Due to the auditor's review of advance payments, MiRui failed to release its performance on time | Lianhe Zaobao

The local biotechnology company Mirxes, listed in Hong Kong, has delayed the announcement of its fiscal year 2025 results due to auditors needing more time to review payments made in advance to certain service providers and vendors. Mirxes issued a statement before the market opened on Thursday (April 2) announcing the delay in the release of its full-year results, annual report, and board meeting news for the fiscal year 2025 ending last year, and announced that its stock would be officially suspended from trading starting at 9 AM on April 1. The company was originally required to announce its results by March 31 at the latest. The statement also mentioned that the company is in the process of collecting and organizing the information needed by the auditors to complete their audit. The auditors are expected to be unable to complete the audit and issue an audit opinion within the timeframe set by the Hong Kong Stock Exchange. The company's board of directors decided not to release the unaudited accounts temporarily, as these accounts may not accurately reflect the company's financial performance and condition, and could cause unnecessary confusion among shareholders. The company did not disclose the nature and amount of the prepayments under review. Mirxes also stated that due to the delay in announcing results, the annual report for fiscal year 2025, which was originally due by April 30, and the board meeting originally scheduled for March 31, will be postponed. Since the company is unable to announce its results on time according to the regulations of the Hong Kong Stock Exchange, its stock will remain suspended until the results are announced. Further Reading Mirxes raises nearly HKD 115 million through stock placement for mergers, research and market expansion Founded in 2014, Mirxes is a spin-off from the Agency for Science, Technology and Research (A*STAR) in Singapore, focusing on the development of microRNA (miRNA) technology for early detection of cancer and other diseases. The company's flagship product, GastroClear, is the world's first molecular blood test approved for early gastric cancer detection in high-risk populations. The company was listed on the main board of the Hong Kong Stock Exchange in 2025, raising approximately HKD 1.09 billion (about SGD 178 million) in its initial public offering, making it the largest medical device company to be listed on the Hong Kong Stock Exchange since 2022. On its first day of trading, the stock closed at HKD 30, up 28.76% from the issue price of HKD 23.30, bringing the company's market capitalization to HKD 8.29 billion. However, the good times did not last long, as Mirxes, which has about 350 employees across six countries, suffered a net loss of USD 92.33 million in 2024 On March 31st, the stock price of Mirova closed at HKD 12.41