- BioNexus Gene Lab Corp. (BGLC, Financial) reported a 39% reduction in year-over-year net loss for 2024.
- The company maintains a strong cash position with over $4 million and total liquidity exceeding $6 million.
- BGLC implemented a blockchain-native treasury strategy using Ethereum, and executed a 1-for-10 reverse stock split to comply with Nasdaq requirements.
BioNexus Gene Lab Corp. (BGLC) has filed its 2024 Annual Report, revealing a strategic focus on operational resilience and growth. The company successfully reduced its net loss by more than 39% compared to the previous year, signaling improved operational efficiency. As of the year’s end, BioNexus reported over $4 million in cash, with total liquidity surpassing $6 million, reflecting robust financial health despite broader economic challenges.
In a significant strategic realignment, BioNexus has pioneered the adoption of a blockchain-native treasury strategy, utilizing Ethereum (ETH) as a strategic reserve asset. This initiative marks the company as the first Nasdaq-listed entity to integrate cryptocurrency into its strategic financial planning, aiming to enhance capital efficiency while keeping pace with evolving digital infrastructures.
Furthering its commitment to innovation, the company expanded its genomic diagnostics operations under the MRNA Scientific division. Additionally, BioNexus entered into new partnerships to advance its molecular screening and AI-based health diagnostics initiatives, highlighting its dedication to cutting-edge health solutions.
To maintain compliance with Nasdaq listing standards, BGLC executed a 1-for-10 reverse stock split on April 7, 2025. This measure is intended to meet the minimum bid price requirement by May 1, 2025, ensuring the company retains its Nasdaq listing status.
