Evidence library · Singapore · Specialty pharmaceuticals
iX Biopharma develops, manufactures and sells specialty pharmaceuticals, medicinal-cannabis products and nutraceuticals, and is developing Wafermine, a sublingual ketamine wafer, under a US Department of Defense contract.
In FY2026 revenue fell 12% to S$6.853m, gross margin rose to 36%, and net cash used in operations widened to S$7.506m while group cash rose to S$14.735m after equity placements.
The central risk is that operating cash outflow and S$5.223m of current borrowings consume the equity-funded cash before operations fund themselves.
The next test is the FY2026 audited statements, the current-borrowing maturity schedule, and how much of the US$40.95m Department of Defense programme is recognised and reimbursed.
iX Biopharma makes specialty pharmaceutical wafers, medicinal-cannabis products and nutraceuticals, and is running a US-funded development programme for Wafermine.
Public evidence is below. The authenticated private research library holds the working spread and a credit evidence note. It carries no current decision, fair value or investment action. Private research status.
Community questions for iX Biopharma
The live questionCan equity-funded cash cover continued operating losses while most borrowings fall due within a year?FY2026 revenue fell 12% to S$6.853m and net cash used in operations widened to S$7.506m, while current borrowings were S$5.223m.
Gross margin rose to 36% from 26%. Nutraceutical external sales rose to S$1.693m from S$1.112m, and United States external sales rose to S$1.981m from S$0.140m.
Net cash used in operations widened to S$7.506m from S$3.758m, and S$5.223m of borrowings are classified as current. The latest audited statements, for FY2025, carried a going-concern disclaimer.
The higher cash balance follows ordinary-share placements of S$21.188m and warrant proceeds of S$1.913m. Those equity inflows can fund losses for a period without showing that operations now fund themselves.
A clean FY2026 audit opinion, a maturity schedule for the current borrowings, and the Department of Defense amounts recognised versus reimbursed would show how long the equity cash lasts.
Drawn from the evidence on this page: the improvement, the constraint, the benign reading and the fact that would settle it. It states no view on the shares.
Private working materials are not published or available for sharing. This public page contains factual evidence and open questions only. Private research status records that no current decision authority is available.
Business anatomy · from inputs to customer value
The group sells pharmaceutical and nutraceutical products, develops Wafermine under a US contract, and rebuilt cash with equity rather than operations.
Follow the operating chain from demand or inputs to customer outcome and cash.
Product deliveredProduct supply
What happensThe group manufactures pharmaceutical wafers, medicinal cannabis products and nutraceuticals for sale.
Who paysCustomers pay when control of the goods passes, typically on delivery.
Contract awardProgramme funding
What happensA US Department of Defense contract funds Wafermine development, with programme revenue recognised over time.
Commercial triggerThe results commentary describes funding for proposed emergency-use supply and Phase 3 work.
End-market exposureEnd markets
What happensExternal sales are reported in Australia, the United States, China, and Singapore and others.
Demand driverAustralia remained the largest geography while United States sales rose sharply.
Cash conversionCash funding
What happensOperations still use cash. Placements and warrant proceeds rebuilt the reported cash balance.
Cash triggerEquity inflows, not operating receipts, explain the higher cash balance.
Investor translation
Four questions connect the business model to cash and balance-sheet risk. This is a factual reading aid, not a valuation or recommendation.
iX Biopharma Ltd is incorporated in Singapore and listed on the Catalist board. The FY2026 interim statements describe the principal activities as the development, manufacture and commercialisation of therapies for acute and breakthrough pain and other health conditions. Reported external sales are split between specialty pharmaceuticals and nutraceuticals.
Specialty pharmaceutical external sales were S$5.160m in FY2026, down from S$6.655m. Nutraceutical external sales rose to S$1.693m from S$1.112m. The results commentary attributes the revenue decline largely to lower third-party medicinal-cannabis manufacturing volumes, and says other pharmaceutical products and development services, including the Wafermine programme, contributed about S$1.69m.
In the same announcement the group says it was awarded a US$40.95m contract by the United States Department of Defense in February 2026 to fund Wafermine research and development. The commentary says the programme is intended to fund proposed emergency-use supply and Phase 3 development. The payment mechanics of that contract are set out in the February announcement, not in this results statement, so they are not restated here.
FY2026 revenue fell 12% to S$6.853m. Gross margin rose to 36% from 26%. Gross profit was S$2.434m against S$2.040m. The loss for the year narrowed to S$7.993m from S$10.141m. Share-based payment expense was S$2.081m, and the group recognised impairment of goodwill of S$0.288m and of plant and equipment of S$0.077m.
| Line | FY2026 | FY2025 |
|---|---|---|
| Revenue | 6,853 | 7,767 |
| Gross profit | 2,434 | 2,040 |
| Loss for the year | (7,993) | (10,141) |
| Net cash used in operating activities | (7,506) | (3,758) |
| Cash and cash equivalents on the balance sheet | 14,735 | 866 |
| Net assets | 15,396 | 365 |
These FY2026 figures are unaudited. The statements say they should be read with the FY2025 audited financial statements. They do not repeat the auditor’s FY2025 report.
