Virax Biolabs Group Ltd. announced progress in its clinical and operational activities over the past year, as outlined in its 2025 annual letter to shareholders. The company completed recruitment for its first UK clinical study and advanced its scientific data package. Virax also reported strengthening its U.S. and UK regulatory pathways and reinforcing its balance sheet to support ongoing activities. The company's strategic focus remains on building an immune-profiling platform for T cell diagnostics and functional immune monitoring, particularly in post-acute infection syndromes such as Long COVID. At the time of the update, Virax's market capitalisation was approximately $1.7 million, with management noting that the company is trading below its cash balance and at a negative implied enterprise value. The company stated its commitment to disciplined capital allocation and the execution of its strategy as it enters 2026.