REG - Physiomics PLC - Annual Financial Report
29/09/2025 07:00
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RNS Number : 0854B Physiomics PLC 29 September 2025
29 September 2025
Physiomics plc
("Physiomics" or the "Company")
Final Results for the year ended 30 June 2025
Physiomics plc (AIM: PYC), a leading mathematical modelling, data science and
biostatistics company supporting the development of new therapeutics and
personalised medicine solutions, is pleased to announce its audited results
for its financial year ended 30 June 2025.
Financial Highlights
* Total income (revenue and grant income) increased 46% to £834,156 (2024:
£570,561), meeting market expectations
* The operating loss decreased 32% to £457,791 (2024: £670,816)
* The loss after taxation decreased 32% to £415,254 (2024: £609,352)
* Cash and cash equivalents at 30 June 2025 of £461,242 (30 June 2024:
£191,072)
* At 30 June 2025, the surplus of shareholders' funds was £692,171 (30 June
2024: £282,527)
* The Company continues to build its pipeline with the average total value of
contract wins over FY24 and FY25 averaging over £1 million per annum, a 63%
increase on the yearly average of the previous five years
* The Company started the new financial year ending 30 June 2026 (FY26) with
approximately £594k of contracted revenue that is projected to be recognised
within the year. This compares with approximately £500k worth of contracts
carried forward from the year ended 30 June 2024 (FY24) to the year ended 30
June 2025 (FY25), a 19% year-on-year increase
* The Board expects that £60k worth of Grant Income will be recognised in FY26
to fund the Personalised Medicine Initiative
* Successful completion of two fundraises (each fundraise comprising a placing
and a WRAP Retail Offer), raising gross £406,417 (9 July 2024) and gross
£500,000 (18 February 2025), primarily for use in funding key business growth
initiatives
Operational highlights
* Appointment of Head of Quantitative Pharmacology and Data Science, Dr Mark
Davies in November 2024 and appointment of Head of Biometrics, Jesse Thissen
commencing in July 2025
* Official launch of the Biometrics service line and announcement of the
Company's first two Biometrics contracts worth £111k in aggregate
* Expansion of services into new therapeutic areas: 50% of projects delivered in
FY25 were in therapeutic areas outside of oncology, compared to an average of
5% over the previous three years.
* Diversification of client base: 31% of all contract awards in FY25 were from
new clients, compared to 17% over the prior six years. Notable follow-on
contracts with Numab Therapeutics and Cancer Research UK
* Clinical Trial Approval of grant funded PREDICT-ONC trial with patient
recruitment reaching 20% of the 100 patient target. The Innovate UK and Office
for Life Science funded trial aims to generate the data required to advance
the development of the Company's G-CSF dosing tool. The Company will receive
£137,376 out of the total £570,651 grant award
* Publication of three peer-reviewed scientific articles with Merck KGaA,
Astellas Inc and Ankyra Therapeutics Inc., reflecting the impact the Company's
expertise and tools has on supporting leading biotechnology and pharmaceutical
companies with their drug development efforts
Post period end
* Implementation of the Company's Personalised Dosing Software onto DoseMe's
newly launched platform and expansion of the partnership with DoseMe to
explore the development of Dosing Software for new therapies
* Two additional contract awards, one with Numab Therapeutics and one with a
large UK based biotech client at the forefront of AI-driven drug development
Dr Peter Sargent, CEO of Physiomics, commented:
"Following our strategic review early in 2024, the Company has made
significant progress across its key growth initiatives. Changes and
investments made initially resulted in record levels of contract wins in the
year ended 31 June 2024 and I'm delighted to report that this momentum has
been maintained in the year ended 30 June 2025 with total income growth of 46%
year-on-year. Off the back of this, we're starting the current financial year
ending 30 June 2026 with a record level of contracted projects, a new
biometrics service-line already generating revenue, and real progress across
our personalised medicine dosing software initiative."
For more information about Physiomics and its services, please visit
www.physiomics.co.uk (http://www.physiomics.co.uk) .
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Notes to Editor
About Physiomics
Physiomics plc combines expertise across Modelling & Simulation,
Biostatistics, Data Science and Bioinformatics, together with deep biology
expertise, to help biotech and pharma companies streamline their drug
development journeys. Our approach is to help derive insight from all relevant
and often disparate data in order to de-risk decision making and optimise
research design across discovery, pre-clinical and clinical studies. Through
use of cutting-edge computational tools, bespoke models and our proprietary
Virtual Tumour technology, the Physiomics team has informed the development of
over 140 commercial projects, with over 125 targets and drugs modelled.
Clients include Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics
& CRUK.
Chairman and Chief Executive Officer's Statement
Overview
The Company has continued to advance the operating model introduced by CEO Dr
Peter Sargent after his appointment and strategic review in early 2024. While
these changes led to record contract awards for the financial year ending 30
June 2024 (FY24), the full impact of these strategic changes became clear in
the year of this report (FY25), with total income rising 46% year-on-year and
the loss after tax reduced by 32% due to increased revenue and cost control
despite the reduction in tax credit. The Company's pipeline is robust, with
average annual contract wins in FY24 and FY25 exceeding £1million,
representing a 63% rise on the previous five-year average. At the start of the
current financial year ending 30 June 2026 (FY26), the Company had
approximately £594k in contracted revenue projected to be recognised within
the year, a 19% increase compared to the £500k brought forward from FY24.
Additional revenue of £59k has also been contracted for financial year ending
30 June 2027 (FY27).
The Company's core focus continues to be its Modelling and Simulation
service-line, which accounted for all consultancy revenue in FY25. At the
start of FY25, the business aimed to further diversify its client base, expand
into new therapeutic areas, and increase conversion rate of pipeline
opportunities to contract awards. As a result, Modelling and Simulation
revenue grew 44% compared with FY24. New clients represented 31% of contracts
in FY25 (up from an average of 17% over the prior six years) and total new
client contract value rose 23% year-on-year. Projects outside oncology
comprised 50% of FY25 projects (5% average over the preceding three years),
while the conversion rate improved by approximately 30% compared to FY24. In
parallel to growing this service line, the Company remains committed to
maintaining a high-quality service whilst offering its clients a bespoke and
flexible solution. As a result, 42% of clients contract with the Company more
than once, with 18% contracting more than three times. The business still
maintains long lasting relationships with several of its clients with FY25
seeing new contract awards with CRUK and Numab Therapeutics.
The Company officially launched its Biometrics service-line in FY25, enabling
it to start offering its clients Biostatistics and Statistical Programming
consulting solutions. The initial investment was made in a variety of
go-to-market activities, including an update of the website and marketing
materials, along with several client engagement campaigns. During the year,
the Company announced the recruitment of a new Head of Biometrics, Jesse
Thissen, as well as the signing of the Company's first two Biometrics
contracts. Jesse, who officially started in July 2025, brings significant
Biometrics expertise, having worked across Big Pharma (AstraZeneca), Biotech,
Consumer Health and Contract Research Organisations. The two Biometrics
contracts have a total value of £111k, providing biostatistical consulting
and statistical programming services to a UK headquartered clinical-stage
biopharmaceutical company. The Head of Biometrics has responsibility for
delivering these initial two contracts and will be instrumental in supporting
the Company to continue to build this service from both an operational and
go-to-market perspective. The Company has developed a pool of expert
Biometrics contractors, enabling flexible operations for future contracts
without requiring upfront investment in additional staff. In addition to
growing this service-line organically, the Company continues to explore
strategic options to accelerate its growth.
The Company is advancing its Personalised Dosing Initiative by generating
additional calibration and validation data through the Innovate UK funded
PREDICT-ONC project, as well as working on the implementation of the dosing
software onto the DoseMeRx platform as a potential market pathway. In January
2025, the Company announced that the PREDICT-ONC project received both
regulatory and ethical approval, enabling its partner, Blackpool Teaching
Hospitals NHS Foundation Trust, to begin recruiting breast cancer patients
onto the trial. Unavoidable delays in clinical trial approval have extended
project timelines into early 2026; however, recruitment is progressing well
with additional clinical sites being explored to accelerate recruitment
further.
After several rounds of software deployment, evaluation, and debugging, the
Company also reported the implementation of its personalised dosing software
on DoseMe's latest platform. This platform enables clinicians and healthcare
providers access to the software on a research-only basis allowing for human
factor evaluation and further validation data collection. FY25 concluded with
Physiomics and DoseMe signing non-binding Heads of Terms with the intention of
expanding their partnership beyond the Company's current personalised dosing
software. The expanded partnership aims to explore the development of new
dosing software across a variety of therapeutic areas.
