Virax Biolabs Files 20-F for FY Ending March 31, 2024

TL;DR

Virax Biolabs 20-F filed! Check FY24 results ending 3/31.

AI Summary

Virax Biolabs Group Ltd filed its 20-F report for the period ending March 31, 2024. The company, incorporated in E9 and headquartered in Lanarkshire, UK, operates in the in vitro & in vivo diagnostic substances sector. Key financial data and business operations for the fiscal year are detailed within this comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Virax Biolabs' financial performance and business activities for the fiscal year, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a 20-F filing, it primarily contains financial and business disclosures, but the inherent risks of the biotechnology sector and the company's specific operations are not fully detailed in this summary.

Key Numbers

• 0331 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
• 001-41440 — SEC File Number (Unique identifier for the company's SEC filings.)
• 20240820 — Filing Date (Date the 20-F report was submitted to the SEC.)

Key Players & Entities

• Virax Biolabs Group Ltd (company) — Filer of the 20-F report
• 20240331 (date) — End of the reporting period
• Lanarkshire, UK (location) — Company's business address
• 2835 (industry_code) — Standard Industrial Classification for diagnostic substances
• James Foster (person) — Chief Executive Officer and Director

FAQ

Key Financial Figures

• $0.001 — registered ordinary shares, par value $0.001 per share VRAX Nasdaq Capital Marke
• $ — wholly-owned subsidiary of HKco; and "$," "USD," "US
  quot; and "U.S. dollar" refers
• $6,739,120 — te further revenue. Our net losses were $6,739,120 and $5,457,763 for the years ended Marc
• $5,457,763 — nue. Our net losses were $6,739,120 and $5,457,763 for the years ended March 31, 2024 and
• $18,527,997 — 2024, we had an accumulated deficit of $18,527,997. Substantially all of our losses have r

Filing Documents

• vrax-20240331.htm (20-F) — 3206KB
• vrax-ex8_1.htm (EX-8.1) — 13KB
• vrax-ex12_1.htm (EX-12.1) — 9KB
• vrax-ex12_2.htm (EX-12.2) — 8KB
• vrax-ex13_1.htm (EX-13.1) — 7KB
• vrax-ex13_2.htm (EX-13.2) — 7KB
• img134772027_0.jpg (GRAPHIC) — 69KB
• img134772027_1.jpg (GRAPHIC) — 6KB
• 0000950170-24-099115.txt ( ) — 12779KB
• vrax-20240331.xsd (EX-101.SCH) — 1767KB
• vrax-20240331_htm.xml (XML) — 2540KB

Identity of Directors, Senior Management and Advisers

ITEM 1. Identity of Directors, Senior Management and Advisers. 5

Offer Statistics and Expected Timetable

ITEM 2. Offer Statistics and Expected Timetable 5

Key Information

ITEM 3. Key Information 5

Information on the Company

ITEM 4. Information on the Company 33

Unresolved Staff Comments

ITEM 4A. Unresolved Staff Comments 44

Operating and Financial Review and Prospects

ITEM 5. Operating and Financial Review and Prospects 44

Directors, Senior Management and Employees

ITEM 6. Directors, Senior Management and Employees 49

Major Shareholders and Related Party Transactions

ITEM 7. Major Shareholders and Related Party Transactions 55

Financial Information

ITEM 8. Financial Information 56

The Offer and Listing

ITEM 9. The Offer and Listing 57

Additional Information

ITEM 10. Additional Information 57

Quantitative and Qualitative Disclosures About Market Risk

ITEM 11. Quantitative and Qualitative Disclosures About Market Risk 65

Description of Securities Other Than Equity Securities

ITEM 12. Description of Securities Other Than Equity Securities 65 PART II 66

Defaults, Dividend Arrearages and Delinquencies

ITEM 13. Defaults, Dividend Arrearages and Delinquencies 66

Material Modifications to the Rights of Security Holders and Use of Proceeds

ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 66

Controls and Procedures

ITEM 15. Controls and Procedures 66

[RESERVED]

ITEM 16. [RESERVED] 67

Audit Committee Financial Expert

ITEM 16A. Audit Committee Financial Expert 67

Code of Ethics

ITEM 16B. Code of Ethics 67

Principal Accountant Fees and Services

ITEM 16C. Principal Accountant Fees and Services 67

Exemptions from the Listing Standards for Audit Committees

ITEM 16D. Exemptions from the Listing Standards for Audit Committees 68

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 68

Change in Registrant's Certifying Accountant

ITEM 16F. Change in Registrant's Certifying Accountant 68

Corporate Governance

ITEM 16G. Corporate Governance 68

Mine Safety Disclosure

ITEM 16H. Mine Safety Disclosure 68

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68

Insider Trading Policies

ITEM 16J. Insider Trading Policies 68

Cybersecurity

ITEM 16K. Cybersecurity 68 PART III 69

Financial Statements

ITEM 17. Financial Statements 69

Financial Statements

ITEM 18. Financial Statements 69 1

Exhibits

ITEM 19. Exhibits 69 2

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 20-F contains forward-looking statements, about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by us with the U.S. Securities and Exchange Commission, or the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below. This Annual Report on Form 20-F identifies important factors which could cause our actual results to differ materially from those indicated by the forward-looking statements, particularly those set forth under the heading "Risk Factors." The risk factors included in this Annual Report on Form 20-F are not necessarily all the important factors

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and indebtedness. Not applicable. C. Reasons for the offer and use of proceeds. Not applicable. D. Risk factors. Risks Related to Our Business and Industry We have limited operating history, have incurred operating losses for the years ended March 31, 2024 and 2023 and expect to incur significant losses for the foreseeable future. We may not generate sufficient revenue or become profitable or, if we achieve profitability, we may not be able to sustain it. Biotechnology product development is a highly speculative undertaking and involves a substantial degree of risk. We are a clinical-stage biotechnology company with a limited operating history upon which you can evaluate our business and prospects. We commenced operations in 2013, and to date, we have focused primarily on organizing and staffing our company, business planning, raising capital, performing research and development activities, primarily the development of the ViraxImmune product and a mobile application, establishing our intellectual property portfolio, and conducting clinical trials. We have incurred operating losses since inception. If our products are not successfully commercialized, namely, ViraxImmune, we may not generate further revenue. Our net losses were $6,739,120 and $5,457,763 for the years ended March 31, 2024 and 2023, respectively. As of March 31, 2024, we had an accumulated deficit of $18,527,997. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. ViraxImmune products will require additional development time and resources before we would begin generating revenue from product sales. We expect to continue to incur losses for the foreseeable future, and we anticipate these losses will increase substantially as we conduct our ongoing research and development of our Vira

View Full Filing

View this 20-F filing on SEC EDGAR