REG - Aptamer Group PLC - Interim Results and Notice of Investor Webinar
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RNS Number : 0113Y Aptamer Group PLC 25 March 2026
25 March 2026
Aptamer Group plc
("Aptamer", the "Company" or the "Group")
Interim results for the six months ended 31 December 2025
Revenue growth, solid cash position and strong technical progress
Notice of investor webinar
Aptamer Group plc (AIM: APTA), the developer of next-generation synthetic
binders for the life sciences industry, today announces its unaudited interim
results for the six months ended 31 December 2025 (H1 2026).
Financial highlights
· Revenue £0.83 million (H1 2025: £0.65 million), a 27%
increase reflecting continued commercial traction
· Adjusted EBITDA loss reduced to £1.0 million (H1 2025:
£1.1 million)
· Successful fundraising in July 2025 of £1.8 million (net of
costs)
· Cash balance at 31 December 2025 of £1.5 million (H1 2025:
£2.0 million) giving a cash runway that extends through to Q2 2027 on the
expected trajectory
Strategic programme advances
· Enzyme-modulating Optimers out-licensed to Twist Bioscience and
Alphazyme. Licensing terms include an upfront payment, royalties and supply
revenue
· Second enzyme-modulating discovery project with Alphazyme completed;
high-performance binders selected and licensing heads of terms agreed
· Third global enzyme manufacturer evaluating enzyme-modulating
Optimer® binders under a Material Transfer Agreement
· Optimer® immunohistochemistry (IHC) reagents successfully developed
for an established global life sciences and diagnostics conglomerate.
Potential to be integrated into assay kits this year, with agreed royalties of
2% on net sales of all products
· Manufacturing capacity increased and quality systems audited to
support supply of licensed assets
· Fibrotic liver delivery vehicle demonstrated excellent preclinical
characteristics, being non-toxic, stable and non-immunogenic, significantly
de-risking its therapeutic potential
· Unilever programmes advancing through development stages: stability
assessment work on the first deodorant programme successfully completed and
delivered, supporting the current on-skin testing phase; second programme has
shown positive internal results and is approaching delivery for customer
evaluation
Fee-for-service contracts
· First contract win in the radioligand therapy market secured with a
top 3 global pharmaceutical partner, totalling £360,000, marking a
significant strategic entry into this high-value, high-growth sector
· £769,000 in new contracts secured from a single top 5 pharmaceutical
partner, with total contract value exceeding £1 million with this partner
· Repeat business secured with a top 10 pharmaceutical company and a
top 20 pharmaceutical company to support research activities with targets
intractable for other technologies
· Therapeutic development agreement with Invizius in September 2025
· Agreement signed with Metir plc for Optimer® development targeting
detection of Cryptosporidium in water and environmental testing in September
2025
Post-period developments
· Launch of Optimer®-containing kits from Twist and Alphazyme with
first licensing payments received
· Licensing discussions nearing completion with Alphazyme for the
second hot start PCR Optimer®
· Radioligand therapy programme initiated in partnership with
Radiopharmium, with preclinical results anticipated by the end of 2026
· Successful launch of an Accelerated Book Build on 25 March 2026,
which will generate proceeds of at least £3.75 million. These proceeds will
provide the necessary capital required for the Company to advance new and
existing asset development programmes and provide a cash runway through to
2028
Commenting on the interim results, Dr Arron Tolley, Chief Executive
Officer of Aptamer Group, said:
"The first half of the financial year has seen Aptamer make meaningful
progress across all three pillars of its strategy: fee‑for‑service, asset
development and licensing. The Group's Optimer® platform is now generating
its first product‑linked revenues through partners such as Twist Bioscience
and Alphazyme, while Unilever programmes and the fibrotic liver delivery
vehicle continue to advance through preclinical and development stages.
Aptamer's partnership with Unilever is progressing well, and the Group's
fibrotic liver delivery vehicle has shown strong preclinical results. In
parallel, we continue to progress our asset portfolio with industrial
partners, with several other assets being evaluated under a Material Transfer
Agreement. Our Optimer® fee‑for‑service activity continues to solve
intractable problems for pharma partners, generating significant repeat
contracts from multiple global pharmaceutical companies. We also announced our
first contract win in the high‑value, high‑growth radioligand therapy
market, based on the potential strength of Optimers as delivery vehicles for
this exciting class of new therapeutic modalities. These paid development
programmes are creating licensable assets in their own right, reinforcing the
pathway from discovery work to long‑term passive income.