Financial Review
The Company's total income for the year ended 30 June 2025 (FY25) is £834,156
and its loss after tax is £415,254. This represents a 46% increase in total
income and a 32% decrease in loss after tax when compared to the financial
year ended 30 June 2024 (FY24). Both metrics are in line with market
expectations for the year, indicating an upward trend in business performance
and cost management. This trend is highlighted further by the Company's sales
pipeline performance, with the average total value of contract wins over FY24
and FY25 reaching over £1 million per year, a 63% increase on the yearly
average over the previous five years. The Company has started the current
financial year ending 30 June 2026 (FY26) with approximately £594k of
contracted revenue (a 19% increase compared to the £500k brought forward from
FY24) and £60k of grant income that are projected to be recognised within the
year.
At 30 June 2025, the surplus of shareholders' funds was £692,171 (30 June
2024: £282,527) of which cash and cash equivalents were £461,242 (30 June
2024: £191,072).
The Company completed two fundraises during FY25, raising gross proceeds of
£406,417 (9 July 2024) and gross £500,000 (18 February 2025), to support
investment across its key growth initiatives. This includes recruitment of
further technical team members to accelerate conversion of the pipeline and
expansion of services, further investment in business development and
marketing, exploration of strategic options to accelerate growth of the
biometrics service-line and deployment of the Personalised Medicine Tool onto
the DoseMeRx platform.
Staff
Building upon the strategic review conducted in early 2024, the Company
invested in several key hires in FY25. This included the appointment of Dr
Mark Davies, Head of Quantitative Pharmacology and Data Science (November
2024) and Mr Jesse Thissen, Head of Biometrics (June 2025). Both individuals
bring significant technical and commercial expertise in their respective areas
and will be instrumental in the future direction and growth of the Company.
Staff utilisation rates are regularly reviewed as part of the Company's
workforce planning process and the Company would like to thank all its staff
for their continuing hard work and commitment during the year.
Outlook
The biopharmaceutical market in which the Company operates is currently facing
significant headwinds. Biotech companies and other drug development
organisations are continuing to experience difficulties in securing capital
for research and development programmes, while changes in the geopolitical
environment are leading to significant uncertainty in the market, especially
on pricing and cross-border trades. The continuing tight financing environment
has led many biopharma companies to restructure and reduce their workforce.
To adapt to these market pressures, the Company continues its transformative
journey following the strategic review of Physiomics' operating model early in
2024. The immediate impact of these changes and shift in investment focus was
reflected in record levels of contract wins in FY24. In FY25 momentum
continued with total Income increasing by approximately 46% and loss after tax
reducing by approximately 32% compared to FY24, meeting market expectations.
The business also maintained high levels of contract wins, with the average
total value of contract wins over FY24 and FY25 exceeding £1m per year, a 63%
increase on the yearly average over the previous five years.
Starting FY26, the Company continues this momentum, taking forward
approximately £653k of contracted consultancy revenues (£594k projected to
be recognised in FY26) and approximately £60k worth of grant income into
FY26. Furthermore, the Company enters FY26 with a robust late-stage sales
pipeline and notable advancements in its key growth initiatives, including the
recently launched Biometrics Service line and expansion into new therapeutic
areas.
Whilst market conditions are set to remain challenging at least in the
short-term, the demand for Model-Informed Drug Development and Biometrics
services is still set to increase. The Board is confident that the Company
will capitalise on these opportunities along with the strong foundation it has
established to sustain positive momentum throughout FY26.
Strategic Report
Principal activities
Physiomics is engaged in providing consulting services to biopharmaceutical
companies and research institutes in the areas of outsourced Modelling and
Simulation (Quantitative Pharmacology), Biometrics and Data Science
(Bioinformatics), using a combination of industry standard technologies and
its own proprietary technology platform, Virtual Tumour™. In simple terms,
this means helping drug developers accelerate the development of their
therapies towards market by supporting them to gain insights from their data
that will better inform their research decisions and support regulatory
review.
Modelling, Simulation and Data Science
Until recently, the Company focused primarily on providing modelling,
simulation, and data science services to support discovery, preclinical, and
clinical drug development activities. Fee-for-service revenue is generated by
delivering insights to clients through advanced modelling techniques and data
science approaches. The Company leverages its proprietary Virtual Tumour™
predictive software alongside industry-standard tools such as MATLAB and also
develops customised models. In recent years, enhancements to Virtual Tumour™
have been made to address specialised areas including immuno-oncology, DNA
damage repair inhibitors, radiation therapy, and other fields of expertise.
Many projects necessitate a combination of methodologies to deliver optimal
insights for clients. Client organisations place significant value on the
knowledge and experience of our team when evaluating data and designing new
programmes. The team's exposure to, and growing proficiency in, a diverse
range of therapeutic areas and treatment modalities continues to attract both
new and existing clients.
The Company leverages expertise in discovery, preclinical, and clinical
pharmaceutical R&D to help clients efficiently extract insights from data
through analysis, visualisation, interpretation, and mathematical modelling.
This supports clients throughout drug development in optimising treatments,
selecting the best targets, drugs, dosages, timing, and combinations. The
Company adds significant value during early drug development, especially when
moving from pre-clinical to first-in-human studies, by assisting with clinical
trial design and regulatory justification. Recent projects that demonstrate
these capabilities include:
• supporting a Swiss-based Biotech company's inflammation
pipeline with the design and selection of a lead drug candidate to take
forward into clinical trials;
• partnering with a UK-based cancer charity to assist an
oncology-focused biotech company in using data from its preclinical studies to
identify the suitable starting dose and dose-range for investigation in their
first human study;
• supporting a big pharma company in optimising the
balance of efficacy and toxicity for a variety of complex cancer regimens
combining different drug modalities - including chemotherapy and targeted
therapies;
• providing analytical support to a biotechnology company
developing therapeutics for Rheumatoid Arthritis by modelling preclinical and
First-in-Human trial data. This work aims to inform population-based dosing
strategies in preparation for their forthcoming Phase 2 clinical trial.
Biometrics
FY25 saw the Company officially launching its new Biometrics service-line.
Biometrics is an umbrella term incorporating Biostatistics, Statistical
Programming, and Data Management: all essential components of clinical
research. It plays a pivotal role in the setup, conduct, and reporting of
clinical trials, ensuring studies are well-designed so that any effect of the
therapy can be detected, data is accurately collected and analysed, and
results are interpreted correctly. Regulatory authorities across the world
require robust biometrics practices to approve new drugs. Biometrics typically
incorporates three main areas:
1. Biostatistics: Supporting the design of clinical studies and analysis
of resulting data
2. Statistical Programming: Use of programming language to process,
analyse and visualise clinical data
3. Data Management: Setup and oversight of the collection, entry, and
validation of clinical trial data
The strategic rationale for developing Biometrics service capabilities was
three-fold; first, the application of Modelling & Simulation and
Biometrics in drug development overlaps, with the output of the former often
being a key input to the latter, allowing for natural follow-on work to be
offered to clients. Second, Biometrics is a necessary component of the setup,
conduct and reporting of any interventional clinical trial, from Phase 1
through to Phase 4, regardless of the therapeutic area. This opens up a
significant market for the Company, giving greater opportunity to scale.
Finally, with both service lines utilising the same business model and similar
expertise across mathematics and data science, this allows the Company to
operate flexible staffing across service lines to meet demand and maximise
utilisation.
In addition to announcing the official launch of the Biometrics Service-Line
in FY25, the Company also announced the recruitment of the new Head of
Biometrics as well as signing its first ever Biometrics contracts. These two
new contracts are with a UK headquartered clinical-stage biopharmaceutical
company developing immunotherapies that target a range of diseases. In support
of two of the client's active clinical programmes, the Company is providing
Biostatistical and Statistical Programming services.
Personalised Medicine
In addition to its consultancy service business, the Company has continued to
develop its technology for use in the field of personalised medicine.
Physiomics' approach is to apply its technology and expertise in interpreting
pre-clinical and clinical cancer data to help predict when to treat patients
and with what dose of drug. This approach relies on advanced analytical
techniques, many of which (such as machine learning and neural networks) are
in the field of artificial intelligence (AI).
