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Here are 1-2 brief analogies for Intelligent Bio Solutions (INBS):

• It's like a Clearblue (pregnancy test) for rapid drug screening, but using a fingerprint sweat sample.

• Imagine 23andMe, but instead of genetics from saliva, it's detecting drugs from a fingerprint sweat sample.

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• Saliva Glucose Biosensor: A non-invasive diagnostic device that uses saliva to measure glucose levels.
• COV2 Test: A biosensor test designed to complement RNA virus detection for COVID-19 diagnosis.
• Biosensor Platform: A diagnostic platform encompassing biochemistry, immunology, tumor markers, hormones, and nucleic acid diagnostic capabilities.

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Harry Simeonidis

President and Chief Executive Officer

Harry Simeonidis was appointed Chief Executive Officer of Intelligent Bio Solutions in October 2022. He brings over 25 years of experience in healthcare, pharmaceutical, and life sciences, holding various senior management positions across Asia Pacific. Before joining Intelligent Bio Solutions, Mr. Simeonidis served as the General Manager, Surgery, Asia Pacific, at GE Healthcare, where he oversaw significant market expansion. Prior to this, he was the President and CEO of GE Healthcare ANZ for nine years. He also served as a non-executive Director of Farmaforce Limited.

Spiro Sakiris

Chief Financial Officer

Spiro Sakiris is a seasoned finance professional with over 34 to 35 years of expertise in accounting, taxation, Initial Public Offerings (IPOs), capital raising, and business system designs. His experience includes applying International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP) within the life science sector. Mr. Sakiris is a member of the Institute of Chartered Accountants of Australia & New Zealand.

Callistus Sequeira

Vice President of Global Quality and Operations

Callistus Sequeira serves as the Vice President of Global Quality and Operations for Intelligent Bio Solutions.

Doug Heath

Vice President of Global Sales

Doug Heath is a senior sales professional with over a decade of experience leading commercial strategies across global markets. Earlier in his career, Mr. Heath contributed to several large-scale infrastructure projects in the Middle East. As Vice President of Global Sales, he has been instrumental in driving sales and expanding Intelligent Bio Solutions' market presence.

Anna Turkington

Vice President of Marketing

Anna Turkington is a senior marketing and communications specialist with over ten years of experience in corporate and non-profit sectors.

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Here are the key risks to Intelligent Bio Solutions (INBS) in order from most significant to less significant:

1. Financial Health and Going Concern: Intelligent Bio Solutions faces substantial financial challenges, characterized by a negative Altman Z-Score of -11.74, which indicates significant financial distress and a high risk of bankruptcy within two years. The company also exhibits poor business operations, reflected in a Piotroski F-Score of 2, and reports significant operational inefficiencies with negative operating and net margins. Furthermore, a current ratio of 0.89 suggests potential liquidity issues. These factors collectively highlight a dominant risk to the company's ability to continue as a going concern.
2. Regulatory Approval for U.S. Market Entry: A critical component of Intelligent Bio Solutions' growth strategy is the planned entry into the substantial U.S. drug screening market with its Intelligent Fingerprinting Drug Testing Solution. The company submitted its FDA 510(k) pre-market application in December 2024, with a U.S. market launch anticipated for 2025. The successful attainment of FDA clearance is crucial to unlock this market opportunity. Any delays in securing regulatory approvals or a failure to obtain them would severely impede the company's commercialization plans and revenue growth.
3. Market Adoption of New Technology and Competition: Intelligent Bio Solutions' fingerprint sweat analysis technology offers a novel, non-invasive, hygienic, and rapid alternative to traditional drug testing methods such as urine and saliva tests. While the technology presents several advantages, there is an inherent risk concerning the rate and extent of its adoption in a competitive market with established testing protocols and existing players. Successfully disrupting the traditional testing landscape and gaining significant market share remains a continuous challenge for the company.

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The continued advancement and market dominance of continuous glucose monitoring (CGM) systems. While minimally invasive, these established technologies provide continuous glucose data, which offers significant advantages for diabetes management over a discrete, non-continuous saliva-based measurement. As CGMs become smaller, more accurate, and widely adopted, they could significantly reduce the market appeal and demand for INBS’s saliva glucose biosensor.

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Intelligent Bio Solutions (INBS) operates in two primary markets: fingerprint-based drug screening and glucose biosensors for diabetes management.

Fingerprint Drug Screening System

The company's Intelligent Fingerprinting Drug Screening System targets the global drug screening market, particularly the workplace drug testing segment.

