Increased Revenue from US and Higher Gross Margins in FY2026 Validate Business Pivot to US 

1.⁠ ⁠Strong growth in US contribution

• US revenue increased more than 14x to S$1.98 million in FY2026, from S$0.14 million in FY2025.
• US growth offset approximately two-thirds of the medicinal cannabis revenue shortfall within one year.
• Excluding medicinal cannabis, the Group's other businesses grew 144% year-on-year. 

2.⁠ ⁠Gross profit and gross margin strengthened

•⁠  ⁠Gross profit increased 19% to S$2.43 million from S$2.04 million, despite lower overall revenue.

•⁠  ⁠Gross margin expanded to 36%, from 26% in FY2025.

•⁠  ⁠Q4 gross margin further improved to 48%, from 32% in the corresponding period. 

3.⁠ ⁠Stronger cash position and balance sheet

•⁠  ⁠Cash and cash equivalents increased to S$14.16 million as at 30 June 2026, from S$0.33 million as at 30 June 2025.

•⁠  ⁠The Group restored positive working capital of S$8.61 million, compared with a working capital deficiency of S$4.77 million previously.

•⁠  ⁠The Group raised gross proceeds of approximately S$6.7 million in October 2025 and S$15.0 million in February 2026, supporting US expansion, interim requirements relating to the DoD contract, general working capital and debt reduction.

4.⁠ ⁠Loss narrowed, despite lower revenue

•⁠  ⁠Loss for FY2026 narrowed 21% to S$7.99 million, from S$10.14 million in FY2025.

•⁠  ⁠The improvement was achieved despite lower overall revenue, supported by higher gross profit and stronger gross margins.

5.⁠ ⁠Secured US$40.95 million US Department of Defense contract

•⁠  ⁠Secured a US$40.95 million sole-source contract from the US Department of Defense in February 2026.

•⁠  ⁠The contract supports Phase 3 clinical development of Wafermine, the Group's patented sublingual ketamine wafer for acute moderate-to-severe pain.

•⁠  ⁠Work commenced during FY2026 and contributed S$1.25 million in product development revenue, while the Group progresses an Emergency Use Authorization (EUA) pathway for DoD use.

6.⁠ ⁠Rapid expansion of US commercial product sales

•⁠  ⁠Sales of products supplied from the Australian facility to the US increased approximately 429% to S$0.74 million.

•⁠  ⁠SL-NAD+ and Wafesil accounted for more than 90% of these sales.

•⁠  ⁠The Group plans to supply products through the US compounding pharmacy channel following commissioning of its Nevada facility, enabling immediate monetisation of selected products without further clinical development.

7.⁠ ⁠Establishing a US manufacturing footprint

•⁠  ⁠The Group is relocating freeze-drying equipment from Australia to Nevada, US, supporting commercial and production readiness under the DoD contract and US compounding pharmacy pathway.

•⁠  ⁠The move is expected to strengthen supply-chain resilience and cost competitiveness while mitigating potential tariff-related headwinds. 

8.⁠ ⁠Pipeline of approximately 40 novel products

•⁠  ⁠iX Biopharma has developed a pipeline of approximately 40 novel products leveraging its proprietary sublingual technologies.

•⁠  ⁠The pipeline includes longevity and lifestyle products targeting high-value therapeutic areas such as men's health, hormone replacement therapy, and peptides. 

9.⁠ ⁠Multiple catalysts to drive the next phase of growth

•⁠  ⁠Advancing Wafermine's Emergency Use Authorisation (EUA) application and Phase 3 development under the DoD contract.

•⁠  ⁠Commissioning of the Nevada manufacturing facility to support US production and commercialisation.

•⁠  ⁠Scaling commercial product supply into the US, the world's largest healthcare market.

•⁠  ⁠Continued development and commercialisation of the Group's broader product pipeline.

See full media release here: https://links.sgx.com/FileOpen/FY2026%20Full%20Year%20FS%20Press%20Release.ashx?App=Announcement&FileID=902010