the Company because

of his significant investment and capital markets expertise within the healthcare industry.

Jun Chul Whang is Chief Legal Officer and Secretary of the Company

as of February 14, 2025.

Whang has been a director of the Company since August 2020.

Whang has been an advisor to BCM since

January 2015, and starting in June 2018, has served as General Counsel and consultant to BCM.

In August 2020, he became a member of BCM.

1 unchanged sentence

Whang provides legal and strategic advice to BCM on cross-border transactional matters.

Since December 2020, Mr Whang has also served as General Counsel of Minetta Brook Capital LLC, a boutique financial advisory firm that also serves as general partner to investment vehicles.

Since December 2020, Mr

Whang has also served as General Counsel of Minetta Brook Capital LLC, a boutique financial advisory firm that also serves as general

partner to investment vehicles.

From April 2019 through July 2023, Mr.

Whang also served as General Counsel to ELA Partners (an affiliate of Stonehaven, a global capital raising fintech platform), which specializes in capital raising for selective alternative investment opportunities globally.

Whang also served as General Counsel to ELA Partners (an affiliate

of Stonehaven, a global capital raising fintech platform), which specializes in capital raising for selective alternative investment opportunities

From May 2016 to May 2018, Mr.

Whang was Partner at the law firm of Greenspoon Marder (“GM”).

Whang was also Partner (having joined as an associate) at the law firm of Jacob, Medinger & Finnegan, LLP (“JMF”) from July 1992 until May 2016, when JMF merged with GM.

was also Partner (having joined as an associate) at the law firm of Jacob, Medinger & Finnegan, LLP (“JMF”) from

July 1992 until May 2016, when JMF merged with GM.

From 1990 to 1992, Mr.

Whang was an associate attorney with Cadwalader Wickersham & Taft.

Whang was an associate attorney with Cadwalader Wickersham &

During his career as an attorney, Mr.

Whang represented major international companies in product liability litigation and regulatory risk management domestically and internationally (Europe and Korea).

His language capabilities include Korean, Spanish, French and Japanese (conversational).

Whang earned a BA in Government from Dartmouth College in 1986, a JD from Cornell Law School in 1989, and an LLM in International and Comparative Law (with Distinction) from Georgetown Law Center in 1990.

Whang represented major international companies in product liability litigation and regulatory

risk management domestically and internationally (Europe and Korea).

His language capabilities include Korean, Spanish, French and Japanese

(conversational).

Whang earned a BA in Government from Dartmouth College in 1986, a JD from Cornell Law School in 1989, and an

LLM in International and Comparative Law (with Distinction) from Georgetown Law Center in 1990.

We believe Mr.

Whang is well qualified to serve as a director because of his varied and extensive legal experience.

Roberts has been a director at the Company since February 2023.

Roberts has served as Director of Corporate Relations for the University of Washington since January 2015, where he is responsible for starting and growing partnerships between University of Washington health sciences researchers and life science companies, including pharma, biopharma, and medical device companies.

Since September 2018, he has served as Co-chair for the Life Sciences Committee for Keiretsu Northwest, an investor network, where he runs the group that screens early-stage companies and helps them prepare for the Keiretsu investor forums.

Since January 2015, Dr.

Roberts has been a consultant to Elysium Holdings, working on a National Science Foundation contract to train Industrial Liaison Officers at National Science Foundation-funded Engineering Research Centers around the United States.

Roberts earned a B.S.

at Stanford University in 1990, a Ph.D.

in Biology, focusing on genetics and biochemistry, at the Massachusetts Institute of Technology in 1997, and conducted post-doctoral work at the University of Washington.

We believe that Dr.

Roberts is qualified to serve as a member of our board because of his significant experience advising and evaluating early-stage life science companies, including therapeutics companies, as well as building partnerships with pharma and other large companies.

In Chul Chung has been a director at the Company since February 2023.

Chang has served as Chief Executive Officer of Panacea Ltd., an industrial manufacturing, distribution and biotech drug research and development company, since August 2021.

As Chief Executive Officer of Panacea, Ltd., Dr.

Chang is responsible for the overall strategic direction, business developments, corporate finance and operating activities of the company.

Chung served as Chief Financial Officer of CrystalGenomics Inc., a publicly-listed biopharmaceutical company in South Korea, from January 2016 to December 2021.

As Chief Financial Officer of CrystalGenomics Inc., Dr.

Chung headed the Corporate Planning and Strategies department and his responsibilities encompass business developments, financial planning and management, international relations and strategic investments.

From November 2014 to December 2015, Dr.

Chung was both a Visiting Professor at Seoul School of Integrated Sciences & Technologies and Senior Advisor at Alix Partners, where his responsibilities included advising in connection with execution of a turnaround project for a semiconductor company.

Additionally, Dr.

Chung was Senior Executive Vice President at the STX Group, from 2011 to 2014, Partner with consulting firm A.T.

Kearney, from 2001 to 2008 and Co-Founder and Partner of the Korean office of global consulting firm Monitor Group, from 1989 to 2000.

Chung received a BS in Business Administration from Seoul National University in 1986, an MBA from Seoul National University Graduate School of Business Administration in 1988 and PhD in International Business and Strategy from Seoul National University Graduate School of Business Administration in 1997.

We believe Dr.

Chung is well qualified to serve as a director because of his experience in the areas of corporate strategic planning, mergers and acquisitions and business strategies.

Jin Whan Park has been a director at the Company since February 2023.

Whang is well qualified

to serve as Chief Legal Officer and Secretary of the Company because of his varied and extensive legal experience.

Sang Hoon Kim has served as Head of Corporate Venture Capital

of the Company since February 14, 2025.

Kim has been the Chief Executive Officer of OSR since August 16, 2024.

He joined OSR

in December 2023 as the Head of Strategic Investments.

Prior to joining OSR, he was Chief Executive Officer of HB Asset Management

from November 2022 to November 2023 and Managing Director of APC Private Equity from August 2021 to August 2022.

APC Private Equity, Mr.

Kim was Head of Alternative Investment Division at Meritz Asset Management Co.

from August 2012

to August 2021 where he managed diverse global investment funds totaling over two billion U.S dollars.

Kim is proficient

He earned his LL.B from Konkuk University, Korea in 1998 and earned an LL.M from the University of Minnesota, Twin Cities

Gihyoun Bang has been the Chief Financial Officer of the Company

since February 14, 2025.

Bang has also been the Chief Financial Officer of OSR, a position he has held since June 2024.

is responsible for planning, managing and running overall finance activities of OSR and its subsidiary companies, including producing

the group’s consolidated financial statements for external audits.

Previously, Mr.

Bang served as chief operating officer for

Newlake Alliance Management Co., Ltd., a private equity firm based in Seoul, South Korea, from February 2019 to June 2024, where

he led private equity investments, managed fund raising and managed the organization.

Bang previously served as team head, equity

capital markets, and other positions for Shinhan Securities Co.

Ltd., in South Korea.

Bang is a certified public accountant

in the U.S., a certified credit analyst in Korea and a certified investment manager in Korea.

Bang received his B.A.

Administration from Hansung University in 2002.

Constance Höfer has been the Chief Scientific Officer

of the Company since March 24, 2025.

Höfer is a seasoned leader in drug development with over 20 years of experience in oncology

and immunology and will oversee OSR Holdings’ scientific strategy and innovation pipeline.

Höfer joins OSR Holdings from

Merck Healthcare, where she led global programs spanning from preclinical to late-stage clinical development.

Prior to Merck, she held

senior leadership positions at Sandoz Biopharmaceuticals, Priaxon AG, and Medigene AG, playing a key role in advancing therapeutic programs

across various modalities, including New Biological Entities (NBEs), New Chemical Entities (NCEs), nucleotides, and viral and cell-based

Coupled with her extensive industry experience and a PhD in Pharmacology from the University of Newcastle, Dr.

a strong foundation in clinical pharmacology and translational medicine, ensuring a seamless transition from early-stage research to successful

clinical development.

Phil Geon Lee has been a Director of the Company since May 2024.

Lee possesses over 20 years of experience in legal and investment fields.

His areas of expertise cover a range of fund classes,

including regulatory, transactional, and hedge funds, and encompass knowledge of financial regulatory frameworks in various jurisdictions

such as the SEC (US), FCA (UK), MAS (Singapore), CSSF (Luxembourg), and FSS (Korea).

His legal career includes significant experience

in handling litigations and disputes in securities, consumer protection, antitrust laws across multiple countries including Korea, U.S.,

Germany, France, Japan, Poland, etc.

Lee’s transactional experience includes managing over 300 deals in private equity

and real estate transactions.

Lee currently holds the position of Managing Director at IGIS (May 2023-Present), the largest

real estate investment adviser in Korea (AUM US $48 billion).

His previous roles include Chief Compliance Officer at IKR Co., Ltd.

(a joint venture between IGIS Asset Management and KKR & Co.

Inc.) (February 2023 to April 2023), CEO of Tropics Private

Equity Co., Ltd.

(2021-2023), Managing Director at KDS Asset Management Co., Ltd.

(2020-2021), Head of Legal at Korea Investment Corporation

(2016-2019), Head of Legal at National Pension Service (2013-2016), and Head of Legal at Woori Asset Management Company (2011-2013).

earlier career also includes positions at Joowon (a Korean law firm, 2009-2011);

Biomass Korea (former KOSDAQ listed company, 2008-2009),

Franklin Templeton Investment Management Co., Ltd.

(a wholly-owned subsidiary of Franklin Resources, Inc., a NYSE-listed company 2002-2007),

and Accenture (a NYSE-listed company 2000-2002).

Lee earned a BA in Psychology from Korea University (1992), an MBA

from Haas School of Business, University of California at Berkeley (1995), and a JD from Syracuse University College of Law (1999) with

a final year at Georgetown University Law Center in Washington, D.C.

Lee is well qualified to serve as Lead Director because

of his membership in the New York State Bar and extensive experience in both legal and investment sectors across various asset classes,

demonstrating significant expertise in capital markets.

Alcide Barberis has been a Director of the Company as

of the Closing of the Business Combination.

He is a biotech entrepreneur, Board Member and Executive with over 25 years of

management experience in the biotechnology industry, and scientific experience in the private and public research sectors.

currently CEO & Director of Mabylon AG (since 2017).

Before joining Mabylon, he was CEO & President of Humabs

BioMed, now a subsidiary of VIR Biotechnology (2013-2016).

His career has included senior positions at entrepreneurial startups

(Co-Founder of ESBATech AG (1998) and Oncalis AG (2006) and senior Executive Management, R&D Management

and Business Development positions.

He has been member of the Board of Directors of ESBATech (now a Novartis company, 1998-2004),

Oncalis (2006-2012) and EffRx Pharmaceuticals (2016-2023), and he is currently (since March 2023) on the

Board of Directors of Ontrack Biomedical.

From 2016 through 2021 he was also Coordinator of the Startup Promotion Center of the

University of Svizzera Italiana in Lugano, Switzerland.

Barberis earned a PhD in Molecular Biology and Biochemistry from

the University of Zürich (1988).

Barberis is well qualified to serve as a Director because of his extensive management

and leadership experience in the biotech industry, startup companies, and in the private and public scientific research sectors.

Seng Chin Mah became a Director of the Company as of the

Closing of the Business Combination.

Mah has been Chairman of the Board of BioVersys AG since 2009.

He was previously Chief

Executive Officer of the Canyon Pharmaceuticals Group AG (2009-2021) and has over 30 years’ experience in the pharma and biotech

Prior to Canyon Pharmaceuticals, he was Head of Development of the Integration Office during the integration of Chiron into

Novartis (2005-2008) and held other positions at Novartis, including Global Head of Clinical Safety and Epidemiology (2001-2005);

of Drug Regulatory Affairs Europe (1997-2001);

and oversight responsibility for Clinical Quality Assurance (2001-2005).

also a member of the Novartis Corporate Executive Group (2001-2005) and a member of the Board of Directors for Novartis Europharm Ltd.

During his tenure with Novartis and Ciba (1990-2008), he drove key drug development and regulatory programs, and led major

business results including numerous global registrations of major products.

He has held several research and academia positions (Ciba-Geigy Ltd., 1987-1988;

National University of Singapore, 1989-1990).

Mah was awarded The Frost & Sullivan 2011 Product Differentiation

Excellence Award in Parenteral Anticoagulants, which recognized Canyon Pharmaceuticals Group AG for the development and launch of Iprivask ® (desirudin

for injection).

Mah earned a BS in Pharmacology from University of London (1984) and a PhD in Biochemistry from University

of Basel (1987).

Mah is well qualified to serve as a Director because of his extensive knowledge and experience in strategic

decision-making, late-stage clinical development and regulatory experience within the Pharma and Biotech industry.

Jin Whan Park has been a Director of the Company since February 2023.

Park has served as Chief Executive Officer of JWP & Partners since founding the firm in 2011.

From 2006 to 2012, Mr.

Park was Director and Head of Investment Banking at Yuhwa Securities, where he advised on M&A transactions for corporate clients listed on the KOSDAQ.

From 2008 to 2009, he was President of Biomass Korea, where he negotiated a supplier

contract with Samsung Electronics and oversaw biomass production.

From 2001 to 2006, he was Deputy Chief Executive Officer of AdNetworks where he provided investment consulting services for public companies in Korea.

was Director and Head of Investment Banking at Yuhwa Securities, where he advised on M&A transactions for corporate clients listed

on the KOSDAQ.

From 2008 to 2009, he was President of Biomass Korea, where he negotiated a supplier contract with Samsung Electronics

and oversaw biomass production.

From 2001 to 2006, he was Deputy Chief Executive Officer of AdNetworks where he provided investment consulting

services for public companies in Korea.

From 2000 to 2001, Mr.

Park was Chief Financial Officer and Chief Marketing Officer at KRBIZ, which was an IT consulting business with major clients including Samsung, Korea University and Nonghyup Credit Agricole Asset Management.

Park began his career at Hana Bank in their Corporate Finance Unit, where he worked as a loan officer and credit analyst from 1994 to 2000.

Park is an active board member at Sungbo Scholarship Foundation, a family trust established in September 2018 by the founders of Yuhwa Securities.

Park received his BA in Business Administration from Korea University in 1994.

We believe Mr.

Park is well qualified to serve as a director considering his history of company leadership and track record in executing transactions.

Park was Chief Financial Officer and Chief Marketing Officer at KRBIZ,

which was an IT consulting business with major clients including Samsung, Korea University and Nonghyup Credit Agricole Asset Management.

Park began his career at Hana Bank in their Corporate Finance Unit, where he worked as a loan officer and credit analyst from

1994 to 2000.

Park is an active board member at Sungbo Scholarship Foundation, a family trust established in September 2018

by the founders of Yuhwa Securities.

Park received his BA in Business Administration from Korea University (1994).

is well qualified to serve as a Director considering his history of company leadership and track record in executing transactions.

Sang Hyun Kim has been a Director of the Company since June 2024.

currently serves as the Head of Marketing, Private Equity Funds at Korea Daesung Asset Management Co., Ltd.

the position held by him since

January 2021.

Prior to that, Mr.

Kim has spent approximately 11 years working in different positions with Samsung Group’s

financial business arms which include Samsung Fire and Marine Non-Life Insurance (Corporate Planning and Strategy Department) and

Samsung Asset Management (as Chief Strategy Officer and the Regional Managing Director in Beijing, China).

Prior to his tenure with Samsung

Kim spent about 6 years working as management consultant at Accenture and A.T.

Serving as management

consultant, Mr.

Kim has conducted a number of strategic consulting projects for the clients in financial industry such as major banks,

brokers, insurances and credit card companies in Korea.

Kim has passed the High-Level Government Official Examination in

1993 which led him to his government-sector career from 1994 through 2001 during which time he was able to participate in global

trade negotiation projects in the field of agricultural goods, and he also joined the Korean National Negotiation Team to represent South

Korea in multilateral trade communications such as WTO, APEC and Bilateral Trade Consultations (FTA).

Kim earned his MBA degree

from Georgetown University in 2001, and his M.A.

(Public Policy) and B.S.

(International Economics) from Seoul National University.

is well qualified to serve as a Director because of his extensive experience in both legal and investment sectors across various asset

classes, demonstrating significant expertise in capital market.

Hyuk Joo Jee became a Director of the Company upon the Closing

of the Business Combination.

Jee has served as a Special Advisor to Chairman at DongKoo Bio Pharma Co., Ltd., a public company

in Korea, since January 2024.

Prior to joining DongKoo Bio Pharma, Mr.

Jee served with HLB Co., Ltd., also a publicly-listed biopharmaceutical

company in Korea, as Chief Operating Officer and the Head of Corporate Private Equity leading the firm’s investments and resource

allocations over a global pipeline of clinical-stage oncology programs from August 2018 through December 2023.

tenure at HLB, Mr.

Jee led the firm’s global IR, M&As and strategic investment activities.

Prior to his careers in the

biopharmaceutical industry, Mr.

Jee has spent more than 15 years serving with brokerage and investment banking firms, mostly

representing their European offices and providing services to the European and global fund clients investing in Korean equities market.

Those engagements include Korea Investment Securities Europe (London), Daewoo Securities Europe (London), and Hyundai Securities Europe

(London and Seoul) between July 2002 and January 2018.

Jee has started his finance career as an Analyst and Portfolio

Manager at Scudder Kemper and Schroders based in Seoul, Korea serving from 1998 to 2002.

Jee has received his B.A.

Administration from the Korea University in 1994.

Jee is well qualified to serve as a Director because of his well-balanced career

between finance and biopharmaceutical industries, especially leading M&A transactions while serving from executive positions with

his previous employer.

Joong Myung Cho became a Director of the Company upon the

Closing of the Business Combination.

Cho has been Chairman and CEO of CG Pharmaceuticals, Inc.

since October 2008 and previously

served as Chairman and CEO of Hwail Pharmaceuticals Co.

from August 2013 to December 2022.

Cho is the founder

of Crystal Genomics and the former Chairman & President (July 2000 to March 2023).

He has over 40 years of experience

in biopharmaceutical industry covering from discovery of novel pharmaceuticals through R&D and commercialization.

previously served as the executive Senior Vice President and Director of R&D Biotech Research Institute at LG Life Science (formerly

LG Chem.) from 1984 to 2000.

During his tenure, biopharmaceutical R&D at LG became the leading life science company in Korea where

it grew from just a few research scientists to several hundred prior to his departure.

He has successfully introduced 10 different recombinant

products such as growth hormones of human, bovine, and porcine, hepatitis B vaccine, interferon alpha and gamma, GM-CSF, EPO, etc.

four drug candidates were licensed out to multinational pharmaceutical companies under his supervision and one of them is approved by

On the basis of such achievements, Dr.

Cho has received many awards and acted as a member of governmental committees.

received his Ph.D.

from University of Houston and worked as a post-doc in Baylor College of Medicine.

Cho is an author of

more than 80 publications in books and journals including Nature, and an inventor of more than 200 patents filed.

qualified to serve as a Director because of long-standing career experiences both as a biotech entrepreneur and the R&D Head

of a major life sciences company in Korea (LG Group).

Number and Terms of Office of Officers and Directors

We have six directors and two officers.

In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing on Nasdaq.

We have seven directors and five officers.

In accordance with Nasdaq

corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following

our listing on Nasdaq.

The term of office of our initial directors will expire at our first annual meeting of stockholders.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office.

Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate.

Our bylaws provide that our officers may consist of a Chairman of the Board, a Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined by the board of directors.

Our officers are appointed by the board of directors and serve at the

discretion of the board of directors, rather than for specific terms of office.

Our board of directors is authorized to appoint persons

to the offices set forth in our bylaws as it deems appropriate.

Our bylaws provide that our officers may consist of a Chairman of the

Board, a Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and

such other offices as may be determined by the board of directors.

Changes in Company Directors during the reporting period

On May 24, 2024, Steven Reed provided notice of his resignation

as a member of the Company’s Board of Directors (the “ Company Board ”) effective immediately, including his chairmanship

of the Company Board, his chairmanship and service on the Compensation Committee of the Company Board, and his service on the M&A

Reed’s resignation was not the result of any dispute or disagreement with the Company or the Company Board on

any matter relating to the Company’s operations, policies or practices.

On May 27, 2024, the Company Board appointed Mr.

Phil Geon Lee

as a director, effective immediately.

Lee was appointed as a member of the Audit Committee of the Company Board, filling the

vacancy created by the resignation of Hosun Euh, as previously reported by the Company on Form 8-K filed with the SEC on June 14,

The Company Board also appointed Jin Whan Park to act as chairman of its Audit Committee.

Additionally, Mr.

Lee was appointed

as a member and chairman of the Compensation Committee of the Company Board and a member of its M&A Committee, filling vacancies created

Reed’s resignation.

Radclyffe Roberts was also appointed as chairman of the M&A Committee.

The Company believes Mr.

Lee is well qualified to serve as a director

because of his extensive experience in both legal and investment sectors across various asset classes, demonstrating significant expertise

in capital markets.

The Company Board has affirmatively determined that Mr.

Lee meets the applicable standards for an independent director

under the rules of the Nasdaq Stock Market LLC.

Lee will not be compensated by the Company for his services as a director.

In connection

with his appointment, Mr.

Lee has entered into a Letter Agreement and an Indemnity Agreement with the Company on the same terms as the

Letter Agreement and Indemnity Agreement entered into by the directors and officers of the Company at the time of the Company’s

initial public offering and in the form previously filed as Exhibits 10.1 and 10.6, respectively, to the Company’s Annual Report

on Form 10-K filed with the SEC on April 17, 2024.

Other than the foregoing, Mr.

Lee is not a party to any arrangement or understanding

with any person pursuant to which he was appointed as director, nor is he party to any transactions required to be disclosed under Item

404(a) of Regulation S-K involving the Company.

As previously reported by the Company on Form 8-K dated June 13,

2024, on June 7, 2024 Inchul Chung provided notice of his resignation as a member of the Company Board and as a member of the Company

Board’s Audit Committee.

Chung’s resignation took immediate effect and was not the result of any dispute or disagreement

with the Company on any matter relating to its operations, policies or practices.

On June 7, 2024, Radclyffe Roberts also provided notice of his

resignation as member of the Board and as a member of the Board’s Compensation Committee as well as a member and chair of the Board’s

M&A Committee.

Robert’s resignation took immediate effect and was not the result of any dispute or disagreement with

the Company on any matter relating to its operations, policies or practices.

Due to the resignations of Mr.

Chung and Mr.

Company notified the Listing Qualifications Department of Nasdaq on June 13, 2024 that the Company is not currently in compliance

with Nasdaq’s majority independent board, compensation committee composition and audit committee composition requirements as described

in Nasdaq Listing Rules 5605(b)(1), 5605(d)(2)(A) and 5605(c)(2)(A), respectively.

We further notified Nasdaq at that time that the Company

intends to regain compliance within the cure period provided by Listing Rules 5605(b)(1)(A), 5605(d)(4) and 5605(c)(4)(B).

As previously reported by the Company on Form 8-K dated June 23,

2024, on that date the Company Board appointed Mr.

Sang Hyun Kim as a director, effective immediately.

Kim was appointed

as a member of the Company Board’s Audit Committee, filling the vacancy created by the resignation of Inchul Chung, as previously

reported by the Company on Form 8-K filed with the SEC on June 13, 2024 (the “June 13 Form 8-K”).

Additionally,

Kim was appointed as a member of the Compensation Committee of the Company Board (“the Compensation Committee”) and

a member of the M&A Committee, filling vacancies created by the resignation of Mr.

