6-K - VRAX - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025

Commission File Number: 001-41440

Virax Biolabs Group Limited

(Registrant’s Name)

BioCity Glasgow

Bo-Ness Road Newhouse

Lanarkshire, ML1 5UH

United Kingdom

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

When used in this Form 6-K, unless otherwise indicated, the terms "Virax Biolabs", “the Company,” “Virax,” “we,” “us” and “our” refer to Virax Biolabs Group Limited. and its subsidiaries.

Information Contained in this Form 6-K Report

Interim Financial Statements

On December 2, 2025, Virax Biolabs Group Limited issued unaudited interim financial statements as of September 30, 2025. Attached hereto and incorporated by reference herein are the following exhibits.

Exhibits

Exhibit No	Description
99.1	Unaudited Condensed Consolidated Interim Financial Statements as of September 30, 2025
99.2	Management's Discussion and Analysis of Financial Condition and Results of Operations

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.

			VIRAX BIOLABS GROUP LIMITED
Date:	December 2, 2025	By:	/s/ James Foster
			James Foster, Chief Executive Officer

EX-99.1

Exhibit 99.1

Unaudited Condensed Consolidated Interim Financial Statements as of September 30, 2025

Table of Contents

	Page
Condensed Consolidated Statements of Financial Position as of September 30, 2025 and March 31, 2025 (Unaudited)	F-2
Condensed Consolidated Statements of Loss and Other Comprehensive Loss for the Six Months Ended September 30, 2025 and 2024 (Unaudited)	F-3
Condensed Consolidated Statements of Changes in Equity for the Six Months Ended September 30, 2025 and 2024 (Unaudited)	F-4
Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2025, and 2024 (Unaudited)	F-5
Notes to Condensed Consolidated Financial Statements (Unaudited)	F-6

VIRAX BIOLABS GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

			March 31, 2025
Assets
Current assets:
Cash	3,345,464		$	4,228,944
Accounts receivable	729			—
VAT receivable	174,968			30,654
Inventories	54,186			94,675
Prepaid expenses and deposits	574,068			539,382
Total current assets	4,149,415			4,893,655
Non-current assets:
Right-of-use assets, net	290,410			306,652
Property, plant & equipment, net	1,275,190			1,226,596
Total non-current assets	1,565,600			1,533,248
Total assets	5,715,015		$	6,426,903
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	103,523		$	250,170
Current operating lease liabilities	66,373			52,993
Accounts payable - related parties	—			337,576
Loan payable	195,577			32,468
Total current liabilities	365,473			673,207
Non-Current liabilities:
Non-current operating lease liabilities	276,043			291,543
Total liabilities	641,516			964,750
Stockholders’ equity:
Ordinary Shares, 0.001 par value, 50,000,000 shares Authorized; 6,543,432 and 4,341,956 issued and outstanding as of September 30, 2025 and March 31, 2025	6,543			4,342
Reserves	32,288,688			30,168,692
Accumulated deficit	(26,928,015	)		(24,589,244	)
Accumulated other comprehensive income (loss)	(55,248	)		112,330
Total stockholders’ equity (Virax)	5,311,968			5,696,120
Non-Controlling Interest	(238,469	)		(233,967	)
Total stockholders’ equity	5,073,499			5,462,153
Total liabilities and stockholders’ equity	5,715,015		$	6,426,903

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VIRAX BIOLABS GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

AND OTHER COMPREHENSIVE LOSS (UNAUDITED)

	For the Six Months Ended September 30,
	2025			2024
Revenue	$	1,608		$	4,953
Cost of revenue		321			11,427
Gross profit (loss)		1,287			(6,474	)
Operating expenses:
General and administrative		1,207,017			2,146,005
Research & Development		1,379,745			726,412
Total operating expenses	$	2,586,762		$	2,872,417
Operating loss	$	(2,585,475	)	$	(2,878,891	)
Other income (expenses):
Interest expense, net		(30,991	)		(25,591	)
Other income (expense), net		(401	)		11,257
Total other income (expenses), net		(31,392	)		(14,334	)
Loss before income taxes		(2,616,867	)		(2,893,225	)
Income tax benefit		(273,594	)		(136,661	)
Net loss	$	(2,343,273	)	$	(2,756,564	)
Net loss attributable to non-controlling interest		(4,502	)		(137	)
Net loss attributable to Virax stockholders		(2,338,771	)		(2,756,427	)
Other comprehensive loss
Foreign currency adjustment		(167,578	)		80,761
Comprehensive loss	$	(2,510,851	)	$	(2,675,803	)
Comprehensive loss attributable to non-controlling interest		(4,502	)		(137	)
Comprehensive loss attributable to Virax	$	(2,506,349	)	$	(2,675,666	)
Basic and diluted weighted average shares outstanding
Ordinary Shares		4,763,003			3,103,552
Basic and diluted net loss per share to Virax stockholders
Ordinary Shares	$	(0.49	)	$	(0.89	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VIRAX BIOLABS GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Ordinary Shares				Reserves		Accumulated Deficit			Accumulated<br>Other<br>Comprehensive<br>Income<br>(Loss)			Total Stockholders’ Equity (Virax)			Non <br>Controlling Interest			Total Stockholders’ Equity
	Shares		Amount
Balance at March 31, 2025		4,341,956	$	4,342	$	30,168,692	$	(24,589,244	)	$	112,330		$	5,696,120		$	(233,967	)	$	5,462,153
Shares issued for cash		2,201,476		2,201		2,068,505		—			—			2,070,706			—			2,070,706
Warrant exercise		—		—		—		—			—			—			—			—
Stock-based compensation		—		—		51,491		—			—			51,491			—			51,491
Foreign currency adjustment		—		—		—		—			(167,578	)		(167,578	)		—			(167,578	)
Net Loss		—		—		—		(2,338,771	)		—			(2,338,771	)		(4,502	)		(2,343,273	)
Balance at September 30, 2025		6,543,432	$	6,543	$	32,288,688	$	(26,928,015	)	$	(55,248	)	$	5,311,968		$	(238,469	)	$	5,073,499
Balance at March 31, 2024		2,573,903	$	2,574	$	23,890,229	$	(18,527,997	)	$	1,951		$	5,366,757		$	(227,982	)	$	5,138,775
Shares issued for cash		1,499,909		1,500		5,126,686		—			—			5,128,186			—			5,128,186
Warrant exercise		268,144		268		786,467		—			—			786,735			—			786,735
Stock-based compensation		—		—		38,984		—			—			38,984			—			38,984
Foreign currency adjustment		—		—		—		—			80,761			80,761			—			80,761
Net Loss		—		—		—		(2,756,427	)		—			(2,756,427	)		(137	)		(2,756,564	)
Balance at September 30, 2024		4,341,956	$	4,342	$	29,842,366	$	(21,284,424	)	$	82,712		$	8,644,996		$	(228,119	)	$	8,416,877

