Virax Biolabs : Investor Presentation (Virax Biolabs Investor Deck Q2 2026)
VRAX
Published on 04/14/2026 at 08:18 am EDT
Investor Presentation
Q 2 2 0 2 6
N A S D A Q : V R A X
Next-generation diagnostics for chronic inflammation and immune dysfunction
Our lead product, ViraxImmune is designed to be one of the first assays to objectively assess immune dysfunction in post-acute infection syndromes (PAIS), where there are currently no approved objective diagnostic tests in major markets. An objective result could help reduce diagnostic uncertainty, support patient stratification, and guide treatment management.
N A S D A Q : V R A X 3
PAIS conditions: A large, under-served diagnostic category
Millions of people each year are diagnosed with PAIS conditions including ME/CFS, Long COVID, and post-treatment Lyme disease (PTLD)
$6.5B
Expert estimates suggest an
economic burden in excess of
$25bn in the US alone1-3
There is currently no widely adopted objective test for PAIS. This prevents accurate diagnoses, clinical management, and therapeutic trials4-6
PTLD
(Post-Treatment Lyme Disease)
$1B
(Myalgic encephalomyelitis / chronic fatigue syndrome)
$18B
References: Please see appendix 1.
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Currently, clinicians speculate PAIS based on the exclusion of other diagnoses.
A validated, objective immune dysfunction diagnostic, such as ViraxImmune , could help shorten time-to-diagnosis and reduce overall diagnostic burden and cost for both patients and payors.
PAIS patient journey: Reducing diagnostic costs through objective testing
References: Please see appendix 1
COST OF OBJECTIVE
DIAGNOSTIC PATHWAY
Insurer Payment
Initial / follow-up consultations
$200 - $550
ViraxImmune testing / blood draw
$325 - $650
Total
$525 - $1,200
COST OF
DIAGNOSTIC EXCLUSION
Uninsured Cost
Insurer Payment
Conservative Upper
Estimate Estimate
Conservative Upper
Estimate Estimate
Primary care visit (1)
$100
$200
$100
$200
Specialist consultations (3-10+ consults) (1-3)
$250 each
$600 each
$200 each
$350 each
Blood panels (4, 5)
$200
$500
$100
$300
Imaging (4, 6, 7, 8)
$1,600
$8,400
$600
$3,400
Functional tests (4, 6, 8, APA, facility pricing)
$1,750
$9,550
$1,000
$4,700
Other tests (8, facility pricing)
$1,500
$10,000
$800
$4,000
Total
$5,900 - $27,450
$3,150 - $13,650
N A S D A Q : V R A X 5
PAIS and immune dysfunction: Evolving treatment landscapes
EXAMPLES OF TREATMENT AREAS USED IN LONG COVID AND ME/CFS CARE
Autonomic / cardiovascular
Beta blockers, ivabradine, midodrine, pyridostigmine
Immune / inflammatory
Low-dose naltrexone, ketotifen, IVIG/SCIG, rapamycin
Long COVID and ME/CFS currently lack FDA-approved treatments, with real-world care spanning a broad range of symptom-targeted interventions.1
Antiviral /
persistence-targeted
Herpesvirus antivirals,
SARS-CoV-2 antivirals,
maraviroc
Supportive / symptom management
Antihistamines, compression garments, pacing, lymphatic drainage, HBOT
ViraxImmune is intended to help reduce diagnostic uncertainty and support clinical management, by helping to identify the underlying immune dysfunction phenotype in PAIS.
As treatment pathways evolve, objective tools to identify and stratify relevant patient populations will become increasingly important.
References: Please see appendix 1.