Radclyffe Roberts as previously reported on

the June 13 Form 8-K.

The Company believes Mr.

Kim is well qualified to serve as a director because of his extensive experience

in both legal and investment sectors across various asset classes, demonstrating significant expertise in capital markets.

Board has affirmatively determined that Mr.

Kim meets the applicable standards for an independent director under the rules of the

Nasdaq Stock Market LLC.

Kim will not be compensated by the Company for his services as a director.

In connection with his appointment,

Kim has entered into a Letter Agreement and an Indemnity Agreement with the Company on the same terms as the Letter Agreement

and Indemnity Agreement entered into by the directors and officers of the Company at the time of the Company’s initial public offering

and in the form previously filed as Exhibits 10.1 and 10.6, respectively, to the Company’s Annual Report on Form 10-K filed

with the SEC on April 17, 2024.

Other than the foregoing, Mr.

Kim is not a party to any arrangement or understanding with any

person pursuant to which he was appointed as director, nor is he party to any transactions required to be disclosed under Item 404(a)

of Regulation S-K involving the Company.

As previously disclosed on the Company’s Current Report filed

on Form 8-K on March 25, 2025, on March 24, 2025 the Company Board appointed Dr.

Constance Höfer as the Company’s Chief

Scientific Officer, effective on that date.

Höfer is a seasoned leader in drug development with over 20 years of experience in

oncology and immunology and will oversee the Company’s scientific strategy and innovation pipeline..

Coupled with her extensive

industry experience and a PhD in Pharmacology from the University of Newcastle, Dr.

Höfer has a strong foundation in clinical pharmacology

and translational medicine, ensuring a seamless transition from early-stage research to successful clinical development.

In connection with Dr.

Höfer’s appointment, the Company

entered into an employment agreement (the “ Agreement ”) with Dr.

Höfer, which provides for her compensation

and other employment terms.

Under the Agreement, Dr.

Höfer will receive:

● A base salary of $300,000.00

● Participation in Equity-based

Compensation Plan of the Company, as determined at the discretion of the Company’s Compensation Committee;

● Other customary benefits available

to executive officers of the Company.

There are no arrangements or understandings between Dr.

and any other person pursuant to which she was selected as an officer.

Additionally, Dr.

Höfer does not have any family relationships

with any director or executive officer of the Company.

Höfer has no related-party transactions reportable under Item

404(a) of Regulation S-K.

The Company issued a press release regarding Dr.

appointment, which is attached as Exhibit 99.1 to the Company’s March 25, 2025 Form 8-K and is incorporated herein

by reference.

Committees of the Board of Directors

Our board of directors has two standing committees:

an audit committee and a compensation committee.

Subject to phase-in rules and a limited exception, Nasdaq rules and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and Nasdaq rules require that the compensation committee of a listed company be comprised solely of independent directors.

Upon the consummation of the Business Combination, the Company Board

reconstituted its audit committee, compensation committee and corporate governance and nomination committee.

The Board of Directors adopted

a new charter for each of these committees, which comply with the applicable requirements of current SEC and Nasdaq rules.

intends to comply with future requirements to the extent applicable.

The Company Board may from time to time establish other committees.

Audit Committee

We have establish an audit committee of the board of directors.

Chung and Mr.

Park serve as members of our audit committee, and Dr.

Chung is the chair of the audit committee.

Euh was a member until June 21, 2023, the effective date of his resignation.

Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent.

Chung and Mr.

Park meet the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of the Exchange Act.

Following Mr.

Euh’s notice of resignation, the Company notified the Listing Qualifications Department of Nasdaq on June 27, 2023 that the Company is not currently in compliance with Nasdaq Listing Rule 5605(c)(2)(A) (the “Listing Rule”), but that it intends to regain compliance within the cure period provided by section (c)(4)(B) of the Listing Rule.

Each member of the audit committee is financially literate and our board of directors has determined that Mr.

Park qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

We have adopted an audit committee charter which details the principal functions of the audit committee, including:

the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm engaged by us;

pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;

setting clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not limited to, as required by applicable laws and regulations;

setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent registered public accounting firm’s internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues and (iii) all relationships between the independent registered public accounting firm and us to assess the independent registered public accounting firm’s independence;

reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction;

reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

Our Audit Committee Charter is included as an exhibit to this Annual Report on Form 10-K.

You can also review the Audit Committee Charter by accessing our public filings at the SEC’s web site at www.sec.gov.

As of the completion of the Business Combination, the members of our

audit committee consist of Mr.

Park, with Mr.

Park serving as the chairperson of this audit committee.

The composition of the Company’s audit committee will meet the requirements for independence under the current Nasdaq listing standards

and SEC rules and regulations.

Each member of the audit committee is financially literate and the “audit committee financial expert”

as defined in Item 407(d)(5)(ii) of Regulation S-K will be Mr.

This designation does not impose on

Park any duties, obligations or liabilities that are greater than are generally imposed on members of our audit committee and

the board of directors.

The audit committee will be directly responsible for, among other things:

● selecting a firm to serve as the independent registered public

accounting firm to audit our financial statements;

● ensuring the independence of the independent registered public

accounting firm;

● discussing the scope and results of the audit with the independent

registered public accounting firm and reviewing, with management and that firm, our interim and year-end operating results;

● establishing procedures for employees to anonymously submit

concerns about questionable accounting or audit matters;

● considering the adequacy of our internal controls and internal

audit function;

● reviewing material related party transactions or those that

require disclosure;

● approving or, as permitted, pre-approving all audit

and non-audit services to be performed by our independent registered public accounting firm.

Our Audit Committee Charter is included as an exhibit to this Annual

Report on Form 10-K.

You can also review the Audit Committee Charter by accessing our public filings at the SEC’s website at www.sec.gov.

Compensation Committee

We have establish a compensation committee of the board of directors.

Reed and Roberts serve as members of our compensation committee.

Under the Nasdaq listing standards and applicable SEC rules, we are required to have at least two members of the compensation committee, all of whom must be independent.

Reed and Roberts are independent and Dr.

Reed is the chair of the compensation committee.

We have adopted a compensation committee charter details the principal functions of the compensation committee, including:

reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, if any is paid by us, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;

reviewing and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;

reviewing on an annual basis our executive compensation policies and plans;

implementing and administering our incentive compensation equity-based remuneration plans;

assisting management in complying with our proxy statement and annual report disclosure requirements;

approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;

if required, producing a report on executive compensation to be included in our annual proxy statement;

reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

Our Compensation Committee Charter is included as an exhibit to this Annual Report on Form 10-K.

You can also review the Compensation Committee Charter by accessing our public filings at the SEC’s web site at www.sec.gov.

Notwithstanding the foregoing, as indicated above, other than the payment to an affiliate of our Sponsor of $7,500 per month for office space, utilities and secretarial and administrative support, reimbursement of expenses, and payment to BCM and/or any of its affiliates, partners or employees a fee for financial advisory services rendered in connection with our initial business combination, no compensation of any kind, including finders, consulting or other similar fees, will be paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services they render in order to effectuate the consummation of an initial business combination.

Accordingly, it is likely that prior to the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.

The charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other advisor and will be directly responsible for the appointment, compensation and oversight of the work of any such advisor.

However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other advisor, the compensation committee will consider the independence of each such advisor, including the factors required by Nasdaq and the SEC.

As of the completion of the Business Combination, the members of the

Company’s compensation committee consist of Dr.

Barberis, Dr.

Kim, with Dr.

Mah serving as the chairperson.

Each member of this committee is a non-employee director, as defined by Rule 16b-3 promulgated under the Exchange Act,

and an outside director, as defined pursuant to Section 162(m) of the Code, and meets the requirements for independence under

the current Nasdaq listing standards.

The New OSR Holdings compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending that our board of

directors approve, the compensation of our executive officers;

● administering our stock and equity incentive plans;

● reviewing and approving, or making recommendations to our

board of directors with respect to, incentive compensation and equity plans;

● reviewing our overall compensation philosophy.

Our Compensation Committee Charter is included as an exhibit to this

Annual Report on Form 10-K.

You can also review the Compensation Committee Charter by accessing our public filings at the SEC’s

website at www.sec.gov.

Corporate Governance and Nomination Committee

As of the completion of the Business Combination, the members of Company’s

corporate governance and nomination committee consists of Mr.

Lee serving as the chairperson.

Each member of this committee meets the requirements for independence under the current Nasdaq

listing standards.

The Company’s corporate governance and nomination committee will be responsible for, among other things:

● determining the qualifications, qualities, skills and other

expertise required to be a director of the Company, and developing and recommending to the Board for approval criteria to be considered

in selecting nominees for director;

● identifying, reviewing and making recommendations of candidates

to serve on the Board, including incumbent directors for reelection;

● evaluating the performance of the Board, committees of the

Board and individual directors and determining whether continued service on the Board is appropriate;

● periodically reviewing and making recommendations to the

Board regarding the Company’s process for stockholder communications with the Board, and making such recommendations to the Board

with respect thereto;

● evaluating nominations by stockholders of candidates for

election to the Company Board;

● evaluating the structure and organization of the Board and

its committees and making recommendations to the Board for approvals;

● periodically reviewing the Company’s corporate governance

guidelines and code of business conduct and ethics and recommending to the Board any changes to such policies and principles;

● reviewing periodically the nominating and corporate governance

committee charter and recommending any proposed changes to the Board, including undertaking an annual review of its own performance.

Our Corporate Governance and Nomination Committee Charter is included

as an exhibit to this Annual Report on Form 10-K.

You can also review the Compensation Committee Charter by accessing our public filings

at the SEC’s web site at www.sec.gov.

Director Nominations

We do not have a standing nominating committee though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules.

In accordance with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by the board of directors.

The board of directors believes that the independent directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee.

The directors who will participate in the consideration and recommendation of director nominees are Drs.

Reed, Roberts and Chung and Mr.

We do not have a standing nominating committee though we formed a corporate

governance and nominating committee.

In accordance with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend

a director nominee for selection by the board of directors.

The board of directors believes that the independent directors can

satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating

The directors who will participate in the consideration and recommendation of director nominees are Mr.

In accordance with Rule 5605 of the Nasdaq rules, all such directors are independent.

As there is no standing nominating committee, we do not have a nominating committee charter in place.

The board of directors will also consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders).

Our stockholders that wish to nominate a director for election to our board of directors should follow the procedures set forth in our bylaws.

We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.

As there is no standing nominating

committee, we do not have a nominating committee charter in place.

The board of directors will also consider director candidates recommended

for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at the next annual meeting

of stockholders (or, if applicable, a special meeting of stockholders).

Our stockholders that wish to nominate a director for election

to our board of directors should follow the procedures set forth in our bylaws.

We have not formally established any specific, minimum qualifications

that must be met or skills that are necessary for directors to possess.

In general, in identifying and evaluating nominees for director,

the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional

reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.

Code of Ethics

We have adopted a Code of Ethics applicable to our directors, officers and employees.

Our Code of Ethics is included as an exhibit to this Annual Report on Form 10-K.

You can also review the Code of Ethics by accessing our public filings at the SEC’s web site at www.sec.gov.

In addition, a copy of the Code of Ethics will be provided without charge upon request from us.

We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a current report on Form 8-K.

The Company adopted a code of ethics that applies to all of its employees,

officers and directors, including its principal executive officer, principal financial officer, principal accounting officer or controller

or persons performing similar functions.

The Company intends to disclose future amendments to its code of business conduct and ethics,

or any waivers of such code, on its website.

Insider Trading Policy

Subsequent to the consummation of the Initial Public Offering, the

Company adopted an insider trading policy which requires insiders to (i) refrain from purchasing shares during certain blackout periods

and when they are in possession of any material non-public information and (ii) to clear all trades with the Company’s

legal counsel or compliance officer prior to execution.

In addition, the Company’s Sponsor and any other holders of the Company’s

common stock prior to the Initial Public Offering (or their permitted transferees (the “Initial Stockholders”)) have agreed

to waive their redemption rights with respect to their Founder Shares, Placement Shares and Public Shares in connection with the completion

of a Business Combination.

A copy of the Company’s Insider Trading Policy has been filed as Exhibit 19.1 to this Annual Report.

Executive Compensation

None of our officers has received any cash compensation for services rendered to us.

We have paid and will continue to pay an affiliate of our Sponsor a total of $7,500 per month for office space, utilities and secretarial and administrative support.

Throughout this section, unless otherwise noted, “the Company,”

“we,” “us,” “our” and similar terms refer to BLAC prior to the Business Combination.

discusses the material components of the executive compensation program for the Company’s executive officers who are named in the

“2024 Summary Compensation Table” below.

In 2024, the Company’s “named executive officers” and their positions

at year-end were as follows:

This discussion may contain forward-looking statements that are based

on our current plans, considerations, expectations and determinations regarding future compensation programs.

Actual compensation programs

that the Company adopts following the completion of the Business Combination may differ materially from the currently planned programs

summarized in this discussion.

2024 Summary Compensation Table

The following table sets forth information concerning the compensation

of the Company’s named executive officers for the year ended December 31, 2024.

Name and Principal Position

Incentive Plan

Kuk Hyoun Hwang

Chairman of the Board of Directors

Sang Hoon Kim

Chief Executive Officer

Gihyoun Bang,

Chief Financial Officer

Narrative to Summary Compensation Table

None of our officers has received any cash compensation for services

rendered to us.

We have paid and will continue to pay an affiliate of our Sponsor a total of $7,500 per month for office space, utilities

and secretarial and administrative support.

Upon completion of our initial business combination, we will cease paying these monthly fees.

No compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our Sponsor, officers, directors or any affiliate of our Sponsor, officers or directors, prior to, or in connection with any services rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is) except that we may pay BCM and/or any of its affiliates, partners or employees a fee for financial advisory services rendered in connection with our identification, negotiation and consummation of our initial business combination;

the amount of any fee we pay to BCM and/or any of its affiliates, partners or employees will be based upon the prevailing market for similar services for such transactions at such time, and will be subject to the review of our audit committee pursuant to the audit committee’s policies and procedures relating to transactions that may present conflicts of interest.

Our officers and directors will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.

Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers, directors, advisors or our or their affiliates.

Any such payments prior to an initial business combination will be made using funds held outside the Trust Account.

Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with identifying and consummating an initial business combination.

During 2023, our Sponsor has transferred 20,000 founder shares to each of Drs.

No compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a

loan, will be paid by us to our Sponsor, officers, directors or any affiliate of our Sponsor, officers or directors, prior to, or in connection

with any services rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction

that it is) except that we may pay BCM and/or any of its affiliates, partners or employees a fee for financial advisory services rendered

in connection with our identification, negotiation and consummation of our initial business combination;

the amount of any fee we pay

to BCM and/or any of its affiliates, partners or employees will be based upon the prevailing market for similar services for such transactions

at such time, and will be subject to the review of our audit committee pursuant to the audit committee’s policies and procedures

relating to transactions that may present conflicts of interest.

Our officers and directors will be reimbursed for any out-of-pocket expenses

incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable

business combinations.

Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers, directors,

advisors or our or their affiliates.

Any such payments prior to an initial business combination will be made using funds held outside

the Trust Account.

Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place

governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection

with identifying and consummating an initial business combination.

During 2023, our Sponsor transferred 20,000 founder shares to each

Chung, Reed and Roberts and Mssrs.

1 unchanged sentence

Yoo for his service as chief financial officer.

Our Sponsor additionally transferred 20,000 private placement warrants to each of Dr.

Reed for his service as chairman of the board of directors, Dr.

Sponsor additionally transferred 20,000 private placement warrants to each of Dr.

Reed for his service as chairman of the board of

directors, Dr.

Chung for his service as chair of the audit committee, and Mr.

Yoo for his service as chief financial officer.

No officer or director has received any compensation for services rendered to us during the year ended December 31, 2024.

Clawback Policy

On November 15, 2023, the Board adopted an Incentive-Based Compensation Recovery Policy (the “Clawback Policy”) in order to comply with Section 10D of the Exchange Act, Rule 10D-1 of the Exchange Act and the listing standards adopted by the Nasdaq Stock Market.

The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers (as defined in the Clawback Policy) of the Company in the event that the Company is required to prepare an accounting restatement.

The Clawback Policy is included as an exhibit to this Annual Report on Form 10-K.

On November 15, 2023, the Board adopted an Incentive-Based Compensation

Recovery Policy (the “Clawback Policy”) in order to comply with Section 10D of the Exchange Act, Rule 10D-1 of

the Exchange Act and the listing standards adopted by the Nasdaq Stock Market.

The Clawback Policy provides for the mandatory recovery

of erroneously awarded incentive-based compensation from current and former executive officers (as defined in the Clawback Policy)

of the Company in the event that the Company is required to prepare an accounting restatement.

The Clawback Policy is included as an exhibit

to its annual report on Form 10-K for the fiscal year ended December 31, 2023.

The Clawback Policy can also be reviewed

by accessing the Company’s public filings at the SEC’s web site at www.sec.gov .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth information regarding the beneficial ownership of our common stock as of April 10, 2024 based on information obtained from the persons named below, with respect to the beneficial ownership of shares, by:

each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;

each of our executive officers and directors that beneficially owns shares of our common stock;

The following table sets forth information regarding the beneficial

ownership of the Company’s common stock following the consummation of the Business Combination based on information obtained from

the persons named below, with respect to the beneficial ownership of shares, by:

● each person known by us to be the beneficial owner of more

than 5% of our outstanding shares of common stock;

● each of our executive officers and directors that beneficially

owns shares of our common stock;

● all our executive officers and directors as a group.

In the table below, percentage ownership is based on 5,622,954 shares of our common stock (including an aggregate of 430,000 placement shares) issued and outstanding as of April 10, 2024.

Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them.

The following table does not reflect record or beneficial ownership of any shares of common stock issuable upon conversion of rights or exercise of warrants as these rights are not convertible and these warrants are not exercisable within 60 days of the date of the filing of this Annual Report on Form 10-K.

Beneficial ownership is determined according to the rules of the SEC,

which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment

power over that security, including options and warrants that are currently exercisable or exercisable within 60 days.

Except as described

in the footnotes below and subject to applicable community property laws and similar laws, we believe that each person listed below has

sole voting and investment power with respect to such shares.

The beneficial ownership of the Company’s Common Stock is based

on 19,276,978 shares of the Company’s Common Stock issued and outstanding immediately following consummation of the Business Combination.

Name and Address of Beneficial Owner (1)

Percentage of

Bellevue Global Life Sciences Investors LLC (2) (3)

% of Ownership

Officer and Directors After the Transactions

Kuk Hyoun Hwang (2)

BCM Europe (3)

Jun Chul Whang (3)

In Chul Chung (4)

Sang Hoon Kim

Alcide Barberis

Joong Myung Cho

Sang Hyun Kim

Phil Geon Lee

Seng Chin Mah

Jin Whan Park (4)

All executive officers and directors as a group (8 individuals)

All such executive officers and directors as a group (11 individuals)

Greater than 5% Stockholders**

Bellevue Global Life Sciences Investors LLC (5)

BCM Europe AG (6)

Bellevue Capital Management LLC

* Less than one percent.

The business address of each of these entities and individuals is at 10900 NE 4th Street, Suite 2300, Bellevue, WA 98036.

Interests consists of (i) 1,725,000 founder shares, (ii) the transfer of 34,500 shares to Chardan, (iii) 430,000 placement shares (but excludes any shares issuable upon exercise of the placement warrants or upon conversion of the placement rights) held of record by our Sponsor, (iv) the transfer of 310,000 Units and 3700,000 shares to BCM Europe, and (v) the transfer of 120,000 shares by our Sponsor to our Mr.

Yoo and our directors.

Hwang, our Chief Executive Officer and a Director, is the founder and managing partner of Bellevue Capital Management LLC, the general partner of our Sponsor, and has voting and dispositive power over the shares.

The promissory note between our Sponsor and BCM Europe is convertible into (i) 310,000 Units identical to the Private Placement Units held by our Sponsor, (ii) 370,000 founder shares held by our Sponsor, and (iii) 60,000 warrants held by our Sponsor at the election of either our Sponsor or BCM Europe on or after the commencement of the Company’s IPO (which will not result in any additional dilution or issuance of additional Units, shares of common stock or warrants by the Company).

BCM Europe is a wholly-owned subsidiary of Bellevue Capital Management LLC.

The Sponsor transferred 20,000 founder shares to each of these individuals for their service to the Company.

Interest do not include shares held by our Sponsor.

Mr Whang is a minority owner of our Sponsor but has no voting or dispositive power over the shares held by our Sponsor.

(1) Unless otherwise noted, the address of each beneficial owner is c/o OSR Holdings, Inc., 10900 NE 4 th Street, Suite

2300, Bellevue, WA 98004.

(2) Interest consists of (i) 1,725,000 founder shares of the Company’s Common Stock, (ii) the transfer of 34,500 shares

of the Company’s common stock to Chardan Capital Markets, LLC (“ Chardan ”), (iii) 430,000 placement shares

held of record by Bellevue Global Life Sciences Investors LLC (“ BGLSI ”), (iv) the transfer of 120,000 shares

of the Company’s Common Stock by BGLSI to officers and directors of the Company at the time of its initial public offering, and

(v) the transfer of 310,000 private placement units held by BGLSI and 370,000 founder shares held by BGLSI to BCM Europe AG

BGLSI’s ownership an additional 12,000 shares underlying the private placement rights that

convert at the closing of the Business Combination and the shares of the Company’s Common Stock held by BCME and Bellevue Capital

Management LLC (“ BCM ”) upon the closing of the Business Combination.

Hwang is the founder and managing partner

of BCM, the general partner of BGLSI, and has voting and dispositive power over the shares.

(3) Interest does not include shares of the Company’s Common Stock held by BGLSI.

Whang is a minority owner of BCM but

has no voting or dispositive power over the shares of the Company’s Common Stock held by BGLSI.

(4) BGLSI transferred 20,000 shares of the Company’s common stock to Mr.

(5) Interest consists of (i) 1,725,000 founder shares of the Company’s Common Stock, (ii) the transfer of 34,500 shares

of the Company’s Common Stock to Chardan, (iii) 430,000 placement shares held of record by BGLSI, (iv) the transfer of

120,000 shares of the Company’s Common Stock by BGLSI to officers and directors of BLAC at the time of its initial public offering,

and (v) the transfer of 310,000 private placement units identical held by BGLSI and 370,000 founder shares held by BGLSI to

BGLSI’s ownership post-closing includes an additional 12,000 shares underlying the private placement rights

that converted at the closing of the Business Combination.

Hwang is the founder and managing partner of BCM, the general partner

of BGLSI, and has voting and dispositive power over the shares.

(6) Interest consists of the 370,000 founder shares and 310,000 private placement units (including the exercise of 310,000 private placement

warrants into 310,000 shares of the Company’s Common Stock, the conversion of 310,000 private placement rights into 31,000 shares

of the Company’s Common Stock, and the exercise of 60,000 private placement warrants that were also transferred to BCME by BGLSI

pursuant to the promissory note into 60,000 shares of the Company’s Common Stock) and 581,031 shares of OSR Common Stock held by

BCME prior to the closing of the Business Combination.

The 581,031 shares of OSR Common Stock were exchanged for 7,531,634 shares of the

Company’s Common Stock upon the consummation of the Business Combination.

BCME is a wholly-owned subsidiary of BCM.

address of BCME is Gotthardstrasse 26 6300 Zug Switzerland.

