REG - Futura Medical PLC - Results for the six months ended 30 June 2025
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RNS Number : 3012B Futura Medical PLC 30 September 2025
30 September 2025
Futura Medical plc
("Futura" or the "Group")
Results for the six months ended 30 June 2025
Futura Medical plc (AIM: FUM), the consumer healthcare Group behind
Eroxon(®), that specialises in the development and global commercialisation
of innovative and clinically proven sexual health products, announces its
results for the six months ended 30 June 2025 ("HY25").
Operational overview:
· Further market launches, with Eroxon now launched in 25 countries, but
challenges around usage and marketing communication continue
· Eroxon Intense remains on track to achieve regulatory approvals in EU and USA
by the end of 2025. Following successful proof of concept work which
demonstrated a strong preference for the enhanced sensorial effects of
Intense, a more extensive Home User Study in up to 200 UK erectile dysfunction
("ED") subjects has been commissioned
· Successful completion in January 2025 with positive results of a Home User
study on WSD4000, a topical treatment for the symptoms associated with sexual
dysfunction in women; a further pre-submission meeting with the FDA has taken
place prior to the Early Feasibility Study due in Q1 2026
Financial overview:
· Revenue of £1.0m (HY24: £7.0m) reflecting slower than originally anticipated
in market sales of Eroxon meaning initial 2024 inventory orders are still
being used, suppressing 2025 demand
· Sales in the period comprise 50% royalties from the US market, 48% from
products sales in the EU and UK, with the remainder from LATAM and the Middle
East
· Underlying gross profit of £0.73m (HY24: £1.7m) excluding an exceptional
provision of £0.49m for potential inventory obsolescence
· Loss after tax of £6.59m (HY24: profit after tax of £1.0m), this includes
o £3.6m of exceptional items for impairment of plant and equipment due to lower
production demand and the final asset payment due in H2 2025
o £0.49m provision for risk of inventory obsolescence
o £0.65m non-cash charge for prior-period share-based payments
· Adjusted loss after tax of £2.0m (excluding exceptional items and non-cash
share based payments)
· Cash at 30 June 2025 of £3.69m (HY24: £3.9m)
Post-period end and outlook:
· In August the Board launched, and is continuing, its strategic review of the
business as a whole
· As announced on 19 September:
o As a result of slower sales across all markets and with the US patent
milestone payment now expected to fall in H1 2026, the Company expects
revenues for FY 2025 to be materially below expectations and is expected to be
between £1.3m and £1.4m
o Cash and cash equivalents stood at £2.71m at the end of August 2025, which,
subject to a number of variables, is currently expected to provide working
capital into January 2026. This takes into account the impact of the IP
Milestone grant timing and assumes no growth in revenue or other sources of
income
o In light of the reduced operating cashflow and the delay of the IP Milestone
payment, and in order to extend the Company's cash runway, a thorough review
of the costs associated with the Company as a whole has been undertaken and a
cost cutting programme has been initiated
o The Company is exploring a number of different avenues to extend its cash
runway, including considering commercial options and opportunities for
financing
o A range of potential options are being considered to create shareholder value
including but not limited to additional or alternative partnering/licensing
and distribution arrangements for Eroxon alongside Eroxon Intense and WSD4000
o The Board continues to believe that there is value in the Group's assets and
therefore development plans for both Eroxon Intense and WSD4000 continue to
progress
Alex Duggan, CEO of Futura, commented:
"Since my appointment as interim CEO, I have been working closely with the
Board and the wider team to carefully review the business, its priorities, and
its strategic options. Our focus is on building a clear strategy that
maximises value for shareholders, commercial partners, and employees.
Although the Company's performance during the period has not met expectations,
with Eroxon early in-market results showing slower than hoped for consumer
uptake and repeat sales, we believe it is still too early to draw firm
long-term conclusions. Markets of this nature often take time to develop, and
we remain confident there is meaningful global demand for a well-positioned
topical product to support male sexual intimacy.
Additionally, we continue to believe that there is value in the Company's
assets and therefore development plans for both Eroxon Intense and WSD4000
continue to progress. There is currently no known regulatory-approved OTC
treatment available for impaired sexual response and function in women
globally. We therefore see the opportunity for WSD4000 as an exciting market
which we are well placed to serve, with our specialism in developing and
bringing to market topically delivered gel formulations in sexual health
products.
We are in the midst of a thorough strategic review to determine the best path
forward. This process requires patience and care, and we appreciate the
support of our investors as we take the necessary time to ensure the right
long-term decisions are made. We will provide shareholders with a clear update
once the review has reached its conclusion."
