Imagine a younger Guardant Health, but specializing in *circulating tumor cells* (CTCs) for cancer detection using proprietary microfluidic devices and kits.

Think of it as an early-stage Exact Sciences, developing an integrated microfluidic platform and kits for broad cancer screening and diagnostics, focused on *circulating tumor cells*.

Major Products of Advanced Biomed (ADVB)

• A+Pre: A device used to reduce the viscosity of blood samples for pretreatment, retaining original cell activity.
• AC-1000: A device designed for the separation and enrichment of circulating tumor cells (CTCs) and tumor-related targeted cells in blood samples.
• A+CellScan: A device primarily used for fluorescent labeling and automatic scanning judgment of targeted cells.
• A+SCDrop: A device used to capture and separate single circulating tumor cells while preserving their original viability.
• A+Pre Chip, AC-1000 CTC Enrichment Chip, A+CellScan Chip: Microfluidic biochips designed to support the functionality of their corresponding devices.
• A+CTCE kit: An immunostaining kit specifically for identifying epithelial circulating tumor cells.
• A+CTCM kit: An immunostaining kit used for identifying mesenchymal circulating tumor cells.
• A+EMT kit: An immunostaining kit primarily used for identifying epithelial-to-mesenchymal circulating tumor cells.
• A+CM kit: An immunostaining kit developed to identify tumor-associated macrophages (cancer-associated macrophage-like cells).
• A+LCGuard Lung Cancer Early Screening Kit: A kit designed to assist in the early screening of lung cancer by determining the benign and malignant nature of pulmonary nodules.

As of the date of its prospectus, Advanced Biomed (ADVB) has not commenced sales of its products and does not have any revenue-generating products. Therefore, the company currently has no major customers.

However, based on its mission and product descriptions, Advanced Biomed intends to serve the following categories of customers once its products receive the required regulatory approvals and become commercially available:

• Cancer Patients: As the ultimate beneficiaries, individuals diagnosed with cancer would utilize Advanced Biomed's assay products and services for purposes such as diagnosis and staging, treatment selection, and patient outcome interventions.
• Individuals Seeking Early Cancer Screening: Members of the public, particularly those at risk or seeking proactive health management, would use products like the A+LCGuard Lung Cancer Early Screening Kit for early detection and assessment of pulmonary nodules.
• Healthcare Institutions and Diagnostic Laboratories: Hospitals, clinics, and specialized diagnostic centers would be direct purchasers of Advanced Biomed's medical devices (e.g., A+Pre, AC-1000, A+CellScan, A+SCDrop), microfluidic biochips, and immunostaining kits. These institutions would integrate Advanced Biomed's technologies into their clinical practice to offer advanced liquid biopsy services to their patients.

1. Dependence on Regulatory Approvals and Inability to Generate Revenue: Advanced Biomed currently has no revenue-generating products and does not expect sales until clinical development is completed, regulatory filings are submitted, and applicable approvals are received. Most of its products are either undergoing registration review or are only ready to start registration applications with the National Medical Products Administration (NMPA) in China. Furthermore, the company has not yet applied for clearances in other major jurisdictions like the United States and Europe. This pre-revenue state means the company expects to be in a continuous loss for the next two to three years, highlighting the critical reliance on successfully navigating complex and time-consuming regulatory pathways globally to commercialize its products.

2. Clinical Trial Execution and Outcome Uncertainty: The company explicitly states that, as of the prospectus date, it has not conducted any clinical trials for its products in the formal sense required for regulatory approval. For instance, the A+LCGuard Lung Cancer Early Screening Kit, a Class III medical device, requires clinical trials, which are planned to begin with clinical research by the end of June 2025. There is inherent uncertainty regarding whether clinical research or trials will meet anticipated outcomes, potentially requiring product optimization or protocol adjustments. Delays in obtaining ethical approval or recruiting participants could also postpone clinical research and subsequent large-scale clinical trials, thereby delaying product launch. Additionally, clinical data from trials conducted in China will not be used for establishing product standards in the U.S. market, necessitating separate trials for international expansion.