(7) Interest consists of 241,000 shares of OSR Common Stock held by BCM prior to the closing of the Business Combination.

shares of OSR Common Stock were exchanged for 3,123,970 shares of the Company’s Common Stock upon the consummation of the Business

Hwang has voting and dispositive over such shares.

(8) Interest consists of (i) 63,912 shares of OSR Common Stock held by Duksung Co., Ltd.

(“Duksung”) prior to the closing

of the Business Combination and (ii) 45,651 shares of OSR Common Stock held by Duksung P&T Co., Ltd., an affiliate of Duksung, prior

to the closing of the Business Combination.

The 109,563 shares of OSR Common Stock are being exchanged for 1,420,215 shares of the Company’s

Common Stock upon the consummation of the Business Combination.

The business address of Duksung is 25 Sinwonro Yeongtonggu Suwonsi Gyeonggido,

Republic of Korea.

Securities Authorized for Issuance under Equity Compensation Table

Equity Compensation

Plan Information

As previously reported

by the Company’s Current Report on Form 8-K dated February 14, 2025, the Company held a special meeting of its stockholders on February

13, 2025 (the “ February 13, 2025 Special Meeting ”).

At the February 13, 2025 Special Meeting, the Company’s

stockholders approved the Company’s 2025 Omnibus Incentive Plan (“ Omnibus Plan ”).

A description of the material

terms of the Omnibus Plan is set forth below.

This summary is qualified in its entirety by reference to the complete text of the Omnibus

Plan, a copy of which is filed as Exhibit 10.27 to the Company’s January 29, 2025 Registration Statement on Form S-4 and incorporated

herein by reference.

Plan category

securities to be

outstanding options,

warrants and rights

Weighted-average

exercise price of

outstanding options,

warrants and rights

securities remaining

available for future

issuance under

equity compensation

plans (excluding

securities reflected

in column (a))

Equity compensation plans approved by security holders

Equity compensation plans not approved by security holders

Awards Granted Prior to Filing Date

No stock-based compensation awards were granted prior to the filing date.

Shares Available

As of the filing date, a total of 6,300,000 shares remained available for issuance under the Omnibus Plan.

Future Considerations

The Company may consider issuing equity-based awards in future periods as part of its strategy to attract and retain key personnel.

The Omnibus Plan is intended to (i) provide eligible individuals

with an incentive to contribute to the Company’s success and to operate and manage the Company’s business in a manner that

provides for long-term growth and profitability and that benefits stockholders and other important stakeholders, including Company

employees and customers, and (ii) provide a means of recruiting, rewarding, and retaining key personnel.

Equity awards may be granted under the Omnibus Plan to officers, directors,

including non-employee directors, other employees, advisors, consultants or other service providers of the Company or the Company’s

subsidiaries or other affiliates, and to any other individuals who are approved by the Committee (as defined below) as eligible to participate

in the Omnibus Plan.

As of January 29, 2025, there are 26 employees or directors that are eligible to participate in the Omnibus

Plan, but we expect that 17 employees, including each of the Company’s named executive officers, and approximately 9 non-employee directors,

consultants, and advisors of the Company will be eligible to participate in the Omnibus Plan after the consummation of the Business Combination.

Only the Company’s employees or employees of the Company’s corporate subsidiaries are eligible to receive incentive stock

The Omnibus Plan became effective on January 29, 2025, the date it

was adopted by the Company Board (the “Effective Date”).

The Omnibus Plan will terminate automatically at 11:59PM ET on the day

before the tenth (10 th ) anniversary of the Effective Date unless earlier terminated by the Board or in accordance with the

terms of the Omnibus Plan.

Changes in Control

Certain Relationships and Related Transactions, and Director Independence

On July 30, 2020, we issued an aggregate of 1,437,500 founder shares to our Sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.017 per share.

On April 25, 2022, we executed a stock split, resulting in an aggregate of 1,725,000 founder shares held by our Sponsor (of which up to 225,000 shares were subject to forfeiture in the event the underwriter’s Over-Allotment Option was not exercised in full).

At the closing

of our IPO, our Sponsor transferred 20,000 founder shares to each of our directors and 20,000 placement warrants each to our directors who are serving as our Chairman of the Board of Directors and the chair of our audit committee.

On March 23, 2023, our Sponsor also transferred 20,000 founder shares and 20,000 placement warrants to Mr.

Certain Relationships and Related Transactions,

and Director Independence

On July 30, 2020, we issued an aggregate of 1,437,500 founder

shares to our Sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.017 per share.

On April 25, 2022, we

executed a stock split, resulting in an aggregate of 1,725,000 founder shares held by our Sponsor (of which up to 225,000 shares were

subject to forfeiture in the event the underwriter’s Over-Allotment Option was not exercised in full).

At the closing of our IPO,

our Sponsor transferred 20,000 founder shares to each of our directors and 20,000 placement warrants each to our directors who are serving

as our Chairman of the Board of Directors and the chair of our audit committee.

On March 23, 2023, our Sponsor also transferred 20,000

founder shares and 20,000 placement warrants to Mr.

Yoo for his service as Chief Financial Officer.

Our Sponsor purchased an aggregate of 430,000 Private Placement Units at a price of $10.00 per unit, for an aggregate purchase price of $4,300,000, at the closing of our IPO.

There will be no redemption rights or liquidating distributions from the Trust Account with respect to the founder shares or placement shares, and the placement warrants and placement rights will expire worthless if we do not consummate a business combination within not consummate a business combination on or prior to the time provided in the Company’s Charter (as subject to extension).

On March 31, 2022, our Sponsor entered into a promissory note with BCM Europe in the principal amount of $3,400,000 with a maturity date of December 9, 2023 (the “BCM Europe Note”).

Our Sponsor purchased an aggregate of 430,000 Private Placement Units

at a price of $10.00 per unit, for an aggregate purchase price of $4,300,000, at the closing of our IPO.

There will be no redemption rights

or liquidating distributions from the Trust Account with respect to the founder shares or placement shares, and the placement warrants

and placement rights will expire worthless if we not consummate a business combination on or prior to the time provided in the Company’s

Charter (as subject to extension).

On March 31, 2022, our Sponsor entered into a promissory note

with BCM Europe in the principal amount of $3,400,000 with a maturity date of December 9, 2023 (the “BCM Europe Note”).

The proceeds of the BCM Europe Note were used to fund our Sponsor’s purchase of the Private Placement Units.

The BCM Europe Note is convertible at the election of either our Sponsor or BCM Europe into (i) 310,000 Units identical to the Private Placement Units held by our Sponsor, (ii) 370,000 founder shares held by our Sponsor, and (iii) 60,000 warrants held by our Sponsor.

The BCM Europe Note was amended on March 27, 2024 to extend the maturity date to the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

Additionally, on February 2, 2023, our Sponsor entered into a promissory note with BCM Europe in the principal amount of $2,000,000 with a maturity date of February 2, 2024 (the “BCM Europe Note 2023”).

The BCM Europe Note

is convertible at the election of either our Sponsor or BCM Europe into (i) 310,000 Units identical to the Private Placement Units held

by our Sponsor, (ii) 370,000 founder shares held by our Sponsor, and (iii) 60,000 warrants held by our Sponsor.

The BCM Europe Note was

amended on March 27, 2024 to extend the maturity date to the earlier of (i) December 31, 2024 or (ii) the date on

which the Company consummates a Business Combination.

Additionally, on February 2, 2023, our Sponsor entered into a promissory note

with BCM Europe in the principal amount of $2,000,000 with a maturity date of February 2, 2024 (the “BCM Europe Note 2023”).

The proceeds of the BCM Europe Note 2023 will be used, if necessary, to fund expenses in connection with our initial business combination.

The BCM Europe Note 2023 is not convertible into any BLAC securities held by our Sponsor.

The BCM Europe Note 2023 was amended on April 12, 2024 to extend the maturity date to the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

As of the date of the filing of this Annual Report on Form 10-K, the outstanding balance of the BCM Europe Note and the BCM Europe Note 2023 is $4,700,000.

Our Sponsor had loaned to us $1,200,000 under promissory notes which was used to pay a portion of the expenses of our IPO.

These loans were non-interest bearing, unsecured and were due at the earlier of November 29, 2023 or the closing of our IPO.

At the closing of our IPO, the promissory notes were deemed to be repaid and settled in connection with the private placement.

We may pay BCM and/or any of its affiliates, partners or employees a fee for financial advisory services rendered in connection with our identification, negotiation and consummation of our initial business combination.

The amount of any fee we pay to BCM and/or any of its affiliates, partners or employees will be based upon the prevailing market for similar services for such transactions at such time, and will be subject to the review of our audit committee pursuant to the audit committee’s policies and procedures relating to transactions that may present conflicts of interest.

Commencing on the date of our prospectus issued in connection with our IPO, we have agreed to pay BCM, an affiliate of members of our Sponsor, a total of $7,500 per month for office space, utilities and secretarial and administrative support.

Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.

Other than the foregoing, no compensation of any kind, including any finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our Sponsor, officers, directors or any affiliate of our Sponsor, officers, directors prior to, or in connection with any services rendered in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction that it is).

However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.

Our audit committee will review on a quarterly basis all payments that were made to our Sponsor, officers, directors, advisors or our or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed.

There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

In addition, in order to finance transaction costs in connection with an intended initial business combination, our Sponsors, officers and directors or their affiliates may, but are not obligated to, loan us funds as may be required.

The BCM Europe Note 2023 was amended on April

12, 2024 to extend the maturity date to the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates

a Business Combination.

As of the date of the filing of this Annual Report on Form 10-K, the outstanding balance of the BCM Europe Note

and the BCM Europe Note 2023 is $4,700,000.

Our Sponsor had loaned to us $1,200,000 under promissory notes which

was used to pay a portion of the expenses of our IPO.

These loans were non-interest bearing, unsecured and were due at the earlier of

November 29, 2023 or the closing of our IPO.

At the closing of our IPO, the promissory notes were deemed to be repaid and settled

in connection with the private placement.

We may pay BCM and/or any of its affiliates, partners or employees

a fee for financial advisory services rendered in connection with our identification, negotiation and consummation of our initial business

The amount of any fee we pay to BCM and/or any of its affiliates, partners or employees will be based upon the prevailing

market for similar services for such transactions at such time, and will be subject to the review of our audit committee pursuant to the

audit committee’s policies and procedures relating to transactions that may present conflicts of interest.

Commencing on the date of our prospectus issued in connection with

our IPO, we have agreed to pay BCM, an affiliate of members of our Sponsor, a total of $7,500 per month for office space, utilities and

secretarial and administrative support.

Upon completion of our initial business combination or our liquidation, we will cease paying these

monthly fees.

Other than the foregoing, no compensation of any kind, including any

finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our Sponsor, officers,

directors or any affiliate of our Sponsor, officers, directors prior to, or in connection with any services rendered in order to effectuate,

the consummation of an initial business combination (regardless of the type of transaction that it is).

However, these individuals will

be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target

businesses and performing due diligence on suitable business combinations.

Our audit committee will review on a quarterly basis all payments

that were made to our Sponsor, officers, directors, advisors or our or their affiliates and will determine which expenses and the amount

of expenses that will be reimbursed.

There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons

in connection with activities on our behalf.

In addition, in order to finance transaction costs in connection with

an intended initial business combination, our Sponsors, officers and directors or their affiliates may, but are not obligated to, loan

us funds as may be required.

If we complete an initial business combination, we would repay such loaned amounts.

In the event that the initial business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment.

Up to $1,000,000 of such loans may be convertible into Units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination.

The Units issuable upon conversion of the working capital loans would be identical to the placement units.

The terms of such loans by our Sponsor, officers and directors or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.

We do not expect to seek loans from parties other than our Sponsor, officer and directors or their affiliates as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

Loans made by Chardan or any of its related persons, if any, will not be convertible into any of our securities and Chardan and its related persons will have no recourse with respect to their ability to convert their loans into any of our securities.

After our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to our stockholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our stockholders.

It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a stockholder meeting held to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation.

The holders of the founder shares, equity participation shares, placement units, and units that may be issued upon conversion of working capital loans (and in each case holders of their component securities, as applicable) have registration rights to require us to register a sale of any of our securities held by them pursuant to a registration rights agreement signed in connection with our IPO.

These holders will be entitled to make up to two demands, excluding short form registration demands, that we register such securities for sale under the Securities Act.

In addition, these holders will have “piggy-back” registration rights to include their securities in other registration statements filed by us.

Chardan may not exercise its demand and “piggyback” registration rights after five and seven years, respectively, after the effective date of the registration statement and may not exercise its demand rights on more than one occasion.

Promissory Notes

On June 23, 2023, the Company issued an unsecured promissory note (the “Note”) in the principal amount of $200,000 to the Sponsor to fund working capital requirements.

The Note is non-interest bearing and is payable in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

At the Sponsor’s discretion, the principal balance of the Note may be converted at any time prior to the consummation of a Business Combination into Units identical to the Private Placement Units at a price of $10.00 per Unit.

In the event that the

initial business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay such

loaned amounts but no proceeds from our Trust Account would be used for such repayment.

Up to $1,000,000 of such loans may be convertible

into Units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination.

issuable upon conversion of the working capital loans would be identical to the placement units.

The terms of such loans by our Sponsor,

officers and directors or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans.

We do not expect to seek loans from parties other than our Sponsor, officer and directors or their affiliates as we do not believe third

parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

Loans made by Chardan or any of its related persons, if any, will not be convertible into any of our securities and Chardan and its related

persons will have no recourse with respect to their ability to convert their loans into any of our securities.

After our initial business combination, members of our management team

who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed

to our stockholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to our stockholders.

It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time

of a stockholder meeting held to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination

business to determine executive and director compensation.

The holders of the founder shares, equity participation shares, placement

units, and units that may be issued upon conversion of working capital loans (and in each case holders of their component securities,

as applicable) have registration rights to require us to register a sale of any of our securities held by them pursuant to a registration

rights agreement signed in connection with our IPO.

These holders will be entitled to make up to two demands, excluding short form registration

demands, that we register such securities for sale under the Securities Act.

In addition, these holders will have “piggy-back”

registration rights to include their securities in other registration statements filed by us.

Chardan may not exercise its demand and

“piggyback” registration rights after five and seven years, respectively, after the effective date of the registration statement

and may not exercise its demand rights on more than one occasion.

Additionally, on the Closing Date, the Company entered into Lock-up

Agreements (the “ Lock-Up Agreements”) with Bellevue Capital Management LLC (“ BCM ”), BCM Europe AG

(“ BCME ”), Sung Jae Yu, and Sung Hoon Chung (together, the “ Holders ”), pursuant to which the Holders

are contractually restricted from selling or transferring between 70%-100% of their shares of Company Common Stock received in the Share

Exchange (the “ Lock-Up Shares ”).

Such restrictions became applicable commencing from the Closing Date and end (i) with

respect to BCM and BCME, on the 36-month anniversary of the Closing Date;

and (ii) with respect to Sung Jae Yu and Sung Hoon Chung, on

January 1, 2026.

Promissory Notes with Related Parties

On June 23, 2023, the Company issued an unsecured promissory note

(the “Note”) in the principal amount of $200,000 to the Sponsor to fund working capital requirements.

The Note is non-interest

bearing and is payable in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates

a Business Combination.

In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts

remaining outside of the Company’s Trust Account, if any.

At the Sponsor’s discretion, the principal balance of the Note may

be converted at any time prior to the consummation of a Business Combination into Units identical to the Private Placement Units at a

price of $10.00 per Unit.

The Company repaid the promissory note on December 4, 2023.

On November 13, 2023, the Company issued an unsecured promissory note (the “BCM Note”) in the principal amount of $180,000 to BCM to fund the payment to extend the date to consummate an initial business combination to February 14, 2023.

The BCM Note is non-interest bearing and is payable in full on the earlier of:

On November 13, 2023, the Company issued an unsecured promissory

note (the “BCM Note”) in the principal amount of $180,000 to BCM to fund the payment to extend the date to consummate

an initial business combination to February 14, 2023.

The BCM Note is non-interest bearing and is payable in full on the earlier

(i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

In the event that the Company does not consummate a business combination, the BCM Note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

In the event that the Company

does not consummate a business combination, the BCM Note will be repaid only from amounts remaining outside of the Company’s Trust

Account, if any.

The Company repaid the BCM Note on December 4, 2023.

On February 9, 2024, the Company issued an unsecured promissory note (the “JCW Promissory Note”) in the principal amount of $75,000 to Jun Chul Whang, a member of the Company’s Board of Directors.

The JCW Promissory Note is not interest bearing and is payable in full on the earlier of:

(i) August 9, 2024 or (ii) the date on which the Company consummates an initial business combination (the “JCW Maturity Date”).

In the event that the

Company does not consummate a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr.

Whang agrees to forgive the principal balance of the JCW Promissory Note, except to the extent of any funds remaining outside of the Company’s Trust Account, if any.

As previously reported

by the Company on its Current Report Form 8-K filed on February 9, 2024, on that date the Company issued an unsecured promissory

note in the principal amount of $75,000 to Jun Chul Whang, a member of the Company’s Board of Directors (the “ Jun Chul

Whang Promissory Note .”)

Also on February 9, 2024,

$60,000 was deposited in the trust account in connection with the extension of the date by which the Company must consummate a business

combination from February 14, 2024 to March 14, 2024.

The Jun Chul Whang Promissory

Note is not interest bearing and is payable in full on the earlier of:

(i) August 9, 2024 or (ii) the date on which the

Company consummates an initial business combination.

In the event that the Company does not consummate a business combination on or prior

to the time provided in the Company’s Amended and Restated Certificate of Incorporation (as subject to extension), Mr.

to forgive the principal balance of the Jun Chul Whang Promissory Note, except to the extent of any funds remaining outside of the Company’s

trust account, if any.

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the JCW Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

On March 8, 2024, the Company issued an unsecured promissory note (the “JP Promissory Note”) in the principal amount of $60,000 to Josh Pan, a member of Bellevue Capital Management LLC.

The JP Promissory Note is not interest bearing and is payable in full on the earlier of:

(i) August 8, 2024 or (ii) the date on which the Company consummates an initial business combination (the “JP Maturity Date”).

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr.

Pan agrees to forgive the principal balance of the Promissory Note, except to the extent of any funds remaining outside of the Company’s Trust Account, if any.

(i) a failure to pay the principal within five business days

of the maturity date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

The foregoing description of the Jun Chul

Whang Promissory Note is qualified in its entirety by reference to the full text of the note, a copy of which is filed as Exhibit 10.1

to the February 9, 2024 Form 8-K and incorporated herein by reference.

As previously reported by the Company on its Current Report Form 8-K

filed on March 13, 2024, on March 8, 2024 the Company issued an unsecured promissory note in the principal amount of $60,000 to Josh

Pan, an individual member of Bellevue Capital Management, LLC, which wholly owns Bellevue Global Life Sciences Investors, LLC, the sponsor

of the Company (the “ Pan Promissory Note ”).

On March 12, 2024, $60,000 was deposited in the trust account in connection

with the extension of the date by which the Company must consummate a business combination from March 14, 2024 to April 15, 2024.

The Pan Promissory Note is not interest bearing and is payable

in full on the earlier of:

(i) August 8, 2024 or (ii) the date on which the Company consummates an initial business combination.

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Amended

and Restated Certificate of Incorporation (as subject to extension), Mr.

Pan agrees to forgive the principal balance of the Promissory

Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following shall constitute

an event of default:

(i) a failure to pay the principal within five business days of the Maturity Date and (ii) the commencement of a

voluntary or involuntary bankruptcy action.

The foregoing description of the Pan Promissory Note is qualified in its entirety by

reference to the full text of the Note, a copy of which is filed as Exhibit 10.1 to Company’s March 13, 2024 Form 8-K and incorporated

herein by reference.

As previously reported by the Company on its Current Report Form 8-K

filed on April 8, 2024, on that date the Company issued an unsecured promissory note in the principal amount of $1,200,000 to Bellevue

Global Life Sciences Investors, LLC (“ BGLSI ”), the sponsor of the Company.

On April 9, 2024, $60,000 was deposited

in the trust account in connection with the extension of the date by which the Company must consummate a business combination from April

15, 2024 to May 14, 2024.

The BGLSI Promissory Note is not interest bearing and is payable

in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates an initial business combination.

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Amended

and Restated Certificate of Incorporation (as subject to extension), BGLSI agrees to forgive the principal balance of the Promissory Note,

except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following shall constitute an event

(i) a failure to pay the principal within five business days of the Maturity Date and (ii) the commencement of a voluntary

or involuntary bankruptcy action.

The foregoing description of the BGLSI Promissory Note is qualified in its entirety by reference to

the full text of the Note, a copy of which is filed as Exhibit 10.1 to the Company’s April 8, 2024 Form 8-K and incorporated herein

by reference.

As previously reported by the Company on Form 8-K dated April 17,

2024, on that date the Company issued an unsecured promissory note in the principal amount of $50,000 (the “ April 17, 2024

Promissory Note ”) to Bellevue Global Life Sciences Investors LLC (“ BGLSI ”), the sponsor of the Company.

The April 17, 2024 Promissory Note is not interest bearing and is payable

in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates an initial business

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s

Amended and Restated Certificate of Incorporation (as subject to extension), BGLSI agrees to forgive the principal balance of the April

17, 2024 Promissory Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following

shall constitute an event of default:

(i) a failure to pay the principal within five business days of the Maturity Date and (ii) the

commencement of a voluntary or involuntary bankruptcy action.

The foregoing description of the April 17, 2024 Promissory Note is qualified

in its entirety by reference to the full text of the April 17, 2024 Promissory Note, a copy of which is filed as Exhibit 10.1 to the Company’s

April 17, 2024 Form 8-K and incorporated herein by reference.

As previously reported by the Company on Form 8-K dated May 14,

2024, on that date the Company issued an unsecured promissory note in the principal amount of $140,000 (the “ May 14, 2024 Promissory

Note ”) to Bellevue Global Life Sciences Investors LLC (“ BGLSI ”), the sponsor of the Company.

The May 14, 2024 Promissory Note is not interest bearing and is

payable in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates an initial business

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s

Amended and Restated Certificate of Incorporation (as subject to extension), BGLSI agrees to forgive the principal balance of the Promissory

Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following shall constitute

an event of default:

(i) a failure to pay the principal within five business days of the Maturity Date and (ii) the commencement

of a voluntary or involuntary bankruptcy action.

The foregoing description of the May 14, 2024 Promissory Note is qualified in its

entirety by reference to the full text of the May 14, 2024 Promissory Note, a copy of which is filed as Exhibit 10.1 to the Company’s

May 14, 2024 Form 8-K and incorporated herein by reference.

As previously reported by the Company on Form 8-K dated July 11,

2024, on that date the Company issued an unsecured promissory note (the “ July 11, 2024 Promissory Note ”) in the

principal amount of $300,000 to Bellevue Global Life Sciences Investors, LLC (“ BGLSI ”), the sponsor of the Company.

The July 11, 2024 Promissory Note is not interest bearing and is payable

in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates an initial business

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s

Amended and Restated Certificate of Incorporation (as subject to extension), BGLSI agrees to forgive the principal balance of the Promissory

Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following shall constitute

an event of default:

(i) a failure to pay the principal within five business days of the Maturity Date and (ii) the commencement

of a voluntary or involuntary bankruptcy action.

The foregoing description of the July 11, 2024 Promissory Note is qualified in its entirety

by reference to the full text of the Promissory Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and

incorporated herein by reference.

