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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% | |
44 Neutral | AU$21.92M | -11.02 | -7.84% | ― | ― | ― | |
44 Neutral | AU$9.49M | -0.96 | 152.58% | ― | -40.05% | -49.57% | |
44 Neutral | AU$11.19M | -2.48 | -578.72% | ― | 241.34% | 44.19% | |
42 Neutral | AU$4.12M | -1.98 | 20.02% | ― | -9.90% | 34.07% | |
40 Underperform | AU$13.96M | -1.71 | -1268.85% | ― | -67.78% | 37.78% |
TrivarX Limited Corporate Events
TrivarX has terminated the employment of Chief Medical Officer Dr Archie Defillo, who played a key role in developing its MEB-001 and single-channel ECG algorithms, as the company shifts toward a more commercially focused phase. To drive this transition, directors and ResApp Health co-founders Tony Keating and Chris Ntoumenopoulos will take more active roles in commercialisation, drawing on their experience in scaling digital health firms to acquisition.
The company is also searching for a Chief Scientific Officer to bolster its clinical and regulatory leadership, while reshaping its governance team with the resignation of Company Secretary Stephen Buckley and appointment of Cameron Jones and Nova Taylor as joint company secretaries. Director remuneration has been restructured, with Keating and Ntoumenopoulos moving from equity-based to cash-based packages for expanded strategic and regulatory roles, and Chair David Trimboli receiving equity-based fees, underscoring a stronger focus on execution, governance and shareholder value alignment as TrivarX pursues growth.
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 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.