Trendlines 42T
SGD 0.049
+0.00% +0.00 Updated 10 Nov 2026, 17:16 SGT
Financials
Annual Report 2025
Explore the statements
8 tablesConsolidated Statements of Financial Position — assets and liabilities
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and cash equivalentsU.S. dollars in thousands ($’000) | 4,817 | 4,973 | 4,353 | 3,916 | PDF p. 118 |
| Short-term bank depositsU.S. dollars in thousands ($’000) | 110 | 1,014 | 110 | 921 | PDF p. 118 |
| Accounts and other receivablesU.S. dollars in thousands ($’000) | 2,180 | 777 | 8,696 | 6,964 | PDF p. 118 |
| Short-term loans to Portfolio CompaniesU.S. dollars in thousands ($’000) | 270 | 119 | 270 | 17 | PDF p. 118 |
| Total Current AssetsU.S. dollars in thousands ($’000) | 7,377 | 6,883 | 13,429 | 11,818 | PDF p. 118 |
| Non-current assets | |||||
| Investments in Portfolio CompaniesU.S. dollars in thousands ($’000) | 76,454 | 66,101 | – | – | PDF p. 118 |
| Accounts and other receivablesU.S. dollars in thousands ($’000) | 512 | 28 | 512 | - | PDF p. 118 |
| Right-of-use assetsU.S. dollars in thousands ($’000) | 1,038 | 1,765 | 931 | 629 | PDF p. 118 |
| Investment in SubsidiariesU.S. dollars in thousands ($’000) | – | – | 69,313 | 58,721 | PDF p. 118 |
| Property, plant and equipment, netU.S. dollars in thousands ($’000) | 428 | 572 | 412 | 318 | PDF p. 118 |
| Total Non-Current AssetsU.S. dollars in thousands ($’000) | 78,432 | 68,466 | 71,168 | 59,668 | PDF p. 118 |
| Assets | |||||
| Total AssetsU.S. dollars in thousands ($’000) | 85,809 | 75,349 | 84,597 | 71,486 | PDF p. 118 |
| Current liabilities | |||||
| Lease liabilitiesU.S. dollars in thousands ($’000) | 271 | 304 | 265 | 118 | PDF p. 118 |
| Loans from a related partyU.S. dollars in thousands ($’000) | 1,414 | 423 | 1,414 | 423 | PDF p. 118 |
| Trade and other payablesU.S. dollars in thousands ($’000) | 3,041 | 3,152 | 901 | 859 | PDF p. 118 |
| Deferred revenuesU.S. dollars in thousands ($’000) | 49 | – | 49 | – | PDF p. 118 |
| Total Current LiabilitiesU.S. dollars in thousands ($’000) | 4,775 | 3,879 | 2,629 | 1,400 | PDF p. 118 |
| Long-term liabilities | |||||
| Loans from the Israel Innovation AuthorityU.S. dollars in thousands ($’000) | 2,587 | 2,212 | 2,587 | 1,065 | PDF p. 118 |
| Lease liabilitiesU.S. dollars in thousands ($’000) | 1,079 | 1,212 | 1,061 | 470 | PDF p. 118 |
| Other long-term liabilitiesU.S. dollars in thousands ($’000) | 15 | 15 | 15 | – | PDF p. 118 |
| Total Long-Term LiabilitiesU.S. dollars in thousands ($’000) | 3,681 | 3,439 | 3,663 | 1,535 | PDF p. 118 |
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Definitions & sources
Original report: PDF p. 118 ↗
Header and units: “U.S. dollars in thousands, except share and per share data”; columns are Group and Company for 2025 and 2024. This table continues on physical page 119. The source prints “LONG-TERM LIABILITES.”