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VIRAX BIOLABS GROUP LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

	For the Six Months ended<br>September 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2,343,273	)	$	(2,756,564	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		178,822			117,220
Loss on disposal of property, plant & equipment		426			—
Interest expense on operating lease liabilities		25,962			19,954
Amortization of right-of-use assets		37,879			40,971
Stock-based compensation		51,491			38,984
Foreign currency translation (gain) loss		(251,240	)		52,447
Net changes in operating assets & liabilities:
Accounts receivable		(729	)		(2,361	)
Prepaid expenses and deposits		(34,686	)		(83,151	)
Inventories		40,489			(64,872	)
VAT receivable		(144,314	)		194,049
Loan payable		163,108			222,728
Accounts payable - related parties		(337,576	)		—
Accounts payable and accrued liabilities		(146,647	)		301,971
Net cash used in operating activities	$	(2,760,288	)	$	(1,918,624	)
Cash flows from investing activities:
Purchase of property, plant & equipment		(141,505	)		(247,995	)
Net cash used in investing activities	$	(141,505	)	$	(247,995	)
Cash flows from financing activities:
Lease payments		(52,393	)		(51,555	)
Proceeds from shares issued for cash		2,070,706			5,128,186
Proceeds from warrant exercise		—			786,735
Net cash provided by financing activities	$	2,018,313		$	5,863,366
Net change in cash		(883,480	)		3,696,747
Cash at beginning of period		4,228,944			3,589,244
Cash at end of period	$	3,345,464		$	7,285,991
Supplemental disclosure of cash flow information
Cash paid (received) during the period for:
Interest	$	4,809		$	5,794
Income tax benefit	$	(273,594	)	$	(136,661	)
Supplemental disclosure of non-cash investing and financing activities
Right-of-use asset additions	$	—		$	181,641

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VIRAX BIOLABS GROUP LIMITED

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Note 1 — General information and reorganization transactions

Virax Biolabs Group Limited (the “Company”) is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations of its own, it conducts the majority of its operations through its subsidiaries in the United Kingdom, the United States, and China, and has been operating since 2013.

The Company is an innovative biotechnology company focused on the detection of immune responses to, and the diagnosis and risk stratification of, viral and immune-mediated diseases, with a current emphasis on post-acute infection syndromes (“PAIS”) and related areas of chronic immune dysfunction. The Company’s current core development activities are in the field of T cell in vitro diagnostics and immune profiling.

The Company is in the process of developing ViraxImmune™, an in-development T cell-based assay and related platform intended to provide an immunology profiling platform and functional T cell assessment. ViraxImmune™ is being evaluated in clinical studies in post acute infection syndromes (PAIS)conditions including long COVID, myalgic encephalomyelitis / chronic fatigue syndrome ("ME/CFS") and post-treatment Lyme disease (“PTLD"), intended to generate data that may support future regulatory submissions and potential commercial strategies, subject to applicable regulatory requirements. The Company has prepared a Q-submission under the U.S. Food and Drug Administration (“FDA") pre-submission programme for potential in vitro diagnostic (“IVD") classification of its ViraxImmune™ assay and held the Q-submission meeting during the third quarter of calendar year 2025. ViraxImmune™ remains in development and is not approved for diagnostic use in any jurisdiction.

Alongside ViraxImmune™, the Company is developing its ImmuneSelect research-use-only (“RUO”) portfolio of peptide pools, ELISpot plates and related immune-profiling reagents. These products are for research use only, are not intended for clinical diagnostic decision-making, and can be commercialised without waiting for diagnostic approvals. The Company’s strategy is to build ImmuneSelect as both a standalone RUO offering for laboratories and biopharmaceutical partners and as a complementary channel to drive awareness of, and data generation around, its ViraxImmune™ platform over time.

The Company also retains the ability to distribute existing diagnostic test kits through its ViraxClear and ViraxVet brands. Currently, the Company does not manufacture or develop the products sold under the ViraxClear and ViraxVet brands and acts as a distributor of third-party suppliers’ products. While ViraxClear and ViraxVet may sell and distribute existing test kits from time to time, these activities are currently limited and non-core to the Company’s strategy.

These financial statements are presented in US dollars.

Going Concern

The Company has recurring losses, accumulated deficit totaling $26,928,015 and negative cash flows used in operating activities of $2,760,288 as of and for the six months ended September 30, 2025. At September 30, 2025, the Company had a cash balance of $3,345,464 and current liabilities of $365,473. No adjustments have been made to the carrying amount of the assets and liabilities. For the six months ended September 30, 2025, the Company had a net decrease in cash of $883,480. The decrease in cash and other factors raise a substantial doubt as to the Company’s ability to continue as a going concern for a period that is one year from the issuance date of these financial statements. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development, regulatory, and commercial efforts which could adversely affect its future business prospects and its ability to continue as a going concern.

Management plans to fund its cash flow needs through current cash on hand and future debt and/or equity financings which it may obtain through one or more public or private equity offerings, debt financings, government or other third-party funding, strategic alliances, or collaboration agreements. However, there can be no assurance that any such

funding will be available in sufficient amounts to provide the necessary capital to fund our operations or on terms acceptable to the Company, or at all, and material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern for a period that is one year from the issuance date of these financial statements.

The accompanying financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Until such time that the Company implements its growth strategy, it expects to continue to generate operating losses in the foreseeable future, mostly due to research and development activities, corporate overhead and costs of being a public company. The Company will need to generate additional revenue or raise additional capital in the near term to fund its ongoing operations and business activities.

Note 2 — Summary of Significant Accounting Policies

This summary provides a list of the significant accounting policies adopted in the preparation of these condensed consolidated financial statements to the extent they have not been disclosed in the other notes below. The policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

Compliance with IFRS

These condensed interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting” using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and International Financial Reporting Interpretations Committee (“IFRIC”). These policies are consistent with the March 31, 2025 financial statements on form 20-F. These condensed interim financial statements do not include all of the information required of a full set of annual financial statements and are intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period. It is therefore recommended that these condensed interim financial statements be read in conjunction with the annual financial statements of the Company for the year ended March 31, 2025 and notes thereto contained in the Company’s annual report filed on Form 20-F.

These condensed interim financial statements have been prepared on a historical cost basis, modified where applicable. In addition, these condensed interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.