3. Challenges of International Market Expansion and Localization: Advanced Biomed plans significant international expansion, aiming to complete site selection and personnel recruitment in the United States by the end of 2024 and start product registration, testing, and production afterward. It also intends to enter the European market in 2025 and begin localized registration of IVD products. These plans involve establishing new subsidiaries, navigating distinct regulatory requirements, and conducting entirely new production, testing, and clinical trials in accordance with local regulations in each region. This ambitious expansion adds substantial complexity, resource demands, and potential for delays for a company that is still in the pre-commercialization phase in its home market.

• The significant and prolonged regulatory hurdles, including potential failures or delays in clinical trials for key products like A+LCGuard, and the necessity to undergo entirely separate and extensive approval processes in target markets such as the United States and Europe without leveraging prior clinical data, directly threaten the company's ability to commercialize any products and generate revenue.
• The complete absence of current sales or revenue-generating products, coupled with the company's explicit expectation of continuous financial losses for the next two to three years. This poses a fundamental threat to the company's financial sustainability and ability to fund ongoing costly clinical development and global expansion efforts.

Expected Drivers of Future Revenue Growth for Advanced Biomed (ADVB)

Advanced Biomed (ADVB) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily through product commercialization in existing and new markets:

• Commercialization of Immunostaining Kits and A+SCDrop in China: The company expects revenue growth from the launch of its four matching immunostaining kits (A+CTCE, A+CTCM, A+EMT, and A+CM) and the A+SCDrop device in China. These products are currently under registration review with the National Medical Products Administration (NMPA). Once approved, these kits will enable the company to officially roll out services for the identification, counting, and capture of circulating tumor cells.
• Expansion into the North American Market: Advanced Biomed plans to expand its operations to North America, with the goal of completing site selection and personnel recruitment in the United States by the end of 2024. Following this, the company intends to commence product registration, testing, and production in the U.S., which is expected to open a new revenue stream within the 2-3 year timeframe.
• Entry into the European Market: The company aims to enter the European market in 2025, with plans to conduct localized management and operations. This includes initiating the localized registration of its IVD products in Europe, paving the way for sales and revenue generation in this region.
• Commercialization of A+CellScan in China: Advanced Biomed's A+CellScan device and its corresponding A+CellScan Chip are ready to begin their registration applications with the NMPA in China. Successful registration and subsequent launch of this product for fluorescent labeling and automatic scanning judgment of targeted cells will contribute to future revenue.

Share Issuance

• Advanced Biomed completed an Initial Public Offering (IPO) on March 6, 2025, issuing 1,640,000 shares of common stock at $4.00 per share, raising approximately $6.56 million.
• In June 2025, the company announced a definitive agreement with Helena Global Investment Opportunities I Ltd. to potentially issue and sell up to $25 million of its common stock.
• As a commitment fee under the agreement with Helena Global, Advanced Biomed issued 1,650,710 common shares valued at $500,000 on January 30, 2026.

Inbound Investments

• Advanced Biomed raised approximately $6.56 million through its Initial Public Offering (IPO) in March 2025.
• The company secured an agreement with Helena Global Investment Opportunities I Ltd. in June 2025, providing for a potential capital raise of up to $25 million through the issuance and sale of common stock.

Capital Expenditures

• The company's Shanghai subsidiary owns research and development (R&D) equipment and patents, representing past investments in R&D infrastructure.
• Advanced Biomed plans to expand into North America and Europe, with aims to complete site selection and personnel recruitment in the United States by the end of 2024 to initiate product registration, testing, and production. The company also intends to begin localized registration of its IVD products in Europe in 2025.
• Planned capital expenditures for clinical research include preparing necessary equipment, consumables, and reagent kits for the A+LCGuard lung cancer early screening kit's clinical research, anticipated to start in June 2025.