Microbix Reports Results for Q4 and Fiscal 2025

Executive Summary

• Microbix Biosystems reported FY 2025 revenue of $18.59 M, a 27% decline YoY, driven by reduced antigen sales to China and cancellation of a large QAPs client program.
• The company posted a net loss of $2.25 M for the year (vs. $3.52 M profit in FY 2024) and an operating loss of $1.48 M in Q4 2025, with gross margins falling to 53% annually and 40% in Q4.
• Cash and cash equivalents remained strong at $12.1 M; the balance sheet shows a current ratio of 8.48 and debt‑to‑equity of 0.35.

Key Details

• FY 2025 Revenue: $18,585,366 (down 27% from $25,394,148 in FY 2024).
• Antigen revenue: $12,368,757 (−10%).
• QAPs revenue: $5,617,834 (−20%).
• Royalties: $598,775 (+15%).
• FY 2025 Gross Margin: 53% (down from 61% in FY 2024).
• Operating Expenses FY 2025: $9,102,060 S,G&A + $2,327,663 R&D = $11,429,723 (↑4% YoY).
• FY 2025 Net Loss: $(2,245,812) vs. FY 2024 net income $3,520,179.
• Cash Used in Operating Activities FY 2025: $(80,286).
• Balance Sheet Highlights (Sept 30 2025):
• Cash & equivalents: $12,112,760.
• Current assets: $23,574,891; current liabilities: $2,778,953.

• Current ratio: 8.48; Debt‑to‑equity: 0.35.

• Q4 2025 Revenue: $3,744,317 (down 41% YoY).

• Antigen sales: $1,952,332 (−55%).
• QAPs sales: $1,610,189 (−5%).
• Royalties: $181,796 (+47%).
• Q4 2025 Gross Margin: 40% (down from 55% in Q4 2024).
• Q4 2025 Operating Loss (pre‑finance): $(1,536,388); Net loss: $(1,480,662) vs. Q4 2024 net income $440,324.

• Cash Provided by Operations Q4 2025: $83,955 (vs. $765,930 in Q4 2024).

• Corporate Outlook: Management is pursuing new client programs and product additions, aiming to improve gross margins and return to profitability while advancing the Kinlytic® urokinase drug program.

• Webinar Announcement: A live webcast on December 18 2025 at 10:00 AM ET will discuss FY 2025 and Q4 results; registration link provided.

Notable Quotes

(Quotes not included in the release excerpt.)