Contacts:
Futura Medical plc Alex Duggan investor.relations@futuramedical.com
(mailto:Investor.relations@futuramedical.com)
Interim Chief Executive Officer
+44 (0)1483 685 670
www.futuramedical.com (http://www.futuramedical.com/)
Panmure Liberum Emma Earl, Will Goode, Mark Rogers (Corporate Finance) +44 (0)20 3100 2000
Nominated Adviser Rupert Dearden (Corporate Broking)
and Broker
Alma Strategic Communications Rebecca Sanders-Hewett +44 (0)20 3405 0205
Sam Modlin futura@almastrategic.com
Emma Thompson
Notes to Editors:
Futura Medical plc (AIM: FUM) is the developer of innovative sexual health
products, including lead product Eroxon(®) and products WSD4000 and
Eroxon(®) Intense. Our core strength lies in our research, development and
commercialisation of topically delivered gel formulations in sexual health
products.
Sexual health issues are prevalent in both men and women. ED impacts 1 in 5
men globally across all adult age brackets, with approximately half of all men
over 40 experiencing ED and 25% of all new diagnoses being in men under 40.
Around 60% of women experience at least one symptom of sexual dysfunction, and
only one in four women seek professional help, and remain chronically
underserved.
Eroxon(®), Futura's clinically proven lead product, has been developed for
the treatment of Erectile Dysfunction ("ED"). The highly differentiated
product, which is the only topical gel treatment for ED available over the
counter and helps men get an erection in ten minutes, addresses significant
unmet needs in the ED market. Eroxon(®) has been nominated for a number of
healthcare industry awards and has won two to-date.
Futura has distribution partners in place in a number of major consumer
markets including Haleon in the US, the largest market for ED in the world,
and Cooper Consumer Health in Europe.
WSD4000 is a topical treatment designed for the symptoms of impaired sexual
response and function in women. There is currently no regulatory approved OTC
treatment available for impaired sexual response and function in women.
WSD4000 has the potential to be an effective, breakthrough treatment for the
common symptoms associated with impaired sexual response and function, such as
lack of desire, arousal and lubrication.
Chief Executive's Review
Since joining in August, I have undertaken a thorough review of the business's
strategic and commercial plans. This review has been wide-ranging, covering
the Company's sales and marketing strategies, the costs associated with
running the business, and other potential strategic options available to the
Company. The purpose of this work has been to gain a clear understanding of
the current position, assess the challenges, and identify the most effective
paths forward.
H1 Performance and Operational Review
Financial performance
Revenue for the period was £1.0m, reflecting slower than anticipated
in-market sales of Eroxon. As a result, initial 2024 inventory orders are
still being utilised, which has in turn suppressed demand in 2025. Revenue in
the period was split across geographies, with 50% generated from royalties in
the US market, 48% from product sales in the EU and UK, and the balance from
product sales in LATAM and the Middle East.
Underlying gross profit was £0.73m, which excludes a £0.49m provision for
potential inventory obsolescence based on expected lower forecast demand.
Despite this provision, the stock currently remains both usable and saleable.
The Group recorded a loss after tax of £6.59m. This figure includes £4.05m
of exceptional items, primarily related to the impairment of plant and
equipment due to reduced production demand and the final asset payment due in
H2 2025 and the provision related to inventory write-down for risk of
obsolescence. It also incorporates a £0.65 million non-cash charge for prior
period share-based payments. Excluding these exceptional and non-cash items,
the adjusted loss after tax was £2.0m.
As at 30 June 2025, the Group's cash position stood at £3.69m.
An RNS was released on 19 September regarding our expected FY 2025
performance. As outlined in that RNS, in-market sales of Eroxon have been
slower than originally anticipated, a trend that has continued across all
markets, most notably in the US where the market size and potential is
considered to be the greatest. This has meant that royalties from the US
market are now expected to be lower than previously anticipated and that
initial inventory orders from our distributors continue to meet current year
demand and so in turn this impacts the requirement for stock replenishment by
those partners.
Alongside this sales trend, under the terms of the Company's agreement with
Haleon, a payment of $2.5m is due upon the granting of a US Patent for Eroxon
("IP Milestone") that meets the contractual definition of a valid patent
claim. All filings have been made and in previous forecasts it had been
anticipated that this milestone would be achieved in FY 2025, with the payment
forming a portion of overall revenue in FY 2025; however this is now expected
to crystalise in H1 2026. The US Patent office is currently evaluating the
potential grant and external legal advice indicates a high probability of
patent grant and that the milestone payment will be triggered.
As previously announced, as a result of slower sales across all markets and
with the US patent milestone payment now expected to fall in H1 2026, the
Company expects revenues for FY 2025 to be materially below expectations.
Therefore, revenue for FY 2025 is now expected to be between £1.3m and
£1.4m.
Cash and cash equivalents stood at £2.71m at the end of August 2025, which,
subject to a number of variables, is currently expected to provide working
capital into January 2026. This takes into account the impact of the IP
Milestone grant timing and assumes no growth in revenue or other sources of
income. Please refer to Note 3 of the Interim Financial Statements regarding
going concern and material uncertainty.
Further market launches but challenges around sustaining consumer uptake
At the close of the period, Eroxon(®) has been launched and is now available
in over 25 countries.