The condensed unaudited interim financial statements were authorized for issuance by the Audit Committee of the Board of Directors on December 2, 2025.

Principles of consolidation

Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

The following is a list of the Company's operating subsidiaries as of September 30, 2025 and March 31, 2025.

Company names	Jurisdiction	Incorporation <br>Date	Ownership
Virax Biolabs Group Limited	Cayman Island	September 2, 2021	Holding Company
Virax Biolabs (UK) Limited	United Kingdom	August 19, 2021	100% (via Virax Biolabs Group Limited
Virax Biolabs Limited	Hong Kong	April 14, 2020	100% (via Virax Biolabs (UK) Limited)
---	---	---	---
Virax Immune T-Cell Medical Device Company Limited	Hong Kong	January 16, 2017	100% (via Virax Biolabs Limited)
Virax Biolabs PTE. LTD	Singapore	May 4, 2013	95.54% (via Virax Biolabs Limited)
Logico Bioproducts Corp.	BVI	January 21, 2011	95.54% (via Virax Biolabs Limited)
Shanghai Xitu Consulting Co., Ltd	PRC	October 27, 2017	95.54% (via Virax Biolabs Limited)
Virax Biolabs USA Management, Inc.	USA	August 1, 2022	100% (via Virax Biolabs Group Limited)
Virax Biolabs Group Holdings Ltd	United Kingdom	February 22, 2023	100% (via Virax Biolabs Group Limited)
Virax Biolabs Trading B.V.	Netherlands	August 4, 2023	100% (via Virax Biolabs Group Holdings Limited)
Virax Biolabs UK Operating Limited	United Kingdom	November 7, 2023	100% (via Virax Biolabs Group Holdings Limited)

Inter-company transactions, balances and unrealized gains on transactions between the subsidiaries are eliminated upon consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.

Segment information

The Company has one reportable segment incorporating ViraxClear, a diagnostic medical device distributor, ViraxVet, a veterinary medical device distributor, and ViraxImmune, a T-Cell In Vitro diagnostic device. The chief operating decision maker is responsible for allocating resources and assessing performance and obtaining financial information, including the condensed consolidated statements of loss and other comprehensive loss, condensed consolidated statements of financial position and condensed consolidated statements of cash flow, about the Company as a whole.

Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The condensed consolidated financial statements are presented in US dollar, which is the Company’s presentation currency.

Entity	Functional Currency
Virax Biolabs Group Limited	U.S. dollars
Virax Biolabs (UK) Limited	British Pound Sterling
Virax Biolabs Limited	U.S. dollars
Virax Immune T-Cell Medical Device Company Limited	U.S. dollars
Virax Biolabs PTE. LTD	U.S. dollars
Logico Bioproducts Corp.	U.S. dollars
Shanghai Xitu Consulting Co., Ltd	Renminbi
Virax Biolabs USA Management, Inc.	U.S. dollars
Virax Biolabs Group Holdings Ltd	British Pound Sterling
---	---
Virax Biolabs Trading B.V.	Euro
Virax Biolabs UK Operating Limited	British Pound Sterling

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentational currency are translated into the presentational currency as follows:

assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position
income and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and
all resulting exchange differences are recognized in other comprehensive loss and the foreign currency exchange differences in other comprehensive loss are temporary and will be reclassified in the future.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period-end exchange rates are generally recognized in statements of loss and other comprehensive loss.

Exchange rates

The most important exchange rates per USD 1.00 that have been used in preparing the financial statements are:

	Closing rate				Average rate
	As of September 30,				For the Six Months Ended September 30,
	2025		2024		2025		2024
British Pound		0.742		0.767		0.749		0.783
Euro		0.859		0.901		0.877		0.922
Singapore Dollar		1.286		1.307		1.297		1.342
Renminbi		7.177		7.133		7.212		7.220

Revenue recognition

Revenues are generally recognized upon the transfer of control of promised products provided to the Company’s customers, reflecting the amount of consideration we expect to receive for those products. The Company enters into contracts that can include various combinations of products and services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The revenue recognition policy is consistent for sales generated directly with customers and sales generated indirectly through solution partners and resellers.

Revenues are recognized upon the application of the following steps:

Identification of the contract or contracts with a customer;
Identification of the performance obligations in the contract;
Determination of the transaction price;
Allocation of the transaction price to the performance obligations in the contract; and
Recognition of revenue when, or as, the performance obligation is satisfied.

The timing of revenue recognition may differ from the timing of billing our customers. The Company receives payments from customers based on a billing schedule as established in our contracts. Contract assets are recognized when performance is completed in advance of scheduled billings. Deferred revenue is recognized when billings are in advance of performance under the contract. The Company’s revenue arrangements include standard warranty provisions that our products and services will perform and operate in all material respects with the applicable published specifications, the financial impacts of which have historically been, and are expected to continue to be insignificant. Our contracts do not include a significant financing component.

The Company’s products are generally sold without a right of return, so there is no variable consideration when determining the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period if additional information becomes available.

Employee benefits

Share-based payments

The Company accounts for share-based compensation in accordance with IFRS 2 “Share-based payment” (“IFRS 2”), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s condensed consolidated statement of loss and other comprehensive loss, based on the acceleration method in twelve-month tranches.

The Company recognizes compensation expenses for the value of its awards granted based on the vesting attribution approach over the requisite service period of each of the awards, net of forfeitures as they occur.

The Company estimates the fair value of share options granted using the Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected volatility was calculated based upon historical volatility of the Company's shares. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

Warrants

The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with IFRS 9, "Financial Instruments." Under IFRS 9, warrants are considered liability-classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing a variable number of shares.

If the warrants do not meet liability classification, the Company assesses the requirements that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability-classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded as a component of other income (expense), net in the statements of loss. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. As of September 30, 2025, all of the Company’s outstanding warrants are equity-classified warrants. See Note 14.

Income tax

The income tax expense or credit for the period is the tax payable or receivable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities

attributable to temporary differences and to unused tax losses.

The current income tax expense or credit is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Although the Company is organized as a Cayman Islands corporation, the Company could be subject to income and other taxes in various other jurisdictions, including the United Kingdom, United States, China, Hong Kong and Singapore. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to (or recovered from) the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized only if it is probable that future taxable profit will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive loss, in which case the tax is also recognized in other comprehensive loss.

Property, plant and equipment

Property, plant, and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures that extend the life of the asset are capitalized and depreciated. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Management evaluates the useful lives and method of depreciation at least annually and accounts for any changes to the useful life or method prospectively. Maintenance and repairs are charged to expense as incurred; cost of major additions and betterments are capitalized. Capitalized software is recorded at cost less accumulated amortization and the amortization is recorded using the straight-line method over the estimated useful life of the software.