Consolidated Statements of Financial Position — equity
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Equity attributable to equity holders of the Company | |||||
| Share capitalU.S. dollars in thousands ($’000) | 3,796 | 2,959 | 3,796 | 2,959 | PDF p. 119 |
| Share premiumU.S. dollars in thousands ($’000) | 106,019 | 99,370 | 106,019 | 99,370 | PDF p. 119 |
| Reserve from transaction with non-controlling interestsU.S. dollars in thousands ($’000) | 1,745 | 1,745 | – | – | PDF p. 119 |
| Reserve from hedgesU.S. dollars in thousands ($’000) | 15 | 50 | 15 | 50 | PDF p. 119 |
| Reserve from share-based payment transactionsU.S. dollars in thousands ($’000) | 5,439 | 5,054 | 5,439 | 5,054 | PDF p. 119 |
| Retained earningsU.S. dollars in thousands ($’000) | (38,709) | (40,627) | (36,964) | (38,882) | PDF p. 119 |
| SubtotalU.S. dollars in thousands ($’000) | 78,305 | 68,551 | 78,305 | 68,551 | PDF p. 119 |
| Equity | |||||
| Non-Controlling InterestsU.S. dollars in thousands ($’000) | (952) | (520) | – | – | PDF p. 119 |
| Total EquityU.S. dollars in thousands ($’000) | 77,353 | 68,031 | 78,305 | 68,551 | PDF p. 119 |
| Liabilities and equity | |||||
| Total Liabilities and EquityU.S. dollars in thousands ($’000) | 85,809 | 75,349 | 84,597 | 71,486 | PDF p. 119 |
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Definitions & sources
Original report: PDF p. 119 ↗
Header and units continue from the statement header on physical page 118.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Gain (loss) from change in fair value of investments in Portfolio Companies, netU.S. dollars in thousands ($’000) | 7,127 | (3,126) | PDF p. 120 |
| Income from services to Portfolio CompaniesU.S. dollars in thousands ($’000) | 266 | 1,494 | PDF p. 120 |
| Income from contracted R&D servicesU.S. dollars in thousands ($’000) | 84 | 225 | PDF p. 120 |
| Financial incomeU.S. dollars in thousands ($’000) | 236 | 514 | PDF p. 120 |
| Other incomeU.S. dollars in thousands ($’000) | 2,159 | 398 | PDF p. 120 |
| Total gain (loss)U.S. dollars in thousands ($’000) | 9,872 | (495) | PDF p. 120 |
| Expenses | |||
| Operating, general and administrative expensesU.S. dollars in thousands ($’000) | 6,331 | 7,038 | PDF p. 120 |
| Operating, general and administrative expenses - Trendlines Medical Singapore portfolio companies (subsidiaries)U.S. dollars in thousands ($’000) | 880 | 1,619 | PDF p. 120 |
| Marketing expensesU.S. dollars in thousands ($’000) | 188 | 167 | PDF p. 120 |
| Research and development expenses, netU.S. dollars in thousands ($’000) | – | 473 | PDF p. 120 |
| Financial expensesU.S. dollars in thousands ($’000) | 987 | 407 | PDF p. 120 |
| Total expensesU.S. dollars in thousands ($’000) | 8,386 | 9,704 | PDF p. 120 |
| Income statement | |||
| Gain (loss) before income taxesU.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Income taxU.S. dollars in thousands ($’000) | – | – | PDF p. 120 |
| Net Profit / (loss)U.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Other comprehensive income (loss): Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | |||
| Loss from cash flow hedgesU.S. dollars in thousands ($’000) | (35) | (23) | PDF p. 120 |
| Other comprehensive income (loss) | |||
| Total comprehensive income / (loss)U.S. dollars in thousands ($’000) | 1,451 | (10,222) | PDF p. 120 |
| Net profit / (loss) attributable to | |||
| Equity holders of the CompanyU.S. dollars in thousands ($’000) | 1,918 | (9,425) | PDF p. 120 |
| Non-Controlling InterestsU.S. dollars in thousands ($’000) | (432) | (774) | PDF p. 120 |
| SubtotalU.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Total comprehensive income / (loss) attributable to | |||
| Equity holders of the CompanyU.S. dollars in thousands ($’000) | 1,883 | (9,448) | PDF p. 120 |
| Non-Controlling InterestsU.S. dollars in thousands ($’000) | (432) | (774) | PDF p. 120 |
| SubtotalU.S. dollars in thousands ($’000) | 1,451 | (10,222) | PDF p. 120 |
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Definitions & sources
Original report: PDF p. 120 ↗
The statement prints an overall unit of “U.S. dollars in thousands, except share and per share data”; the EPS row separately specifies “in U.S dollars.” The 2024 EPS figure is the raw printed value.