To date this work has been funded by three Innovate UK grants and one NIHR
grant and has not drawn materially on shareholder funds. The Company completed
its observational "PARTNER" study at Portsmouth University Hospitals NHS Trust
which validated the ability of the software to predict levels of the adverse
drug effect, neutropenia. While clinicians found this interesting, the
software's potential to guide G-CSF usage (an expensive biological drug to
treat neutropenia) was identified as having a potential greater commercial
value. Funded through the latest Innovate UK grant award announced in November
2023, the Company has kicked off project 'PREDICT-ONC' in partnership with UK
based start-up Beyond Blood Diagnostics and Blackpool Teaching Hospital NHS
Foundation Trust to generate data that will help further develop and validate
the software's use to guide dosing of G-CSF.
In January 2025, the Company reported that the PREDICT-ONC project received
regulatory and ethical approval, allowing its partner Blackpool Teaching
Hospitals NHS Foundation Trust to begin recruiting breast cancer patients for
the trial. Although recruitment is underway, delays affecting the commencement
of the trial, which were beyond the Company's control, have resulted in the
originally scheduled end date of October 2025 being extended to March 2026.
The partners are considering various approaches to accelerate the project,
such as identifying additional clinical sites, increasing data collection per
patient, and seeking alternative data sources outside the trial.
The Company recently announced that following several iterations of software
deployment, evaluation and debugging, it had successfully implemented its
dosing software onto its partner DoseMe's latest platform. This now allows the
tool to be made available to clinicians and health care providers on a
research-only basis allowing for important human factor evaluation and
additional validation data to be generated. The fact that the DoseMeRx
platform is already used by clinicians and practitioners worldwide provides a
potential route to market for the Company.
The Company announced in July 2025 that it had agreed non-binding Heads of
Terms with DoseMe Inc with the intention of expanding their partnership beyond
the Company's current personalised dosing software. The partnerships aim is to
explore the co-development of new dosing software in oncology or other
therapeutic areas.
Business Model
The Company's core commercial activity centres on providing advanced Modelling
& Simulation and Biometrics consulting services. These specialised
offerings are underpinned by significant internal expertise and proprietary
tools, including the Company's exclusive Virtual Tumour™ pre-clinical and
clinical models. Physiomics primarily operates on a fee-for-service model;
however, the strategy includes remaining open to alternative arrangements such
as risk-sharing and collaborative partnerships.
Although the Company continues to explore alternative options, it is envisaged
that fee-for-service consulting will continue to be the main driver of
revenues in the short to medium term. The Company aims to generate additional
income in the medium to long term from its Personalised Medicine dosing
software initiatives, as well as explore new opportunities that M&A could
bring, including in new markets or therapeutic areas that would be
complimentary.
Key strengths
The consulting business is the core of the Company's commercial activity and
we believe that it is unique in a number of respects:
• Physiomics' expertise and tools can be applied across
multiple therapeutic areas. The team has accumulated over 180 years of
combined experience in the development of new drugs through quantitative
pharmacology, mathematical modelling, biostatistics and disease biology. Over
the Company's lifetime it has completed over 138 projects covering hundreds of
targets, cell lines and drugs. A large percentage of these projects have
focussed on oncology therapies; however, the Company is increasingly working
in other therapeutic areas with 50% of projects delivered in the financial
year ending 30 June 2025 focused on therapeutic areas outside oncology,
compared to an average of 5% over the previous three years. The Company is
currently supporting the development of a range of new therapies, including
those focused on infectious disease, rheumatoid arthritis and dermatology.
• Physiomics' uses a range of modelling, bioinformatics
and biometrics tools, including a proprietary in-house platform called Virtual
Tumour™. Although the team can take advantage of all commonly used
modelling, simulation, data analysis and biometrics techniques, it also has
access to an internally developed platform that is uniquely useful when
considering novel cancer drugs.
• The team possesses specialised expertise in the
sourcing, curation, and analysis of healthcare data. Whether the data
originates from clients or is drawn from public sources, Physiomics'
professionals are skilled in data analysis, coding, and advanced machine
learning (AI) methods that form the foundation of the modelling and biometric
services we deliver on behalf of valued clients.
• The Company differentiates itself to its competitors by
offering flexible, bespoke services that best answer our clients' questions
and fit in with their timelines.
Physiomics' strategy
Physiomics' strategy is to grow its consulting business across Modelling &
Simulation and Biometrics while actively applying this expertise in the
development of personalised medicine assets. In order to grow the business
and become cash generative, the main strategic aims are as follows:
• Continue to expand and diversify the core consulting
business (Modelling & Simulation) both through repeat business and through
the acquisition of new clients.
• Leverage the momentum from the recent launch of the
Biometrics services line and the initial contract awards by further investing
in operational and go-to-market activities necessary to expand the pipeline
and secure additional contracts. In the short-term, the focus will remain on
building capabilities and pipeline across Biostatistics and Statistical
Programming, with a medium to long term aspiration to develop data management
solutions.
• In parallel to driving organic growth across both
consulting service-lines, explore strategic options to accelerate growth -
either through partnerships or business acquisition.
• Supplement the core consulting revenues through grant
funded projects, especially in the field of personalised medicine (CRUK,
Innovate UK, NIHR etc).
• Pursue the development of new, complementary business
areas including personalised medicine and additional service offerings in drug
discovery and development to enhance long-term value for the organisation and
shareholders.
Obligations under s172 of the Companies Act
The Directors are mindful of their obligations under s172(1) of the Companies
Act 2006 to act in good faith to promote the success of the Company for the
benefit of its members as a whole, and in doing so have regard (amongst other
matters) to the following:
Principle Company's actions
The likely consequences of any decision in the long term. The Company has a long-term vision as set out in this report.
The interests of the Company's employees. The Company values its employees and implements training, offers development
opportunities and has in place appropriate incentive programs to support their
retention.
The need to foster the Company's business relationships with suppliers, The Company spends significant effort in reaching out to new and existing
customers and others. customers and in soliciting their feedback following engagements. The Company
also prides itself on having good relationships with all key suppliers.
The impact of the Company's operations on the community and the environment. The Company's operations have minimal impact on the community and environment.
The desirability of the Company maintaining a reputation for high standards of The Company maintains a high standard of business ethics, complying with the
business conduct. QCA code (updated version II) for corporate governance.
The need to act fairly as between members of the Company. The Company treats all members equitably and attempts to ensure a timely and
accurate flow of information to all members.
Review of Business
The Company is principally engaged in providing consulting services to
pharmaceutical companies in the areas of outsourced Modelling and Simulation
(Model-Informed Drug Development) and Biometrics.
• Total income (revenue and grant income) increased 46% to
£834,156 (2024: £570,561)
• The operating loss decreased 32% to £457,791 (2024:
£670,816)
• The loss after taxation decreased 32% to £415,254
(2024: £609,352)
• At 30 June 2025, the surplus of shareholders' funds was
£692,171 (30 June 2024: £282,527)
• Cash and cash equivalents at 30 June 2025 of £461,242
(30 June 2024: £191,072)
Consulting Business
Physiomics' consulting business is at the heart of its offering to clients.
The Company uses a range of techniques and tools, including its proprietary
Virtual Tumour™ software platform, to support its clients derive unique
insights from their data in order to accelerate and derisk their drug
development efforts. It is a combination of Physiomics' technology and the
experience of the team that enables Physiomics' to be able to deliver clients
both a targeted product offering that meets their needs whilst at the same
time delivering value for money and flexibility. The Company believes that it
is unique in offering a combination of:
• Deep experience and knowledge of disease biology -
historically oncology but expanding rapidly into other therapeutic areas;
• Data-driven approaches to supporting clients' R&D
projects, deriving insights from often complex and disparate data sets; and
• A level of flexibility and responsiveness that is not
typically found in larger organisations.
Physiomics' has continued to develop its brand through a variety of marketing
and business development activities including:
• Engagement of external social media, marketing and
public relations expertise to advise and support the Head of Business
Development and service-line heads in the execution of key marketing
initiatives;
• Publication of thought leadership materials, including
two blog posts in partnership with Weatherden, a clinical development
consultancy based in the UK;
• Publication of three peer reviewed scientific articles
in collaboration with Merck KGaA, Astellas Inc and Ankyra Therapeutics Inc.;
• Continued use of social media to engage with current and
potential new clients;
• Attendance at key conferences such as this year (FY25)
at ASCPT where Merck KGaA and Physiomics presented a poster, sponsoring
NextGen Biomed where Dr Mark Davies gave a presentation, BIOEurope, Bio
International, DDR Inhibitors Summit, PKUK, PAGE, QSP-UK and ELRIG; and
• A refresh of Physiomics' website to refine its messaging
and including the new Biometrics and Data Sciences services. This also
included a recent Search Engine Optimisation (SEO) audit and optimisation
exercise.