As previously reported by the Company on Form 8-K dated October 10,

2024, on that date, the Company issued an unsecured promissory note (the “ October 10, 2024 Promissory Note” ) in

the principal amount of $40,000 to Jun Chul Whang, a member of the Company’s Board.

The October 10, 2024 Promissory Note is not interest bearing and is payable

in full on the earlier of:

(i) November 9, 2024, (ii) at such time the Company raises additional working capital funds, or

(iii) the date on which the Company consummates an initial business combination.

In the event that the Company does not consummate

a business combination on or prior to the time provided in the Company’s Amended and Restated Certificate of Incorporation (as

subject to extension), Mr.

Whang agrees to forgive the principal balance of the Promissory Note, except to the extent of any funds

remaining outside of the Company’s trust account, if any.

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the JP Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

On April 8, 2024, the Company issued an unsecured promissory note (the “April Sponsor Note”) in the principal amount of $1,200,000 to Sponsor for its receipt of $1,200,000 to fund working capital and other expenses of the Company.

The April Sponsor Note is non-interest bearing and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

In the event that the Company does not consummate a Business Combination, the April Sponsor Note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

(i) a failure

to pay the principal within five business days of the Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy

The foregoing description of the Promissory Note is qualified in its entirety by reference to the full text of the Promissory

Note, a copy of which is filed as Exhibit 10.1 to the Company’s October 10, 2024 Form 8-K and incorporated herein by

As previously reported by the Company on Form 8-K dated September 20,

2024, on that date the company and Mr.

Whang entered into an amendment (the “ Whang Promissory Note Amendment ”)

to extend the maturity date of the Whang Promissory Note to the earlier of (i) March 31, 2025 and (ii) the date on which

the Company consummates an initial business combination.

No other terms of the Whang Promissory Note were amended.

The foregoing description

of the Whang Promissory Note Amendment is qualified in its entirety by reference to the full text of the amendment, a copy of which is

filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

As previously reported by the Company on Form 8-K dated September 20,

2024, on that date the company and Mr.

Pan entered into an amendment (the “ Pan Promissory Note Amendment ”) to

extend the maturity date of the Pan Promissory Note to the earlier of (i) March 31, 2025 and (ii) the date on which the

Company consummates an initial business combination.

No other terms of the Pan Promissory Note were amended.

The foregoing description

of the Pan Promissory Note Amendment is qualified in its entirety by reference to the full text of the amendment, a copy of which is filed

as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

As also previously disclosed by the Company in its Current Reports

on Form 8-K filed with the Securities and Exchange Commission on (i) April 11, 2024, (ii) April 22, 2024, (iii)

May 14, 2024, and (iv) July 16, 2024, the Company issued unsecured promissory notes (each, a “ Sponsor Promissory

Note ” and, collectively, the “ Sponsor Promissory Notes ”) to Bellevue Global Life Sciences Investors, LLC,

the Company’s sponsor (“ Sponsor ”), on (i) April 8, 2024, (ii) April 17, 2024, (iii) May 14,

2024, and (iv) July 11, 2024, in the principal amounts of (i) $1,200,000, (ii) $50,000, (iii) $140,000, and (iv) $300,000, respectively.

As previously reported by the Company on Form 8-K dated January 10, 2025, on January 9, 2025, the Company and Sponsor entered into

an amendment (the “ Sponsor Promissory Notes Amendment ”) to extend the maturity date of each Sponsor Promissory Note

to the earlier of (i) September 30, 2025 and (ii) the date on which the Company consummates an initial business combination.

No other terms of the Sponsor Promissory Notes were amended.

The foregoing description of the Sponsor Promissory Notes Amendment is qualified

in its entirety by reference to the full text of the Promissory Notes Amendment, a copy of which is filed as Exhibit 10.1 to the Company’s

January 10, 2025 Current Report on Form 8-K and incorporated herein by reference.

On January 23, 2025, the Company and Sponsor entered into a second

amendment to amend the maturity date of each Sponsor Promissory Note to provide that each Sponsor Promissory Note matures on September

30, 2025, irrespective of whether the Company consummates an initial business combination prior to September 30, 2025.

No other terms

of the Sponsor Promissory Notes were amended.

The foregoing description of the Second Amendment to the Sponsor Promissory Notes is qualified

in its entirety by reference to the full text of the Second Amendment to the Sponsor Promissory Notes, a copy of which is filed as Exhibit

10.1 to the Company’s January 23, 2025 Current Report on Form 8-K and incorporated herein by reference.

As previously reported by the Company on Form 8-K dated October 25,

2024, on that date the Company advanced a loan to OSR in the amount of $300,000 evidenced by a promissory note (the “the Company

Promissory Note ”) that bears interest at a rate of 3.96% per annum, compound semi-annually, and is due on October 25, 2025.

Interest is payable only on maturity.

The following events constitute an event of default under the Company Promissory Note:

failure to pay the outstanding balance due within five (5) business days of the Maturity Date and (ii) the commencement of a

voluntary or involuntary bankruptcy action.

The funds were to be used by OSR for working capital and other expenses of OSR.

The Company Promissory Note is filed as Exhibit 10.1 to the Company’s

Form 8-K filing of October 25, 2024 and is incorporated herein by reference.

The disclosures set forth herein are intended to

be summaries only and are qualified in their entirety by reference to the Company Promissory Note.

Related Party Policy

We have not yet adopted a formal policy for the review, approval or ratification of related party transactions.

Accordingly, the transactions discussed above were not reviewed, approved or ratified in accordance with any such policy.

We have adopted a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions approved by our board of directors (or the appropriate committee of our board) or as disclosed in our public filings with the SEC.

Under our code of ethics, conflict of interest situations will include any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the company.

In addition, our audit committee is responsible for reviewing and approving related party transactions to the extent that we enter into such transactions.

An affirmative vote of a majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction.

A majority of the members of the entire audit committee will constitute a quorum.

Without a meeting, the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction.

We also require each of our directors and executive officers to complete a directors’ and officers’ questionnaire that elicits information about related party transactions.

These procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee or officer.

To further minimize conflicts of interest, we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our Sponsor, officers or directors unless we have obtained an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that our initial business combination is fair to our company from a financial point of view and a majority of our disinterested independent directors approve such business combination.

Furthermore, no finder’s fees, reimbursements, consulting fee, monies in respect of any payment of a loan or other compensation will be paid by us to our Sponsor, officers, directors or any affiliate of our Sponsor, officers, directors prior to, for services rendered to us prior to, or in connection with any services rendered in order to effectuate, the consummation of our

initial business combination (regardless of the type of transaction that it is).

However, the following payments will be made to our Sponsor, officers, directors or our or their affiliates, none of which will be made from the proceeds of our IPO held in the Trust Account prior to the completion of our initial business combination:

Payment to an affiliate of our Sponsor of $7,500 per month for office space, utilities and secretarial and administrative support until the closing of our initial business combination;

Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination;

Repayment of loans which may be made by our Sponsor, officers and directors or their affiliates to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto.

Up to $1,000,000 of such loans may be convertible into Units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination.

We have not yet adopted a formal policy for the review, approval or

ratification of related party transactions.

Accordingly, the transactions discussed above were not reviewed, approved or ratified in accordance

with any such policy.

We have adopted a code of ethics requiring us to avoid, wherever possible,

all conflicts of interests, except under guidelines or resolutions approved by our board of directors (or the appropriate committee of

our board) or as disclosed in our public filings with the SEC.

Under our code of ethics, conflict of interest situations will include

any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the company.

In addition, our audit committee is responsible for reviewing and approving

related party transactions to the extent that we enter into such transactions.

An affirmative vote of a majority of the members of the

audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction.

majority of the members of the entire audit committee will constitute a quorum.

Without a meeting, the unanimous written consent of all

of the members of the audit committee will be required to approve a related party transaction.

We also require each of our directors and

executive officers to complete a directors’ and officers’ questionnaire that elicits information about related party transactions.

These procedures are intended to determine whether any such related

party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee or officer.

To further minimize conflicts of interest, we have agreed not to consummate

an initial business combination with an entity that is affiliated with any of our Sponsor, officers or directors unless we have obtained

an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that our

initial business combination is fair to our company from a financial point of view and a majority of our disinterested independent directors

approve such business combination.

Furthermore, no finder’s fees, reimbursements, consulting fee, monies in respect of any payment

of a loan or other compensation will be paid by us to our Sponsor, officers, directors or any affiliate of our Sponsor, officers, directors

prior to, for services rendered to us prior to, or in connection with any services rendered in order to effectuate, the consummation of

our initial business combination (regardless of the type of transaction that it is).

However, the following payments will be made to our

Sponsor, officers, directors or our or their affiliates, none of which will be made from the proceeds of our IPO held in the Trust Account

prior to the completion of our initial business combination:

● Payment to an affiliate of our Sponsor of $7,500 per month

for office space, utilities and secretarial and administrative support until the closing of our initial business combination;

● We may pay BCM and/or any of its affiliates, partners or

employees a fee for financial advisory services rendered in connection with our identification, negotiation and consummation of our initial

business combination;

the amount of any fee we pay to BCM and/or any of its affiliates, partners or employees will be based upon the

prevailing market for similar services for such transactions at such time, and will be subject to the review of our audit committee pursuant

to the audit committee’s policies and procedures relating to transactions that may present conflicts of interest;

● Reimbursement for any out-of-pocket expenses related to identifying,

investigating and completing an initial business combination;

● Repayment of loans which may be made by our Sponsor, officers

and directors or their affiliates to finance transaction costs in connection with an intended initial business combination, the terms

of which have not been determined nor have any written agreements been executed with respect thereto.

Up to $1,000,000 of such loans

may be convertible into Units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination.

The Units issuable upon conversion of the working capital loans would be identical to the placement units.

Our audit committee has reviewed all payments that were made to our Sponsor, officers, directors, advisors or our or their affiliates.

Loans made by Chardan or any

of its related persons, if any, will not be convertible into any of our securities and Chardan and its related persons will have no recourse

with respect to their ability to convert their loans into any of our securities.

Our audit committee has reviewed all payments that were made to our

Sponsor, officers, directors, advisors or our or their affiliates.

Some officers and directors of the Company, including Kuk Hyoun Hwang,

have interests in the business combination with OSR as individuals that are in addition to, and that may be different from, the interests

of Company stockholders.

Hwang is the Chief Executive Officer and a member of the Board of Directors of the Company and Chairman

of the Board of OSR.

The Board of Directors of the Company formed a separate committee (the “ M&A Committee ”), consisting

of independent directors, to review and consider these interests during the negotiation of the Business Combination Agreement, the A&R

BCA, and the First Amendment to the A&R BCA and in evaluating and unanimously approving, as members of the Company Board, the Business

Combination Agreement, the A&R BCA and the First Amendment to the A&R BCA.

Director Independence

Nasdaq listing standards require that a majority of our board of directors be independent.

An “independent director” is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director.

Our board of directors has determined that each of Drs.

Nasdaq listing standards require that a majority of our board of directors

be independent.

An “independent director” is defined generally as a person other than an officer or employee of the company

or its subsidiaries or any other individual having a relationship which in the opinion of the company’s board of directors, would

interfere with the director’s exercise of independent judgment in carrying out the responsibilities of a director.

directors has determined that each of Drs.

Reed, Roberts and Chung and Mr.

Park is an “independent director” as defined in the Nasdaq listing standards and applicable SEC rules.

Park is an “independent director” as defined

in the Nasdaq listing standards and applicable SEC rules.

Our board of directors also determined that Mr.

Euh, who resigned from the Board effective June 21, 2023, was independent.

Our independent directors will have regularly scheduled meetings at which only independent directors are present.

Euh, who resigned from

the Board effective June 21, 2023, was independent.

Our independent directors will have regularly scheduled meetings at which only

independent directors are present.

Principal Accountant Fees and Services

The following is a summary of fees paid or to be paid to WithumSmith+Brown, PC, or Withum, for services rendered.

Audit fees consist of fees for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Withum in connection with regulatory filings.

The aggregate fees of Withum for professional services rendered for the audit of our financial statements and other required filings with the SEC for the fiscal year ended December 31, 2023 totaled approximately $152,880.

The following is a summary of fees paid or to be paid to WithumSmith+Brown,

PC, or Withum, for services rendered.

Audit fees consist of fees for professional services

rendered for the audit of our year-end financial statements and services that are normally provided by Withum in connection with regulatory

The aggregate fees of Withum for professional services rendered for the audit of our financial statements and other required

filings with the SEC for the fiscal year ended December 31, 2024 totaled approximately $152,940 .

The aggregate fees of Withum for

professional services rendered for the audit of our financial statements and other required filings with the SEC for the fiscal year

ended December 31, 2023 totaled approximately $176,176.

The aggregate fees of Withum for professional services rendered for the

audit of our financial statements and other required filings with the SEC for the fiscal year ended December 31, 2022 totaled approximately

The above amounts include interim procedures and audit fees.

Audit-Related Fees .

Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under

“Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

During the fiscal years ended December 31, 2023 and December 31, 2022, we did not pay Withum any audit-related fees.

We did not pay Withum for tax services, planning or advice for the fiscal years ended December 31, 2023 and December 31, 2022.

Audit-related fees consist of fees billed

for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are

not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and

consultations concerning financial accounting and reporting standards.

During the fiscal years ended December 31, 2024 and December 31,

2023, we did not pay Withum any audit-related fees.

We did not pay Withum for tax services, planning or

advice for the fiscal years ended December 31, 2024 and December 31, 2023.

All Other Fees .

We did not pay Withum for any other services for the fiscal years ended December 31, 2023 and December 31, 2022.

We did not pay Withum for any other services

for the fiscal years ended December 31, 2024 and December 31, 2023.

Pre-Approval Policy

The audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit).

The audit committee has and will pre-approve all auditing services

and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis

exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the

Exhibits, Financial Statement Schedules

4 unchanged sentences

Not applicable.

The exhibits listed in the accompanying “Exhibit Index” are filed or incorporated by reference as part of this Annual Report on Form 10-K.

The exhibits listed in the accompanying “Exhibit Index” are filed or incorporated by reference as part of this

Annual Report on Form 10-K.

EXHIBIT INDEX

Business Combination Agreement, dated as of November 16, 2023, between Bellevue Life Sciences Acquisition Corp.

First Amendment to Amended and Restated Business Combination Agreement, dated as of December 20, 2024 between Bellevue Life Sciences Acquisition Corp.

and OSR Holdings Co., Ltd.

(Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on December 23, 2024)

Amended and Restated Business Combination Agreement, dated as of May 23, 2024, between Bellevue Life Sciences Acquisition Corp.

and OSR Holdings Co., Ltd.

(Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on May 30, 2024)

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bellevue Life Sciences Acquisition Corp dated as of February 9, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 9, 2024)

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bellevue Life Sciences Acquisition Corp dated as of May 14, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on May 14, 2024)

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bellevue Life Sciences Acquisition Corp dated as of November 12, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 12, 2024)

1 unchanged sentence

001-41390) filed with the SEC on February 13, 2025)

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bellevue Life Sciences Acquisition Corp.

dated as of November 9, 2023 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (file No.

001-41390) filed with the SEC on November 15, 2023)

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Bellevue Life Sciences Acquisition Corp.

dated as of February 9, 2024 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (file No.

Amended and Restated Bylaws of OSR Holdings, Inc.

(Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

By-Laws (Incorporated by reference to Exhibit 3.2 to Amendment No.

1 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on May 10, 2022)

Specimen Unit Certificate (Incorporated by reference to Exhibit 4.1 to Amendment No.

3 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on October 7, 2022)

Specimen Common Stock Certificate (Incorporated by reference to Exhibit 4.2 to the Company’s Form S-1 (File No.

5 unchanged sentences

001-41390) filed with the SEC on February 15, 2023)

Specimen Rights Certificate (Incorporated by reference to Exhibit 4.5 to Amendment No.

3 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on October 7, 2022)

Rights Agreement, dated February 9, 2023, between Continental Stock Transfer & Trust Company and the Registrant (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No.

Promissory Note, dated February 9, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Jun Chul Whang (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 13, 2024)

Description of Securities (Incorporated by reference to Exhibit 4.7 to the Company’s Annual Report on Form 10-K (File No.

Promissory Note, dated March 8, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Josh Pan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on March 13, 2024)

Form of Letter Agreement among the Registrant and our officers, directors, Chardan Capital Markets, LLC and Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.1 to Amendment No.

3 to the Company’s Form S-1 (File No.

Promissory Note, dated April 8, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Global Life Sciences Investors, LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on April 11, 2024)

Promissory Note, dated April 17, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on April 22, 2024)

Promissory Note, dated May 14, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on May 14, 2024)

Form of First Amendment to Subscription Agreement, by and among Bellevue Life Sciences Acquisition Corp.

and the investors signatory thereto (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on December 23, 2024)

Form of Participating Stockholder Joinder Agreement (Incorporated by reference to Exhibit 10.1 to BLAC’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Form of Non-Participating Stockholder Joinder Agreement (Incorporated by reference to Exhibit 10.2 to BLAC’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Promissory Note, dated July 11, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Global Life Sciences Investors, LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on July 16, 2024)

Second Amendment to Promissory Notes, dated January 23, 2025, between Bellevue Life Sciences Acquisition Corp.

and Bellevue Global Life Sciences Investors, LLC ((Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on January 23, 2025)

Amendment to Promissory Note, dated September 20, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Jun Chul Whang (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on September 24, 2024)

Amendment to Promissory Note, dated September 20, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Josh Pan (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on September 24, 2024)

Amendment to Promissory Notes, dated January 9, 2025, between Bellevue Life Sciences Acquisition Corp.

and Bellevue Global Life Sciences Investors, LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on January 10, 2025)

Form of Subscription Agreement, by and among Bellevue Life Sciences Acquisition Corp.

and the investors signatory thereto (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on October 10, 2024)

Investment Management Trust Agreement, dated February 7, 2023, between Continental Stock Transfer & Trust Company and the Registrant (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

Promissory Note, dated October 11, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Jun Chul Whang (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on October 15, 2024)

Promissory Note, dated October 16, 2024, issued by Bellevue Life Sciences Acquisition Corp.

to Duksung Co., LTD.

(Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on October 22, 2024)

Promissory Note, dated October 25, 2024, issued by OSR Holdings Co., Ltd.

to Bellevue Life Sciences Acquisition Corp.

(Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on October 28, 2024)

Form of Participating Joinder (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Registration Rights Agreement, dated February 9, 2023, between the Registrant and certain security holders (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No.

Form of Non-Participating Joinder (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Amended and Restated Securities Subscription Agreement, dated April 22, 2022, between the Registrant and Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.4 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on April 29, 2022)

Amended and Restated Placement Unit Purchase Agreement, dated February 9, 2023 between the Registrant and Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

Form of Lock-Up Agreement (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.6 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on April 29, 2022)

Amended and Restated Administrative Support Agreement, dated February 9, 2023, by and between the Registrant and Bellevue Capital Management LLC (Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K (File No.

Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Form of Letter Agreement regarding Sponsor Indemnification (Incorporated by reference to Exhibit 10.8 to Amendment No.

5 to the Company’s Form S-1 (File No.

2025 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.27 to the Company’s Registration Statement on Form S-4 (File No.

333-280590) filed with the SEC on January 29, 2025)

Stock Escrow Agreement, dated February 9, 2023, by and among Bellevue Life Sciences Acquisition Corp., Continental Stock Transfer & Trust Company, and Bellevue Global Life Sciences Investors, LLC (Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K (File No.

Common Stock Purchase Agreement, dated as of December 31, 2024, by and between OSR Holdings, Inc.

and White Lion Capital LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 28, 2025)

Promissory Note, dated June 23, 2023, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Global Life Sciences Investors LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on June 28, 2023)

Amendment No.

1 to the Investment Management Trust Agreement, dated as of November 10, 2023, by and between Bellevue Life Sciences Acquisition Corp.

and Continental Stock Transfer & Trust Company (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 15, 2023)

Form of Participating Stockholder Joinder Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Form of Non-Participating Stockholder Joinder Agreement (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Promissory Note, dated November 13, 2023, issued by Bellevue Life Sciences Acquisition Corp.

to Bellevue Capital Management LLC (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Code of Ethics (Incorporated by reference to Exhibit 14.1 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on April 29, 2022)

Subsidiaries of the Company*

Certification of Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *

Certification of Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *

Registration Rights Agreement, dated as of December 31, 2024, by and between OSR Holdings, Inc.

and White Lion Capital LLC (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 28, 2025)

Insider Trading Policy

Subsidiaries (Incorporated by reference to Exhibit 21.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Consent of RSM Shinhan Accounting Corporation (Incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Certification of Principal Executive Officer pursuant to rule 13a-14(a) or rule 15d-14(a) of the securities exchange act of 1934, as amended

Certification of Principal Financial Officer pursuant to rule 13a-14(a) or rule 15d-14(a) of the securities exchange act of 1934, as amended

Certification of Principal Executive Officer pursuant to 18 U.S.C.

2 unchanged sentences

section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002

Incentive-Based Compensation Recovery Policy (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on November 16, 2023)

Audit Committee Charter (Incorporated by reference to Exhibit 99.1 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on April 29, 2022)

Compensation Committee Charter (Incorporated by reference to Exhibit 99.2 to the Company’s Form S-1 (File No.

333-264597) filed with the SEC on April 29, 2022)

XBRL Instance Document *

XBRL Taxonomy Extension Calculation Linkbase Document *

XBRL Taxonomy Extension Schema Document *

XBRL Taxonomy Extension Definition Linkbase Document *

XBRL Taxonomy Extension Labels Linkbase Document *

XBRL Taxonomy Extension Presentation Linkbase Document *

Press Release, dated February 13, 2025 (Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 13, 2025)

Press Release, dated February 14, 2025 (Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 18, 2025)

OSR Holdings Co., Ltd.’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended September 30, 2023 and 2024, the nine months ended September 30, 2023 and 2024, and the years ended December 31, 2023 and 2022.

(Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Audited consolidated financial statements of OSR Holdings Co., Ltd.

as of and for the fiscal years ended December 31, 2023 and 2022, including the related notes thereto.

(Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Unaudited consolidated financial statements of OSR Holdings Co., Ltd.

as of and for the nine months ended September 30, 2024 and 2023, including the related notes thereto.

(Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Unaudited pro forma condensed combined balance sheet of the Company as of September 30, 2024, and the unaudited pro forma condensed combined statements of operations of the Company for the year ended December 31, 2023 and the nine months ended September 30, 2024, including the related notes thereto.

(Incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Corporate Governance and Nomination Charter.

(Incorporated by reference to Exhibit 99.5 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on February 21, 2025)

Press Release dated March 25, 2025, announcing the appointment of Dr.

Constance Höfer as Chief Scientific Officer.

(Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No.

001-41390) filed with the SEC on March 25, 2025)

Inline XBRL Instance Document*

Inline XBRL Taxonomy Extension Schema Document*

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

Inline XBRL Taxonomy Extension Definition Linkbase Document*

Inline XBRL Taxonomy Extension Label Linkbase Document*

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

Filed herewith.

Furnished herewith.

* Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K.

A copy of any omitted schedule

or exhibit will be furnished supplementally to the SEC upon request for this exhibit.

FORM 10-K SUMMARY

Not applicable.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of Section 13 or 15(d) of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

3 unchanged sentences

April 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934,

the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Kuk Hyoun Hwang

3 unchanged sentences

(Principal Executive Officer)

/s/ Jun Chul Whang

Chief Legal Officer and Secretary

April 22, 2025

Jun Chul Whang

/s/ Sang Hoon Kim

Head of Corporate Venture Capital

April 22, 2025

Sang Hoon Kim

/s/ Gihyoun Bang

Chief Financial Officer

April 22, 2025

(Principal Financial Officer and Principal Accounting Officer)

/s/ Steven G.

