REG - Angle PLC - Interim Results
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RNS Number : 4982Y Angle PLC 09 September 2025
For Immediate Release 9 September 2025
ANGLE plc
("ANGLE" or "the Company")
Interim Results for the six months ended 30 June 2025
Commercialisation progressed Across Multiple Fronts Despite Revenue Pressure
from Adverse Market Conditions
Large pharma contracts completed successfully
DNA Dual Analysis Illumina NGS assay for CTC-DNA and ctDNA developed
ANGLE plc (AIM: AGL OTCQX: ANPCY), a world-leading liquid biopsy company with
innovative circulating tumour cell (CTC) solutions for use in research, drug
development and clinical oncology, today announces its unaudited interim
results for the six months ended 30 June 2025.
Financial Highlights
· Revenues for the half-year of £0.8 million (H1 2024: £1.0 million)
- pharma services related revenue £0.3 million (H1 2024: £0.5 million)
- product-related revenue £0.5 million (H1 2024: £0.5 million)
- revenues impacted by challenging macro issues including US policy
volatility / tariff uncertainty
· Loss for the half-year at £9.3 million, or 2.87 pence per share (H1
2024: loss £7.7 million, or 2.89 pence per share) which includes non-cash
foreign exchange movements. Total comprehensive loss for the half year is
reduced by 9% to £7.2 million (H1 2024: £7.9 million)
· Operating costs excluding non-cash foreign exchange movements reduced
by 12% to £8.0 million (H1 2024: £9.1 million)
· Cash and cash equivalents at 30 June 2025 of £5.3 million (31 December
2024: £10.4 million). R&D Tax Credits due at 30 June 2025 of £1.3
million (31 December 2024: £2.3 million) with receipts of £1.0 million
expected shortly. Cash runway extends into Q1 2026 as announced with results
in May 2025
Operational Highlights
· Three contracts with large pharma companies, Eisai and AstraZeneca,
have been successfully completed demonstrating the value of ANGLE's CTC
solutions in this market
· Discussions are ongoing with AstraZeneca, Eisai and other large
pharma regarding other new projects building on this success
· Excellent results were achieved by ANGLE's HER2 assay in Eisai's
Phase 2 breast cancer trial, demonstrating its ability to reliably track
changes in HER2 patient status over time. The HER2 assay and the AR and DDR
assays developed for AstraZeneca are all now available on ANGLE's menu of
validated tests for other large pharma customers
· Ongoing services agreement with biopharma company, Immatics, is
progressing well with ANGLE providing CTC enrichment across three clinical
trials including a Phase 3 study in melanoma
· Parsortix system workflow developed using Illumina Next Generation
Sequencing (NGS) cancer panels for DNA dual analysis of CTC-DNA and ctDNA from
a single blood sample. This unique capability, offered exclusively by ANGLE,
opens major new markets by providing a product solution for existing Illumina
NGS customers and a key enhancement for pharma companies and healthcare
providers undertaking ctDNA analysis
· Ground-breaking research enabled by the Parsortix(®) system was
published in Nature Medicine leading to spin-out company developing a novel
class of drugs to arrest cancer metastasis, in which the Parsortix system is
expected to play a pivotal role
· Eleven peer-reviewed scientific papers were published in the six
months, bringing the total number of publications to 115 from 45 independent
research centres
Outlook
· Customer delays caused by challenging external conditions, including
limited access to capital, US policy volatility, and uncertainty over tariffs
for both pharma and medtech companies, are continuing to cause significant
delays to new projects and collaborations. If these delays continue
throughout H2 then 2025 revenues will be constrained significantly and are
expected to be in excess of £1.5 million, with revenues shifting into 2026
· The revenue delays have not materially impacted on the cash runway,
which with tax credits and tight cost control, provide the Company with
working capital into Q1 2026 ahead of which we expect to announce further
contracts / collaborations and commercial progress
· Post the period end, a large medtech company collaboration has been
secured with Myriad Genetics to transfer an existing tissue-based cancer test
to a CTC-based sample using the Parsortix system. The Myriad tissue-based
assay is FDA approved as a companion diagnostic and is well-established with a
substantial commercial base, which as a CTC-based assay could deliver
substantial clinical revenues for ANGLE
· ANGLE has a pipeline of opportunities with multiple large medtech and
large pharma companies and expects to announce a number of new high-profile
collaborations / contracts in the coming months. Opportunities under
discussion include new large pharma contracts, new large medtech
collaborations, and partnerships with downstream analysis companies marrying
their DNA molecular solutions and protein analysis solutions to a Parsortix
CTC sample
· Encouraging discussions progressing with the UK NHS in relation to
establishing major clinical studies to formally assess the clinical benefits
of analysing CTCs using the Parsortix system with a view to clinical adoption
as part of the NHS 10 Year Health Plan
ANGLE Chief Executive, Andrew Newland, commented:
"We have acted decisively to build a strategy for long-term growth whilst
maintaining a sharp focus on cost discipline and operational efficiency and
successfully delivered on our contracts with large pharma. Our agreement
with Myriad Genetics marks a potentially transformational step towards the
large-scale commercialisation of the Parsortix system, providing a pathway to
CTCs being adopted into routine clinical use. Our priority now is to
capitalise fully on ongoing discussions with large pharma, large medtech, and
major healthcare providers. Notwithstanding the continued challenging external
conditions, we remain confident in ANGLE's ability to deliver long-term value,
advancing cancer diagnostics and treatment worldwide."
