Prenetics Global Ltd 6-K/A, filed Jun 12, 2025
Prenetics Global Ltd (PRE)
6-K/A
2025-06-12
For: 2025-03-31
View Original
Added on
August 22, 2026
About this 6-K/A
Prenetics Global Ltd filed this 6-K/A on June 12, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1
To
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number 001-41401
Prenetics Global Limited
11401 Granite St. Charlotte, NC 28273 USA | Unit 703-706, K11 Atelier 728 King’s Road, Quarry Bay Hong Kong | |||||||||||||
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F
INCORPORATION BY REFERENCE
This Report on Form 6-K (this “Report”), shall be deemed to be incorporated by reference into the registration statements on Form F-3 (File nos. 333-274762 and 333-276538) and Form S-8 (File Nos. 333-287017, 333-279019, 333-271552 and 333-267956) of Prenetics Global Limited (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXPLANATORY NOTE
On June 12, 2025, Prenetics Global Limited (the “Company”) published a press release reporting the Company’s business and financial updates as well as the unaudited financial results for the first quarter ended March 31, 2025 (the “Press Release”).
This Amendment No. 1 to Form 6-K is to revise the Exhibit 99.1 Press Release to the Form 6-K furnished to the Securities and Exchange Commission earlier today, solely for the purpose of amending certain typos included (i) on page 4, relating to the Unaudited Non-IFRS Financial Measures, where the proper wording should be "adjusted EBITDA" instead of "audited EBITDA", (ii) on pages 1, 4 and 7, the proper wording should be "EBITDA under IFRS" and "adjusted EBITDA" instead of "EBITDA (non-IFRS)" and "adjusted EBITDA from continuing operations", respectively. Except as described above, this amendment does not amend any other information set forth in the Form 6-K. A copy of the corrected Press Release is being furnished herewith as Exhibit 99.1 and shall replace and supersede the previously furnished Press Release.
DISCLOSURE OF RESULTS OF OPERATIONS
We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our unaudited financial results for the first quarter ended March 31, 2025, along with recent business updates.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Prenetics Global Limited | ||||||||
| By: | /s/ Lo Hoi Chun | |||||||
| Name: | Lo Hoi Chun | |||||||
| Title: | Chief Financial Officer | |||||||
| Date: June 12, 2025 | ||||||||
UPDATE - Prenetics Announces First Quarter 2025 Financial Results, Raises FY2025 Outlook, & Crypto Strategy Announcement Soon
•Revenue grew 336.5% to $14.4 million from prior year (excluding ACT Genomics1)
•Raises full year revenue outlook to $80 - $100 million (excluding the ACT Genomics)
•IM8 contributed $5.7 million in Q1, with $2.8 million in March alone & provides Q2 revenue projections
•IM8 has more than 55,000 customers with 4.9 million servings delivered and counting
•Details of crypto strategy and Bitcoin adoption to be announced soon as part of innovative treasury approach
CHARLOTTE, N.C., June 12, 2025 – Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading health sciences company, today announced unaudited financial results for the first quarter ended March 31, 2025, along with recent business updates.
First Quarter 2025 Financial Highlights
•Revenue from continuing operations of $17.3 million in the first quarter 2025, an increase of 169.9% as compared to the first quarter 2024.
•Revenue from our consumer business2, normalized to exclude ACT Genomics, of $14.4 million in the first quarter 2025, an increase of 336.5% as compared to the first quarter 2024.
•Gross profit from continuing operations of $7.3 million in the first quarter 2025, an increase of 94.1% as compared to the first quarter 2024.
•Adjusted EBITDA3 of $(6.5) million in the first quarter 2025, an increase of 59.4% as compared to the first quarter 2024.
•Adjusted EBITDA from our consumer business, normalized to exclude ACT Genomics, of $(4.8) million in the first quarter 2025, an increase of 123.7% as compared to the first quarter 2024.
•Cash and other short-term assets4 of $78.0 million and the Company remained debt-free as of March 31, 2025.
Management Commentary
Danny Yeung, Chief Executive Officer and Co-Founder, remarked: “The first quarter of 2025 marked an exceptionally strong start for Prenetics, with financial performance that significantly surpassed expectations and strategic advancements that position us for accelerated growth. We are thrilled to report robust momentum, with revenue increasing by an impressive 336.5% year-over-year to $14.4 million (excluding the ACT Genomics).
