BioNexus Gene Lab Corp
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
BGLC$0.83-3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001477932-26-003242
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001477932-26-005093
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 137 current paragraphs.
57 unchanged; 21 reworded; 47 added; 27 removed; 1 previous and 12 current paragraphs rearranged.
Tables are not compared: 15 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
These activities remain subject to the technical, regulatory, financing, contractual and operational requirements, uncertainties and risks described in this report.
Current report
Liquidity Position and Capital Structure
Current report
The Company continues to evaluate capital-raising alternatives, which may include at-the-market offerings, private placements or strategic financing arrangements, subject to market conditions, corporate authorization, Nasdaq and SEC requirements and the Company's capital needs.
Current report
In January 2026, the Company announced the formal commencement of the deployment phase for VitaGuard. During the quarter ended June 30, 2026, the Company’s activities remained focused on commercialization planning and implementation, including coordination with Fidelion, Tongshu Biotechnology (Hong Kong) Co., Limited (“Tongshu”) and Fidelion’s Chief Commercial Officer, as well as development of regulatory, laboratory and partner arrangements for a proposed rollout in ASEAN. The principal transaction agreements, including the IP and Technology Assignment Agreement between Tongshu and Fidelion (the “IPTA”) and the Company’s License Agreement with Fidelion, have been executed. The Company believes that it and Fidelion are entitled to rely upon the executed agreements in accordance with their terms. Because the transaction documentation and associated intellectual-property and technology packages are extensive and contain numerous representations, warranties, schedules, technical materials and delivery obligations, the parties are continuing customary post-closing review, verification, perfection, recordation, technical-delivery and implementation work. VitaGuard had not begun generating revenue for the Company as of June 30, 2026. The timing and completion of the remaining work are subject to uncertainties.
Current report
During and subsequent to the quarter, MRNA Scientific continued to modernize and rebuild the BGS platform through GeneMatrix Systems. The Company has built an enterprise version of GeneMatrix Systems and has completed internal workflow testing. MRNA Scientific is also developing a new report-presentation system intended to provide secure web and mobile access to screening reports, together with AI-assisted explanatory and companion features. The Company is targeting an initial release during the third quarter of 2026, subject to completion of security, privacy, validation, regulatory and management review.
Current report
Subsequent to the quarter, MRNA Scientific continued its cooperation with Fidelion. Following the working visit to Tongshu Gene facilities in Shanghai and Changzhou described in the Company's July 2026 press release, Dr. Muthu Meyyappan, Fidelion's Chief Commercial Officer, spent approximately three weeks in Malaysia working with MRNA Scientific and other project participants on commercialization planning, laboratory preparation, partner coordination and implementation planning for VitaGuard.
Current report
Chemrex Corporation Sdn. Bhd. continues to derive substantially all of its revenue from industrial chemical trading. The Board previously authorized management to explore potential contract development and manufacturing organization ("CDMO") opportunities and related facility, equipment and quality-system requirements. That authorization did not commit the Company to a definitive transition, and management retains discretion to proceed with, modify, partner in or discontinue the initiative based on feasibility, capital requirements, customer demand, regulatory and quality requirements and expected returns.
Current report
During the second quarter of 2026, Chemrex's core trading activity and gross margin improved sequentially, while the subsidiary continued collecting receivables outstanding at December 31, 2025. Chemrex nevertheless remained loss-making for the six-month period, and collections and recovered credit losses should not be viewed as recurring trading revenue. Management remains focused on rebuilding customer activity, maintaining collection discipline, strengthening credit controls and completing inventory verification.
Current report
The Company continues to evaluate strategic partnerships and transactions, including potential mergers, acquisitions and joint ventures. Management's evaluation considers strategic fit, execution risk, capital requirements, potential contribution to revenue and cash flow, and expected effects on shareholders. Any transaction remains subject to available capital, due diligence, contractual and corporate approvals, applicable law and the risks described in this report.
Current report
During and subsequent to the quarter, the Company also developed an updated corporate website and presentation materials for proposed release during the third quarter of 2026, subject to final management, securities-counsel and technical review.
Current report
The Company continues to monitor compliance with applicable Nasdaq listing standards as part of its governance and capital-markets activities. Future compliance will depend on continued satisfaction of Nasdaq's quantitative and qualitative requirements.
