iX Biopharma Ltd. reported a net loss of S$7.99 million for the year ended Jun 30, down 21% year-on-year, as rising US sales and higher margins partially offset a sharp fall in Australian medicinal-cannabis revenue.

Group revenue slipped 12% to S$6.85 million, while gross profit rose 19% to S$2.43 million, widening the gross margin to 36% from 26% a year earlier. The company did not declare a dividend.

Revenue from medicinal cannabis fell 46% to S$3.47 million, reflecting lower third-party manufacturing volumes after Australian customers faced import-permit delays and softer domestic market conditions. Excluding cannabis, the rest of the business grew 144% to about S$3.38 million. US sales surged more than 14-fold to S$1.98 million, driven by two factors:

• Product-development revenue of S$1.25 million booked under a US Department of Defense (DoD) sole-source contract worth US$40.95 million to advance Phase 3 trials of Wafermine, a sublingual ketamine wafer for acute pain. • Commercial demand for SL-NAD+ and Wafesil supplied via the US compounding-pharmacy channel, which lifted product sales from the Australian plant to S$0.74 million, up 429% YoY.

The heavy cannabis decline weighed on the top line but was offset by the higher-margin US business, resulting in improved profitability despite lower revenue.

Looking ahead, management said priority projects include completing the Emergency Use Authorization application and Phase 3 work for Wafermine under the DoD contract, commissioning a Nevada manufacturing facility—partly by relocating freeze-drying equipment from Australia—and scaling supply for the US market. The company raised a combined S$21.7 million through placements in October 2025 and February 2026 to fund these initiatives, meet interim DoD obligations and reduce debt.