Virax Biolabs (VRAX) - 2023 Q4 - Annual Report

Financial Performance - Revenue for the six months ended September 30, 2022, was $5,760, compared to $0 in the same period of 2021[5] - The net loss for the six months ended September 30, 2022, was $1.45 million, compared to a net loss of $575,040 in the same period of 2021[5] - Total operating expenses for the six months ended September 30, 2022, were $1.44 million, a significant increase from $566,740 in the same period of 2021[5] - The company reported a basic and diluted net loss per share of $0.38 for the six months ended September 30, 2022, compared to $0.24 in the same period of 2021[5] - The net loss attributable to the company for the six months ended September 30, 2022, was $1,443,611, resulting in a basic and diluted loss per share of $(0.38), compared to a loss of $(552,416) and $(0.24) per share in 2021[64] Assets and Equity - As of September 30, 2022, total assets increased to $5.30 million from $48,706 as of March 31, 2022[3] - Cash and cash equivalents at the end of the period were $4.57 million, up from $21,756 at the beginning of the period[7] - Stockholders' equity increased to $4.39 million as of September 30, 2022, from a deficit of $974,578 as of March 31, 2022[3] - As of September 30, 2022, the company reported an accumulated deficit of $7,780,577 and a net loss of $1,453,786 for the six months ended September 30, 2022, compared to a net loss of $575,040 for the same period in 2021[19] Capital and Financing - The company raised $6.56 million from shares issued for cash during the six months ended September 30, 2022[7] - The company completed its initial public offering (IPO) in July 2022 and subsequently raised approximately $3,844,500 through a private placement in November 2022[19] - The company needs to raise additional capital in the near term to fund ongoing operations and business activities[17] Research and Development - Research and development expenses for the six months ended September 30, 2022, were $96,622, slightly down from $108,097 in the same period of 2021[5] - The company is focused on developing tests for predicting adaptive immunity to viral diseases and has operations in multiple countries including the UK, Hong Kong, and the US[8] Currency and Exchange Rates - The company has a significant reliance on foreign currency, with the Renminbi being the functional currency for its Chinese subsidiary, while all other entities operate in U.S. dollars[30] - The average exchange rate for the British Pound was 0.831 for the six months ended September 30, 2022, compared to 0.723 for the same period in 2021[32] Stock and Shareholder Information - The company adopted the 2022 Equity Incentive Plan, allowing for the grant of options and shares for up to 1,319,418 ordinary shares, with approximately 159,418 shares available for issuance as of September 30, 2022[79] - The expected volatility for stock option awards was between 85.52% and 353.14% as of September 30, 2022[80] - The Company issued 1,160,000 stock options during the six months ended September 30, 2022, at an average exercise price of $5.03, with a total fair value of $4,966,500[82] - As of September 30, 2022, the Company had 1,160,000 outstanding stock options, with an aggregate intrinsic value of $4,966,500 and a remaining term of 10 years[83] Lease and Liabilities - The Company has short-term operating leases with future minimum lease payments totaling $30,921, with $16,866 due in the fiscal year ending March 31, 2023[87] - Current accounts payable and accrued liabilities were $725,270 as of September 30, 2022, down from $1,115,473 as of March 31, 2022[68] - As of September 30, 2022, the total amount due to related parties was $23,486, down from $126,183 as of March 31, 2022[89] Miscellaneous - The impact of the COVID-19 pandemic on the company's financial condition and future operations remains uncertain[22] - The company’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS)[21] - The company has not paid dividends historically and has no foreseeable plans to do so[39] - An employee was issued 54,300 unregistered shares of stock in lieu of services on December 31, 2022[94]