Current report
The July 30, 2025 nonbinding term sheet was superseded by the definitive agreements completed on November 28, 2025, as described below. As of June 30, 2026, commercial sales of VitaGuard had not commenced and the Company had not generated revenue from the platform. The current implementation status and dependencies are described under “Focus and Development of Core Biotech Business” above.
Current report
The following table sets forth key selected financial data for the three months and six months ended June 30, 2026 and 2025.
Current report
The following table sets forth key selected financial data for the three months ended June 30, 2026 and 2025.
Current report
Revenues decreased by 96.63% for the current quarter ended June 30, 2026 compared to same quarter in the prior year.
Current report
MRNA Scientific recorded lower other income during the quarter ended June 30, 2026 compared to same quarter in the previous year. Fixed Deposit interest received was lower mainly due to reduction in fixed deposit placement and lower interest rate.
Current report
BGLC recorded other income of $46 during the current quarter primarily due to gain on realized foreign exchange.
Current report
Sales and marketing expenses decreased by 94.08% for the current quarter ended June 30, 2026 compared to same quarter in the prior year mainly due to a significant reduction of such expenses at Chemrex, described below.
Current report
Sales and marketing expenses for the parent, BGLC decreased by 77.50% for the quarter ended June 30, 2026 compared to same quarter in prior year due to lower travelling expenses incurred during the current period.
Current report
General and administrative expenses for MRNA Scientific decreased by 56.94% during the current quarter compared to the same quarter last year due to lower office expenses and reversal of unrealized losses.
Current report
General and administrative expenses for Chemrex decreased by 68.29% during the current quarter compared to the same quarter last year primarily due to lower staff salaries and other office expenses.
Current report
General and administrative expenses for the parent, BGLC decreased by 11.15% during the current quarter compared to the same quarter last year due to lower professional fees incurred.
Current report
The following table sets forth key selected financial data for the six months ended June 30, 2026 and 2025.
Current report
Segmented
Current report
Revenue
Current report
Revenues decreased by 97.75% for the six months ended June 30, 2026 compared to same period in the prior year mainly attributed to Chemrex operations.
Current report
Cost of revenue decreased by 97.64% for the six month ended June 30, 2026 compared to same period in the prior year primarily due to significantly lower revenues at Chemrex, as described above.
Current report
The gross margin percentage for Chemrex was 11.83% during the six month ended June 30, 2026 compared to same period in the previous year of 16.15% mainly due to lower gross margin registered in the 1 st quarter. However, the Company has increased its gross margin to 17.10% in the 2nd quarter as mentioned above.
Current report
Other income decreased by 40.61% for the current period ended June 30, 2026 compared to the same quarter in the prior year.
Current report
BGLC recorded other income of $46 primarily due to gain on realized foreign exchange.
Current report
Sales and Marketing
Current report
Sales and Marketing costs decreased by 92.28% for the six-month periods ended June 30, 2026 compared to the same periods in the prior year mainly due to a significant reduction of such expenses at Chemrex, described below.
Current report
Sales and marketing expenses for MRNA Scientific for the six-month periods ended June 30, 2026 increased by 18.23% mainly due to higher staff expenses compared to same periods in previous year.
Current report
Sales and marketing expenses for BGLC have reduced for the six-month periods ended June 30, 2026 mainly due to lower travelling expenses incurred during the current period
Current report
Research and Development
Current report
General and Administrative
Current report
General and Administrative expenses decreased by 31.09% for the six-month periods ended June 30, 2026 compared to same period in the prior year.
Current report
General and administrative expenses for BGLC have reduced by 4.20% due to lower professional and office administrative expenses.
Current report
Provision for Expected Credit Losses
Current report
Loss Before Taxes
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (27)
Previous report
We successfully completed the integration of Nasdaq-listed operations following our 2023 uplisting, while maintaining a stable liquidity position and initiating expansion into the digital healthcare and decentralized asset infrastructure sectors.
Previous report
Strong Liquidity Position and Clean Capital Structure
Previous report
In light of the recent governance enhancements and upcoming growth initiatives, including expansion into digital health and decentralized financial infrastructure, the Company is actively exploring additional capital-raising mechanisms. These may include at-the-market offerings, private placements, or strategic financing arrangements subject to Nasdaq and SEC compliance.
