olivLaw · US equity research
Virax Biolabs Group Limited VRAX
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
Virax Biolabs Group Limited is a Cayman Islands biotechnology holding company with operations in the United Kingdom, the United States and China, developing the ViraxImmune T cell immune profiling platform and in vitro diagnostics, initially aimed at post-acute infection syndromes. The company is still in development, with very small revenue of 12,423 USD in fiscal 2026 and a net loss of 5,032,184 USD in the same year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Virax Biolabs Group Limited (VRAX) stock was 1.20 USD (+13.21% on the day), with market capitalisation 695.1 k USD, beta 1.12, 52-week range 1.06–17.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.8
- weak (30–45)
- Bollinger (20, 2)
- 0.87 – 1.95
- in the lower half of the band · %B 0.31 · band width 77.1%
- SMA 50 / 200
- 2.07 / 3.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.29 / -0.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −50.0% | −1.1% | −48.9 pp | — |
| 3 months | −58.8% | −0.5% | −58.3 pp | — |
| 6 months | −61.9% | +4.4% | −66.3 pp | — |
| Year to date | −86.1% | +12.3% | −98.4 pp | — |
| 1 year | −90.6% | +13.5% | −104.1 pp | −21.1% |
| 3 years | −98.1% | +76.4% | −174.5 pp | −44.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 123.8 k | 0 | 8.6 k | 156.4 k | 6.3 k |
| Revenue YoY | unavailable | −100.0% | unavailable | +1,727.1% | −96.0% |
| Net income | -651.0 k | -1.7 m | -5.5 m | -6.7 m | -6.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.79 | -5.13 | -3.36 | -1.62 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -525.8% | unavailable | -63,748.3% | -4,304.8% | -95,739.2% |
| Free cash flow | unavailable | unavailable | unavailable | -7.2 m | -5.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 4.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.5 m USD
- Total assets
- 6.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 7.27x
- ROE
- -114.4%
- ROA
- -101.8%
- FCF margin
- -81,621.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 123.8 k | 0 | 8.6 k | 156.4 k | 6.3 k | SEC (XBRL)· 02 Jul 2025verified |
| Cost of revenue | 133.3 k | — | 9.9 k | 105.8 k | 59.4 k | SEC (XBRL)· 02 Jul 2025verified |
| Gross profit | -9.4 k | — | -1.4 k | 50.6 k | -53.1 k | SEC (XBRL)· 02 Jul 2025verified |
| Research & development | 120.2 k | 433.7 k | 2.2 m | 1.6 m | 1.8 m | SEC (XBRL)· 02 Jul 2025verified |
| Operating income | -644.5 k | -1.7 m | -5.7 m | -6.5 m | -6.2 m | SEC (XBRL)· 02 Jul 2025verified |
| Depreciation & amortisation | — | — | — | 54.9 k | 266.6 k | SEC (XBRL)· 02 Jul 2025verified |
| EBITDA | — | — | — | -6.4 m ≈ | -5.9 m ≈ | SEC (XBRL)· 02 Jul 2025derived |
| Pre-tax income | -672.9 k | -1.7 m | -5.5 m | -6.7 m | -6.2 m | SEC (XBRL)· 02 Jul 2025verified |
| Income tax | — | — | — | — | -136.7 k | SEC (XBRL)· 02 Jul 2025verified |
| Net income | -651.0 k | -1.7 m | -5.5 m | -6.7 m | -6.1 m | SEC (XBRL)· 02 Jul 2025verified |
| Diluted EPS | — | -1.79 | -5.13 | -3.36 | -1.62 | SEC (XBRL)· 02 Jul 2025verified |
| Weighted average diluted shares | 1.6 m | 956.3 k | 1.1 m | 2.0 m | 3.7 m | SEC (XBRL)· 02 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 17.6 k | 21.8 k | 9.4 m | 3.6 m | 4.2 m | SEC (XBRL)· 02 Jul 2025verified |
| Inventories | 21.1 k | 21.0 k | 0 | 60.4 k | 94.7 k | SEC (XBRL)· 02 Jul 2025verified |
| Current assets | 39.6 k | 48.7 k | 9.6 m | 4.4 m | 4.9 m | SEC (XBRL)· 02 Jul 2025verified |
| Property, plant & equipment, net | — | — | — | 897.6 k | 1.2 m | SEC (XBRL)· 02 Jul 2025verified |
| Intangibles (excl. goodwill) | — | — | 178.4 k | — | — | SEC (XBRL)· 14 Jun 2023verified |
| Total assets | 39.6 k | 48.7 k | 9.8 m | 5.5 m | 6.4 m | SEC (XBRL)· 02 Jul 2025verified |
| Current liabilities | 871.4 k | 1.2 m | 908.4 k | 168.8 k | 673.2 k | SEC (XBRL)· 02 Jul 2025verified |