Details of webcast
A meeting for analysts will be held virtually at 11:00 am BST today. The
live webcast of the analyst meeting can be accessed via ANGLE's Investor
Centre
page, https://angleplc.com/information-for-investors-angle-plc/corporate-presentations/
(https://angleplc.com/information-for-investors-angle-plc/corporate-presentations/)
, with Q&A participation reserved for analysts only. Please register in
advance and log on to the webcast approximately 5 minutes before 11:00 am on
the day of the results. A recording of the webcast will be made available on
ANGLE's website following the results meeting.
For further information:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Cavendish (NOMAD and Broker) +44 (0) 20 7220 0563
Geoff Nash / Isaac Hooper
Sunila de Silva (Corporate Broking)
Nigel Birks - Life Science Specialist Sales
FTI Consulting
Simon Conway, Ciara Martin, Sam Purewal +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 (212) 850 5624
For Frequently Used Terms, please see the Company's website
on https://angleplc.com/investor-relations/glossary/
(https://angleplc.com/investor-relations/glossary/)
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the EU Market Abuse
Regulation (596/2014). Upon the publication of this announcement via a
regulatory information service, this information is considered to be in the
public domain.
These Interim Results may contain forward-looking statements. These statements
reflect the Board's current view, are subject to a number of material risks
and uncertainties and could change in the future. Factors that could cause or
contribute to such changes include, but are not limited to, the general
economic climate and market conditions, as well as specific factors including
the success of the Group's research and development activities,
commercialisation strategies, the uncertainties related to clinical study
outcomes and regulatory clearance, obtaining reimbursement and payor coverage,
acceptance into national guidelines and the acceptance of the Group's products
and services by customers.
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
Introduction
Whilst we have faced multiple headwinds, the Company continues to make
commercial and technical progress and has been proactive and agile in the
challenging market conditions. The Company's commitment to advancing liquid
biopsy technologies with unique and innovative CTC solutions is unwavering,
and we have made progress in assay development, building and strengthening our
strategic partnerships, delivering on our pharma services contracts, and
refining our operational focus.
Overview of Financial Results
Revenue for H1 2025 of £0.8 million (H1 2024: £1.0 million) was lower than
expected with customer delays caused by challenging external conditions,
including limited access to capital, US policy volatility, and uncertainty
over tariffs for both pharma and medtech companies, impacting revenue
significantly. Average gross margins in the period remained at 59% (H1 2024:
59%) reflecting the product-service mix.
The Company's current pipeline of opportunities offers substantial potential
for further growth across a broad range of customers, including large pharma
and large medtech companies.
Product-related revenues were £0.5 million (H1 2024: £0.5 million) while
services-related revenues were £0.3 million (H1 2024: £0.5 million). Sales
of up to £0.8 million have been booked for future periods.
Operating costs excluding non-cash foreign exchange movements reduced by 12%
to £8.0 million (H1 2024: £9.1 million). Non-cash foreign exchange rate
movement on intercompany balances included in operating costs in H1 2025 were
£2.1 million (H1 2024: gain £0.2 million). These non-cash foreign exchange
rate movements are unrealised and do not impact the consolidated total
comprehensive income.
Loss for the half-year at £9.3 million, or 2.87 pence per share (H1 2024:
loss £7.7 million, or 2.89 pence per share) includes non-cash foreign
exchange movements. Total comprehensive loss for the half year is down 9% at
£7.2 million (H1 2024: £7.9 million).
Cash and cash equivalents were £5.3 million at 30 June 2025 (31 December
2024: £10.4 million) with R&D Tax Credits due at 30 June 2025 of £1.3
million (31 December 2024: £2.3 million) with receipts of £1.0 million
expected shortly.
Executing business strategy to drive growth
ANGLE continues to execute its commercialisation strategy with a focus on
provision of services to large pharma and collaboration with large medtech
companies:
· Pharma companies are making increasing use of liquid biopsy in clinical
trials to accelerate patient recruitment, optimise trial design, and enable
real-time monitoring of treatment response, thereby reducing costs and
improving trial efficiency. ANGLE's liquid biopsy solutions have the potential
to become embedded within drug discovery and development, with subsequent
broad clinical adoption as companion diagnostics to guide the selection of
targeted treatment.