Previous report
In January 2026, the Company announced the formal commencement of the deployment phase for the VitaGuard™ MRD platform in connection with its licensing arrangement. In connection with the advancement of the MRD platform, during the current quarter, the Company has focused on its plans for commercialization in the ASEAN markets deepening its collaboration with Fidelion and its newly appointed Chief Commercial Officer, Dr Muthu Meyyappan. The Company also strengthened ties with the developer of the VitaGuard system, Tongshu Biotechnology (Hong Kong) Co., Limited (“Tongshu”) and is currently advancing plans to develop new testing facilities to enable the rollout of VitaGuard as a Laboratory Developed Test (“LDT”) in the ASEAN region.
Previous report
Chemrex Corporation Sdn. Bhd., while currently deriving substantially all revenues from industrial chemical trading, has commenced a planned transition into a contract development and manufacturing organization (“CDMO”) model focused on biotechnology and high-technology manufacturing. The CDMO transition is being implemented in phases, beginning with facility upgrades, equipment procurement, and quality management system enhancements aimed at achieving Good Manufacturing Practice (GMP) certification. This shift is expected to result in a gradual reallocation of Chemrex’s revenue mix toward higher-margin biotech manufacturing contracts at some point in the future.
Previous report
Looking ahead, the Company intends to capitalize on its clean balance sheet and low compliance cost profile to pursue selective mergers, acquisitions, and joint ventures that align with our long-term strategy.
Previous report
Our leadership team remains fully committed and confident in maintaining robust compliance with Nasdaq listing standards. We view compliance as fundamental to our growth strategy and market credibility. Our proactive compliance approach, prudent capital market strategies, and transparent shareholder communication reflect management's dedication to safeguarding shareholder value and company reputation.
Previous report
As disclosed elsewhere herein, on July 30, 2025, the Company entered into a non-binding term sheet with Fidelion Diagnostics Pte Ltd (“Fidelion”) for a contemplated strategic cross-equity alliance and exclusive commercialization rights for Fidelion’s VitaGuard™ minimal residual disease (MRD) platform in Southeast Asia. Under the term sheet, the Company will acquire a strategic equity stake in Fidelion and Fidelion will receive an equity investment and license fee from the Company. The transaction is subject to execution of definitive agreements. VitaGuard™ is a tumor-naïve, liquid biopsy MRD platform capable of detecting cancer recurrence at variant allele frequencies as low as 0.02%, with cost per test expected to be under USD $300. The Company intends to lead regulatory submissions and a phased roll-out in Singapore and Malaysia, followed by expansion through ASEAN markets.
Previous report
Consolidated
Previous report
Revenues** **
Previous report
Cost of Revenues
Previous report
Operating Expenses
Previous report
Operating expenses decreased by 43% for the current quarter ended March 31, 2026 compared to same quarter in the prior year. The reason for the lower operating expenses for the current quarter was mainly due to lower sales and marketing expenses attributable to lower head count at Chemrex resulting from the change in management as well as reduced general administration expenses partially offset by higher provision of expected credit losses.
Previous report
Loss from Operations
Previous report
Our loss from operations was reduced by 12% due to the reasons outlined above.
Previous report
Tax Expense
Previous report
We had no tax expense for both current quarter ended March 31, 2026 and the same quarter in the prior year due to losses from our operating subsidiaries.
Previous report
Foreign Currency Translation Gain
Previous report
We are exposed to fluctuations in foreign exchange rates on the translation of monetary assets and liabilities denominated in* *currencies other than the US Dollar. Therefore, any change in the relevant exchange rate will require us to recognize a transaction gain or loss on revaluation. For the quarter ended March 31, 2026, we had foreign currency translation gain of $21,900 compared with foreign currency translation gain of $72,159 for same quarter in the previous year.
Previous report
Consolidated
Previous report
Sales and marketing expenses for BGLC has increased for the quarter ended March 31, 2026 compared to same quarter in prior year due to increase in business development cost as compared to same quarter in previous year.
Previous report
General and administrative expenses for BGLC increased by 2.60% due to corporate insurance costs.