The Company continues to be successful in attracting repeat business this year
from clients such as Numab Therapeutics and Cancer Research UK, whilst also
driving business with new clients. The average total value of contract wins
over FY24 and FY25 is over £1 million per year, a 63% increase on the yearly
average over the previous five years. Since incorporation, 42% of all clients
contract with the Company more than once.
The Company's clients in this financial year have been located in the European
Union, UK, and Switzerland. In terms of the mix of work, Physiomics'
continues to work across the full spectrum of R&D from discovery to
development. Even though the primary focus is still on translational projects
involving assets entering clinical development for the first time, the Company
is also delivering on projects supporting R&D activities as far upstream
as discovery in areas such as target identification, as well as projects
outside of oncology, such as dermatology, rheumatoid arthritis, and infection
diseases. Physiomics' is also supporting clients across a wide array of
disease modalities, including but not limited to antibody drug conjugates,
radiopharmaceuticals, DNA damage repair agents and combination therapies. FY25
also saw the official launch of the Company's biometrics services.
Personalised Medicine
The personalised medicine and digital health space continues to generate
significant interest from both investors and healthcare systems. Many
start-ups in this area focus on the use of genetic markers or the
pattern-recognition capabilities of artificial intelligence applications.
However, Physiomics' believes that there is a significant opportunity in the
analysis of existing clinical data to identify better ways to treat patients
using existing drugs and procedures.
The Company has developed a tool for personalised dosing, funded mainly by
three Innovate UK and one NIHR grant as noted above. An expanded partnership
with DoseMe Inc intends to explore opportunities for developing new
personalised dosing software beyond the current initiative.
Strategic and financial performance indicators
The Company is focused on the creation of long-term value for its shareholders
and becoming cash generative.
The Directors consider that the key performance indicators are those that
communicate the financial performance and strength of the Company as a whole:
these being revenue, profitability, and shareholders' funds, as well as
indicators of future performance: being value of new contracts won and
contracted future revenue. Pipeline value and conversion rate is also
monitored by the Board monthly.
Total revenues during the last six financial years (year ended June 2020 to
year ended June 2025) exceed the total revenues of the first eighteen
accounting periods (from incorporation to June 2019).
Over the past three financial years, total income has risen by 38%, from
£606k in FY23 to £834k in FY25. During this time frame, the Company
effectively managed operating expenses, keeping increases in line with
inflation-costs rose by 4% from FY24 to FY25 and by 5% from FY23 to FY24. As a
result, the loss after tax for FY25 was reduced by 32% compared to FY24 and by
13% compared to FY23, indicating a significant improvement throughout the
period.
The net assets as at 30 June 2025 of £692k have fallen from their peak at
June 2020 of £1,315k, primarily due to strong market head winds in FY23 and
FY24, along with increased investment in people and technology needed to drive
future growth.
The average total value of contract wins over FY24 and FY25 reached a record
high of over £1 million per year, a 63% increase on the yearly average over
the previous five years. The Company started FY26 with approx. £594k of
contracted revenue that is projected to be recognised within the year. This
compares to approximately £500k worth of contracts carried forward from FY24
into FY25, a 19% year-on-year increase.
Principal Risks
The Company faces a number of risks and maintains a risk register that
identifies specific risks, their potential impact, their likelihood and
mitigating actions. This register is updated as required and on an annual
basis as a minimum. Selected key risks are addressed below.
Risk Description Mitigation
Loss of major customer The business has a high dependence on repeat business. This leads to the For the year ending 30 June 2025, new contracts from repeat clients
risk that these existing customers could significantly reduce or cancel its contributed to 64% of the value of all contracts won in that period, with 36%
contracts with the Company. of the value coming from contracts signed with new clients. The total value of
new client contracts has continued to increase year on year since FY23, with
total value from new clients in FY25 being 515% higher than FY23 and 23%
higher than FY24. Dependence on a single key client dropped from 80% of
revenue in FY19 to 37% in FY25.
Competition Physiomics operates in a competitive environment which could lead to pricing The Company continued to expand and diversify its services. FY24 and FY25 has
pressure. Whilst the business uses its own proprietary technology a seen the expansion of the Modelling and Simulation service-line into
competitor could attempt to replicate its Virtual Tumour™ technology. therapeutic areas outside oncology and supporting clients further upstream in
the drug development cycle in discovery. In addition, the Company has
established a second service-line, Biometrics, which allows the business to
provide clients a much broader service, enabling access to a much larger
market.
The Company also continues to assess its pricing to ensure it remains
competitive and has increased its rates on average by 14% per year over the
last two years, whilst reaching a total value of contract wins of over £1m
per year average for FY24 and FY25, 63% higher on the yearly average over the
previous five years.
Utilising feedback from clients and competitor intelligence, the Company
continues to evolve its Virtual Tumour™ platform to improve the scope and
applicability of the technology, adding further value to its clients and
differentiating the service from its competitors.
The Company continues to develop its personalised medicine offering that once
developed will provide a potential new source of income beyond consultancy
services.
Personnel & skills The success and future growth of the Company is in part dependent on the The Company seeks to recruit, develop, and manage talent on a continuous basis
continued performance and delivery of certain Directors, managers, key staff and has built a network of contracted specialists who can provide additional
and contractors. The Company operates in a highly specialised field where resource when required.
there is strong competition for required skills and talent.
In order to attract the best talent, the Company offers competitive packages
Key personnel leaving the Company could lead to a short-term reduced capacity to its staff which include a share option scheme, private medical insurance
to service client projects. and flexible working. A collegiate working environment and opportunities for
personal and professional development also help to maintain staff
satisfaction.
Over the course of this financial year, the Company has successfully attracted
and recruited a Head of Biometrics, Head of Quantitative Pharmacology and Data
Science, a Quantitative Pharmacology Scientist and a Principal Consultant
Clinical Pharmacology contractor.
Financial The financial risks faced by the Company include the ability to cover working The Board addresses financial uncertainties by monitoring actual performance
capital needs, raise sufficient funds to support the Company through to against internal projections and responding to significant variances. The
profitability and failure to secure further contracts. Company also employs tight cost controls across the business and has from time
to time raised funds from investors.
The process of winning major contracts is typically protracted and the Company
operates in a competitive environment. This means the Company often faces The Company seeks to ensure cash availability for working capital purposes and
significant uncertainties in its cash flow. to reduce credit risk arising from cash and short-term deposits with banks and
other financial institutions by holding deposits with an institution with a
medium grade credit rating or better.
In July 2024 and February 2025, the Company completed two fundraises totalling
£906k gross to support expansion of the core Modelling and Simulation
service-line, and continued development of Biometrics capability and of its
personalised medicine software.
Regulation Changes The Company's customers are predominately pharmaceutical and biotechnology The Company regularly reviews regulations changes through proactive
companies who require outsourced quantitative pharmacology and biometrics discussions with key industry officials, professional advisers and regulatory
services. There is a risk that the business model is impacted by future bodies where appropriate.
changes in regulations in the medical and pharmaceutical industry.
Major agencies such as the FDA are actively promoting the use of Modelling and
Simulation (Quantitative Pharmacology) and issue advisory papers which set out
their thinking.
Biometrics, which includes Biostatistics, Statistical Programming and Data
Management are required under international regulation (ICH E9). This means
that all interventional clinical trials setup and run across major markets
(including the US, EU, UK, Switzerland, Japan, South Korea, and Australia.)
Systems & infrastructure The Company is dependent on its IT technical infrastructure and systems for Continuity of access to data and the integrity of this data is maintained
the management of its core operations and research and development programmes. through the implementation of a system of data storage, offsite backup, and
monitoring of key coding and modelling data. The Company maintains a variety
of systems that monitor system threats, along with utilisation encrypted data
storage and multi-factor authentication.