The estimated useful lives are:

Laboratory equipment	5 years
Computer equipment	3 years
Capitalized software	3 years

Impairment of assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized in profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use and is calculated with reference to future discounted cash flows that the asset is expected to generate when considered as part of a cash-generating unit. Assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. If an impairment subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment charge been recognized for the asset in prior periods. The Company performed an evaluation for impairment for the six months ended September 30, 2025 and concluded there was no impairment.

Leases

The Company accounts for leases under IFRS 16 'Leases'. IFRS 16 introduced a single lease accounting model, requiring a lessee to recognize assets and liabilities for all leases with a term of more than twelve months, unless the

underlying asset is of low value. The lessee is required to recognize a right-of-use asset representing the right to use the underlying asset, and a lease liability representing the obligation to pay lease payments.

At the inception of a contract, we assess whether a contract is, or contains a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

the contract involves the use of an identified asset;
we have the right to obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use; and
we have the right to direct the use of the identified asset.

A right-of-use asset and corresponding lease liability are recognized on the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is reduced by impairment losses and adjusted for certain remeasurement of the lease liabilities, if any.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the implicit interest rate in the lease. If the rate cannot be readily determined, our incremental rate of borrowing is used. The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, if we change our assessment of whether we will exercise a purchase, extension or termination option, or if the underlying lease contract is amended.

We have elected not to separate fixed non-lease components from lease components and instead account for each lease component and associated fixed non-lease components as a single lease component.

We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods comprises cost of purchase and, where appropriate, other directly attributable costs. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale.

Cash

For the purposes of presentation in the condensed consolidated statements of cash flows, cash consists solely of amounts held in the Company’s checking accounts with financial institutions. These balances are available for immediate use and are carried at their nominal amounts, which approximate fair value.

Accounts receivable

Accounts receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method, less provision for impairment. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

Share capital and reserves

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds of the issue.

Accounts payables and accrued liabilities

Accounts payable and accrued liabilities are liabilities for goods and services provided to the Company prior to the end of the reporting period and which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. All the accounts payable and accrued liabilities were current for the period ended September 30, 2025 and March 31, 2025.

Financial Instruments

Classification

The Company classifies its financial instruments in the following categories: at fair value through loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL.

Measurement

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. The Company’s financial assets measured at amortized cost are comprised of its cash. The Company’s financial liabilities measured at amortized cost are comprised of its accounts payable and accrued liabilities.

Financial assets and liabilities at FVTPL

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of loss and comprehensive loss in the period in which they arise.

Debt instruments at FVTOCI

These assets are initially measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses associated with changes in fair value are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. The Company does not hold any debt instruments at FVTOCI.

Equity instruments at FVTOCI

These assets are initially measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses associated with changes in fair value are recognized in OCI and are never reclassified to profit or loss. The Company does not hold any equity instruments at FVTOCI.

At September 30, 2025, there were no financial instruments measured at fair value on a recurring basis.

Impairment of financial assets amortized at cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of loss and comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. The Company does not have any of these at September 30, 2025.

Derecognition

Financial assets

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Gains and losses on derecognition are generally recognized in profit or loss.

Note 3 — Critical estimates and judgments

The preparation of financial statements in accordance with IFRS requires the Company to use judgment in applying its accounting policies and make estimates and assumptions about reported amounts at the date of the financial statements and in the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised.

Useful lives of property and equipment - Estimates of the useful lives of property and equipment are based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed annually and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence, not electing to exercise renewal options on Leases, and legal or other limits on the use of the relevant assets. In addition, the estimation of the useful lives of the relevant assets may be based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in the factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the property and equipment would increase the recorded expenses and decrease the non-current assets.

Estimating the incremental borrowing rate on leases - The Company cannot readily determine the interest rate implicit in leases where it is the lessee. As such, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in a similar economic environment. IBR therefore reflects what the Company “would have to pay”, which requires estimation when no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of

the lease. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates.

Estimating the fair value of share-based payment transactions - The Company utilizes a Black-Scholes model to estimate the fair value of its share-based payments. In applying these models, management must estimate the expected life of the option and the expected future volatility of the Company’s estimated share price, and make such assumptions based on a proxy of publicly-listed entities under an expectation that historical volatility is representative of the expected future volatility.

Other significant judgments - The preparation of these financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company’s financial statements include:

The assessment of the Company’s ability to continue as a going concern and whether there are events or conditions that may give rise to significant uncertainty;
Determination of the extent to which it is probable that future taxable income will be available to allow all or part of the temporary deferred tax differences to be utilized; and
Whether there are indicators of impairment of the Company’s long-lived assets.

Note 4 — Revenue from contracts with customers

Disaggregation of revenue from contracts with customers

The principal revenue activities of the Company for the six months ended September 30, 2025 and 2024 were as follows:

	For the Six Months Ended September 30,
Revenue categories	2025		2024
Revenue from test kit sales	$	1,608	$	4,953
Total Revenue	$	1,608	$	4,953

There were revenues of $1,608 and $4,953 for the six months ended September 30, 2025 and 2024, respectively. For the six months ended September 30, 2025 100% of the revenues derived from the Company's research-use-only test kits associated with ViraxImmune and revenues for the six months ended September 30, 2024 derived from the Company’s ViraxClear and ViraxVet test kit distribution. Revenues have decreased from the prior period due to the Company's increasing focus on the ViraxImmune platform.

Accounting policies and significant judgments

Management does not consider there to be any significant judgments or estimates in the revenue recognition for the six months ended September 30, 2025 and 2024.

Note 5 — Loss per share

Basic loss per share is calculated by dividing the loss for the period by the weighted average number of ordinary shares in issue during the financial period.

Diluted loss per share

Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares instruments. The Company had no dilutive shares for the six months ended September 30, 2025 and 2024. The Company's basic and dilutive loss per share as of September 30, 2025 and 2024 are as follows:

	For the Six Months Ended September 30,
	2025			2024
Loss for the period attributable to Virax	$	(2,338,771	)	$	(2,756,427	)
Basic and diluted loss per share attributable to Virax – Ordinary Shares		(0.49	)		(0.89	)
	As of September 30,
---	---	---	---	---
	2025		2024
Weighted average number of ordinary shares used in basic and diluted loss per share<br> (Ordinary shares)		4,763,003		3,103,552
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share(1)		4,763,003		3,103,552

(1) For the six months ended September 30, 2025 and 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

Note 6 — VAT Receivable and Tax Credits

	September 30, 2025		March 31, 2025
Unfiled VAT receivable	$	42,103	$	30,654
Filed VAT receivable		132,865		—
Total VAT receivable	$	174,968	$	30,654

Total VAT receivable as of September 30, 2025 and March 31, 2025 consisted of $42,103 and $30,654, respectively of receivable that has yet to be filed with the His Majesty's Revenue and Customs ("HMRC") in the United Kingdom. Total VAT receivable as of September 30, 2025 and March 31, 2025 that has been filed with the HMRC are $132,865 and $0, respectively. The VAT receivable as of September 30, 2025 has not been received from the HMRC as of the filing date of this current report on Form 6-K.