Previous report
Net cash used in operating activities decreased $676,401 for the quarter ended March 31, 2026 compared to same quarter in previous year. This is primarily due to substantial increase in other payable and higher allowances for expected credit losses during the quarter.
Previous report
Cash used in investing activities was $13,988 for the quarter ended March 31, 2026 and $15,646 for the same quarter in previous financial year.
Previous report
In current quarter ended March 31, 2026, the Company had net cash of $13,988 used in purchase of plant and equipment of $(325) and fixed deposits placed of $(13,663).
Previous report
In same quarter of the previous year, the company had net cash of $15,646 generated from dividend income of $8,934, purchase of plant and equipment of $(9,052) and fixed deposits placed of $(15,528).
Previous report
Cash generated from financing activities increased by $59,709 in current quarter ended March 31, 2026 from $(860) in previous year same quarter. The increase is primarily attributable to timing difference in the payment of commitment partially offset by payment of finance lease deposit.
Reworded paragraphs (21)
Previous wording
BGLC is an emerging technology company focused on the application of functional genomics to enable early detection of infectious diseases and cancers. On August 23, 2017, we acquired all of the outstanding capital stock of MRNA Scientific Malaysia, which was incorporated in Malaysia on April 7, 2015. MRNA Scientific Malaysia owns algorithm software, technology, and know-how related to the detection of common diseases through blood analysis which we use in our business. Our non-invasive blood screening tests analyze changes in ribonucleic acid (or RNA) to Coronavirus, Dengue, HIV, HPV and the risk potentiality of cancers diseases. This unique blood genomic biomarker approach is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body currently.
Current wording
BGLC is an emerging technology company focused on the application of functional genomics to enable early detection of infectious diseases and cancers. On August 23, 2017, we acquired all of the outstanding capital stock of MRNA Scientific Malaysia, which was incorporated in Malaysia on April 7, 2015. MRNA Scientific Malaysia owns algorithm software, technology, and know-how related to the detection of common diseases through blood analysis which we use in our business. Our non-invasive blood screening tests analyze changes in ribonucleic acid (or RNA). This blood genomic biomarker approach is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body currently, which was pioneered by BGLC’s founder, Prof. Choong-Chin Liew.
Previous wording
The corporate and principal office address of the Company and MRNA Scientific Malaysia is Unit A-28-7, Level 28, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1 , Kuala Lumpur, Malaysia., our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. Another lab focuses on Covid-19 and colon cancer screening is located at 4th floor, Lifecare Diagnostic Centre, Kuala Lumpur, Malaysia. Our telephone number is (+60) 18-2218762 and our website is www.bionexusgenelab.com.
Current wording
The corporate and principal office address of the Company and MRNA Scientific Malaysia is Unit A-28-7, Level 28, Tower A, Menara UOA Bangsar, No. 5 Jln Bangsar Utama 1, Kuala Lumpur, Malaysia. MRNA Scientific's laboratory is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. MRNA Scientific's laboratory at Lifecare Diagnostic Centre is temporarily unavailable pending relocation and preparation for the contemplated VitaGuard testing regime and continued cooperation with Fidelion. Our telephone number is (+60) 18-2218762 and our website is www.bionexusgenelab.com.
Previous wording
During the current quarter ended March 31, 2026, BioNexus Gene Lab Corp. ("BGLC", the “Company”, “we”, “us” or “our”) continued to develop and refine its strategic focus across its three operational segments: healthcare diagnostics (MRNA Scientific Sdn. Bhd.), specialty chemicals (Chemrex Corporation Sdn. Bhd.), and innovation-focused ventures (including digital health and blockchain-linked financial strategies).
Current wording
During the quarter ended June 30, 2026, BioNexus Gene Lab Corp. ("BGLC", the "Company", "we", "us" or "our") continued to refine its strategic focus across healthcare diagnostics through MRNA Scientific Sdn. Bhd., specialty chemicals through Chemrex Corporation Sdn. Bhd., and its investment and strategic-development activities. Management's priorities included modernizing and rebuilding the blood-based genomic screening (BGS) platform through GeneMatrix Systems, advancing VitaGuard commercialization planning with Fidelion, stabilizing Chemrex's core trading operations and collections, and evaluating strategic opportunities under disciplined capital-allocation criteria.
