REG - Oxford Biomedica PLC - Interim Results for 6 months ended 30 June 2025
Tue 07:00
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RNS Number : 4077A Oxford Biomedica PLC 23 September 2025
Press release
OXFORD BIOMEDICA PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
Execution of CDMO strategy driving continued commercial and operational
momentum
• Strong H1 2025 financial results, confirming confidence in the near
and medium-term outlook
• Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4
million constant currency) (H1 2024:
£50.8 million), demonstrating continued momentum
• £149 million contracted value of client orders(1) signed during H1
2025 (+166% y-o-y, H1 2024: £56 million) reflecting the strong demand for
CDMO services and improving long-term revenue visibility
• Significant improvement in profitability, with Operating EBITDA loss
of £(8.3) million (£(3.9) million constant currency) (H1 2024: £(20.3)
million loss)
• Full year 2025 guidance confirmed: £160-170 million in revenues and
low single digit £ million operating EBITDA profitability on a constant
currency basis
• Post-period end, re-entered FTSE 250 index in September 2025
Oxford, UK - 23 September 2025:OXB (LSE: OXB), a global quality and
innovation-led cell and gene therapy CDMO, today announces interim results for
the six months ended 30 June 2025.
Dr. Frank Mathias, OXB's Chief Executive Officer, said: "The first half of
2025 has been a period of strong delivery for OXB, driven by sustained high
demand for our CDMO services across all vector types. Our multi-site,
multi-vector model continues to be endorsed by our clients, with our
performance reflecting improved operational efficiency and a high level of
demand for late-stage and commercial programme activity - validating our
market- leading position in cell and gene therapy manufacturing.
"With our order book more than doubling year-on-year and a strong revenue
pipeline, we have good visibility on our growth trajectory and confidence in
delivering our near and medium-term financial guidance. Since the period end,
we have strengthened our balance sheet through the new Oaktree loan facility
of up to $125 million and a c.£60 million placing of new shares. This
provides the financial flexibility to expand our global manufacturing
capabilities in response to the demand we are seeing from clients, including
US commercial-scale GMP capacity with a complete end-to-end offering, and
supports the acceleration of revenue and margin growth.
"I'm proud of the OXB team's execution in advancing our "One OXB" strategy,
driving operational excellence and maintaining disciplined capacity
management. We are well-positioned for sustainable growth through 2025 and
beyond, enabling our clients to deliver life-changing therapies to patients."
FINANCIAL HIGHLIGHTS
£'m H1 2025 H1 2025 CC(1) H1 2024 H125 vs H1 24
Manufacturing services 34.4 34.6 27.6 25%
Development services 28.5 28.6 19.3 48%
Procurement services 8.6 8.4 - 100%
Licences, milestones and royalties 1.7 1.8 3.9 -57%
Revenue 73.2 73.4 50.8 44%
Cost of sales 41.6 41.8 32.8 -27%
Gross Margin 43% 43% 35% 23%
Operating EBITDA(2) (8.3) (3.9) (20.3) 59%
1 CC refers to constant currency which refers to the equivalent values
based on the prior year exchange rates.
1 Contracted value of client orders represent the value of customer orders for
which the customer has signed a financial commitment, whereby any changes to
agreed values will be subject to either change orders, cancellation fees or
the triggering of optional/contingent contractual clauses.
2 Operating EBITDA (Earnings Before Interest, Tax, Depreciation,
Amortisation, revaluation of investments and assets at fair value through
profit and loss, and share based payments) is a non-GAAP measure often used as
a surrogate for operational cash flow as it excludes from operating profit or
loss all non-cash items, including the charge for share based payments.
However, deferred bonus share option charges are not added back to operating
profits in the determination of Operating EBITDA as they may be paid in cash
upon the instruction of the Remuneration Committee. A reconciliation to GAAP
measures is provided on page 12.
• Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4
million constant currency(1)) (H1 2024:
£50.8 million), demonstrating continued momentum following the revenue growth
in 2024.
• The strong revenue growth was driven by:
- Continued strong lentiviral vector manufacturing of GMP batches for
clients both in the clinical and commercial launch phases
- Clients progressing their clinical development, including an increase in
development revenues from process characterisation and validation work
- Procurement and Storage services, which is a new revenue stream since H2
2024, to provide stability of supply of raw materials for clients undergoing
commercial preparation activities.
• Significant improvement in profitability, with Operating EBITDA loss
of £(8.3) million (£(3.9) million constant currency) (H1 2024: £(20.3)
million loss) driven by the stronger revenues building on the growing momentum
seen in H2 2024.
• Operating loss of £(23.6) million also represented a significant
decrease compared with H1 2024
(£(32.2) million) due to a combination of increased revenues and focus on
managing the overall cost base to drive the Group towards profitability.
• Reduced cash outflow to £(4.8) million (H1 2024: £(48.6) million)
arising principally from operating loss improvement, disciplined cash control
and enhanced working capital management via receipt of deposits and upfront
payments from clients.
• Cash at 30 June 2025 was £53.9 million (31 December 2024: £60.7
million); net cash at 30 June 2025 was
£17.1 million (31 December 2024: £20.6 million). Post-period end, cash at 31
August 2025 was £113.7 million.
• Following the exercise of the Call Option in March 2025, OXB completed
the acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC,
from Q32 Bio, Inc., in June 2025, bringing its ownership to 100%
as planned.
• Post-period, in August 2025 the Group entered into a new four-year
term loan facility of up to $125 million with Oaktree Capital Management, L.P.
("Oaktree"), drawing $60 million (£45.3 million) on completion to refinance
the existing $50 million (£37.8 million) facility.
• In August 2025, the Group completed a placing of new shares, raising
c.£60 million gross proceeds to strengthen OXB's global CDMO network,
including expansion of US commercial-scale GMP capacity and to advance process
quality, productivity and yields in response to increased client demand.
OUTLOOK AND FINANCIAL GUIDANCE
• All guidance as disclosed with the August 2025 share placing
reiterated in full.
• FY 2025 guidance confirmed:
- Revenues of £160-170 million and low single-digit £ million operating
EBITDA on a constant currency basis
• Medium-term guidance:
- FY 2026 revenues expected to reach between £220-240 million
- 2027 and 2028 expected revenue growth of 25-30% year-on-year
• Revenue backlog(2) of £222 million at 30 June 2025; reinforces
confidence in both full year 2025 and medium- term revenue growth.
- £171 million of FY 2025 revenues contracted vs. £106 million at the same
time last year
• Long-term potential to approach operating EBITDA margins of c.30% over
a five-to-six-year period.
• All guidance excludes the impact of FX fluctuations.
1 Constant currency refers to the equivalent values based on the prior year
exchange rates
2 Revenue backlog represents the ordered gross value of CDMO revenues
available to earn. The value of customer orders included in revenue backlog
only includes the value of work for which the customer has signed a financial
commitment for OXB to undertake, whereby any changes to agreed values will be
subject to change orders, cancellation fees or the triggering of
optional/contingent contractual clauses
Analyst briefing
OXB's management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree,
CFO and Dr. Sebastien Ribault, CBO will host a virtual analyst briefing and
Q&A today, 23 September, at 13:00 BST / 08:00 ET.
A live webcast of the presentation will be available via this link:
https://brrmedia.news/OXB_HY25 (https://brrmedia.news/OXB_HY25) . The
presentation will be available on OXB's website at www.oxb.com.
(http://www.oxb.com/)
If you would like to dial in to the call and ask a question during the live
Q&A, please email OXB@icrhealthcare.com (mailto:OXB@icrhealthcare.com)
Capital Markets Day update
Following the Group's recent equity placing (August 2025) to support
investment to strengthen its CDMO network, including expansion of OXB's US
commercial-scale GMP capacity, the Company's Capital Markets Day will now take
place in the first half of 2026, to provide an update on initial deployment of
proceeds and operational progress. The revised date will be confirmed in due
course.
Notes
Unless otherwise defined, terms used in this announcement shall have the same
meaning as those used in the Annual report and accounts.
Enquiries
Oxford Biomedica plc T: +44 (0)1865 509 737/ E: ir@oxb.com (mailto:ir@oxb.com)
Sophia Bolhassan, Head of Investor Relations
ICR Healthcare T: +44 (0)20 3709 5700 / E: OXB@icrhealthcare.com
(mailto:OXB@icrhealthcare.com)
Mary-Jane Elliott
Angela Gray
Davide Salvi
RBC Capital Markets (Joint Corporate Brokers): T: +44 (0)20 7653 4000
Matthew Coakes
Kathryn Deegan
Jefferies (Joint Corporate Brokers): T: +44 (0)20 7029 8000
Sam Barnett
Gil Bar-Nahum
About OXB
OXB (LSE: OXB) is a global quality and innovation-led contract development and
manufacturing organisation (CDMO) in cell and gene therapy with a mission to
enable its clients to deliver life changing therapies to patients around the
world.
One of the original pioneers in cell and gene therapy, OXB has 30 years of
experience in viral vectors; the driving force behind the majority of cell and
gene therapies. OXB collaborates with some of the world's most innovative
pharmaceutical and biotechnology companies, providing viral vector development
and manufacturing expertise in lentivirus, adeno-associated virus (AAV),
adenovirus and other viral vector types. OXB's world-class capabilities range
from early-stage development to commercialisation. These capabilities are
supported by robust quality-assurance systems, analytical methods and depth of
regulatory expertise.
OXB offers a vast number of technologies for viral vector manufacturing,
including a 4th generation lentiviral vector system (the TetraVecta™
system), a dual-plasmid system for AAV production, suspension and perfusion
process using process enhancers and stable producer and packaging cell lines.
OXB, a FTSE 250 and FTSE4Good constituent, is headquartered in Oxford, UK. It
has development and manufacturing facilities across Oxfordshire, UK, Lyon and
Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com
(http://www.oxb.com/) and follow us on LinkedIn
(https://www.linkedin.com/company/oxford-biomedica) and YouTube
(https://www.youtube.com/oxfordbiomedica) .
