REG - Fusion Antibodies - Half-year Financial Report
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RNS Number : 6141I Fusion Antibodies PLC 24 November 2025
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse (amendment)
(EU Exit) Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
24 November 2025
Fusion Antibodies plc
("Fusion Antibodies", "Fusion" or the "Company")
Half year Report
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, announces its unaudited interim results for the six months ended
30 September 2025 ("H1 FY2026").
Financial highlights
· Revenues of £0.84 million (H1 FY2025: £1.2 million; H2 FY2025:
£755k)
· Expenditure on R&D increased: £350k (H1 FY2025: £0.18 million)
· Loss reduced by 32% to £0.51 million (H1 FY2025: £0.76 million)
· Cash position in the bank at 30 September 2025 was £0.25m (31 March
2025: £0.4m) with a further £543k owed by existing debtors
Operational highlights
· US patent no. US12378696 was granted covering the Library design and
method for the Opti-library used in OptiMAL®
· Validation project for OptiMAL® being run with the National Cancer
Institute ("NCI") delivered hits against the three selected targets including
antibodies with very high affinity (single digit nM) for both proteins and
peptides
· New contracts for cell line development
· Two separate new contracts, both covering humanisation of multiple
targets, announced with specialist divisions of large pharmaceutical companies
· Formal commercial launch of OptiMAL® at the Antibody Engineering
& Therapeutics conference in San Diego 15-17 December 2025 on track
· Positive pre-launch feedback regarding OptiMAL® from prospective
clients with multiple expressions of interest
o Potential value of the initial pipeline for OptiMAL®/mammalian display is
c. £1m
· Costs continue to be carefully controlled with cash position as at 21
November 2025 better than at the period end
Commenting on the interim results, Adrian Kinkaid, CEO of Fusion Antibodies
plc, said: "The Company has made substantial progress towards its core
strategic objective of developing OptiMAL® in readiness for a commercial
launch of the technology. During the validation project, run with the NCI, the
platform consistently generated high quality antibodies against a range of
targets and exceeded our expectations in terms of affinities achieved,
especially against peptide targets. Crucially, the ultimate proof of
validation is that the NCI themselves wish to continue using OptiMAL® as a
front-line means of identifying human antibodies against a wide range of
targets for years to come. Now that the US government shutdown has been
brought to an end, we expect to be making progress in securing an agreement
which allows the NCI to continue to use OptiMAL®.
"The validation project with NCI has also exemplified the ability to transfer
the technology to another laboratory and so signalled the potential for a
highly scalable, and profitable, licensing-based business model. This
positions Fusion Antibodies to generate significantly greater long-term value
beyond its existing custom services business.
"Having had a presence at several recent industry conferences, including ELRIG
Drug Discovery, BIO Europe, PEGS Europe, we have received feedback from
prospective clients with several expressing an interest in trialling the
technology. Prospective clients also see the Mammalian Display part of
OptiMAL®, which also offers best-in-class performance, to be well suited to
other libraries. The Company is keen to exploit the platform for such
additional libraries to complement the Opti-library application. Such
libraries include AI/ML designed libraries and non-human libraries for
diagnostics and veterinary medicine applications.
"So far as our existing platforms and offerings are concerned we have seen
some very encouraging 'wins', especially for humanisation and cell line
development. This has been achieved with a backdrop of challenging
geopolitical and economic conditions which have slowed the progression of
clients' funding and therefore their projects. I remain hopeful that as
conditions improve, we will see a significant growth in outsourced projects as
clients seek to rapidly start new projects to meet the growing demand for
therapeutic and diagnostic antibodies.
"Whilst the recognised revenue for this period is down against the
corresponding figure for H1 FY2025, it has increased against the immediately
preceding six months (H2 FY2025) and reflects improving performance by the
Company as well as being suggestive of a recovering market, one which Fusion
is increasingly well placed to exploit."
Investor presentations
Fusion will host a presentation on the results open to all investors via the
Investor Meet Company platform at 11.00am on Tuesday, 25 November 2025,
delivered by Dr Adrian Kinkaid, CEO and Stephen Smyth, Interim CFO. The
Company is committed to providing an opportunity for all existing and
potential investors to hear directly from management on these results.
