BioVaxys Technology Coping with Delays in Annual Financial Filings

BioVaxys Faces Delay in Financial Filings

BioVaxys Technology Corp., a biopharmaceutical company based in Vancouver, Canada, recently announced their expectation of a delay in filing their audited financial statements for the year ending October 31, 2024. This announcement comes as a result of challenges encountered during their audit process, primarily stemming from the complexities involved in evaluating recently acquired assets.

On February 13, 2025, the company revealed that they acquired extensive intellectual property and clinical stage assets from the former IMV Inc., including 120 patents essential for their immunotherapeutic platform. The audit firm Dale Matheson Carr-Hilton LaBonte LLP (DMCL) informed BioVaxys that completing the audit by the mandated filing deadline of February 28, 2025, may not be feasible.

In light of these delays, the company has proactively requested a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission (BCSC). This order would prevent the company’s management from trading in its securities until the requisite filings are submitted. This measure provides an alternative to a more severe failure-to-file cease trade order, demonstrating the company's commitment to transparency and compliance as they navigate this challenging situation.

If granted, the MCTO will remain effective until the financial statements and associated filings are completed. The company asserts that this will not affect shareholders who are not part of the management team, maintaining ongoing trading for those individuals until the issue is resolved. Despite the delays, the company insists their core operations and integration of recently obtained assets, including the DPX platform and MVP-S, will continue unaffected.

In addition to filing the required documents, the company plans to adhere to the alternative information guidelines mandated by NP 12-203, which includes issuing bi-weekly reports on their default status. BioVaxys emphasized that there are no insolvency proceedings or undisclosed material information surrounding its business operations.

The anticipated timeline for the completion of the audit is set for March 30, 2025, with the company expressing confidence that all necessary filings will occur shortly thereafter. The firm has mobilized resources to expedite the preparation and filing, reinforcing their dedication to overcoming these temporary setbacks.

BioVaxys is renowned for its innovative immune-educating technology platforms, which aim to enhance patient outcomes in various medical fields, including oncology and infectious diseases. Their clinical pipeline includes treatments currently in development stages, reflecting the company's commitment to improving treatment modalities in the biopharmaceutical sphere. As a public entity, the company trades on various exchanges, including the CSE and Frankfurt Bourse, aimed at providing investors with growth opportunities in a dynamic market.

In summary, while faced with an audit-related delay and the prospect of a potential management cease trade order, BioVaxys is actively working to fulfill its regulatory obligations and maintain operational integrity. Investors and stakeholders can keep an eye on further updates regarding the progress of their filings and ongoing business activities as they move forward.