The following table shows a breakdown of where Eroxon has been launched at the
end of this, through which partners, and on which operating model. As a
reminder, to date, Eroxon has been launched using two different operating
models:
· Firstly, an IP license model, where the licensee is responsible for
manufacturing, regulatory and quality control and sales and marketing. In this
model, we generate revenue through royalty payments and milestone payments.
· The second model is a direct sales model (DSM) whereby Futura is responsible
for the manufacturing, shares the responsibility for regulatory and quality
control with the licensee, and the licensee is responsible for sales and
marketing. Through this model, we generate revenue through direct sales and
milestone payments.
Country When launched Partner and operating model
UK March 2023 Cooper Consumer Health - DSM
Belgium March 2023 Cooper Consumer Health - DSM
Ireland March 2023 Cooper Consumer Health - DSM
UAE October 2023 Labatec - DSM
Norway January 2024 Cooper Consumer Health - DSM
Netherlands February 2024 Cooper Consumer Health - DSM
France March 2024 Cooper Consumer Health - DSM
Spain April 2024 Cooper Consumer Health - DSM
Portugal April 2024 Cooper Consumer Health - DSM
Italy April 2024 Cooper Consumer Health - DSM
KSA April 2024 Labatec - DSM
Iraq April 2024 Labatec - DSM
Sweden May 2024 Cooper Consumer Health - DSM
Qatar May 2024 Labatec - DSM
Jordan June 2024 Labatec - DSM
Mexico August 2024 M8 Pharmaceuticals - DSM
US October 2024 Haleon - IP license model
Finland November 2024 Cooper Consumer Health - DSM
Hungary January 2025 Cooper Consumer Health - DSM
Romania January 2025 Cooper Consumer Health - DSM
Lithuania February 2025 Cooper Consumer Health - DSM
Estonia February 2025 Cooper Consumer Health - DSM
Latvia February 2025 Cooper Consumer Health - DSM
Denmark May 2025 Cooper Consumer Health - DSM
Kuwait May 2025 Labatec - DSM
Europe:
Overall partner sales in Europe declined versus the previous six months. This
is largely a comparison effect against an exceptional H2 2024, when heavy
investment in France, Spain and Portugal generated very high sell-in levels.
It is too early to judge true like-for-like performance although the declining
trend is steeper than expected but likely to be caused by a combination of
consumer repurchase rates, media spend phasing and consumer targeting.
In H1 2025, our partner Cooper Consumer Health expanded into six additional
countries across Northern and Eastern Europe: Denmark, Estonia, Latvia,
Lithuania, Hungary and Romania. Hungary has seen the best market reception so
far, obtaining a leading positioning in the OTC sexual health category in
February due to the positioning of the product within the market and having a
Healthcare Professional (HCP) as the main consumer engagement channel.
Current stocks in all European markets remain high, reflecting both the scale
of initial sell-in and lower consumer purchase rates than predicted by Cooper.
US:
Following launch in October 2024, as previously announced, progress in H1 2025
has been slower than anticipated. While distribution levels remain strong,
market performance has not yet met initial Haleon or Company forecasts.
In addition, just under a third of US brick and mortar retail stockists have
placed Eroxon(®) in locked displays for local security reasons, and some
consumers are therefore hesitant to ask for assistance; this effect had not
been expected or planned for by Haleon. E-commerce, particularly Amazon, has
attracted a broader range of users, some of whom may be less suited to the
product, and this has likely meant lower than expected consumer ratings on the
Amazon platform.
Middle East:
Sell-in across the region has declined compared with the previous six months,
where high sell-in activity from the local sales force in KSA drove strong
volumes.
Labatec has further expanded into Kuwait in May, adding to the five Middle
Eastern countries where Eroxon(®) is now represented.
Strict sexual health advertising restrictions and sensitivities mean
direct-to-consumer activity is severely limited, leaving HCPs, urologists, and
pharmacists as the main consumer engagement channel, while PDE5 inhibitors
remain widely prevalent.
Latam - Mexico:
Following the mid-August 2024 launch in Mexico, H1 2025 saw continued growth
in retail distribution and a significant expansion of M8's digital campaign,
albeit below the partner's forecast.
The digital campaign included the launch of new social media channels, podcast
features, physician-led workshops, and the onboarding of a fresh pool of
healthcare professionals and lifestyle influencers. These efforts have
delivered impressive reach, successfully driving consumer interest and
engagement across both online and offline channels. As well as continuing to
expand distribution, M8 are actively reviewing their target audience and
refining engagement strategies to improve alignment with consumer expectations
and encourage repeat purchases.
Leveraging our innovative and experienced R&D capability
Eroxon Intense
Eroxon Intense, our in-development product designed to help those men who
would prefer a stronger sensation, remains on track to achieve regulatory
approvals in EU and USA by the end of 2025. Due to more stringent data
requirements in the US, product with a 24-month shelf life (judged to be the
minimum for launch) will not potentially be available until Q3 2026. The EU
will have product with a 48-month shelf life potentially available from Q1
2026.