Chairman of the Board

(Principal Financial Officer)

/s/ Constance Höfer

Chief Scientific Officer

April 22, 2025

/s/ Jun Chul Whang

Constance Höfer

/s/ Phil Geon Lee

April 22, 2025

Jun Chul Whang

/s/ Radclyffe L.

Phil Geon Lee

/s/ Alcide Barberis

April 22, 2025

/s/ In Chul Chung

Alcide Barberis

/s/ Seng Chin Mah

April 22, 2025

In Chul Chung

Seng Chin Mah

/s/ Jin Whan Park

1 unchanged sentence

Jin Whan Park

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

INDEX TO FINANCIAL STATEMENTS

/s/ Sang Hyun Kim

April 22, 2025

Sang Hyun Kim

/s/ Hyuk Joo Jee

April 22, 2025

/s/ Joong Myung Cho

April 22, 2025

Joong Myung Cho

OSR HOLDINGS, INC.

(f/k/a Bellevue Life

Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID #100)

Financial Statements:

Balance Sheets as of December 31, 2023 and 2022

Statements of Operations for the years ended December 31, 2023 and 2022

Statements of Changes in Stockholder’s Deficit for the years ended December 31, 2023 and 2022

Statements of Cash Flows for the years ended December 31, 2023 and 2022

Notes to Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of

Bellevue Life Sciences Acquisition Corp.:

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Bellevue Life Sciences Acquisition Corp.

(the “Company”) as of December 31, 2023 and 2022, the related statements of operations, changes in stockholder’s deficit and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Emphasis of a Matter

As discussed in Note 1 to the financial statements, the Company withdrew $561,957 of interest income earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

Through December 31, 2023, the Company did not use such funds to pay its tax obligations and instead deposited the funds in the Company’s unrestricted general account and they were used for the payment of general operating expenses.

In consultation with counsel and the Company’s Audit Committee, management determined that this use of funds was not in accordance with the Trust Agreement.

Consolidated Financial Statements:

Consolidated Balance Sheets as of

December 31, 2024 and 2023

Consolidated Statements of

Operations for the years ended December 31, 2024 and 2023

Consolidated Statements of Changes

in Stockholders’ Deficit for the years ended December 31, 2024 and 2023

Consolidated Statements of Cash

Flows for the years ended December 31, 2024 and 2023

Notes to Consolidated Financial

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To the Stockholders and the Board of Directors

OSR Holdings, Inc.

(f/k/a Bellevue Life Sciences

Acquisition Corp.):

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated

balance sheets of OSR Holdings, Inc.

(f/k/a Bellevue Life Sciences Acquisition Corp.) (the “Company”) as of December 31, 2024

and 2023, the related consolidated statements of operations, changes in stockholder’s deficit and cash flows for the years then

ended, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated

financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023

and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted

in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As discussed in Note 1 to the financial statements, if the Company is unable to raise additional funds to alleviate liquidity needs and complete a business combination by May 14, 2024, then the Company will cease all operations except for the purpose of liquidating.

The liquidity condition and date for mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern.

The accompanying consolidated financial statements

have been prepared assuming that the entity will continue as a going concern.

As discussed in Note 2 to the consolidated financial statements,

the entity has incurred recurring losses from operations and expects to continue to incur operating losses that raise substantial doubt

about its ability to continue as a going concern.

Management’s plans in regard to these matters are also described in Note 2.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

These consolidated financial statements are the

responsibility of the Company’s management.

Our responsibility is to express an opinion on the Company’s consolidated financial

statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United

States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities

laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the

standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated

financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we

engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding

of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s

internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Our audits included performing procedures to assess

the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures

that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that our audits provide

a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

1 unchanged sentence

New York, New York

April 22, 2025

PCAOB Number 100

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

HOLDINGS, INC.

(f/k/a Bellevue Life

Sciences Acquisition Corp.)

BALANCE SHEETS

December 31, 2023

December 31, 2022

Current assets:

Prepaid expenses

Due from affiliate

Prepaid expenses and other current assets

Total current assets

Deferred offering costs

Investments held in Trust Account

4 unchanged sentences

Excise tax payable

Accrued offering costs

Notes payable - related party

Notes payable - related parties

Due to affiliate

Convertible note payable

Total current liabilities

2 unchanged sentences

Commitments and Contingencies

Common stock subject to possible redemption, 3,467,954 shares issued and outstanding at redemption value of $ 10.50 per share and 0 shares issued and outstanding at December 31, 2023 and 2022, respectively

Common stock subject to possible redemption, 164,752 shares issued and outstanding at redemption value of $ 11.21 per share and 3,467,954 shares issued and outstanding at redemption value of $ 10.50 per share at December 31, 2024 and 2023, respectively

Stockholders’ Deficit

1 unchanged sentence

1,000,000 shares authorized;

no ne issued or outstanding at December 31, 2023 and

none issued or outstanding at December 31, 2024 and 2023

Common stock;

1 unchanged sentence

100,000,000 shares authorized;

2,155,000 issued and outstanding (excluding 3,467,954 shares subject to possible redemption) and 1,725,000 issued and outstanding at December 31, 2023 and 2022, respectively

Additional paid-in

2,155,000 issued and outstanding (excluding 164,752 shares subject to possible redemption) at December 31, 2024 and 2,155,000 issued and outstanding (excluding 3,467,954 shares subject to possible redemption) at December 31, 2023

Additional paid-in capital

Accumulated deficit

1 unchanged sentence

Total Liabilities and Stockholders’ Deficit

The accompanying notes are an integral part of the financial statements.

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

The accompanying notes are an integral part

of the consolidated financial statements.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life

Sciences Acquisition Corp.)

STATEMENTS OF OPERATIONS

2 unchanged sentences

Loss from operations

Other income:

Other income (expense):

Interest earned on investments held in the Trust Account

Total other income

Interest income

Interest expense

Total other income, net

Income (loss) before provision for income taxes

2 unchanged sentences

WEIGHTED AVERAGE SHARES OUTSTANDING

NET INCOME (LOSS) PER SHARE

The accompanying notes are an integral part of the financial statements.

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

Paid-in Capital

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE

The accompanying notes

are an integral part of the consolidated financial statements.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE YEARS ENDED

DECEMBER 31, 2024 AND 2023

Stockholders’

Balance, December 31, 2022

Sale of 430,000 Private Placement Units

Fair value of warrants and rights included in the Units sold in the Initial Public Offering and in the exercise of the over-allotment

Accretion of common stock to possible

redemption value

Accretion of common stock to redemption value

( 5,561,311 )

( 3,888,323 )

( 9,449,634 )

Excise tax payable attributable to redemption of common stock

Balance, December 31, 2023

The accompanying notes are an integral part of the financial statements.

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

STATEMENTS OF CASH FLOWS

For the years ended December 31,

$ ( 3,907,008 )

$ ( 3,906,792 )

Accretion of common stock to redemption value

( 1,653,419 )

Excise tax payable attributable to redemption of common stock

( 2,410,879 )

Balance, December 31, 2024

$ ( 8,333,627 )

$ ( 8,333,411 )

The accompanying notes are an integral part

of the consolidated financial statements .

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED STATEMENTS

OF CASH FLOWS

For the Years Ended

CASH FLOWS FROM OPERATING ACTIVITIES

3 unchanged sentences

Changes in operating assets and liabilities:

Prepaid expenses

Prepaid expenses and other current assets

Accounts payable and accrued expenses

Income taxes payable

Net cash flows used in operating activities

Excise tax payable

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

1 unchanged sentence

Investment of cash in Trust Account

Withdrawal of interest from Trust Account to pay taxes

Loan issued to affiliate

Cash deposited in Trust Account

Withdrawal of interest from Trust Account

Net cash flows used in investing activities

Net cash provided by (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

3 unchanged sentences

Proceeds from private placement

Proceeds from note payable - related party

Repayments to note payable - related party

Payment of offering costs

Proceeds from note payable - Sponsor

Repayments to note payable - Sponsor

Proceeds from convertible note payable

Proceeds from affiliate

Repayments to affiliate

Net cash flows provided by financing activities

Net cash provided by (used in) financing activities

NET CHANGE IN CASH

CASH, BEGINNING OF PERIOD

CASH, END OF PERIOD

CASH, BEGINNING OF YEAR

CASH, END OF YEAR

Supplemental disclosures of cash flow information

Cash paid during the periods for:

Cash paid during the year for

Supplemental disclosure of noncash investing and financing activities

Excise tax payable

Deferred underwriters’ discount payable charged to additional paid-in

Deferred offering costs included in accrued offering costs

The accompanying notes are an integral part of the financial statements.

BELLEVUE LIFE SCIENCES ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Deferred underwriters’ discount payable charged to additional paid-in capital

The accompanying notes are an integral part

of the consolidated financial statements .

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

NOTE 1–DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF PRESENTATION

Bellevue Life Sciences Acquisition Corp.

(the “Company”) was incorporated in Delaware on February 25, 2020.

The Company was incorporated for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).

NOTE 1–DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF

OSR Holdings, Inc.

known as Bellevue Life Sciences Acquisition Corp.) (the “Company”) was incorporated in Delaware on February 25, 2020.

The Company was incorporated for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,

reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).

The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

On February 14, 2025

(the “Closing Date”), OSR Holdings, Inc.

consummated its previously announced business combination (the “Business Combination”)

with OSR Holdings Co., Ltd., a corporation organized under the laws of the Republic of Korea (“OSR”), pursuant to the Amended

and Restated Business Combination Agreement dated May 23, 2024, as amended on December 20, 2024 (the “Business Combination Agreement”).

The Business Combination Agreement was entered into among the Company, OSR, and certain OSR stockholders that executed joinder agreements

At Closing, the Company issued 16,282,047 shares of Company common stock to participating OSR stockholders in exchange for 67 %

of the outstanding shares of OSR’s Series A common stock.

OSR stockholders holding an additional 22 % of OSR common stock remain

as minority shareholders subject to contractual put and call rights exercisable beginning January 1, 2026, or upon a change in control

of the Company.

The remaining 11 % of OSR shares are held by stockholders who are not subject to any exchange, put, or call arrangements.

Following the transaction, OSR became a majority-owned subsidiary of the Company.

Kuk Hyoun Hwang beneficially owns approximately 67.8 %

of the outstanding shares of the Company’s common stock as of the Closing Date.

As of December 31, 2024, the Company had not commenced any operations.

All activity since inception relates to the Company’s formation and the initial public offering (“Initial Public Offering”) which is described below.

The Company will not generate any operating revenues until after the completion of an initial Business Combination, at the earliest.

The Company will generate non-operating

income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statement for the Company’s Initial Public Offering (the “Registration Statement”) was declared effective on February 9, 2023.

On February 14, 2023, the Company consummated the Initial Public Offering of 6,000,000 units (“Units” and, with respect to the common stock included in the Units being offered, the “Public Shares”), generating gross proceeds of $ 60,000,000 , which is described in Note 3.

On February 17, 2023, the underwriters exercised their over-allotment option in full.

The closing of the issuance and sale of the additional Units occurred (the “Over-Allotment Option Units”) on February 21, 2023.

The total aggregate issuance by the Company of 900,000 Over-Allotment Option Units at a price of $ 10.00 per unit generated total gross proceeds of $ 9,000,000 .

Simultaneously with the consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement (the “Private Placement”) of 430,000 Units (the “Private Placement Units”), to Bellevue Global Life Sciences Investors LLC (the “Sponsor”) at a price of $ 10.00 per Placement Unit, for an aggregate purchase price of $ 4,300,000 .

Each Unit and Private Placement Unit consists of one share of common stock, par value $ 0.0001 (the “Common Stock”), a warrant to purchase one share of Common Stock (the “Public Warrants” and “Private Placement Warrants” and collectively, the “Warrants”) and one right which entitles the holder thereof to receive one-tenth

(1/10) of a share of common stock (the “Public Rights” and Private Placement Rights” and collectively, the “Rights”), as described in Notes 3 and 4.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.

All activity since inception relates to the Company’s formation, the initial public offering (“Initial Public Offering”),

and the search for a target business, which is described below.

The Company will not generate any operating revenues until after the completion

of an initial Business Combination, at the earliest.

The Company will generate non-operating income in the form of

interest income from the proceeds derived from the Initial Public Offering.

The registration statement

for the Company’s Initial Public Offering (the “Registration Statement”) was declared effective on February 9,

On February 14, 2023, the Company consummated the Initial Public Offering of 6,000,000 units (“Units”

and, with respect to the common stock included in the Units being offered, the “Public Shares”), generating gross proceeds

of $ 60,000,000 , which is described in Note 3.

On February 17,

2023, the underwriters exercised their over-allotment option in full.

The closing of the issuance and sale of the additional Units occurred

(the “Over-Allotment Option Units”) on February 21, 2023.

The total aggregate issuance by the Company of 900,000 Over-Allotment

Option Units at a price of $ 10.00 per unit generated total gross proceeds of $ 9,000,000 .

Simultaneously with the

consummation of the Initial Public Offering and the sale of the Units, the Company consummated the private placement (the “Private

Placement”) of 430,000 Units (the “Private Placement Units”), to Bellevue Global Life Sciences Investors LLC

(the “Sponsor”) at a price of $ 10.00 per Placement Unit, for an aggregate purchase price of $ 4,300,000 .

Each Unit and

Private Placement Unit consists of one share of common stock, par value $ 0.0001 (the “Common Stock”), a warrant

to purchase one share of Common Stock (the “Public Warrants” and “Private Placement Warrants” and collectively,

the “Warrants”) and one right which entitles the holder thereof to receive one-tenth (1/10) of

a share of common stock (the “Public Rights” and Private Placement Rights” and collectively, the “Rights”),

as described in Notes 3 and 4.

The Company’s management has

broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale

of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a

Business Combination.

There is no assurance that the Company will be able to complete a Business Combination successfully.

The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80 % of the assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting fees and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination.

However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Upon closing of the Initial Public Offering, the Private Placement, the sale of the Over-Allotment Option Units and the additional Trust Account funding, a total of $ 70,207,500 was placed in a trust account (“Trust Account”) located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act 1940, as amended (the “Investment Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7

promulgated under the Investment Company Act which invest only in direct U.S.

government treasury obligations, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.

The Company will provide its holders of the outstanding shares of its Common Stock sold in the Initial Public Offering (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer.

The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion.

The Public Stockholders will be entitled to redeem their Public Shares (as described in Note 1) for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.175 per Public Share plus any pro rata interest then in the Trust Account, net of taxes payable).

The per share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5).

These Public Shares were recorded at a redemption value and classified as temporary equity upon the closing of the Initial Public Offering in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”).

In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $ 5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination.

If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S.

Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination.

If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.

Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.

If the Company seeks stockholder approval in connection with a Business Combination, the Initial Stockholders (as defined below) have agreed to vote its Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination.

Subsequent to the consummation of the Initial Public Offering, the Company adopted an insider trading policy which requires insiders to (i) refrain from purchasing shares during certain blackout periods and when they are in possession of any material non-public

information and (ii) to clear all trades with the Company’s legal counsel or compliance officer prior to execution.

In addition, the Company’s Sponsor and any other holders of the Company’s common stock prior to the Initial Public Offering (or their permitted transferees (the “Initial Stockholders”)) have agreed to waive their redemption rights with respect to their Founder Shares, Placement Shares and Public Shares in connection with the completion of a Business Combination.

Notwithstanding the foregoing, if the Company seeks stockholder approval of its Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to more than an aggregate of 15 % of more of the shares of Common Stock sold in the Initial Public Offering without the prior consent of the Company.

The Company’s Initial Stockholders and Chardan Capital Markets, LLC (“Chardan”), the representative of the underwriters, have agreed not to propose or vote in favor of an amendment to the Company’s Amended and Restated Certificate of Incorporation (A) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to redeem 100 % of its Public Shares if the Company does not complete a Business Combination within nine months or such other time period as the stockholders may approve from the closing of the Initial Public Offering (the “Combination Period”) or (B) with respect to any other provision relating to stockholders’

rights or pre-initial

Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public shares in conjunction with such an amendment.

Pursuant to the Amended and Restated Certificate of Incorporation, if the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up;

(ii) as promptly and as reasonably possible, but not more than ten business days thereafter, redeem 100 % of the outstanding Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $ 100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Stockholders rights as stockholders (including the right to receive further liquidation distributions, if any);

and (iii) as promptly as reasonably possible following such redemption, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor, officers and directors have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares (defined in Note 4) and Placement Shares held by them if the Company fails to complete a Business Combination within the Combination Period.

However, if the Initial Stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period.

The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares.

In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) may be less than approximately $10.175 per share initially held in the Trust Account.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective partner business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account.

This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.

The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective partner businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

must complete one or more initial Business Combinations having an aggregate fair market value of at least 80 % of the assets held

in the Trust Account (as defined below) (excluding the amount of deferred underwriting fees and taxes payable on income earned on the

Trust Account) at the time of the agreement to enter into the initial Business Combination.

However, the Company will only complete

a Business Combination if the post-transaction company owns or acquires 50 % or more of the outstanding voting securities of

the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment

company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Upon closing of the

Initial Public Offering, the Private Placement, the sale of the Over-Allotment Option Units and the additional Trust Account

funding, a total of $ 70,207,500 was placed in a trust account (“Trust Account”) located in the United States with

Continental Stock Transfer & Trust Company acting as trustee, and invested only in United States “government

securities” within the meaning of Section 2(a)(16) of the Investment Company Act 1940, as amended (the “Investment

Company Act”) having a maturity of 185 days or less or in money market funds meeting certain conditions

under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.

treasury obligations, as determined by the Company, until the earlier of (i) the completion of a Business Combination and

(ii) the distribution of the Trust Account as described below.

The Company will provide its holders of the

outstanding shares of its Common Stock sold in the Initial Public Offering (the “Public Stockholders”) with the opportunity

to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder

meeting called to approve the Business Combination or (ii) by means of a tender offer.

The decision as to whether the Company will

seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion.

Public Stockholders will be entitled to redeem their Public Shares (as described in Note 1) for a pro rata portion of the amount

then in the Trust Account (initially anticipated to be $ 10.175 per Public Share plus any pro rata interest then in the Trust Account,

net of taxes payable).

The per share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced

by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5).

These Public Shares were

recorded at a redemption value and classified as temporary equity upon the closing of the Initial Public Offering in accordance with the

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing

Liabilities from Equity” (“ASC 480”).

In such case, the Company will proceed with a Business Combination if a majority

of the shares voted are voted in favor of the Business Combination.

If a stockholder vote is not required by law and the Company does

not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate

of Incorporation (the “Charter”), conduct the redemptions pursuant to the tender offer rules of the U.S.

Securities and Exchange

Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination.

If, however, stockholder

approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other legal reasons,

the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender

Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against

the proposed transaction.

If the Company seeks stockholder approval in connection with a Business Combination, the Initial Stockholders

(as defined below) have agreed to vote its Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after

the Initial Public Offering in favor of a Business Combination.

Subsequent to the consummation

of the Initial Public Offering, the Company adopted an insider trading policy which requires insiders to (i) refrain from purchasing

shares during certain blackout periods and when they are in possession of any material non-public information and

(ii) to clear all trades with the Company’s legal counsel or compliance officer prior to execution.

In addition, the Company’s

Sponsor and any other holders of the Company’s common stock prior to the Initial Public Offering (or their permitted transferees

(the “Initial Stockholders”)) have agreed to waive their redemption rights with respect to their Founder Shares, Placement

Shares and Public Shares in connection with the completion of a Business Combination.

Notwithstanding the foregoing,

if the Company seeks stockholder approval of its Business Combination and the Company does not conduct redemptions pursuant to the tender

offer rules, the Company’s Charter provides that a Public Stockholder, together with any affiliate of such stockholder or any other

person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange

Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to more than

an aggregate of 15 % of more of the shares of Common Stock sold in the Initial Public Offering without the prior consent of the Company.

The Company’s Initial

Stockholders and Chardan Capital Markets, LLC (“Chardan”), the representative of the underwriters, have agreed not to propose

or vote in favor of an amendment to the Company’s Charter (A) that would modify the substance or timing of the Company’s obligation

to allow redemption in connection with the Business Combination or to redeem 100 % of its Public Shares if the Company does not complete

a Business Combination within nine months or such other time period as the stockholders may approve from the closing of the

Initial Public Offering (the “Combination Period”) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination

activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public shares in conjunction with such

an amendment.

Pursuant to the Charter, if the Company is unable to complete a Business Combination within the Combination Period, the

Company will (i) cease all operations except for the purpose of winding up;

(ii) as promptly and as reasonably possible, but not more

than ten business days thereafter, redeem 100 % of the outstanding Public Shares, at a per share price, payable in cash, equal to

the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously

released to the Company to pay its taxes (less up to $ 100,000 of interest to pay dissolution expenses), divided by the number of

then outstanding Public Shares, which redemption will completely extinguish Public Stockholders rights as stockholders (including the

right to receive further liquidation distributions, if any);

and (iii) as promptly as reasonably possible following such redemption,

dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors

and the requirements of other applicable law.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

The Sponsor, officers and directors have agreed

to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares (defined in Note 4) and Placement

Shares held by them if the Company fails to complete a Business Combination within the Combination Period.

However, if the Initial Stockholders

acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account

with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period.

The underwriters

have agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company

does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other

funds held in the Trust Account that will be available to fund the redemption of the Public Shares.

In the event of such distribution,

it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) may

be less than approximately $ 10.175 per share initially held in the Trust Account.

In order to protect the amounts held in the Trust Account,

the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold

to the Company, or a prospective partner business with which the Company has discussed entering into a transaction agreement, reduce the

amount of funds in the Trust Account.

This liability will not apply with respect to any claims by a third party who executed a waiver

of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any

claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities

under the Securities Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an executed waiver is deemed

to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims.

The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by

endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective

partner businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title,

interest or claim of any kind in or to monies held in the Trust Account.

Extension of Termination Date and Redemptions from the Trust Account

On November 9, 2023, the Company held a special meeting of its stockholders (the “Special Meeting”).

At the Special Meeting, the Company’s stockholders approved an extension of the date by which the Company must consummate a business combination from November 14, 2023 to February 14, 2024 and approved a proposal to give the Board of Directors the authority in its discretion to amend the Charter to extend the date by which the Company must consummate a business combination from the First Extended Date to May 14, 2024.

In connection with the Special Meeting, 3,432,046 shares of common stock of the Company were tendered for redemption at a redemption price of approximately $ 10.49 per share for an aggregate redemption amount of $ 35,995,728 , leaving $ 36,372,335 in the Trust Account immediately after the redemptions and a tax withdrawal by the Company of $ 561,957 .

Additionally, the Company deposited $ 180,000 into the Trust Account on November 13, 2023 in connection with the extension of the date by which the Company must consummate a business combination from November 14, 2023 to February 14, 2024.

November 2023 Special Meeting

On November 9, 2023,

the Company held a special meeting of its stockholders (the “Special Meeting”).