Investors can sign up to Investor Meet Company for free and add to meet Fusion
Antibodies plc via the following
link: https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor
(https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor)
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Adrian Kinkaid, Chief Executive Officer Via Walbrook PR
Stephen Smyth, Chief Financial Officer
Fusion Antibodies interactive investor hub Regulatory news | Fusion Antibodies plc investor hub
(https://investorhub.fusionantibodies.com/announcements)
Allenby Capital Limited Tel: +44 (0) 20 3328 5656
James Reeve/Vivek Bhardwaj (Corporate Finance)
Tony Quirke/Joscelin Pinnington (Sales and Corporate Broking)
Shard Capital Partners LLP
Damon Heath (Joint Broker) Tel: +44 (0) 207 186 9952
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741
001
About Fusion Antibodies plc
Fusion Antibodies plc is a Contract Research Organisation (CRO) located in
Northern Ireland that offers a integrated end-to-end range of antibody
discovery, engineering and expression services for all stages of human
therapeutic, veterinary therapeutic and diagnostic antibody development.
The range of services offered includes antibody discovery/generation,
development, characterisation, optimisation, and small-scale production. In
addition, the Company also offers antigen design, antigen expression, antibody
purification and sequencing, antibody humanisation using Fusion's proprietary
CDRx(TM) platform and cell line development, producing antibody generating
stable cell lines optimised for use downstream by the customer to produce
material for clinical trials. Since 2012, the Company has successfully
sequenced and expressed many thousands of antibodies and successfully
completed over 290 humanisation projects for its international customer base,
which has included eight of the top 10 global pharmaceutical companies by
revenue.
At every stage, our client's vision is central to how we work in combining the
latest technological advances with cutting edge science. In this work our
world-class discovery (OptiMAL® and OptiPhage(TM)), humanization and antibody
optimization platforms harness the power of natural somatic hypermutation
(SHM) to ensure the best molecule goes to the clinic.
Fusion Antibodies' growth strategy is based on enabling Pharma and Biotech
companies get to the clinic more effectively, using molecules with optimized
therapeutic profile and enhanced potential for successful development and
approval and, ultimately, on speeding up the drug discovery and development
process. Our Integrated Therapeutic Antibody Services ("ITA") offering
enhances the efficiency of this process by providing a continuous service
offering from as early as target nomination to as far as a stable cell line.
Fusion's use of SHM to create a fully human antibody library to capture the
human antibody repertoire addresses a continuing market need in antibody
discovery.
Fusion Antibodies' emphasis on antibody therapeutics is based on the size and
growth rate in the sector, with the market valued at $253 billion in 2024 and
forecast to reach nearly $500 billion by 2029. From 2020 to 2024 there have
been 63 antibody therapeutics granted approval in either the USA or the EU, of
which 30 were for cancer and there were nine antibodies each with sales of
more than $5 billion in 2023.
While therapeutic antibodies are our primary focus all the services are
directly applicable to the Diagnostic sector and also the new, more embryonic
veterinary markets and diversification into these markets gives the Company
further growth opportunities.
CHAIRMAN'S STATEMENT
Operational Review
The first six months to 30 September 2025 have been exciting and challenging
in equal measures. Exciting from the perspective of technical advances in
OptiMAL® and the new grant for the co-development of the DR5 antibody, and
challenging in terms of the global economic environment for the healthcare
sector.
In April 2025, it was announced that Fusion Antibodies has secured a new grant
in partnership with Queen's University Belfast ("QUB"), aiming to develop a
humanised antibody specifically designed to target and activate the DR5
protein found on cancer cells. The principal objective of this collaboration
is to produce a therapeutic asset that is ready for clinical use by the
conclusion of the project, jointly owned by Fusion and QUB, and something that
can then be licensed to third party pharma companies or Biotechs. The total
funding available for this grant exceeds £808k, with the Company anticipating
receipt of up to £545,000 over an estimated 18-month project period.
Over the last six months OptiMAL®, has been protected by the granting of the
USA patent and generated some further very promising results from the NCI
collaboration. On 5 August 2025, the OptiMAL® patent was granted by the
United States Patent and Trademark Office, covering the core library as well
as the method for the design of additional libraries. The Company is also
progressing patent applications in respect of the OptiMAL® Library in
several other territories including Europe, China and Japan.