Overview
OXB has continued to deliver on its "One OXB" strategy in the first half of
2025, achieving strong commercial and operational progress and driving
sustainable growth through its multi-vector, multi-site model. OXB has
delivered 44% revenue growth in the first half of 2025 compared to the same
period in 2024, reflecting strong demand for its CDMO services, with an
increased order book providing longer-term revenue visibility.
With a proven track record in viral vector manufacturing and significant
commercial experience, OXB has established its position as a leading cell and
gene therapy CDMO partner. This has led to a more than doubling of the first
half order book year-on-year and includes a notable growth in late-stage
programme activity. As OXB expands its capacity to meet the growing demand, it
remains focused on operational excellence and
cost discipline.
Looking ahead, the Group has clear visibility of the revenue and profit margin
trajectory and confidence in its ability to deliver on financial guidance.
OXB's strong market positioning, combined with rising client activity and a
high-quality client portfolio, as well as a further strengthened balance sheet
post-period end, position the business for sustainable growth in 2025 and
beyond.
Operational Review
CDMO Services: Continued Growth Driven by Late-Stage Programme Acceleration
OXB's client portfolio encompasses a well-balanced mix of programmes spanning
all viral vectors and stages
of development, from early-stage projects to late-stage assets and commercial
manufacture. Demand for OXB's CDMO services has remained strong in 2025 to
date, with high levels of engagement with clients, particularly among those
looking to accelerate the execution of late-stage programmes. This has been
reflected in an increase in client orders, underpinning confidence for the
period ahead. Alongside the high activity with lentiviral and AAV programmes,
client activity with other vector types (including MVA and adenovirus) has
continued to grow in line with expectations.
The contracted value of client orders(1) signed during the first half of 2025
totalled approximately £149 million, compared to £56 million for the six
months ended 30 June 2024. This includes signed orders with binding forecasts
from clients preparing for late-stage and commercial activities, representing
more than half of orders and providing strong visibility for the remainder of
2025, 2026 and early 2027.
OXB continues to benefit from a diversified client portfolio with a spread
across region and vector type and consistent conversion across all key vector
types. While lentiviral vectors remain the majority of clinical-stage and
commercial programmes in its portfolio, AAV client activity continues to
progress. Importantly, the number of late-stage programmes is growing as OXB's
existing clients progress through the clinic.
As multiple clients prepare for the commercialisation of their products, there
has been sustained demand for late-stage programme activity. To support this
with optimal utilisation of OXB's platform, OXB has successfully executed
client projects with teams working in parallel across its global network -
demonstrating the strength and practical application of the "One OXB" model.
1 Contracted value of client orders represents the value of customer orders
for which the customer has signed a financial commitment, whereby any changes
to agreed values will be subject to either change orders, cancellation fees or
the triggering of optional/contingent contractual clauses.
Looking ahead, the Group's pipeline of future business is highly active and
continues to be diversified across geographies. The integration of operations
across the UK, the US and France has increased efficiency and agility,
allowing OXB to respond to clients' needs across geographies and development
stage. The pipeline has remained stable in the first six months of the year
and stood at $541 million at 30 June 2025. OXB continues to track its revenue
pipeline through a structured internal process, providing clear visibility on
future opportunities.
In response to increased client demand, post-period OXB raised c.£60 million
in new equity, which will allow the Group to make strategic investments to
strengthen its global CDMO network, including expanding US commercial-scale
capacity. This will allow OXB to continue to enhance its pipeline, driving
revenue expansion in line with guidance.
Programme stage September-24(1) September-25(2)
37 clients 37 clients
48 client programmes 44 client programmes
Pre-clinical through to early-stage clinical 42 37
Late-stage clinical 4 5
Commercial agreements 2 2
1 As per the H1 2024 results release
2 As of this results release (includes post-period events)
Innovation: Advancing Vector Platforms and Enabling Scalable Biomanufacturing
OXB continues to prioritise client-centric innovation to enhance the quality,
yield and scalability of viral vector manufacturing, helping clients treat
more patients, reduce costs and improve therapeutic outcomes. In the first
half of the year, the Group advanced several platform and process innovation
initiatives that strengthen its position as a leading innovator in viral
vector manufacturing. This will be further supported by proceeds from the
recent placing, with selective investment in manufacturing technologies,
process-intensification and analytical enhancements.
OXB's inAAVate™ platform offers a proprietary, 'plug and play' Dual-Plasmid
system for transient transfection, alongside a standard triple transfection
system for AAV-based gene therapies. This platform delivers industry- leading
productivity and supports successful AAV product development for clients.
During the period, OXB developed a multi-serotype AEX (anion exchange
chromatography) toolbox that delivers high-purity, regulatory- grade drug
substance without the need for further process development. The benefits of
this toolbox have been demonstrated across multiple serotypes, including novel
and engineered capsids and is expected to accelerate client programme delivery
while offering potential improvements to cost of goods.
OXB also established a specialised team focused on the development and
validation of cellular potency assays for viral vectors. By engaging with
clients early in the development process, the team ensures that robust potency
assays are in place from pre-clinical stages through to commercialisation.
This proactive approach helps streamline regulatory submissions, supports
product consistency and aligns with evolving global regulatory requirements -
ultimately reducing risk and accelerating time to market for transformative
therapies.
In May 2025, OXB's Innovation and Technology Excellence Board (ITEB) held its
inaugural meeting, identifying opportunities to advance the Group's
cutting-edge technologies. This initiative complements OXB's broader
innovation agenda, which includes ongoing investment in smart, scalable
technologies - aimed at boosting productivity to enable faster and more
effective clinical development. In recognition of these efforts, OXB was
ranked 34th in Fortune's 2025 list of Europe's Most Innovative Companies - a
powerful endorsement of its leadership in applying advanced solutions to
complex manufacturing challenges and reinforcing its market-leading position
in the cell and gene therapy space.
Corporate & Organisational Development
The Group has made changes to its Board composition during the period, further
aligning its governance and expertise with its strategic focus as a pure-play
cell and gene therapy CDMO.
In January 2025, Colin Bond was appointed to the Board as an Independent
Non-Executive Director. Mr. Bond brings significant financial and operational
expertise, having previously served as Chief Financial Officer at Sandoz,
Vifor Pharma and Evotec. He succeeded Stuart Henderson as Chair of the Audit
Committee following the Annual General Meeting in June 2025. Mr. Henderson,
who served on the Board for nine years, did not seek re-election at the AGM in
line with UK Corporate Governance Code guidelines on Board tenure, although he
remained available to support an orderly handover.
Following Mr. Henderson's departure, Peter Soelkner, an Independent
Non-Executive Director since March 2024, was appointed Vice-Chair of the
Board.
Following the exercise of the Call Option in March 2025, OXB completed the
acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC, from
Q32 Bio, Inc., in June 2025, bringing its ownership to 100% as planned and
previously disclosed. Full ownership of OXB US LLC represents a further step
in aligning the Group's global operating model and supports long-term growth
in the viral vector manufacturing market.
In August 2025, post-period end, OXB secured a new four-year loan facility of
up to $125 million with Oaktree Capital Management, L.P. The new facility
included $60 million upfront drawn down to repay the existing
$50 million four-year term loan facility with Oaktree and for general
corporate purposes. Additionally, the facility includes the option to draw
down a further $25 million, subject to customary conditions, as well as an
additional
$40 million, subject to achieving certain revenue milestones - providing
financial flexibility to support OXB's global CDMO operations and the delivery
of its growth strategy.
Also post-period end, the Group successfully completed a placing of new
shares, issuing 12,212,857 by means of an accelerated book-build and a further
1,708,257 new ordinary shares by means of a subscription at £4.31 per share
respectively, raising approximately £60 million in gross proceeds. The net
proceeds will support strategic investments to strengthen OXB's global CDMO
network, in response to client demand, including expansion of US
commercial-scale capacity and enhancing process quality, productivity and
yields.
Operational Excellence across OXB's Global Network
In the first half of 2025, OXB continued to make strong progress executing its
multi-vector, multi-site strategy, with planned capacity management
initiatives across its facilities to support current and expected client
demand, particularly in late-stage and commercial programmes.
Supported by the c.£60 million placing of new shares completed post-period,
the Group will proceed as planned with investments to expand its global
manufacturing capabilities, including the expansion of US GMP capacity up to
commercial-scale and the establishment of commercial-scale drug product
capability. These investments will create a complete end-to-end offering in
the US while also enhancing OXB's ability to support late-stage
programmes and commercial launches for clients worldwide, improving
time-to-market and service levels across its global network.
In the UK, strong demand for both manufacturing and development services, with
a particular increase in late- stage client programme activities, drove
planned expansion initiatives across core operational areas. In line with
existing plans, the Group's manufacturing services are being expanded through
an increase in GMP manufacturing capacity to be completed by the first half of
2026, achieved by refitting existing suites and modifying shift cadence.
Quality control capabilities are also being scaled up to meet increased
demand, alongside increased use of automation, lab space optimisation and
additional staffing. Lab capacity for development services capacity is
also being expanded, including investments in automation to enable scalable
development without a significant increase in resources.
In France, OXB commenced the transfer of its AAV vector platform, providing a
unified global operation focused on client-centric excellence. Process
development and pilot manufacturing capabilities for AAV are now available for
clients in France with transfer of GMP capabilities targeted to be completed
by the first half of 2026. MVA vector programmes remain a core strength of the
site, supporting growing client demand in immunotherapy and oncology.
The Group also completed several operational excellence initiatives to
increase efficiencies, reduce bottlenecks and scale capacity across all sites.
Environmental, Social & Governance (ESG)
The Group remains committed to operating as a responsible business, delivering
life-changing cell and gene therapies in an ethical and socially responsible
way.
ESG governance is led by the Environment, Social, Governance and Risk (ESGR)
Committee, chaired by Thierry Cournez, Chief Operating Officer, and reports to
the Corporate Executive Team (CET) and ultimately to the Board. The ESGR
Committee ensures that regular process updates are made with regards to the
Group's ESG framework. Namrata Patel, Independent Non-Executive Director,
plays a key role in shaping and delivering the Group's sustainability
objectives and presents regular progress updates to the Audit Committee and
the Board.