Consolidated Statements of Profit or Loss and Other Comprehensive Income
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Gain (loss) from change in fair value of investments in Portfolio Companies, netU.S. dollars in thousands ($’000) | 7,127 | (3,126) | PDF p. 120 |
| Income from services to Portfolio CompaniesU.S. dollars in thousands ($’000) | 266 | 1,494 | PDF p. 120 |
| Income from contracted R&D servicesU.S. dollars in thousands ($’000) | 84 | 225 | PDF p. 120 |
| Financial incomeU.S. dollars in thousands ($’000) | 236 | 514 | PDF p. 120 |
| Other incomeU.S. dollars in thousands ($’000) | 2,159 | 398 | PDF p. 120 |
| Total gain (loss)U.S. dollars in thousands ($’000) | 9,872 | (495) | PDF p. 120 |
| Expenses | |||
| Operating, general and administrative expensesU.S. dollars in thousands ($’000) | 6,331 | 7,038 | PDF p. 120 |
| Operating, general and administrative expenses - Trendlines Medical Singapore portfolio companies (subsidiaries)U.S. dollars in thousands ($’000) | 880 | 1,619 | PDF p. 120 |
| Marketing expensesU.S. dollars in thousands ($’000) | 188 | 167 | PDF p. 120 |
| Research and development expenses, netU.S. dollars in thousands ($’000) | – | 473 | PDF p. 120 |
| Financial expensesU.S. dollars in thousands ($’000) | 987 | 407 | PDF p. 120 |
| Total expensesU.S. dollars in thousands ($’000) | 8,386 | 9,704 | PDF p. 120 |
| Profit or loss | |||
| Gain (loss) before income taxesU.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Income taxU.S. dollars in thousands ($’000) | – | – | PDF p. 120 |
| Net Profit / (loss)U.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Other comprehensive income (loss): Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | |||
| Loss from cash flow hedgesU.S. dollars in thousands ($’000) | (35) | (23) | PDF p. 120 |
| Comprehensive income | |||
| Total comprehensive income / (loss)U.S. dollars in thousands ($’000) | 1,451 | (10,222) | PDF p. 120 |
| Net profit / (loss) attributable to | |||
| Equity holders of the CompanyU.S. dollars in thousands ($’000) | 1,918 | (9,425) | PDF p. 120 |
| Non-Controlling InterestsU.S. dollars in thousands ($’000) | (432) | (774) | PDF p. 120 |
| Attributable net profit / (loss) totalU.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 120 |
| Total comprehensive income / (loss) attributable to | |||
| Equity holders of the CompanyU.S. dollars in thousands ($’000) | 1,883 | (9,448) | PDF p. 120 |
| Non-Controlling InterestsU.S. dollars in thousands ($’000) | (432) | (774) | PDF p. 120 |
| Attributable total comprehensive income / (loss) totalU.S. dollars in thousands ($’000) | 1,451 | (10,222) | PDF p. 120 |
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Definitions & sources
Original report: PDF p. 120 ↗
Statement heading states “As at 31 December 2025”; periods are shown as 2025 and 2024. The statement unit header is “U.S. dollars in thousands, except share and per share data”; per-share row is in U.S. dollars.
The profit-or-loss and comprehensive-income attribution subtotals are printed without labels; the quotes preserve their displayed numeric rows.
