Advanced Biomed's Q3 Loss Widens Amid R&D Spend

TL;DR

**ADVB's Q3 loss deepened, burning cash; this biotech is a high-risk bet on future oncology breakthroughs.**

AI Summary

Advanced Biomed Inc. (ADVB) reported a net loss of $386,901 for the three months ended September 30, 2025, a 45.7% increase from the $265,580 net loss in the same period of 2024. Total operating expenses slightly increased to $523,914 from $520,027 year-over-year, driven by a 29.9% rise in research and development expenses to $235,992. Cash decreased by $247,396 to $2,656,519 as of September 30, 2025, from $2,903,915 on June 30, 2025. The company completed its initial public offering on March 7, 2025, raising net proceeds of approximately $5.49 million. Strategic outlook focuses on developing and commercializing oncology products, with a significant portion of its operations and subsidiaries located in Taiwan and the People's Republic of China. The company's ability to continue as a going concern depends on generating positive operating cash flows and securing additional capital.

Why It Matters

Advanced Biomed's widening net loss and reliance on future capital raises signal significant challenges for investors, particularly given its early-stage R&D focus in oncology. The company's strategic divestitures of inactive PRC subsidiaries in 2023, while aimed at improving operational efficiency, highlight a past struggle with market penetration and execution in a competitive biotech landscape. For employees, continued losses could raise concerns about job security and long-term stability. Customers, primarily in the precision oncology detection and diagnosis market, will be watching for successful product development and regulatory approvals, which are critical for ADVB to compete with established players and emerging innovators in the global biotech sector. The broader market will view ADVB as a speculative play until it demonstrates a clear path to profitability and product commercialization.

Risk Assessment

Risk Level: high — The company reported a net loss of $386,901 for the three months ended September 30, 2025, and a total comprehensive loss of $473,440. Cash used in operating activities was $610,342 for the quarter, indicating a significant cash burn. The filing explicitly states, "The Company's ability to continue as a going concern depends upon its ability to develop, register and obtain regulatory approval for commercial sell of its products to generate positive operating cash flows."

Analyst Insight

Investors should exercise extreme caution and consider ADVB a highly speculative investment. Given the increasing net loss, significant cash burn from operations, and explicit going concern warning, potential investors should wait for clear evidence of successful product development, regulatory approval, and a sustainable revenue model before considering a position.

Financial Highlights

debt To Equity

1.07

total Assets

$6,242,970

total Debt

$3,238,846

net Income

-$386,901

eps

-$0.02

cash Position

$2,656,519

Key Numbers

• $386,901 — Net Loss (for the three months ended September 30, 2025, a 45.7% increase from prior year)
• $265,580 — Net Loss (for the three months ended September 30, 2024)
• $523,914 — Total Operating Expenses (for the three months ended September 30, 2025)
• $235,992 — Research and Development Expenses (for the three months ended September 30, 2025, up 29.9%)
• $2,656,519 — Cash (as of September 30, 2025, a decrease of $247,396 from June 30, 2025)
• $5.49 million — Net IPO Proceeds (raised from the initial public offering on March 7, 2025)
• 21,640,000 — Shares Outstanding (as of November 19, 2025)
• $610,342 — Cash Used in Operating Activities (for the three months ended September 30, 2025)
• $3,004,124 — Total Stockholders' Equity (as of September 30, 2025)
• $3,238,846 — Total Liabilities (as of September 30, 2025)

Key Players & Entities

• Advanced Biomed Inc. (company) — registrant and investment holding company
• Nasdaq Stock Market LLC (regulator) — exchange where ADVB common stock is registered
• Dr. Yi Lu (person) — beneficial owner and former direct owner of Advanced Biomed Inc. (Taiwan)
• Chen-Yi Lee (person) — beneficial owner and former direct owner of Advanced Biomed Inc. (Taiwan)
• Advanced Biomed Inc. (Taiwan) (company) — primary operating subsidiary focused on R&D in oncology
• Shanghai Sglcell Biotech Co., Ltd. (company) — subsidiary engaged in medical clinics in PRC
• Sglcell (Huangshan) Biotech Co., Ltd. (company) — dormant subsidiary transferred to third-party
• SEC (regulator) — U.S. Securities and Exchange Commission
• Dr. Hung To Pau (person) — stockholder who received shares in debt-for-equity exchange
• Advance On Ventures Limited (company) — stockholder whose beneficial owners are employees of Advanced Biomed Taiwan