Our strategic realignment towards the global consumer healthcare market is gaining tremendous traction. This strong start to the year is reflected in our revised full year outlook for the year in which we are raising our revenue expectations from $73 - $85 million to $80 - $100 million, reflecting the accelerating momentum across our business units. Additionally, we expect IM8's second quarter revenue to reach approximately $8.5 million, representing a 50% quarter-over-quarter increase.
1 Represents the diagnostics business of the group.
2 Represents the prevention and consumer health segments of the group, which include genetic testing services, health and wellness products, and the distribution of sports nutrition products.
3 Adjusted EBITDA is a non-IFRS financial measure defined as loss for the period excluding (1) depreciation and amortization, (2) interest income, (3) other finance costs, (4) income tax credit, (5) amortization of deferred expenses, (6) equity-settled share-based payment expenses, (7) acquisition and transaction-related costs, (8) strategic realignment and discontinued products impact, (9) exchange gain or loss, net, (10) fair value loss on financial assets at fair value through profit or loss, (11) fair value loss/(gain) on warrant liabilities, (12) gain on partial disposal of an equity-accounted investee, (13) share of loss of equity-accounted investees, net of tax, and (14) loss/(profit) from discontinued operation, net of tax. These adjustments are made for items that may not be indicative of our business performance, including non-cash and/or non-recurring items.
4 Represents current assets, including cash and cash equivalents of $48.0 million, financial assets at fair value through profit or loss of $10.6 million, and trade receivables of $4.5 million, amongst other accounting line items under current assets as of March 31, 2025.
We have made significant progress in our previously announced strategic review of ACT Genomics and anticipate concluding this process shortly. An announcement regarding the strategic decision on our ownership stake in ACT Genomics will be forthcoming.
With a robust financial foundation of $78 million in cash and short-term assets, we are uniquely positioned to propel continued innovation and growth, particularly within the transformative landscape of healthcare. We are actively pioneering innovative approaches to treasury management and capital allocation, strategically embracing a crypto strategy and Bitcoin adoption. In an era where healthcare demands unprecedented efficiency, security, and global accessibility, we believe forward-thinking companies must leverage digital assets and blockchain technologies to not only optimize shareholder value but also to revolutionize patient care and medical research. Our strong cash position and accelerating business fundamentals empower us with the agility to pursue strategic crypto initiatives that will enhance our competitive positioning in health tech, foster groundbreaking advancements, and drive unparalleled long-term value creation for a healthier future," concluded Mr. Yeung.
Business Updates and Strategic Initiatives
IM8 Business Momentum:
IM8 has achieved remarkable success in just six months since launch, attracting over 55,000 customers and delivering more than 4.9 million servings of its flagship Daily Ultimate Essentials. Our industry-leading 91% subscription rate and an impressive average order value of US$109 highlight strong customer loyalty and robust growth. With shipping now extended to 31 countries worldwide, IM8 is rapidly expanding its global footprint and demonstrating significant market potential.
Strategic Crypto Advisory Initiatives:
Leveraging our strong cash position and robust business fundamentals, management is actively advancing our innovative treasury management approach by evaluating strategic crypto initiatives and Bitcoin adoption. We are in active discussions with leading crypto industry veterans and thought leaders to provide expert guidance on digital asset opportunities, which will significantly enhance our crypto strategy decision-making capabilities and strengthen our market positioning in the evolving digital asset space. This forward-thinking approach to corporate finance aims to optimize capital allocation and drive long-term shareholder value creation.
Outlook
The Company is increasing full-year 2025 revenue guidance to $80 to $100 million from the previously projected $73 to 85 million.
As IM8 continues to demonstrate exceptional growth, and with Q1 2025 revenue of $5.7 million, we expect IM8's second quarter revenue to reach approximately $8.5 million, representing growth of 50% quarter-over-quarter.
About Prenetics
Prenetics (NASDAQ:PRE), a leading health sciences company, is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8, a health and wellness brand and Europa, one of the largest sports distribution companies in the USA. Each of Prenetics’ units synergistically enhances our global impact on health, embodying our commitment to ‘enhancing life through science’. To learn more about Prenetics, please visit prenetics.com.
About IM8
IM8 is the pinnacle of premium core nutrition, born from a collaboration between David Beckham as a co-founding partner, and an elite team of scientists spanning medical professionals, academia and space science. Combining cutting-edge science with nature’s most potent ingredients, IM8 delivers a holistic, science-backed approach to health, empowering you to live your most vibrant life. IM8’s flagship product, Daily Ultimate Essentials is an all-in-one powder supplement engineered to replace 16 different supplements in a delicious drink and is NSF Certified for Sport, non-GMO, vegan, free from common allergens, and contains no artificial flavors, colors or sweeteners. IM8 is a subsidiary of Prenetics (NASDAQ: PRE), a leading global health sciences company dedicated to advancing consumer health. To learn more about IM8, please visit IM8health.com.
