Mirxes posts US$58 million operating loss, US$24 million revenue

SINGAPORE biotech firm Mirxes reported a 36.2 per cent year-on-year revenue growth to US$24.2 million in 2023, according to its April filing with the Hong Kong Stock Exchange. This comes ahead of the company’s anticipated initial public offering (IPO) in Hong Kong within the next six months.

However, total losses for the year reached US$70.4 million – a 21.8 per cent jump from 2022. Its operating losses, meanwhile, increased 24.4 per cent to US$58.7 million.

According to the filing, Mirxes attributed the increased losses primarily to higher spending on research and development, which grew 22.3 per cent year on year, to US$22.6 million. A 20 per cent jump in general and administrative expenses also contributed to the higher losses.