Prevailing economic conditions Biotech companies and other drug development organisations, including many of Following the drop in revenues in FY23 and FY24 the Company has started to
Physiomics' clients, are continuing to experience difficulties in securing recover back to revenue levels seen previously. In addition, the Company is
capital for research and development programmes, while changes in the now achieving record levels of sales, with average total value of contract
geopolitical environment are leading to significant uncertainty in the market, wins over FY24 and FY25 being 63% higher than the previous five years. The
especially on pricing and cross-border trades. The continuing tight financing Company is also building momentum across its key growth initiatives, including
environment has led to many biopharma companies to restructure and reduce the newly launched Biometrics service-line. The Company believes that this new
their workforce. service-line will be instrumental in efforts to scale the business and growth
of future revenues. Additional new service lines are being explored by the
Company to allow access to broader markets.
Directors' Report
The Directors submit their report and the audited financial statements of
Physiomics Plc for the year ended 30 June 2025.
Results
There was a loss for the year after taxation amounting to £415,254 (2024 loss
after tax: £609,352). In view of accumulated losses, and given the stage of
the Company's development, the Directors are unable to recommend the payment
of a dividend.
Directors
The Directors who served during the year were:
Dr J S
Millen
Dr T H Corn
Mr S Kumar
Dr P J Sargent
Statement of Directors' responsibilities
The Directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each
financial year. Under that law the Directors have elected to prepare the
financial statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by United Kingdom (UK). Under company law the
Directors must not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Company and
the financial performance and cash flows of the Company for that year.
The financial statements are required by law, and IFRS as adopted by the UK,
to give a true and fair view of the state of affairs of the Company.
In preparing the Company financial statements, the Directors are required to:
a. select suitable accounting policies and then apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c. state whether in preparation of the financial statements the Company
has complied with IFRS as adopted by the UK, subject to any material
departures disclosed and explained in the financial statements; and
d. prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the financial statements comply with the Companies
Act 2006.
They are also responsible for safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors are also responsible for the maintenance and integrity of the
Physiomics Plc website. Legislation in the United Kingdom governing the
preparation and dissemination of the financial statements may differ from
legislation in other jurisdictions.
Substantial shareholdings
The Company has been informed, based on a beneficial ownership search carried
out by its registrar, that as at 15 August 2025, the following individual
shareholders had over 3% interests in the issued ordinary shares of the
Company.
Shares (m) Holding %
Mr Ryan Mancrief 14,234,711 4.69%
On 15 August 2025, Dr Jim Millen held 1,884,393 ordinary shares (a holding
percentage of 0.62%). Dr Peter Sargent held 459,090 ordinary shares (a holding
percentage of 0.15%).
Directors' remuneration
Details of Directors' remuneration in the year ended 30 June 2025 is set out
below. Dr C D Chassagnole resigned as a Director on 31 May 2024.
Emoluments Bonus Benefits Pension Contributions Total 2025 Total 2024
£ £ £ £ £ £
Dr J S Millen 38,000 - 2,768 - 40,768 67,433
Dr C D Chassagnole - - - - - 80,465
Mr S Kumar 20,000 - - - 20,000 20,000
Dr T H Corn 20,000 - - - 20,000 20,000
Dr P J Sargent 137,500 15,000 511 11,600 164,111 78,746
Total 215,500 15,000 3,279 11,600 245,379 266,644
Dr P J Sargent's base salary of £145,000 is reduced by a £7,500 salary
sacrifice to £137,500, with his £11,600 pension including the sacrificed
amount.
Corporate governance
Physiomics Plc has chosen to comply with the Quoted Companies Alliance ("QCA")
Corporate Governance Code (updated and amended version II). High standards
of corporate governance are a priority for the Board, and details of how
Physiomics addresses key governance principles defined in the QCA code are set
out below.
1. Establish a strategy and business model which promote long-term value
for shareholders
The Company's business model is focused on helping big pharma and biotech
clients utilise their data, or data in the public domain, to derive insights
that support the design and optimisation of their R&D. These insights
support clients reduce the number of experimental permutations needed whilst
improving robustness in design and conduct of experiments. This benefits the
clients in helping to accelerate and de-risk drug development programmes,
reduce costs, whilst fulfilling the necessary regulatory requirements. The
Company operates mainly on a fee for service basis but is also open to other
arrangements such as risk-based milestones and licensing although these have
not formed a material part of the Company's revenues historically. In
addition to its commercial business the Company engages in grant driven
projects which do not generate profit but which provide valuable "paid for"
R&D which can then be leveraged through the Company's commercial
activities. The Company aims to deliver shareholder value by increasing the
number and value of its commercial clients across its Modelling &
Simulation and Biometrics service-lines, whilst investigating the commercial
potential of new areas such as personalised medicine. The Company believes
that its strategy will be effective in helping it to meet challenges such as
competitive pressure and the rapid pace of technological change in the
pharmaceutical industry.
2. Seek to understand and meet shareholder expectations
The Company maintains a dedicated email address which investors can use to
contact the Company which is prominently displayed on its website together
with the Company's address and phone number. The Company holds an Annual
General Meeting ("AGM") to which all members are invited and during the AGM,
time is set aside specifically to allow questions from attending members to
any Board member. As the Company is too small to have a dedicated investor
relations department, the CEO is responsible for reviewing all communications
received from members and determining the most appropriate response. In
addition the Company utilises an online investor relations platform to provide
business updates as and when needed, but at least two to three times per year.
Additional Investor Relations platforms are being explored to enhance the
Company's communications with shareholders.
3. Take into account wider stakeholder and social responsibilities and
their implications for long-term success
In addition to members, the Company believes its main stakeholder groups are
its employees and clients. The Company dedicates significant time to
understanding and acting on the needs and requirements of each of these groups
via meetings dedicated to obtaining feedback (see principle 2 above).
With regards corporate social responsibility, there is little direct impact of
the Company's day-to-day activities however the Company is proud that its
overarching goal is to support the development of new treatments for a variety
of diseases, including cancer, that have a profound impact on society.
4. Embed effective risk management, considering both opportunities and
threats, throughout the organisation
The Company maintains a Business Continuity and Disaster Recovery Plan that is
used to manage risks across several categories including personnel, clients,
competition, finance, technical and legal. For each risk we estimate the
impact, likelihood as well as identify mitigating strategies. This plan is
reviewed periodically and at least annually. During such reviews, each risk
category is considered by the Directors with a view to understanding (i)
whether the nature, impact or likelihood of any risks has changed, (ii)
whether the mitigating actions taken by the Company should change as a result
and (iii) whether any new risks or categories of risk have arisen since the
last review. The Company's Business Continuity and Disaster Recovery Plan is
reviewed by its auditor and Board as part of its annual audit process,
providing a degree of external assurance as to the suitability of its risk
management strategy, providing a degree of external assurance as to the
suitability of its risk management strategy.
5. Maintain the Board as a well-functioning, balanced team led by the
Chairman
The Board of Physiomics Plc currently comprises one Executive Director, two
independent Non-Executive Directors, one Non-Executive Chairman and a Company
Secretary (non-director). The Board meets at least monthly for one day
(except August). Each Director is re-elected to the Board on a rotating basis
by a vote of members at the Company's AGM. The Board is considering each
Director standing for re-election at each AGM, in line with new QCA guidance,
from the next AGM.
Executive Directors are employees of the Company. Non-Executive Directors'
contracts require that directors dedicate a minimum of one day per month. In
addition, non-executive directors may provide additional paid consulting
services at rates specified in their contracts.
Following a period back in FY24 when Dr Jim Millen has fulfilled the roles of
both Executive Chairman and CEO, there is now a more balanced ratio of
executive and non-executives on the Company's Board. This also addresses the
guidance in the QCA Code regarding separation of the roles of Chairman and
Chief Executive Officer.
The attendance of the Directors at the regular Board and Committee Meetings
during the year ended 31 June 2025 were as follows.
Name Position Regular Board Meetings and AGM Finance & Audit Committee Remuneration Committee
Jim Millen Non-executive Chairman 11 (11) 1(1) 1(1)
Peter Sargent Chief Executive Officer 11 (11) 2(2) 1(1)
Shalabh Kumar Non-executive Director 11 (11) 2(2)
Tim Corn Non-executive Director 10 (11) 1(1) 1(1)
Numbers in brackets denote the total number of meetings that each Director was
eligible to attend during the year.