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company's ability to continue as a going concern is dependent on its ability to generate positive operating cash flows and secure additional capital. The net loss for the three months ended September 30, 2025, increased by 45.7% to $386,901 from $265,580 in the prior year period. Cash decreased by $247,396 to $2,656,519 during the quarter.
• Dependence on Taiwan and China Operations [medium — operational]: A significant portion of Advanced Biomed Inc.'s operations and subsidiaries are located in Taiwan and the People's Republic of China. This geographic concentration exposes the company to potential risks related to political, economic, and regulatory changes in these regions.
• Increased R&D Expenses [medium — financial]: Research and development expenses increased by 29.9% to $235,992 for the three months ended September 30, 2025, compared to the prior year. While crucial for product development, this rise contributes to the overall net loss and cash burn.
• Related Party Transactions [medium — financial]: The company has significant amounts due to related parties, including major stockholders ($50,013 as of September 30, 2025) and related corporations ($1,435,065 as of September 30, 2025). These transactions require careful scrutiny and could pose financial or governance risks.

Industry Context

Advanced Biomed Inc. operates in the oncology product development and commercialization sector. This is a highly competitive and research-intensive field, requiring significant capital investment in R&D. The company's focus on Taiwan and China suggests a strategy to leverage these markets for growth, though it also introduces specific regional risks.

Regulatory Implications

As a publicly traded company on Nasdaq, Advanced Biomed Inc. must comply with SEC regulations and reporting requirements. Its operations in China may also be subject to evolving healthcare and business regulations in that jurisdiction, potentially impacting market access and operational costs.

What Investors Should Do

1. Monitor cash burn rate and future financing activities.
2. Analyze R&D spending effectiveness.
3. Evaluate risks associated with China/Taiwan operations.

Key Dates

• 2025-03-07: Initial Public Offering (IPO) closed — Raised approximately $5.49 million in net proceeds, providing capital for operations and development. The company's stock began trading on Nasdaq.
• 2024-10-15: Reverse Share Split — A 5-for-1 reverse stock split was effected, impacting the number of shares outstanding and potentially the per-share metrics.

Glossary

Accumulated Deficits

The total net losses of a company that have not been offset by net income since its inception. (Indicates the company has historically incurred more losses than profits, standing at ($19,619,945) as of September 30, 2025.)

Going Concern

An accounting assumption that a business will continue to operate for the foreseeable future. (The company's ability to continue as a going concern is explicitly stated as dependent on generating positive cash flows and securing additional capital.)

Reverse Share Split

A corporate action where a company reduces the number of its outstanding shares by consolidating them. (A 5-for-1 reverse split was completed on October 15, 2024, affecting the share count and per-share calculations.)

Other Comprehensive Income (Loss)

Unrealized gains or losses that bypass the income statement but affect equity. (Includes foreign currency translation adjustments, contributing to the total comprehensive loss.)

Year-Over-Year Comparison

For the three months ended September 30, 2025, Advanced Biomed Inc. reported a net loss of $386,901, a 45.7% increase from the $265,580 loss in the same period of 2024. Total operating expenses saw a slight increase to $523,914 from $520,027 year-over-year, primarily driven by a 29.9% surge in R&D expenses to $235,992. Cash reserves declined by $247,396 during the quarter, underscoring ongoing cash burn and the need for future capital.

Key Financial Figures

• $0.001 — ch Registered: Common Stock, par value $0.001 per share ADVB The Nasdaq Stock Market

Filing Documents

• ea0265253-10q_advanced.htm (10-Q) — 743KB
• ea026525301ex31-1_advanced.htm (EX-31.1) — 10KB
• ea026525301ex31-2_advanced.htm (EX-31.2) — 10KB
• ea026525301ex32-1_advanced.htm (EX-32.1) — 4KB
• ea026525301ex32-2_advanced.htm (EX-32.2) — 4KB
• 0001213900-25-112602.txt ( ) — 5166KB
• advb-20250930.xsd (EX-101.SCH) — 50KB
• advb-20250930_cal.xml (EX-101.CAL) — 42KB
• advb-20250930_def.xml (EX-101.DEF) — 229KB
• advb-20250930_lab.xml (EX-101.LAB) — 377KB
• advb-20250930_pre.xml (EX-101.PRE) — 244KB
• ea0265253-10q_advanced_htm.xml (XML) — 639KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosure About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 PART II OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41 Signature 42 i

