Mainz Biomed NV (NASDAQ: QUCY) is a molecular diagnostics company that develops and sells in-vitro diagnostic tests for the early detection of cancer. Revenue comes from product sales of IVD tests, with the legacy ColoAlert colorectal cancer screening test sold in European markets through FY2025. The company is pre-scale: total revenue was $537,080 in FY2025, down 40% from $893,991 in FY2024, against a net loss of $16.2 million in FY2025. Operating expenses of $16.5 million in FY2025 dwarfed product revenue, with R&D at $5.0 million, general and administrative at $5.1 million, and sales and marketing at $3.8 million. Gross margin on product sales was 73% in FY2025. The company is headquartered in Mainz, Germany, and listed on the Nasdaq Capital Market. As of March 27, 2026, its ordinary shares traded at $0.44. It has never paid a cash dividend. A proposed corporate name change to Quantum Cyber N.V. was under shareholder consideration as of the filing date, March 31, 2026.

Revenue model

Transactional product sales of IVD cancer screening tests. Revenue of $537,080 in FY2025 (down 40% year-over-year) at a 73% gross margin. The company is not yet cash-flow positive and funds operations through equity issuances and debt.

Products and services

ColoAlert: a molecular in-vitro diagnostic test for early colorectal cancer detection, marketed and sold in European markets through FY2025.

Customers and end markets

European markets for colorectal cancer screening. End customers and channel details are not specified in the filing excerpts.

Value-chain role

Test developer and seller of IVD diagnostic products. The company develops, manufactures (or sources), and sells cancer screening tests directly into European diagnostic markets.

Geographic exposure

Primary sales in European markets (FY2025). Incorporated in the Netherlands, headquartered in Mainz, Germany, and listed on Nasdaq Capital Market in the United States.

Source: SEC 10-K, filed 2026-03-31

Industry: Pharmaceutical Preparations Peers: Affimed N.V. Biontech SE InflaRx NV Immatics NV