Looking Ahead to 2025

In 2025, our key priorities include:

• Advancing ViraxImmune UK and U.S. Clinical Validation Studies: We will be leveraging insights gained from ongoing data and collaborations to fine-tune our offerings for broad-scale deployment. We expect to present key data at major international scientific conferences.
• U.S. regulatory Progress: We aim to initiate formal interactions with regulatory authorities to define the approval pathway for the ViraxImmune IVD platform. This step is critical to transitioning our innovative assays into clinical use.
• Expansion of ImmuneSelect Distribution Channels: Building on recent agreements, we will focus on growing our presence in additional markets, with particular emphasis on the Americas, and into U.S.-based markets.
• Initiation of Protective Immunity IVD clinical performance study (Lyme Disease and Pre & Post Transplant Infection).

This multi-faceted approach underscores our commitment to innovation, market growth, and scientific excellence as we position Virax as a leader in immune diagnostic solutions.

Financial Highlights

Research and development activities have accelerated from the prior year in both capital expenditures and research expenses. We have tripled our laboratory area since signing our first lease in BioCity, Glasgow in August 2023 and doubled our property, plant and equipment for that lab to approximately $1.1 million as of September 30, 2024 from the prior period. Our ongoing research and development expenses were approximately 33% higher year over year as of September 30, 2024.

During 2024, we received approximately $0.8 million from a warrant exercise and approximately $5.1 million from two cash for stock transactions, each in increasing valuation per raise. Our cash balance as of September 30, 2024 was approximately $7.3 million and working capital was approximately $6.6 million. In addition, we do not have any long-term debt obligations. Regarding the stock valuation, as of December 10, 2024, our shares are trading at a price less than our current cash on hand per share. We believe this valuation is not representative of the overall value and future potential of Virax. With the current cash balance and no debt to service, we believe we have adequate capital to fund our near-term priorities.