| Total liabilities | 871.4 k | 1.2 m | 908.4 k | 345.2 k | 964.8 k | SEC (XBRL)· 02 Jul 2025verified |
| Equity | -831.8 k | -1.2 m | 8.9 m | 5.1 m | 5.5 m | SEC (XBRL)· 02 Jul 2025verified |
| Shares outstanding at year end | — | 815.7 m | 15.5 m | 2.6 m | 4.3 m | SEC (XBRL)· 02 Jul 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -590.2 k | -809.1 k | -4.2 m | -6.2 m | -4.6 m | SEC (XBRL)· 02 Jul 2025verified |
| Capex | — | — | — | 952.5 k | 603.9 k | SEC (XBRL)· 02 Jul 2025verified |
| Free cash flow | — | — | — | -7.2 m ≈ | -5.2 m ≈ | SEC (XBRL)· 02 Jul 2025derived |
| Investing cash flow | — | — | -178.4 k | -1.2 m | -603.9 k | SEC (XBRL)· 02 Jul 2025verified |
| Financing cash flow | 585.2 k | 813.2 k | 13.7 m | 1.6 m | 5.8 m | SEC (XBRL)· 02 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 695.1 k USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -95,739.2% | 7 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.3x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -743.5% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial7/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Virax Biolabs Group Ltd (VRAX). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 6.3 k USD in 2025; YoY growth -96.0%; net margin -95,739.2%; ROE -109.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.3x
What contradicts it
- Net margin: -95,739.2%
- FCF yield: -743.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −7% / +50% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −48% / −79% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +57% / +261% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +114% / +128% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −89% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −91% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for VRAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Jul 2026; since then the company filed 6-K (29 Oct 2026), 6-K (09 Oct 2026), 6-K (04 Sept 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026), 6-K (31 Jul 2026).
In brief
Virax Biolabs Group Limited is a Cayman Islands biotechnology holding company with operations in the United Kingdom, the United States and China, developing the ViraxImmune T cell immune profiling platform and in vitro diagnostics, initially aimed at post-acute infection syndromes. The company is still in development, with very small revenue of 12,423 USD in fiscal 2026 and a net loss of 5,032,184 USD in the same year.
SWOT
Strengths
- A T cell-based platform with a clear focus on post-acute infection syndromes, an area of unmet medical need 1.
- A management team with experience in biotechnology, diagnostics and running a listed company 1.
- An existing RUO portfolio that can support laboratory relationships and development activity 1.
Weaknesses
Opportunities
Risks
- Almost no revenuehigh
Revenue is marginal and the company has not yet shown a clear path to profitability 1.
- Dependence on ViraxImmune validationhigh
If validation studies do not succeed, development and commercialization of the lead platform could be postponed or abandoned 1.
- Intellectual property protectionmedium
The absence of patents could expose the technology to copying or infringement claims from third parties 1.
- Regulatory uncertaintymedium
Changes to IVD rules could affect access to target markets 1.
- Listing compliancemedium
The share consolidation shows the pressure to keep the Nasdaq listing, and failure to meet requirements could lead to delisting 1.
Investment thesis
What would need to be true (bull case)
- If ViraxImmune succeeds in clinical validation and secures a regulatory pathway, the company could enter a market with unmet medical need 1.
- The RUO portfolio could grow as relationships with laboratories and research organizations expand 1.
- Management experience in biotechnology and capital markets could support execution of the strategy 1.