United States external sales rose to S$1.981m from S$0.140m. Australia remained the largest geography at S$3.781m, down from S$6.662m. China was S$0.675m and Singapore and others S$0.416m. The four geographies add to the reported revenue of S$6.853m.
Non-current assets stayed concentrated in Australia: S$6.377m of S$7.268m at 30 June 2026. United States non-current assets were S$0.003m. A June 2026 announcement described a plan to relocate manufacturing equipment to the United States on loan while a proposed joint venture was negotiated. That relocation is not visible as United States fixed assets in this balance sheet.
Net cash used in operations widened to S$7.506m from S$3.758m. Balance-sheet cash was S$14.735m, of which S$12.880m was a money-market fund and S$0.573m was pledged bank deposits. Cash in the cash-flow statement, after deducting the pledged deposits, was S$14.162m. Company-only cash was S$13.643m, so most of the reported cash sits at the listed company rather than in the operating subsidiaries.
Ordinary-share placements of S$21.188m and warrant proceeds of S$1.913m are the equity inflows recorded in the statement of changes in equity. The higher cash balance follows those inflows. It is not operating cash.
Current borrowings were S$5.223m. Non-current borrowings were S$0.120m. Borrowings including lease liabilities were S$5.801m. S$5.223m of borrowings are classified as current. Working capital, current assets of S$18.611m less current liabilities of S$10.006m, was a surplus of S$8.605m, against a deficiency of S$4.770m a year earlier.
The going-concern note records the year’s loss and the operating cash outflow, and the directors’ view that equity injections and the restored working-capital surplus support preparing the statements on a going-concern basis. That is a director statement in an unaudited report.
Note 19 records gross proceeds of S$1.506m from 25,103,061 warrants exercised after 30 June 2026, and says 371,069 warrants expired unexercised on 17 July 2026. The performance review in the same announcement states that S$1.151m was received after 30 June 2026 from additional warrant conversions. The announcement does not reconcile S$1.506m with S$1.151m.
Note 19 also says the company fully repaid a S$2.2m borrowing and interest due on 24 July 2026, and that the lender released the security. That repayment is after the balance-sheet date. It does not change the S$5.223m current-borrowings figure reported at 30 June 2026.
No dividend was declared or recommended for the period.
This is a 36-month record of iX Biopharma's daily share price and the Straits Times Index. It records the tape. It does not infer a cause from a filing that happens to sit near a move.
Four windows are retained because the share-price move was large while the index was not. A same-session listed peer set was not frozen, so no sector-control claim is made. The filing list is a selection of SGX announcements read for this page, not a complete SGXNET sweep.
Key: iX Biopharma Ltd (42C) as a solid line; Straits Times Index rebased, dashed; filing ticks above the axis; ex-dividend ticks on it; numbered pins are moves with a written note; plain dots are other detected moves.
How to read the tags. Residual means the move remains large after the Straits Times Index return is subtracted. A residual is what is left over, not a cause. A filing shown in the same quarter is context. It does not establish that iX Biopharma's own news moved the price.
No selected issuer announcement in this quarter's public register.
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No selected issuer announcement in this quarter's public register.
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No selected issuer announcement in this quarter's public register.
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No selected issuer announcement in this quarter's public register.
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No selected issuer announcement in this quarter's public register.
No retained move window in this quarter's public map.
No selected issuer announcement in this quarter's public register.
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Placement upsized to S$6.7 million at S$0.10.
The company said 67,000,000 new shares would be issued at S$0.10, lifting gross proceeds to S$6.7 million from a minimum of S$5.0 million. This filing is dated 28 October 2025, after the retained September-October price window had already ended.
Reaction (same session, order not established): 42C +0.0% · STI +0.2%Source: SGX placement results announcementThe price rose from S$0.020 to S$0.127 while the Straits Times Index rose 2.21%. No issuer filing inside this window is used as a cause. The S$6.7 million placement was announced on 28 October 2025, after this window ended.
Peer control unavailable: no same-session listed peer set was frozen for this exhibit.Register row 1No selected issuer announcement in this quarter's public register.
The price rose from S$0.174 to S$0.210 while the Straits Times Index rose 2.56%. This window is retained because the residual is large. No filing inside the window is treated as the cause.
Peer control unavailable: no same-session listed peer set was frozen for this exhibit.Register row 2Proposed placement at the day's volume-weighted average price.
The company announced a conditional subscription by Anson Properties for 1,045,164 shares at S$0.4215, which the announcement says was the volume-weighted average price of trades on 16 April 2026, plus 304,270 shares to directors in lieu of fees. The retained April window ends on this date. The filing is not treated as the cause of the earlier sessions in that window.
Reaction (same session, order not established): 42C +1.2% · STI −0.3% · 5.2× median volumeSource: SGX proposed placements announcementManufacturing equipment to be relocated to the United States.
The company said equipment would be placed on loan in the United States while a proposed joint venture was negotiated, and that it would retain the intellectual property and the equipment. The announcement said the relocation was not expected to have a material effect on net tangible assets or earnings per share for the year then in progress.
