BioNexus Gene Lab Corp. reported a significant decline in financial performance for the first quarter of 2026, with total revenue falling to $22,842, a decrease of 99% compared to $2,137,075 in the same period of 2025. The sharp drop in revenue was primarily attributed to reduced business volume at its Chemrex subsidiary, which has been undergoing a transition in its operational model. The company recorded a gross loss of $790, contrasting with a gross profit of $343,493 in the prior year. The cost of revenue also decreased dramatically, reflecting the lower sales activity.
The company's net loss for the quarter was $543,575, a slight improvement from the net loss of $623,327 reported in the first quarter of 2025. This reduction in loss was attributed to a decrease in operating expenses, which fell by 43% to $597,386, driven by lower sales and marketing costs and a reduction in general and administrative expenses. The company’s total assets as of March 31, 2026, were $9,040,130, down from $9,252,784 at the end of 2025, while total liabilities increased to $946,877 from $637,856.
In terms of strategic developments, BioNexus has been focusing on enhancing its core biotech business through a partnership with Fidelion Diagnostics, which includes exclusive commercialization rights for the VitaGuard™ minimal residual disease platform in Southeast Asia. This partnership is expected to bolster the company's offerings in genomic screening services. Additionally, the company is transitioning Chemrex towards a contract development and manufacturing organization (CDMO) model, which is anticipated to improve revenue margins over time.
Operationally, the company reported a decrease in customer engagement metrics, with MRNA Scientific's revenue dropping by 57.27% due to lower sales volume and client referrals. Chemrex's revenue plummeted by 98.99%, reflecting the impact of prior management decisions. The company’s cash and cash equivalents stood at $2,397,977, with total liquidity exceeding $4 million, which management believes is sufficient to support operations for at least the next 12 months.
Looking ahead, BioNexus Gene Lab Corp. aims to leverage its clean balance sheet and low compliance costs to pursue selective mergers, acquisitions, and joint ventures that align with its long-term strategy. The company is also exploring additional capital-raising mechanisms, including at-the-market offerings and private placements, to enhance its liquidity and support future growth initiatives.
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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