Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 40

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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1:5) to one-for-ten (1:10), with the exact ratio to be set at the discretion of the Board of Directors. Proposal 2 (APPROVED): Approval of an adjournment of the Meeting, if necessary, to solicit additional proxies if there were insufficient votes in favor of Proposal 1.

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BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 

(Currency expressed in United States Dollars (“US$”)) 

(Unaudited)

NOTE 15 – SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2025 up through August 18, 2025 of these consolidated financial statements. During the period, except as stated below, the Company did not have any material recognizable subsequent events. On July 30, 2025, the Company announced that it had entered into a non-binding term sheet with Fidelion Diagnostics Pte Ltd, a Singapore-based precision diagnostics company, regarding a proposed cross-equity investment and the grant to the Company of exclusive commercialization rights for Fidelion’s VitaGuard™ MRD platform in Southeast Asia. The transaction, which is subject to execution of definitive agreements, contemplates mutual equity investments, a license fee, and joint development of AI-powered cancer interception systems trained on VitaGuard™ longitudinal MRD datasets. The Company plans to initiate regulatory submissions in Singapore and Malaysia in 2026. On July 31, 2025, our Board of Directors approved the strategic repositioning of Chemrex Corporation Sdn. Bhd. into a biotechnology-focused CDMO and the staged wind-down of its specialty chemical operations. The Board authorized the reallocation of up to MYR 10 million toward financing the CDMO’s operational development, including facility upgrades, cleanroom infrastructure, and personnel recruitment.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Description of Business

As used herein, unless the context otherwise indicates, references to the “Company,” “we,” “our,” “us,” “Bio