Reaction (same session, order not established): 42C +13.7% · STI +1.0% · 2.7× median volumeSource: SGX equipment relocation announcementThe price rose from S$0.195 to S$0.430 while the Straits Times Index rose 2.50%. On 16 April 2026 the company announced a proposed placement at that day's volume-weighted average price of S$0.4215. The announcement falls on the last day of the window. It is not evidence that the earlier sessions were caused by the filing.
Peer control unavailable: no same-session listed peer set was frozen for this exhibit.Register row 3Unaudited FY2026 results.
Revenue was S$6.853 million, the loss was S$7.993 million, and net cash used in operating activities was S$7.506 million. The statements are unaudited. Showing the filing beside the August price window does not establish that the results caused the move.
Reaction (same session, order not established): 42C +1.1% · STI +0.3% · 1.4× median volumeSource: SGX FY2026 unaudited financial statementsThe price fell from S$0.485 to S$0.425 while the Straits Times Index rose 0.60%. The unaudited FY2026 results are dated 21 August 2026 and are shown beside this window. The chart does not treat that filing as the cause of the move.
Peer control unavailable: no same-session listed peer set was frozen for this exhibit.Register row 4Yahoo Finance daily closes for 42C.SI from 22 September 2023 to 22 September 2026 (755 sessions). Returns use the adjusted series; closes in the chart are as traded. The Straits Times Index is the market control. No same-session listed peer set was frozen.
| # | Session | 42C | STI | Peers | Left over | Control result | What the evidence supports |
|---|---|---|---|---|---|---|---|
| 1 | 12 Sep to 27 Oct 2025 | +535.00% | +2.21% | n/a | +532.79% | Residual | The price rose from S$0.020 to S$0.127 while the Straits Times Index rose 2.21%. No issuer filing inside this window is used as a cause. The S$6.7 million placement was announced on 28 October 2025, after this window ended.Peer control unavailable: no same-session listed peer set was frozen for this exhibit. |
| 2 | 2 Feb to 20 Feb 2026 | +20.69% | +2.56% | n/a | +18.13% | Residual | The price rose from S$0.174 to S$0.210 while the Straits Times Index rose 2.56%. This window is retained because the residual is large. No filing inside the window is treated as the cause.Peer control unavailable: no same-session listed peer set was frozen for this exhibit. |
| 3 | 31 Mar to 16 Apr 2026 | +120.51% | +2.50% | n/a | +118.01% | Residual | The price rose from S$0.195 to S$0.430 while the Straits Times Index rose 2.50%. On 16 April 2026 the company announced a proposed placement at that day's volume-weighted average price of S$0.4215. The announcement falls on the last day of the window. It is not evidence that the earlier sessions were caused by the filing.Peer control unavailable: no same-session listed peer set was frozen for this exhibit. |
| 4 | 18 Aug to 25 Aug 2026 | -12.37% | +0.60% | n/a | -12.97% | Residual | The price fell from S$0.485 to S$0.425 while the Straits Times Index rose 0.60%. The unaudited FY2026 results are dated 21 August 2026 and are shown beside this window. The chart does not treat that filing as the cause of the move.Peer control unavailable: no same-session listed peer set was frozen for this exhibit. |
The market series is Yahoo Finance daily data for 42C.SI, retrieved 22 September 2026. Yahoo's event feed for this window recorded no dividend and no split, so the traded close and the adjusted close match. No second price source was retained. Broker research and trade press are not used as evidence.
The FY2026 statements do not contain a facility-by-facility maturity table beyond the current and non-current split, and they do not state how much of the US$40.95m programme had been recognised as revenue or received as cash by 30 June 2026. The commentary’s “about S$1.69m” for other pharmaceutical products and development services, including Wafermine, is not a programme-cash receipt.
A separate auditor announcement on the FY2025 audited statements reported a disclaimer of opinion related to going concern, citing the year’s loss, operating cash outflow and the working-capital deficiency. Those three comparative figures agree with the FY2026 statement. The FY2026 interim report does not replace that audit opinion. The next audited statements are the document that can.
Capital commitments contracted but not recognised were S$0.073m.
Every other test on this page waits for the company to file. These do not. Each row is a series you can look up yourself, free, today — with the level this reading was built against, the levels that would put it in question, and what the series cannot tell you.
Department of Defense reimbursement, medicinal-cannabis import clearances and Wafermine trial progress are not published as one free, timely operating series independent of the issuer's SGX filings.
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Figures above are taken from the unaudited condensed interim financial statements for the quarter and year ended 30 June 2026, SGX FileID 902009, read on 22 September 2026. The FY2025 audit disclaimer is a separate announcement and is not restated inside the FY2026 document. Where the same announcement gives two post-year warrant-proceeds figures, both are shown and neither is forced to equal the other.
A correction to a figure on this page will be dated and will name the line that changed. This page states no view on the shares.
The authenticated research library holds a reported spread and a credit evidence note. It carries no current rating, fair value, forecast or investment action for this company. The public page retains reported evidence and open questions.
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