For the six months ended September 30, 2025, the Company received $273,594 in research and development tax credits from the HMRC. The credit is from qualified expenses paid by the Company on behalf of research and development projects approved by the HMRC.

Note 7 — Inventories

	September 30, 2025		March 31, 2025
Raw materials	$	54,186	$	49,956
Work-in-progress		—		44,719
Finished goods		—		46,904
Less: Write down of finished goods		—		(46,904	)
Inventories	$	54,186	$	94,675

Inventories as of September 30, 2025 consisted of raw materials that consist of chemicals and compounds used in our development of ViraxImmune. Inventories as of March 31, 2025 consisted of raw materials and work-in-progress that

consist of chemicals and compounds used in our development of ViraxImmune. During the six months ended September 30, 2025 and 2024, inventories expensed to cost of revenue were $321 and $11,427, respectively.

Note 8 — Prepaid Expenses and Deposits

	September 30, 2025		March 31, 2025
Prepaid directors and officers insurance	$	230,625	$	122,260
Prepaid Nasdaq fee		44,030		39,750
Prepaid vendor products		41,471		94,062
Prepaid clinical trials		128,812		148,744
Deposits		28,579		47,633
Prepaid software subscription		36,746		40,376
Other		63,805		46,557
Prepaid expenses and deposits	$	574,068	$	539,382

Note 9 — Property, plant & equipment, net

	Lab Equipment		Computer Equipment			Capitalized Software		Furniture & Fixtures		Total
Cost
Balance as of March 31, 2025	$	1,473,661	$	21,200		$	49,565	$	—	$	1,544,426
Additions		138,218		3,287			—		—		141,505
Disposals		—		(691	)		—		—		(691	)
Effects of currency translation		103,982		1,353			3,497		—		108,832
Balance as of September 30, 2025	$	1,715,861	$	25,149		$	53,062	$	—	$	1,794,072
Accumulated Depreciation
Balance as of March 31, 2025	$	300,634	$	7,283		$	9,913	$	—	$	317,830
Depreciation		169,534		3,982			5,306		—		178,822
Disposals		—		(265	)		—		—		(265	)
Effects of currency translation		21,313		482			700		—		22,495
Balance as of September 30, 2025	$	491,481	$	11,482		$	15,919	$	—	$	518,882
Total Property, plant and equipment, net	$	1,224,380	$	13,667		$	37,143	$	—	$	1,275,190

Depreciation expense for the six months ended September 30, 2025 and 2024 was $178,822 and $117,220, respectively.

Note 10 — Accounts payable and accrued liabilities

	September 30, 2025		March 31, 2025
Accounts payable	$	42,373	$	56,093
Accrued bonuses		—		60,485
Accrued payroll taxes		10,910		7,049
Accrued liabilities		50,240		126,543
Current accounts payable and accrued liabilities	$	103,523	$	250,170

Accounts payable at September 30, 2025 consists mostly of research and development project expenses billed but unpaid. Accrued liabilities at September 30, 2025 consists mainly of unpaid professional services. Accounts payable for the year ended March 31, 2025 consists mostly of routine operating costs. Accrued payroll taxes for the year ended March 31, 2025 consisted of payroll taxes. Accrued liabilities for the year ended March 31, 2025 consists mainly of unpaid professional services.

Note 11 — Loan Payable

On July 1, 2024, the Company entered into a loan payable with a third party for the purpose of financing its Directors and Officers insurance policy. The unsecured loan at inception was $315,000 for a period of ten months with a 8.15% fixed interest rate. At September 30, 2025, this loan was paid off. On July 11, 2025, the Company entered into a loan payable with a third party for the purpose of financing its 2026 Directors and Officers insurance policy. The unsecured loan at inception was $276,750 for a period of ten months with a 7.7% fixed interest rate. At September 30, 2025, the balance of the loan payable was $195,577. Interest expense for the six months ended September 30, 2025 was $4,809. There was no accrued interest at September 30, 2025 and March 31, 2025.

Note 12 — Leases

Operating leases

Our leases consist of office and lab spaces with lease terms between 1 to 5 years.

The Company initially entered into a lease agreement in May 2023 for five rooms at BioCity. In August 2024, the lease was amended, and an additional lease was entered into to expand the leased area to a total of eight rooms. The amended and new lease term commenced in August 2024 and will continue through July 31, 2029, with no automatic renewal option.

A lease deposit of GBP 17,040 was paid in relation to these agreements.

Lease expense for six months ended September 30, 2025 was GBP 47,677.

The annual rent as of September 30, 2025 is as follows (in GBP and approximate USD):

To July 31, 2026	GBP 80,709	$108,739
To July 31, 2027	GBP 84,745	$114,177
To July 31, 2028	GBP 88,982	$119,985
To July 31, 2029	GBP 93,431	$125,880

In addition to the annual rent, other fees such as insurance, utilities and government fees are approximately GBP 70,794 per year.

The Company's office space lease in Shanghai consists of one office room commenced in August 2023 and ended on September 30, 2024 which was accounted for under IFRS 16 - "Leases"; however this lease was renewed on a six-month basis. Lease expense for the six months ended September 30, 2025 were CNY 75,500, approximately $10,500 USD. There were no other service costs associated with this lease. This lease is being renewed on a three-month basis.

We currently do not have leases with residual value guarantees or leases not yet commenced to which we are committed. Lease liabilities have been measured by discounting future lease payments using our estimated incremental borrowing rate of 15% as rates implicit in the leases were not readily determinable.

The following table summarizes our right-of-use assets activity for the BioCity leases for the six months ended September 30, 2025.

	Office and Lab Leases
Cost
Balance at March 31, 2025	$	431,128
Additions		—
Effects of currency translation		28,082
Balance at September 30, 2025	$	459,210
Accumulated amortization
Balance at March 31, 2025	$	(124,476	)
Amortization		(37,879	)
Effects of currency translation		(6,445	)
Balance at September 30, 2025	$	(168,800	)
Right-of-use assets, net	$	290,410

The following table summarizes the Company's lease liability activity for the BioCity leases for the six months ended September 30, 2025.

