BioNexus Gene Lab Corp. Files 2024 Annual Report Highlighting Strategic Innovation, Operational Resilience, and Growth Trajectory

Rhea-AI Summary

BioNexus Gene Lab Corp. (NASDAQ: BGLC) has filed its 2024 Annual Report, highlighting significant operational improvements and strategic initiatives. The company achieved a 39% reduction in year-over-year net loss and maintained a strong financial position with over $4 million in cash and total liquidity exceeding $6 million.

Key developments include the adoption of a blockchain-native treasury strategy utilizing Ethereum (ETH) as a strategic reserve asset, expansion of genomic diagnostics through MRNA Scientific division, and new partnerships in molecular screening and AI-based health diagnostics.

To maintain Nasdaq compliance, BGLC implemented a 1-for-10 reverse stock split on April 7, 2025, aiming to meet minimum bid price requirements by May 1, 2025.

Positive

• 39% reduction in net loss demonstrates improved operational efficiency
• Strong financial position with $4M cash and $6M total liquidity
• Strategic expansion in genomic diagnostics and AI-based health solutions

Negative

• Required 1-for-10 reverse stock split to maintain Nasdaq listing compliance
• Ongoing compliance issues with Nasdaq minimum bid price requirements
• Company still operating at a net loss despite improvements

KUALA LUMPUR, Malaysia, April 15, 2025 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corp. (Nasdaq: BGLC) (“BioNexus” or the “Company”), a diversified biotechnology and specialty materials group headquartered in Malaysia and incorporated in Wyoming, today announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission.

The Company’s 2024 report showcases a year of strategic realignment, technological advancement, and enhanced corporate governance - positioning BGLC for sustainable long-term growth.

Financial Resilience and Market Stability

BGLC ended 2024 with a strong cash position of over $4million and total liquidity exceeding $6 million, reinforcing the Company’s commitment to prudent capital management. Despite macroeconomic headwinds, BioNexus reduced its year-over-year net loss by over 39%, reflecting improved operational efficiency and cost discipline across its healthcare diagnostics and specialty chemicals divisions.

Breakthrough Innovation in Digital Health and Blockchain

The Company marked a significant milestone by approving a blockchain-native treasury strategy, becoming the first Nasdaq-listed issuer to prioritize Ethereum (ETH) as a core strategic reserve asset. This forward-looking initiative is intended to enhance capital efficiency while aligning with emerging digital infrastructure standards - particularly within the U.S. and Wyoming's evolving Web3 regulatory frameworks.

Additionally, the Company continued to expand its genomic diagnostics offerings under its MRNA Scientific division and entered into strategic partnerships to scale its molecular screening platform and AI-based health diagnostics initiatives.

Nasdaq Compliance

To maintain its Nasdaq listing, the Company effected a 1-for-10 reverse stock split on April 7, 2025. The Company expects to regain full compliance with the Nasdaq minimum bid price rule by or before the May 1, 2025 deadline.

CEO Commentary

"2024 was a foundational year for BioNexus," said Sam Tan, CEO and President of BGLC. "We emerged from operational restructuring with renewed strategic focus, maintaining a clean balance sheet, and the conviction to lead in both healthcare technology and decentralized finance. We look forward to executing on our growth roadmap and building long-term shareholder value."

About BioNexus Gene Lab Corp.

BioNexus Gene Lab Corp. (Nasdaq: BGLC) is a Wyoming-incorporated, Nasdaq-listed company with operating subsidiaries in Malaysia focused on molecular diagnostics and chemical raw materials distribution. Through its wholly owned subsidiaries, MRNA Scientific and Chemrex Corporation, BGLC is dedicated to improving healthcare through advanced genomics and providing high-quality composite materials to industrial sectors across Southeast Asia.

For more information, please visit www.bionexusgenelab.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including those related to Nasdaq compliance, future expansion, revenue growth, blockchain adoption, and strategic partnerships, involve known and unknown risks, uncertainties, and other important factors. Actual results may differ materially. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Investor Relations Contact:
ir@bionexusgenelab.com
+1 (307) 241-6898

FAQ

What is BioNexus Gene Lab's (BGLC) current cash position in 2024?

BGLC reported over $4 million in cash and total liquidity exceeding $6 million at the end of 2024.

How much did BioNexus (BGLC) reduce its net loss in 2024?

BGLC reduced its year-over-year net loss by over 39% in 2024.

What is the ratio of BGLC's reverse stock split announced in 2025?

BGLC implemented a 1-for-10 reverse stock split on April 7, 2025.

When is BGLC expected to regain Nasdaq minimum bid price compliance?

BGLC expects to regain Nasdaq compliance by or before May 1, 2025.

What new strategic initiative did BGLC implement for its treasury?

BGLC approved a blockchain-native treasury strategy using Ethereum (ETH) as a core strategic reserve asset.