Investor Relations Contact:
investors@prenetics.com
PRE@mzgroup.us
Angela Cheung
Investor Relations / Corporate Finance
Prenetics Global Limited
angela.hm.cheung@prenetics.com
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company’s ability to further develop and grow its business, including new products and services; its ability to execute on its new business strategy in genomics, precision oncology, and specifically, early detection for cancer; the results of case control studies and/or clinical trials; and its ability to identify and execute on M&A opportunities, especially in precision oncology. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the “Risk Factors” section of the Company’s most recent registration statement and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Basis of Presentation
Non-IFRS Financial Measure has been provided in the financial statements tables included at the end of this press release. An explanation of this measure is also included below under the heading “Non-IFRS Financial Measure”.
Unaudited Non-IFRS Financial Measures
To supplement Prenetics’ consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), the Company is providing non-IFRS measure, adjusted EBITDA, total revenue from continuing operations, normalized to exclude ACT Genomics and total adjusted EBITDA, normalized to exclude ACT Genomics. This non-IFRS financial measure is not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes this non-IFRS financial measure is useful to investors in evaluating the Company’s ongoing operating results and trends.
Management derived the adjusted EBITDA (non-IFRS financial measure) from loss for the period by excluding (1) depreciation and amortization, (2) interest income, (3) other finance costs, (4) income tax credit, (5) amortization of deferred expenses, (6) equity-settled share-based payment expenses, (7) acquisition and transaction-related costs, (8) strategic realignment and discontinued products impact, (9) exchange gain or loss, net, (10) fair value loss on financial assets at fair value through profit or loss, (11) fair value loss/(gain) on warrant liabilities, (12) gain on partial disposal of an equity-accounted investee, (13) share of loss of equity-accounted investees, net of tax, and and (14) loss/(profit) from discontinued operation, net of tax — items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company’s public disclosures.
In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company’s non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned “Reconciliation of loss for the period under IFRS and adjusted EBITDA (Non-IFRS)”, “Total Revenue from continuing operations, Normalized to exclude ACT Genomics” and “Total adjusted EBITDA, Normalized to exclude ACT Genomics” set forth at the end of this document.
PRENETICS GLOBAL LIMITED
Unaudited consolidated statements of financial position
(All amounts in thousands of U.S. dollars (“$”))
| March 31, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Property, plant and equipment | $ | 7,073 | $ | 7,811 | |||||||
| Intangible assets | 11,333 | 11,574 | |||||||||
| Goodwill | 37,364 | 37,364 | |||||||||
| Interests in equity-accounted investees | 67,884 | 68,223 | |||||||||
| Financial assets at fair value through profit or loss - non-current | 1,103 | 1,103 | |||||||||
| Other non-current assets | 1,234 | 1,352 | |||||||||
| Non-current assets | 125,991 | 127,427 | |||||||||
| Deferred expenses - current | 1,492 | 3,549 | |||||||||
| Inventories | 6,610 | 6,566 | |||||||||
| Trade receivables | 4,462 | 5,242 | |||||||||
| Deposits, prepayments and other receivables | 6,929 | 7,975 | |||||||||
| Amount due from a related company | 3 | 3 | |||||||||
| Financial assets at fair value through profit or loss - current | 10,562 | 10,562 | |||||||||
| Cash and cash equivalents | 47,966 | 52,251 | |||||||||
| Current assets | 78,024 | 86,148 | |||||||||
| Total assets | $ | 204,015 | $ | 213,575 | |||||||
| Liabilities | |||||||||||
| Deferred tax liabilities | $ | 2,097 | $ | 2,165 | |||||||
| Warrant liabilities | 237 | 175 | |||||||||
| Lease liabilities - non-current | 2,546 | 3,014 | |||||||||
