In September 2026, Identifai Genetics submitted a prospectus to the Australian Securities and Investments Commission. The company's core product is Windrose, an early-pregnancy non-invasive prenatal screening platform designed to bridge the gap between standard non-invasive prenatal testing (NIPT) and single-gene disorder diagnosis. Windrose can screen for over 280 clinically actionable genes through a single maternal blood draw at around 9 weeks of gestation, without requiring a paternal sample. Interim analysis based on 50 samples demonstrated a 100% detection accuracy for pathogenic conditions confirmed by invasive testing. Identifai Genetics is an Australian holding company with its core operations based in Israel. Its U.S. subsidiary handles CLIA laboratory operations and commercialization efforts for the American market, though it has yet to generate commercial revenue. The technology behind Windrose originates from Tel Aviv University. Co-founder and Chief Scientific Officer Professor Noam Shomron has over a decade of experience in this field. The algorithm developed by his students, exclusively licensed through a technology transfer company, forms the foundation of Windrose's technology. The company is led by a CEO with nearly 30 years of experience in the healthcare industry, responsible for driving commercialization efforts. The Windrose platform consists of three modules: the Basic module, which corresponds to standard NIPT and detects common chromosomal aneuploidies; the ECS module, a carrier screening module that acts as a trigger switch, activating the Single-Gene module only when pathogenic variants are detected in the pregnant individual; and the Single-Gene module, which uses cfDNA from the same blood sample to assess whether the fetus has inherited maternal pathogenic alleles, eliminating the need for a second blood draw or paternal sample. Its gene list integrates relevant genes from ACMG guidelines and academic literature, addressing the clinical challenge of relying solely on invasive diagnostics when paternal samples are unavailable. Results from proof-of-concept studies have been published and presented at international conferences. The company plans to complete a 600-case validation study across 6 to 8 clinical centers in the United States. In the NIPT market, overseas companies typically adopt standalone products or targeted gene panel approaches, while domestic companies face regulatory constraints. Identifai Genetics, however, employs a whole-genome sequencing approach, covering a broad range of genes. Nevertheless, clinical evidence remains to be accumulated, requiring a balance between testing costs and the issue of variants of uncertain significance. Since its establishment in 2021, the company has secured approximately $8 million in funding. This IPO aims to raise around AUD 10 million, with a post-money valuation of approximately AUD 38.4 million. The funds will be allocated to R&D, CLIA certification, and clinical validation. The company plans to complete CLIA certification by the fourth quarter of 2026, initiate clinical validation and preliminary commercialization, and finish sample collection between the third and fourth quarters of 2027. The combined existing funds and proceeds from this IPO are expected to sustain operations until data release.