OXB has made significant progress with regards to its ESG criteria. From an
environmental perspective, the Group has continued to move towards a more
sustainable energy framework. Progress on emissions targets is now linked to
the Executive bonus framework, reinforcing accountability at the highest
levels of leadership. The Group is firmly committed to all of its stakeholders
and its broader impact on society with an Equality, Diversity and Inclusion
strategy in motion.
The Group remains focused on integrating its ESG principles into operations,
decision-making and supply chain collaboration.
Financial review
Selected highlights of the Group's financial results are as follows:
• Total revenues in H1 2025 increased by 44% to £73.2 million (£73.4
million constant currency) (H1 2024:
£50.8 million), demonstrating continued momentum following the revenue growth
in 2024.
• The strong revenue growth was driven by:
- Continued strong lentiviral vector manufacturing of GMP batches for
clients both in the clinical and commercial launch phases
- Clients progressing their clinical development, including an increase in
development revenues from process characterisation and validation work
- Procurement and Storage services, which is a new revenue stream since H2
2024, to provide stability of supply of raw materials for clients undergoing
commercial preparation activities.
• Significant improvement in profitability, with Operating EBITDA loss
of £(8.3) million (£(3.9) million constant currency) (H1 2024: £(20.3)
million loss) driven by the stronger revenues building on the growing momentum
seen in H2 2024.
• Operating loss of £(23.6) million also represented a significant
decrease compared with H1 2024
(£(32.2) million) due to a combination of increased revenues and focus on
managing the overall cost base to drive the Group towards profitability.
• Reduced cash outflow to £(4.8) million (H1 2024: £(48.6) million)
arising principally from operating loss improvement, disciplined cash control
and enhanced working capital management via receipt of deposits and upfront
payments from clients.
• Cash at 30 June 2025 was £53.9 million (31 December 2024: £60.7
million); net cash at 30 June 2025 was
£17.1 million (31 December 2024: £20.6 million). Post-period end, cash at 31
August 2025 was £113.7 million.
• Following the exercise of the Call Option in March 2025, OXB completed
the acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC,
from Q32 Bio, Inc., in June 2025, bringing its ownership to 100%
as planned.
• Post-period, in August 2025, the Group entered into a new four-year
term loan facility of up to $125 million with Oaktree Capital Management, L.P.
("Oaktree"), drawing $60 million (£45.3 million) on completion to refinance
the existing $50 million (£37.8 million) facility.
• In August 2025, the Group completed a placing of new shares, raising
c.£60 million gross proceeds to strengthen OXB's global CDMO network,
including expansion of US commercial-scale GMP capacity and to advance process
quality, productivity and yields in response to increased client demand.
Key financial performance indicators
The Group evaluates its performance inter aliaby making use of alternative
performance measures as part of its Key Financial Performance Indicators
(refer to the table below). The Group believes that these Non-GAAP measures,
together with the relevant GAAP measures, provide a comprehensive, accurate
reflection of the
Group's performance over time. The Board has taken the decision that the Key
Financial Performance Indicators against which the business will be assessed
are Revenue, Operating EBITDA and Operating (loss). The figures presented in
this section for prior years are those reported in the Interim Reports for
those years.
£'m H1 2025 H1 2024
Revenue
Manufacturing services 34.4 27.6
Development services 28.5 19.3
Procurement services 8.6 -
Licences, milestones and royalties 1.7 3.9
Total revenue 73.2 50.8
Operations
Operating EBITDA(1) (8.3) (20.3)
Operating (loss) (23.6) (32.2)
Cash Flow
£'m H1 2025 H1 2024
Cash (used in) operations (1.5) (39.2)
Capex(2) (1.5) (4.8)
Net Cash (outflow)(3) (4.8) (48.6)
Financing
Cash 53.9 81.4
Loan 36.8 39.7
Non-Financial Key Indicators
Headcount
Half Year 900 834
Average 895 845
Net debt 17.1 20.6
1 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation,
revaluation of investments and assets at fair value through profit and loss,
and share based payments) is a non-GAAP measure often used as a surrogate for
operational cash flow as it excludes from operating profit or loss all
non-cash items, including the charge for share based payments. However,
deferred bonus share option charges are not added back to operating profits in
the determination of Operating EBITDA as they may be paid in cash upon the
instruction of the Remuneration Committee. A reconciliation to GAAP measures
is provided on page 12.
2 This is purchases of property, plant and equipment as per the cash flow
statement which excludes additions to right-of-use assets.
3 Net cash (outflow) is net cash consumed from operations plus net interest
plus capital expenditure. A reconciliation to GAAP measures is provided on
page 13.
Revenue
£'m H1 2025 H1 2024
Revenue
Manufacturing services 34.4 27.6
Development services 28.5 19.3
Procurement services 8.6 -
Licences, milestones and royalties 1.7 3.9
Total revenue 73.2 50.8
Cost of sales
Manufacturing services 30.6 20.5
Development services 11.0 12.3
Total Cost of Sales 41.6 32.8
Gross Profit 31.7 18.0
Gross Margin 43% 35%
Group revenue of £73.2 million represented a 44% increase on H1 2024 (£50.8
million).
Revenue generated from manufacturing services increased by 25% to £34.4
million (H1 2024: £27.6 million) due to an increase in the number of batches
manufactured for clinical clients and for clients in preparation for
commercial launch.
Revenue generated from development services increased by 48% to £28.5 million
(H1 2024: £19.3 million) due to client products progressing their clinical
development, including an increase in development revenues from process
characterisation and validation work. Refer to Note 4 for further details on
client concentration.
Procurement and storage services generated £8.6 million in revenue (H1 2024:
£ nil). This revenue line, recognised as point in time, represents additional
procurement and storage services, representing OXB's readiness to provide
clients stability of supply and the maturity of the Group in its capacity as a
CDMO.
Revenues from licence fees, milestones and royalties decreased by 56% to £1.7
million (H1 2024: £3.9 million). There were no milestones in this period (H1
2024: £2.1 million) which is due to the timing of milestones achieved from
existing clients. Licences of £0.4 million (H1 2024: £nil) were received in
the period. Royalties decreased to
£1.3 million (H1 2024: £1.8 million) as the Kymriah product matures through
its life cycle.
Gross Margin in 2025 was 43% (H1 2024: 35%) due to product and client mix
which create variability in gross margins across comparative periods and the
positive impact of a client paying cancellation fees in the period.
Operating EBITDA
£'m H1 2025 H1 2025 CC(1) H1 2024
Revenue 73.2 73.4 50.8
Other income 0.6 0.6 3.2
FX Loss (4.7) - 0.1
Total EBITDA related expenses(2) (77.4) (77.9) (74.5)
Operating EBITDA(3) (8.3) (3.9) (20.3)
Non cash items(4) (15.3) (15.4) (11.9)
Operating (loss) (23.6) (19.3) (32.2)
1 CC refers to constant currency which refers to the equivalent values based
on the prior year exchange rates.
2 Total EBITDA related expenses are operational expenses including cost of
goods incurred by the Group. A reconciliation to GAAP measures is provided on
page 11.
3 Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation,
revaluation of investments and assets at fair value through profit and loss,
and share based payments) is a non-GAAP measure often used as a surrogate for
operational cash flow as it excludes from operating profit or loss all
non-cash items, including the charge for share based payments. However,
deferred bonus share option charges are not added back to operating profits in
the determination of Operating EBITDA as they may be paid in cash upon the
instruction of the Remuneration Committee. A reconciliation to GAAP measures
is provided on page 12.
4 Non-cash items include depreciation, amortisation, revaluation of
investments, fair value adjustments of available-for-sale assets and the share
based payment charge.
OXB reported operating EBITDA loss of £(8.3) million (£(3.9) million
constant currency), (H1 2024: £(20.3) million) and operating loss of £(23.6)
million (H1 2024: £(32.2) million). The EBITDA improvement is driven by
revenue growth of 44% combined with judicious management of the cost base
increasing by 10% to £82.1 million (H1 2024:
£74.4 million). The individual cost areas are explained in more detail in the
Total Expenses section below.
Other operating income includes sublease rental income of £0.3 million (H1
2024: £1.2 million), which has reduced due to the end of the sublease with
Q32 Bio, Inc (formerly Homology Medicines, Inc) at the Bedford MA site and
grant income to further develop supply chain capabilities of £0.3 million (H1
2024: £0.3 million). In H1 2024 the Group also benefited from a one-off £1.7
million gain related to the acquisition of OXB France.
Total Expenses
The Group has removed, from Operating Expenses, depreciation, amortisation and
the share option charge as these are non-cash items and do not form part of
the Operating EBITDA alternative performance measure.
As Operating (loss) is assessed separately as a key financial performance
measure, the year-on-year movement in these non-cash items is then
individually analysed and explained specifically in the Operating and Net
(loss) section.
£'m H1 2025 H1 2024
Operating costs 30.3 33.9
Innovation costs 2.0 2.3
Commercial costs 2.9 2.9
Administration expenses 20.6 14.4
Operating expenses 55.8 53.4
Depreciation, Amortisation and share option charge (15.3) (11.9)
Adjusted Operating expenses(1) 40.5 41.6
Cost of sales 41.6 32.8
Total EBITDA related expenses(2) 82.1 74.4
Foreign exchange 4.2 -
Total EBITDA related expenses (CC) 77.9 -
1 Operational, commercial, innovation and administrative expenses excluding
depreciation, amortisation and the share option charge.
2 Total EBITDA related expenses are operational expenses including cost of
goods incurred by the Group. A reconciliation to GAAP measures is provided on
page 11.
In order to provide the users of the accounts with a more detailed explanation
of the reasons for the year-on-year movements of the Group's Total Expenses,
the Group has categorised according to their relevant nature with the
year-on-year movement in the tables below.