· Medtech companies are turning to liquid biopsy to bypass the
limitations of tissue biopsy and unlock scalable, recurring revenue. CTCs, as
intact and viable cancer cells, have the potential to be used as a sample for
existing tissue-based assays, transforming one-time invasive tests into
repeatable, minimally invasive diagnostics. This could expand patient access
and provide diagnostic companies with new, high-margin revenue streams.
In March 2025, ANGLE announced the successful completion of assay development
and validation across three large pharma contracts. For Eisai, ANGLE delivered
HER2 CTC analysis on more than 200 blood samples from a Phase 2 breast cancer
study, achieving excellent results that demonstrated the assay's ability to
reliably track changes in HER2 status, a key protein driving breast cancer,
over time. Following Eisai's decision to return the study drug to its
originator, BlissBio, ANGLE is now in discussions with both parties regarding
further collaboration with the HER2 assay and other biomarker assays.
In parallel, under two agreements with AstraZeneca worth a combined £820,000,
ANGLE successfully developed and validated both a DNA Damage Response (DDR)
assay and a CTC-based Androgen Receptor (AR) assay for prostate cancer. The
DDR assay has broad applicability across multiple cancers to assess
therapeutic efficacy and enable longitudinal monitoring, while the AR assay
provides a unique ability to measure protein expression in prostate cancer
from intact circulating tumour cells. Multiple discussions are ongoing
regarding future projects, including new biomarker collaborations.
ANGLE has now added the AR and DDR micronuclei assays to its menu of validated
clinical laboratory services, making them available to other pharma customers.
Given the considerable and growing demand in both the AR and DDR markets,
these assays represent a significant opportunity to expand ANGLE's pharma
services revenues.
Outside of these three large pharma contracts, ANGLE has been working on a
fully funded pilot study with Recursion Pharmaceuticals, a company that uses
artificial intelligence (AI) to industrialise drug discovery. ANGLE's ongoing
relationship with Immatics is also progressing strongly. Immatics is a
clinical-stage biotechnology company developing immunotherapies to create
robust and specific anti-tumour responses against solid tumours. ANGLE is
currently providing CTC isolation and harvest from study blood samples for
downstream molecular analysis across three clinical trials. This includes a
Phase 3 study with their lead drug candidate in melanoma.
ANGLE has made significant progress with its molecular assays, including the
development of a first-in-class DNA dual analysis workflow using Illumina's
NGS platform to analyse both ctDNA and CTC-DNA, from a single blood sample.
Results presented through the European Association for Cancer Research (EACR)
this year demonstrated high analytical sensitivity and specificity in lung
cancer patients, showing that CTC-DNA and ctDNA provide distinct and
complementary information, with many actionable drug targets identified in
CTC-DNA alone. This unique capability available exclusively from ANGLE, has
the potential to transform personalised cancer treatment by expanding the
information available to guide targeted treatment selection. It has already
attracted interest from large pharma and the NHS, who are considering its
evaluation in clinical trials.
The installed base of Parsortix systems stands at over 270 with 248,000
cumulative samples processed as of 30 June 2025.
As technology and the market continues to advance at pace, the importance of
the quality of the sample becomes paramount with CTCs well placed for wider
adoption. ANGLE's liquid biopsy solutions provide intact cancer cells from a
blood sample for repeatable, longitudinal, real-time assessment of CTCs from
cancer patient blood. This has allowed the Company to attract and secure
partnerships with large pharma companies and a large medtech company where
CTCs are gaining recognition as a unique liquid biopsy analyte providing the
complete genome, transcriptome, and proteome for comprehensive multiomics. As
intact cancer cells, CTCs are the closest liquid biopsy surrogate to tissue
and have considerable untapped potential for use with existing tissue-based
assays. This has the potential to transform one-time invasive tests into
repeatable, minimally invasive diagnostics, significantly expanding existing
markets and provide a pathway for large scale commercialisation of the
Parsortix system.
Outlook
Weaknesses in the United States and global academic research, pharma and
medtech markets are continuing to impact revenue significantly with delays to
new projects and collaborations outside the Company's control. If these delays
persist throughout H2 then 2025 revenue will be constrained significantly and
is expected to be in excess of £1.5 million, with revenues shifting into
2026.
The revenue delays have not materially impacted on the cash runway, which with
tax credits and tight cost control, provide the Company with working capital
into Q1 2026, ahead of which we expect to announce further collaborations /
contracts and commercial progress.
The commercial gap preventing widespread commercial adoption of the Parsortix
system is prospective large-scale clinical utility trials demonstrating
patient benefit and enabling regulatory clearance. Funding of these trials
remains the key limiting step towards widespread adoption.