Following successful proof of concept work which demonstrated a strong
preference for the enhanced sensorial effects of Intense, a more extensive
Home User Study in up to 200 UK ED subjects has been commissioned and will be
funded from existing cash reserves. The study compares the new Intense formula
with the existing marketed Eroxon formula, with each product being used over a
four-week period. The primary goal is to demonstrate improved product
performance through the enhanced sensorial effect on the glans penis.
We are expecting the results of the Eroxon Intense Home User Study by the end
of October 2025. Depending on the outcome of the Home User Study, a strategic
decision will be made with regards to updating the existing Eroxon product,
adding a second strength variation or if preferred in some markets creating a
new brand.
WSD4000
WSD4000 is our in-development topical treatment designed for the symptoms of
impaired sexual response and function in women. There is currently no known
regulatory-approved OTC treatment available for impaired sexual response and
function in women globally. We therefore see this as an exciting market
opportunity which we are well placed to serve, with our specialism in
developing and bringing to market topically delivered gel formulations in
sexual health products. WSD4000 has the potential to be an effective,
breakthrough treatment for the common symptoms associated with impaired sexual
response and function, such as lack of desire, arousal and lubrication.
What is the market opportunity?
· Between 40% and 50% of women experience at least one symptom of impaired
sexual response and sexual function
· 60% have suffered from at least one symptom of impaired sexual response and
function in the last twelve months
· Only 1 in 4 women seek professional help
· Few women (13%) experience an improvement in symptoms over time and 37%
getting worse over time
We have conducted an initial Home User Study which found that:
· The 'sensory' study, which comprised 67 women suffering from some degree of
sexual dysfunction, delivered an overall positive change in sexual function
after four weeks.
· 57% of women used the product on more occasions than the stated minimum which
is a strong indication of the respondents' positive response to the product.
· In those that experienced some degree of sexual dysfunction, there was a
notable uplift from the baseline with positive responses in arousal,
lubrication, orgasm, satisfaction and discomfort (pain).
We continue to have productive meetings with the FDA to design the program
needed to achieve marketing authorisation as a first in class (De Novo)
medical device. Meanwhile, an Early Feasibility Study (EFS) previously
requested by the FDA has commenced, with results expected to be available Q1
2026. Once the results of this EFS are understood, a decision will be made
around the progression to and timing of a Phase 3 trial in the US which will
be needed to support medical device status.
Post-period strategic findings
The Board is continuing its strategic review of the business as a whole and
will update the market as appropriate.
Regarding Eroxon, from a product perspective, whilst it is evident there
remains a global demand for a well-positioned topical product to support male
sexual intimacy and the Eroxon product is shown to be clinically effective in
addressing this issue, initial in-market results show that our partners are
not seeing their expected level of consumer uptake or repeat sales.
It is my expectation that this mismatch between clinical efficacy and market
performance is due to both the positioning of the product (an over-expectation
of what the Eroxon product will deliver and to which consumer group of ED
sufferers) and the efficacy of the product which needs to be binary in effect
(potentially the existing formulation and the instructions for usage).
As previously announced, clinical trials demonstrated efficacy of the first
Eroxon formulation in 63% of men, underscoring that while Eroxon(®) is
effective for a significant proportion of users, it may not work for all ED
sufferers due to the wide range of underlying causes of ED. 'Efficacy' in this
category is often binary in men i.e. an erection is achieved or not, therefore
it is unlike many other Consumer Healthcare categories where a degree of
efficacy can still be seen by consumers as positive.
One of the product's key strengths is that it doesn't require a prescription
or any HCP involvement, making it highly accessible. However, this also means
that once broad distribution is achieved, online and in-store, anyone can
purchase it, regardless of suitability or understanding of how it works.
Given these conditions, the way Eroxon is marketed and sold is critical. Any
shortcomings in execution can lead to a perception that the product is
ineffective, which in turn drives negative reviews - even if the product
itself is sound. Issues therefore lie in:
· Purchase by consumers for whom the product is not suitable
· Challenges with correct application, not only among those wrongly approaching
treatment in a PDE5 mindset, but more broadly due to men not reading or
following the instructions as intended in the absence of education or HCP
guidance
Close attention is now being made on these failing parameters through:
· Partners are now adapting their strategies to be targeted to those audiences
where Eroxon is most likely to be effective. Some e-commerce platforms are
also exploring ways to better inform or filter potential consumers
· Increased consumer education, and engagement with healthcare professionals,
even in an OTC context
· Better positioning of the product is being delivered so it clearly
communicates the expected consumer benefit and does not attempt to pretend to
have the same efficacy profile as a PDE5 Inhibitor
· Clearer usage instructions to make sure that the product is always used as
part of foreplay
Next steps and outlook
Cost cutting and funding
As announced on 19 September, in light of the reduced operating cashflow and
the delay of the IP Milestone payment, and in order to extend the Company's
cash runway, a thorough review of the costs associated with the Company as a
whole has been undertaken and a cost cutting programme has now been initiated.
