A*Star biotech spin-off Mirxes trims losses to US$28.4 million as top line grows

[SINGAPORE] Local biotech startup Mirxes on Monday (Aug 25) posted a net loss of US$28.4 million for the six months ended Jun 30, compared to a net loss of US$44.5 million in the year-ago period.

Loss per share (LPS) stood at US$0.185, against an LPS of US$0.37 for the previous corresponding period.

Its revenue for the half year grew to US$10.5 million, up 9.4 per cent from US$9.6 million previously.

The cancer diagnostics company attributed its top-line growth to higher revenue from its early detection and precision multi-omics segment, which was offset by a decline in revenue in its infectious diseases segment.

Revenue from the early detection and precision multi-omics segment rose 50 per cent on the year to US$10.5 million from US$7 million, driven by its products GastroClear and LungClear. This was fuelled by the growth of Asia’s cancer diagnostics market, Mirxes said.

The infectious diseases segment posted no revenue for the period, compared with US$2.6 million in revenue for the year-ago period. This came as sales of its products ceased amid declining Covid-19 testing, the company said.

SEE ALSO

Singapore biotech firm Mirxes launches IPO in Hong Kong to raise HK$1 billion 

More Singapore companies charmed by US listing, but post-IPO trail not a pretty sight

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

The Hong Kong-listed company did not declare any dividend for the six-month period, unchanged from the year before.

Founded in 2014, the spin-off from the Agency for Science, Technology and Research (A*Star) once applied to list on the Singapore Exchange. On May 15, 2025, it launched its initial public offering in Hong Kong.