6. Ensure that between them the directors have the necessary up-to-date
experience, skills and capabilities
The current Directors of the Company, together with their experience, skills,
and personal qualities relevant to the Company's business are outlined below:
· Dr Peter Sargent (Chief Executive Officer) joined Physiomics in
September 2023, initially joining the Board as Chief Operating Officer before
transitioning to Chief Executive Officer in January 2024. He brings over 20
years of experience in life sciences, leading R&D and commercial teams
across drug and diagnostic development businesses. Prior to joining
Physiomics, Dr Sargent held a senior management role at global consultancy
business Syneos Health Inc (NASDAQ: SYNH), leading large teams of
professionals and servicing a variety of clients in the biopharmaceuticals
space. Among his earlier roles, Dr Sargent has also been Head of Business
Development for the UK's National Institute for Health and Care Research
(NIHR), leading a team supporting global life science businesses access to
funding and research infrastructure in the UK. He holds a PhD in Biochemistry
from King's College London.
· Dr Jim Millen (Non-Executive Chairman) joined Physiomics in April
2016, bringing over 15 years' experience in pharmaceuticals and biotechnology
gained at a number of blue-chip global companies as well as smaller UK-based
organisations. At Allergan, Dr Millen was responsible for corporate
development in its Europe, Africa and Middle East region where he was pivotal
in expanding the Company's geographical footprint before moving to a senior
role responsible for commercial strategy and market access. Prior to that, at
GSK, Dr Millen held business development roles of increasing responsibility
including within the Company's innovative Centre of Excellence for External
Drug Discovery. Dr Millen has also supported a number of smaller companies in
fund raising and strategic partnering activities. Over the course of his
career he has completed an array of deals worth many hundreds of millions of
dollars, spanning licencing, acquisition, divestment, development and
commercialisation. Dr Millen studied medicine at Queens' College, Cambridge
University and qualified as a doctor from the London Medical School. He holds
an MBA from INSEAD. Dr Millen's ability to develop and grow businesses and
drive towards ambitious goals is of great value in his role as Non-Executive
Chairman.
· Dr Tim Corn (Non-Executive Director) qualified in medicine at
King's College Hospital and, after becoming honorary Consultant and Senior
Lecturer, joined the pharmaceutical industry in 1983. He has held senior
positions in both big and small pharma as well as at the MHRA and became CMO
of several small but highly successful venture-backed companies, such as EUSA
Pharma and Zeneus Pharma. Dr Corn has played a key role in more than twenty
regulatory approvals in the USA and Europe, is the author of more than forty
scientific publications, and was elected Fellow of both the Faculty of
Pharmaceutical Medicine and the Royal College of Psychiatrists.
· Mr Shalabh Kumar (Non-Executive Director) is a proven business
executive with over 30 years of experience within the life sciences consulting
and services industry. Mr Kumar co-founded, and subsequently was the Chief
Executive Officer of Kinapse, a life sciences consulting and outsourcing
service provider. The company was later acquired by Syneos Health® (Nasdaq:
SYNH) after growing to employ over 600 people across UK, India and US. Prior
to that he has worked in Accenture, Gillette (Procter & Gamble) and
Unilever. More recently, Mr Kumar has been working as an independent strategy
consultant and angel investor in the life sciences industry, working with
biopharmaceutical companies, life sciences services and technology companies
and private equity firms. Recent roles include Chairman of the Board of
Clustermarket Ltd, a lab software start-up; independent strategy consultant to
the life sciences R&D group of Accenture plc (NYSE: ACN); and Global Head
of Services at Navitas Life Sciences, a technology-backed life sciences
contract research organisation. Mr Kumar is also Chairman of Pharmalancers
Ltd, a UK-based life sciences services tech start-up.
· Anthony Clayden, of Strategic Finance Director Ltd (Company
Secretary) is Head of Finance and Company Secretary with over 24 years'
experience directing or advising over 50 high growth potential businesses of
differing size and complexity and brings broad experience of strategic,
operational, and financial matters. His career encompasses numerous businesses
in the life sciences and healthcare sector including 6 years as Chief
Financial Officer of AIM quoted Futura Medical Plc where he was involved in
its IPO and a series of placings. Previously, Anthony worked with KPMG and PwC
on a range of corporate finance matters including fundraisings, company sales
and acquisition advice. Anthony has a B.Sc. (Hons) in Natural Sciences from
Durham University and is a Qualified Chartered Accountant. Although Anthony
is not a Director of the Company, he provides invaluable advice on all matters
financial.
The Company holds annual briefings for the Board covering regulations that are
relevant to their role as Directors of an AIM-quoted company.
The Company believes that its Directors blend of past and ongoing experience
provides them with the relevant up to date skills needed to act as board
members for a small company. The Company keeps close contact with its NOMAD
and nominated Broker on ongoing regulatory and market related changes and
issues, and seeks their advice and periodic teach ins.
7. Evaluate Board performance based on clear and relevant objectives,
seeking continuous improvement
Evaluation of the performance of the Board has historically been implemented
internally. The Board will review and consider the performance of each
Director at or around the time of the Company's Annual General Meeting.
On an ongoing basis, Board members maintain a watching brief to identify
relevant internal and external candidates who may be suitable additions for
current Board members.
8. Promote a corporate culture that is based on ethical values and
behaviours
The Board believes that the promotion of a corporate culture based on sound
ethical values and behaviours is essential to maximise shareholder value.
The Company maintains and annually reviews a handbook that includes clear
guidance on what is expected of every employee and officer of the Company.
Adherence of these standards is a key factor in the evaluation of performance
within the Company, including during annual performance reviews. In
addition, staff matters are a standing topic at every Board meeting and the
CEO reports on any notable examples of behaviours that either align with or
are at odds with the Company's stated values. The Directors believe that
the Company culture encourages collaborative, ethical behaviour which benefits
employees, clients and shareholders and that all employees and consultants
work in line with the Company's values.
9. Maintain governance structures and processes that are fit for purpose
and support good decision-making by the Board
The Board of the Company, together with its sub-committees, is responsible for
the following:
· The setting of and execution of the overall strategy of the
Company;
· The setting of financial targets and monitoring of the Company's
performance vs these targets on a monthly basis;
· The preparation and approval of interim and final results for the
Company;
· The commissioning and oversight of the audit of the Company's
full year results;
· The preparation and approval of the Company's Annual Report;
· The preparation of resolutions to be voted upon in the Company's
Annual General Meeting;
· Approval of regulatory communications;
· The setting of guidelines for remuneration of employees,
Directors, and consultants, including where appropriate long-term incentives
such as share option schemes;
· The approval and oversight of any changes to the capital
structure of the Company such as the raising of capital through placings;
· The identification, evaluation, and monitoring of key strategic
risks to the Company's business; and
· The employment of key officers and Directors of the Company (the
latter as recommendations to be voted on at the Company's AGM).
The key Board roles are as follows:
· Chairman: The primary responsibility of the chair is to lead the
Board effectively and to oversee the adoption, delivery, and communication of
the Company's corporate governance model. The chair is also responsible for
making sure that the Board agenda concentrates on the key issues, both
operational and financial, with regular reviews of the Company's strategy and
its overall implementation.
· CEO: Charged with the delivery of the business model within the
strategy set by the Board. Works with the other directors in an open and
transparent way. Keeps the Board up-to-date with operational performance,
risks, and other issues to ensure that the business remains aligned with the
strategy.
The Board has two sub-committees appointed by the Board of Directors. They
are as follows:
· Audit Committee: The Committee meets to consider matters relating
to the Company's financial position and financial reporting. The Committee
reviews the independence and objectivity of the external auditors, Moore
Kingston Smith LLP, as well as the amount of non-audit work undertaken by
them, to satisfy itself that this will not compromise their independence.
Details of the fees paid to Moore Kingston Smith LLP during the current
accounting period are given in the notes to the accounts. The Audit
Committee currently comprises Dr Peter Sargent and Mr Shalabh Kumar, with
Anthony Clayden of Strategic Finance Director Ltd (Company Secretary)
attending as secretary.
· Remuneration Committee: The Remuneration Committee has been
established primarily to determine the remuneration, terms and conditions of
employment of the Executive Directors of the Company. Any remuneration issues
concerning Non-Executive Directors are resolved by this Committee and no
Director participates in decisions that concern his own remuneration. The
Remuneration Committee comprises Dr Tim Corn and Dr Jim Millen, with Anthony
Clayden of Strategic Finance Director Ltd (Company Secretary) attending as
secretary.
