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TrivarX Limited
(Sydney:TRI)
TrivarX Limited (TRI) vs. iShares MSCI Australia ETF (EWA)
TrivarX Limited Business Overview & Revenue Model
TrivarX Limited Financial Statement Overview
| Breakdown | Jun 2024 | Jun 2023 |
|---|---|---|
Income Statement | ||
| Total Revenue | 0.00 | 0.00 |
| Gross Profit | -52.47K | 0.00 |
| EBITDA | -1.89M | -1.13M |
| Net Income | -943.23K | -1.24M |
Balance Sheet | ||
| Total Assets | 13.48M | 10.81M |
| Cash, Cash Equivalents and Short-Term Investments | 1.25M | 848.10K |
| Total Debt | 169.03K | 15.90K |
| Total Liabilities | 831.22K | 1.18M |
| Stockholders Equity | 12.65M | 9.88M |
Cash Flow | ||
| Free Cash Flow | -189.74K | -3.70M |
| Operating Cash Flow | -189.74K | 0.00 |
| Investing Cash Flow | -2.09M | -2.85M |
| Financing Cash Flow | 2.68M | 4.32M |
TrivarX Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | AU$17.00M | -2.07 | ― | ― | -67.78% | 37.78% | |
47 Neutral | AU$24.23M | -6.11 | -8.06% | ― | ― | ― | |
44 Neutral | AU$13.06M | -4.38 | ― | ― | 241.34% | 44.19% | |
42 Neutral | AU$4.12M | -5.07 | ― | ― | -9.90% | 34.07% | |
40 Underperform | AU$7.43M | -0.97 | ― | ― | -40.05% | -49.57% |
TrivarX Limited Corporate Events
TrivarX Limited reported a collapse in revenue from ordinary activities to $2,270 for the half-year ended 31 December 2025, compared with $1.13 million a year earlier, while its net loss attributable to members widened sharply to $1.26 million from $91,083. The company did not declare an interim dividend, though net tangible assets per share rose to 0.248 cents, and its auditor highlighted a material uncertainty over TrivarX’s ability to continue as a going concern, underscoring ongoing financial pressure despite the accounts being prepared on a going concern basis.
The board confirmed no dividends were paid or recommended for the period, and there were no changes in control, associates, or joint ventures, suggesting a relatively static corporate structure. The auditor’s emphasis of matter, while not a qualification, signals heightened risk for stakeholders as the company navigates sustained losses and relies on its existing capital base to support operations.
The most recent analyst rating on (AU:TRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on TrivarX Limited stock, see the AU:TRI Stock Forecast page.
TrivarX has exercised its option to acquire 100% of the Stabl-Im brain imaging intellectual property from Nucleics Pty Ltd, expanding its portfolio beyond ECG-based diagnostics into neuro-oncology. Stabl-Im is designed to use stable isotope labelling with standard MRI to detect active tumour growth earlier and more safely than conventional imaging, potentially enabling non-invasive monitoring of brain cancers and brain metastases in a global neuro-oncology market valued at hundreds of millions of dollars, with related treatment markets projected in the billions. Alongside this strategic move, the company reported clinically meaningful results from a US Veterans Affairs-backed trial using its single-lead ECG algorithm to screen for current major depressive episodes in veterans with suspected sleep apnoea, demonstrating sensitivity and specificity broadly comparable to its more complex multi-biomarker MEB-001 algorithm. Together with a recently completed A$4.2 million placement to fund development and near-term plans for regulatory engagement and Phase 1 trials, these developments support TrivarX’s bid to strengthen its position in neurological and mental health diagnostics and open new partnering and commercialisation avenues.
The most recent analyst rating on (AU:TRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on TrivarX Limited stock, see the AU:TRI Stock Forecast page.
TrivarX Limited has announced a change to its board, with director John Mathias ceasing to serve as a director effective 31 December 2025. At the time of his departure, Mathias held 2.5 million options in TrivarX, expiring in December 2028 at an exercise price of $0.025, as well as a beneficial interest in 84,850 fully paid ordinary shares held through National Financial Services, and no interests in relevant contracts were disclosed, providing investors with clarity on his residual exposure to the company following his exit.
FIL Limited and its associated entities have notified TrivarX Limited that they have ceased to be a substantial holder in the company as of 19 December 2025, in accordance with substantial shareholding disclosure requirements. Following recent transactions, FIL’s holding in TrivarX stands at 42,502,362 common shares, representing 3.68% of the company’s voting power, indicating a reduction below the substantial shareholder threshold and signalling a shift in the company’s institutional investor base that may affect perceptions of its shareholder structure but does not alter control of the company.
TrivarX Limited has secured $3.5 million from the second tranche of a strategic placement, bolstering its balance sheet and giving it greater financial flexibility to advance its Stabl-Im imaging platform for brain tumour detection. The funds will support manufacturing scale-up, quality-control validation of stable isotope compounds, and regulatory pre-submission activities in the US and EU as the company moves Stabl-Im toward the clinic. Stabl-Im uses stable isotope labelling and standard MRI to safely and non-invasively visualise replicating tumour cells in the brain, potentially offering a breakthrough alternative to radiation-based or surgical methods. The work will be guided by experienced regulatory and medical consultants alongside Stabl-Im founder Dr Daniel Tillett, with a first-in-human Phase 1 trial planned for 2026 to assess safety, imaging precision and reproducibility in patients with confirmed brain tumours, laying the groundwork for broader multi-site trials and strengthening TrivarX’s position in advanced neuro-oncology diagnostics.