At the Special Meeting, the Company’s

stockholders approved an extension of the date by which the Company must consummate a business combination from November 14, 2023

to February 14, 2024 and approved a proposal to give the Board of Directors (the “Board”) the authority in its discretion

to amend the Charter to extend the date by which the Company must consummate a business combination from February 14, 2024 to May 14,

In connection with the Special Meeting, 3,432,046 shares of common stock of the Company were tendered for redemption at

a redemption price of approximately $ 10.49 per share for an aggregate redemption amount of $ 35,995,728 , leaving $ 36,372,335 in

the Trust Account immediately after the redemptions and a tax withdrawal by the Company of $ 561,957 .

Additionally, the Company deposited

$ 180,000 into the Trust Account on November 13, 2023 in connection with the extension of the date by which the Company must

consummate a business combination from November 14, 2023 to February 14, 2024.

In February 2024, the

Board authorized and approved a second Certificate of Amendment to the Charter.

The second Certificate of Amendment to the Charter was

filed with the Delaware Secretary of State, with an effective date of February 9, 2024, and extended the date by which the Company

must consummate a business combination to the May 14, 2024.

In connection with the extension by which the Company must consummate

a business combination to May 14, 2024, the Company deposited an extension payment of $ 60,000 into the Trust Account on each

of February 9, 2024, March 12, 2024 and April 9, 2024.

May 2024 Special Meeting

On May 10, 2024,

the Company convened a special meeting of its stockholders as scheduled and adjourned without any business being conducted.

was reconvened on May 14, 2024 (the “May Special Meeting”).

At the May Special Meeting, the Company’s stockholders

approved the proposal to amend the Company’s Charter to extend the date by which the Company must consummate a business combination

from May 14, 2024 to November 14, 2024.

Following such approval by the Company’s stockholders, the Company has subsequently

amended the Charter to extend the date by which the Company must consummate a business combination to November 14, 2024.

In connection

with the May Special Meeting, 1,581,733 shares of common stock of the Company were tendered for redemption at a redemption price

of approximately $ 10.78 per share for an aggregate redemption amount of $ 17,045,763 , leaving $ 20,327,120 in the Trust Account

immediately after the redemptions and a tax withdrawal by the Company of $ 218,857 .

Additionally, the Company deposited an extension payment

of $ 50,000 into the Trust Account on each of May 14, 2024, June 13, 2024, July 12, 2024, August 13, 2024, September 10,

2024, and October 11, 2024.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

November 2024 Special Meeting

12, 2024, the Company held an annual meeting of its stockholders (the “November Special Meeting”).

At the November Special

Meeting, the Company’s stockholders approved two proposals to amend the Company’s Charter.

The stockholders approved a proposal

to amend the Charter to allow the Company to extend the date by which the Company must consummate a business combination from November

14, 2024 to February 14, 2025.

The stockholders also approved a proposal to amend the Charter to remove the net tangible asset requirement

in order to expand the methods that the Company may employ so as not to become subject to the “penny stock” rules of the SEC.

The amendment was filed with the Delaware Secretary of State and has an effective date of November 12, 2024.

The stockholders also duly

elected each of the five (5) existing directors to the Company’s Board of Directors until the next annual meeting of stockholders

following this annual meeting or until each such director’s successor is elected and qualified, subject to his earlier death, resignation

In connection with the November Special Meeting, 1,721,469 shares of common stock of the Company were tendered

for redemption at a redemption price of approximately $ 11.15 per share for an aggregate redemption amount of $ 19,186,265 , leaving

$ 1,836,208 in the Trust Account immediately after the redemptions and a tax withdrawal by the Company of $ 136,805 .

February 2025 Special Meeting

On February 13, 2025, the Company held a special meeting of its stockholders

(the “February Special Meeting”).

In connection with the February Special Meeting, 57,821 shares of common stock of the

Company were tendered for redemption at a redemption price of approximately $ 11.02 per share for an aggregate redemption amount of

$ 636,922 , leaving $ 1,177,889 in in the Trust Account immediately after the redemptions.

A more detailed discussion of this special

meeting is included under “NOTE 10–SUBSEQUENT EVENTS”.

Franchise and Income Tax Withdrawal

In November 2023, the Company withdrew $ 561,957 of interest income earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

Through December 31, 2023, the Company did not use such funds to pay its tax

obligations (which were not yet due and payable) and instead deposited the funds in the Company’s unrestricted general account and they were used for the payment of general operating expenses.

In consultation with counsel and the Company’s Audit Committee, management determined that this use of funds was not in accordance with the Trust Agreement.

As of December 31, 2023, the Company’s obligations for franchise and income tax purposes remain payable.

In November 2023, the Company withdrew $ 561,957 of

interest income earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by

the terms of the Trust Agreement governing the Trust Account.

The Company deposited the funds in the Company’s unrestricted general

account and they were used for the payment of general operating expenses.

On April 16, 2024, the Company paid $ 461,957 in income

On April 17, 2024, the Company withdraw of $ 100,000 of interest income earned in the Trust Account for payment of the

Company’s state franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

On May 20, 2024, the Company paid $ 193,183 in franchise taxes.

On May 23, 2024, the Company withdrew $ 218,857 of interest income

earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by the terms of the

Trust Agreement governing the Trust Account.

The Company deposited the funds in the Company’s unrestricted general account and they

were used for payment of general operating expenses.

On October 29, 2024, the Company paid $ 127,200 in franchise taxes.

25, 2024, the Company withdrew $ 136,805 of interest income earned in the Trust Account for payment of the Company’s franchise

tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account.

As of December 31, 2024,

the Company withdrew $ 1,017,619 of interest income earned in the Trust Account for payment of the Company’s franchise tax and

income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account and paid $ 798,589 in franchise and

incomes taxes resulting in $ 219,030 having been withdrawn from the Trust Account and not used to pay franchise and income taxes.

As of December 31, 2024, the Company has outstanding income tax obligations of $ 358,333 and has recorded prepaid franchise taxes of $ 78,383

related to future periods.

Nasdaq Listing Rules Compliance

As previously reported

by the Company on Form 8-K filed on June 28, 2023, due to the resignation of a director effective on June 21,

2023, the Company notified the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company

was not currently in compliance with Nasdaq Listing Rule 5605(c)(2)(A) (the “Listing Rule”).

The Listing Rule requires the

Audit Committee of the Board of Directors be composed of at least three members, each of whom must meet independence requirements under

the Nasdaq Listing Rules and the Securities Exchange Act of 1934, as amended.

The Company regained compliance with the Listing Rule on

June 23, 2024.

As previously reported

by the Company on Form 8-K filed on June 13, 2024, due to the resignation of directors effective on June 7, 2024,

the Company notified the Listing Qualifications Department of Nasdaq that the Company was not currently in compliance with Nasdaq’s

majority independent board, compensation committee composition and audit committee composition requirements as described in Nasdaq Listing

Rules 5605(b)(1), 5605(d)(2)(A) and 5605(c)(2)(A), respectively (the “Additional Listing Rules”).

regained compliance

with the Additional Listing Rules on June 23, 2024.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

On February 15,

2024, the Company received a notification from the Listing Qualifications Department of Nasdaq notifying the Company that the Company

no longer meets the minimum 300 public holders requirement for The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(3) (the

“Minimum Public Holders Requirement”).

The notice is only a notification of deficiency, not of imminent delisting, and has

no current effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market.

On April 1, 2024, the

Company submitted to Nasdaq a plan to regain compliance with the Minimum Public Holders Requirement and, on April 17, 2024, the staff

of Nasdaq approved the plan and granted the Company an extension until August 13, 2024 to demonstrate compliance with the Minimum

Public Holders Requirement (the “Compliance Period”).

On August 20, 2024, the Company received written

notice (the “Second Notice”) from Nasdaq stating that the Company has not regained compliance with the Minimum Public Holders

Requirement within the Compliance Period.

In accordance with the Second Notice, the Company timely requested a hearing before the Hearings

Panel (the “Panel”), which automatically stayed any suspension or delisting action of the Company’s securities, and

the hearing was held on October 1, 2024.

On October 4, 2024, the Panel granted the Company’s request for continued listing

on the Nasdaq, subject to the requirement that on or before February 17, 2025, the Company shall demonstrate compliance with Listing

Rule 5505, and that during the exception period, the Company shall provide prompt notification of any significant events that occur during

this time that may affect the Company’s compliance with Nasdaq requirements.

On March 7, 2025, the Company received a letter from

the Nasdaq Office of General Counsel, stating that the post-business combination entity satisfied the initial listing requirements under

Listing Rule 5505, and as a result, the Hearings Panel has determined to continue the listing of the Company’s securities on The

Nasdaq Stock Market LLC and has closed the matter.

Basis of Presentation

The accompanying financial statements are presented in U.S.

dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

The accompanying consolidated financial

statements are presented in U.S.

dollars in conformity with accounting principles generally accepted in the United States of America

(“GAAP”) and pursuant to the rules and regulations of the SEC.

Liquidity and Going Concern

As of December 31, 2023, the Company had $ 15,419 in its operating bank account and a working capital deficit of $ 2,015,645 .

The Company’s liquidity needs prior to the consummation of the Initial Public Offering had been satisfied through proceeds from advances from related party and from the issuance of common stock.

Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity was satisfied through the net proceeds from the consummation of the Initial Public Offering, the proceeds from the Private Placement held outside of the Trust Account.

Based on the foregoing and the limited amount of working capital that the Company received into the operating account from the Private Placement and issuances of promissory notes, management believes that the Company will not have sufficient working capital to meet its working capital needs through the earlier of the consummation of an Initial Business Combination or fifteen months from the Initial Public Offering.

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Over this time period, the Company will be using the remaining funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the initial Business Combination.

Further needs for operating capital beyond the Company’s current operating cash balance may need to be funded through loans from the Company’s Sponsor.

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

If the Company is unable to complete a Business Combination by May 14, 2024 (subject to extension by approval of the Company’s stockholders), the Company will cease all operations except for the purpose of liquidating.

This date for mandatory liquidation and subsequent dissolution combined with uncertainty as to whether the Company has sufficient liquidity to fund operations through the liquidation date or thereafter should a deferral occur raises substantial doubt about the Company’s ability to continue as a going concern.

Management intends to complete a business combination.

As of December 31, 2024, the Company had $ 66,135 in its operating

bank account and a working capital deficit of $ 6,263,411 .

The Company’s liquidity needs prior to the consummation of the Initial

Public Offering had been satisfied through proceeds from advances from related party and from the issuance of common stock.

to the consummation of the Initial Public Offering, the Company’s liquidity was satisfied through the net proceeds from the consummation

of the Initial Public Offering, the proceeds from the Private Placement Units held outside of the Trust Account and loans from the Sponsor,

officers and directors and their affiliates.

The Company has incurred

recurring operating losses and negative cash flows from operating activities since its inception and expects to continue to incur operating

losses and negative cash flows in the future.

Based on current business plans and assumptions, the Company believes that its existing

cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements, although this estimate

is based on plans and assumptions that may prove to be wrong, and the Company could use its available capital resources sooner than it

currently expects.

Accordingly, the Company will need to raise additional capital through public or private equity offerings, debt financings,

collaborations and licensing arrangements, or other sources, and such additional capital may not be available on favorable terms or at

all, particularly in light of the current economic and market conditions.

Market volatility resulting from pandemics or other epidemics,

inflation and other economic and market conditions, the wars in Ukraine and Israel, tariff policy uncertainty and trade tensions, the

inability to maintain the listing on The Nasdaq Capital Market of the Company’s common stock, and other factors could also adversely

impact the Company’s ability to raise additional capital.

The failure to raise additional capital as and when needed or on acceptable

terms would have a negative impact on the Company’s financial condition and the ability to pursue its business strategy, and the

Company may have to reduce its workforce or delay, reduce the scope of, suspend, or eliminate one or more preclinical programs, clinical

trials, or future commercialization efforts, or curtail its business operations.

In accordance with Accounting

Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going

Concern (Subtopic 205-40)”, the Company has evaluated whether there are conditions and events, considered in the aggregate, that

raise substantial doubt about its ability to continue as a going concern for a period of one year after the date that its audited consolidated

financial statements are issued.

In light of the Company’s existing cash resources and current and expected operating losses and

negative cash flows, the Company will need additional capital prior to the one-year anniversary of the issuance of its consolidated financial

statements, and such additional capital may not be available as and when needed on acceptable terms or at all.

As a result, the Company

has concluded that these circumstances and the uncertainties associated with its ability to obtain additional capital raise substantial

doubt about the Company’s ability to continue as a going concern for a period of one year after the date that its audited consolidated

financial statements are issued.

The accompanying consolidated

financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities

in the ordinary course of business, and do not include any adjustments relating to the recoverability and classification of recorded

asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the

Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging

growth companies but any such an election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standards at the time the private companies adopt the new or revised standard.

This may make the comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting

standards used.

The Company is an “emerging

growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of

2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable

to other public companies that are not emerging growth companies including, but not limited to, not being required to comply

with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding

executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory

vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Further, Section 102(b)(1) of the JOBS

Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private

companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of

securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the

requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable.

The Company has elected

not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different

application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised

standards at the time the private companies adopt the new or revised standard.

This may make the comparison of the Company’s

consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth

company that has opted out of using the extended transition period difficult or impossible because of the potential differences

in accounting standards used.

NOTE 2–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated

financial statements include the accounts of OSR, Inc.

and its wholly owned operating subsidiary, OSR Co., Ltd.

There has been no intercompany

activity since inception.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the financial statements and the reported amounts of expenses during the reporting periods.

Making estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effects of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ significantly from those estimates.

The preparation of

consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the consolidated

financial statements and the reported amounts of expenses during the reporting periods.

Making estimates requires management to

exercise significant judgment.

It is at least reasonably possible that the estimate of the effects of a condition, situation or set

of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its

estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ

significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 15,419 and $ 124,501 in cash held in its operating account as of December 31, 2023 and 2022, respectively.

The Company had no cash equivalents as of December 31, 2023 and 2022.

The Company considers all short-term investments

with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 66,135 and $ 15,419 in

cash held in its operating account as of December 31, 2024 and 2023, respectively.

The Company had no cash equivalents

as of December 31, 2024 and 2023.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the financial statements, primarily due to their short-term nature.

The fair value of the Company’s assets and

liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates

the carrying amounts represented in the consolidated financial statements, primarily due to their short-term nature.

Investments Held in Trust Account

The Company’s portfolio of investments is comprised of U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S.

government securities and generally have a readily determinable fair value, or a combination thereof.

The Company’s portfolio of investments is

comprised of U.S.

government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity

of 185 days or less, or investments in money market funds that invest in U.S.

government securities and generally have a readily determinable

fair value, or a combination thereof.

When the Company’s investments held in the Trust Account are comprised of U.S.

government securities, the investments are classified as trading securities.

When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value.

Trading securities and investments in money market funds are presented on the balance sheets at fair value at the end of each reporting period.

Gains and losses resulting from the change in fair value of these securities are included in interest earned on investments held in Trust Account in the accompanying statements of operations.

securities, the investments are classified as trading securities.

When the Company’s investments held in the Trust Account are comprised

of money market funds, the investments are recognized at fair value.

Trading securities and investments in money market funds are presented

on the consolidated balance sheets at fair value at the end of each reporting period.

Gains and losses resulting from the change in fair

value of these securities are included in interest earned on investments held in the Trust Account in the accompanying consolidated statements

of operations.

The estimated fair values of investments held in the Trust Account are determined using available market information.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement date.

GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Fair value is defined

as the price that would be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market

participants at the measurement date.

GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

These tiers include:

2 unchanged sentences

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy.

In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

The fair value of certain of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets.

The fair values of cash, prepaid expenses, accrued offering costs and expenses, and amounts due to related parties are estimated to approximate the carrying values as of December 31, 2023 due to the short maturities of such instruments.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

In some circumstances,

the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy.

In those instances, the

fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant

to the fair value measurement.

The fair value of certain of the Company’s

assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates

the carrying amounts represented in the consolidated balance sheets.

The fair values of cash and amounts due to related parties are estimated

to approximate the carrying values as of December 31, 2024 and 2023 due to the short maturities of such instruments.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging” (“ASC 815”).

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued

at each reporting date, with changes in the fair value reported in the statements of operations.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are classified in the financial statements as current or non-current

based on whether or not net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

The Company evaluates its financial instruments

to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic

815, “Derivatives and Hedging” (“ASC 815”).

For derivative financial instruments that are accounted for as liabilities,

the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each

reporting date, with changes in the fair value reported in the consolidated statements of operations.

The classification of derivative

instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting

Derivative liabilities are classified in the consolidated financial statements as current or non-current based on

whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $250,000.

Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Financial instruments that potentially subject

the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal

Deposit Insurance Corporation coverage of $ 250,000 .

Any loss incurred or a lack of access to such funds could have a significant

adverse impact on the Company’s financial condition, results of operations, and cash flows.

Warrant Instruments

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815.

The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the instruments are outstanding.

The Company determined that upon review of the warrant agreement that the Public Warrants (as defined in Note 1) and the Private Placement Warrants (as defined in Note 1) issued in the Initial Public Offering qualify for equity accounting treatment.

In connection with the Initial Public Offering and the exercise of the over-allotment of up to 6,900,000 Public Units, each Public Unit is comprised of one share of common stock, $ 0.0001 par value, a

warrant to purchase one share of Common Stock, and one Public Right to receive one-tenth

(1/10) of one

share of Common Stock.

Simultaneously, with the consummation of the Initial Public Offering, the Company engaged in a private placement and issued placement units that are identical to the Public Unit, which included the issuance and delivery of aggregate of 430,000 Placement Rights underlying Placement Units (the “Placement Rights”, and together with the Public Rights and such other rights as the Company issues from time to time hereunder, the “Rights”).

The Company accounts for the rights issued in connection with the Initial Public Offering in accordance with the guidance contained in ASC 815-40.

Such guidance provides that the rights described above are not precluded from equity classification.

Equity-classified contracts are initially measured at fair value (or allocated value).

Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

The Company accounts for warrants as either equity-classified

or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance

in ASC 480 and ASC 815.

The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet

the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification

under ASC 815, including whether the instruments are indexed to the Company’s own common shares and whether the instrument holders

could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions

for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance

and as of each subsequent quarterly period end date while the instruments are outstanding.

The Company determined that upon review of

the warrant agreement that the Public Warrants (as defined in Note 1) and the Private Placement Warrants (as defined in Note 1) issued

in the Initial Public Offering qualify for equity accounting treatment.

In connection with

the Initial Public Offering and the exercise of the over-allotment of up to 6,900,000 Public Units, each Public Unit is

comprised of one share of common stock, $0.0001 par value, a warrant to purchase one share of Common

Stock, and one Public Right to receive one-tenth (1/10) of one share of Common Stock.

Simultaneously, with the consummation of

the Initial Public Offering, the Company engaged in a private placement and issued placement units that are identical to the Public

Unit, which included the issuance and delivery of aggregate of 430,000 Placement Rights underlying Placement Units (the

“Placement Rights”, and together with the Public Rights and such other rights as the Company issues from time to time

hereunder, the “Rights”).

The Company accounts for the rights issued in

connection with the Initial Public Offering in accordance with the guidance contained in ASC 815-40.

Such guidance

provides that the rights described above are not precluded from equity classification.

Equity-classified contracts are initially measured

at fair value (or allocated value).

Subsequent changes in fair value are not recognized as long as the contracts continue to be classified

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Equity Participation Shares

At the closing of the Initial Public Offering, the Company agreed to issue to Chardan 34,500 representative shares (“Equity Participation Shares”), which include an additional 4,500 shares due to the exercise of the over-allotment option in full, which will be issued upon the completion of the Initial Business Combination.

The Company complies with the requirements of ASC 340-10-S99-1

and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees incurred through the date of these financial statements that are related to the Initial Public Offering.

Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity.

Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately.

At the closing of the

Initial Public Offering, the Company agreed to issue to Chardan 34,500 representative shares (“Equity Participation

Shares”), which include an additional 4,500 shares due to the exercise of the over-allotment option in full, which will

be issued upon the completion of the Initial Business Combination.

The Company complies with the requirements

of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of

Offering.” Offering costs consist principally of professional and registration fees incurred through the date of these

consolidated financial statements that are related to the Initial Public Offering.

Offering costs directly attributable to the

issuance of an equity contract to be classified in equity are recorded as a reduction in equity.

Offering costs for equity contracts

that are classified as assets and liabilities are expensed immediately.

Net Income (Loss) per Common Share

The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture.

The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 7,330,000 shares of its common stock in the calculation of diluted net income (loss) per share, since their exercise is contingent upon future events.

As a result, diluted net income (loss) per share of common stock is the same as basic net income (loss) per share of common stock.

The redemption feature for the common shares equals fair value, and therefore does not create a different class of shares or require an adjustment to the earnings per share calculation.

The redemption at fair value does not represent an economic benefit to the holders that is different from what is received by other stockholders, because the shares could be sold on the open market.

Accretion associated with the redeemable shares of common stock is excluded from earnings per share as the redemption value approximates the fair value.

The Company complies with the accounting and disclosure

requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per common share is computed by dividing net income

(loss) by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture.

The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an

aggregate of 7,330,000 shares of its common stock in the calculation of diluted net income (loss) per share, since their exercise

is contingent upon future events.

As a result, diluted net income (loss) per share of common stock is the same as basic net income (loss)

per share of common stock.

The redemption feature for the common shares equals fair value, and therefore does not create a different class

of shares or require an adjustment to the earnings per share calculation.

The redemption at fair value does not represent an economic benefit to the holders that is different from what is received by other stockholders,

because the shares could be sold on the open market.

Accretion associated with the redeemable shares of common stock is excluded from

earnings per share as the redemption value approximates the fair value.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC 480.

Common stock subject to mandatory redemption (if any) is classified as a liability instrument and measured at fair value.

Conditionally redeemable common stock (including common stock that features redemption rights that are within the control of the holder or subject to possible redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity.

At all other times, common stock is classified as stockholders’ deficit.

The Company’s common stock sold in the Initial Public Offering and over-allotment features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events.

Accordingly, as of December 31, 2023 and

2022, 3,467,954 and 0 shares of common stock subject to possible redemption are presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets, respectively.

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”).

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to difference between the financial statements carrying amounts of existing assets and

liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date.

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

Deferred tax assets were deemed to be de minimis as of December 31, 2023 and

A summary of the Company’s current and deferred tax provision is as follows:

Income tax expense:

Total income tax expense

The Company accounts for its common stock subject to possible redemption

in accordance with the guidance in ASC 480.

Common stock subject to mandatory redemption (if any) is classified as a liability instrument

and measured at fair value.

Conditionally redeemable common stock (including common stock that features redemption rights that are within

the control of the holder or subject to possible redemption upon the occurrence of uncertain events not solely within the Company’s

control) is classified as temporary equity.

At all other times, common stock is classified as stockholders’ equity (deficit).

Company’s common stock sold in the Initial Public Offering and over-allotment features certain redemption rights that are considered

to be outside of the Company’s control and subject to the occurrence of uncertain future events.

Accordingly, as of December

31, 2024 and 2023, 164,752 and 3,467,954 , respectively, shares of common stock subject to possible redemption are presented

at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s consolidated balance

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

The Company follows the asset and liability

method of accounting for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”).

Deferred tax assets

and liabilities are recognized for the estimated future tax consequences attributable to difference between the consolidated

financial statements carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and

liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary

differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is

recognized in income in the period that included the enactment date.

Valuation allowances are established, when necessary, to reduce

deferred tax assets to the amount expected to be realized.