Alongside this, as announced, the Company is exploring a number of different
avenues to extend its cash runway, including considering commercial options
and opportunities for financing.
While these cuts are painful and not what any incoming CEO would wish to do at
such an early stage, it is essential for the future of the business. We are
mindful that we need to maintain the ability to continue to support existing
business and most importantly to ensure we can continue to do what the company
does best - to develop innovative sexual health products and range extensions,
using our regulatory expertise to prepare for market launches through our
global network of commercial partners.
As previously announced, as part of the ongoing review of the business, the
Board is considering a range of potential options to create shareholder value
including but not limited to additional or alternative partnering/licensing
and distribution arrangements for Eroxon alongside Eroxon Intense and WSD4000.
This may include the sale of one or more assets of the business. The Board
continue to believe that there is value in the Group's assets and therefore
development plans for both Eroxon Intense and WSD4000 continue to progress. We
will update the market on any developments in due course.
Leadership changes
In July, Jeff Needham and James Barder agreed to step down from the Board as
Non-Executive Chair and Chief Executive Officer. Additionally, in August
Angela Hildreth notified the Board of her intention to step down as Finance
Director and Chief Operating Officer. Angela will remain in her role and as a
Director of the Company during her six-month notice period to early February
2026, continuing to support the Group and overseeing an orderly handover of
responsibilities once a successor has been appointed.
At the beginning of August, I stepped into the role as Interim CEO at a
pivotal juncture for the Company and since then I have been working closely
with the Board and the wider team in my review of the business, its
priorities, and its strategic options. Following this review, and as part of
the cost-cut and organisation re-structure, the Board will initiate a search
for a permanent CEO to lead the business forward in its next period of
development. The Board expects to complete this leadership search for a CEO
and FD/COO in early 2026, and an announcement will be made when appropriate.
Summary
Whilst I am aware that the Company performance over the past 12 months
following the launch of Eroxon hasn't been as anticipated, the Board and I are
now clear about the key issues facing the Company, its products and our
commercial partners.
While the outcome of any R&D work can never be guaranteed, the Board
believes that there is significant value in the Group's assets and therefore
development plans for both Eroxon Intense and WSD4000 continue to progress.
We are continuing to undertake a thorough review of the business and its
operations to deliver a clear view on how best to take the business forward
and expect to update the market on the conclusion of the review by Q1 2026. We
wish to once again thank our supportive and long-standing shareholders for
their ongoing patience during this necessary and urgent period of change.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Unaudited Unaudited Unaudited Unaudited Audited
6 months ended 6 months ended 6 months ended 6 months ended year
30 June 30 June 30 June 30 June ended
2025 2025 2025 2024 31 December
2024
Pre Exceptional Exceptional Items Total
Notes £ £ £ £ £
Revenue 1,001,154 - 1,001,154 7,000,693 13,926,122
Cost of Goods (268,036) (490,000) (758,036) (2,180,023) (4,236,788)
Gross profit 733,118 (490,000) 243,118 4,820,670 9,689,334
Research and development costs (761,740) - (761,740) (609,294) (1,742,274)
Administrative costs (2,642,533) (3,563,000) (6,205,533) (3,391,674) (6,830,765)
Other Operating Income - - - - 127,611
Operating profit/(loss) (2,671,155) (4,053,000) (6,724,155) 819,702 1,243,906
Finance income 38,190 - 38,190 46,939 46,939
Profit/(loss) before tax (2,632,965) (4,053,000) (6,685,965) 866,641 1,290,845
Taxation 12 100,000 - 100,000 135,000 2,165
Total comprehensive profit/(loss) for the period attributable to owners of the (2,532,965) (6,585,965) 1,001,641
parent company
(4,053,000) 1,293,010
Basic profit/(loss) per share (pence) 5 - - (2.17) 0.33 0.43
Diluted profit/(loss) per share (pence) 5 - - (2.17) 0.32 0.41
Consolidated Statement of Financial Position
As at 30 June 2025
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
Notes £ £ £
Assets
Non-current assets
Plant and equipment 807,605 3,248,057 4,089,607
Total non-current assets 807,605 3,248,057 4,089,607
Current assets
Inventories 33,710 140 455,906
Trade and other receivables 7 856,959 1,795,635 2,448,465
Current tax asset 100,000 501,910 -
Cash and cash equivalents 8 3,689,549 3,920,326 6,596,201
Total current assets 4,680,218 6,218,011 9,500,572