	Total
Balance as of March 31, 2025	$	344,536
Payment of lease liabilities		(52,393	)
Interest expense on lease liabilities		25,962
Effects of currency translation		24,311
Balance as of September 30, 2025	$	342,416

The following table summarizes the maturity of our lease liabilities as of September 30, 2025:

	September 30, 2025
Less than one year	$	120,442
One to five years		329,144
More than five years		—
Total lease payments	$	449,586
Less: imputed interest		(107,170	)
Lease Liabilities	$	342,416

Note 13 — Related party transactions

	Six Months Ended September 30,	Salary		Bonus		Option Awards (1)		Other (2)		Total
James Foster, Chief Executive Officer	2025	$	178,750	$	-	$	42,900	$	2,100	$	223,750
	2024	$	162,500	$	37,500	$	181,123	$	1,800	$	382,923
Nigel McCracken, Chief Operations Officer	2025	$	168,235	$	-	$	42,900	$	600	$	211,735
	2024	$	151,200	$	37,800	$	29,185	$	600	$	218,785
Jason Davis, fractional Chief Financial Officer (4)	2025	$	133,246	$	-	$	-	$	12,900	$	146,146
	2024	$	150,000	$	37,500	$	116,288	$	12,900	$	316,688
Mark Ternouth, former Chief Technical Officer (3)	2025	$	-	$	-	$	-	$	-	$	-
	2024	$	23,667	$	-	$	-	$	3,287	$	26,954
Iain Miller, Independent Director (5)	2025	$	6,667	$	-	$	-	$	-	$	6,667
	2024	$	-	$	-	$	-	$	-	$	-
Evan Norton, Independent Director	2025	$	20,000	$	-	$	8,580	$	-	$	28,580
	2024	$	20,000	$	-	$	12,793	$	-	$	32,793
Yair Erez, Independent Director (5)	2025	$	13,333	$	-	$	8,580	$	-	$	21,913
	2024	$	20,000	$	-	$	12,793	$	-	$	32,793
Nelson Haight, Independent Director	2025	$	20,000	$	-	$	8,580	$	-	$	28,580
	2024	$	20,000	$	-	$	14,286	$	-	$	34,286

(1)These amounts represent the aggregate grant fair value of stock options expensed, calculated in accordance with IFRS 2 “Share-based payment". Assumptions used in the calculation of these amounts are discussed in Note 14.

(2)These amounts represent employee benefits paid by the Company such as health insurance. For Mark Ternouth, this amount consists of severance payout.

(3)Mark Ternouth departed the Company in June 2024 and is no longer an Officer or Director at September 30, 2025. All bonus and option award expense were reversed.

(4)Jason Davis departed the Company in June 2025 and is no longer an Officer or Director at September 30, 2025. All option award expense were reversed. Mr. Davis was engaged as a fractional CFO in June 2025 and is still considered a related party.

(5)Yair Erez departed the Company as an independent director and Iain Miller joined the Company as an independent director on July 29, 2025.

Note 14 — Stockholder’s Equity

Authorized

As of the Share Consolidation date of December 18, 2023, there are a total of 50,000,000 shares authorized. The holders of our Ordinary Shares are entitled to such dividends as may be declared by our Board of Directors subject to the Companies Act and to our memorandum and articles of association.

Ordinary Shares

On August 26, 2025, the Company sold 2,201,476 shares at an average price of $0.9729 for gross proceeds of $2,141,816 less offering costs of $71,110 for a total net proceeds of 2,070,706 utilizing its At-the-Market Offering Agreement which was filed as a 6-K on January 22, 2024 and amended on September 30, 2024.

As of September 30, 2025, the Company had 6,543,432 ordinary shares issued and outstanding.

Warrants

The following summarizes activity related to the Company's outstanding warrants for the six months ended September 30, 2025:

		Weighted Average Exercise Price
At March 31, 2025	1,355,911	$	3.31	3.6
Granted	—		—	—
Exercised	—		—	—
Cancelled	—		—	—
At September 30, 2025	1,355,911	$	3.31	3.2
Warrants exercisable as of September 30, 2025	1,355,911	$	3.31	3.2

Stock-based Compensation

The Company adopted the 2022 Equity Incentive Plan (the "2022 Plan") on March 15, 2022, the 2023 Equity Incentive Plan (the "2023 Plan") on February 21, 2023, and the 2024 Equity Incentive Plan (the "2024" Plan") on April 17, 2024, together, "the Plans". The Plans are intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company’s common stock or to receive monetary payments based on the value of such shares pursuant to awards issued. The 2022 Plan permits the grant of options and shares for up to 131,941 ordinary shares, the 2023 Plan permits the grant of options and shares for up to 250,000 and the 2024 Plan permits the grant of options and shares for up to 250,000. As of September 30, 2025, 20,166 shares are available for issuance under the 2022 Plan, 87,416 shares are available for issuance under the 2023 Plan and 53,109 shares are available for issuance under the 2024 Plan. Vesting conditions for stock options are based on a three year tenure period with one year intervals. The weighted average grant value for the options granted in the six months ended September 30, 2025 is $0.86 per share. No stock options were exercised during the six months ended September 30, 2025.

The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. The calculation of the fair value of the awards using the Black-Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

	September 30, 2025	March 31, 2025
Expected volatility	185.33%	183.05%
Expected term	6.00 years	5.00 years
Risk-free interest rate	3.90%	4.68%
Dividend yield	0.00%	0.00%

The expected volatility was determined with reference to the historical volatility of the Company’s stock. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the Federal Reserve Bank of St. Louis rate in effect at the time of grant.

For the six months ended September 30, 2025, the Company issued stock options to purchase 214,500 shares at an average price of $0.88 with a fair value of $184,041. During the six months ended September 30, 2025, there were 98,750 stock options forfeited and 61,832 stock options expired. At September 30, 2025, there were stock options outstanding of 471,250 and 174,910 stock options vested and exercisable.

For the six months ended September 30, 2025 and 2024, the Company recognized an expense of $51,491 and $38,984, respectively, of non-cash compensation expense (included in both Research and Development expense and

General and Administrative expense). Stock-based compensation expense is valued using the black-scholes method and accelerated vesting method as required in IFRS 2.