A summary of the Company’s current and deferred

tax provision is as follows:

For the years ended

Deferred tax assets

Net operating loss carryforwards

Other temporary differences

Total deferred tax assets

Valuation allowance

( 1,095,484 )

Net deferred tax assets

* The deferred tax assets were deemed to be de minimis as of December 31, 2023.

The income tax provision for the years ended December

31, 2024 and 2023 consists of the following:

For the years ended

Change in valuation allowance

Income tax provision

A reconciliation of the U.S.

federal statutory income tax rate to the Company’s effective income tax rate is as follows:

federal statutory

income tax rate to the Company’s effective income tax rate is as follows:

For the years ended

Income tax expense:

1 unchanged sentence

State tax provision/(benefit) net of federal benefit

Change in FV of Warrants

Change in valuation

Deferred provision/(benefit)

Change in fair value of warrants

Change in valuation allowance

Total income tax expense

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

ASC 740 prescribes a recognition threshold

and a measurement attribute for the consolidated financial statements recognition and measurement of tax positions taken or expected

to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained upon

examination by taxing authorities.

There were no unrecognized tax benefits as of December 31, 2024 and 2023.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

No amounts were accrued for the payment interest and penalties for the year ended December 31, 2023.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is subject to income tax examinations by major taxing authorities since inception.

The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

No amounts were accrued for

the payment interest and penalties for the years ended December 31, 2024 and 2023.

The Company is currently not aware of

any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has

been subject to income tax examinations by major taxing authorities since inception.

The Company’s management does not expect

that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1,

SEC SAB Topic 5A, and SEC SAB Topic 5T, “Accounting for Expenses or Liabilities Paid by Principal Stockholder(s)”.

Offering costs consist principally of professional and registration fees incurred through the Initial Public Offering that are related to the Initial Public Offering.

Offering costs were charged to temporary equity and permanent equity based on relative fair values, upon the completion of the Initial Public Offering.

The Company complies with the requirements of

ASC 340-10-S99-1, SEC SAB Topic 5A, and SEC SAB Topic 5T, “Accounting for Expenses or Liabilities Paid by Principal Stockholder(s)”.

costs consist principally of professional and registration fees incurred through the Initial Public Offering that are related to the Initial

Public Offering.

Offering costs were charged to temporary equity and permanent equity based on relative fair values, upon the completion

of the Initial Public Offering.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

In November 2023, the

FASB issued ASU No.

2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.” ASU 2023-07

enhances reportable segment disclosures, primarily by requiring public entities to disclose significant segment expenses that are regularly

provided to the chief operating decision maker (“CODM”) and included in each reported measure of segment profit or loss.

ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment

profit or loss.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning

after December 15, 2024.

Early adoption is permitted.

The Company adopted ASU

2023-07 for the year ended December 31, 2024.

The adoption of this standard did not have a material impact on the Company’s consolidated

financial statements, as the Company operates in a single reportable segment and does not present multiple segment profit or loss measures

Management does not believe that any other

recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the

Company’s consolidated financial statements.

NOTE 3–INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering, the Company sold 6,000,000 Units at a price of $ 10.00 per Unit.

On February 17, 2023, the underwriters exercised their over-allotment option to purchase an additional 900,000 Units.

Each Unit consists of one share of common stock, one redeemable warrant entitling the holder thereof to purchase one share of Common Stock at a price of $ 11.50 per share, subject to adjustment, and one right which entitles the holder thereof to receive one-tenth

(1/10) of a share of common stock (see Note 6).

Each warrant will become exercisable 30 days after the consummation of an initial business combination, and will expire five years after the completion of an initial business combination, or earlier upon redemption or liquidation.

Each right entitles the holder thereof to receive one-tenth

(1/10) of a share of common stock upon the consummation of an initial business combination, as described in more detail below.

Each ten rights entitle the holder thereof to receive one share of common stock at the closing of a business combination.

Pursuant to the Initial Public Offering, the Company

sold 6,000,000 Units at a price of $ 10.00 per Unit.

On February 17, 2023, the underwriters exercised their over-allotment

option to purchase an additional 900,000 Units.

Each Unit consists of one share of common stock, one redeemable

warrant entitling the holder thereof to purchase one share of Common Stock at a price of $ 11.50 per share, subject to adjustment,

and one right which entitles the holder thereof to receive one-tenth (1/10) of a share of common stock (see

Each warrant will become exercisable 30 days after the consummation of an initial business combination, and will expire five

years after the completion of an initial business combination, or earlier upon redemption or liquidation.

Each right entitles the

holder thereof to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business

combination, as described in more detail below.

Each ten rights entitle the holder thereof to receive one share of common stock

at the closing of a business combination.

NOTE 4–RELATED PARTY TRANSACTIONS

Founder Shares

On July 30, 2020, the Sponsor purchased 1,437,500 shares of the Company’s Common Stock (the “Founder Shares”) for an aggregate purchase price of $ 25,000 , or approximately $ 0.017 per share.

On April 25, 2022, the Company executed a 1.2-for-one

stock split, resulting in an aggregate of 1,725,000 Founder Shares held by the Company’s sponsor, of which up to 225,000 Founder Shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of:

(A) three years after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of the Common Stock equals or exceeds $ 12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -day

trading period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

On July 30, 2020,

the Sponsor purchased 1,437,500 shares of the Company’s Common Stock (the “Founder Shares”) for an aggregate

purchase price of $ 25,000 , or approximately $ 0.017 per share.

On April 25, 2022, the Company executed a 1.2-for-one stock split,

resulting in an aggregate of 1,725,000 Founder Shares held by the Company’s sponsor, of which up to 225,000 Founder

Shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part.

The Sponsor has agreed,

subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of (A) three

years after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if

the last sale price of the Common Stock equals or exceeds $ 12.50 per share (as adjusted for stock splits, stock dividends, reorganizations,

recapitalizations and the like) for any 20 trading days within any 30 -day trading period commencing

at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation,

merger, capital stock exchange, reorganization or other similar transaction that results in all of the stockholders having the right to

exchange their shares of Common Stock for cash, securities or other property.

Private Placement Units

The Sponsor has purchased an aggregate of 430,000 Private Placement Units at a price of $ 10.00 per Private Placement Unit in a private placement that occurred simultaneously with the consummation of the Initial Public Offering.

Each Private Placement Unit consists of one share of Common Stock, one redeemable warrant entitling the holder to purchase one share of Common Stock, and one right which entitles the holder thereof to receive one-tenth

(1/10) of a share of common stock.

The Private Placement Warrants are exercisable only to purchase whole shares of Common Stock at an exercise price of $ 11.50 per share, subject to adjustment (see Note 6).

Proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account.

If the Company does not complete the initial Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be included in the liquidating distribution to the holders of the Public Shares.

The Sponsor and the Company’s officers and directors will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units, including the component securities therein until 30 days after the completion of the Business Combination.

The Sponsor has purchased

an aggregate of 430,000 Private Placement Units at a price of $ 10.00 per Private Placement Unit in a private placement

that occurred simultaneously with the consummation of the Initial Public Offering.

Each Private Placement Unit consists of one share

of Common Stock, one redeemable warrant entitling the holder to purchase one share of Common Stock, and one right

which entitles the holder thereof to receive one-tenth (1/10) of a share of common stock.

The Private Placement Warrants

are exercisable only to purchase whole shares of Common Stock at an exercise price of $ 11.50 per share, subject to adjustment (see

Proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in

the Trust Account.

If the Company does not complete the initial Business Combination within the Combination Period, the proceeds from

the sale of the Private Placement Units held in the Trust Account will be included in the liquidating distribution to the holders of the

Public Shares.

The Sponsor and the Company’s officers and

directors will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units, including the

component securities therein until 30 days after the completion of the Business Combination.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Due from Affiliate

On October 25, 2024, OSR Co., Ltd.

issued a promissory

note to the Company in the aggregate principal amount of $ 300,000 (the “OSR Promissory Note”) to fund working capital and

other expenses of OSR Co., Ltd.

The OSR Promissory Note bears interest at a rate of three and ninety-six hundredths’ percent ( 3.96 %)

per annum and shall be compounded semi-annually.

The OSR Promissory Note is payable on October 25, 2025 (the “OSR Promissory Note

Maturity Date”) and all accrued interest shall be payable on the Maturity Date.

The following events constitute an event of default

under the OSR Promissory Note:

(i) a failure to pay the outstanding balance due within five (5) business days of the OSR Promissory Note

Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding balance

was $ 300,000 .

Promissory Notes

The Sponsor has advanced funds to the Company for the payment of expenses incurred in connection with the Initial Public Offering, which amount is evidenced by non -

bearing promissory notes in the aggregate principal amount of $ 1,200,000 .

The promissory notes were due at the earlier of November 29, 2023 or upon the closing of the Initial Public Offering.

These notes were discharged and cancelled in connection with the private placement that closed simultaneously with the Initial Public Offering.

On June 23, 2023, the Sponsor loaned to the Company $ 200,000 to fund working capital requirements and in exchange therefor the Company issued to the Sponsor an unsecured promissory note in the principal amount of $ 200,000 .

This note is non-interest

bearing and is payable in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates an initial business combination (the “Business Combination”).

In the event that the Company does not consummate a business combination, the note will be repaid only from amounts remaining outside of the Company’s trust account, if any.

At the Sponsor’s discretion, the principal balance of the note may be converted at any time prior to the consummation of the Business Combination into units identical to the private placement units at a price of $ 10.00 per Unit.

The Sponsor has advanced

funds to the Company for the payment of expenses incurred in connection with the Initial Public Offering, which amount is evidenced by non-interest-bearing promissory

notes in the aggregate principal amount of $ 1,200,000 .

The promissory notes were due at the earlier of November 29, 2023 or

upon the closing of the Initial Public Offering.

These notes were discharged and cancelled in connection with the private placement that

closed simultaneously with the Initial Public Offering.

On June 23, 2023,

the Sponsor loaned to the Company $ 200,000 to fund working capital requirements and in exchange therefor the Company issued to the

Sponsor an unsecured promissory note in the principal amount of $ 200,000 .

This note is non-interest bearing and is payable in

full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial Business Combination.

In the event that the Company does not consummate an initial Business Combination, the note will be repaid only from amounts remaining

outside of the Company’s Trust Account, if any.

At the Sponsor’s discretion, the principal balance of the note may be converted

at any time prior to the consummation of the Business Combination as of December 31, 2024 and 2023, the outstanding balance of this note

On November 13,

2023, Bellevue Capital Management LLC (“BCM”) loaned to the Company $ 180,000 and in exchange therefor the Company issued

to BCM an unsecured promissory note in the principal amount of $ 180,000 .

The proceeds of this loan were used to fund the payment to extend

the date by which the Company must consummate an initial Business Combination to February 14, 2024.

The note is non-interest bearing

and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial

Business Combination.

In the event that the Company does not consummate the Business Combination, this note will be repaid only from amounts

remaining outside of the Company’s Trust Account, if any.

As of December 31, 2024 and 2023, the outstanding balance of this note

On February 9, 2024,

the Company issued an unsecured promissory note in the principal amount of $ 75,000

to Jun Chul Whang, a member of the Company’s

Board, and on September 20, 2024 amended the terms of the agreement (the note, as amended, the “JCW Promissory Note”).

JCW Promissory Note is not interest bearing and is payable in full on the earlier of (i) March 31, 2025 or (ii) the date on which the

Company consummates an initial business combination (the “JCW Maturity Date”).

In the event that the Company does not consummate

a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr.

Whang agrees to

forgive the principal balance of the JCW Promissory Note, except to the extent of any funds remaining outside of the Company’s trust

account, if any.

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the

JCW Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding

balance of this note was $ 75,000 .

On March 8, 2024,

the Company issued an unsecured promissory note in the principal amount of $ 60,000

to Josh Pan, a member of Bellevue Capital

Management LLC and on September 20, 2024 amended the terms of the agreement (the note, as amended, the “JP Promissory Note”).

The JP Promissory Note is not interest bearing and is payable in full on the earlier of (i) March 31, 2025 or (ii) the date on which the

Company consummates an initial business combination (the “JP Maturity Date”).

In the event that the Company does not consummate

a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr.

Pan agrees to forgive

the principal balance of the Promissory Note, except to the extent of any funds remaining outside of the Company’s Trust Account,

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the JP Maturity

Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding balance of this

note was $ 60,000 .

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

On April 8, 2024,

the Company issued an unsecured promissory note in the principal amount of $ 1,200,000 to the Sponsor and on January 9, 2025 amended

the terms of the agreement (the note, as amended, the “April Sponsor Note”) .

The April Sponsor Note is not interest bearing

and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial Business Combination

(the “April Sponsor Note Maturity Date”).

In the event that the Company does not consummate a Business Combination on or prior

to the time provided in the Company’s Charter (as subject to extension), the Sponsor agrees to forgive the principal balance of

the April Sponsor Note, except to the extent of any funds remaining outside of the Company’s Trust Account, if any.

The following

shall constitute an event of default:

(i) a failure to pay the principal within five business days of the April Sponsor Note Maturity

Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding balance of this

note was $ 1,185,000 .

On April 17, 2024, the

Company issued an unsecured promissory note in the principal amount of $ 50,000 to the Sponsor and on January 9, 2025 amended the

terms of the agreement (the note, as amended, the “Second April Sponsor Note”).

The Second April Sponsor Note is not interest

bearing and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company

consummates an initial Business Combination (the “Second April Sponsor Note Maturity Date”).

In the event that the Company

does not consummate a Business Combination on or prior to the time provided in the Company’s Charter (as subject to extension),

the Sponsor agrees to forgive the principal balance of the Second April Sponsor Note, except to the extent of any funds remaining outside

of the Company’s Trust Account, if any.

The following shall constitute an event of default:

(i) a failure to pay the principal

within five business days of the Second April Sponsor Note Maturity Date and (ii) the commencement of a voluntary or involuntary

bankruptcy action.

As of December 31, 2024, the outstanding balance of this note was $ 23,000 .

On November 13, 2023, Bellevue Capital Management LLC (“

loaned to the Company $ 180,000 and in exchange therefor the Company issued to BCM an unsecured promissory note in the principal amount of $ 180,000 .

The proceeds of this loan were used to fund the payment to extend the Termination Date by which the Company must consummate an initial business combination to February 14, 2024.

The note is non-interest

bearing and is payable in full on the earlier of:

(i) December 31, 2024 or (ii) the date on which the Company consummates the Business Combination.

In the even t

that the Company does not consummate the Business Combination, this note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

On May 14, 2024,

the Company issued an unsecured promissory note in the principal amount of $ 140,000 to the Sponsor and on January 9, 2025 amended

the terms of the agreement (the note, as amended, the “May Sponsor Note”).

The May Sponsor Note is not interest bearing and

is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial Business Combination

(the “May Sponsor Note Maturity Date”).

In the event that the Company does not consummate a Business Combination on or prior

to the time provided in the Company’s Charter (as subject to extension), the Sponsor agrees to forgive the principal balance of

the May Sponsor Note, except to the extent of any funds remaining outside of the Company’s Trust Account, if any.

The following

shall constitute an event of default:

(i) a failure to pay the principal within five business days of the May Sponsor Note Maturity Date

and (ii) the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding balance of this note

was $ 140,000 .

On July 11, 2024,

the Company issued an unsecured promissory note in the principal amount of $ 300,000 to the Sponsor and on January 9, 2025 amended

the terms of the agreement (the note, as amended, the “May Sponsor Note”).

The July Promissory Note is not interest bearing

and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial business combination

(the “July Promissory Note Maturity Date”).

In the event that the Company does not consummate a business combination on or

prior to the time provided in the Company’s Charter (as subject to extension), Sponsor agrees to forgive the principal balance of

the July Promissory Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following

shall constitute an event of default:

(i) a failure to pay the principal within five business days of the July Promissory Note Maturity

Date the commencement of a voluntary or involuntary bankruptcy action.

As of December 31, 2024, the outstanding balance of this note was $ 280,000 .

On October 10, 2024,

the Company issued an unsecured promissory note to Jun Chul Whang, a member of the Company’s Board (the “Second JCW Promissory

Note”) in the principal amount of $ 40,000 to Mr.

Whang for its receipt of $ 40,000 to fund working capital and other expenses of

The Second JCW Promissory Note is non-interest bearing and is payable in full on the earlier of (i) November 9, 2024, (ii)

at such time the Company raises additional working capital funds, or (iii) the date on which the Company consummates an initial business

In the event that the Company does not consummate an initial business combination on or prior to the time provided in the

Charter, as amended, Mr.

Whang agrees to forgive the principal balance of the Second JCW Promissory Note, except to the extent of any

funds remaining outside of the Company’s trust account, if any.

As a result of raising additional working capital funds through

the Duksung Promissory Note (defined below), the Company repaid the Second JCW Promissory Note in full on October 28, 2024.

As of December

31, 2024, the outstanding balance was $ 0 .

The outstanding balance was $ 1,763,000 as of December

31, 2024 recorded as notes payable – related parties.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Convertible Note Payable

On October 16, 2024, the Company issued an

unsecured promissory note to Duksung Co., LTD.

(“Duksung”) in the principal amount of $ 800,000 (the “Duksung

Promissory Note”).

The Duksung Promissory Note bears interest at a simple rate of 5 % per annum;

provided, however, solely for

purposes of prepayment pursuant to a redemption of the Duksung Promissory Note, interest shall be deemed to have accrued at a simple

rate of 7 % per annum, and, unless earlier converted or redeemed, is payable in full on October 15, 2025 (the “Duksung

Promissory Note Maturity Date”).

In the event of, and simultaneously with the closing of a Qualified PIPE Financing (as

defined in the Duksung Promissory Note), the Duksung Promissory Note automatically converts into Company common stock in an amount

equal to the quotient (rounded to the nearest whole share) obtained by dividing (a) the outstanding principal amount and unpaid

accrued interest under the Duksung Promissory Note by (b) eight dollars and ten cents ($8.10) (the “Conversion”).

Conversion shall constitute satisfaction in full of the obligations of the Company under the Duksung Promissory Note.

In the event a

Qualified PIPE Financing does not occur on or before March 31, 2025 (the “PIPE Outside Date”), the Company may prepay

the Duksung Promissory Note, in whole or in part, at any time after the PIPE Outside Date.

The amount to be paid pursuant to any

such prepayment shall include the outstanding principal amount plus accrued and unpaid interest calculated at a simple rate of 7 %

from the issuance date.

As of December 31, 2024, the outstanding balance was $ 800,000 .

As of December 31, 2024 accrued interest of

$ 11,814 was recorded as accounts payable and accrued expenses.

As of March 31, 2025, the Qualified PIPE Financing did not occur.

Working Capital Loans

In addition to the loans described above, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the Trust Account released to the Company.

In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1,000,000 of such Working Capital Loans may be convertible into Units at a price of $ 10.00 per Unit.

In addition to the loans described above, in order

to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the

Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the Trust Account

released to the Company.

In the event that a Business Combination does not close, the Company may use a portion of the working capital

held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the

Working Capital Loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest,

or, at the lender’s discretion, up to $ 1,000,000 of such Working Capital Loans may be convertible into Units at a price of

$ 10.00 per Unit.

The Units would be identical to the Private Placement Units.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

Loans made by Chardan or any of its related persons, if any, will not be convertible into any of the Company’s securities, and Chardan and its related persons will have no recourse with respect to their ability to convert their loans into any of the Company’s securities.

As of December 31, 2023 and

2022, no Working Capital Loans were outstanding.

Except for the foregoing, the terms of such Working

Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

Loans made by Chardan or any

of its related persons, if any, will not be convertible into any of the Company’s securities, and Chardan and its related persons

will have no recourse with respect to their ability to convert their loans into any of the Company’s securities.

December 31, 2024 and 2023, no Working Capital Loans were outstanding.

Administrative Support Agreement

Beginning on March 1, 2023, the Company agreed to pay BCM, an affiliate of members of the Sponsor, a total of $ 7,500 per month for office space, utilities, secretarial and administrative support.

Upon completion of the Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees.

During the years ended December 31, 2023 and December 31, 2022, the Company incurred $ 90,000 and $ 75,000 , respectively, of administrative support fees which are included in general and administrative expenses in the accompanying statements of operations.

As of December 31, 2023, the outstanding balance was $ 15,000 recorded as due to affiliate.

Beginning on March 1, 2023, the Company agreed

to pay BCM, an affiliate of members of the Sponsor, a total of $ 7,500 per month for office space, utilities, secretarial and administrative

support (“Administrative Support Fees”).

Upon completion of the Business Combination or the Company’s liquidation, the

Company will cease paying these monthly fees.

During the years ended December 31, 2024 and 2023, the Company incurred $ 90,000 and

$ 75,000 , respectively, of Administrative Support Fees, which are included in general and administrative expenses in the accompanying consolidated

statements of operations.

As of December 31, 2024 and 2023, the outstanding balance was $ 15,000 and $ 15,000 , respectively, recorded

as due to affiliate.

Due to Affiliate

On August 17, 2021, the Sponsor agreed to advance the Company up to $ 10,000 .

On August 17, 2021,

the Sponsor agreed to advance the Company up to $ 10,000 .

On February 17, 2022, the Company repaid $ 10,000 to the Sponsor.

On April 28, 2022, the Sponsor agreed to advance the Company up to an additional $ 10,000 .

On April 29, 2022, the Sponsor agreed to advance an additional $ 7,000 .

These advances are due on demand and are non-interest

During the year ended December 31, 2023, the Sponsor advanced $ 180,000 of funds to the Company and Company repaid $ 140,000 .

Beginning on March 1, 2023, the Company agreed to pay an affiliate of members of the Sponsor a total of $ 7,500 per month for office space, utilities, secretarial and administrative support.

Upon completion of the Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees.

The outstanding balance was $ 57,000 and $ 17,000 as of December 31, 2023 and December 31, 2022, respectively , recorded as due to affiliate

NOTE 5–COMMITMENTS AND

CONTINGENCIES

April 28, 2022, the Sponsor agreed to advance the Company up to an additional $ 10,000 .

On April 29, 2022, the Sponsor

agreed to advance an additional $ 7,000 (collectively, “Sponsor Advances”).

The outstanding balance of the Sponsor Advances

as of December 31, 2024 was $ 17,000 .

These advances are due on demand and are non-interest-bearing.

During the year ended December 31, 2023,

the Sponsor advanced $ 180,000 of funds to the Company and Company repaid $ 140,000 (“Second Sponsor Advances”).

The outstanding

balance of the Second Sponsor Advances was $ 40,000 as of December 31, 2024.

The total amount recorded as due to affiliate

on the consolidated balance sheet as of December 31, 2024 includes the outstanding balance of $ 15,000 of Administrative Support Fees,

$ 17,000 of Sponsor Advances, and $ 40,000 of Second Sponsor Advances, totaling $ 72,000 .

NOTE 5–COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of Founder Shares, Private Placement Units (including component securities contained therein), and Units (including component securities contained therein) that may be issued upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration rights agreement signed prior to the effective date of the Initial Public Offering, requiring the Company to register such securities for resale.

The holders of the majority of these securities are entitled to make up to two demands, excluding short form demands, that the Company register such securities.

In addition, these holders have certain “piggyback” registration rights with respect to registration statements filed subsequent to the completion of the Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act.

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Chardan may not exercise its demand and “piggyback” registration rights after five and seven years, respectively, after the effective date of the registration statement of which this prospectus forms a part and may not exercise its demand rights on more than one occasion.