Liabilities
Current liabilities
Trade and other payables 9 (1,589,394) (1,657,291) (3,557,813)
Provisions 10 (509,038) - (286,948)
Total current liabilities (2,098,432) (1,657,291) (3,844,761)
Net current assets 2,581,787 4,560,720 5,655,811
Non-current liabilities
Contract liabilities (long-term) (342,588) - (342,587)
Provisions - - (440,000)
Total non-current liabilities (342,588) - (782,587)
Total liabilities (2,441,020) (1,657,291) (4,627,348)
Total net assets 3,046,803 7,808,777 8,962,831
Capital and reserves attributable to
owners of the Parent Company
Share capital 13 607,659 603,727 607,407
Share premium 71,269,186 71,091,260 71,235,261
Merger reserve 1,152,165 1,152,165 1,152,165
Retained losses (69,982,207) (65,038,375) (64,032,002)
Total equity 3,046,803 7,808,777 8,962,831
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
Share Share Merger Retained Total
Capital Premium Reserve Losses Equity
Note £ £ £ £ £
At 1 January 2024 - audited 602,812 71,068,945 1,152,165 (67,347,103) 5,476,819
Total comprehensive profit/(loss) for the period - - - 1,001,641 1,001,641
Share-based payment - - - 1,307,087 1,307,087
Shares issued during the period 915 22,315 - - 23,230
Transactions with owners 915 22,315 - 1,307,087 1,330,317
At 30 June 2024 - unaudited 603,727 71,091,260 1,152,165 (65,038,375) 7,808,777
Total comprehensive profit/(loss) for the period - - - 291,369 291,369
Share-based payment - - - 715,004 715,004
Shares issued during the period 3,680 144,001 - - 147,681
Transactions with owners 3,680 144,001 - 715,004 862,685
At 31 December 2024 - audited 607,407 71,235,261 1,152,165 (64,032,002) 8,962,831
Total comprehensive profit/(loss) for the period - - - (6,585,965) (6,585,965)
Share-based payment - - - 635,760 635,760
Shares issued during the period 252 33,925 - - 34,177
Transactions with owners 252 33,925 - - 34,177
At 30 June 2025 - unaudited 607,659 71,269,186 1,152,165 (69,982,207) 3,046,803
Consolidated Statement of Cash Flows
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
2025 2024 2024
£ £ £
Cash flows from operating activities
Profit/(loss) before tax (6,685,965) 866,641 1,290,844
Adjustments for:
Depreciation 62,002 59,411 121,832
Loss on disposal of fixed assets - 513 612
Impairment losses 3,220,000 - -
Provisions - Inventory write down 490,000 - -
Finance income (38,190) (46,939) (46,939)
Share-based payment charge 635,760 1,307,087 2,022,091
Cash flows (used in)/generated by operating activities before changes in
working capital
(2,316,393) 2,186,713 3,388,440
Decrease / (increase) in inventories (67,804) 200 (455,567)
Increase trade and other receivables 1,591,506 (555,461) (1,208,290)
(Decrease) / increase in trade and other payables (2,186,328) (4,682,240) (1,712,186)
Cash (used in)/generated by operations (2,979,019) (3,050,788) 12,397
Income tax received - - 379,075
Net cash (used in)/generated by operating activities (2,979,019) (3,050,788) 391,472
Cash flows from investing activities
Purchase of plant and equipment - (823,233) (1,726,965)
Interest received 38,190 46,939 46,939
Cash generated by/(used in) investing activities 38,190 (776,294) (1,680,026)
Cash flows from financing activities
Issue of ordinary shares 34,177 23,230 170,911
Exercise of warrants - - -
Cash generated by financing activities 34,177 23,230 170,911
(Decrease)/ Increase in cash and cash equivalents (2,906,652) (3,803,852) (1,117,643)
Cash and cash equivalents at beginning of period 6,596,201 7,714,182 7,714,183
Net foreign exchange differences - 9,996 (339)
Cash and cash equivalents at end of period 3,689,549 3,920,326 6,596,201
Notes to the Consolidated Interim Financial Statements
For the six months ended 30 June 2025
1. Corporate information
The interim condensed consolidated financial statements of Futura Medical plc
and its subsidiaries (the "Group") for the six months ended 30 June 2025 were
authorised for issue in accordance with a resolution of the Directors on 29
September 2025. Futura Medical plc (the "Company") is a public limited company
incorporated and domiciled in the United Kingdom and whose shares are publicly
traded on the AIM Market of the London Stock Exchange. The registered office
is located at Surrey Technology Centre, 40 Occam Road, Guildford, Surrey, GU2
7YG.
The Group is principally engaged in the development and sale of pharmaceutical
and consumer healthcare products.
2. Accounting policies
The accounting policies applied in these interim financial statements are
consistent with those of the annual financial statements for the year end 31
December 2024, as described in those financial statements except for the new
accounting policies described below.
These condensed interim consolidated financial statements for the six months
ended 30 June 2025 and for the six months ended 30 June 2024 do not constitute
statutory accounts within the meaning of section 434(3) of the Companies Act
2006 and are unaudited.