ANGLE is thus prioritising engagement with large pharma and large medtech
companies with a vested interest in funding trials to drive the launch of new
precision cancer drugs with companion diagnostics and expand existing
tissue-based tests onto ANGLE's CTC platform, expanding the patient base and
creating repeat testing revenue opportunities, respectively.
Additional funding will be a key focus over the coming months and will allow
the Company to drive further commercialisation of our liquid biopsy solutions
and deliver growth in 2026 and beyond.
Dr. Jan Groen
Andrew D W Newland
Chairman
Chief Executive
8 September 2025
Operational Update
Commercial strategy
ANGLE's commercial strategy focuses on securing widespread adoption of the
Parsortix system by providing CTCs as the "best sample" for analysis, coupled
with state-of-the-art molecular and imaging assays to provide high-throughput,
low cost, highly sensitive, downstream analysis. As intact cancer cells, ANGLE
believes CTCs are the best sample for liquid biopsy analysis.
In the absence of substantial funding to enable ANGLE to progress prospective
large scale clinical trials demonstrating patient benefit and associated
regulatory clearance itself, the most appropriate commercialisation route for
the Parsortix system, assays and workflows is through partnerships with large
pharma and large medtech companies:
· For pharma customers, liquid biopsy assays can support drug discovery
and development with a view to adoption as a companion diagnostic to support
optimal use of their cancer drugs. ANGLE has developed bespoke imaging and
molecular assays to meet our customers' needs. This strategic approach is
exemplified by ANGLE's agreements with AstraZeneca, Eisai, Recursion and
Immatics
· For medtech customers, ANGLE can provide access to an additional
sample type. CTCs have the potential to be analysed using assays which have
historically relied on a tissue sample. This offers the potential for assays
(which when dependent on a tissue sample are single use only), to be used
repeatedly and offered for longitudinal monitoring and addresses instances
where tissue biopsy fails or is not possible. This significantly expands the
market potential of an assay whilst concurrently enabling large scale
commercialisation of the Parsortix system. This strategic approach is
exemplified by ANGLE's collaboration agreement with Myriad Genetics
Furthermore, ANGLE's sales of the Parsortix system, assays and consumables to
independent cancer centres and research institutes continues to drive
breakthrough research and first-in-class discoveries which will flow through
into commercial drug development. One key exemplar in the reporting period was
the use of the Parsortix system by a spin-out company from the Swiss Federal
Institute of Technology in Zurich, which is developing a novel class of
compounds, targeting CTC clusters driven by the Parsortix system. This
approach is applicable across all tumour types.
Parsortix content (applications)
ANGLE has developed multiple downstream assays which are available to
customers as a service from our clinical laboratory. These include the
following protein analysis assays based on immuno-fluorescence (IF) imaging:
· Portrait Flex assay, designed to allow the detection of CTCs
regardless of their physical traits (phenotype). Combining the use of the
Parsortix system and the Portrait Flex assay provides a validated assay which
can be customised to add a bespoke biomarker, providing a solution which is
specific to customer needs
· DDR assays have been developed to identify markers on CTCs enriched
using the Parsortix system. The increased focus by industry in the development
of drugs targeting the DDR pathway broadens the customer base for our assays,
providing our customers with the ability to undertake rapid, repeatable
assessments of the mode of action and clinical effectiveness of drugs. ANGLE's
DDR assays provide a complete picture of how cancer cells respond to
treatment: γH2AX detects DNA damage as it happens, pKAP1 shows the cell's
ability to repair that damage, and micronuclei reveal the long-term failure of
repair leading to genomic instability. Together, these assays offer pharma
partners a powerful tool to assess drug effectiveness across the entire DNA
damage response pathway
· Portrait PD-L1 assay has been developed to allow the detection of
CTCs and determine their PD-L1 status, which may enable better identification
of suitable candidates for immunotherapy studies and provide longitudinal
monitoring of patient response to therapy
· Androgen Receptor (AR) assay, for repeatable assessment of AR
expression in prostate cancer patients. AR plays a central role in driving
disease growth and progression, and changes in AR can lead to resistance to
current treatments and the development of advanced incurable disease known as
metastatic castration-resistant prostate cancer (mCRPC). With at least 130
ongoing clinical studies and a projected AR inhibitor market value of US $9.8
billion by 2032, there is growing demand for assays that can monitor AR
activity
ANGLE has expanded its assay development into molecular analysis. See below
in relation to DNA dual analysis for comprehensive cancer investigation, which
is uniquely available from ANGLE.
Pharma services
The pharma services business, offering CTC enrichment and downstream analysis,
offers the potential for substantial revenues in the large cancer drug trials
market, followed by adoption as a companion diagnostic to support the optimal
use of targeted treatments. CTCs are increasingly being recognised for the
additional and complementary information they can provide, with multi-analyte
and multiomics assessment having the potential to unlock the full clinical
capabilities of liquid biopsy.