Previous wording
As of March 31, 2026, the Company had cash and cash equivalents of $2,397,977 (consisting of bank balances of $1,337,554, and fixed deposit with original maturities of three months or less of $1,060,423) and total liquidity exceeding $4million. “Total liquidity” is a management liquidity metric comprised of cash and cash equivalents, fixed deposits with original maturities greater than three months, and trade receivables, net. See the Condensed Consolidated Balance Sheets and Note 2 (Summary of Significant Accounting Policies) for definitions of cash equivalents and fixed deposits. See also Note 17 for significant‑events updates (Fidelion term sheet; Chemrex CDMO authorization) that may affect capital allocation and future liquidity planning. This liquidity position, combined with minimal outstanding debt and a simplified capital structure, provides a solid foundation for operational continuity, strategic investments, and potential M&A activities. We believe our capital structure - free of preferred stock, convertible debt, or high-yield instruments - positions us favorably to pursue growth initiatives on shareholder-friendly terms.
Current wording
As of June 30, 2026, the Company had cash and cash equivalents of $2,391,945 (consisting of bank balances of $1,232,658, and fixed deposit with original maturities of three months or less of $1,159,287) and total liquidity of $3.5 million. “Total liquidity” is a management liquidity metric comprised of cash and cash equivalents, fixed deposits with original maturities greater than three months, and trade receivables, net. See the Condensed Consolidated Balance Sheets and Note 2 (Summary of Significant Accounting Policies) for definitions of cash equivalents and fixed deposits. See also Note 17 for significant‑ events updates (the completed Fidelion transaction and the Board's authorization for management to explore Chemrex strategic-development opportunities) that may affect capital allocation and future liquidity planning. Management considers these resources and obligations when assessing operating requirements, strategic investments and potential transactions. The Company had no preferred stock, convertible debt or high-yield instruments outstanding as of June 30, 2026. The timing and amount of any capital deployment will depend on the Company's commitments, liquidity requirements, due diligence and applicable approvals.
Previous wording
Management believes current cash and expected financing under our proposed up to $20 million ATM program with Maxim Group LLC are sufficient to finance operations for at least the next 12 months.
Current wording
Management believes current cash and expected financing under our up to $20 million ATM Program with Maxim Group LLC are sufficient to finance operations for at least the next 12 months.
Previous wording
Thereafter, on November 28, 2025, the Company completed a Share Subscription and Shareholders’ Agreement with Fidelion, among others. The parties also entered into an Intellectual Property License Agreement, pursuant to which the Company obtained exclusive commercial rights to the VitaGuard™ Minimal Residual Disease (MRD) platform in the ASEAN region, on a perpetual and exclusive basis. VitaGuard™ is a next-generation, AI-enabled platform for minimal residual disease (MRD) monitoring. Designed as a high-efficiency, high-fidelity liquid biopsy system, VitaGuard™ enables clinicians to detect early signs of cancer recurrence and support precision-treatment decision making.
Current wording
On November 28, 2025, the Company completed the Share Subscription and Shareholders’ Agreement with Fidelion and the other parties thereto. The Company also entered into an Intellectual Property License Agreement with Fidelion under which the Company obtained exclusive, perpetual commercialization rights for the VitaGuard™ MRD platform in ASEAN. VitaGuard is being developed as a liquid-biopsy platform for MRD monitoring.
Previous wording
Results of Operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 (unaudited).
Current wording
Results of Operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 (unaudited).
Previous wording
MRNA Scientific’s revenue decreased by 57.27%, primarily attributed to lower sales volume and client referrals from diagnostic centers.
Current wording
MRNA Scientific’s revenue decreased by 81.25%, primarily attributed to lower sales volume and client referrals from diagnostic centers.
Previous wording
Revenues decreased by 99% for the current quarter ended March 31, 2026 compared to same quarter in the prior year primarily due to lower business volume at our Chemrex subsidiary. The significant drop in revenues results from the prior actions of the former management of Chemrex which negatively impacted Chemrex’s operations and profitability (See Item II Other Information – Part 1 Legal Proceedings herein). Following these actions, the Company has begun transitioning towards a new business model for Chemrex. This model includes expanding into different chemical types and exploring the Contract Development and Manufacturing Organization business. The Company intends to carry out its plans for the change in Chemrex’s operating model and is hopeful that this model will yield improved results in the future.
