Singapore biotech Mirxes delays results in Hong Kong after audit flags issues

SINGAPORE – Homegrown biotech firm Mirxes has delayed the release of its 2025 annual results after auditors flagged issues linked to certain transactions, prompting an independent probe and a trading suspension of its shares.

In an exchange filing on April 2, the Hong Kong-listed company said the delay arose during audit work by KPMG, which identified concerns involving 14 transactions tied to US$14.8 million (S$19.05 million) worth of prepayments. The amounts were made to service providers and vendors for new projects, most of which took place in the second half of 2025. Of the total amount flagged, about US$9.5 million has been returned by counterparties for projects that did not commence or progress as planned.

The remaining US$5.3 million relates to prepayments linked to completed or ongoing work and has yet to be recovered. Mirxes’ board has set up an independent investigation committee comprising two independent non-executive directors. The committee has been tasked with overseeing a review of the transactions, including examining the company’s relationships with counterparties and its compliance with internal controls.

External advisers have been appointed to support the probe. Trading in the company’s shares was suspended from 9am on April 1 after it missed the March 31 deadline to file its 2025 results, and will remain halted until further notice. Founded in Singapore in 2014, Mirxes develops blood tests for early cancer detection.

The company’s core technology was developed in collaboration with Singapore’s Agency for Science, Technology and Research, and it continues to run its research, development and diagnostic operations here.

In May 2025, the company opted to list in Hong Kong instead of Singapore, citing a deeper pool of biotech investors and flexible listing rules for biotech firms. Shares of Mirxes last traded at HK$12.58 (S$2.