Link: https://links.sgx.com/1.0.0/corporate-announcements/C6X4G1YYARJCTP3G/a9738b5572ca9bd0c713d912ac2ae61a0cb04df9c19ace7f387642215241e1a4

Summary:

• Revenue/Income: Total income US$0.64m (vs US$6.40m in H1 2024) as fair value gains fell versus prior year.

• Profit: Net loss US$3.5m (vs net profit US$1.3m); swing mainly from lower net fair value gain on portfolio companies and two write-offs (US$2.9m).

• Portfolio fair value: IFRS fair value US$67.3m (from US$66.1m); Non-IFRS fair value US$120.4m (from US$118.9m); net positive revaluations of ~US$1.2m reflecting fundraising/operational milestones offset by adverse rounds.

• Balance sheet: Cash and short-term deposits US$2.9m (down 52% from US$6.0m); total assets US$73.3m (-2.8%); total equity US$64.6m (-5.0%); NAV/share ~US$0.06.

• Liabilities: Total liabilities US$8.6m (+17.8%); current liabilities US$5.2m (+34.8%).

• Fundraising momentum: Portfolio companies secured new rounds (e.g., Arcuro Medical Series A, IBI-Ag US$6.1m, Escala Medical US$4.5m); FDA clearance and US product launches for certain medtech holdings.

• Corporate actions: Rights Issue Placement and Proposed Subscription announced 30 Jun 2025; new CFO appointed; continued co-investments with Librae Holdings.

• Outlook/commentary: Operations resilient despite Middle East tensions; focus on supporting high-growth portfolio names and disciplined cost control; no dividend indicated.