ADVB — Q3 FY2026 Financial Report Analysis

A cancer-diagnostics shell that has since sold its science and turned to AI

Advanced Biomed Inc. is a Nevada-incorporated holding company run from Tainan, Taiwan, that listed on the Nasdaq Capital Market in March 2025 to develop blood tests for cancer (devices that pull circulating tumor cells out of a blood sample). It has never sold a product and reports no revenue. This report covers its fiscal third quarter — the three months to March 31, 2026 (its fiscal year ends June 30) — the latest period it has filed; the full-year 10-K for fiscal 2026 is late (see the outlook below).

The quarter's net loss narrowed to $0.49 million from $1.38 million a year earlier, but the more important story is what happened around it: in December 2025 the company sold its Hong Kong/mainland China arm, including its China intellectual property, for $23,000, booking a $7.35 million accounting gain that turned the nine-month result into a profit. After the quarter it bought an AI financial-audit start-up for stock, replaced its CEO with that start-up's owner, and on June 30, 2026 agreed to sell its Taiwan research subsidiary — the unit that does all remaining biomedical R&D — for $490,000.

At a glance

• $0 revenue, $0.52M of operating costs in the quarter — this is still a pre-revenue company spending on research and overhead, about $2M a year at the current rate.
• $5.98M nine-month net income is almost entirely a paper gain — strip out the $7.35M gain on disposing of the China arm and the nine months were a $1.36M loss.
• $2.60M of cash vs $9.10M of reported working capital — most of the gap is a $5.89M amount owed by the subsidiary it sold for $23,000, which may never turn into cash.

The numbers

All figures in US dollars. "Continuing operations" excludes the sold Hong Kong/China arm, whose results are reported separately.