• The global drug screening market was valued at approximately USD 13.8 billion in 2024 and is projected to reach USD 52.2 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 14.5% from 2025 to 2034. Another estimate places the global market at USD 8.49 billion in 2025, with a projected growth to USD 20.86 billion by 2031 at a CAGR of 16.16%.
• In the United States, the drug screening market was valued at USD 5.9 billion in 2024 and is projected to grow to USD 21.2 billion by 2034, with a CAGR of 14%. Another report states the U.S. market size was USD 5.801.7 million (USD 5.8017 billion) in 2025, with an estimated increase to USD 11.216.8 million (USD 11.2168 billion) by 2034 at a CAGR of 7.37%.
• The workplace programs segment represented 34.58% of global drug screening revenue in 2025. In the U.S., workplaces accounted for 33.6% of the drug screening market share. The global employer and workplace drug testing market was estimated at USD 6.33 billion in 2025 and is projected to reach USD 9.09 billion by 2033, growing at a CAGR of 4.7% from 2026 to 2033. The U.S. employer and workplace drug testing market was estimated at USD 2.57 billion in 2024 and is projected to reach USD 4.01 billion by 2033, growing at a CAGR of 5.2% from 2025 to 2033.

Saliva Glucose Biosensor

Intelligent Bio Solutions is also developing a saliva glucose biosensor as part of its Biosensor Platform for chronic disease management.

• The global saliva glucose biosensor market was valued at USD 14.78 billion in 2024 and is anticipated to reach USD 30.55 billion by 2032, expanding at a CAGR of 9.5%.
• More broadly, the global glucose biosensors market size was estimated at USD 9.68 billion in 2024 and is projected to grow at a CAGR of 8.5% from 2025 to 2030. Another projection indicates the global glucose biosensors market will grow from USD 10.71 billion in 2025 to nearly USD 23.08 billion by 2034, with an expected CAGR of 8.91%.
• North America dominates the global glucose biosensors market, holding 32.62% of the revenue share in 2024, and 34% of the market in 2024. The U.S. glucose biosensors market size is projected to exceed USD 23.08 billion by 2034, increasing from USD 10.71 billion in 2025.

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• Entry into the U.S. Drug Screening Market: The company is actively pursuing FDA 510(k) clearance for its Intelligent Fingerprinting Drug Screening System to enter the multi-billion dollar U.S. drug screening market. Clinical studies are underway to support this submission, with full data analysis anticipated by the end of March 2026 and planned commercial launch into this significant market.
• Expansion of the Installed Base of Readers and Recurring Cartridge Sales: Intelligent Bio Solutions operates on a "razor-razorblade" business model, where the sale of its drug screening readers drives recurring revenue from consumable cartridges. The company has demonstrated strong growth in reader sales, which more than doubled year-over-year in fiscal Q2 2026, leading to a significant expansion of its installed base and consequently boosting cartridge sales.
• Growth in International Customer Base and Market Penetration: The company has an established and diverse customer base across 24 countries in industries such as construction, manufacturing, transport, logistics, drug treatment, and law enforcement. Intelligent Bio Solutions has reported substantial year-over-year revenue growth due to strong adoption of its technology and an expanding global sales and distribution network.
• New Manufacturing Partnership for Scalability and Improved Margins: A strategic manufacturing partnership with Syrma Johari MedTech Ltd. is expected to enhance global production capabilities, increase gross margins, and support the company's planned entry into the U.S. market. This collaboration is projected to yield over 40% in annual production cost savings and approximately 20 percentage points in gross margin improvement annually.
• Introduction of New Products and Broader Applications: While focusing on its fingerprinting system, Intelligent Bio Solutions is also developing complementary products such as the SmarTest® Sweat Drug Testing Patch. This wearable device offers longer-term drug monitoring, expanding the company's testing solutions and potential revenue streams in settings like justice and rehabilitation.

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Share Issuance

• Intelligent Bio Solutions completed a private placement expected to close around January 2, 2026, raising approximately $10.0 million in gross proceeds. This involved selling 2,298,850 common shares (or pre-funded warrants) and issuing Series K-1 and K-2 warrants to purchase an additional 2,298,850 shares each at an exercise price of $4.10. The combined purchase price for these securities was $4.35 per share (or pre-funded warrant) plus associated warrants.
• The number of shares outstanding for Intelligent Bio Solutions increased by 126.93% in one year, leading to substantial shareholder dilution in the past year.
• The proceeds from the $10 million private placement are intended for working capital and general corporate purposes.

Inbound Investments

• Intelligent Bio Solutions raised approximately $10.0 million through a private placement of common shares (or pre-funded warrants) and associated warrants, with the closing anticipated around January 2, 2026.
• The company successfully closed a $10 million private placement.

Capital Expenditures

• In the last 12 months (prior to March 16, 2026), Intelligent Bio Solutions reported capital expenditures of -$361,535.