Raw materials & external
Total Expenses 2025 costs EBITDA Depn, Amort
£'m Corporate Related Expenses & share options Total Expenses
Man Power Site Costs Costs(1)
Cost of Sales 23.0 10.2 8.4 - 41.6 - 41.6
Operating costs(1) 0.8 17.7 1.6 (2.8) 17.3 13.0 30.3
Innovation costs 0.2 1.7 0.1 - 2.0 - 2.0
Commercial costs - 2.7 - 0.2 2.9 - 2.9
Administration
expenses 0.1 8.5 - 9.7 18.3 2.3 20.6
Total Expenses 24.1 40.8 10.1 7.1 82.1 15.3 97.4
1 Includes the RDEC tax credit.
Raw materials & external
Total Expenses 2024 costs EBITDA Depn, Amort
£'m Corporate Related Expenses & share options Total Expenses
Man Power Site Costs Costs(1)
Cost of Sales 17.0 8.9 7.0 - 32.9 - 32.9
Operating costs 3.1 18.5 4.0 (3.2) 22.4 11.5 33.9
Innovation costs 0.3 2.2 0.1 - 2.6 (0.4) 2.2
Commercial costs - 2.7 - 0.1 2.8 0.1 2.9
Administration
expenses - 7.7 - 6.0 13.7 0.7 14.4
Total Expenses 20.4 40.0 11.1 2.9 74.4 11.9 86.3
1 Includes the RDEC tax credit.
Total EBITDA related expenses increased by £7.7 million to £82.1 million (H1
2024: £74.4 million), including 27% increase in cost of sales to £41.6
million (H1 2024: £32.9 million) supporting the 44% increase of revenue.
The decrease in Adjusted Operating expenses by 3% to £40.5 million (H1 2024:
£41.6 million), is a result of the Group's focus on profitability as this
includes an additional month of the French entity against comparatives.
• Cost of sales is the costs directly associated with delivering
revenue. Of this, 55% is raw materials and 45% is absorbed operational costs.
As the business continues to expand, the cost of sales element of total
expenses is expected to grow in line with revenues.
• Operating costs have decreased to £30.3 million (H1 2024: £33.9
million), reflecting the increased utilisation of the Group's cost base as it
operates at higher output levels delivering more batches for clients.
• Innovation costs have decreased to £2.0 million (H1 2024: £2.3
million), as the Group continues to invest in the lentiviral vector platform,
driving innovation for its clients to increase yields.
• Administration costs have increased to £20.6 million (H1 2024: £14.4
million), primarily driven by the impact of the loss on foreign exchange of
£4.2 million related to the unrealised translation of USD denominated
balances and the full six months of the larger Group (post-acquisition of OXB
France), changes in Group management and cost inflation.
Review of Expenses by Type
• Raw materials and external costs have increased by 18% as a direct
result of the increase in the number of lentiviral vector batches produced and
development activities. 95% of these costs are classified as cost of sales and
increase with revenue.
• Manpower-related costs have increased by 2% partly related to the
increase in headcount to support the higher revenue base and the full six
months of OXB France.
• Site costs have decreased by 10% and include impact of absorption of
facility costs (rent, utilities and maintenance)
• Corporate costs have increased by £4.2 million primarily driven by
the impact of a loss on foreign exchange and increased corporate support for
the growing business, the impact of the inclusion of the additional month of
expenditure of OXB France and inflationary increases.
• The RDEC credit has increased to £3.0 million (H1 2024: £2.9
million) due to an increase in activity which qualifies for supporting the
resolution of scientific uncertainty and is shown within the Corporate costs.
Operating (loss) and net (loss)
£'m H1 2025 H1 2024
Operating EBITDA(1) (8.3) (20.3)
Depreciation, Amortisation and share option charge (15.3) (11.9)
Operating (loss) (23.6) (32.2)
Interest (5.9) (3.1)
Foreign exchange gain/(loss) on loans 3.4 (0.4)
Taxation (0.8) (0.7)
Net (loss) (26.9) (36.4)
1 Operating EBITDA (Earnings Before Interest, Tax, Depreciation,
Amortisation, revaluation of investments and assets at fair value through
profit and loss, and share based payments) is a non-GAAP measure often used as
a surrogate for operational cash flow as it excludes from operating profit or
loss all non-cash items, including the charge for share based payments.
However, deferred bonus share option charges are not added back to operating
profits in the determination of Operating EBITDA as they may be paid in cash
upon the instruction of the Remuneration Committee.
In arriving at Operating (loss) it is necessary to deduct from Operating
EBITDA the non-cash items referred to above. The depreciation amounts to
£11.9 million (H1 2024: £10.2 million) and amortisation £1.2 million (H1
2024:
£1.3 million). The share option charge in the period is £2.1 million (H1
2024: £0.4 million).
The impact of these charges resulted in H1 2025 operating loss of £(23.6)
million compared to H1 2024 loss of
£(32.2) million in the prior year.
H1 2025 net interest and foreign exchange charge decreased by £1.0 million as
result of £3.4 million foreign exchange gain in respect of the Oaktree loan
replacing losses (£(0.4) million) in 2024. In addition, lower group cash
balances reduced interest received by (£0.7 million) and interest paid on
finance leases increased by
£2.1 million as a result of the conclusion of the Oxbox rent review and the
full 6 months impact of the acquisition of OXB France.
Other Comprehensive Income
The Group recognised a loss within other comprehensive income in H1 2025 of
£(5.0) million (H1 2024:
£(0.2) million) in relation to movements on the foreign currency translation
reserve.
The translation reserve comprises all foreign currency differences arising
from the translation of the financial statements of foreign operations,
including gains arising from monetary items that in substance form part of the
net investment in foreign operations.
Cash flow
£'m H1 2025 H1 2024
Operating (loss) (23.6) (32.2)
Non-cash items included in operating loss(1) 15.3 11.9
Operating EBITDA(2) (8.3) (20.3)
Non - cash gain - (1.7)
Working capital movement(3) 6.8 (17.2)
Cash (used in) operations (1.5) (39.2)
R&D tax credit received 5.1 -
Net Cash (used in) operations 3.6 (39.2)
Net interest (1.3) 0.4
Payment of lease liabilities (5.6) (5.0)
Capex(4) (1.5) (4.8)
Net cash (outflow)(5) (4.8) (48.6)
1 Depreciation, Amortisation, revaluation of investments and assets at
fair value through profit and loss, and share based payments.
2 Operating EBITDA (Earnings Before Interest, Tax, Depreciation,
Amortisation, Impairment, revaluation of investments and assets at fair value
through profit and loss, and share based payments) is a non-GAAP measure often
used as a surrogate for operational cash flow as it excludes from operating
profit or loss all non-cash items, including the charge for share based
payments. However, deferred bonus share option charges are not added back to
operating profits in the determination of Operating EBITDA as they may be paid
in cash upon the instruction of the Remuneration Committee. A reconciliation
to GAAP measures is provided on page 12.
3 This is Changes in working capital as laid out in: Cash flow from
operating activities on page 31.
4 This is Purchases of property, plant and equipment as per the cash flow
statement which excludes additions to Right-of-use assets.
5 Net cash (outflow) is net cash consumed from operations plus net
interest plus capital expenditure.
The Group held £53.9 million of cash at 30 June 2025 (31 December 2024:
£60.7 million). Significant movements across the year, are explained below:
• The operating EBITDA loss of £(8.3) million (£(3.9) million constant
currency).
• A positive working capital movement of £6.8 million principally
driven by:
- An increase in Trade and other receivables of (£9.3) million to £67.2
million
- A decrease in Trade and other payables of (£3.9) million to £22.3
million; and
- An increase in Contract Liabilities and Deferred Income of £22.2 million
to £47.4 million. This increase is driven by a £20 million uplift in the
value of deposits for late-stage and commercial manufacturing in 2026 to
£33.7 million.
- An increase in inventories of (£2.0) million as a result of increased
upcoming manufacturing.
• The 2023 UK RDEC refund £5.1 million from HMRC was received in March
2025 (H1 2024: nil).
• Purchases of property, plant and equipment of £1.5 million (2024:
£4.8 million), as the Group completed investment in the expansion of
lentiviral development and manufacturing capabilities to the sites in the US
and France as part of the execution of its "One OXB" strategy which started in
2024.
• Lease payments of £5.6 million (2024: £5.0 million) for all
facilities which have increased due to updated rent review on the Oxbox site
and an additional month of leases related to OXB France.
The result of the above movements is a net decrease of £6.8 million which
leads to a decrease in cash from
£60.7 million to £53.9 million.
Financial Outlook
Financial metric Guidance(1)
Revenue 2025: £160 - £170 million 2026: £220 - £240 million
2027: 25%-30% year-on-year growth
2028: 25%-30% year-on-year growth
Operating EBITDA profit 2025: Low single-digit £ million
Operating EBITDA margins 2026: >10%
2027: >20%
Long term: Approaching c.30% (within 5-6 years)
Capex 2025: Low double-digit £ million
2026 and 2027 (in aggregate): c.£60 million, c.£20- £25 million per year
thereafter
1Excludes the impact of FX fluctuations
Financial guidance for 2025 and capital expenditure expectations remain
unchanged, with the Group expecting revenue of £160-170 million (on a
constant currency basis) and operating EBITDA profitability in the low single-
digit £ millions (on a constant currency basis).
The Group's revenue backlog(1) stood at approximately £222 million as at 30
June 2025 compared to £150 million as at 31 December 2024. This is the amount
of future revenue available to earn from current orders.
£171 million of 2025 revenues are covered by contracted client orders,
compared to £106 million for the same period last year. This provides clear
visibility for the remainder of the year (subject to revenue performance
obligations), with revenues weighted to H2, in line with prior years. H2
revenue phasing includes an increase in manufacturing activity for clients
preparing for commercial launch.
Post-period end, the Group strengthened its balance sheet with a c.£60
million placing of new shares. Proceeds from the placing will support planned
strategic investments to strengthen the Group's global CDMO network, and is
expected to accelerate revenue and margin growth.