Consolidated Statements of Changes in Equity
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital | 2025Share premium | 2025Reserve from transaction with non-controlling interests | 2025Reserve from hedges | 2025Reserve from share-based payment transactions | 2025Retained earnings | 2025Total attributable to equity holders | 2025Non-controlling interests | 2025Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||
| Balance as of 31 December 2023U.S. dollars in thousands ($’000) | 2,605 | 93,815 | 352 | 73 | 5,249 | (31,202) | 70,892 | (1,816) | 69,076 | PDF p. 121 |
| Movements in equity | ||||||||||
| Net income and total comprehensive incomeU.S. dollars in thousands ($’000) | – | – | – | (23) | – | (9,425) | (9,448) | (774) | (10,222) | PDF p. 121 |
| Issuance of sharesU.S. dollars in thousands ($’000) | 354 | 5,291 | – | – | – | – | 5,645 | – | 5,645 | PDF p. 121 |
| Expired optionsU.S. dollars in thousands ($’000) | – | 264 | – | – | (264) | – | – | – | – | PDF p. 121 |
| Shares issued to non-controlling interestsU.S. dollars in thousands ($’000) | – | – | 1,393 | – | – | – | 1,393 | 2,070 | 3,463 | PDF p. 121 |
| Cost of share-based paymentsU.S. dollars in thousands ($’000) | – | – | – | – | 69 | – | 69 | – | 69 | PDF p. 121 |
| Closing balance | ||||||||||
| Balance as of 31 December 2024U.S. dollars in thousands ($’000) | 2,959 | 99,370 | 1,745 | 50 | 5,054 | (40,627) | 68,551 | (520) | 68,031 | PDF p. 121 |
| Movements in equity | ||||||||||
| Net income and total comprehensive incomeU.S. dollars in thousands ($’000) | – | – | – | (35) | – | 1,918 | 1,883 | (432) | 1,451 | PDF p. 121 |
| Issuance of sharesU.S. dollars in thousands ($’000) | 647 | 5,544 | – | – | – | – | 6,191 | – | 6,191 | PDF p. 121 |
| Recancellation of previously cancelled optionsU.S. dollars in thousands ($’000) | – | (88) | – | – | 88 | – | – | – | – | PDF p. 121 |
| Conversion of loan to equityU.S. dollars in thousands ($’000) | 190 | 1,193 | – | – | – | – | 1,383 | – | 1,383 | PDF p. 121 |
| Cost of share-based paymentsU.S. dollars in thousands ($’000) | – | – | – | – | 297 | – | 297 | – | 297 | PDF p. 121 |
| Closing balance | ||||||||||
| Balance as of 31 December 2025U.S. dollars in thousands ($’000) | 3,796 | 106,019 | 1,745 | 15 | 5,439 | (38,709) | 78,305 | (952) | 77,353 | PDF p. 121 |
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Definitions & sources
Original report: PDF p. 121 ↗
The statement covers opening balance at 31 December 2023, movements and closing balance at 31 December 2024, then movements and closing balance at 31 December 2025. No separate company equity movement statement is presented on this page.