Current wording
Revenue for Chemrex decreased by 96.65% mainly due to lower business volume as a result of the actions of former management which occurred during the course of fiscal year 2025. These actions have negatively impacted Company and Chemrex’s operations and profitability (See Item II Other Information – Part 1 Legal Proceedings herein). Following these actions, the Company has begun transitioning towards a new business model for Chemrex. This model includes expanding into different chemical types and exploring the Contract Development and Manufacturing Organization business. The Company intends to carry out its plans for the change in Chemrex’s operating model and is hopeful that this model will yield improved results in the future.
Previous wording
Cost of revenue decreased by 99% for the current quarter ended March 31, 2026 compared to same quarter in the prior year primarily due to significantly lower revenues described above.
Current wording
Cost of revenue decreased by 96.66% for the current quarter ended June 30, 2026 compared to same quarter in the prior year primarily due to significantly lower revenues at Chemrex, as described above.
Previous wording
The gross margin percentage for MRNA Scientific reduced slightly during the quarter ended March 31, 2026 compared to same quarter in the previous year mainly due to a different mix of services with lower gross margins.
Current wording
The gross margin percentage for MRNA Scientific is lower during the quarter ended June 30, 2026 compared to same quarter in the previous year mainly due to a different mix of services with lower gross margins.
Previous wording
The gross margin percentage for Chemrex is -6.66% during the quarter ended March 31, 2026 compared to same quarter in the previous year of 16.02% mainly due to direct manufacturing costs despite low production volumes.
Current wording
The gross margin percentage for Chemrex is 17.10% during the quarter ended June 30, 2026 compared to same quarter in the previous year of 16.27% mainly due to different mix of products with higher gross margins.
Previous wording
Other income decreased by 37% for the current quarter ended March 31, 2026 compared to the same quarter in the prior year. Dividend, fair value gain on investment in equity securities and interest income were reduced due to divestments of equity securities owned and reduced term deposits held in interest bearing accounts.
Current wording
Other income decreased by 42.23% for the current quarter ended June 30, 2026 compared to the same quarter in the prior year.
Previous wording
Chemrex recorded lower other income during the quarter ended March 31, 2026 compared to same quarter in the previous year. Dividends, fair value gain on investment in equity securities and interest income were reduced due to reductions in shares owned partly offset by higher reversal of expected credit losses due to effort put into our collection.
Current wording
Chemrex recorded lower other income during the quarter ended June 30, 2026 compared to same quarter in the previous year. Dividends and fair value gain on investment in equity securities were reduced due to reductions in shares owned plus reduction in unrealised and realised foreign exchange, partly offset by higher reversal of expected credit losses due to effort put into our collection.
Previous wording
Sales and marketing expenses for MRNA Scientific for the quarter ended March 31. 2026 increased by 27.15% mainly due to higher staff and director remuneration compared to same quarter in previous year. Sales and marketing expenses for Chemrex was reduced by 99.83% primarily due to lower associated staff remuneration as a result of the change in management and variable selling expenses.
Current wording
Sales and marketing expenses for MRNA Scientific for the quarter ended June 30, 2026 increased by 9.56% mainly due to higher staff expenses compared to same quarter in previous year.
Previous wording
Research and development costs for the quarter ended March 31, 2026 were solely related to MRNA Scientific’s continued development of its blood-based genomic screening (BGS) test.
Current wording
Research and development costs for the quarter ended June 30, 2026 were solely related to MRNA Scientific’s continued development of its blood-based genomic screening (BGS) test. Research and development costs increased slightly during the current quarter to $13,671 from $12,557 for the same quarter last year.
Previous wording
Loss before taxes has reduced by 12.33% for the current quarter ended March 31, 2026 compared to the same quarter in prior year for the reasons described above.
Current wording
Loss before taxes has reduced by 53.51% for the current quarter ended June 30, 2026 compared to the same quarter in prior year for the reasons described above.
Previous wording
Other income for MRNA Scientific reduced during the quarter ended March 31, 2026 compared to same quarter in the previous year mainly due to lower interest income derived from deposits held in interest bearing accounts.