Finally, the Company gives regular consideration to how best to evolve its
governance framework as it grows. It currently does not have an ESG committee.
10. Communicate how the Company is governed and is performing by maintaining a
dialogue with shareholders and other relevant stakeholders
On the Company's website, shareholders can find all historical RNS
announcements, interim reports, and annual reports. Annual Reports and
Annual General Meeting Circulars are made available to all registered
shareholders or nominees via electronic shareholder communication system
managed by the Company's registrar and results of Annual General Meeting votes
are also published on the Company's website. The Company's website allows
shareholders and other interested parties to sign up to a mailing list to
enable them to directly receive regulatory and other Company releases. As
described earlier, the Company also maintains email and phone contacts which
shareholders can use to make enquiries or requests.
Environmental and Social Governance
The Company has a relatively small environmental footprint and implements
various policies to ensure it is kept to a minimum, including:
· Use of modular office space with services shared with other
occupiers
· Adoption of flexible "hot-desking", especially in light of new
more flexible home/ office working models post-COVID
· Recycling of office waste where possible
The activities of the Company are targeted at supporting companies developing
drugs and therapies to fight a variety of diseases, including cancer, in
addition, the computer-based modelling we undertake serves to reduce the
volume of animal testing needed in developing such therapies.
Finally, in terms of diversity and inclusion, of nine permanent employees,
five are women and three are non-UK nationals.
Post balance sheet events
There were no post reporting events to note.
Statement as to disclosure of information to auditors
The Directors in office on 26 September 2025 have confirmed that, as far as
they are aware, there is no relevant audit information of which the auditors
are unaware. Each of the Directors have confirmed that they have taken all the
steps that they ought to have taken as Directors in order to make themselves
aware of any relevant audit information and to establish that it has been
communicated to the auditors.
Going concern, responsibilities and disclosure
After making appropriate enquiries, the Directors have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. For this reason, they continue to
adopt the going concern basis in preparing the financial statements.
Internal controls and risk management
The Board is responsible for the Company's system of internal control and risk
management and for reviewing its effectiveness. The Directors have a
reasonable expectation that the Company will safeguard the Company's assets.
The risk management process and internal control systems are designed to
manage rather than eliminate the risk of failing to achieve business
objectives and can only provide reasonable, but not absolute, assurance
against material misstatement or loss. The key features of the Company's
system of internal control are as follows:
· a clearly defined organisational structure and set of objectives;
· the executive Directors play a significant role in the day to day
operation of the business; and
· detailed monthly management accounts are produced for the Board
to review and take appropriate action.
Energy and Carbon Reporting
Although the Company is not required to report under the UK Government's
Streamlined Energy and Carbon Reporting (SECR) framework, the Board recognises
the importance of environmental responsibility and transparency. Physiomics
operates a single office in Oxford with a small team, and its overall energy
use and carbon footprint are modest. The principal sources of emissions arise
from electricity usage in the office and occasional business travel. During
the year the Company has:
· maintained a hybrid working model, reducing commuting
requirements.
· encouraged the use of public transport and virtual meetings to
minimise travel-related emissions.
· continued to monitor office electricity use to ensure efficient
operation.
Given the scale of operations, the Board believes that Physiomics'
environmental impact is low; however, it remains committed to adopting
proportionate measures to further reduce its footprint where practicable.
Annual General Meeting
The Company values the views of its shareholders and recognises their interest
in the Company's strategy, performance, and the ability of the Board. The AGM
provides an opportunity for two-way communication and all shareholders are
encouraged to attend and participate. Separate resolutions will be put to
shareholders at the AGM, giving them the opportunity to discuss matters of
interest. The Company counts all proxy votes and will indicate the level of
proxies lodged on each resolution, after each has been dealt with on a show of
hands.
The Company intends to hold an in-person AGM this year, further details of
which will be announced shortly.
Independent Auditors' Report to the Members of Physiomics Plc
Opinion
We have audited the financial statements of Physiomics PLC (the Company) for
the year ended 30 June 2025 which comprise the Income statement, Statement of
Comprehensive Income, the Statement of Financial Position, the Statement of
Changes in Equity, the Cash Flows Statement and notes to the financial
statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and UK
adopted international accounting standards.
In our opinion the financial statements:
· give a true and fair view of the slate of the company's affairs
as at 30 June 2025 and of its loss for the year then ended
· have been properly prepared in accordance with UK adopted
international accounting standards; and
· have been prepared in accordance with the requirements of the
Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(UK) (ISAs (UK)) and applicable law. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the
audit of the financial statements section of our report. We are independent of
the company in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK. Including the FRC's Ethical
Standard as applied to listed entitles, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
An overview of the scope of our audit
We tailored the scope of our audit to ensure that we performed sufficient and
appropriate audit work to be able to express an opinion on the financial
statements. The scope of our audit of the Company's financial statements
involved obtaining an understanding of the Company and its environment,
including the system of internal control, and assessing the risks of material
misstatement in the financial statements. We also addressed the risk of
management override of internal controls, including assessing whether there
was evidence of bias by the directors that may have represented a risk of
material misstatement.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were
of most significance in our audit of the financial statements of the current
period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) we identified, including those
which had the greatest effect on: the overall audit strategy, the allocation
of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Risk How the Scope of our audit responded to the risk
Revenue recognition We focused our work on those revenue streams that are most susceptible to the
risk of material misstatement in the financial statements. Our work was
The company's accounting policy in respect of revenue recognition is set out focused on ensuring that revenue was recognised in accordance with the
on page 41. requirements of IFRS 15.
We critically assessed the risk of material misstatement in the financial
statements due to incorrect revenue. The revenue is all contractual in nature
(either projects or grant income) and revenue totalled £834,156 (2024: Our work included, but was not limited to, the following procedures:
£570,561).
Revenue for projects is recognised against an estimated time to complete and
then against time spent on the project. • We reviewed contracts with customers to understand the duration and scope
of the project.
Revenue for grant income is recognised against qualifying costs incurred on
the grant related activity in accordance with the terms of the grant. • We substantively tested a sample of time reported spent on project to
relevant supporting timesheets
The key risk of material misstatement is whether the revenue has been
recognised appropriately in accordance with the requirements of IFRS 15 and in • We tested a sample of contracts to supporting documentation and amounts
the correct accounting period. charged to debtors were agreed to bank receipts.
• We tested a sample of underlying costs incurred for the grant income to
corroborating information.
Based on the procedures performed, we were satisfied that revenue has been
recorded appropriately in accordance with the requirements of IFRS15 and the
company's stated accounting policy.
Our application of materiality
The scope and focus of our audit were influenced by our assessment and
application of materiality. We define materiality as the magnitude of
misstatement that could reasonably be expected to influence the economic
decisions of the users of the financial statements. We use materiality to
determine the scope of our audit and the nature, timing and extent of our
audit procedures and to evaluate the effect of misstatements both individually
and on the financial statements as a whole.
Due to the nature of the company and its activities, we concluded that the
loss before tax was likely to be the main focus for the users of the financial
statements; accordingly, our calculation of materiality used the loss before
tax as the relevant benchmark. Based on our professional judgement, we
determined overall materiality to be £24,000 based on 6% of the loss before
tax (2024: £17,117 based on 3% of revenue). On the basis of our risk
assessments, together with our assessment of the overall control environment,
we use performance materiality to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements
exceeds overall materiality. Our performance materiality was 50% (2024: 70%)
of overall materiality, amounting to £12,000 (2024: £11,982).
We agreed to report to the Audit Committee all audit differences in excess of
£1,200 (2024: £855), as well as differences below that threshold that, in
our view, warranted reporting on qualitative grounds. We also reported to the
Audit Committee on disclosure matters that we identified when assessing the
overall presentation of the financial statements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors'
use of the going concern basis of accounting in the preparation of the
financial statements is appropriate. Our evaluation of the directors'
assessment of the Company's ability to continue to adopt the going concern
basis of accounting included;
• We critically assessed Directors' budgets and forecast for the
years ending 30 Juns 2026 and 30 June 2027, respectively. This included
considering whether the cash flow assumptions were consistent with our
understanding of the business and its outlook;
• We evaluated the reasonableness of the assumptions used in
these calculations including mitigating actions available to management to
manage and control forecast cash burn levels. We critically assessed the
status of the sales pipeline to obtain evidence of support for the forecast
revenues;
• We critically assessed the availability and feasibility of
cost reduction opportunities included within the Directors forecasts to
preserve cash resources within the business. This included determining if
these opportunities were within management control.