Following today's Accelerated Book Build launch announcement to raise
additional growth capital, we are delighted that new and existing shareholders
have recognised the opportunities ahead for Aptamer. This investment will
allow us to develop new proprietary assets, creating further value for
shareholders, while funding the development of our AI‑enhanced
fee‑for‑service offering and the systematic exploration of undruggable and
undeliverable targets using our novel oligonucleotide‑based platform. The
Group look forward to generating the in vivo data needed to validate our
therapeutic programmes and to positioning Aptamer as a credible player in this
expanding market."
Investor webinar
Dr Arron Tolley (Chief Executive Officer) and Andrew Rapson (Chief Financial
Officer) will provide a live presentation relating to the Interim Results via
Investor Meet Company on Monday, 30 March 2026, 14:00 GMT.
The live presentation is open to all existing and potential shareholders.
Questions can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet
Aptamer Group plc via:
https://www.investormeetcompany.com/aptamer-group-plc/register-investor
(https://www.investormeetcompany.com/aptamer-group-plc/register-investor)
Investors who already follow Aptamer Group Plc on the Investor Meet Company
platform will automatically be invited.
- Ends -
For further information, please contact:
Aptamer Group plc +44 (0) 1904 217 404
Dr Arron Tolley, Chief Executive Officer
SPARK Advisory Partners Limited - Nominated Adviser +44 (0) 20 3368 3550
Andrew Emmott / Dillon Wall
Turner Pope Investments (TPI) Limited - Broker +44 (0) 20 3657 0050
Andrew Thacker / Guy McDougall
Northstar Communications Limited - Investor Relations +44 (0) 113 730 3896
Sarah Hollins
About Aptamer Group
Aptamer Group is a leading developer of next-generation synthetic binders
delivering innovation to the life sciences industry. The Group develops
Optimer® binders, advanced molecules that work like antibodies by attaching
to specific targets in the body. These binders are used in medicine,
diagnostic tests, and research tools, offering benefits like high stability,
reliable performance, and lower costs compared to traditional antibodies.
Aptamer operates a fee-for-service business in the US$210 billion market for
antibody alternatives, working with all top 10 global pharmaceutical
companies. It is also building valuable Optimer® assets with partners, aiming
for future licensing revenue.
Founded in 2008, the Group listed on the London Stock Exchange AIM market in
December 2021 and is headquartered in York, UK.
To register for news alerts by email go to
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Chairman and Chief Executive Officer's statement
Aptamer is pleased to report a strong first half, marked by 27% revenue
growth, significant progress across the Group's licensable asset portfolio
with multiple licensing agreements signed, and growing commercial momentum
with world-leading partners. The period has reinforced the Group's confidence
in its strategic direction and its ability to deliver on its vision of
building a sustainable, royalty-driven business.
Growing revenue and expanding partnerships
Revenue grew to £0.83 million (H1 2025: £0.65 million), as the Group
continued to grow its blue-chip customer base across pharmaceutical,
diagnostic, and consumer goods sectors.
This growth has again been driven by deepening relationships with major
partners, with £769,000 in total contract value secured from a single top 5
pharmaceutical partner, alongside further repeat business with multiple top 20
pharmaceutical companies. Early feedback from this work has confirmed that the
Group's Optimers outperformed all antibodies tested under customer-relevant
conditions, reinforcing the technical advantages of Aptamer's platform to
deliver on targets that prove intractable with alternative modalities and the
strength of the Group's commercial relationships.
A particularly significant milestone in this period was Aptamer's entry into
the radioligand therapy market, securing a development contract with a top 3
global pharmaceutical company to engineer Optimer® binders as targeted
radiopharmaceuticals for cancer imaging and potential therapeutic
applications. This represents the Group's second therapeutic modality under
active development alongside targeted gene therapy and positions Aptamer for
meaningful downstream licensing revenues as this high-growth market continues
to expand.