These strategic investments are expected to be revenue accretive from FY 2026,
supporting 25-30% year-on- year revenue growth in 2027 and 2028, ahead of the
broader market(2). FY 2026 revenues are expected to be between £220-240
million, representing 35-39% CAGR for 2023-2026.
With 2,210 cell and gene therapies in the clinical pipeline worldwide - up
from 2,068 in Q2 2024(3), the Group remains confident in the cell and gene
sector's strong fundamentals. OXB's expected strong revenue trajectory is
underpinned by growth of pre-clinical and early-stage clinical programmes, as
well as continued advancement of late-stage programmes among the Group's
clients, which have included recent regulatory milestones and
positive clinical data readouts. Together, these factors are expected to
contribute to above-market growth, stronger profitability and an increased
share of the viral vector market.
1 Revenue backlog represents the ordered gross value of CDMO revenues
available to earn. The value of customer orders included in revenue backlog
only includes the value of work for which the customer has signed a financial
commitment for OXB to undertake, whereby any changes to agreed values will be
subject to change orders, cancellation fees or the triggering of
optional/contingent contractual clauses.
2 Source: GlobalData and company estimates, cell and gene therapy market for
CDMOs forecasted to grow at 20% in 2027 and 17% in 2028.
3 Source: American Society of Gene & Cell Therapy (ASGCT) & Citeline,
Q2 2025 Gene, Cell & RNA Therapy Landscape Report, August 2025.
Management will continue to drive cost discipline. Operating expense increases
associated with strategic investments and increased capacity are limited and
time-bound to qualification and ramp activities, with a focus on margin
expansion as utilisation builds.
Including the additional investment, operating EBITDA margin is expected to
exceed 10% in FY 2026 and be at least 20% for FY 2027, with long-term
potential to approach c.30% (within a five-to-six year time period) as
expanded capacity, particularly in the US, is utilised.
Capital expenditure, including strategic investments for future growth, is
expected to be
approximately £60 million in the aggregate for 2026 and 2027, split broadly
evenly between the two years, with steady state capex of approximately £20-25
million per year thereafter.
Principal risks and uncertainties
Risk assessment and evaluation is an integral and well-established part of the
Group's management processes. During the first six months of the financial
year, the Group has continued to implement targeted mitigation strategies,
each designed to address specific risks effectively.
OXB continues to monitor its going concern position, as set-out on page 23
(#_bookmark0) . The Group remains alert to the continuing emerging risks
relating to geopolitics, cyber, legal, regulatory and compliance. As outlined
above, OXB continues to implement proactive strategies to manage and mitigate
these evolving risk exposures.
Details of the Group's principal risks and uncertainties can be found on pages
59 to 63 of the 2024 Annual Report and Accounts which is available on the
Group's website at www.oxb.com. (http://www.oxb.com/) The risks associated
with "Failure to execute strategic transition" and "Vector strategy", as
disclosed in 2024 Annual Report and Accounts have been effectively mitigated.
Commercialisation risks
• Failure to execute partner collaborations
• Rapid technological change
Supply chain and business execution risks
• Third party suppliers and supply chain
• Manufacturing failure
• Failure in information technology or cyber security
• Failure to attract, develop, engage and retain a diverse, talented and
capable workforce
Legal, regulatory and compliance risks
• Adverse outcome of litigation and/or governmental investigations
Economic and financial risks
• Foreign currency exposure and loan facility
• Geopolitical Risks
Climate Risk
OXB recognises climate-related risks as a material factor in its business
planning and strategy. These risks include:
• Physical risks arising from extreme weather events or long-term
changes in climate that could affect operations, facilities and supply chains.
• Transition risks associated with regulatory changes, market shifts and
technological developments as the global economy moves toward a low-carbon
model.
• Operational and financial implications, including impacts on energy
use, emissions management, water and waste baselining, and compliance with
evolving climate-related regulations.
OXB's governance framework, in line with TCFD recommendations, ensures these
risks are identified, monitored and managed across all sites, with oversight
from the Board, ESGR Committees and the Net Zero Group.
Going concern
The financial position of the Group, its cash flows and liquidity position are
described in the Financial Statements and notes to these financial statements
section of these accounts.
The Group made a loss after tax for the 6-month period ended 30 June 2025 of
£(26.9) million (H1 2024:
£(36.4) million) and consumed net cash flows from operating activities for
the period of £(1.5) million. The Group ended the period with cash and cash
equivalents of £53.9 million (31 December 2024: £60.7 million).
In considering the basis of preparation of the H1 2025 Report and half-year
accounts, the Directors have prepared cash flow forecasts for a period of 15
months from the date of approval of these financial statements, based on the
Group's 2025 latest forecast and forecasts for 2026. The Directors have
undertaken a rigorous assessment of the forecasts in a base case scenario and
assessed identified downside risks and mitigating actions. These cash flow
forecasts also take into consideration severe but plausible downside scenarios
including:
• Commercial challenges leading to a substantial manufacturing and
development revenue downside affecting both the LentiVector® platform and AAV
businesses;
• Considerable reduction in revenues from new clients;
• Removal of any future licence revenues; and
• The potential impacts of a downturn in the biotechnology sector on the
Group and its clients including expected revenues from existing clients under
long term arrangements.
Under both the base case and mitigated downside scenario, the Group and
Company have sufficient cash resources to continue in operation for a period
of at least 12 months from the date of approval of these financial statements.
In the event of all the downside scenarios above crystallising, the Group and
Company would continue to comply with its existing loan covenants beyond
December 2026 without taking any mitigating actions, but the Board has
mitigating actions in place that are largely within its control that would
enable the Group to reduce its spend within a reasonably short time-frame to
increase the Group and Company's cash covenant headroom as required by the
loan facility with Oaktree Capital Management. Specifically, the Group will
continue to monitor its performance against the base case scenario and if base
case cash-flows do not crystallise, start taking mitigating actions
by the end of Q4 2025 which may include reduction in investments,
rationalisation of facilities and rightsizing the workforce.
In addition, the Board has confidence in the Group and Company's ability to
continue as a going concern for the following reasons:
• As noted above, the Group has cash balances of £53.9 million at the
end of June 2025;
• £171 million of 2025 forecasted revenues are covered by contracted
client orders which give confidence in the level of revenues forecast over the
next 6 months;
• The Group has refinanced its existing credit facility, which was due
for repayment in October 2026, with a new loan repayable in June 2029;
• In August 2025, the Group has successfully completed placement of new
ordinary shares raising gross proceeds of approximately £60 million;
• The Group's ability to continue to be successful in winning new
clients and building its brand as demonstrated by successfully entering into
new client agreements over the last 6 months; and
• The Group has the ability to control capital expenditure costs and
lower other operational spend, as necessary.
Taking account of the matters described above, the Directors are confident
that the Group and Company will have sufficient funds to continue to meet
their liabilities as they fall due for at least 12 months from the date of
approval of the financial statements and therefore have prepared the financial
statements on a going concern basis.