The Company has successfully developed bespoke assays for all its existing
pharma customers, targeting pathways which are undergoing significant
commercial growth. This offers considerable potential for further business
both with existing customers across their oncology pipelines, and with other
pharma companies developing oncology therapeutics.
Corporate partnerships
Medtech companies
ANGLE is actively engaging with leading medtech companies to support the
transition of existing tissue-based assays into liquid biopsy workflows.
In August 2025, ANGLE announced a collaboration agreement with Myriad
Genetics, a global leader in molecular diagnostic testing and precision
medicine. The partnership will assess the suitability of CTCs as a sample type
for use with Myriad's established companion diagnostic. Under the agreement,
ANGLE's Parsortix system will be employed to capture and harvest intact cancer
cells, which will then undergo downstream molecular analysis using Myriad's
assay. The study will compare CTC-DNA results with matched patient tissue
samples to evaluate concordance and potential clinical utility.
As with large pharma collaborations, this agreement has the potential to
generate meaningful service revenues in the near term, followed by significant
commercial sales as customers implement the solution at scale. For diagnostic
companies, incorporating liquid biopsy capabilities alongside existing
tissue-based assays, offers a powerful advantage by shifting from one-time
tissue-based tests to blood-based repeat longitudinal monitoring of patient
status, creating recurring revenue opportunities while enhancing patient care.
HER2 assay kit (product solution)
The Company has completed the development phase of its collaboration with
BioView to develop a CTC HER2 (human epidermal growth factor receptor 2) assay
kit for breast cancer using a combination of ANGLE's Parsortix system and
BioView's automated imaging systems and software. The HER2 assay kit is an
important development for the Company following the introduction of new drugs
targeting HER2-low cancers.
A poster showcasing the analytical performance of the assay and results from a
preliminary clinical study was presented in May 2025 at the American
Association for Cancer Research (AACR) conference demonstrating that the
assay could identify patients where CTC HER2 status had changed over time and
could therefore benefit from treatment with anti-HER2 therapy. ANGLE and
BioView are now progressing the development of the assay kit which will
include a further validation clinical study.
Launch of DNA dual analysis workflow
The Company's next-generation sequencing (NGS) workflow is now commercially
available both as a clinical laboratory service and as a protocol for adoption
by independent centres. We believe this is the first workflow of its kind
capable of performing dual molecular analysis of CTC-DNA and ctDNA from a
single blood sample.
Built on Illumina technology, this end-to-end workflow delivers highly
sensitive and specific detection of cancer-associated mutations, many of which
are critical targets for pharmaceutical drug development. When analysed
together, CTC-DNA and ctDNA provide complementary insights, expanding the
scope of clinically actionable information to support personalised cancer
therapy.
In January 2025, preliminary study results were presented during an
Illumina-hosted webinar as part of a co-marketing initiative, followed in June
2025 by a poster presentation at the European Association for Cancer Research
(EACR) Congress. The study, involving 27 lung cancer patients and a 79-gene
panel, revealed marked differences between the two analytes: 53% of mutations
were identified in CTCs alone, 36% in ctDNA alone, and just 11% in both. These
findings demonstrate that CTC-DNA and ctDNA yield distinct but complementary
information, with many druggable targets identified uniquely in CTC-DNA.
By enabling comprehensive profiling of large gene panels and cancer-specific
mutations, this workflow offers a more complete picture of tumour genetics.
Molecular analysis of CTC-DNA and ctDNA using the Parsortix system provides
biopharma partners with a powerful tool for identifying resistance mechanisms,
stratifying patients, and improving clinical trial outcomes. Illumina, the
global leader in NGS systems and assays, underpins more than 90% of the
world's sequencing data with an installed base exceeding 23,000 instruments
worldwide.
Clinical studies
ANGLE is conducting clinical studies to establish a substantial biobank of
clinical samples which it is using for assay development and to generate
comprehensive data packs to support business development activities with
prospective sales customers and partners.
INFORM is ANGLE's largest clinical study enrolling patients with advanced
cancer over a five-year period. The study is in four cancer types, breast,
prostate, ovarian and lung, which globally account for 6.5 million new cases
per annum and 38% of solid cancers.
As of 30 June 2025, 425 patients had been enrolled into the INFORM study,
with a total of 2,041 blood draws performed, and 8,045 tubes of blood received
for processing using the Parsortix system. Cells harvested by the system are
being utilised for immunofluorescence and molecular assay development or are
being stored for future analysis.
The cell harvest from more than 400 blood samples collected for the Company's
prostate cancer study (DOMINO) and 1,200 blood samples collected for its
ovarian cancer study (EMBER2) remain stored for future analysis whilst the
Company continues to develop and refine its Illumina-based RNA sequencing
workflows. Specifically, ongoing improvements in sensitivity, throughput, data
quality and processing are opening a new market for CTC analysis.