Current wording
Other income for MRNA Scientific reduced by 39.75% during the period ended June 30, 2026 compared to same period in the previous year. Fixed deposit interest received was reduced mainly due to reductions in fixed deposit placement and lower interest rate.
Previous wording
General and administrative expenses for MRNA Scientific were slightly reduced by 0.99% due to lower office expenses being incurred. General and administrative expenses for Chemrex reduced by 55.24% primarily due to lower staff salaries and other office expenses.
Current wording
General and administrative expenses for Chemrex have reduced by 62.60% primarily due to lower staff salaries and other office expenses.
Previous wording
As of March 31, 2026, we had working capital of $4,399,432 compared with working capital of $4,927,781 as of December 31, 2025. The decrease in working capital was due principally to operational losses, undertaking of strategic investments, and expansion of operations in line with the Company’s overall strategic plans.
Current wording
As of June 30, 2026, we had working capital of $4,130,471 compared with working capital of $4,927,781 as of December 31, 2025. The decrease in working capital was due principally to operational losses, undertaking strategic investments, and expansion of operations in line with the Company’s overall strategic plans.
Previous wording
The following is a summary of the Company’s cash flows (used in) / generated from operating, investing, and financing activities for the three months period ended March 31, 2026 and 2025
Current wording
The following is a summary of the Company’s cash flows (used in)/ generated from operating, investing, and financing activities for the six-month period ended June 30, 2026 and 2025
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
Sales and marketing expenses for Chemrex decreased by 99.95% primarily due to lower associated staff remuneration as a result of the change in management and reduction in variable selling expenses.
Current report — wording carried from elsewhere
The increase for the current quarter was primarily due to a higher provision recognized for trade receivables for Chemrex, reflecting exposure based on our assessments of customer payment behavior during the current quarter.
Current report — wording carried from elsewhere
MRNA Scientific’s revenue decreased by 69.99%, primarily attributed to lower sales volume and client referrals from diagnostic centers
Current report — wording carried from elsewhere
Revenue for Chemrex, as discussed above, decreased by 97.79% mainly due to lower business volume as a result of the actions of former management which occurred during the course of fiscal year 2025. This has negatively impacted Chemrex’s operations and profitability (See Item II Other Information – Part 1 Legal Proceedings herein). Following these actions, the Company has begun transitioning towards a new business model for Chemrex. This model includes expanding into different chemical types and exploring the Contract Development and Manufacturing Organization business. The Company intends to carry out its plans for the change in Chemrex’s operating model and is hopeful that this model will yield improved results in the future.
Current report — wording carried from elsewhere
Cost of Revenues and Gross Margin
Current report — wording carried from elsewhere
The gross margin percentage for MRNA Scientific reduced slightly during the six month ended June 30, 2026 compared to same period in the previous year mainly due to a different mix of services with lower gross margins.
Current report — wording carried from elsewhere
Chemrex recorded lower other income during the period ended June 30, 2026 compared to same period in the previous year. Dividends and fair value gain on investment in equity securities were reduced due to reductions in shares owned plus reduction in unrealised and realised foreign exchange, partly offset by higher reversal of expected credit losses due to effort put into our collection.
Current report — wording carried from elsewhere
Sales and marketing expenses for Chemrex have reduced by 99.89% primarily due to lower associated staff remuneration as a result of the change in management and reduced variable selling expenses.
Current report — wording carried from elsewhere
Research and development costs for the six-month period ended June 30, 2026 were solely related to MRNA Scientific’s continued development of its blood-based genomic screening (BGS) test. Research and development costs increased slightly during the current six-month period to $28,158 from $24,696 for the same period last year.
Current report — wording carried from elsewhere
General and administrative expenses for MRNA Scientific have reduced by 41.67% due to lower office expenses being incurred.
Current report — wording carried from elsewhere
Loss before taxes has reduced by 33.04% for the six-month periods ended June 30, 2026 compared to the same period in prior year for the reasons described above.
Current report — wording carried from elsewhere
For current quarter ended June 30, 2026, we did not have income tax expenses due to our losses incurred.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Revenue for Chemrex, as discussed above, decreased by 98.99% mainly due to lower business volume as a result of the actions of former management which occurred during the course of fiscal year 2025, the results of which manifested this quarter.