Lucinda Crabtree
Chief Financial Officer
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025 (Unaudited)
Six months ended 30 Jun Six months ended 30 Jun
2025 2024
Notes £'000 £'000
Revenue 4 73,223 50,806
Cost of sales (41,566) (32,851)
Gross profit 31,657 17,955
Operating costs (30,346) (33,891)
Innovation costs (1,984) (2,250)
Commercial costs (2,885) (2,871)
Administration expenses (20,638) (14,422)
Other operating income 623 3,241
Operating (loss) (23,573) (32,238)
Finance income 6 1,076 1,759
Finance costs 6 (3,533) (5,257)
(Loss) before tax (26,030) (35,736)
Taxation (847) (663)
(Loss) for the period (26,877) (36,399)
Other comprehensive expense
Foreign currency translation differences (4,974) (164)
Other comprehensive expense (4,974) (164)
Total comprehensive (expense) (31,851) (36,563)
(Loss) attributable to:
Owners of the Company (26,360) (32,485)
Non-controlling interest (517) (3,914)
(26,877) (36,399)
Total comprehensive loss attributable to:
Owners of the Company (31,334) (32,603)
Non-controlling interest (517) (3,960)
(31,851) (36,563)
Consolidated Statement of Financial Position
As at 30 June 2025 (Unaudited)
30 Jun 2025 31 Dec 2024
Notes £'000 £'000
Assets
Non-current assets
Intangible assets & goodwill 7 24,318 29,219
Property, plant and equipment 8 55,326 64,296
Trade and other receivables 10 4,903 4,934
84,547 98,449
Current assets
Inventories 9 15,595 13,573
Trade and other receivables 10 62,298 58,971
Cash and cash equivalents 11 53,877 60,650
131,770 133,194
Current liabilities
Trade and other payables 12 22,266 26,169
Provisions 14 1,051 1,152
Contract liabilities 15 41,588 23,630
Deferred income 15 172 562
Loans 16 - 281
Lease liabilities 13 4,621 4,139
Put option liability 17 - 2,388
69,698 58,321
Net current assets 62,072 74,873
Non-current liabilities
Provisions 14 7,420 7,424
Contract liabilities 15 5,481 50
Deferred income 15 186 1,020
Loans 16 36,813 39,790
Lease liabilities 13 63,990 64,551
113,890 112,835
Net Assets 32,729 60,487
Equity attributable to owners of the parent
Ordinary shares 18 53,070 52,981
Share premium account 18 394,862 394,856
Other reserves 5,684 8,709
Accumulated losses (420,887) (399,500)
Equity attributable to owners of the Company 32,729 57,046
Non-controlling interest 20 - 3,441
Total equity 32,729 60,487
Consolidated Statement of Cash Flows
for the six months ended 30 June 2025 (Unaudited)
Six months ended 30 Jun Six months ended 30 Jun
2025 2024
Notes £'000 £'000
Cash flows from operating activities
Cash used in operations 19 (1,498) (39,199)
Tax credit received 5,128 -
Net cash generated from /(used in) operating activities 3,630 (39,199)
Cash flows from investing activities
Acquisition of subsidiary, cash acquired - 9,004
Purchases of property, plant and equipment 8 (1,509) (4,813)
Proceeds on disposal of PPE 8 194 636
Interest received 6 1,076 2,459
Net cash (used in)/ generated from investing activities (239) 7,286
Cash flows from financing activities
Proceeds from issue of ordinary share capital 18 94 16,993
Acquisition without change in control (1,998) -
Payment of lease liabilities 13 (1,200) (2,514)
Payment of lease liabilities interest 13 (4,410) (2,476)
Loans repaid (287) (183)
Interest paid (2,352) (2,037)
Net cash (used in) / generated from financing activities (10,153) 9,783
Net decrease in cash and cash equivalents (6,762) (22,130)
Cash and cash equivalents at 1 January 11 60,650 103,716
Movement in foreign currency balances (11) (177)
Cash and cash equivalents at 30 June 11 53,877 81,409
Statement of Changes in Equity Attributable to Owners of the Parent
for the six months ended 30 June 2025 (Unaudited)
Reserves
Ordinary shares Share premium Other Equity Accumulated losses Non- controlling Total equity
account interest
Merger Translation Total
Group £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 48,403 380,333 2,291 (8,059) 3,956 (352,918) 74,006 3,828 77,834
Loss for period - - - - - (32,485) (32,485) (3,914) (36,399)
Foreign currency translation differences - - - - (118) - (118) (46) (164)
Total comprehensive income for the period - - - - (118) (32,485) (32,603) (3,960) (36,563)
Transactions with owners in their capacity as owners:
Equity-settled share-based payment transactions 4,251 14,498 4,126 - - 416 23,291 15 23,306
Acquisition of NCI without a change in control - - - - - (5,077) (5,077) 5,077 -
Put Option revaluation - - - 6,643 - - 6,643 - 6,643
At 30 June 2024 52,654 394,831 6,417 (1,416) 3,838 (390,064) 66,260 4,960 71,220
Loss for period - - - - - (9,436) (9,436) (1,519) (10,955)
Foreign currency translation differences - - - - (570) - (570) - (570)
Total comprehensive income for the period - - - - (570) (9,436) (10,007) (1,519) (11,525)
Transactions with owners in their capacity as owners:
Equity-settled share-based payment transactions 327 25 - - - - 353 - 353
Put Option revaluation - - - 440 - - 440 - 440
At 31 December 2024 52,981 394,856 6,417 (976) 3,268 (399,500) 57,046 3,441 60,487
Loss for period - - - - - (26,360) (26,360) (517) (26,877)
Foreign currency translation differences - - - - (4,974) - (4,974) - (4,974)
Total comprehensive income for the period - - - - (4,974) (26,360) (31,334) (517) (31,851)
Transactions with owners in their capacity as owners:
Equity-settled share-based payment transactions 88 6 - - - 2,049 2,143 - 2,143
Acquisition of NCI without a change in control - - - 601 974 2,924 4,499 (2,924) 1,575
Put Option revaluation - - - 375 - - 375 - 375
At 30 June 2025 53,069 394,862 6,417 - (732) (420,887) 32,729 - 32,729
Notes to the Financial Information
1 General information and basis of preparation
This condensed set of financial statements has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted for use in the UK, as well
as the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority.
The annual financial statements of the Group are prepared in accordance with
UK-adopted international accounting standards. As required by the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority, the
condensed set of financial statements has been prepared applying the
accounting policies and presentation that were applied in the preparation of
the Group's published consolidated financial statements
for the year ended 31 December 2024. However, selected explanatory notes are
included to explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and performance
since the last annual financial statements.
The financial information set out above does not constitute the Company's
Statutory Accounts. Statutory accounts for the year ended 31 December 2024
were approved by the Board of Directors and have been delivered to the
Registrar of Companies. The report of the auditor (i) was unqualified, (ii)
included no references to any matters
to which the auditor drew attention by way of emphasis without qualifying
their report, and (iii) did not contain a statement under section 498 (2) or
(3) of the Companies Act 2006.
These interim financial statements have been prepared applying consistent
accounting policies to those applied by the Group in the 2024 Annual Report.
These condensed consolidated interim financial statements were approved by the
Board of Directors on 23 September 2025. They have not been audited.
Oxford Biomedica plc, the parent company in the Group, is a public limited
company incorporated and domiciled in the UK and is listed on the London Stock
Exchange.
All material related party transactions in the first six months of 2025 are
described in note 23 (#_bookmark16) of these
interim financial statements. There was no material change in related parties
from those described in the last annual report.
2 Going concern
The financial position of the Group, its cash flows and liquidity position are
described in the Financial Statements and notes to these financial statements
section of these accounts.
The Group made a loss after tax for the 6-month period ended 30 June 2025 of
£(26.9) million (H1 2024:
£(36.4) million) and consumed net cash flows from operating activities for
the period of £(1.5) million. The Group ended the period with cash and cash
equivalents of £53.9 million (31 December 2024: £60.7 million).
In considering the basis of preparation of the H1 2025 Report and half-year
accounts, the Directors have prepared cash flow forecasts for a period of 15
months from the date of approval of these financial statements, based on the
Group's 2025 latest forecast and forecasts for 2026. The Directors have
undertaken a rigorous assessment of the forecasts in a base case scenario and
assessed identified downside risks and mitigating actions. These cash flow
forecasts also take into consideration severe but plausible downside scenarios
including:
• Commercial challenges leading to a substantial manufacturing and
development revenue downside affecting both the LentiVector® platform and AAV
businesses;
• Considerable reduction in revenues from new clients;
• Removal of any future licence revenues; and
• The potential impacts of a downturn in the biotechnology sector on the
Group and its clients including expected revenues from existing clients under
long term arrangements.
Under both the base case and mitigated downside scenario, the Group and
Company have sufficient cash resources to continue in operation for a period
of at least 12 months from the date of approval of these financial statements.
In the event of all the downside scenarios above crystallising, the Group and
Company would continue to comply with its existing loan covenants beyond
December 2026 without taking any mitigating actions, but the Board has
mitigating actions in place that are largely within its control that would
enable the Group to reduce its spend within a reasonably short time-frame to
increase the Group and Company's cash covenant headroom as required by the
loan facility with Oaktree Capital Management. Specifically, the Group will
continue to monitor its performance against the base case scenario and if base
case cash-flows do not crystallise, start taking mitigating actions
by the end of Q4 2025 which may include reduction in investments,
rationalisation of facilities and rightsizing the workforce.
In addition, the Board has confidence in the Group and Company's ability to
continue as a going concern for the following reasons:
• As noted above, the Group has cash balances of £53.9 million at the
end of June 2025;
• £171 million of 2025 forecasted revenues are covered by contracted
client orders which give confidence in the level of revenues forecast over the
next 6 months;
• The Group has refinanced its existing credit facility, which was due
for repayment in October 2026, with a new loan repayable in June 2029;
• In August 2025, the Group has successfully completed placement of new
ordinary shares raising gross proceeds of approximately £60 million;
• The Group's ability to continue to be successful in winning new
clients and building its brand as demonstrated by successfully entering into
new client agreements over the last 6 months; and
• The Group has the ability to control capital expenditure costs and
lower other operational spend, as necessary.
Taking account of the matters described above, the Directors are confident
that the Group and Company will have sufficient funds to continue to meet
their liabilities as they fall due for at least 12 months from the date of
approval of the financial statements and therefore have prepared the financial
statements on a going concern basis.
3 Accounting policies
The accounting policies, including the classification of financial
instruments, applied in these interim financial statements are consistent with
those of the annual financial statements for the year ended 31 December 2024,
as described in those financial statements.
Judgements
Impairment assessment of OXB US LLC and OXB France Cash Generating Units (CGU)
The Group has performed an impairment indicator assessment of OXB US LLC and
OXB France as at 30 June 2025 and determined that there are no triggers which
indicate any further impairment and, as such, a full impairment assessment is
not required at 30 June 2025 with the annual assessment to be performed at
year end.
Put/ Call exercise date
The Group has assessed the effective date of the acquisition of the remaining
10% stake in its US subsidiary, OXB US LLC, to be the exercise date of the
Call Option March 2025 and therefore concluded that OXB completed the
acquisition of the remaining 10% stake in its US subsidiary, OXB US LLC, from
Q32 Bio, Inc. on this date. This is the point where control and benefits of
the subsidiary were fully retained by OXB.
Estimations
The key assumptions concerning the future, and other key sources of estimation
uncertainty at the reporting date, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are discussed below. The nature of estimation means
that actual outcomes could differ from those estimates.
Percentage of completion of manufacturing batch revenues
Manufacturing of clinical/commercial product for clients is recognised on a
percentage of completion basis over time as the processes are carried out.
Progress is determined based on the achievement of verifiable stages of the
manufacturing process. Revenues are recognised on a percentage of completion
basis and as such require judgement in terms of the assessment of the correct
stage of completion including the expected costs of completion for that
specific manufacturing batch. The value of the revenue recognised with regards
to the manufacturing batches which remain in progress at period end is £45.9
million. If the assessed percentage
of completion was 10 percentage points higher or lower, revenue recognised in
the period would have been
£5.0 million higher or £6.1 million lower.
Percentage of completion of fixed price process development revenues
As it satisfies its performance obligations the Group recognises revenue and
the related contract asset with regards to fixed price process development
work packages. Revenues are recognised on a percentage of completion basis and
as such require judgement in terms of the assessment of the correct percentage
of completion for that specific process development work package. The value of
the revenue recognised with regards to the work packages which remain in
progress at period end is £16.6 million. If the assessed percentage
of completion was 10 percentage points higher or lower, revenue recognised in
the period would have been
£2.4 million higher or £2.7 million lower.