Advancing our licensable asset portfolio
Aptamer's primary strategic objective remains to develop a diversified
portfolio of proprietary Optimer® assets capable of generating long-term
royalty and licensing revenues. The Group has made substantial progress
towards this goal during the period.
Progress in the Group's partnership with Unilever continues, following the
successful completion of stability assessments within the first Optimer®
programme. The second programme, targeting an additional odour-prevention
pathway, has delivered positive internal results and is approaching delivery
to Unilever for evaluation. Together, these programmes represent a significant
licensing opportunity in the large and growing cosmetics market.
The fibrotic liver delivery vehicle programme has cleared a critical hurdle,
with lab-based testing demonstrating excellent preclinical characteristics of
being non-toxic, stable and non-immunogenic. These results significantly
de-risk the asset's therapeutic potential and support the Group's ongoing
discussions with pharmaceutical partners regarding high-value licensing
opportunities. Animal studies are anticipated to begin in this financial year
to demonstrate targeting performance and safety for this potentially
high-value therapeutic asset. The Group continue to see applications for this
platform across multiple fibrotic diseases, substantially expanding the
addressable market.
As part of Aptamer's partnership with a global life sciences and diagnostics
conglomerate, the Optimer® immunohistochemistry reagents have been
successfully developed and are being prepared for shipment to the customer.
With 2% royalties agreed on net sales and potential integration into
commercial assay kits this year, this asset is approaching the point of
generating passive income for the Group, further demonstrating Aptamer's
strategy in action.
The Group's enzyme-modulating Optimer® assets have reached commercialisation
milestones. These Optimers have been out-licensed to Twist Bioscience and
Alphazyme, with both products now launched in the market and first licensing
payments received post-period. A second discovery project with Alphazyme has
been completed, and the customer has selected and validated high-performance
binders. Licensing discussions for this second hot-start PCR Optimer are
anticipated to be completed within the current financial year. A third global
enzyme manufacturer is also evaluating the Group's hot-start PCR Optimer under
a Material Transfer Agreement, with potential for further licensing.
A critical enabler of the Group's licensing strategy is its ability to
reliably supply licensable assets. During this period, Aptamer has invested in
manufacturing processes and completed quality audits to ensure the Group's
operations meet the standards required by its global partners. This investment
underpins the Group's ability to fulfil supply obligations under existing and
future licensing agreements, improves margins through in-house production and
simplifies partner logistics. As Aptamer's licensed asset portfolio grows,
this manufacturing capability will become an increasingly important value
driver.
Beyond Aptamer's existing programmes, the period has also seen the Group lay
the foundations for a novel class of licensable artificial intelligence (AI)
assets. During the period, the Group made a key hire of an expert in machine
learning and protein-RNA interaction modelling, who will lead the development
of Aptamer's AI programme.
Whilst AI-assisted approaches to molecular discovery are becoming increasingly
common across the life sciences industry, Aptamer is uniquely positioned to
capitalise on this trend through its extensive proprietary data libraries,
accumulated over more than 15 years of discovery work. These libraries provide
a robust, high-quality training foundation for developing predictive AI
models, giving the Group a strong starting position compared with competitors
in the space that lack this depth of underlying data.
In the near term, the Group expects these models to accelerate Aptamer's
discovery programmes, improving the prediction of optimal sequences and
enhancing the quality of assets entering the Group's licensing portfolio.
Looking further ahead, Aptamer sees potential to offer these AI models as
licensable assets, creating an additional long-term revenue stream for the
Group.
Post-period developments
Commercial momentum has continued into the second half. The launch of
Optimer®-containing products by Twist Bioscience and Alphazyme, with the
first licensing payments received, marks the Group's transition towards
recurring passive income. Additional fee-for-service contracts have been
secured with new and existing partners, further strengthening the Group's
revenue pipeline.
The Group has also launched an internal targeted radiopharmaceutical
development programme, with three therapeutic targets identified and discovery
initiated within Aptamer, bringing the total radiotherapy pipeline to four
assets, with in vivo data targeted by the end of 2026. The manufacturing and
preclinical aspects of this programme will be managed by Dr Louis Allot, a
recognised expert in radiopharmaceutical development and a member of Aptamer's
Scientific Advisory Board.