Using the OptiMAL® library, the NCI has been working on generating antibodies
against three targets of interest and since the end of the last financial year
we have reported that we have confirmed that for all three of their targets
the antibodies produced from cells generated by the OptiMAL® screening do
bind to each of their respective targets. The first two were against cancer
related proteins whereas the third, as announced on 3 November 2025 generated
antibodies against a smaller peptide target. This broadens the applicability
of OptiMAL® as peptides are often used as antigens as they are easier and
more cost effective to synthesize. However, they are less immunogenic which in
animal methods can result in poorer antibodies. This is not the case with
OptiMAL® as no immune response is required.
Fully backed by independent validation of OptiMAL® for the isolation of
specific antibodies against proteins and peptides we are on track for the
commercial launch of OptiMAL® in December 2025.
The more challenging part of the last six months has been on the growth of the
business. Revenues for the six-month period ending 30 September 2025 were
£0.84 million and down from H1 FY2025 (£1.2 million). As reported
previously revenue generating accounts can be lumpy throughout the year and
amongst the smaller orders we have seen two very strong orders over the last
six months. On 27 August 2025, we announced that we had been selected to
proceed with three follow on projects to the stable Cell Line Development
project announced on 27 February 2025 under a collaborative research and
development agreement with a US based biotechnology company. These new
contracts build on the successful progress to date with the original project,
extending its scope to include c. $460,000 of additional fees for Fusion, of
which a minimum of $400,000 is expected to be recognised in the current
financial year ending 31 March 2026. Furthermore, since the end of FY2025 we
have also announced a new humanisation project
(https://www.londonstockexchange.com/news-article/FAB/contract-win/17203570)
with a US based specialty division of a global pharmaceutical company and
announced a new multi-target Integrated Therapeutic Antibody Services project
(https://www.londonstockexchange.com/news-article/FAB/contract-win/17268035)
with the Antibody Centre of Excellence of a European-based global
pharmaceutical company. These are seen significant parts of the Company's
strategy of reducing dependence on more volatile smaller clients and
demonstrates Fusion's ability to win contracts with 'Big Pharma' companies.
The Board continues to be optimistic about the prospects for the remainder of
the current financial year and for growth into FY2027. Nevertheless, the Board
remains prudently mindful of potential market volatility and the inherent
science-based risks in any antibody-based discovery and development, whether
human or veterinary, therapeutics or diagnostics.
Financial Review
Revenues for H1 FY2026 were £0.84 million (H1 FY2025: £1.2 million). All
revenues were for core services and contained no milestone payments.
The 30% gross profit percentage (H1 FY2025: 27%) was higher than in the same
period last year due to the continued focus on cost savings, as well as
utilisation of technical staff for R&D activities.
R&D expenditure in H1 FY2026 was £350k, an increased level to the
comparable period in FY2025 (H1 FY2025: £176k) reflecting the continuing
investment, particularly in the OptiMAL® Library project, and the inception
of two grant programmes.
SG&A expenditure of £807k was £136k lower than in H1 FY2024 due
primarily to business activity being lower than the comparative period.
Loss for the period resulting from the above was £512k (H1 FY2025: £758k).
Cash used in operations was £567k, compared with £752k used in H1 FY2024.
The H1 FY2025 operational outflow includes the £350k investment in R&D.
The total net outflow was £107k and the closing cash balance at 30 September
2025 was £252k with a further £543k owed from existing debtors.
Key Performance Indicators
The key performance indicators (KPIs) regularly reviewed by the Board are:
KPI H1 FY2026 H1 FY2025
Underlying revenue growth (30)% 123%
EBITDA* £(494k) (£734k)
Cash used in operations (£567k) (£752k)
* Earnings before interest, tax, depreciation and amortisation
The investment in R&D and the impact on EBITDA is set out in Note 12 to
these statements. EBITDA for the period was a loss of £494k (H1 FY2025:
£734k) and adjusting for research and development expenditure shows a
significantly reduced EBITDA loss excluding R&D of £144k for the period
(H1 FY2024: £558K).
