Microbix Biosystems Stock Earnings Reports

Microbix reported fiscal Q1 2026 (3 months ended Dec 31, 2025) revenues of $4.2 million, up 13% sequentially and in line with budget. The company recorded a controlled net loss of $1.2 million and used cash primarily for working capital timing; receivables rose but $3.3 million was collected in January, bringing cash to $10.6 million. Antigen sales were down year-over-year (driven mainly by lack of distributor sales in China), while the QAPs (proficiency testing/external quality assessment) business grew ~15% to $1.9 million. Management emphasized progress diversifying customers (new programs with Sekisui, Seegene and the College of American Pathologists) and expanding recombinant antigen capabilities (first commercial recombinant SARS‑CoV‑2 capsid antigen now in use), which should strengthen supply chain and margins. Operational improvements—higher throughput, better yields and reduced testing burden—are ongoing. The Kinlytic (urokinase) therapeutic program with Sequel is progressing through drug substance and drug product modernization; FDA feedback was constructive and uncontroversial, and the company continues to target an sBLA filing and potential approval timeline around late 2027. Management reiterated a strategic focus on returning to revenue breakeven (target ~ $5.5M–$6M quarterly) and full-year revenue roughly 30% above the 2025 low point (~$18–$19M). The normal course issuer bid (share buyback) remains active (repurchases ongoing at ~15,000 shares/day, ~1M shares repurchased to date).