BioNexus Gene Lab Corp. reported a significant decline in financial performance for the fiscal year ending December 31, 2025, with total revenue of $7.42 million, a decrease of 21.9% from $9.51 million in 2024. The company's loss attributable to common shareholders increased to $2.98 million, compared to a loss of $1.60 million in the previous year. This downturn was primarily driven by lower sales volumes at Chemrex, the company's subsidiary focused on industrial chemical distribution, which experienced a 22% drop in revenue due to management changes that affected customer relationships.
In terms of operational metrics, BioNexus's gross profit fell to $1.09 million from $1.29 million, reflecting a gross margin of 14.7%, slightly improved from 13.7% in 2024. The company’s other income also saw a substantial decline, dropping 79% to $432,117, largely due to a significant reduction in the reversal of expected credit losses. The company reported a decrease in cash and cash equivalents to $2.49 million from $2.89 million in 2024, indicating ongoing liquidity challenges.
Strategically, BioNexus made notable advancements, including entering into a Share Subscription and Shareholders’ Agreement with Fidelion Diagnostics Pte. Ltd. in November 2025, which involved acquiring a 19.9% stake in Fidelion. This agreement also included an exclusive licensing arrangement for the VitaGuard™ minimal residual disease platform in Southeast Asia, with a total license fee of $2 million payable in installments. Additionally, the company initiated an at-the-market offering program, allowing it to raise up to $20 million through the sale of common stock.
Operationally, BioNexus's subsidiaries reported mixed results. MRNA Scientific, which provides genomic screening services, saw a revenue increase of 18.8% to $19,089, while Chemrex's revenue fell significantly. The company ended the year with a working capital of $4.93 million, down from $5.48 million in 2024, reflecting the impact of operational losses and strategic expenditures. The total employee headcount across both subsidiaries stood at 16, with Chemrex employing six and MRNA Scientific employing ten.
Looking ahead, BioNexus aims to improve its financial performance through enhanced governance and operational efficiency, particularly at Chemrex, while continuing to develop its genomic screening services. The company remains focused on securing additional financing to support its strategic initiatives and address liquidity concerns, although it acknowledges the uncertainty surrounding future capital availability.
About BioNexus Gene Lab Corp
BioNexus Gene Lab Corp. operates through two subsidiaries: Chemrex, which distributes fiber-reinforced polymer (FRP) chemical raw materials to manufacturers in Southeast Asia, and MRNA Scientific, which develops non-invasive RNA-based liquid biopsy tests for early detection of cancers and inflammatory diseases. The company serves industrial manufacturers and healthcare providers, leveraging proprietary genomic screening technology and extensive regional distribution to offer specialized diagnostics and chemical materials with technical expertise and broad product ranges.
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