Peer-reviewed publications
Academic and translational research is a driving force behind pharmaceutical
and biotech industries, supporting drug discovery and development as
pharmaceutical companies continue to reduce in-house research and increase
university collaborations. This is known as the 'great pharmaceutical-academic
merger'. As of 30 June 2024, there were 115 peer-reviewed Parsortix
publications from 45 independent cancer centres in 23 cancer types, with 11
new journal articles published during the reporting period in seven cancer
types from research teams in eight countries. The publications report use of
the Parsortix system to investigate the biology of cancer, the metastatic
cascade and the development of novel approaches to cancer treatment. The
translational research employed rapidly advancing molecular analysis
techniques such as NGS, RNA-sequencing and droplet digital PCR (ddPCR).
Professor Nicola Aceto's laboratory at ETH Zurich developed a novel approach
to treat the spread of cancer by dissociating CTC clusters, that are highly
aggressive precursors of metastasis. Metastasis is responsible for
approximately 90% of cancer-related deaths, as such targeting the spread of
disease is of high clinical importance. Standard-of-care treatments are not
necessarily designed to interfere with metastasis relevant mechanisms, so the
development of this new treatment strategy provides an uncharted opportunity
to prevent the spread of cancer. The team published a Phase 1 clinical trial
utilising the Parsortix system as a fundamental tool to stratify patients with
CTC clusters who could benefit from the novel targeted treatment to block the
spread of cancer.
Professor Dario Marchetti's laboratory at University of New Mexico Health
Sciences Center utilised the unique features of the Parsortix system to study
novel insights into cancer metastasis. Specifically, the research reported
that immune cells not only mask CTCs from the immune system but help guide
CTCs to new sites of metastasis, in never seen before findings made possible
by the Parsortix system.
Further impactful translational research investigated tumour cell release
during surgery in prostate and ovarian cancer, and research into mechanical
conditioning through the metastatic cascade were made possible using the
Parsortix system to advance our understanding into the biology of cancer.
In July 2025 Professor Nicola Aceto's laboratory at ETH Zurich published
further research highlighting the genetic diversity in CTC clusters that
enhances metastatic ability by increasing therapy resistance opportunities,
evasion of immune cell attack, and adaptability and survival.
Andrew D W Newland
Chief Executive
8 September 2025
ANGLE plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
Note £'000 £'000 £'000
Revenue 796 1,034 2,862
Cost of sales (330) (423) (1,083)
Gross profit 466 611 1,779
Operating costs (10,143) (8,914) (16,875)
Operating profit/(loss) (9,677) (8,303) (15,096)
Finance income 96 187 396
Finance costs (151) (140) (329)
Profit/(loss) before tax (9,732) (8,256) (15,029)
Tax (charge)/credit 2 464 543 804
Profit/(loss) for the period (9,268) (7,713) (14,225)
Other comprehensive income/(loss)
Items that may be subsequently reclassified to profit or loss
Exchange differences on translating foreign operations 2,107 (162) (376)
Other comprehensive income/(loss) 2,107 (162) (376)
Total comprehensive income/(loss) for the period (7,161) (7,875) (14,601)
Earnings/(loss) per share attributable to owners of the parent
Basic and Diluted (pence per share) 3 (2.87) (2.89) (4.82)
All activity arose from continuing operations
ANGLE PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
Note £'000 £'000 £'000
Assets
Non-current assets
Intangible assets 2,631 2,659 2,648
Property, plant and equipment 2,137 2,685 2,475
Right-of-use assets 3,448 4,018 3,927
Total non-current assets 8,216 9,362 9,050
Current assets
Inventories 1,573 1,761 1,579
Trade and other receivables 1,681 1,922 2,087
Taxation 1,344 2,055 2,317
Cash and cash equivalents 5,270 17,882 10,425
Total current assets 9,868 23,620 16,408
Total assets 18,084 32,982 25,458
Liabilities
Non-current liabilities
Lease liabilities (2,811) (3,513) (3,348)
Provisions (373) (363) (362)
Trade and other payables (56) (50) (49)
Total non-current liabilities (3,240) (3,926) (3,759)
Current liabilities
Lease liabilities (855) (707) (862)
Provisions (94) (424) (179)
Trade and other payables (2,201) (3,419) (2,217)
Total current liabilities (3,150) (4,550) (3,258)
Total liabilities (6,390) (8,476) (7,017)
Net assets 11,694 24,506 18,441
Equity
Share capital 4 32,264 32,264 32,264
Share premium 118,362 118,362 118,362
Share-based payments reserve 3,925 6,443 3,754
Other reserve 2,553 2,553 2,553
Translation reserve (3,138) (5,031) (5,245)
Accumulated losses (142,170) (129,983) (133,145)
ESOT shares (102) (102) (102)
Total equity 11,694 24,506 18,441
ANGLE plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Operating activities
Profit/(loss) before tax (9,732) (8,256) (15,029)
Adjustments for:
Depreciation of property, plant and equipment 413 413 813
Depreciation and impairment of right-of-use assets 409 293 751