The Group's financial information for the year ended 31 December 2024 has been
extracted from the financial statements of the statutory accounts ("Annual
Report") of Futura Medical plc, which were prepared by the Directors in
accordance with UK-adopted International accounting standards ("IFRS") in
conformity with the requirements of the Companies Act 2006 that were
applicable for the year ended 31 December 2024 and does not constitute the
full statutory accounts for that period. The Annual Report for 2024 has been
filed with the Registrar of Companies. The Independent Auditor's Report on
those financial statements 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 Independent Auditor drew attention by way
of emphasis without qualifying their report in relation to going concern. It
does not comply with IAS 34 Interim financial reporting, as is permissible
under the rules of AIM.
New Accounting Policies
During the period, the Company has introduced new accounting policies in
accordance with IFRS to enhance the presentation of exceptional items.
The Company separately presents exceptional items, being material income or
expenses arising from events or transactions that are unusual in nature or
infrequent in occurrence. These items are recognised in accordance with IFRS
and disclosed to provide users with a clearer understanding of the underlying
operating performance. The adoption of this presentation has no impact on
comparative figures.
3. Estimates and judgements
The preparation of the interim condensed consolidated financial statements in
conformity with IFRS requires management to make certain estimates,
assumptions and judgements that affect the application of accounting policies
and the reported amounts of assets and liabilities and the reported amounts of
income and expenses in the period.
Critical accounting estimates, assumptions and judgements are continually
evaluated by the Directors based on available information and experience. As
the use of estimates is inherent in financial reporting, actual results could
differ from these estimates.
Going concern
The accompanying financial statements have been prepared on a going concern
basis, which contemplates the realisation of assets and the settlement of
liabilities in the normal course of business.
The Company has incurred losses from operations in the period ending 30 June
2025 and experienced significantly lower sales during the same period. The
Company has a net loss of £6,585,965. The decline in sales has adversely
affected operating cash flows, and the Company's ability to generate
sufficient revenue to fund its operations remains uncertain.
The Company's ability to continue as a going concern is dependent upon its
ability to raise additional funds through equity or debt financing, and/or
increasing sales or realisation of the value of some or all of the Companies
assets. While management is actively pursuing financing opportunities and
implementing strategies to improve sales performance, there can be no
assurance that such efforts will be successful.
These conditions indicate the existence of a material uncertainty that may
cast significant doubt on the Company's ability to continue as a going
concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
Share-based payments
The Group operates an equity-settled share-based compensation plan. No share
options were granted during the period, and the share-based payment expense
recognised relates only to options granted in prior periods. Management's
judgements regarding valuation assumptions (including volatility) are not
considered to have a material impact on these condensed interim financial
statements.
4. Segment reporting
The Group is focussed on the development and commercialisation of Eroxon® and
therefore operates as one segment. The Group derives revenue from the
transfer of goods and services over time and at a point in time in the
following geographical split:
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£ £ £
EU and UK 504,293 2,759,209 4,778,870
Rest of world 28,240 1,014,830 1,312,198
USA 468,621 3,226,654 7,835,054
1,001,154 7,000,693 13,926,122
Unaudited Audited
Unaudited 30 June 31 December
30 June 2024 2024
2025
£ £ £
Revenue recognised at a point in time 1,001,154 7,000,693 13,787,793
Revenue recognised over time - - 138,329
1,001,154 7,000,693 13,926,122
Unaudited Audited
Unaudited 30 June 31 December
30 June 2024 2024
2025
£ £ £
Revenue recognised at a point in time 1,001,154 7,000,693 13,787,793
Revenue recognised over time - - 138,329
1,001,154 7,000,693 13,926,122
5. Profit/Loss per share (pence)
The Group reports basic and diluted earnings per common share. Basic earnings
per share is calculated by dividing the profit attributable to common
shareholders of the Company by the weighted average number of common shares
outstanding during the period.
Diluted earnings per share is determined by adjusting the profit/(loss)
attributable to common shareholders by the weighted average number of common
shares outstanding, taking into account the effects of all potential dilutive
common shares, including share options and the issue of shares under the
long-term incentive share option scheme to the extent that they are deemed to
be issued for no consideration in accordance with IAS 33.
Where a loss is attributable to equity holders of the Company, the calculation
of the fully diluted loss per share is identical to that used for calculating
the basic loss per share. The exercise of share options, or the issue of
shares under the long-term incentive share options scheme, would have the
effect of reducing the loss per share and is therefore anti-dilutive under the
terms of IAS 33 'Earnings per Share'.