Consolidated Statements of Cash Flows
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flow from operating activities | |||
| Net profit / (loss) before taxU.S. dollars in thousands ($’000) | 1,486 | (10,199) | PDF p. 122 |
| Adjustments to the profit or loss items | |||
| DepreciationU.S. dollars in thousands ($’000) | 664 | 724 | PDF p. 122 |
| (Income) loss from changes in fair value of investments in Portfolio Companies, netU.S. dollars in thousands ($’000) | (7,127) | 3,126 | PDF p. 122 |
| Financial expenses (income), netU.S. dollars in thousands ($’000) | 711 | (139) | PDF p. 122 |
| Loss from disposal of property, plant and equipmentU.S. dollars in thousands ($’000) | 20 | 11 | PDF p. 122 |
| Income from services to Portfolio CompaniesU.S. dollars in thousands ($’000) | – | (889) | PDF p. 122 |
| Share-based paymentsU.S. dollars in thousands ($’000) | 297 | 69 | PDF p. 122 |
| Changes in asset and liability items | |||
| Increase in short-term loans to Portfolio CompaniesU.S. dollars in thousands ($’000) | (151) | – | PDF p. 122 |
| (Increase)/ decrease in accounts and other receivablesU.S. dollars in thousands ($’000) | (1,580) | 1,613 | PDF p. 122 |
| Decrease/ (increase) in deferred revenuesU.S. dollars in thousands ($’000) | 49 | (95) | PDF p. 122 |
| Decrease in trade and other payablesU.S. dollars in thousands ($’000) | (146) | (19) | PDF p. 122 |
| Decrease in other long-term liabilitiesU.S. dollars in thousands ($’000) | – | (205) | PDF p. 122 |
| Cash flow from operating activities | |||
| Operating activities subtotalU.S. dollars in thousands ($’000) | (7,263) | 4,196 | PDF p. 122 |
| Investments in Portfolio CompaniesU.S. dollars in thousands ($’000) | (3,226) | (2,818) | PDF p. 122 |
| Investments subtotalU.S. dollars in thousands ($’000) | (3,226) | (2,818) | PDF p. 122 |
| Interest paidU.S. dollars in thousands ($’000) | (2) | (15) | PDF p. 122 |
| Interest receivedU.S. dollars in thousands ($’000) | – | – | PDF p. 122 |
| Interest subtotalU.S. dollars in thousands ($’000) | (2) | (15) | PDF p. 122 |
| Net cash used in operating activitiesU.S. dollars in thousands ($’000) | (9,005) | (8,836) | PDF p. 122 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment, netU.S. dollars in thousands ($’000) | (24) | (27) | PDF p. 123 |
| Changes in short term bank deposits, netU.S. dollars in thousands ($’000) | 904 | (921) | PDF p. 123 |
| Net cash provided by generated from/(used in) investing activitiesU.S. dollars in thousands ($’000) | 880 | (948) | PDF p. 123 |
| Cash flows from financing activities | |||
| Issuance of shares, netU.S. dollars in thousands ($’000) | 6,191 | 5,645 | PDF p. 123 |
| Investment agreement from non-controlling interestsU.S. dollars in thousands ($’000) | – | 3,463 | PDF p. 123 |
| Payment of lease liabilityU.S. dollars in thousands ($’000) | (618) | (479) | PDF p. 123 |
| Loans received from a related partyU.S. dollars in thousands ($’000) | 2,398 | – | PDF p. 123 |
| Loans received from the Israel Innovation AuthorityU.S. dollars in thousands ($’000) | – | 16 | PDF p. 123 |
| Net cash generated from financing activitiesU.S. dollars in thousands ($’000) | 7,971 | 8,645 | PDF p. 123 |
| Cash and cash equivalents reconciliation | |||
| (Decrease)/increase in cash and cash equivalentsU.S. dollars in thousands ($’000) | (154) | (1,139) | PDF p. 123 |
| Cash and cash equivalents at the beginning of the yearU.S. dollars in thousands ($’000) | 4,971 | 6,110 | PDF p. 123 |
| Cash and cash equivalents at the end of the yearU.S. dollars in thousands ($’000) | 4,817 | 4,971 | PDF p. 123 |
| Non-cash transactions | |||
| Conversion of loan to equityU.S. dollars in thousands ($’000) | 1,383 | – | PDF p. 123 |
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Definitions & sources
Original report: PDF p. 122 ↗ PDF p. 123 ↗
Statement heading states “For the financial year ended 31 December 2025”; years are 2025 and 2024. Unit header: U.S. dollars in thousands.
The cash-flow statement presents consolidated Group figures only; no Company column is shown. Printed unlabeled subtotal rows have been retained with descriptive original_label values identifying them as subtotals.