On 25 March 2026, the Group announced the launch of an Accelerated Book Build
which will raise a minimum of £3.75 million (gross). The proceeds from this
fundraise will be used to advance the Group's R&D development programmes
and provide a cash runway through to 2028.
Outlook
Aptamer enters the second half of the financial year with a solid cash
position, an expanding portfolio of licensable assets at various stages of
commercialisation and a robust pipeline of fee-for-service engagements with
global pharmaceutical and diagnostic leaders. The Group's strategic priorities
remain clear: to convert Aptamer's growing asset portfolio into recurring
royalty and licensing revenues, to deepen relationships with world-leading
partners and to maintain the cost discipline that underpins the Group's path
to sustainable profitability.
The first half of the financial year has seen Aptamer transition from a
business building towards licensing revenues to one beginning to receive them.
With products in the market, royalty agreements signed, a pipeline spanning
cosmetics, diagnostics, therapeutics and research reagents, and a nascent
radiopharmaceutical pipeline now taking shape, the Group is confident in its
ability to deliver sustainable long-term value to shareholders.
Financial review
Revenue
Revenue for the six months ended 31 December 2025 was £0.83 million (H1 2024:
£0.65 million) as the Group closed some key fee-for-service contracts with
top 5 pharma companies in the financial period. The Group has seen improved
interest and repeat business from top pharma companies on the back of
successful projects delivered to these customers in the prior period.
At the end of the period, the Group still had £1.2 million of signed orders
that were progressing through the laboratory, most of which is expected to be
recognised in the second half of the financial year, subject to scientific
attrition. The pipeline at the period end stood at £3.1 million, which the
Group will be looking to convert a portion of during the second half of the
financial year.
Gross profit
Gross profit for the first half of the financial year was £0.5 million (H1
2025: £0.4 million), representing a 56% gross profit margin, comparable with
the 56% gross profit margin in the prior period.
Administrative expenses
Administrative expenses were £1.5 million for the first six months of the
year compared with £1.5 million for the same period last year. The Group has
looked to maintain a lean cost base and limit increases where possible. The
headcount reduced slightly from 31 at 30 June 2025 to 30 at 31 December 2025.
Research and development costs
During the first half of the financial year, the Group expensed £0.2 million
(H1 2024: £0.2 million) within Administrative Expenses on research and
development costs (employee costs and raw materials), bringing the fibrotic
liver delivery programme through to a point where it is ready to go into
animal studies.
Adjusted EBITDA*
Adjusted EBITDA was a loss of £1.0 million for the six months ended 31
December 2025 (H1 2025: £1.1 million). The decrease in loss was a result of
improved revenue whilst maintaining a lean administrative cost base.
*Adjusted EBITDA is defined as Operating Loss before Share-based payment
expense, Amortisation and Depreciation and a reconciliation to Operating Loss
is shown within the Consolidated Statement of Profit and Loss and
Comprehensive Income.
Tax
The Group claims research and development ("R&D") tax credits. Since it is
loss making, the Group elects to surrender these tax credits for a cash
rebate. The benefit to the Group is included within the taxation line of the
income statement and amounts to £0.1 million for the first half of the year.
Within current assets is a corporation tax debtor of £0.2 million, which
relates to anticipated R&D tax credits in respect of claims not yet
received/submitted for the 2025 and 2026 financial years.
The claim for the year to 30 June 2025 amounted to £0.15 million and was
received in February 2026. Tax losses carried forward totalled £13.6 million
(June 2025: £13.5 million). The Group has not recognised any deferred tax
assets in respect of trading losses arising in the current period or
accumulated losses in previous periods.
Loss for the period
The loss for the period was £1.1 million (H1 2025: £1.1 million). The basic
and diluted loss per ordinary share decreased to 0.04 pence per share (H1
2025: 0.07 pence per share) based upon an average number of shares in issue
during the period of 2,632,004,802 (H1 2025: 1,583,220,709).