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£ £ £
Total comprehensive income attributable to the owners of the company (6,585,965) 1,001,641 1,293,010
Weighted average number of shares 303,820,626 301,503,380 302,117,963
Basic profit/(loss) per share (pence) (2.17) 0.33 0.43
Total comprehensive income attributable to the owners of the company (6,585,965) 1,001,641 1,293,010
Weighted average number of shares 303,820,626 301,503,380 302,117,963
Dilutive effect of share options - 15,933,376 8,649,801
Weighted average number of diluted shares 303,820,626 317,436,756 310,767,764
Diluted profit/(loss) per share (pence) (2.17) 0.32 0.41
6. Plant and Equipment
Computer Equipment Furniture & Fittings Total
Cost £ £ £
At 1 January 2024 2,735,447 65,321 2,800,768
Additions 1,720,625 6340 1,726,965
Disposals 0 (886) (886)
Balance at 31 December 2024 (audited) 4,456,072 70,775 4,526,847
Additions - - -
Disposals - - -
Impairment of assets under construction (3,220,000) - (3,220,000)
Balance at 30 June 2025 1,236,072 70,775 1,306,847
Depreciation
At 1 January 2024 253,242 62,778 316,020
Eliminated on disposals - (612) (612)
Charge for year 119,598 2,234 121,832
Balance at 31 December 2024 (audited) 372,840 64,400 437,240
Eliminated on disposals - - -
Charge for year 61,008 994 62,002
Balance at 30 June 2025 433,848 65,394 499,242
Net book value
At 30 June 2025 802,225 5,380 807,605
At 31 December 2024 4,083,232 6,375 4,089,607
7. Trade and other receivables
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£ £ £
Amounts receivable within one year:
Trade receivables 507,969 1,338,899 1,269,838
Other receivables 121,237 247,225 -
Financial assets 629,206 1,586,124 1,269,838
Prepayments and Accrued Income 227,753 209,511 958,341
- 220,286
856,959 1,795,635 2,448,465
Trade and other receivables do not contain any impaired assets. The Group does
not hold any collateral as security and the maximum exposure to credit risk at
the Consolidated Statement of Financial Position date is the fair value of
each class of receivable.
8. Cash and cash equivalents
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£ £ £
Cash at bank and in hand 3,689,549 3,920,326 6,596,201
3,689,549 3,920,326 6,596,201
9. Trade and other payables
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£ £ £
Trade payables 796,351 404,067 1,493,238
Social security and other taxes 65,217 160,379 60,395
Contract liability 440,325 621,061 97,737
Accrued expenses 630,089 471,784 1,906,443
1,931,982 1,657,291 3,557,813
10. Provisions
At 31 December 2024, provisions comprised £286,948 current and £440,000
non-current. During the period, the non-current provisions were reclassified
to current, an additional provision of £70,000 was recognised, and the
remaining balance of provisions was settled.
At 30 June 2025, the total provisions of £509,038 are classified as current
liabilities, as settlement is expected within the next 12 months. No
non-current provisions remain.
11. Related party transactions
Related parties, as defined by IAS 24 'Related Party Disclosures', are the
wholly owned subsidiary companies: Futura Medical Developments Limited and
Futura Consumer Healthcare Limited and the Board. Transactions between the
Company and the wholly owned subsidiary companies have been eliminated on
consolidation and are not disclosed.
12. Taxation
The Group's tax credit in the six months ended 30 June 2025 was £0.1 million
(six months ended 30 June 2024: £0.14 million, year ended 31 December 2024:
£0.38 million).
13. Share capital
Authorised 30 June 30 June 31 December 2024 30 June 2025 30 June 31 December 2024
2025 2024 2024
Number Number Number £ £ £
Ordinary shares of 0.2 pence each 500,000,000 500,000,000 500,000,000 1,000,000 1,000,000 1,000,000
Allotted, called up and fully paid 30 June 30 June 31 December 2024 30 June 30 June 2024 31 December 2024
2025 2024 2025
Number Number Number £ £ £
Ordinary shares of 0.2 pence each 303,829,684 301,863,641 303,703,568 607,659 603,727 607,407
The number of issued ordinary shares as at 1 January 2025 was 303,703,568.
During the period of six months ended 30 June 2025, the Company issued 126,116
ordinary shares of 0.2 pence with each ordinary share carrying the right to
one vote as follows:
£ Number
January 2025 Non-Executive Director share award at 51.50 pence per share 34,177 126,116
34,177 126,116
14. Share based payments
There were no share options awarded in the period ending 30 June 2025.
15. Exceptional Items
During the period, the Company recognised £4,053,000 of exceptional items,
comprising:
Exceptional Item Nature of Exceptional item Unaudited
30 June
2025
£
Impairment of plant and equipment not yet in use Reduction in the recoverable amount due to reduced production demand 3,220,000
Provision - Inventory write-down Write-down of inventory purchased under minimum order quantity obligations as 490,000
part of transitioning to a new supplier in prior period. Whilst stock
remains useable and saleable, demand forecasts indicate a potential risk of
obsolescence
Final payment for the asset Remaining contractual obligation to acquire the asset 343,000
Total exceptional Items 4,053,000
These items are presented separately in the statement of consolidated income
to provide a clearer view of the Group's underlying operating performance. The
adoption of this presentation has no impact on prior period figures.
15. Post-period balance sheet events
There were no post-period balance sheet events.
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