Outlook
As previously mentioned, Q3 has seen some further exciting OptiMAL® results
and the building of a good relationship with a big pharma client. The
Company has continued to see an improvement in lead generation and pipeline
value and continue to see increased value in adjacent markets such as
Diagnostics. Margins improved over this time last year and continued
efficiency improvements are also expected to contribute to further gains in
margins. Cash continues to be well controlled, with cash at 21 November 2025
ahead of the period end, and the Board is confident that the prospects for the
Company remain very encouraging.
We are looking forward to the launch of OptiMAL® at the Antibody Engineering
and Therapeutics conference in San Diego in December 2025. Having had a
presence at several recent industry conferences, including ELRIG Drug
Discovery, BIO Europe, PEGS Europe, we have received feedback from prospective
clients with several expressing an interest in trialling the technology.
Whilst these indications are at an early stage and will take several months to
progress once OptiMAL® has been launched, the Board believes that the current
value of the potential OptiMAL®/mammalian display pipeline is c. £1 million.
We are also excited that NCI (part of the US National Institutes of Health)
have the confidence in the performance of OptiMAL® to ask to extend its use
of the OptiMAL® platform for use against further targets in the coming years.
Negotiations are underway to establish mutually agreeable terms for an
extended agreement.
Dr. Mitchell Ho, Deputy Chief, Laboratory of Molecular Biology, National
Cancer Institute commented: "The OptiMAL® platform is performing very well in
our hands. Using the library, we have isolated binders for multiple antigens
in cancer, and my lab is currently evaluating their potential for cancer
therapy and/or diagnostics."
Statement of Directors' Responsibilities
The Directors confirm, to the best of their knowledge:
· The condensed set of financial statements has been prepared in
accordance with IAS34 'Interim Financial Reporting';
· The interim management report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules of the of the
United Kingdom's Financial Conduct Authority, being an indication of important
events that have occurred during the first six months of the financial year
and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the year, and gives a true and fair view of the assets, liabilities,
financial positions and profit for the period of the Company; and
· The interim management report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority, being a disclosure of related party
transactions and changes therein since the previous annual report.
On behalf of the Board
Dr Simon Douglas
Non-executive Chairman
21 November 2025
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2025
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25 Audited
Unaudited Unaudited £'000
£'000 £'000
Notes
Revenue 838 1,207 1,965
Cost of sales (591) (882) (1,535)
Gross profit (loss) 247 325 430
Other operating income 10 370 - -
Administrative expenses 3 (1,157) (1,119) (2,209)
Operating loss (540) (794) (1,779)
Finance income 4 2 4 5
Finance costs 4 (10) (2) (3)
Loss before tax (548) (792) (1,777)
Income tax credit 5 36 34 64
Loss for the period (512) (758) (1,713)
Total comprehensive loss for the period
(512) (758) (1,713)
Pence Pence Pence
Basic loss per share 6 (0.5) (0.8) (1.8)
Condensed Statement of Financial Position
As at 30 September 2025
As at As at As at
30.09.25 30.09.24 31.03.25
Unaudited Unaudited Audited
Notes
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 7 420 97 63
420 97 63
Current assets
Inventories 272 230 269
Trade and other receivables 868 762 632
Current tax receivable - - -
Cash and cash equivalents 252 439 359
1,392 1,431 1,260
Total assets 1,812 1,528 1,323
Liabilities
Current liabilities
Trade and other payables 667 417 603
Borrowings 8 105 23 20
772 440 623
Net current assets 620 990 637
Non-current liabilities
Borrowings 8 283 9 -
Provisions for liabilities 31 20 31
Total liabilities 1,086 469 654
Net assets 726 1,059 669
Equity
Called up share capital 12 4,534 3,815 4,197
Share premium reserve 8,171 7,743 7,939
(Accumulated losses)/retained earnings
(11,979) (10,499) (11,467)
Equity 726 1,059 669
Condensed Statement of Changes in Equity
For the six months ended 30 September 2025
6 months ended 30 September 2025 Called up share capital Share premium reserve Accumulated losses Total
Unaudited £'000 £'000 £'000 Equity
£'000
At 1 April 2025 4,197 7,939 (11,467) 669
Loss for the period - - (512) (512)
Issue of share capital 337 232 - 569
Share options - value of employee services
- - - -
Total transactions with owners, recognised directly in equity
- - - -
At 30 September 2025 4,534 8,171 (11,979) 726
6 months ended 30 September 2024 Called up share capital Share premium reserve Accumulated losses Total
Unaudited £'000 £'000 £'000 Equity
£'000
At 1 April 2024 3,815 7,743 (9,765) 1,793
Loss for the period - - (758) (758)
Issue of share capital - - - -
Share options - value of employee services
- - 24 24
Total transactions with owners, recognised directly in equity
- - 24 24
At 30 September 2024 3,815 7,743 (10,499) 1,059
Year ended 30 March 2025 Called up share capital Share premium reserve Accumulated losses Total
Audited £'000 £'000 £'000 Equity
£'000
At 1 April 2024 3,815 7,743 (9,765) 1,793
Loss for the year - - (1,713) (1,713)
Share options - value of employee services
- - (10) (10)
Total transactions with owners, recognised directly in equity
382 196 11 589
At 31 March 2025 4,197 7,939 (11,467) 669
Statement of Cash Flows
For the six months ended 30 September 2025
6 months to 6 months to Year to 31.03.25
30.09.25 30.09.24 Audited
Unaudited Unaudited £'000
£'000 £'000
Cash flows from operating activities
Loss for the period (512) (758) (1,713)
Adjustments for:
Share based payment expense - 24 35
Depreciation 62 60 105
Additions to right of use assets (359) - -
Additions to lease liability related to right of use assets 409 - -
Finance income (2) (4) (5)
Finance costs 10 2 3
Income tax credit (36) (80) (64)
Decrease/(increase) in inventories (3) 230 191
Decrease/(increase) in trade and other receivables (200) (79) (75)
(Decrease)/increase in trade and other payables 64 (148) 49
Cash used in operations (567) (752) (1,474)
Income tax received - - 110
Net cash used in operating activities (567) (752) (1,364)
Cash flows from investing activities
Purchase of property, plant and equipment (60) - (10)
Finance income - interest received 2 4 5
Net cash generated by/(used in) investing activities (58) 4 (5)
Cash flows from financing activities
Proceeds from issue of share capital 568 - 555
Proceeds from new borrowings - - -
Repayments of borrowings (40) (11) (23)
Finance costs - interest paid (10) (2) (3)
Net cash (used in)/generated from financing activities 518 (13) 529
Net increase/(decrease) in cash and cash equivalents (107) (761) (840)
Cash and cash equivalents at the beginning of the period
359 1,199 1,199
Effects of exchange rate changes on cash and cash equivalents - 1 -
Cash and cash equivalents at the end of the period 252 439 359
Notes to the Interim Results
For the six months ended 30 September 2025
1 Basis of Preparation
The condensed financial statements comprise the unaudited results for the six
months to 30 September 2025 and 30 September 2024 and the audited results for
the year ended 31 March 2025. The financial information for the year ended 31
March 2025 does not constitute the full statutory accounts for that period.
The Annual Report and Financial Statements for the year ended 31 March 2025
have been filed with the Registrar of Companies. The Independent Auditor's
Report on the Annual Report and Financial Statements for the year ended 31
March 2025 was unmodified and did not contain a statement under s498(2) or
s498(3) of the Companies Act 2006. The Auditor's report contained a material
uncertainty related to going concern.
The condensed financial statements for the period ended 30 September 2025 have
been prepared in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and with IAS 34 'Interim Financial Reporting' as
adopted by the UK. The information in these condensed financial statements
does not include all the information and disclosures made in the annual
financial statements.
Going concern
At 30 September 2025 the Company had a cash balance of £252k and trade
working capital balance of £473k. The Directors have reviewed detailed
projections for the Company. These projections are based on estimates of
future performance and have been adjusted to reflect various scenarios and
outcomes that could potentially impact the forecast outturn. Based on these
estimates, the Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for at least 12 months
from the reporting date. Accordingly, they have prepared these condensed
financial statements on the going concern basis.
The Directors note that there is inherent uncertainty in any cash flow
forecast, however this is further exacerbated given the nature of the
Company's trade and the industry in which it operates. Due to the risk that
revenues and the related conversion of revenue to cash inflows may not be
achieved as forecast over the going concern period, the Directors believe that
there exists a material uncertainty that may cast significant doubt on the
Company's ability to continue as a going concern without raising additional
funds and it may be unable to realise its assets and discharge its liabilities
in the normal course of business.
These financial statements do not include the adjustments that would result if
the Company were unable to continue as a going concern.
Accounting policies
The condensed financial statements have been prepared in a manner consistent
with the accounting policies set out in the financial statements for the year
ended 31 March 2025 and on the basis of the International Financial Reporting
Standards (IFRS) as adopted for use in the UK that the Company expects to be
applicable at 31 March 2025. IFRS are subject to amendment and interpretation
by the International Accounting Standards Board (IASB).
2 Segmental information
For all the financial periods included in these condensed financial
statements, all the revenues and costs relate to the single operating segment
of research, development and manufacture of recombinant proteins and
antibodies.
3 Administrative expenses
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25
Unaudited Unaudited Audited
£'000 £'000 £'000
Research & development 351 176 571
Selling, general and administration 806 943 1,638
1,157 1,119 2,209
4 Finance income and costs
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25
Unaudited Unaudited Audited
£'000 £'000 £'000
Income
Bank interest receivable 2 4 5
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25
Unaudited Unaudited Audited
£'000 £'000 £'000
Expense
Interest expense on other borrowings 10 2 3
5 Income tax credit
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25
Unaudited Unaudited Audited
£'000 £'000 £'000
Current tax (36) (34) (64)
6 Loss per share
6 months to 6 months to Year to
30.09.25 30.09.24 31.03.25
Unaudited Unaudited Audited
Number Number Number
Loss for the financial year (512) (758) (1,713)
Loss per share pence pence pence
Basic (0.5) (0.8) (1.8)
Basic earnings per share is calculated by dividing the basic earnings for the
period by the weighted average number of shares in issue during the period.
6 months to 6 months to Year to
30.09.25 30.09.24 31.03.25
Unaudited Unaudited Audited
Number Number Number
Issued ordinary shares at the end of the period
113,656,253 95,365,564 104,902,120
Weighted average number of shares in issue during the period 113,210,150 95,365,564 95,879,480
7 Property, plant and equipment
Right of use assets Leasehold Plant & Fixtures, fittings & equipment Total
£'000 property machinery £'000 £'000
£'000 £'000
Cost
At 1 April 2025 14 844 2,393 287 3,538
Additions 359 - 60 - 419
Disposals - - - - -
At 30 September 2025 373 844 2,453 287 3,957
Accumulated depreciation
At 1 April 2025 14 844 2,347 270 3,475
Depreciation charged in the period
30 - 26 6 62
At 30 September 2025 44 844 2,373 276 3,537
Net book value
At 30 September 2025 329 - 80 10 420
At 31 March 2025 - - 46 17 63
8 Borrowings
At 30 September At 30 September At 31 March
2025 2024 2025
£'000 £'000 £'000
At 1 April 2025 20 43 43
Additions in period 400 - -
Interest 8 2 3
Repayments (40) (13) (26)
At period end 388 32 20
Amounts due in less than 1 year 105 23 20
Amounts due after more than 1 year 283 9 -
388 32 20
Borrowings are secured by a fixed and floating charge over the whole
undertaking of the Company, its property, assets and rights in favour of
Northern Bank Ltd trading as Danske Bank.
9 Retirement benefits obligations
The Company operates a defined contribution scheme, the assets of which are
managed separately from the Company.
10 Transactions with related parties
The Company had the following transactions with related parties during the
period:
Invest Northern Ireland is a shareholder in the Company. The Company received
invoices for rent and estate services amounting to £124,200 (6 months ended
30 September 2024: £60,000, year ended 31 March 2025: £83,000). There was a
balance of £29,100 payable to Invest NI at the reporting dates presented.
11 Events after the reporting date
There have been no events from the reporting date to the date of approval
which need to be reported.
12 Reconciliation of loss to EBITDA and EBITDA excluding R&D
expenditure
6 months to 30.09.25 6 months to 30.09.24 Year to 31.03.25
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss before tax (548) (792) (1,777)
Finance (income)/expense (8) (2) (2)
Depreciation and amortisation 62 60 105
EBITDA (494) (734) (1,674)
Expenditure on research and development 350 176 571
EBITDA excluding research and development (144) (558) (1,103)
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