| Other non-current liabilities | 323 | 324 | |||||||||
| Non-current liabilities | 5,203 | 5,678 | |||||||||
| Trade payables | 4,137 | 3,668 | |||||||||
| Accrued expenses and other current liabilities | 10,231 | 9,312 | |||||||||
| Contract liabilities | 6,191 | 6,491 | |||||||||
| Lease liabilities - current | 2,604 | 2,758 | |||||||||
Liabilities for puttable financial instrument5 | 14,520 | 14,309 | |||||||||
| Tax payable | 13 | 13 | |||||||||
| Current liabilities | 37,696 | 36,551 | |||||||||
| Total liabilities | 42,899 | 42,229 | |||||||||
| Equity | |||||||||||
| Share capital | 20 | 19 | |||||||||
| Reserves | 160,862 | 170,370 | |||||||||
| Total equity attributable to equity shareholders of the Company | 160,882 | 170,389 | |||||||||
| Non-controlling interests | 234 | 957 | |||||||||
| Total equity | 161,116 | 171,346 | |||||||||
| Total equity and liabilities | $ | 204,015 | $ | 213,575 | |||||||
PRENETICS GLOBAL LIMITED
Unaudited consolidated statements of profit or loss and other comprehensive income
(All amounts in thousands of U.S. dollars (“$”) unless otherwise indicated)
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||
| Continuing operations | |||||||||||||||||
| Revenue | $ | 17,312 | $ | 10,488 | $ | 6,413 | |||||||||||
Direct costs6 | (9,970) | (6,586) | (2,631) | ||||||||||||||
| Gross profit | 7,342 | 3,902 | 3,782 | ||||||||||||||
| Other income and other net gain | 312 | 1,293 | 748 | ||||||||||||||
Selling and distribution expenses6 | (4,789) | (2,406) | (1,898) | ||||||||||||||
Research and development expenses6 | (2,416) | (2,579) | (2,731) | ||||||||||||||
Administrative and other operating expenses6 | (11,081) | (16,780) | (9,061) | ||||||||||||||
| Operating loss from continuing operations | (10,632) | (16,570) | (9,160) | ||||||||||||||
| Fair value loss on financial assets at fair value through profit or loss | — | (8,728) | — | ||||||||||||||
| Fair value (loss)/gain on warrant liabilities | (63) | 31 | 81 | ||||||||||||||
| Gain on partial disposal of an equity-accounted investee | — | 1,244 | — | ||||||||||||||
| Share of loss of equity-accounted investees, net of tax | (309) | (869) | (216) | ||||||||||||||
| Other finance costs | (69) | (78) | (16) | ||||||||||||||
| Loss before taxation | (11,073) | (24,970) | (9,311) | ||||||||||||||
| Income tax credit | 64 | 7,424 | 286 | ||||||||||||||
| Loss from continuing operations | (11,009) | (17,546) | (9,025) | ||||||||||||||
| Discontinued operation | |||||||||||||||||
(Loss)/profit from discontinued operation, net of tax7 | (7) | 3 | (27) | ||||||||||||||
| Loss for the period | (11,016) | (17,543) | (9,052) | ||||||||||||||
| Other comprehensive income/(expense) | |||||||||||||||||
| Items that will not be reclassified subsequently to profit or loss: | |||||||||||||||||
| Share of other comprehensive income of equity-accounted investees | (36) | 303 | — | ||||||||||||||
| Item that may be reclassified subsequently to profit or loss: | |||||||||||||||||
| Exchange difference on translation of foreign operations | 103 | (726) | (430) | ||||||||||||||
| Other comprehensive income/(expense) for the period | 67 | (423) | (430) | ||||||||||||||
| Total comprehensive expense for the period | $ | (10,949) | $ | (17,966) | $ | (9,482) | |||||||||||
| Loss attributable to: | |||||||||||||||||
| Equity shareholders of Prenetics | $ | (10,390) | $ | (16,343) | $ | (8,568) | |||||||||||
| Non-controlling interests | (626) | (1,200) | (484) | ||||||||||||||
| $ | (11,016) | $ | (17,543) | $ | (9,052) | ||||||||||||
| Total comprehensive expense attributable to: | |||||||||||||||||
| Equity shareholders of Prenetics | $ | (10,243) | $ | (16,607) | $ | (9,001) | |||||||||||
| Non-controlling interests | (706) | (1,359) | (481) | ||||||||||||||
| $ | (10,949) | $ | (17,966) | $ | (9,482) | ||||||||||||
| Loss per share: | |||||||||||||||||
| Basic | $ | (0.80) | $ | (1.31) | (0.70) | ||||||||||||
| Diluted | (0.80) | (1.31) | (0.70) | ||||||||||||||
| Loss per share - Continuing operations: | |||||||||||||||||
| Basic | (0.80) | (1.31) | (0.70) | ||||||||||||||