Cash flow
The Group had £1.5 million of cash at 31 December 2025 (H1 2025: £2.0
million, FY25: £1.0 million). The cash inflow for the six-month period to 31
December 2025 was £0.5 million. During the period, proceeds of £1.8 million,
net of costs, were received from placings and £0.1 million was received from
the exercise of warrants. Net cash used in operations totalled £1.2 million,
which is slightly higher than the Adjusted EBITDA loss of £1.0 million due to
a build-up of trade debtors at the period end, most of which have been cleared
in January and February 2026.
Going concern
For the reasons set out in note 3, the Directors believe that it remains
appropriate to prepare the financial statements on a going concern basis.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME
For the six-month period ended 31 December 2025
Unaudited Unaudited Audited
6 months ended 31 December 2025 6 months year
ended 31 December 2024 ended
30 June
2025
Note £'000 £'000 £'000
Revenue 4 828 653 1,203
Cost of sales (368) (286) (624)
Gross profit 460 367 579
Administrative expenses (1,524) (1,519) (2,931)
Other operating income 45 79 158
Adjusted EBITDA (1,019) (1,073) (2,194)
Depreciation (including loss on disposal) (108) (104) (207)
Amortisation of intangible assets (12) (11) (22)
Share-based payment expense (99) 6 (116)
Operating loss 5 (1,238) (1,182) (2,539)
Finance income 19 13 27
Finance costs (19) (31) (57)
Loss before taxation (1,238) (1,200) (2,569)
Taxation 6 90 88 145
Loss and total comprehensive expense for the (1,148) (1,112) (2,424)
period/year
Basic loss per share 7 0.04p 0.07p 0.14p
Diluted loss per share 7 0.04p 0.07p 0.14p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2025
Unaudited Unaudited Audited
31 December 31 December 30 June
2025 2024 2025
Note £'000 £'000 £'000
Assets
Non-current
Other intangible assets 247 183 225
Property, plant, and equipment 8 225 358 290
Right-of-use assets 93 154 124
Other receivables 373 373 373
938 1,068 1,012
Current
Inventories 67 107 80
Trade and other receivables 9 959 924 534
Tax receivable 239 280 149
Cash and cash equivalents 1,528 1,967 1,059
2,793 3,278 1,822
Total assets 3,731 4,346 2,834
Current liabilities
Trade and other payables 10 (1,110) (1,104) (926)
Borrowings (4) (10) (9)
Leases (253) (228) (240)
(1,367) (1,342) (1,175)
Net current assets 1,426 1,936 647
Non-current liabilities
Trade and other payables - (2) -
Borrowings - (4) -
Leases (76) (401) (242)
Provisions for liabilities (35) (35) (35)
(111) (442) (277)
Net assets 2,253 2,562 1,382
Equity
Issued share capital 2,697 1,988 1,991
Share premium 14,659 13,944 13,634
Group reorganisation reserve 185 185 185
Share based payments reserve 840 468 619
Accumulated losses (16,128) (14,023) (15,047)
Equity attributable to shareholders 2,253 2,562 1,382
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 31 December 2025
Issued share Share premium Group reorganisation reserve Share-based payment reserve Retained earnings Total equity
capital
£'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2024 (audited) 467 12,672 185 504 (12,941) 887
Loss for the period - - - - (1,112) (1,112)
Issue of share capital 1,453 1,453 - - - 2,906
Share issue costs (312) (312)
Shares issued in lieu of cash 68 131 - - - 199
Share based payments - - - (6) - (6)
Exercise & forfeited equity-settled share-based payments - - - (30) 30 -
Total transactions with owners, recognised directly in equity 1,521 1,272 - (36) 30 2,787
At 31 December 2024 (unaudited) 1,988 13,944 185 468 (14,023) 2,562
Loss for the period - - - - (1,312) (1,312)
Issue of share capital - - - - - -
Issue of broker warrants - (317) - 317 - -
Share based payments 3 7 - 106 - 116
Exercise & forfeited equity-settled share-based payments - - - (272) 288 16
Total transactions with owners, recognised directly in equity 3 (310) - 151 288 132
At 30 June 2025 (audited) 1,991 13,634 185 619 (15,047) 1,382
Loss for the period - - - - (1,148) (1,148)
Issue of share capital 703 1,380 - - - 2,083
Share issue costs - (172) - - - (172)
Share-based payments 3 6 - 99 - 108
Exercise of broker warrants - - - (65) 65 -
Issue of broker warrants - (189) - 189 - -
Exercise & forfeited equity-settled share-based payments - - - (2) 2 -
Total transactions with owners, recognised directly in equity 706 1,025 - 221 67 2,019
At 31 December 2025 (unaudited) 2,697 14,659 185 840 (16,128) 2,253
On 4 July 2025, the Directors announced a significant new fundraising event
which resulted in a firm placing of 400,419,909 ordinary shares for total
proceeds of £1.2 million and a conditional placing of 266,246,757 ordinary
shares for total proceeds of £0.8 million. The conditional placing was
approved at a General Meeting on 24 July 2025, and total net proceeds were
£1.8 million.