FINANCIAL SUMMARY (US$,000)
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|
| Financial summary | ||||
| Total portfolio valueUS$,000 | 66.4 | 66.1 | 76.5 | PDF p. 12 |
| Total income/(loss)US$,000 | (20,927) | (495) | 9,872 | PDF p. 12 |
| Total expensesUS$,000 | 13,794 | 9,704 | 8,386 | PDF p. 12 |
| Income/(loss) before income taxesUS$,000 | (34,721) | (10,199) | 1,486 | PDF p. 12 |
| Income tax/(expense)US$,000 | - | - | - | PDF p. 12 |
| Net income/(loss)US$,000 | (34,721) | (10,199) | 1,486 | PDF p. 12 |
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Definitions & sources
Original report: PDF p. 12 ↗
Option valuation assumptions
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Share-based payment assumptions | |||
| Share priceU.S. dollars | 0.02 | 0.06 | PDF p. 169 |
| Dividend yield (%)percent | – | – | PDF p. 169 |
| Expected life of share options (years)years | 10 | 10 | PDF p. 169 |
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Definitions & sources
Original report: PDF p. 169 ↗
The fair value for options granted during 2025 and 2024 was estimated using the binomial option pricing model with the assumptions listed.
Debt
Borrowings
Group maturity profile of financial liabilities and lease liabilities, as of 31 December 2025 (contractual undiscounted)
| Item / unit | 2025Group Less than one year | 2025Group 1 to 2 years | 2025Group 2 to 3 years | 2025Group 3 to 4 years | 2025Group 4 to 5 years | 2025Group >5 years | 2025Group Total | Source |
|---|---|---|---|---|---|---|---|---|
| As of 31 December 2025 | ||||||||
| Short term loans from a related party$'000 | 1,414 | – | – | – | – | – | 1,414 | PDF p. 157 |
| Lease liability$'000 | 271 | 540 | 539 | – | – | – | 1,350 | PDF p. 157 |
| Loans from IIA$'000 | – | 868 | 868 | 851 | – | – | 2,587 | PDF p. 157 |
Notes
*) The amounts presented represent the full liability based on the principal amounts and accrued interest. (applies to Loans from IIA)
Trade and other payables and other long-term liabilities also appear in the printed table but are not debt.
Group maturity profile, as of 31 December 2024 (contractual undiscounted)
| Item / unit | 2024Group Less than one year | 2024Group 1 to 2 years | 2024Group 2 to 3 years | 2024Group 3 to 4 years | 2024Group 4 to 5 years | 2024Group >5 years | 2024Group Total | Source |
|---|---|---|---|---|---|---|---|---|
| As of 31 December 2024 | ||||||||
| Short term loans$'000 | 423 | – | – | – | – | – | 423 | PDF p. 157 |
| Lease liability$'000 | 304 | 382 | 320 | 510 | – | – | 1,516 | PDF p. 157 |
| Loans from IIA$'000 | – | 717 | 717 | 778 | – | – | 2,212 | PDF p. 157 |
Notes
*) The amounts presented represent the full liability based on the principal amounts and accrued interest.
Company maturity profile, as of 31 December 2025 (contractual undiscounted)
| Item / unit | 2025Company Less than one year | 2025Company 1 to 2 years | 2025Company 2 to 3 years | 2025Company 3 to 4 years | 2025Company 4 to 5 years | 2025Company >5 years | 2025Company Total | Source |
|---|---|---|---|---|---|---|---|---|
| As of 31 December 2025 | ||||||||
| Short term loan from a related party$'000 | 1,414 | – | – | – | – | – | 1,414 | PDF p. 158 |
| Lease liability$'000 | 265 | 531 | 530 | – | – | – | 1,326 | PDF p. 158 |
| Loans from IIA$'000 | – | 868 | 868 | 851 | – | – | 2,587 | PDF p. 158 |
Notes
*) The amounts presented represent the full liability based on the principal amounts and accrued interest.