The holders of Founder Shares, Private Placement

Units (including component securities contained therein), and Units (including component securities contained therein) that may be issued

upon conversion of Working Capital Loans will be entitled to registration rights pursuant to a registration rights agreement signed prior

to the effective date of the Initial Public Offering, requiring the Company to register such securities for resale.

The holders of the

majority of these securities are entitled to make up to two demands, excluding short form demands, that the Company register

such securities.

In addition, these holders have certain “piggyback” registration rights with respect to registration statements

filed subsequent to the completion of the Business Combination and rights to require the Company to register for resale such securities

pursuant to Rule 415 under the Securities Act.

The Company will bear the expenses incurred in connection with the filing of any such registration

Chardan may not exercise its demand and “piggyback” registration rights after five and seven years, respectively,

after the effective date of the registration statement of which this prospectus forms a part and may not exercise its demand rights on

more than one occasion.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Underwriting Agreement

The Company granted the underwriters a 45-day

option from the final prospectus relating to the Initial Public Offering to purchase up to 900,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

The underwriters were entitled to an underwriting discount of $ 0.20 per Unit, or $ 1,200,000 in the aggregate, equal to 2 % of the gross proceeds of the Initial Public Offering (or $ 1,380,000 in the aggregate if the underwriters’ over-allotment option is exercised in full), payable upon the closing of the Initial Public Offering;

provided that for each Unit purchased by investors that are sourced by the Sponsor, such underwriting discount was reduced to $ 0.125 per Unit payable in cash.

In addition, $ 0.30 per Unit, or approximately $ 1,800,000 in the aggregate (or $ 2,070,000 in the aggregate if the underwriters’ over-allotment option is exercised in full) will be payable to the underwriters for deferred underwriting commissions.

The deferred fee will become payable to the underwriters from the amount held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

In addition, the underwriters are entitled to receive 30,000 shares of Common Stock (or 34,500 shares if the underwriters’ over- allotment option is exercised in full) from the Sponsor, which will be placed in escrow until the consummation of an initial Business Combination.

Such shares paid to the underwriters are referred to as the “Equity Participation Shares.” If a Business Combination is not consummated, the Equity Participation Shares will be returned to the Sponsor.

The Equity Participation Shares have been deemed compensation by Financial Industry Regulatory Authority (“FINRA”) and are therefore subject to a lock-up

for a period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering pursuant to FINRA Rule 5110(e)(1).

Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners.

The Inflation Reduction Act (“IR Act”) of 2022 imposes a 1 % Excise Tax on the repurchase of corporate stock by a publicly traded U.S.

The Company granted the

underwriters a 45 -day option from the final prospectus relating to the Initial Public Offering to purchase up to 900,000 additional

Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

The underwriters were

entitled to an underwriting discount of $ 0.20 per Unit, or $ 1,200,000 in the aggregate, equal to 2 % of the gross proceeds

of the Initial Public Offering (or $ 1,380,000 in the aggregate if the underwriters’ over-allotment option is exercised in full),

payable upon the closing of the Initial Public Offering;

provided that for each Unit purchased by investors that are sourced by the Sponsor,

such underwriting discount was reduced to $ 0.125 per Unit payable in cash.

In addition, $ 0.30 per Unit, or approximately $ 1,800,000 in the

aggregate (or $ 2,070,000 in the aggregate if the underwriters’ over-allotment option is exercised in full)

will be payable to the underwriters for deferred underwriting commissions.

The deferred fee will become payable to the underwriters from

the amount held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the

underwriting agreement.

In addition, the underwriters are entitled to receive 30,000 shares of Common Stock (or 34,500 shares

if the underwriters’ over-allotment option is exercised in full) from the Sponsor, which will be placed in escrow until the consummation

of an initial Business Combination.

Such shares paid to the underwriters are referred to as the “Equity Participation Shares.”

If a Business Combination is not consummated, the Equity Participation Shares will be returned to the Sponsor.

The Equity Participation

Shares have been deemed compensation by Financial Industry Regulatory Authority (“FINRA”) and are therefore subject to a lock-up for a

period of 180 days immediately following the effective date of the registration statement related to the Initial Public Offering pursuant

to FINRA Rule 5110(e)(1).

Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative,

put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately

following the effective date of the registration statements related to the Initial Public Offering, nor may they be sold, transferred,

assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration statements related

to the Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona

fide officers or partners.

Chardan may not exercise its demand and “piggyback” registration rights after five and seven

years, respectively, after the effective date of the registration statement and may not exercise its demand rights on more than one occasion.

Excise Tax Liability

The Inflation Reduction

Act (“IR Act”) of 2022 imposes a 1 % Excise Tax Liability on the repurchase of corporate stock by a publicly traded U.S.

corporation following December 31, 2022.

For purposes of the Excise Tax, a repurchase will generally include redemptions, corporate buybacks and other transactions in which the corporation acquires its stock from a shareholder in exchange for cash or property, subject to exceptions for de minimis transactions and certain reorganizations.

As a result, subject to certain rules, the Excise Tax will apply to any redemption by a U.S.-domiciled special purpose acquisition company (“SPAC”) taking place after December 31, 2022, including redemptions (i) by shareholders in connection with the SPAC’s Initial Business Combination or a proxy vote to extend the lifespan of the SPAC, (ii) by SPACs if the SPAC does not complete a de-SPAC

transaction within the required time set forth in its constituent documents, or (iii) in connection with the wind-up

and liquidation of the SPAC.

For purposes of the Excise Tax Liability, a repurchase will generally include redemptions,

corporate buybacks and other transactions in which the corporation acquires its stock from a stockholder in exchange for cash or property,

subject to exceptions for de minimis transactions and certain reorganizations.

As a result, subject

to certain rules, the Excise Tax Liability will apply to any redemption by a U.S.-domiciled special purpose acquisition company (“SPAC”)

taking place after December 31, 2022, including redemptions (i) by stockholders in connection with the SPAC’s initial

Business Combination or a proxy vote to extend the lifespan of the SPAC, (ii) by SPACs if the SPAC does not complete a de-SPAC transaction within

the required time set forth in its constituent documents, or (iii) in connection with the wind-up and liquidation

The financial responsibility for such Excise Tax resides with the Company and the Sponsor.

This amount of 1 % has been included in these financial statements.

At this time, it has been determined that the IR Act tax provisions have an impact to the Company’s fiscal 2023 income tax provision as there were redemptions by the public stockholders in November 2023;

as a result, the Company recorded $359,957 excise tax liability as of December 31, 2023.

The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.

This amount of 1 % has been

included in these consolidated financial statements.

At this time, it has been determined that the

IR Act tax provisions have an impact to the Company’s fiscal 2023 income tax provision as there were redemptions by the public stockholders

in November 2023 and May 2024;

as a result, the Company recorded $ 722,278 and $ 359,957 excise tax liability as of December 31,

2024 and 2023, respectively.

In connection with the unpaid balance of $ 359,957 from 2023, the Company accrued an additional $ 89,989 in penalties and $ 31,197 in interest

as of December 31, 2024, based on applicable IRS rules for failure-to-pay penalties and estimated interest on excise tax liabilities recorded

as excise tax payable.

The Company will continue to monitor for updates to the Company’s business along with guidance issued

with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.

Risks and Uncertainties

United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) payment system.

Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations.

The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies.

Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S.

Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial business combination and any target business with which we may ultimately consummate an initial business combination.

The excise tax included in the Inflation Reduction Act of 2022 may decrease the value of the Company’s securities following its initial business combination, hinder its ability to consummate an initial business combination, and decrease the amount of funds available for distribution in connection with a liquidation.

United States and global

markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict

and the recent escalation of the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty

Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the

European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals

and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication

payment system.

Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance

to Ukraine and to Israel, increasing geopolitical tensions among a number of nations.

The invasion of Ukraine by Russia and the escalation

of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States,

the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that

could have a lasting impact on regional and global economies.

Although the length and impact of the ongoing conflicts are highly unpredictable,

they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply

chain interruptions and increased cyberattacks against U.S.

Additionally, any resulting sanctions could adversely affect the

global economy and financial markets and lead to instability and lack of liquidity in capital markets.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Any of the above mentioned

factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian

invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the

Company’s search for an initial business combination and any target business with which the Company may ultimately consummate an

initial business combination.

The excise tax included in the Inflation Reduction

Act of 2022 may decrease the value of the Company’s securities following its initial business combination, hinder its

ability to consummate an initial business combination, and decrease the amount of funds available for distribution in connection with

a liquidation.

NOTE 6–COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

The Company’s common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events.

Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheets.

The following is a reconciliation of the Company’s common stock subject to possible redemption as of December 31, 2023:

The Company’s common

stock features certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of

uncertain future events.

Accordingly, common stock subject to possible redemption is presented at redemption value as temporary equity,

outside of the stockholders’ deficit section of the Company’s consolidated balance sheets.

The following is a reconciliation

of the Company’s common stock subject to possible redemption as of December 31, 2024:

Gross proceeds from Initial Public Offering

Proceeds allocated to public warrants and rights

( 1,236,527 )

Offering costs allocated to common stock subject to possible redemption

( 4,791,126 )

Redemption of common stock in connection with Trust extension

( 35,995,728 )

Accretion on common stock subject to possible redemption

Balance, December 31, 2023

Redemption of common stock in connection with Trust extension

( 36,232,029 )

Accretion on common stock subject to possible redemption

Balance, December 31, 2024

NOTE 7–STOCKHOLDERS’ DEFICIT

Preferred Stock

The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $ 0.0001 per share.

As of December 31, 2023 and 2022, there were no shares of preferred stock issued or outstanding.

Pursuant to the Amended and Restated Certificate of Incorporation, the Company is authorized to issue 100,000,000 shares of Common Stock, $ 0.0001 par value.

The Company is authorized to issue 1,000,000 shares

of preferred stock with a par value of $ 0.0001 per share.

As of December 31, 2024 and 2023, there were no shares of

preferred stock issued or outstanding.

Pursuant to the Charter, the Company is authorized

to issue 100,000,000 shares of Common Stock, $ 0.0001 par value.

As of December 31, 2024, there were 2,155,000 shares

of Common Stock outstanding, excluding 164,752 shares of common stock subject to possible redemption that are reflected in temporary

equity in the consolidated balance sheets.

As of December 31, 2023, there were 2,155,000 shares of Common Stock outstanding,

Of the 1,725,000 shares of Common Stock, an aggregate of up to 225,000 shares was subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement of 430,000 shares.

On February 21, 2023, the underwriters fully exercised their over-allotment option and the 225,000 Founder Shares are no longer subject to forfeiture.

As of December 31, 2023, there were 2,155,000 shares of Common Stock outstanding, excluding 3,467,954 shares of common stock subject to possible redemption that are reflected in temporary equity in the balance sheet s

Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders.

As of December 31, 2023 and 2022, there were 7,330,000 and no Warrants outstanding, respectively.

The Warrants that are a part of the Units (the “Warrants”) may be exercised at a price of $ 11.50 per share, subject to adjustment as described in this prospectus.

The Public Warrants will become exercisable on 30 days after the completion of a Business Combination.

The Warrants have an exercise price of $ 11.50 per share and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

excluding 3,467,954 shares of common stock subject to possible redemption that are reflected in temporary equity in the consolidated

balance sheets.

Common stockholders of record are entitled to

one vote for each share held on all matters to be voted on by stockholders.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

As of December 31,

2024 and 2023, there were 7,330,000 Warrants outstanding.

The Warrants that are a part of the Units (the “Warrants”)

may be exercised at a price of $ 11.50 per share, subject to adjustment as described in this prospectus.

The Public Warrants will

become exercisable on 30 days after the completion of a Business Combination.

The Warrants have an

exercise price of $ 11.50 per share and will expire five years after the completion of a Business Combination or earlier

upon redemption or liquidation.

Redemption of warrants when the price per Common Stock equals or exceeds $ 16.50 .

Once the Warrants become exercisable, the Company may call the Warrants for redemption:

Once the Warrants become

exercisable, the Company may call the Warrants for redemption:

in whole and not in part;

1 unchanged sentence

● upon not less than 30 days ’ prior written notice of redemption given after the Warrants become exercisable;

if, and only if, the reported last sale price of the Common Stock equals or exceeds $ 16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading

day period commencing once the Warrants become exercisable and ending three business days before the date on which the Company sends the notice of redemption to the Warrant holders, and

if, and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying such Warrants at the time of redemption and for the entire 30-day

trading period referred to above and continuing each day thereafter until the date of redemption.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the shares of Common Stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions.

The exercise price and number of shares of Common Stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation.

However, the warrants will not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices.

Additionally, in no event will the Company be required to net cash settle the warrants.

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants.

● if, and only if, the reported last sale price of the Common Stock equals or exceeds $ 16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period commencing once the Warrants become exercisable and ending three business days before the date on which the Company sends the notice of redemption to the Warrant holders, and

if, and only if, there is a current registration statement in

effect with respect to the shares of Common Stock underlying such Warrants at the time of redemption and for the

entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

The Private Placement

Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement

Warrants and the shares of Common Stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable

or salable until after the completion of a Business Combination, subject to certain limited exceptions.

The exercise price and

number of shares of Common Stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event

of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation.

However, the warrants

will not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices.

Additionally,

in no event will the Company be required to net cash settle the warrants.

If the Company is unable to complete a Business Combination

within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any

of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the

Trust Account with the respect to such warrants.

Accordingly, the warrants may expire worthless.

In addition, if (x) the Company issues additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.50 per share of Common Stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors), (y) the aggregate gross proceeds from such issuances represent more than 60 % of the total equity proceeds, and interest thereon, available for the funding of the initial business combination (net of redemptions), and (z) the Market Value is below $ 9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115 % of the Market Value, and the $ 16.50 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 165 % of the Market Value.

In addition, if (x) the Company issues additional

shares of Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business

combination at an issue price or effective issue price of less than $ 9.50 per share of Common Stock (with such issue price or effective

issue price to be determined in good faith by the Company’s Board), (y) the aggregate gross proceeds from such issuances represent

more than 60 % of the total equity proceeds, and interest thereon, available for the funding of the initial business combination (net

of redemptions), and (z) the Market Value is below $ 9.50 per share, the exercise price of the warrants will be adjusted (to

the nearest cent) to be equal to 115 % of the Market Value, and the $ 16.50 per share redemption trigger price described above

will be adjusted (to the nearest cent) to be equal to 165 % of the Market Value.

Equity Participation Shares

The Company agreed to issue to the underwriter at the closing of the Initial Public Offering up to 34,500 Equity Participation Shares, including over-allotment, which will be issued upon the completion of the Initial Business Combination.

If the over-allotment option is not exercised in full, the Equity Participation Shares will be reduced pro rata.

The Company complies with the requirements of ASC 340-10-S99-1

and SEC SAB Topic 5A.

Offering costs consist principally of professional and registration fees incurred through the date of the financial statements that are related to the Initial Public Offering.

Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity.

The Company agreed to

issue to the underwriters at the closing of the Initial Public Offering up to 34,500 Equity Participation Shares, including

over-allotment, which will be issued upon the completion of the Initial Business Combination.

If the over-allotment option is not exercised

in full, the Equity Participation Shares will be reduced pro rata.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

The Company complies with the requirements

of ASC 340-10-S99-1 and SEC SAB Topic 5A.

Offering costs consist principally of professional and registration

fees incurred through the date of the consolidated financial statements that are related to the Initial Public Offering.

costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity.

Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately.

Except in cases where the Company is not the surviving company in a business combination, each holder of a right will automatically receive one-tenth

(1/10) of a share of common stock upon consummation of its initial business combination, even if the holder of a public right converted all shares of common stock held by him, her or

it in connection with the initial business combination or an amendment to the Company’s certificate of incorporation with respect to its pre-business

combination activities.

In the event the Company will not be the surviving company upon completion of its initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth

(1/10) of a share underlying each right upon consummation of the business combination.

No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional shares of common stock upon consummation of an initial business combination.

The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company enters into a definitive agreement for a business combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the common stock will receive in the transaction on an as-converted

into common stock basis.

Except in cases where the Company is not the surviving

company in a business combination, each holder of a right will automatically receive one-tenth (1/10) of a share of

common stock upon consummation of its initial business combination, even if the holder of a public right converted all shares of common

stock held by him, her or it in connection with the initial business combination or an amendment to the Company’s certificate of

incorporation with respect to its pre-business combination activities.

In the event the Company will not be the surviving

company upon completion of its initial business combination, each holder of a right will be required to affirmatively convert his, her

or its rights in order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business

No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional

shares of common stock upon consummation of an initial business combination.

The shares issuable upon exchange of the rights will be freely

tradable (except to the extent held by affiliates of the Company).

If the Company enters into a definitive agreement for a business combination

in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the

same per share consideration the holders of the common stock will receive in the transaction on an as-converted into common

NOTE 8-FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s assets that are measured at fair value on December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

The following table presents

information about the Company’s assets that are measured at fair value on December 31, 2024, and indicates the fair value

hierarchy of the valuation inputs the Company utilized to determine such fair value:

Investments held in Trust Account

There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2023.

The following table presents

information about the Company’s assets that are measured at fair value on December 31, 2023, and indicates the fair value

hierarchy of the valuation inputs the Company utilized to determine such fair value:

Investments held in Trust Account

There were no transfers between Levels

1, 2 and 3 during the years ended December 31, 2024 and 2023.

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

NOTE 9–SEGMENT REPORTING

ASC Topic 280, “Segment Reporting,”

establishes standards for companies to report in their consolidated financial statement information about operating segments, products,

services, geographic areas, and major customers.

Operating segments are defined as components of an enterprise for which separate financial

information is available that is regularly evaluated by the Company’s CODM, or group, in deciding how to allocate resources and

assess performance.

The Company’s CODM has been identified as

the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources

and assessing financial performance.

Accordingly, management has determined that the Company only has one reportable segment.

The CODM assess performance for the single segment

and decides how to allocate resources based on net income or loss that also is reported on the consolidated statements of operations as

net income or loss.

The measure of segment assets is reported on the consolidated balance sheets as total assets.

When evaluating the

Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include

the following:

General and administrative expenses

Interest earned on investments held in the Trust Account

The CODM reviews interest earned on the Trust

Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds

while maintaining compliance with the trust agreement.

General and administrative expenses are reviewed and monitored by the CODM to manage

and forecast cash to ensure enough capital is available to complete a business combination within the business combination period.

CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned

with all agreements and budget.

General and administrative costs, as reported on the consolidated statements of operations, are the significant

segment expenses provided to the CODM on a regular basis.

All other segment items included in net income

or loss are reported on the consolidated statements of operations and described within their respective disclosures.

NOTE 10–SUBSEQUENT EVENTS

The Company evaluated subsequent events to determine if events or transactions occurred after the balance sheet date up to the date the financial statements were

The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, other than the following:

On February 9, 2024, the Company issued an unsecured promissory note (the “JCW Promissory Note”) in the principal amount of $ 75,000 to Jun Chul Whang, a member of the Company’s Board of Directors.

The JCW Promissory Note is not interest bearing and is payable in full on the earlier of:

(i) August 9, 2024 or (ii) the date on which the Company consummates an initial business combination (the “JCW Maturity Date”).

In the event that the Company does not consummate a business combination on or prior to the time provided in the Company’s Amended and Restated Certificate of Incorporation (as subject to extension), Mr.

Whang agrees to forgive the principal balance of the JCW Promissory Note, except to the extent of any funds remaining outside of the Company’s trust account, if any.

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the JCW Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

On February 9, 2024, $ 60,000 was deposited in the Trust Account

in connection with the extension of the date by which the Company must consummate a business combination from February 14, 2024 to March 14, 2024 .

On March 8, 2024, the Company issued an unsecured promissory note (the “JP Promissory Note”) in the principal amount of $ 60,000 to Josh Pan, a member of Bellevue Capital Management LLC.

Promissory Note is not interest bearing and is payable in full on the earlier of:

(i) August 8, 2024 or (ii) the date on which the Company consummates an initial business combination (the “JP Maturity Date”).

Pan agrees to forgive the principal balance of the Promissory Note, except to the extent of any funds remaining outside of the Company’s Trust Account

The following shall constitute an event of default:

(i) a failure to pay the principal within five business days of the JP Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action.

On March 12, 2024, $ 60,000 was deposited in the Trust Account

in connection with the extension of the date by which the Company must consummate a business combination from March 14, 2024 to April 15, 2024 .

On April 8, 2024, the Company issued an unsecured promissory note (the “April Sponsor Note”) in the principal amount of $ 1,200,000 to Sponsor for its receipt of $ 1,200,000 to fund working capital and other expenses of the Company.

The April Sponsor Note is non-interest

bearing and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination.

In the event that the Company does not consummate a Business Combination, the April Sponsor Note will be repaid only from amounts remaining outside of the Company’s Trust Account, if any.

On April 9 2024, $ 60,000 was deposited in the Trust Account

in connection with the extension

of the date by which the Company must consummate a business combination from April 15, 2024 to May14, 2024

In connection with the November 2023 withdrawal of $ 561,957 of interest income earned in the Trust Account for payment of the Company’s franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account, as of April 16, 2024, the funds have been replaced in full by funds loaned to the Company from the Company’s Sponsor and the Company has paid its fedral tax obligations on time.

The Company evaluated subsequent events to

determine if events or transactions occurred after the balance sheet date up to the date the consolidated financial statements were

The Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated

financial statements, other than the following:

Annual Meeting of Stockholders

On February 13, 2025, the Company held a special

meeting of its stockholders (the “Special Meeting”).

At the Special Meeting, the Company’s stockholders approved several

proposals to amend the Company’s Charter.

The stockholders approved the business combination (the “Business Combination”)

reflected by the Amended and Restated Business Combination Agreement, dated May 23, 2024, as amended on December 20, 2024 (the “Business

Combination Agreement”).

The stockholders also approved to change Bellevue Life Sciences Acquisition Corp.’s name to “OSR,

Inc.” The stockholders also approved to increase the number of shares of preferred stock that can be issued from 1,000,000 shares

to 20,000,000 shares.

The stockholders also approved to provide that directors may be removed by the affirmative vote of the holders of

at least 66 2/3% of the voting power instead of for cause and by the affirmative vote of holders of a majority of the voting power.

stockholders also approved to eliminate the current limitations on the corporate opportunity doctrine.

The stockholders also approved

to provide that the quorum required for stockholder meetings is the holders of one-third in voting power of then outstanding shares of

capital stock entitled to vote at the meeting instead of the holders of a majority in voting power of then outstanding shares of capital

stock entitled to vote at the meeting.

The stockholders also approved to all other changes including eliminating certain provisions related

to special purpose acquisition companies that will no longer be relevant following the closing of the Business Combination.

The stockholders

also approved to elect nine (9) individuals as directors of OSR, Inc.

following the closing of the Business Combination until their respective

successors are duly elected and qualified.

The stockholders also approved, for purposes of complying with the applicable listing rules

of the Nasdaq Stock Market LLC, the issuance of shares of OSR, Inc.

common stock pursuant to the Business Combination Agreement in connection

with the Business Combination.

In connection with the votes to approve the Adjournment Proposal, 57,821 shares of common stock

of the Company were tendered for redemption.

Sponsor Advances

On April 11, 2025 and April 14, 2025, the Sponsor transferred $ 30,478

and $ 15,241 , respectively, to the Company.

These amounts are expected to be applied as reductions to the outstanding balance of due to

Affiliate, which totaled $ 72,000 as of December 31, 2024.

Following these transfers, the outstanding balance is expected to be reduced

to $ 26,281 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures