Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 67

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 Chemrex’s corporate policies and procedures, conducted in connection with the appointment of the Company’s new Chief Financial Officer, to ensure alignment with parent-level controls and regulatory compliance standards; and  ·The initiation of enhanced reporting protocols, requiring more frequent financial and operational reporting from Chemrex management to both the Company’s CFO and Audit Committee.

These steps are intended to remediate identified control deficiencies by improving oversight, increasing policy adherence, and enhancing transparency in subsidiary operations. Management will continue to monitor the effectiveness of these changes and will implement additional measures as appropriate to ensure that internal controls over financial reporting operate effectively on a consistent basis.

Changes in Internal Controls over Financial Reporting

Except as described above, there were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. 

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PART II OTHER INFORMATION

Item 1. Legal Proceedings.

There are presently no pending legal proceedings to which the Company or any of its property is subject, or any material proceedings to which any director, officer or affiliate of the Company, any owner of record or beneficially of more than five percent of any class of voting securities is a party or has a material interest adverse to the Company, and no such proceedings are known to the Company to be threatened or contemplated against it.

Item 1A. Risk Factors.

Except as set forth below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risk factors described in our Form 10-K, together with the following additional risks, should be carefully considered, as they could materially affect our business, financial condition, and results of operations.

Risks Related to the Proposed Fidelion Diagnostics Transaction

On July 30, 2025, we entered into a non-binding term sheet with Fidelion Diagnostics Pte Ltd (“Fidelion”) for a proposed cross-equity investment and exclusive commercialization rights to Fidelion’s VitaGuard™ minimal residual disease (MRD) platform in Southeast Asia. There can be no assurance that we will successfully negotiate and execute definitive agreements with Fidelion, or that the contemplated transaction will close on the expected terms or timeframe, if at all. The proposed transaction is subject to various conditions, including regulatory review