Forward-Looking Statements

Forward-Looking Statements The following discussion and analysis of our financial condition, results of operations and notes to the unaudited interim condensed consolidated financial statements included herein contains forward-looking statements that reflect our plans, beliefs, expectations and current views with respect to, among other things, future events and financial performance. Our actual results could differ materially from the forward-looking statements included herein. opportunities are typical of such statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" in our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on October 8, 2025. The following contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. The forward-looking statements appear in a number of places in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations". Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "is/are likely to," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "potential," "target," "continue" and "ongoing," or the negative of these terms or other comparable terminology intended to identify statements about the future. The forward-looking statements

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ADVANCED BIOMED INC UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS As of September 30, 2025 As of June 30, 2025 US$ US$ (Unaudited) Assets Current assets: Cash 2,656,519 2,903,915 Prepaid expenses and other current assets, net 3,187,614 3,128,656 Total current assets 5,844,133 6,032,571 Equipment, net 281,270 331,346 Right-of-use assets, net 42,797 65,399 Other non-current assets 74,770 83,027 Total non-current assets 398,837 479,772 TOTAL ASSETS 6,242,970 6,512,343 Liabilities Current liabilities: Accounts payable, accruals, and other current liabilities (including amount due to related parties – major stockholders as of September 30, 2025 and June 30, 2025, with $ 50,013 and $ 172,767 , and due to related parties – related corporations with $ 1,435,065 and $ 916,036 , respectively (1) ) 3,017,018 2,853,317 Lease payable - current 27,934 35,811 Total current liabilities 3,044,952 2,889,128 Amount due to related parties – non-current 190,959 139,772 Lease payable – non-current 2,935 5,879 Total non-current liabilities 193,894 145,651 TOTAL LIABILITIES 3,238,846 3,034,779 Commitments and contingencies - - Stockholders' equity Common stock $ 0.001 par value per share; as of September 30, 2025 and June 30, 2025; 400,000,000 and 400,000,000 shares authorized; 21,640,000 and 21,640,000 shares issued and outstanding, respectively* 21,640 21,640 Additional paid-in capital 21,347,278 21,347,278 Accumulated deficits ( 19,619,945 ) ( 19,233,044 ) Accumulated other comprehensive income 1,255,151 1,341,690 Total stockholders' equity 3,004,124 3,477,564 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 6,242,970 6,512,343 * Giving retroactive effect to the 5 for 1 reverse share split effected on October 15, 2024. (1) See Note 12 for disclosure of related parties amounts. The accompanying notes are an integral part of these unaudited

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND PRINCIPAL ACTIVITIES On July 16, 2021, Advanced Biomed Inc. (the "Company") was incorporated in the State of Nevada, as an investment holding company. The Company's principal executive offices are located in Tainan City, Taiwan. The Company has no substantive operations and assets. It is holding Company that holds all of the issued and outstanding shares of Advanced Biomed HK Limited and Advanced Biomed Inc. (Taiwan). On March 7, 2025, the Company announced the closing of its initial public offering (the "Offering") of 1,640,000 shares of common stock (the "Shares"), at a public offering price of US$ 4.00 per share for total gross proceeds of US$ 6.56 million. The Company raised total net proceeds of approximately US$ 5.49 million, which was reflected in the statement of cash flows, after deducting underwriting discounts and commissions and outstanding offering expenses upon the completion of listing. The common stock of the Company began trading on the Nasdaq Capital Market under the ticker symbol "ADVB" from March 6, 2025 (1) Establishment of Advanced Biomed HK Limited On August 10, 2021, the Company incorporated a wholly owned subsidiary, Advanced Biomed HK Limited, in Hong Kong to facilitate market development and commercialization of the Company's oncology products for sale and distribution in the People's Republic of China (the "PRC"). (2) Acquisition of Shanghai Sglcell Biotech Co., Ltd. and its subsidiaries On January 1, 2022, Advanced Biomed HK Limited acquired 100 % equity interest of Shanghai Sglcell Biotech Co., Ltd. Shanghai Sglcell Biotech Co., Ltd. was established in the PRC on April 12, 2019. It is engaged in the establishment and operation of medical clinics in the PRC. Shanghai Sglcell Biotech Co., Ltd. owns 100 % equity interest of two subsidiaries namely 1.) Shandong Sglcell Medical Devices Co., Ltd. and 2.) Nanjing Yitian Biotech Co., Ltd. Shandong Sglcell Medical Devices Co.,

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View this 10-Q filing on SEC EDGAR