How TrivarX’s $4.2M Raise Fuels Breakthrough Brain Imaging Technology
TrivarX Limited reported a $1.26 million half-year loss as it completed the acquisition of Stabl-Im brain imaging IP and validated its mental health screening technology in veterans. The company raised $4.2 million to fund clinical development and expand its diagnostic portfolio.
- Half-year loss widens to $1.26 million
- Acquisition of Stabl-Im brain imaging intellectual property
- Successful clinical trial validating single-lead ECG for depression screening
- Raised $4.2 million via share placement to support growth
- Material uncertainty on going concern noted by auditors
Financial Performance and Capital Raise
TrivarX Limited (ASX: TRI) has reported a significant increase in its half-year loss, recording a $1.26 million deficit for the six months ending 31 December 2025, compared to a $91,000 loss in the previous corresponding period. Despite the widening loss, the company bolstered its cash position to $3.47 million, up from $1.25 million at the end of June 2025, following a successful $4.2 million capital raise through a share placement. This funding round attracted strong support from institutional and sophisticated investors, including notable life sciences figures, underscoring confidence in TrivarX’s strategic direction.
Strategic Acquisition of Stabl-Im Technology
A key highlight of the period was TrivarX’s acquisition of the Stabl-Im brain imaging technology intellectual property from Nucleics Pty Ltd. Stabl-Im represents a promising advancement in neuro-oncology diagnostics, employing stable isotope labelling to detect active tumour growth earlier than conventional MRI methods. This non-invasive technology aims to identify replicating tumour cells before structural changes become apparent, potentially transforming brain cancer diagnosis and monitoring. The acquisition expands TrivarX’s portfolio beyond its established ECG-based diagnostics, positioning the company in a high-value imaging market with significant commercial potential.
Clinical Validation of Mental Health Screening Tool
TrivarX also completed a pivotal clinical trial in collaboration with the US Department of Veterans Affairs and the Greater Los Angeles Veterans Research and Education Foundation. The trial evaluated the company’s single-lead ECG algorithm as an objective screening tool for current Major Depressive Episodes (cMDE) in veterans with suspected sleep apnoea. Results demonstrated strong diagnostic performance, with 88% sensitivity and 68% specificity, closely aligning with previous Phase 2 data. This validation supports TrivarX’s strategy to integrate scalable mental health screening into existing sleep clinic workflows, offering a low-cost, data-driven alternative to traditional methods.
Operational and Corporate Developments
Alongside these technical advances, TrivarX saw the resignation of Non-Executive Director John Mathias, who stepped down at the end of December 2025. The board expressed gratitude for his contributions. The company also issued a range of options and performance shares to directors, employees, and advisors as part of its incentive and acquisition arrangements, reflecting ongoing efforts to align stakeholder interests with corporate growth objectives.
Risks and Going Concern Considerations
The independent auditor’s review highlighted a material uncertainty regarding TrivarX’s ability to continue as a going concern, given ongoing losses and cash burn. The directors remain confident, citing recent capital raises, anticipated government grants, and prudent expenditure management as mitigating factors. However, the company’s future hinges on successful clinical development, regulatory approvals, and further funding to sustain operations and commercialise its technologies.
Bottom Line?
TrivarX’s expanded neuro-oncology focus and validated mental health screening technology set the stage for critical clinical milestones and funding needs ahead.
Questions in the middle?
- How will TrivarX navigate regulatory pathways for Stabl-Im and its mental health diagnostic software?
- What are the timelines and funding requirements for the planned Phase 1 clinical trial of Stabl-Im?
- Can TrivarX secure sustainable revenue streams while managing ongoing losses and cash flow pressures?
