US$14.8 million in prepayments to vendors behind Mirxes’ missed 2025 results deadline; independent probe set up

[SINGAPORE] Local biotech firm Mirxes on Thursday (Apr 2) revealed that it failed to meet its mandatory annual results deadline as its auditors had flagged 14 transactions totalling US$14.8 million in prepayments to service providers and vendors.

In a bourse filing to the Hong Kong Stock Exchange (HKEX), the company said it has set up an independent investigation committee to look into the matter and address the concerns.

The committee comprises independent non-executive directors of the company, Fang Xiao and Dr Judy Lam; the latter chairs the committee, which will oversee a focused review of the 14 identified transactions and “associated subsequent events”.

Among other things, it will also appoint independent professional advisers to review the background and details of such transactions, the company’s relationship with the relevant counterparties, and its compliance with internal control measures.

The transactions – the majority of which occurred in the second half of 2025 – relate to prepayments in connection with new projects.

As at Wednesday, prepayments in relation to projects which have not commenced or did not progress as planned – amounting to around US$9.5 million – have been returned by the relevant service providers and vendors.

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Outstanding unreturned prepayments in relation to completed or ongoing work stand at around US$5.3 million.

The independent committee has appointed Karas So and Alvarez & Marsal Disputes and Investigations as its independent professional advisers. 

Trading in Mirxes shares on HKEX has been suspended since 9 am on Wednesday, and will remain so until further notice. Shares last traded at HK$12.58 on Mar 29, down sharply from a 52-week high of HK$77.30.