| Diluted | (0.80) | (1.31) | (0.70) | ||||||||||||||
| Weighted average number of common shares: | |||||||||||||||||
| Basic | 13,002,975 | 12,494,648 | 12,215,904 | ||||||||||||||
| Diluted | 13,002,975 | 12,494,648 | 12,215,904 | ||||||||||||||
PRENETICS GLOBAL LIMITED
Unaudited Non-IFRS Financial Measures
(All amounts in thousands of U.S. dollars (“$”))
Reconciliation of loss for the period under IFRS and adjusted EBITDA (Non-IFRS)
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||
| Loss for the period under IFRS | $ | (11,016) | $ | (17,543) | $ | (9,052) | |||||||||||
| Depreciation and amortization | 1,126 | 1,394 | 1,720 | ||||||||||||||
| Interest income | (440) | (550) | (607) | ||||||||||||||
| Other finance costs | 69 | 78 | 16 | ||||||||||||||
| Income tax credit | (64) | (7,424) | (286) | ||||||||||||||
| EBITDA under IFRS | (10,325) | (24,045) | (8,209) | ||||||||||||||
| Amortization of deferred expenses | 2,088 | 2,099 | 2,088 | ||||||||||||||
| Equity-settled share-based payment expenses | 1,101 | 2,984 | 1,937 | ||||||||||||||
| Acquisition and transaction-related costs | — | 1,781 | — | ||||||||||||||
| Strategic realignment and discontinued products impact | 10 | 10 | 8 | ||||||||||||||
| Exchange gain or loss, net | 202 | (562) | (92) | ||||||||||||||
| Fair value loss on financial assets at fair value through profit or loss | — | 8,728 | — | ||||||||||||||
| Fair value loss/(gain) on warrant liabilities | 63 | (31) | (81) | ||||||||||||||
| Gain on partial disposal of an equity-accounted investee | — | (1,244) | — | ||||||||||||||
| Share of loss of equity-accounted investees, net of tax | 309 | 869 | 216 | ||||||||||||||
| Loss/(profit) from discontinued operation, net of tax | 7 | (3) | 27 | ||||||||||||||
| Adjusted EBITDA (Non-IFRS) | $ | (6,545) | $ | — | $ | (9,414) | $ | (4,106) | |||||||||
Total Revenue from continuing operations, Normalized to exclude ACT Genomics
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||
| Revenue from continuing operations under IFRS | $ | 17,312 | $ | 10,488 | $ | 6,413 | |||||||||||
| Impact from ACT Genomics | (2,901) | (3,925) | (3,112) | ||||||||||||||
| Revenue normalized to exclude ACT Genomics (non-GAAP) | $ | 14,411 | $ | 6,563 | $ | 3,301 | |||||||||||
Total adjusted EBITDA, Normalized to exclude ACT Genomics
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||
| Adjusted EBITDA (non-IFRS) | $ | (6,545) | $ | (9,414) | $ | (4,106) | |||||||||||
| Impact from adjusted EBITDA loss from ACT Genomics | 1,782 | 1,966 | 1,977 | ||||||||||||||
| Adjusted EBITDA normalized to exclude ACT Genomics (non-GAAP) | $ | (4,763) | $ | (7,448) | $ | (2,129) | |||||||||||
—————————————————————————
5 In connection with the acquisition of ACT Genomics, the remaining shareholders of ACT Genomics were granted put options which allow these remaining shareholders to put their remaining shares to Prenetics under certain conditions. The liabilities arising from such put option are recorded as liabilities for puttable financial instrument, and are valued at the present value of the exercise price of the put option.
6 Includes employee equity-settled share-based payment expenses from continuing operations as follows:
| Three Months Ended | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||
| Direct costs | $ | — | $ | 39 | $ | 1 | |||||||||||
| Selling and distribution expenses | 1 | 153 | 1 | ||||||||||||||
| Research and development expenses | 467 | 511 | 758 | ||||||||||||||
| Administrative and other operating expenses | 390 | 2,049 | 1,156 | ||||||||||||||
| Total employee equity-settled share-based payment expenses | $ | 858 | $ | 2,752 | $ | 1,916 | |||||||||||
7 We ceased our COVID-19 testing business entirely in 2023 Q2, and other DNA testing operations in the EMEA regions in 2023 Q4. As a result, COVID-19 testing business and the operations in the EMEA regions are reported as a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In accordance with IFRS 5, the results of the discontinued operation have been presented separately from the continuing operations in the consolidated statements of profit or loss and other comprehensive income.