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Sample collection
Biobanfi / processing
Central CLIA lab
Reportable result
Planned path to market:
Initial LDT launch
PAIS (Post-Acute Infection Syndrome) is the lead indication
Additional indications to be advanced selectively as clinical data matures
Subsequent IVD launch
IVD intended use: aid to clinical diagnosis of Long COVID (post-acute sequelae of SARS-Cov-2 infection, PASC)
Subject to FDA De Novo clearance
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Our market access strategy targets the established 'Gapfill' CMS reimbursement pathway
to establish payment when no comparable test exists, facilitating the commercial
availability and long-term valuation goals for ViraxImmune
Phase
Coding Mechanism
Market Access Objective
Launch
CPT 86849
(Unlisted immunology
procedure)
Utilizing the Unlisted Immunology code for day-one billing - used for novel or emerging immunology assays where no existing CPT code applies
Initial US LDT billing is expected to begin with an illustrative initial rate / allowable of $812
Growth
PLA Code
(Proprietary)
Transition to a Proprietary Laboratory Analysis (PLA) code providing a unique identifier for ViraxImmune
Maturity
Category I CPT
Evolution to a permanent, widely recognized CPT code as ViraxImmune
demonstrates clinical utility and market penetration
N A S D A Q : V R A X 8
Following initial US LDT billing under CPT 86849, planned transition to a Proprietary (PLA) identifier would support the next stage of reimbursement development,
followed over time by a permanent Category I framework.
Future reimbursement expectations would then be based on National Payor typical rates.
EXAMPLES OF NATIONAL PAYOR REIMBURSEMENT (ONCE VIRAXIMMUNE HAS A PLA CODE)
Payor
Typical Contracted % of CMS Rate
Payor Reimbursement
Aetna
75%
$609.00
Anthem
40%
$324.80
United Healthcare
65%
$527.80
Cigna
70%
$568.40
Humana
80%
$649.60
N A S D A Q : V R A X 9
According to recent estimates, up to 21M adults in the US are currently living with PAIS conditions. Each year in the US, around 2.5M people are newly diagnosed with PAIS conditions.
US population
342M
Current PAIS
burden
21M
PAIS
annual incidence
2.5M
Longer-Term Upside
Based on 1%-2% of current PAIS burden 210K-420K tests
Projected revenue opportunity: $112.4M-$224.7M
Primary Launch Case
Based on 1%-2% of annual incidence
25K-50K tests per year
Projected yearly revenue: $13.4M-$26.8M
References: Please see appendix 1
Price based on an average of payor reimbursements
Figures shown reflect the planned initial US CLIA-based LDT service model
N A S D A Q : V R A X 10
VRX-002 VRX-003
Exploring the link between immune cell dysfunction and persistent post-infection symptoms.
NCT06731179
Assessing the analytical performance of ViraxImmuneTM products.
Focused on establishing the clinical evidence required for UK IVD and US LDT implementation
US Clinical Validation Study
Exploring ViraxImmuneTM as an aid to diagnosis for adults with Long COVID and persistent debilitating fatigue.
Designed to generate clinical data supporting future US FDA clearance
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Foundation
Validation
LDT Launch
IVD Launch
✓
FDA Q-Sub (Pre-Submission) meeting completed; feedback received to inform strategy
✓
UK PAIS studies VRX-002 and VRX-003 fully recruited
PIPE equity financing closed
PAIS clinical & analytical performance data
read-out (VRX-002/003)
PAIS Laboratory Developed Test protocol finalisation and partner study preparation
US central laboratory establishment
US PAIS Laboratory Developed Test launch
FDA IVD clearance
N A S D A Q : V R A X 12
Virax Biolabs: Financial and investment highlights
Following its recent financing and based on its unaudited cash position at March 31, 2026, management believes Virax has sufficient resources to execute through key near-term milestones, including the planned PAIS data read-out and UK IVD submission preparation.
No Debt
Runway to fiey Milestones
Market Cap at April 10, 2026 $2.6M
Unaudited Cash at March 31, 2026 $6.4M
PIPE transaction December 3, 2025 $5.0M
Options outstanding at March 31, 2026 437,250 at $6.08 Expected Avg. Monthly Burn Rate $220K
Shares O/S at April 10, 2026 19,923,432
Warrants Outstanding 14,730,911 at $0.67
Avg. Daily Trading Vol. (90 day) 6,584,185 shares/day
Share price range (90 day) $0.14 - $0.36
N A S D A Q : V R A X 13
Partner with us as we bridge the diagnostic gap for millions of under-served patients.