Company maturity profile, as of 31 December 2024 (contractual undiscounted)
| Item / unit | 2024Company Less than one year | 2024Company 1 to 2 years | 2024Company 2 to 3 years | 2024Company 3 to 4 years | 2024Company 4 to 5 years | 2024Company >5 years | 2024Company Total | Source |
|---|---|---|---|---|---|---|---|---|
| As of 31 December 2024 | ||||||||
| Short term loan$'000 | 423 | – | – | – | – | – | 423 | PDF p. 158 |
| Lease liability$'000 | 118 | 157 | 157 | 156 | – | – | 588 | PDF p. 158 |
| Loans from IIA$'000 | – | 337 | 337 | 391 | – | – | 1,065 | PDF p. 158 |
Notes
*) The amounts presented represent the full liability based on the principal amounts and accrued interest.
Borrowing notes 3 tables
Statement of financial position – borrowings and lease liabilities (current and long-term)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Current liabilities | |||||
| Lease liabilities$'000 | 271 | 304 | 265 | 118 | PDF p. 118 |
| Loans from a related party$'000 | 1,414 | 423 | 1,414 | 423 | PDF p. 118 |
| Long-term liabilities | |||||
| Loans from the Israel Innovation Authority$'000 | 2,587 | 2,212 | 2,587 | 1,065 | PDF p. 118 |
| Lease liabilities$'000 | 1,079 | 1,212 | 1,061 | 470 | PDF p. 118 |
Notes
Note refs: 12 Short-term loans; 14 Loans from the IIA; 15(a) lease liabilities. Header: U.S. dollars in thousands.
Loans from a related party (Agriline): $233 loan at fixed 7% annual interest, secured by first ranking fixed pledge over 30,887 Vensica shares; fair value $399 at 2025 ($423 at 2024). New Sept 2025 facility up to US$4 million at 6% interest, unsecured, 24 months per instalment; US$1 million received at 31 Dec 2025.
Loans are denominated in U.S. dollars (statements in USD); IIA loans are shown as NIS financial liabilities of 2,587 (2024: 2,212) in the currency exposure table.
Composition of Loans from the IIA (Note 14)
| Item / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Composition of Loans from the IIA | |||||
| Old 8.3 Loans (see Note 17(a)(iv))$'000 | – | – | – | – | PDF p. 154 |
| Operation Loans (see Note 17(a)(v))$'000 | 2,587 | 2,212 | 2,587 | 1,065 | PDF p. 154 |
Notes
Total 2,587 2,212 2,587 1,065.
Currency denomination of financial liabilities
| Item / unit | 2025Group SGD | 2025Group NIS | 2024Group SGD | 2024Group NIS | Source |
|---|---|---|---|---|---|
| Financial liabilities | |||||
| Loans from the Israel Innovation Authority$'000 | – | 2,587 | – | 2,212 | PDF p. 155 |
Notes
The exposure to foreign currency risk arising from lease liabilities is insignificant.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | It is the intention of the Board that dividends will be paid from the Company’s Net Exit Proceeds according to the following formula: Net Exit Proceeds received during any financial year will first be applied, if necessary, to bring the Company’s year-end cash balance to US$15 million. Once this cash goal is met, at least 20% of the remaining Net Exit Proceeds will be paid as dividend, provided that the calculated amount is at least US$1 million. The dividend payment is subject to Board’s approval and the fulfilment of the relevant conditions prescribed by the Israeli Companies Law for the declaration of dividends. | Company policy effective 1 July 2021 | PDF p. 89 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends for FY2025 | The Board has not declared or recommended any dividends for FY2025 | FY2025 | PDF p. 89 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Ernst & Young LLP | Ernst & Young LLP | Group | PDF p. 117 |
| Engagement partner | Yew Kiang Chan | Group | PDF p. 117 |
| Opinion | properly drawn up in accordance with the provisions of IFRS Accounting Standards | Group and Company | PDF p. 114 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of Investments in Portfolio Companies | The Group’s investments in Portfolio Companies represent 89.10% of the total amount of its assets. | Group | PDF p. 115 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.