TSX Shariah screener · October 2026

Is Microbix Biosystems Inc. (MBX) Halal?

PASS

Microbix Biosystems Inc. · TSX: MBX · Healthcare

The short answer

Microbix Biosystems Inc. (TSX: MBX) is a PASS. The business gate passes: it is a Mississauga life-sciences manufacturer of diagnostic antigens (used by ~100 diagnostics makers) and quality-assessment products (PROCEEDx, ReDx, QUANTDx) sold in 30+ countries, plus royalties and the Kinlytic urokinase biosimilar program — with no prohibited segments. The debt gate passes: long-term debt of C$5.36M (June 30, 2026) is about 13.0% of the ~C$41.1M market cap (138,986,931 shares × C$0.31, October 1, 2026), well under the ~33% ceiling. The income gate passes: separately disclosed interest income of C$529,444 in the audited FY2024 financial statements is about 2.08% of FY2024 revenue of C$25.4M (1.76% in H1 FY2026), well under the ~5% ceiling. Cash of C$7.2M (June 30, 2026) is about 17.5% of market cap. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

Gate 1 — Business activity: PASS

Microbix is a human-health life-sciences manufacturer and exporter (ISO 9001/13485, FDA/TGA/Health Canada registered) with three revenue lines: diagnostic antigens — native and recombinant antigens for immunoassays used by ~100 diagnostics makers (Q3 FY2026: C$2.19M, +20% year over year); QAPs — PROCEEDx, ReDx, and QUANTDx reference materials for clinical-lab proficiency testing and assay validation, sold in 30+ countries (Q3 FY2026: C$1.72M, +13%); and royalties/inbound licensing. The company also owns the global rights to Kinlytic urokinase (a biologic thrombolytic with existing FDA/Health Canada approvals) and is developing a biosimilar version, with an FDA comparability-protocol meeting expected before year-end 2026. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The business gate passes.

Gate 2 — Debt and cash: PASS

Interest-bearing debt at June 30, 2026 (Q3 FY2026) was C$5.36M — long-term debt of C$5.35M plus the current portion of C$0.01M. The debt mix is convertible debentures (about C$4M face, held by private individuals, convertible at C$0.23) plus BDC mortgage/FedDev/TD financing, with a C$4M revolving credit line at a Canadian chartered bank undrawn in recent quarters. Against a market cap of ~C$41.1M (138,986,931 shares outstanding × C$0.31, October 1, 2026, TSX), that is about 13.0% — well under the ~33% ceiling (C$1.36M of lease liabilities are excluded per the screen’s methodology). Cash of C$7.2M at June 30, 2026 is about 17.5% of market cap — also under the ~33% ceiling. The debt and cash gates pass.

Gate 3 — Non-compliant income: PASS

Interest income is a separately disclosed line (“Financial Expenses, net” note), not netted away. The audited FY2024 financial statements (filed December 19, 2024) show interest income of C$529,444 against FY2024 revenue of C$25.4M — about 2.08%. The H1 FY2026 interim statements show C$133,887 against revenue of C$7.6M — about 1.76%. Both are well under the ~5% ceiling. (The company pays interest on its debentures; that does not affect this gate.) The income gate passes.

Key figures used

PASS — all gates pass (October 2026 screen)
Business: Mississauga diagnostics maker (antigens, QAPs sold in 30+ countries) + Kinlytic urokinase biosimilar program; no prohibited segments — PASS
Debt: C$5.36M (Jun 30, 2026: LT debt C$5.35M + current portion C$0.01M) ≈ 13.0% of ~C$41.1M market cap (138,986,931 shares × C$0.31, Oct 1, 2026) vs ~33% ceiling — PASS
Income: ≈2.08% — audited FY2024 interest income C$529,444 ÷ revenue C$25.4M vs ~5% ceiling (H1 FY2026: ≈1.76%) — PASS
Cash: C$7.2M (Jun 30, 2026) ≈ 17.5% of market cap
Third-party: no Zoya/Musaffa/ShariaPortfolio coverage found
Material: no dividends (retained-cash policy); NCIB share buybacks active through Dec 8, 2026; qualified as supplier to five major diagnostic test makers (~Sep 2026); Kinlytic biosimilar: FDA comparability meeting expected by end-2026

Frequently asked questions

Is Microbix Biosystems (MBX) halal?

Our October 2026 screen gives Microbix Biosystems Inc. (TSX: MBX) a PASS. The business gate passes (Mississauga life-sciences manufacturer of diagnostic antigens used by ~100 diagnostics makers, plus quality-assessment products sold in 30+ countries and the Kinlytic urokinase biosimilar program; no prohibited segments). The debt gate passes (long-term debt of C$5.36M at June 30, 2026 is about 13.0% of the ~C$41.1M market cap, well under the ~33% ceiling). The income gate passes (separately disclosed interest income of C$529,444 in the audited FY2024 statements is about 2.08% of FY2024 revenue of C$25.4M, well under the ~5% ceiling; 1.76% in H1 FY2026). Cash of C$7.2M is about 17.5% of market cap. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

What does Microbix Biosystems do?

Microbix is a Mississauga human-health life-sciences manufacturer and exporter (ISO 9001/13485, FDA/TGA/Health Canada registered) with three revenue lines: diagnostic antigens — native and recombinant antigens for immunoassays used by ~100 diagnostics makers (Q3 FY2026: C$2.19M, +20% year over year); QAPs — PROCEEDx, ReDx, and QUANTDx reference materials for clinical-lab proficiency testing and assay validation, sold in 30+ countries (Q3 FY2026: C$1.72M, +13%); and royalties/inbound licensing. The company also owns the global rights to Kinlytic urokinase (a biologic thrombolytic with existing FDA/Health Canada approvals) and is developing a biosimilar version, with an FDA comparability-protocol meeting expected before year-end 2026.

How much debt does Microbix Biosystems have?

Interest-bearing debt at June 30, 2026 (Q3 FY2026) was C$5.36M — long-term debt of C$5.35M plus the current portion of C$0.01M. The debt mix is convertible debentures (about C$4M face, held by private individuals, convertible at C$0.23) plus BDC mortgage/FedDev/TD financing, with a C$4M revolving credit line at a Canadian chartered bank undrawn in recent quarters. Against a market cap of ~C$41.1M (138,986,931 shares outstanding × C$0.31, October 1, 2026, TSX), that is about 13.0% — well under the ~33% ceiling (C$1.36M of lease liabilities are excluded per the screen’s methodology).

Is Microbix Biosystems’ income compliant?

Yes. Interest income is a separately disclosed line (“Financial Expenses, net” note), not netted away. The audited FY2024 financial statements (filed December 19, 2024) show interest income of C$529,444 against FY2024 revenue of C$25.4M — about 2.08%. The H1 FY2026 interim statements show C$133,887 against revenue of C$7.6M — about 1.76%. Both are well under the ~5% ceiling. (The company pays interest on its debentures; that does not affect this gate.) The income gate passes.

What do third-party Shariah screeners say about MBX?

No Zoya, Musaffa, or ShariaPortfolio rating was found for MBX in public search — none of the three named providers surfaced coverage, so no rating is claimed here.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.