Advanced Biomed Inc. Reports $1.17 Million Net Loss for Six-Month Period Ending December 31, 2024

Advanced Biomed Inc. has reported its financial results for the six-month period ending December 31, 2024, revealing a net loss of $1.17 million, an increase of 25% compared to a loss of $916,661 during the same period in 2023. The company's total operating expenses decreased to $1.05 million from $1.09 million year-over-year, primarily due to a reduction in general and administrative expenses, which fell by 15% to $620,672. Research and development expenses, however, increased by 19% to $425,084, reflecting ongoing investments in clinical development activities.

The company's total assets as of December 31, 2024, stood at $4.50 million, a slight increase from $4.46 million at the end of June 2024. Current assets rose to $3.14 million, up from $3.05 million, while current liabilities surged to $3.83 million, compared to $2.73 million in the previous period. This resulted in a working capital deficit of $689,903, a significant decline from a surplus of $318,650 reported at the end of June 2024. The increase in liabilities was largely attributed to a rise in accounts payable and amounts due to related parties.

In terms of strategic developments, Advanced Biomed has been actively pursuing regulatory approvals for its oncology products. The company has completed the research and development phase for several medical devices and is in the process of registering these products with the National Medical Products Administration (NMPA) in China. Notably, the A+Pre and AC-1000 devices have received clearance, while the A+SCDrop and A+LCGuard are currently under review. The company plans to initiate clinical research for the A+LCGuard by June 2025, with expectations for completion by April 2026.

Operationally, Advanced Biomed has not yet generated revenue from product sales, as it awaits regulatory approvals. The company has maintained a cash balance of $2.66 million as of December 31, 2024, which it anticipates will support its operations for approximately three months. Management has indicated that it may seek additional financing through debt and equity to bolster its working capital. The company has also waived significant amounts owed to related parties, which has helped alleviate some immediate financial pressures.

Looking ahead, Advanced Biomed's management has expressed concerns regarding its ability to continue as a going concern, given the substantial losses and working capital deficit. The company is focused on securing additional funding and successfully navigating the regulatory landscape to bring its products to market. The outlook remains cautious, with expectations of continued losses until the company can achieve commercial sales following the completion of clinical trials and regulatory approvals.