(Profit)/loss on disposal of property, plant and equipment - - 11
Amortisation and impairment of intangible assets 28 105 134
Share-based payment charge 414 792 1,453
Exchange differences 2,142 (166) (382)
Net finance (income)/costs 55 (47) (67)
Operating cash flows before movements in working capital: (6,271) (6,866) (12,316)
(Increase)/decrease in inventories 30 (75) 153
(Increase)/decrease in trade and other receivables 346 (37) (304)
Increase/(decrease) in trade and other payables (53) 321 (585)
Increase/(decrease) in provisions (86) (138) (396)
Operating cash flows (6,034) (6,795) (13,448)
Research and development tax credits received 1,436 - -
Net cash from/(used in) operating activities (4,598) (6,795) (13,448)
Investing activities
Purchase of property, plant and equipment (87) (114) (396)
Purchase of right-of-use assets - - (15)
Purchase of intangible assets (30) (19) (33)
Interest received 96 191 396
Net cash from/(used in) investing activities (21) 58 (48)
Financing activities
Net proceeds from issue of share capital - placing - 8,828 8,631
Principal elements of lease payments (555) (382) (805)
Interest elements of lease payments (108) (74) (158)
Net cash from/(used in) financing activities (663) 8,372 7,668
(5,282) 1,635
Net increase/(decrease) in cash and cash equivalents (5,828)
Cash and cash equivalents at start of period 10,425 16,218 16,218
Effect of exchange rate fluctuations 127 29 35
Cash and cash equivalents at end of period 5,270 17,882 10,425
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Equity attributable to owners of the parent
Share Share Share based Other
payments
capital premium reserve reserve
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000 £'000
At 1 January 2024 26,058 115,918 5,709 2,553
For the period to 30 June 2024
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations
Total comprehensive income/(loss)
Issue of shares (net of costs) 6,206 2,444
Share-based payment charge 792
Released on forfeiture/lapse (58)
At 30 June 2024 (Unaudited) 32,264 118,362 6,443 2,553
For the period to 31 December 2024
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations
Total comprehensive income/(loss)
Share-based payment charge 661
Released on forfeiture/lapse (3,350)
At 31 December 2024 (Audited) 32,264 118,362 3,754 2,553
For the period to 30 June 2025
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations
Total comprehensive income/(loss)
Share-based payment charge 414
Released on forfeiture/lapse (243)
At 30 June 2025 (Unaudited) 32,264 118,362 3,925 2,553
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
FOR THE SIX MONTHS ENDED 30 JUNE 2025
Equity attributable to owners of the parent
Translation Accumulated Total
ESOT
reserve losses shares equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000 £'000
At 1 January 2024 (4,869) (122,328) (102) 22,939
For the period to 30 June 2024
Consolidated profit/(loss) (7,713) (7,713)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations (162) (162)
Total comprehensive income/(loss) (162) (7,713) (7,875)
Issue of shares (net of costs) 8,650
Share-based payment charge 792
Released on forfeiture/lapse 58 -
At 30 June 2024 (Unaudited) (5,031) (129,983) (102) 24,506
For the period to 31 December 2024
Consolidated profit/(loss) (6,512) (6,512)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations (214) (214)
Total comprehensive income/(loss) (214) (6,512) (6,726)
Share-based payment charge 661
Released on forfeiture/lapse 3,350 -
At 31 December 2024 (Audited) (5,245) (133,145) (102) 18,441
For the period to 30 June 2025
Consolidated profit/(loss) (9,268) (9,268)
Other comprehensive income/(loss):
Exchange differences in translating foreign operations 2,107 2,107
Total comprehensive income/(loss) 2,107 (9,268) (7,161)
Share-based payment charge 414
Released on forfeiture/lapse 243 -
At 30 June 2025 (Unaudited) (3,138) (142,170) (102) 11,694
ANGLE plc
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1 Basis of preparation and accounting policies
The Condensed Interim Financial Information is the unaudited interim
consolidated financial information (the "Condensed Interim Financial
Information") of ANGLE plc, a company incorporated and domiciled in Great
Britain and its subsidiaries (together referred to as the "Group") for the
six-month period ended 30 June 2025 (the "interim period").
The Condensed Interim Financial Information should be read in conjunction with
the Financial Statements of the Group for the year ended 31 December 2024,
which have been prepared in accordance with UK-adopted international
accounting standards. New and revised accounting standards and interpretations
that became effective in the period did not have or are not expected to have a
significant impact on the Group. Where necessary, comparative information has
been reclassified or expanded from the previously reported Condensed Interim
Financial Information to take into account any presentational changes which
were made in the Annual Report and Financial Statements to 31 December 2024
and which may be made in the Annual Report and Financial Statements to 31
December 2025.