TrivarX Limited has disclosed a change in director David Trimboli’s indirect interest in the company’s securities via Seefeld Investments Pty Ltd, an entity through which he holds his stake. Following a tranche-two placement approved by shareholders at a general meeting on 12 December 2025, Seefeld Investments acquired 6,250,000 additional ordinary shares for $50,000, increasing Trimboli’s indirect holding to 25,881,639 ordinary shares alongside a substantial suite of options, signalling strengthened director alignment with shareholders and a modest capital injection to support the company’s ongoing funding needs.
TrivarX Limited has disclosed a significant increase in director Christopher Ntoumenopoulos’s equity exposure following shareholder-approved capital raisings and incentive issuances. The director, through direct holdings and indirectly via Sobol Capital Pty Ltd, has acquired 11.25 million new ordinary shares and 75 million long-dated options as part of a placement and as facilitation fees for services linked to TrivarX’s acquisition of Nucleics, materially lifting his stake and aligning his interests more closely with the company’s future performance.
TrivarX Limited has issued 437,725,337 new fully paid ordinary shares at $0.008 per share as part of a placement previously announced in October and approved by shareholders in December. The company has confirmed that these shares were issued without a prospectus under the Corporations Act disclosure exemptions, while affirming its ongoing compliance with financial reporting and continuous disclosure obligations and stating that there is no withheld price-sensitive information, providing investors with reassurance about transparency and regulatory adherence around the capital raising.
TrivarX Ltd has notified the market of a new issue of unquoted equity securities, comprising 20 million options exercisable at $0.015 and expiring on 19 December 2028. The options, which form part of a previously announced transaction and are not intended to be quoted on the ASX, signal an expansion of the company’s equity-based instruments that could affect future capital structure and potential dilution for existing shareholders if exercised.
TrivarX Ltd has applied to the ASX for quotation of 437,725,337 new fully paid ordinary shares under its ticker code TRI, expanding its listed securities on the exchange. The issuance, tied to previously flagged transactions, significantly increases the company’s quoted share base, which may affect its capital structure, liquidity, and ownership dynamics once the new shares commence trading on 19 December 2025.
TrivarX Limited reported positive results from a clinical trial evaluating its single-lead ECG algorithm designed to detect major depressive episodes (cMDE) in U.S. veterans. The trial, conducted in collaboration with the Greater Los Angeles Research and Education Foundation and the VA Greater Los Angeles Healthcare System, showcased the algorithm’s impressive sensitivity of 97%, underlining its potential to improve early detection of mental health conditions in veterans. The technology’s ability to integrate into existing clinical workflows supports efficient adoption and aligns with the VA’s priorities, strengthening TrivarX’s market position and paving the way for broader clinical and commercial opportunities.
TrivarX Limited announced the resignation of John Mathias as a non-executive director, effective December 31, 2025, as he plans to reduce his workload in preparation for retirement. His departure marks a significant change for the company, as he played a crucial role in promoting TrivarX’s technology to a broader market since joining the board in October 2024. The company continues to focus on its strategy to unlock value for shareholders.
TrivarX Limited has announced a change in the director’s interest in securities, specifically involving Tony Keating. The company has increased its holdings through Littles Brook Consulting Pty Ltd, acquiring 2,739,726 ordinary fully paid shares and 7,000,000 options expiring in December 2028. This change was approved by members at the AGM on November 21, 2025, and reflects a strategic move to align director compensation with company performance, potentially impacting shareholder value and market perception.
TrivarX Limited has announced a change in the director’s interest, specifically for Director John Mathias, who has acquired 2,500,000 options expiring on December 2, 2028, at an exercise price of $0.025. This acquisition, approved as incentive options at the AGM on November 21, 2025, reflects a strategic move to align the director’s interests with the company’s long-term goals, potentially impacting stakeholder confidence and market perception positively.
TrivarX Limited has announced a change in the interests of its director, David Trimboli, involving the acquisition of additional shares and options. The director’s indirect interest through Seefeld Investments Pty Ltd now includes 19,631,639 ordinary fully paid shares and various options with different expiration dates. This change was primarily due to the issuance of shares in lieu of director fees and incentive options approved at the company’s AGM, reflecting a strategic move to align director incentives with company performance.
TrivarX Limited has announced a change in the director’s interest, specifically involving Christopher Ntoumenopoulos. The change includes the acquisition of 2,739,726 ordinary fully paid shares and 7,000,000 options expiring in December 2028, which were issued as incentive options. This adjustment in holdings reflects a strategic move approved by members at the recent AGM, potentially impacting the company’s governance and aligning director interests with company performance.
TrivarX Limited has issued 8,767,123 ordinary fully paid shares at $0.0219 per share to settle outstanding director fees, as announced under section 708A of the Corporations Act. This move, authorized by the Board of Directors, indicates compliance with relevant legal provisions and suggests a strategic financial management approach, potentially impacting the company’s financial standing and stakeholder interests.
TrivarX Limited has announced the quotation of 8,767,123 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective December 2, 2025. This move is part of previously announced transactions and is expected to bolster the company’s market position by increasing its liquidity and investor base.