N A S D A Q : V R A X 14
virax J biolabs
https://www.viraxbiolabs.com
Appendix 1: References
Slide 4:
Bartsch SM, et al. The Current and Future Burden of Long COVID in the United States (U.S.) (2025) J Infect Dis, 231(6):1581-1590
"What Is ME/CFS?" CDC, 10 May 2024, https://www.cdc.gov/me-cfs/about/index.html.
"Economic Burden of Lyme Disease Could Be Nearly $1 Billion Annually" Yale School of Public Health, May 2022, ysph.yale.edu/news-article/economic-burden-of-lyme-disease-could-be-
nearly-1-billion-annually/.
"Laboratory Tests | Immune Deficiency Foundation." Primaryimmune.org, primaryimmune.org/understanding-primary-immunodeficiency/diagnosis/laboratory-tests.
Erlandson KM, et al. Differentiation of Prior SARS-CoV-2 Infection and Postacute Sequelae by Standard Clinical Laboratory Measurements in the RECOVER Cohort (2024) Ann Int
"Investigations for ME / CFS." NHS Lothian, August 2023, https://apps.nhslothian.scot/files/sites/2/Investigations-for-ME-CFS-Aug-2023-1.pdf
Slide 5:
"How Much Does Healthcare Cost in the US?" International Citizens Insurance, 2024, https://www.internationalinsurance.com/countries/usa/healthcare-costs/
"Medical Consultation USA Price." Ideal Care Insurance, Sept 2025, https://www.idealcareinsurance.com/blog/health-insurance-individual-and-family/medical-consultation-usa-price-how-much-it-costs-and-ways-to-avoid-extra-expenses/
"Employer Health Benefits, 2024 Annual Survey." KFF, Oct 2024, https://www.kff.org/health-costs/2024-employer-health-benefits-survey/
"Healthcare Costs 2024." Cost Helper, various pages: https://health.costhelper.com/
"Clinical Laboratory Fee Schedule (CLFS)." , Centers for Medicare & Medicaid Services, Feb 2026, https://www.cms.gov/medicare/payment/fee-schedules/clinical-laboratory-fee-schedule-
clfs
"How Much Does an Echocardiogram Cost?" BetterCare.com, 2026, https://bettercare.com/costs/echocardiogram-heart-ultrasound-cost
Oseran AS, et al. Assessment of prices for cardiovascular tests at top-ranked US hospitals. (2022) JA
"How Much Does a Pulmonary Function Test Cost?" BetterCare.com, 2026, https://bettercare.com/costs/pulmonary-function-test-cost
Slide 6:
Eckey M, et al. Patient-reported treatment outcomes in ME/CFS and long COVID (2025) PNAS, 122(28):e2426874122.
Slide 9 - Total PAIS burden and annual incidence estimated using data from the following references:
Preliminary Estimates of COVID-19 Burden." CDC, February 2026, https://www.cdc.gov/covid/php/surveillance/burden-estimates.html
Koumans EHA, et al. Estimated burden of COVID-19 illnesses, medical visits, hospitalizations, and deaths in the US from October 2022 to September 2024 (2026) JA
186(3):321-330
Mandel H, et al. Long COVID incidence proportion in adults and children between 2020 and 2024: An Electronic Health Record-Based Study From the RECOVER Initiative (2025) Clin Infect Dis, 80(6):1247-1261
"Epidemiology of myalgic encephalomyelitis and chronic fatigue syndrome" MEpedia, July 2023, https://me-pedia.org/wiki/Epidemiology_of_myalgic_encephalomyelitis_and_chronic_fatigue
_syndrome
Mirin AA, et al. Updated ME/CFS prevalence estimates reflecting post-COVID increases and associated economic costs (2022) Fatigue: Biomedicine, Health & Behavior, 10(2), 83-93
"Lyme Disease Surveillance and Data" CDC, March 2025, https://www.cdc.gov/lyme/data-research/facts-stats/index.html
Aucott JN, et al. Development of a foundation for a case definition of post-treatment Lyme disease syndrome (2013) Int J Infect Dis, 17(6):e443-e449.
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Disclaimer
Virax Biolabs Group Ltd. published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 12:17 UTC.