Beroni Group is an Australian holding company with two distinct businesses: a commercial e-commerce operation in China and an early-stage drug and cell therapy R&D pipeline. The e-commerce business, run through its Chinese subsidiary Beroni Tianjin, generates nearly all current revenue by sourcing and selling consumer health and wellness products to Chinese consumers via third-party platforms including JD.com, Tmall, Douyin, and WeChat. Products include NicoBloc (a smoking cessation fluid), health supplements, cosmetics, air purifiers, and viral diagnostic kits. Beroni manufactures NicoBloc in-house at a GMP facility in Tianjin and outsources most other products to OEM manufacturers. The R&D pipeline includes four programs: PENAO, an anti-cancer drug developed with the University of New South Wales targeting solid tumors, which completed Phase I; gamma delta T cell therapy for cancer targeting the Japanese market; a pre-clinical single-domain antibody treatment for COVID-19; and an early-stage dendritic cell vaccine therapy for cancer. Beroni also holds a 20-year worldwide exclusive license from Columbia University for a diagnostic assay that simultaneously detects Zika, dengue, chikungunya, and West Nile viruses. The R&D programs are pre-revenue and funded through convertible note issuances and equity raises. Beroni has generated operating losses every year and carries a going-concern qualification from its auditors, with a path to profitability dependent on eventual commercialization of its drug pipeline.