4 Single segment analysis and reporting
Disaggregation of revenue
Revenue is disaggregated by the type of revenue which is generated by the
commercial arrangement. For the six months ended 30 June 2025
30 Jun 2025 30 June 2024
£'000 £'000
Manufacturing services 34,430 27,590
Development services 28,485 19,269
Procurement services 8,640 -
Licences, milestones and royalties 1,668 3,947
Total 73,223 50,806
Revenue by geographical client location
30 Jun 2025 30 June 2024
£'000 £'000
United Kingdom 1,389 4,677
United States 58,187 31,932
Europe 13,532 14,197
Rest of World 115 -
Total Revenue 73,223 50,806
In the first half of 2025, 2 clients (H1 2024: 4) each generated more than 10%
of the Group's revenue.
5 Basic earnings and diluted earnings per ordinary share
The basic loss per share of (25.35)p (H1 2024: (30.88)p) has been calculated
by dividing the loss for the period attributable to the owners of the company
by the weighted average number of shares in issue during the six months ended
30 June 2025, being 106,023,324 (H1 2024: 105,194,129).
As the Group made a loss in the current and prior periods, there were no
potentially dilutive options therefore there is no difference between the
basic loss per ordinary share and the diluted loss per ordinary share.
6 Finance Costs
30 Jun 2025 30 June 2024
£'000 £'000
Finance income:
Bank interest receivable 1,076 1,759
Total finance income 1,076 1,759
Finance costs:
Unwinding of discount in provisions (127) (319)
Gain/ (loss) on foreign exchange 3,353 (358)
Interest payable on loan (2,352) (2,264)
Interest payable on finance leases (4,407) (2,316)
Total finance costs (3,533) (5,257)
Net finance costs (2,457) (3,498)
7 Intangible assets & goodwill
Developed
Goodwill technology Patents Total
Note £'000 £'000 £'000 £'000
Cost
At 1 January 2025 636 107,484 1,820 109,940
Effects of movements in exchange rates (53) (10,252) - (10,305)
At 30 June 2025 583 97,232 1,820 99,635
Amortisation and impairment
At 1 January 2025 636 78,278 1,807 80,721
Charge for the period - 1,232 - 1,232
Effects of movements in exchange rates (53) (6,583) - (6,636)
At 30 June 2025 583 72,927 1,807 75,317
Net book amount at 30 June 2025 - 24,305 13 24,318
Net book amount at 31 December 2024 - 29,206 13 29,219
One cash-generating unit (CGU) identified is the manufacturing and process
development operation of OXB US LLC located at the Bedford, MA site in the
United States. The Group has completed an assessment and
determined that there are no indicators of impairment identified and as such
further impairment of the assets held by OXB US LLC CGU is not required at 30
June 2025.
The second cash-generating unit (CGU) identified is the manufacturing and
process development operation of OXB France. The Group has completed an
assessment and determined that there are no indicators of impairment
identified and as such further impairment of the assets held by OXB France CGU
is not required at 30 June 2025.
Due to a tax deduction not being available on a portion of the developed
technology intangible asset, there is a deferred tax liability of £1.8
million at June 2025 (Dec 24: £2.1 million).
8 Property, plant & equipment
Bio- processing
Office equipment and Laboratory
and equipment
Freehold property Leasehold Improvements computers Right-of-use
assets Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 31 December 2024 2,736 61,285 11,049 59,748 50,492 185,310
Additions at cost 654 229 298 173 3,471 4,825
Disposals - (16) (51) (847) (1,687) (2,601)
Change in Estimate - - - - (349) (349)
Effects of movements in
exchange rates - (2,555) (199) (1,879) (2,005) (6,638)
At 30 June 2025 3,390 58,943 11,097 57,195 49,922 180,547
Depreciation & Impairment
At 31 December 2024 357 40,474 9,109 43,099 27,975 121,014
Reallocations 1 - 281 (282) - -
Charge for the period 197 3,178 737 5,326 2,506 11,944
Effects of movements in
exchange rates - (2,230) (130) (1,230) (1,761) (5,351)
Disposals - (16) (51) (812) (1,507) (2,386)
At 30 June 2025 555 41,406 9,946 46,101 27,213 125,221
Net book amount at
30 June 2025 2,835 17,537 1,151 11,094 22,709 55,326
Net book value at
31 December 2024 2,380 20,811 1,940 16,649 22,517 64,296
9 Inventory
30 Jun 2025 31 Dec 2024
£'000 £'000
Raw materials 15,595 13,573
Total Inventory 15,595 13,573
Inventories constitute raw materials held for manufacturing, research and
development purposes.
During 2025 the Group wrote down £0.2 million (H1 2024: £1.2 million) of
inventory which is not expected to be used in production or sold onwards.
10 Trade and other receivables
30 Jun 2025 31 Dec 2024
Current £'000 £'000
Trade receivables 26,431 23,281
Contract assets 19,105 18,048
Other receivables 1,276 784
Other tax receivable 10,256 12,914
Prepayments 5,230 3,944
Total trade and other receivables 62,298 58,971
Non-current trade and other receivables constitute other receivables of £4.9
million (Dec 24: £4.9 million) which are deposits held in escrow as part of
the Oxbox and Patriot's Park lease arrangements.
11 Cash and cash equivalents
30 Jun 2025 31 Dec 2024
£'000 £'000
Cash at bank and in hand 53,877 60,650
Cash and cash equivalents includes £1.5 million in relation to improvement
works at Harrow House agreed under the sale and leaseback arrangement.
12 Trade and other payables
30 Jun 2025 31 Dec 2024
£'000 £'000
Trade payables 10,023 9,612
Other taxation and social security 1,759 1,513
Accruals 10,484 15,044
Total Trade and other payables 22,266 26,169
13 Leases
The Group leases many assets including Property. Information about leases for
which the Group is a lessee is presented below:
Right-of-use assets
Property Equipment IT Equipment Cars Total
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2025 22,392 25 34 66 22,517
Disposals (180) - - - (180)
FX (240) (1) (1) (2) (244)
Acquisitions 3,422 - - 49 3,471
Impairment - - - - -
Change in Estimate (349) - - - (349)
Depreciation charge for the period (2,462) (15) (8) (21) (2,506)
Balance at 30 June 2025 22,583 9 25 92 22,709
Lease liabilities
30 Jun 2025 31 Dec 2024
£'000 £'000
Maturity analysis - contractual undiscounted cash flows
Less than one year 2,770 10,072
One to five years 8,105 47,601
Six to ten years 28,829 36,197
More than ten years 12,064 21,918
Total undiscounted cash flows 51,768 115,787
30 Jun 2025 31 Dec 2024
£'000 £'000
Lease liabilities included in the Statement of Financial Position
Current 4,621 4,139
Non-current 63,990 64,551
Total lease liabilities 68,611 68,690
30 Jun 2025 31 Dec 2024
£'000 £'000
Amounts recognised in Statement of Comprehensive Income
Interest on lease liabilities 4,410 5,343
Expense relating to short-term leases - 24
30 Jun 2025 31 Dec 2024
£'000 £'000
Amounts recognised in the Statement of Cash Flows
Total cash outflow for leases (5,610) 10,068
14 Provisions
30 Jun 2025 31 Dec 2024
£'000 £'000
At 1 January 8,576 8,457
New provision 240 563
Unwinding of discount 127 661
Change in estimate (159) (1,105)
Derecognition (313) -
At reporting period end 8,471 8,576
The dilapidations provisions relate to the anticipated costs of restoring the
leasehold Oxbox, Yarnton, Wallingford Warehouse, Windrush Court and Harrow
House properties to their original condition at the end of the lease terms
ending between 2033 and 2037.
The future anticipated costs of restoring the properties are calculated by
inflating the current expected restoration costs using the 3 year historic UK
Consumer Price Inflation rate, up to the end of the lease term.
15 Contract Liabilities
Contract liabilities and deferred income arise when the Group has received
payment for services in excess of the stage of completion of the services
being provided.
Contract liabilities and deferred income have increased from £25.3 million at
the end of 2024 to £47.4 million at 30 June 2025 due to funds received in
advance for future manufacturing activities.
Contract liabilities consists primarily of deferred manufacturing and process
development revenues, which are expected to be released as the related
performance obligations are satisfied over the period as described below:
Current Non-Current Total
At 30 June 2025 £'000 £'000 £'000
Manufacturing services income 37,720 5,437 43,157
Process development income 3,852 - 3,852
Procurement and storage services - - -
Licence fees and incentives 16 44 60
Contract Liabilities 41,588 5,481 47,069
Grant 172 186 358
Deferred Income 172 186 358
Current Non-Current Total
At 31 December 2024 £'000 £'000 £'000
Manufacturing services income 14,335 6 14,341
Process development income 6,158 - 6,158
Procurement and storage services 3,121 - 3,121
Licence fees and incentives 16 44 60
Contract Liabilities 23,630 50 23,680
Current Non-Current Total
At 30 June 2025 £'000 £'000 £'000
Grant 562 1,020 1,582
Deferred Income 562 1,020 1,582
16 Loans
30 Jun 2025 31 Dec 2024
£'000 £'000
At 1 January 40,071 38,534
New Loan - 756
Interest accrued 2,199 4,515
Interest paid (1,975) (4,086)
Foreign exchange movement (3,344) 502
Amortised fees 153 316
Loan repayment (291) (466)
At reporting period end 36,813 40,071
The Oaktree facility dated October 2022, was due to expire in October 2026 and
was secured by a pledge over substantially all of the Group's assets. The
terms included financial covenants including holding a minimum of US$20
million cash at all times, restrictions on the level of indebtedness the Group
may enter into or distributions made by the Group. This facility was
refinanced, post-period end in August 2025, refer to Note 25.
17 Put option liability
30 Jun 2025 31 Dec 2024
£'000 £'000
At 1 January 2,388 9,348
Recognised at fair value (390) (6,960)
Extinguishment of option (1,998) -
At reporting period end - 2,388
In March 2025, the Group acquired the final 10% of OXB US LLC for $2.5
million, refer to Note 21.
18 Share capital and Share premium
At 31 December 2024 and 30 June 2025 OXB had an issued share capital of
105,961,199 and 106,136,994 ordinary 50 pence shares respectively.
