In just one year, the company has swung from a post-listing surge of over 300% to falling more than 30% below its offer price.

In May 2025, the Hong Kong stock market welcomed MIRXES-B (02629.HK), the first Southeast Asian biotechnology startup to list in Hong Kong with a valuation exceeding US$1 billion.

Following its debut, MIRXES’s share price once surpassed HK$70, tripling from its offer price of HK$23.3, with its market capitalization exceeding HK$20 billion. However, since October last year, the stock has tumbled repeatedly, eventually falling below its IPO price.

NewTimeSpace has learned that since the beginning of 2026, the company has frequently recorded single-day drops exceeding 10%, becoming a regular on the industry's top losers list. As of the close on March 9, the stock was quoted at HK$14.81, representing a cumulative year-to-date (YTD) decline of nearly 70% and a market capitalization of HK$4.417 billion.

"First Stock of Gastric Cancer Screening" Faces Persistent Losses

Public records show that MIRXES, founded in 2014, is a Singapore-originated ribonucleic acid (RNA) technology company. The company is primarily dedicated to providing blood-based testing products for cancer and other disease detection on a global scale.

NewTimeSpace understands that MIRXES is the first and only company worldwide to obtain molecular diagnostic In-Vitro Diagnostic (IVD) approval for gastric cancer screening. The company's core product, GASTROClear™, is a blood test kit consisting of 12 miRNA biomarkers for gastric cancer screening. It received the Class C IVD certificate in Singapore in 2019 and submitted its registration application in China in December 2023.

Specifically, the gastric cancer screening product (GASTROClear™) is a blood-based miRNA molecular diagnostic kit that has been approved in Singapore and received the EU CE mark. It is currently undergoing a clinical trial in China involving nearly 10,000 subjects.

To date, MIRXES’s early detection business pipeline also includes the commercialized LUNGClear™for early lung cancer detection, as well as four other single-cancer or multi-cancer early detection products currently under development.

During its IPO placement, MIRXES received significant support from cornerstone investors, who collectively subscribed to US$57.92 million, accounting for 41.37% of the total offering. Among them, Beijing Xunrui subscribed to US$50 million, while Evergreen Gate (a subsidiary of Fosun International) subscribed to US$7.92 million.

According to the prospectus, MIRXES has been in a loss-making state in recent years, with losses of US$56.2 million, US$69.57 million, and US$92.21 million in 2022, 2023, and 2024, respectively.

Following its listing in 2025, MIRXES released its first post-IPO financial report last September. For the first half of 2025, the company recorded revenue of US$10.5 million, a year-on-year increase of 9.4%, with a net loss of US$28.22 million, representing a 36% year-on-year change.

Notably, revenue from the company's core "Early Detection and Precision Multi-omics" business grew by 50% year-on-year, accounting for 100% of total revenue, while the gross margin jumped from 49.0% to 67.6%.

Currently, while MIRXES has seen some performance growth, it remains in a deficit and its revenue streams are relatively singular.

Active Strategic Moves in 2026 Amid a Crashing Share Price

NewTimeSpace noted that the decline in MIRXES’s share price can be traced back to October 9, 2025. By the end of 2025, the stock had fallen by 40.20% during that period.

Since the start of 2026, the share price has continued to plunge, with the downward trend expanding further. Data shows that in 2026, the stock has experienced four instances of single-day drops exceeding 10%. As of the close on March 9, 2026, the stock was quoted at HK$14.81, with a cumulative YTD decline of 66.37%.

It is understood that as the share price fell, MIRXES took frequent actions to bolster market confidence and pursue strategic upgrades. In December 2025, MIRXES signed a strategic cooperation agreement with XtalPi to co-build an AI-powered "integrated diagnosis and treatment" innovation research and industrialization platform.

In February 2026, MIRXES partnered with XtalPi and Sigene Biopharma to create a closed-loop system of "AI early screening + precision treatment" for gastric cancer. Strategically, the company has begun to extend from a singular "early screening" focus to the entire "screening-diagnosis-treatment" chain.

NewTimeSpace learned that at the end of January 2026, MIRXES announced a new share placement, issuing 21,888,000 new shares to raise HK$711 million. The funds are primarily intended for investment and M&A activities, R&D and clinical studies, expansion into emerging markets like India, and general working capital. Additionally, 20% of the funds will be used to aggressively target emerging markets like India, directly addressing the multi-billion-dollar testing "blue ocean" generated by the Nipah virus.

Furthermore, at the end of February 2026, MIRXES announced that its large-scale prospective clinical study in Southeast Asia, CADENCE CRC, had completed all enrollment procedures with a total of over 6,000 participants. This is the first and largest blood-based colorectal cancer screening registration study in the region.

In response to the persistent decline in share price, MIRXES also announced that its co-founders and cornerstone investors have voluntarily committed not to sell any relevant shares for the next 12 months, with cornerstone investors pledging to hold no less than 80% of their shares.

Currently, these actions have yet to halt the downward trend, and the company's share price remains in decline.

Industry Transformation and the Influx of Global Giants

NewTimeSpace learned that in October 2025, just as MIRXES’s shares began to fall, NewTimeSpace Health (6606.HK), once hailed as the "First Stock of Cancer Early Screening in China," was forcibly delisted by the HKEX.

Founded in 2015, the company saw its market capitalization exceed HK$40 billion at its peak. However, following a series of crises including financial fraud, auditor reversals, and executive departures, its share price eventually froze at HK$14.14, and its market value was wiped out.

As an industry benchmark, the fall of NewTimeSpace Health dealt a severe blow to investor confidence in the entire cancer early screening sector. The "early screening narrative," once fervently pursued by capital, now faces much harsher scrutiny.

While the delisting of NewTimeSpace Health was an internal "housecleaning," the aggressive entry of global giants marks a new stage where the cancer early screening track is shifting from a "scrum of startups" to a "harvest by giants," leading to intensified competition.

In November 2025, global healthcare giant Abbott announced a US$21 billion all-cash acquisition of early screening company Exact Sciences, which, with its core product Cologuard, has become a benchmark in the US early screening market.

Shortly before Abbott’s announcement, its rival Roche also entered a partnership agreement worth over US$200 million with multi-cancer early detection company Freenome, doubling down on the tumor early detection field characterized by multi-omics blood testing technology.

These successive bets by two giants on the same track send a clear signal: cancer early screening will be the most certain growth direction for the diagnostics industry in the future.

Furthermore, domestic IVD giants such as BGI Genomics and Burning Rock Biotech are accelerating their multi-cancer screening layouts. Additionally, AmiDx, which is currently seeking a listing, has a product line covering colorectal, esophageal, and liver cancers.

Although MIRXES holds the halo of having the "world's only approved gastric cancer early screening IVD product," its "first-mover advantage" window is narrowing as the track becomes crowded.

With a similar peer having been delisted due to persistent losses and financial fraud, MIRXES needs to prove to the market that it possesses not only technological leadership but also sustainable commercialization capabilities, a replicable deployment model, and a predictable growth path.

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