On 19 August 2025, 36,000,000 broker warrants were exercised, and the company
received proceeds of £0.07 million.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six-month period ended 31 December 2025
Unaudited
Unaudited 6 months ended 31 December 2024 Audited
6 months ended 31 December 2025 £'000 year
£'000 ended 30 June
2025
£'000
Cash flows from operating activities
Loss for the period/year (1,148) (1,112) (2,424)
Adjustments for:
Taxation (90) (88) (145)
Finance costs 19 31 30
Amortisation 12 11 22
Depreciation 108 104 207
Fees paid in shares in lieu of cash 10 111 196
Share-based payment expense 99 (6) 116
Operating cash outflow before changes in working capital (990) (949) (1,997)
Decrease in inventory 13 13 40
(Increase) in debtors (425) (426) (95)
Decrease/(increase) in creditors 193 74 (107)
Cash outflow from operations (1,209) (1,288) (2,159)
Income taxes received - - 215
Net cash used in operating activities (1,209) (1,288) (1,944)
Cash flows from investing activities
Purchase of property, plant, and equipment (10) (6) (10)
Purchase of intangible assets (34) (28) (82)
Net cash used in investing activities (44) (34) (92)
Cash flows from financing activities
Issue of share capital, net of issue costs 1,901 2,623 2,608
Proceeds from borrowings - - -
Repayment of borrowings (5) (33) (38)
Payment of lease liabilities (153) (140) (288)
Interest paid (21) (31) (57)
Net cash generated from financing activities 1,722 2,419 2,225
Net increase in cash and cash equivalents 469 1,097 189
Cash and cash equivalents at beginning of the period/year 1,059 870 870
Cash and cash equivalents at end of the period/year 1,528 1,967 1,059
NOTES TO THE FINANCIAL STATEMENTS
For the six-month period ended 31 December 2025
1. GENERAL INFORMATION
Aptamer Group plc ('the Company') is a public limited company domiciled and
incorporated in England and Wales. These interim consolidated financial
statements of the Company for the six-month period ended 31 December 2025
comprise the Company and its subsidiaries (together referred to as 'the
Group').
The address of the Company's registered office is Windmill House, Innovation
Way, Heslington, York, YO10 5BR.
This interim report was authorised for issue in accordance with a resolution
of the Directors on 25 March 2026.
2. BASIS OF PREPARATION
The results for the 6-month periods to 31 December 2025 and 31 December 2024
are unaudited. The disclosed figures are not statutory accounts in terms of
Section 435 of the Companies Act 2006. Statutory accounts for the year ended
30 June 2025 on which the auditors gave an audit report which was unqualified,
have been filed with the Registrar of Companies. The auditor has reported on
those accounts; their report was unqualified and did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006; though it did include a
reference to a matter to which the auditor drew attention by way of emphasis
without qualifying their report in relation to going concern. The annual
financial statements of the Group are prepared in accordance with UK adopted
International Financial Reporting Standards (IFRS) and, as regards the Company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
This interim report has been prepared on a basis consistent with the
accounting policies expected to be applied for the year ending 30 June 2026,
and uses the same accounting policies and methods of computation applied for
the year ended 30 June 2025.
3. GOING CONCERN
The Group has reported a loss after tax for the six months ended 31 December
2025 of £1.1 million (six months ended 31 December 2024: £1.1 million).