What to watch
- Results of clinical validation studies for ViraxImmune2027
- Progress on the U.S. regulatory pathway via LDT and possibly IVD2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Jul 2026; since then the company filed 6-K (29 Oct 2026), 6-K (09 Oct 2026), 6-K (04 Sept 2026), 6-K (26 Aug 2026), 6-K (18 Aug 2026), 6-K (31 Jul 2026).
The business
Virax Biolabs is a holding company that conducts its operations through subsidiaries in the United Kingdom, the United States and China and has operated since 2013 1. Its main activity focuses on two platforms: ViraxImmune, an in-development T cell-based immune profiling platform, and ImmuneSelect, a research-use-only (RUO) portfolio of peptide pools, ELISpot plates and other reagents 1. The previously distributed ViraxClear and ViraxVet kits are no longer active strategic lines 1.
ViraxImmune has not been cleared, approved or authorized for diagnostic use in any jurisdiction 1. The strategy contemplates a possible initial U.S. laboratory-developed test pathway, followed by a potential IVD pathway, with clinical validation in the United States and the United Kingdom 1. The company completed a pre-submission meeting with the FDA in calendar 2025 to inform its regulatory planning 1.
In the near term revenue remains marginal, while research and development expenses rose to 3,738,358 USD in fiscal 2026 1. The company carried out a share consolidation in June 2026, at a ratio of 25 to 1, to regain compliance and maintain its Nasdaq Capital Market listing 1.
Segments
ViraxImmune
The lead in-development platform, based on T cell immune profiling, initially targeting Long COVID, ME/CFS and post-treatment Lyme disease 1. There is no significant revenue from this segment yet, as the product requires validation, regulatory progress and commercial adoption 1.
ImmuneSelect
A RUO portfolio of peptides, ELISpot plates and reagents sold to research laboratories, CROs and biopharmaceutical companies 1. Revenue from this segment was limited in fiscal 2026 1.
Historical products
The ViraxClear and ViraxVet test kits, distributed from third parties, generated revenue in earlier periods but are no longer active strategic lines 1.
Market context
The in vitro diagnostics and research reagents market is highly competitive, with established diagnostic companies, biotechnology firms, reagent suppliers and CROs 1. The market for T cell immune profiling is still developing and depends on clinical evidence, regulatory outcomes and reimbursement 1.
The company regards the United States as a key target market, but potential ViraxImmune revenue depends on successful validation and adoption by laboratories and physicians 1. This is a major source of uncertainty for the whole strategy 1.
Trends
- Growing interest in post-infection conditionstailwind
Recognition of unmet medical need in post-acute infection syndromes could create demand for objective tools that characterize immune dysfunction 1.
- Changing regulatory requirementsheadwind
Shifts in the IVD regulatory framework across markets could delay approvals and market entry for new products 1.
- Clinical evidence as a decisive factormixed
Adoption of immune profiling platforms depends on clinical evidence and acceptance by physicians and laboratories, which could speed up or slow commercialization 1.
- Competitive pressure in RUOheadwind
Research reagent suppliers with greater resources could limit sales growth for ImmuneSelect 1.
Competitive position
The company operates in a sector where it competes with established diagnostic companies, biotechnology firms, research reagent suppliers, CROs and emerging technology companies 1. Many of these competitors have considerably greater financial, technical and commercial resources 1.
Stated advantages include the T cell-based approach and the experience of the management team, but these do not guarantee a durable competitive edge 1. The company does not own any patents, which could limit protection of its technology 1.
- Established diagnostic companies
Diagnostic companies with far greater resources, cited generically in the source, that could compete for the same laboratory customers.
- Biotechnology firms with immune platforms
Companies developing similar immune testing or technologies, cited generically in the source.
- Research reagent suppliers
Suppliers of peptides, plates and reagents for laboratories, direct competitors of the ImmuneSelect segment.
- CROs and emerging technology companies
Contract research organizations and emerging technology companies that could develop competing solutions.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)16 Jul 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)09 Jul 2026
- Annual report (foreign issuer)06 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Virax Biolabs Group Limited · 06 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.