A summary of the status of the Company’s outstanding stock options as of September 30, 2025 and changes during the periods ending on that date is as follows:

			Weighted Average Exercise Price		Grant Date Fair Value
Options
At March 31, 2025	417,332		$	7.15	$	7.36	—	8.5
Granted	214,500		$	0.88	$	0.86	—	10.0
Exercised	—			—		—	—	—
Expired	(61,832	)	$	4.57	$	13.73	—	—
Forfeited	(98,750	)	$	1.45	$	1.44	—	—
At September 30, 2025	471,250		$	5.83	$	4.81	—	8.5
Vested and exercisable at September 30, 2025	174,910		$	13.70	$	10.97	—	7.7

Note 15 — Risk management overview

The Company has exposure to credit, liquidity and market risks from its use of financial instruments. This note provides information about the Company’s exposure to each of these risk, the Company’s objectives, policies and processes for measuring and managing risk. Further quantitative disclosures are included throughout these condensed consolidated financial statements.

Credit risk

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s cash held with banks and other financial intermediaries.

The carrying amount of the cash represents the maximum credit exposure which amounted to $3,345,464 and $4,228,944 as at September 30, 2025 and March 31, 2025, respectively.

The Company has assessed no significant increase in credit risk from initial recognition based on the availability of funds and, the regulatory and economic environment.

Market risk

Market risk is the risk that changes in market conditions, such as commodity prices, foreign exchange rates, and interest rates, will affect the Company’s net income or the value of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing the Company’s returns.

Foreign exchange risk

Foreign currency exchange rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company does not currently use foreign exchange contracts to hedge its exposure to currency rate risk as management has determined that this risk is not significant at this point in time. As such, the Company’s financial position and financial results may be adversely affected by the unfavorable fluctuations in currency exchange rates.

At September 30, 2025 and March 31, 2025, the Company had the following material monetary assets and liabilities denominated in foreign currencies:

	September 30, 2025			March 31, 2025
	British Pound			British Pound
Cash		100,918			696,010
AP and Accrued Liabilities		(40,615	)		(235,946	)
	September 30, 2025			March 31, 2025
	Euro			Euro
Cash		46,082			74,782
AP and Accrued Liabilities		(1,742	)		—

Liquidity Risk

The accompanying financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business.

Liquidity is the ability of a company to fund its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. At September 30, 2025, the Company had a cash balance of $3,345,464 and current liabilities of $365,473. For the six months ended September 30, 2025, the Company had a net decrease in cash of $883,480. This decrease was primarily from cash used in operations offset by an At-The-Market offering of cash received from sales of its ordinary shares. See Note 14.

Until such time that the Company implements its growth strategy, it expects to continue to generate operating losses in the foreseeable future, mostly due to research and development activities, corporate overhead and costs of being a public company. The Company will need to generate additional revenue or raise additional capital in the near term to fund its ongoing operations and business activities.

Concentration risk

There was $1,608 in revenue for the six months ended September 30, 2025 and $4,953 in revenue for the six months ended September 30, 2024. For the six months ended September 30, 2025, five customers accounted for 100% of the Company's revenue and for the six months ended September 30, 2024, two customers accounted for 100% of the Company’s revenue. There was no accounts receivable from these customers as of September 30, 2025, and March 31, 2025, respectively.

Capital Management

The Company aims to manage its capital resources to ensure financial strength and to maximize its financial flexibility by maintaining strong liquidity and by utilizing alternative sources of capital including equity, debt and bank loans or lines of credit to fund continued growth. The Company sets the amount of capital in proportion to risk and based on the availability of funding sources. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. As an early-stage growth company, the sale of ordinary shares has been the primary source of capital to date. Additional debt and/or equity financing may be pursued in future as deemed appropriate to balance debt and equity. To maintain or adjust the capital structure, the Company may issue new shares, take on additional debt or sell assets to reduce debt.

Note 16 — Subsequent Events

The Company has performed its review of subsequent events through December 2, 2025 the date these condensed consolidated financial statements were authorized for issuance, and determined that there were no events requiring adjustment to or disclosure in the accompanying financial statements.

EX-99.2

Exhibit 99.2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated interim financial statements, including the notes thereto, included with this report and the section contained in our Annual Report on Form 20-F for the year ended March 31, 2025 – “Item 5. Operating and Financial Review and Prospects”. The following discussion is based on our financial information prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been condensed or omitted. IFRS as issued by the International Accounting Standards Board, and as adopted by the European Union, might differ in material respects from generally accepted accounting principles in other jurisdictions.

FORWARD LOOKING STATEMENTS

This Interim Report on Form 6-K contains forward-looking statements, about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by us with the U.S. Securities and Exchange Commission, or the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below.

uncertainties regarding the governmental, economic and political circumstances in the PRC and Hong Kong;
limited operating history of the business;
timing of the development of future business;
capabilities of our business operations;
expected future economic performance;
competition in our market;
continued market acceptance of and demand for our services and products;
ability to gain regulatory approval to offer our products or services in our targeted markets
protection of our intellectual property rights;
changes in the laws that affect our operations;
inflation and fluctuations in foreign currency exchange rates;
our ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;
continued development of a public trading market for our securities;
the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;
managing our growth effectively;
projections of revenue, earnings, capital structure and other financial items;
fluctuations in operating results;
dependence on our senior management and key employees; and
other factors set forth under “Risk Factors.”

All forward-looking statements attributable to us or persons acting on our behalf speak only as of the date of this Interim Report on Form 6-K and are expressly qualified in their entirety by the cautionary statements included in this Interim Report on Form 6-K. We undertake no obligations to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In evaluating forward-looking statements, you should consider these risks and uncertainties.

CERTAIN DEFINITIONS

Unless otherwise indicated and except where the context otherwise requires, references in this Interim Report on Form 6-K to:

●	"Virax Biolabs,” the “Company,” "Virax", “we,” “us” and “our” refer to Virax Biolabs Group Limited and our wholly owned subsidiaries;
●	“IVD” refers to in-vitro diagnostics;
●	“Group” refers to the consolidated entities of Virax Biolabs Group Limited.;
---	---
●	“Ordinary Shares” refers to our ordinary shares, each of $0.001 par value;
---	---
●	“SEC” refers to the United States Securities and Exchange Commission; and
---	---
●	“$,” “USD,” “US$” and “U.S. dollar” refers to the United States dollar;
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Overview

Results of Operations

	For the Six Months Ended September 30,
	2025			2024			Change		% Change
Revenues	$	1,608		$	4,953			)	-68%
Cost of revenues		321			11,427			)	-97%
Gross profit		1,287			(6,474	)			-120%
Operating Expenses
General and administrative	$	1,207,017		$	2,146,005			)	-44%
Research & development		1,379,745			726,412				90%
Total operating expenses		2,586,762			2,872,417			)	-10%
Operating loss	$	(2,585,475	)	$	(2,878,891	)			-10%
Other expense, net		(31,392	)		(14,334	)		)	119%
Income tax benefit		(273,594	)		(136,661	)		)	100%
Net loss	$	(2,343,273	)	$	(2,756,564	)			-15%
Other Comprehensive Income (Loss)
Foreign currency adjustment		(167,578	)		80,761			)	-307%
Total comprehensive loss	$	(2,510,851	)	$	(2,675,803	)			-6%

All values are in US Dollars.