The accounting policies used in the preparation of the Condensed Interim
Financial Information for the six months ended 30 June 2025 are in accordance
with UK-adopted accounting standards and are consistent with those which will
be adopted in the Financial Statements for the year ended 31 December 2025.
While the Condensed Interim Financial Information has been prepared in
accordance with the recognition and measurement criteria of UK-adopted
international accounting standards, these Financial Statements do not contain
sufficient information to comply with UK-adopted international accounting
standards.
The Condensed Interim Financial Information does not constitute statutory
financial statements as defined in section 434 of the Companies Act 2006 and
is unaudited and has not been reviewed. The comparative information for the
six months ended 30 June 2024 is also unaudited. The comparative figures for
the year ended 31 December 2024 have been extracted from the Group Financial
Statements as filed with the Registrar of Companies. The report of the
auditors on those Financial Statements was unqualified and did not contain
statements under sections 498(2) or (3) of the Companies Act 2006.
The Condensed Interim Financial Information was approved by the Board and
authorised for issue on 8 September 2025.
Going concern
The Financial Information has been prepared on a going concern basis which
assumes that the Group will be able to continue its operations for the
foreseeable future.
The Directors have considered the uncertainties, risks and potential impact on
the business associated with potential negative trading scenarios. In these
circumstances discretionary expenditure within the business provides some
flexibility to scale back operations to partially address adverse events if
required. In assessing the appropriateness of preparing the Condensed Interim
Financial Information on a going concern basis, the Group have prepared a
detailed monthly budget ("the budget") for the periods ending 31 December 2025
and 31 December 2026, including considering severe but plausible downside
scenarios. The Board considers that the budget represents a reasonable
estimate of the Group's expected performance over the period to 31 December
2026 with current cash resources extending to Q1 2026.
The Directors believe there are a variety of sources of funding that may be
available to the Group including but not limited to revenues, commercial
milestones, licensing and other income from collaboration with customers and
industry partners, and debt and equity funding. Based on the current budget,
the Directors note that the Group will need to raise additional funding
through one or a combination of such sources to ensure the Group remain a
going concern. There is no assurance that the Group will be successful in
obtaining funding that may be required. Accordingly, these conditions indicate
the existence of a material uncertainty that may cast significant doubt about
the Group's ability to continue as a going concern for the foreseeable future.
However, the Directors believe there are a variety of sources of funding that
may be available and have determined that the going concern basis in the
preparation of the Financial Statements is still appropriate. The Condensed
Interim Financial Information does not include any adjustments that would
result if the Group were unable to continue as a going concern.
Critical accounting estimates and judgements
The preparation of the Condensed Interim Financial Information
requires the use of estimates, assumptions and judgements that affect the
reported amounts of assets and liabilities at the date of the Financial
Information and the reported amounts of revenues and expenses during the
reporting period. Although these estimates, assumptions and judgements are
based on the Directors' best knowledge of the amounts, events or actions, and
are believed to be reasonable, actual results ultimately may differ from those
estimates.
The estimates, assumptions and judgements that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities relate to share-based payments.
2 Tax
The Group undertakes research and development activities. In the UK these
activities qualify for tax relief resulting in research and development tax
credits.
3 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated
by dividing the after tax loss for the period attributable to the owners of
the parent of £9.3 million (six months to 30 June 2024: loss £7.7 million,
year ended 31 December 2024: loss £14.2 million) by the weighted average
number of shares in the period.
In accordance with IAS 33 Earnings per share 1) the "basic"
weighted average number of Ordinary shares calculation excludes shares held by
the Employee Share Ownership Trust (ESOT) as these are treated as treasury
shares and 2) the "diluted" weighted average number of Ordinary shares
calculation considers potentially dilutive Ordinary shares from instruments
that could be converted. Share options are potentially dilutive where the
exercise price is less than the average market price during the period. Due to
the losses in the periods, share options are non-dilutive for the respective
periods as adding them would have the effect of reducing the loss per share
and therefore the diluted loss per share is equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on
322,528,409 weighted average Ordinary £0.10 shares (six months to 30 June
2024: 267,032,826; year ended 31 December 2024: 294,932,245).
4 Share capital
The Company has one class of Ordinary shares which carry no right to fixed
income and at 30 June 2025 had 322,641,668 Ordinary shares of £0.10 each
allotted, called up and fully paid.
Shareholder communications
This announcement is being sent to all shareholders on the register at 8
September 2025. Copies of this announcement are posted on the Company's
website www.angleplc.com (http://www.angleplc.com) and are available from the
Company's registered office: 10 Nugent Road, Surrey Research Park, Guildford,
Surrey, GU2 7AF.
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