We have adjusted our forecasts based on Microbix’s FY4Q-2025 financial results and have rolled forward our estimates for the new fiscal year. The net result is no change to our target price. We are maintaining our $0.50 TP and ACCUMULATE rating (Above Average Risk). Microbix is differentiated with highly specialized infrastructure. However, loss of the QuidelOrtho opportunity, and the plummet in Chinese antigen sales have left a big revenue gap, and we believe MBX will remain a “show me” story until several quarters of robust growth are reported. That said, we continue to believe that long term value exists, and encourage accumulating on MBX stock weakness. The company continues to repurchase shares under their renewed NCIB.