Revenues

There were revenues of $1,608 and $4,953 for the six months ended September 30, 2025 and 2024, respectively. For the six months ended September 30, 2025, 100% of the revenues derived from the Company's research-use-only products associated with the ViraxImmune and revenues for the six months ended September 30, 2024 derived from the Company’s ViraxClear and ViraxVet test kit distribution. Revenues have decreased from the prior period due to the Company's increasing focus on the ViraxImmune platform.

Cost of revenues

Cost of revenues are associated with test kits manufactured internally and also purchased from a manufacturer for the six months ended September 30, 2025 and 2024 and were $321 and $11,427, respectively. The decrease is related to the volume of sales decreasing from the prior period.

Operating Expenses

Operating expenses were $2,586,762 and $2,872,417 for the six months ended September 30, 2025 and 2024, respectively, representing a decrease of approximately -9.94%. See "Components of Operating Expenses" below.

	For the Six Months Ended September 30,
	2025		2024		Change		% Change
Operating expenses:
General and administrative	$	1,207,017	$	2,146,005		)	-44%
Research and development		1,379,745		726,412			90%
Total operating expenses	$	2,586,762	$	2,872,417		)	-10%

All values are in US Dollars.

Components of Operating Expenses are as follows:

General and Administration - General and administrative expenses for six months ended September 30, 2025 and 2024 were $1,207,017 and $2,146,005, respectively. Payroll related expenses including accrued bonus and stock compensation decreased by $721,604. Investor relations expense decreased by $38,241 due to less conference participation and cost cutting in this area. Insurance expense also decreased by $45,889 due to lower directors and officers insurance premiums compared to the prior period. Legal and professional fees decreased by $15,103 from the prior period due to less accounting and SEC administration costs in the current period.

Research and Development - For the six months ended September 30, 2025 and 2024, research and development expenses were $1,379,745 and $726,412, respectively. Payroll related expenses including stock compensation expense increased $482,032 while laboratory expenses related to the development of our ViraxImmune platform increased by $143,229 from the prior period.

Income tax expense

During the six months ended September 30, 2025 and 2024, we received a research and development tax credit of $273,594 and $136,661, respectively.

Total other expense, net

For the six months ended September 30, 2025 and 2024, our total other expenses were $31,392 and $14,334, respectively. The increase in expense was mostly related to less interest income in the current period.

Net loss

For the six months ended September 30, 2025 and 2024, our net loss was $2,343,273 and $2,756,564, respectively. As discussed above, the decrease in net loss was primarily related to the decrease in general and administrative costs offset by an increase in research and development activities, and an increase in the research and development tax credit.

Liquidity and Capital Resources

For the six months ended September 30, 2025 and 2024

	For the Six Months Ended September 30,
	2025			2024
Cash from operating activities	$	(2,760,288	)	$	(1,918,624	)
Cash from investing activities	$	(141,505	)	$	(247,995	)
Cash from financing activities	$	2,018,313		$	5,863,366
Effect of exchange rate change
Change in cash during the year	$	(883,480	)	$	3,696,747
Cash, beginning of the year	$	4,228,944		$	3,589,244
Cash, end of the year	$	3,345,464		$	7,285,991

Net cash used in operating activities was $2,760,288 and $1,918,624 for the six months ended September 30, 2025 and 2024, respectively. The increase in cash used for operations was mainly due to payments made for accounts receivable, accrued expenses and related parties in the current period of $484,952, foreign currency gain of $251,240 and VAT receivable of $144,314.

Net cash used in investing activities was $141,505 and $247,995 for the six months ended September 30, 2025 and 2024, respectively. Investing activities for the six months ended September 30, 2025 and 2024 consisted capitalized lab and computer equipment that was purchased for the lab located in BioCity, Glasgow.

Net cash provided by financing activities was $2,018,313 and $5,863,366 for the six months ended September 30, 2025 and 2024, respectively. Cash flows from financing activities for the six months ended September 30, 2025 consisted of net proceeds from an at-the-market transaction of 2,201,476 shares at an average price of $0.9729 for net proceeds of $2,070,706 utilizing its At-the-Market Offering Agreement. Cash flows from financing activities for the six months ended September 30, 2024 consisted of net proceeds from an at-the-market transaction of 391,017 shares at an average price of $1.9931 and proceeds from a registered direct offering from the sale of 1,108,892 ordinary shares at a price of $4.50 per share for total net proceeds of $5,126,686. In addition 268,144 warrants with a strike price of $2.934 were exercised for gross proceeds of $786,735.

In addition, on August 19, 2024, 268,144 warrants with a strike price of $2.934 were exercised for gross proceeds of $786,735 and 268,144 ordinary shares were issued.

The Company has an accumulated deficit of $26,928,015 at September 30, 2025. Currently, we have not generated consistent operational cash flows to fund our operations. As of September 30, 2025, the Company had a cash balance of $3,345,464.

We plan to support our future research and development program, obtain product certification approvals in the territories we have identified, establish our distribution networks, and our general working capital and expenses requirements from our current cash balance. We are likely, however, over the longer term to require additional capital to fund further research and development expenditures and commercialize our products.

At present, we have not generated any significant revenue from existing operations. Our continued existence is dependent on our current cash balance, the ability to obtain necessary financing to fund working capital, complete the planned product certification approvals in

the territories we have identified and to establish our distribution networks. We do not expect to generate sufficient operational cash flows to finance these costs in the foreseeable future.

As noted above, the continuation of our current business plan requires us to raise significant additional capital. However, this plan may not be sufficient to provide the necessary capital, and material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern for a period that is one year from the issuance date of these financial statements.

Trend Information

We are a development stage company and it is not possible for us to predict with any degree of accuracy the outcome of our research, development or commercialization efforts. As such, it is not possible for us to predict with any degree of accuracy any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating results or financial conditions.

Off-balance Sheet Arrangements

As of September 30, 2025 we did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources. We did not have any other off-balance sheet arrangements, as defined in the rules and regulations of the SEC, as of or during the periods presented.