Microba Life Sciences (MAP) Investor update summary

Operational and Financial Milestones

• Achieved 11 consecutive quarters of core testing product growth, with over 100% year-on-year sales increase and a 23,000+ annualised test run rate in Q3 FY26, and ninefold cumulative growth since 2023.

• Streamlined operations and cost base, leveraging AI efficiencies and infrastructure investments to target cash flow breakeven by CY2027, supported by recent equity raises.

• Operating leverage is set to increase, targeting over 2.5x current revenue per employee by 2027 and aiming to approach leading molecular diagnostics peers.

• Cost reductions focus on AI-driven efficiencies in marketing, operations, and product development without impacting core sales growth.

• Growth to breakeven is largely underwritten by maturing existing key accounts and ongoing new account signings.

Growth Strategy and Market Opportunity

• Addressable market estimated at AUD 25 billion, with 82 million annual tests in gastrointestinal disorders across seven major markets.

• Serviceable obtainable market is estimated at 2 million tests per year in top 5 focus markets, with detailed market sizing methodologies provided.

• Growth underpinned by enterprise-style clinic contracts in Australia and rapid adoption in the UK, with 34 key accounts signed representing over 22,000 tests annually and a pipeline of over 130 key accounts.

• New category-defining microbiome and gastrointestinal test launching next quarter (Q3 CY26), targeting mainstream medical professionals and commanding premium pricing.

• Sales and marketing efficiencies are driven by AI-supported targeting, unified branding, and automated processes.

Therapeutics and Partnering Outlook

• Therapeutics division is ready for partnerships, with recent positive clinical trial readouts validating the microbiome modality and over AUD 100 million invested in the sector since February.

• Lead asset MAP 315 is phase II-ready for ulcerative colitis, a market exceeding AUD 10 billion, with additional assets in immuno-oncology and autoimmune indications.

• Active partnering process underway with a Boston-based specialty advisor, aiming for a capital-light path to returns.

• No further R&D funding required; focus is on leveraging existing assets and clinical data.