175,795 shares were created as a result of the exercise of options by
employees during the period.
19 Cash flows from operating activities
Six months ended 30 Jun Six months ended 30 Jun
2025 2024
£'000 £'000
Loss before tax (26,030) (35,736)
Adjustment for:
Depreciation 11,944 10,178
Amortisation of intangible assets 1,232 1,304
Gain on disposal of property, plant and equipment (86) -
Net finance costs 2,457 3,498
Charge in relation to employee share schemes 2,007 431
Non-cash loss/(gains) 153 (1,664)
Changes in working capital:
(Increase) in trade and other receivables (9,270) (13,126)
(Decrease)/ Increase in trade and other payables (3,904) 2,905
Increase /(Decrease) in contract liabilities and deferred income 22,163 (6,185)
Increase in provisions (142) -
Increase in inventory (2,022) (804)
Net cash used in operations (1,498) (39,199)
20 Non-controlling interest ("NCI")
The following table summarises the information relating to the Group's
subsidiary that has material NCI:
30 Jun 2025 31 Dec 2024
£'000 £'000
NCI percentage 0% 10%
Non-current assets - 60,113
Current assets - 10,451
Non-current liabilities - (20,594)
Current liabilities - (15,560)
Net assets - 34,410
Net assets attributable to NCI - 3,441
Revenue (1,254) (3,290)
Loss (5,174) (34,624)
OCI - (384)
Total comprehensive income (5,174) (35,008)
Profit allocated to NCI (517) (5,419)
OCI allocated to NCI - (49)
Cash flows from operating activities (4,201) (24,516)
Cash flows from investment activities 26 (19,397)
Cash flow from financing activities (dividends to NCI: nil) (604) 45,469
Net (decrease)/ increase in cash and cash equivalents (4,779) 1,556
21 Acquisition of Non-controlling interest
In March 2025, the Group acquired the final 10% interest in OXB US LLC from
Q32 Bio, Inc. for $2.5 million. This purchase increases the ownership to 100%.
30 Jun 2025
£'000
Carrying amount of NCI at 1 January 2025 3,441
Share of loss (517)
Revaluation (926)
Consideration paid to NCI (1,998)
Increase in equity attributable to owners of the Company -
The increase in equity attributable to owners of the Company comprised solely
an increase to retained earnings.
22 Capital commitments
At 30 June 2025, the Group had commitments of £4.1 million for capital
expenditure for leasehold improvements, plant and equipment not provided in
the financial statements (Dec 2024: £1.1 million).
23 Related party transactions
Transactions Balance outstanding
Jun-25 Jun-24 Jun-25 Jun-24
£'000 £'000 £'000 £'000
Other
Q32 Bio, Inc - rental income - 294 - 271
Refer to Note 21, which details the acquisition of the remaining 10% in the
period. There have been no related party transactions in the period as the Q32
Bio, Inc (formerly Homology Medicines, Inc) sub-lease of Bedford, MA ceased at
December 2024 and as a result will cease to be a related party.
24 Re-presentation
During 2024, the Group has pivoted to a pure-play CDMO and as a result, the
classification of the expenditure types has been reviewed and represented in a
more meaningful way as part of the year end disclosures.
• The costs previously disclosed as Bioprocessing and the element of
Research and Development which related to Development services are now
included as operating costs.
• Innovation costs relate to the internal development work undertaken on
OXB platforms.
• Commercial costs relate to the teams engaged in business development
activities.
• Administration expenses are those departments who support the
operational teams across the Group.
The table below shows the impact on 2024 of the changes made in the year
Re- presentation 2024 as previously
2024 Re- Impact reported
presented
£'000 £'000 £'000
Revenue 50,806 - 50,806
Cost of sales (32,851) - (32,851)
Gross Profit 17,955 - 17,955
Operating costs (33,891) 33,891 -
Bioprocessing costs - (23,595) (23,595)
Research and Development costs - (15,764) (15,764)
Innovation costs (2,250) 2,250 -
Commercial costs (2,871) 2,871 -
Administration expenses (14,422) 349 (14,073)
Other operating income 3,241 - 3,241
Change in fair value of available for sale assets - (2) (2)
Operating loss (32,238) - (32,238)
Finance income 1,759 - 1,759
Finance costs (5,257) - (5,257)
Loss before tax (35,736) - (35,736)
Taxation (663) - (663)
Loss for the period (36,399) - (36,399)
Other comprehensive income
Foreign currency translation differences (164) - (164)
Other comprehensive income (164) - (164)
Total comprehensive expense (36,563) - (36,563)
25 Post balance sheet events
On 1 August 2025, OXB secured a new four-year loan facility of up to $125
million (the New Oaktree Loan), provided by funds managed by Oaktree Capital
Management, L.P. (Oaktree), a long-term capital partner to OXB. The new
facility will strengthen the Company's financial foundation by refinancing its
existing $50 million loan facility and providing financial flexibility to
support OXB's global CDMO operations and the delivery of its growth strategy.
The New Oaktree Loan facility includes $60 million upfront funding available
at close, which will be used to repay the existing $50 million four-year term
loan facility with Oaktree (previously announced in October 2022) and for
general corporate purposes. The facility also includes the option to draw down
a further $25 million, subject to customary conditions, and an additional $40
million, subject to achieving certain revenue milestones - providing financial
flexibility to support future business needs, if required.
Terms of the New Oaktree Loan are broadly similar to the prior four-year loan
facility and include standard and customary provisions relating to mandatory
and voluntary prepayments, covenants, representations and warranties. The New
Oaktree Loan will not amortise, with the full aggregate principal and
outstanding amount being repayable on the final maturity date in 2029.
Consistent with the terms of the existing facility, the New Oaktree Loan will
be secured by substantially all of the assets of the Company and its
wholly-owned subsidiaries and be guaranteed by the Company's wholly-owned
subsidiaries, with customary exceptions.
On 15 August 2025, the Group announced the results of a placing of 12,212,857
new ordinary shares by means of an accelerated book build and a further
1,708,257 new ordinary shares by means of a subscription at a price of £4.31
per share, respectively, together raising gross proceeds of approximately £60
million (net approximately
£58 million). The placing price represented a 1.93% discount to the closing
share price on 14 August 2025, and the new shares represented approximately
13.1% of the issued ordinary share capital immediately prior to the placing.
The Group agreed to a 180-day lock-up, subject to customary exceptions.
Admission and settlement occurred at 8.00 a.m. (London time) on 20 August
2025. The placing shares and subscription shares were admitted to the Official
List (equity shares - commercial companies) and to trading on the Main Market
of the London Stock Exchange. Following Admission, the Group's issued share
capital consisted of 120,173,462 ordinary shares of 50 pence each, with no
shares held in treasury; therefore, the total number of voting rights is
120,173,462. The new shares ranked pari passu in all respects with the
existing ordinary shares.
The net proceeds of the placing will enable OXB to fund expansion of the
Company's global manufacturing capabilities and advance its technology
platforms.
26 Statement of Directors' responsibilities
The Directors of Oxford Biomedica plc are set out on page 35 of this report.
We confirm that to the best of our knowledge:
• the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK.
• the interim management report includes a fair review of the
information required by:
- DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, 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
- DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
By order of the Board
Frank Mathias
CEO
23 September 2025
Shareholder information
Directors Joint Corporate Broker RBC Europe Limited 100 Bishopsgate London
Dr. Roch Doliveux (Chair) EC2N 4AA
Financial Adviser and Joint Corporate Broker
Stuart Henderson (until 11 June 2025) Jefferies International Limited 100 Bishopsgate
(Independent Non-Executive Director and Vice Chair) London EC2N 4JL
Peter Soelkner Financial and Corporate Communications
(Independent Non-Executive Director Appointed Vice Chair on 11 June 2025) ICR Healthcare 85 Gresham St London
EC2V 7NQ
Dr. Frank Mathias (Chief Executive Officer)
Registered Independent Auditors
Dr. Lucinda Crabtree (Chief Financial Officer) PricewaterhouseCoopers LLP 3 Forbury place
23 Forbury Road Reading
Professor Dame Kay Davies (Senior Independent Director) RG1 3JH
Colin Bond Solicitor
(Independent Non-Executive Director Appointed on 1 January 2025) Cooley (UK) LLP 22 Bishopsgate London EC2N 4BQ
Laurence Espinasse (Non-Executive Director) Registrars
MUFG Corporate Markets (previously Known as Link Group)
Robert Ghenchev 29 Wellington Street Leeds
(Non-Executive Director) LS1 4DL
Namrata P. Patel Company Secretary and Registered Office
(Independent Non-Executive Director) Natalie Walter Windrush Court Transport Way Oxford
OX4 6LT
Dr. Heather Preston Tel: +44 (0) 1865 783 000
(Independent Non-Executive Director) enquiries@oxb.com (mailto:enquiries@oxb.com) www.oxb.com (http://www.oxb.com/)
Independent review report to Oxford Biomedica plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Oxford Biomedica plc's condensed consolidated interim
financial statements (the "interim financial statements") in the Press Release
of Oxford Biomedica plc for the 6 month period ended 30 June 2025 (the
"period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the Consolidated Statement of Financial Position as at
30 June 2025;
· the Consolidated Statement of Comprehensive Income for the period
then ended;
· the Consolidated Statement of Cash Flows for the period then ended;
· the Statement of Changes in Equity Attributable to Owners of the
Parent for the period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the Press Release of Oxford
Biomedica plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Press Release and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Press Release, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the Press Release in accordance with the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the Press Release, including the interim
financial statements, the directors are responsible for assessing the group's
ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Press Release based on our review. Our conclusion, including
our Conclusions relating to going concern, is based on procedures that are
less extensive than audit procedures, as described in the Basis for conclusion
paragraph of this report. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority and for no other purpose. We do not, in giving
this conclusion, accept or assume responsibility for any other purpose or to
any other person to whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Reading
23 September 2025
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