The Group had a cash balance of £1.5 million at 31 December 2025 (31 December
2024: £2.0 million). On 25 March 2026, the Group announced the launch of an
Accelerated Book Build (ABB) which is expected to generate gross proceeds of
at least £3.75 million, of which £0.75 million will be allocated to working
capital.
The Directors have considered the suitability of the going concern basis in
the preparation of these interim results, which includes assessing an internal
forecast extending out to June 2027. The Directors consider that this
forecast represents a reasonable best estimate of the performance of the Group
over the period to June 2027. In the forecast, revenue is forecast to grow
based the Group starting the generate licensing revenue from two licenses
signed in December 2025. Should these sales materialise, combined with the
proceeds received from the ABB launched on 25 March 2026, then the cash runway
extends more than 12 months from the date of these interim results.
Based on the above factors, the Directors believe that it remains appropriate
to prepare the interim results on a going concern basis.
4. REVENUE
An analysis of revenue, all of which relates to the sale of services, by
geographical location of the customer is given below:
6 months ended 31 December 2025 6 months ended 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
United Kingdom 150 168 235
Europe 18 101 239
Rest of the World 660 384 729
828 653 1,203
All assets are located in, and services delivered from, the United Kingdom.
5. OPERATING LOSS
The operating loss for the period/year is stated after charging:
Year ended 30 June 2025
6 months ended 31 December 6 months ended 31 December
2025 2024
£'000 £'000 £'000
Employee remuneration 1,040 964 1,930
Share-based payments 99 (6) 116
Research and development raw materials 127 120 305
Depreciation of property, plant, and equipment 77 72 144
Depreciation of right-of-use assets 31 32 63
Amortisation of intangible assets 12 11 22
Raw materials and consumables used 144 89 156
6. TAXATION
The Group's tax credit for the six months ended 31 December 2025 was £90,000
(six months ended 31 December 2024: £88,000; year ended 30 June 2025:
£145,000).
Within debtors is a corporation tax debtor of £239,000. This includes an
anticipated R&D tax credit in respect of claims not yet submitted for the
2026 financial year, and to a submitted claim for the year to 30 June 2025 of
£152,000.
At 31 December 2025, the Group had unrelieved tax losses of approximately
£13,588,000 (30 June 2025 - £13,503,000). A deferred tax asset has not been
recognised in respect of these losses, except for losses recognised against
deferred tax liabilities against which the losses will automatically unwind
(and which are accordingly offset).
7. LOSS PER SHARE
6 months 6 months ended 31 December 2024
ended 31 December Year ended 30 June 2025
2025
Basic loss per share 0.04p 0.07p 0.14p
Diluted loss per share 0.04p 0.07p 0.14p
Loss for the period/year £1,148,000 £1,112,000 £2,424,000
Weighted average number of ordinary shares used 2,632,004,802 1,583,220,709 1,883,309,991
as the denominator in calculating the basic/diluted loss
per share
8. PROPERTY, PLANT AND EQUIPMENT
Leasehold improvements Other property, plant and equipment
£'000 £'000 Fixtures, fittings and equipment
£'000
Total
£'000
Cost
At 1 July 2024 1,607 1,465 36 3,108
Additions - 6 4 10
Transfers - 210 - 210
At 30 June 2025 (audited) 1,607 1,681 40 3,328
Additions - 6 6 12
At 31 December 2025 (unaudited) 1,607 1,687 46 3,340
Accumulated depreciation
At 1 July 2024 1,357 1,299 28 2,684
Charge for the year 97 43 4 144
Transfers - 210 - 210
At 30 June 2025 (audited) 1,454 1,552 32 3,038
Charge for the period 48 27 2 77
At 31 December 2025 (unaudited) 1,502 1,579 34 3,115
Net book values
31 December 2025 (unaudited) 105 108 12 225
30 June 2025 (audited) 153 129 8 290
9. TRADE AND OTHER RECEIVABLES
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
Trade receivables 731 657 342
Other receivables 80 53 41
Prepayments 148 214 151
959 924 534
10. CURRENT LIABILITIES
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
Trade payables 593 466 414
Other taxation and social security 56 53 58
Other payables 105 - 105
Accruals 267 312 292
Deferred income 87 273 57
1,108 1,104 926
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