Proteomics International Laboratories - R&D Tax Incentive Strengthens Commercialisation Pathway
- Noel Ong
- 2 days ago
- 5 min read
Announcement
Proteomics International receives $2.2m in R&D tax incentive 12 November 2025 (click here to view the announcement)
Proteomics International Laboratories Ltd (ASX: PIQ) has received $2.2 million in R&D tax incentive refunds for the 2024–25 financial year, reinforcing its financial position as the Company advances multiple diagnostic products towards commercialisation. Based in Perth, Western Australia, the Company continues to develop next-generation diagnostic tools built on its proprietary Promarker® technology platform, with applications across chronic disease detection, women’s health, oncology, and sports science.
The Business of Proteomics International Laboratories
Proteomics International operates a dual-stream model supported by:
Ground-breaking diagnostic R&D based on its Promarker® proteomics platform.
Bio-analytical testing services for biopharmaceutical and life science partners, generating recurring revenue to partially offset R&D expenditure.
The Company’s diagnostics portfolio includes (Figure 1):
Promarker®D – predictive test for diabetic kidney disease.
Promarker®Endo – diagnostic test for endometriosis.
Promarker®Eso – diagnostic test for oesophageal cancer.
OxiDx – oxidative stress test for elite sports training.
Promarker® pipeline extensions across asthma, COPD, and diabetes-related complications.
Figure 1: Promarker® Test Pipeline (source: PIQ)
Highlights – Strengthening the R&D Engine Behind Commercialisation
R&D Incentive Delivers Strategic Funding
PIQ received $2,241,476 in R&D rebate, reflecting $5.15 million in eligible R&D expenditure undertaken across the Group in FY2024–25.
The Federal R&D tax incentive provides a 43.5% rebate, supporting Australian innovation.
The additional $2.2 million cash boost strengthens PIQ’s reserves ahead of commercial roll-outs for its diagnostics suite.
The funding directly supports late-stage development of flagship tests such as Promarker®D, Promarker®Endo, and Promarker®Eso.
About the Project (WA) – A Perth-Based Global Diagnostics Innovator
Proteomics International is headquartered in Nedlands, Western Australia (Figure 2), operating as a medical technology leader specialising in proteomics—the industrial-scale analysis of protein structure and function. The Company’s mission is to build diagnostic tools that improve disease detection, treatment pathways, and long-term patient outcomes.
Figure 2: PIQ Facility State-of-the-art facilities at the Harry Perkins Institute of
Medical Research in Perth, WA (source: PIQ)
Near-term Milestones to Watch
Support ongoing development and commercial readiness for flagship Promarker® tests.
Continued investment in the Promarker® pipeline across chronic diseases and women’s health.
Advancement of the OxiDx platform into broader sports and health applications.
Ongoing provision of bio-analytical services to sustain revenue during R&D progression.
How Samso Understands the Investment Memo for the Company
Proteomics International is building a diagnostics ecosystem where proteomic insights form the foundation for predictive and early-stage disease detection. The Company’s funding base—supported by R&D incentives—reduces development risk and enhances long-term commercialisation potential. With multiple tests progressing simultaneously, the platform approach positions PIQ as a diversified diagnostics player in a market increasingly favouring precision medicine.
Samso Concluding Comments
The R&D tax incentive will allow Proteomics International to leverage external funding to maintain momentum across its innovation portfolio. This is also a non-dilutive capital to add essential funding for diagnostics companies approaching their commercial tipping points.
The size of the rebate also reflects the scale of scientific activity within the organisation. This level of expenditure highlights the seriousness of PIQ’s ambitions and the depth of its product pipeline.
From an investor lens, a strengthened cash position provides continuity in R&D while reducing the pressure to raise capital unnecessarily. It also signals an operational rhythm that is consistent with companies preparing for market expansion.
PIQ operates in a sector driven by accuracy, validation, and long-term adoption, and continued R&D investment underpins both credibility and future value creation. PIQ has a market capitalisation of just under AUD $55M and the market seems to be reacting in a steady state. There is no major movement either up or down for its share price, which is good to see, as there is no hype in the story (Figure 3).
Figure 3: PIQ share price chart as of 24th November 2025 (source: CommSec)
Like all of the biotech stocks on the ASX, the slow and steady path in the early part of the journey is one that investors have to decide as a point of entry or wait for the major ticks which is prove of concept. For me, with a market cap of AUD $50M+ is one that should be worthy of a DYOR.
When Samso started following Race Oncology (ASX: RAC) on the 27th August 2025, Who is Race Oncology (ASX: RAC)? DYOR on Anti-Cancer Innovation and Heart Protection. We highlighted the unique potential if things go right for the company. If you look at that time, the share price was flattening and had a market capitalisation of AUD $206M and they are now hovering around AUD $504M (Figure 4), which peaked around the AUD $800M level.
Figure 4: RAC share price chart as of 24th November 2025 (source: CommSec)
The current share price of AUD $3.05 may seem high for RAC but in hindsight, the price at the time we wrote on RAC is even cheaper. The key here is to understand the business of PIQ and then bet on the potential.
Good old DYOR is what is going to undermine investors' thoughts on the merits of putting money on this story.
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