• We performed sensitivity analysis on the budget and cash flow
forecast to determine how changes in the assumptions used could impact the
overall cash position and the cash burn rate and therefore the company's
ability to continue as a going concern.
We observed, based on the work performed as set out above, that the
assumptions used by the company in preparing their cash flow forecasts and
budgets were reasonable and that the approach taken in determining forecast
revenues as set out above was appropriate. We also concluded after performing
the sensitivity analysis referred to above that the changes to the assumptions
used did not appear to significantly impact the company's ability to continue
in business for at least twelve months from the date of approval of the
financial statements.
Based on the work we have performed, we have not identified any material
uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the company's ability to continue
as a going concern for a period of at least twelve months from when the
financial statements are authorised for issue. Our responsibilities and the
responsibilities of the directors with respect to going concern are described
in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report,
other than the financial statements and our auditor's report thereon. The
directors are responsible for the other information contained within the
annual report. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit or otherwise
appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to
determine whether there is a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Report
of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
• the Strategic Report and the Report of the Directors have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and their
environment obtained in the course of the audit, we have not identified
material misstatements in the Strategic Report or the Report of the Directors.
We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches not visited by us;
or
• the financial statements are not in agreement with the
accounting records and returns; or
• certain disclosures of directors' remuneration specified by
law are not made; or
• we have not received all the information and explanations we
require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out
on page 20 the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and
for such internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for
assessing the company'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 company or
to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our responsibilities is available on the FRC's
website.
https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the-audit/
This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and
regulations. We design procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess
the risks of material misstatement of the financial statements due to fraud;
to obtain sufficient appropriate audit evidence regarding the assessed risks
of material misstatement due to fraud, through designing and implementing
appropriate responses to those assessed risks; and to respond appropriately to
instances of fraud or suspected fraud identified during the audit. However,
the primary responsibility for the prevention and detection of fraud rests
with both management and those charged with governance of the company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory
requirements applicable to the company and considered that the most
significant are the Companies Act 2006, UK adopted international accounting
standards, the rules of the Alternative Investment Market, and UK taxation
legislation.
• We obtained an understanding of how the company complies with
these requirements by discussions with management and those charged with
governance.
• We assessed the risk of material misstatement of the financial
statements, including the risk of material misstatement due to fraud and error
and how it might occur, by holding discussions with management and those
charged with governance.
• We designed and performed audit procedures over areas which in
our professional judgment are susceptible to the risk of material misstatement
of the financial statements, including the risk of material misstatement due
to fraud and error.
• We inquired of management and those charged with governance as
to any known instances of non-compliance or suspected non-compliance with laws
and regulations.
• Based on this understanding, we designed specific appropriate
audit procedures to identify instances of non-compliance with laws and
regulations. This included making enquiries of management and those charged
with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are
less likely to become aware of instances of non-compliance with laws and
regulations that are not closely related to events and transactions reflected
in the financial statements. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been
undertaken for no purpose other than to draw to the attention of the company's
members those matters which we are required to include in an auditor's report
addressed to them. To the fullest extent permitted by law, we do not accept or
assume responsibility to any party other than the company and company's
members as a body, for our work, for this report, or for the opinions we have
formed.
Income Statement for the year ended 30 June 2025
Year Year
ended ended
30 June 30 June
2025 2024
Notes £ £
Revenue 3 784,005 543,250
Other operating income 3 50,151 27,311
Total income 834,156 570,561
Net operating expenses (1,291,947) (1,241,377)
Operating loss 4 (457,791) (670,816)
Finance income 7 522 2,095
Finance costs 8 - (33)
Loss before taxation (457,269) (668,754)
Income tax income 9 42,015 59,402
Loss for the year attributable to equity shareholders 25 (415,254) (609,352)
Earnings per share (shown in pence) 10
Basic and diluted (0.17)p (0.45)p
Statement of Comprehensive Income for the year ended 30 June 2025
Year ended 30 June Year ended 30 June
2025 2024
£ £
Loss for the year (415,254) (609,352)
Other comprehensive income - -
Total comprehensive income/ (expense) for the year (415,254) (609,352)
Attributable to:
Equity holders (415,254) (609,352)
Statement of Financial Position as at 30 June 2025
Non-current assets 2025 2024
Notes £ £
Intangible assets 12 3,280 4,379
Property, plant and equipment 13 12,800 16,829
16,080 21,208
Current assets
Trade and other receivables 14 414,704 210,323
Cash and cash equivalents 461,242 191,072
875,946 401,395
Total assets 892,026 422,603
Current liabilities
Trade and other payables 18 160,661 106,002
Deferred revenue 19 39,194 34,074
199,855 140,076
Total liabilities
Net current assets 676,091 261,319
Net assets 692,171 282,527
Equity
Called up share capital 22 2,106,232 1,435,287
Share premium account 23 6,270,896 6,122,115
Other reserves 24 128,385 151,387
Retained earnings 25 (7,813,342) (7,426,262)
Total equity 692,171 282,527
Statement of Changes in Equity for the year ended 30 June 2025
Share capital Share Other Reserves Profit and loss reserves Total
premium
account
Notes £ £ £ £ £
Balance at 1 July 2023 1,283,096 5,936,478 147,651 (6,835,505) 531,720
Year ended 30 June 2024:
Loss and total comprehensive income for the year - - - (609,352) (609,352)
Issue of share capital 152,191 185,637 - - 337,828
Transfer to other reserves 23 - - 22,331 - 22,331
Other movements - - (18,595) 18,595 -
Balance at 30 June 2024 1,435,287 6,122,115 151,387 (7,426,262) 282,527
Year ended 30 June 2025:
Loss and total comprehensive income for the year
- - - (415,254) (415,254)
Issue of share capital 23 670,945 148,781 - - 819,726
Transfer to other reserves - - 5,172 - 5,172
Other movements - - (28,174) 28,174 -
Balance at 30 June 2025 2,106,232 6,270,896 128,385 (7,813,342) 692,171
Cash Flow Statement for the year ended 30 June 2025
2025 2024
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 32 (605,546) (642,852)
Interest paid - (33)
Tax refunded 59,403 94,752
Net cash outflow from operating activities
(546,143) (548,133)
Investing activities
Purchase of tangible fixed assets (3,935) (17,310)
Interest received 522 2,095
Net cash used in investing activities (3,413) (15,215)
Financing activities
Proceeds from issue of shares 906,417 380,477
Share issue costs (86,691) (42,649)
Net cash generated from financing activities
819,726 337,828
Net decrease in cash and cash equivalents
270,170 (225,520)
Cash and cash equivalents at beginning of year
191,072 416,592
Cash and cash equivalents at end of year
461,242 191,072
Notes to the Financial Statements
1 Accounting policies
Company information
Physiomics PLC is a Company limited by shares incorporated in England and
Wales. The registered office and principal place of business is Bee House,
140 Easten Avenue, Milton Park, Abingdon, OX14 4SB. The Company's ordinary
shares of 0.4p each are admitted to trading on the AIM market of the London
Stock Exchange plc.
1.1 Accounting convention
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom
and with those parts of the Companies Act 2006 applicable to companies
reporting under IFRS, except as otherwise stated.
The financial statements have been prepared on the historical cost basis. The
principal accounting policies adopted are set out below.
1.2 Application of new and revised International Financial Reporting
Standards ("IFRSs")
Standards, amendments and interpretations to existing standards that are not
yet effective have not been early adopted by the company.
At the date of authorisation of these financial statements, the Directors have
reviewed the standards in issue by the International Accounting Standards
Board ("IASB") and IFRIC, which are effective for annual accounting periods
ending on or after the stated effective date. In their view, none of these
standards would have a material impact on the financial statements.
1.3 Going concern
The accounts have been prepared on a going concern basis.
The Company operates in the relatively defensive pharmaceutical industry.
As at 30 June 2025 the Company held cash and cash equivalents of £461,242
(2024: £191,072), which are managed under a Board investment policy that
prioritises low-risk cash or cash-equivalent investments to safeguard the
principal, and trade debtors of £245,721 (2024: £102,510). Together with
anticipated invoicing from contracted revenue of £594,000, these resources
are projected to cover the majority of budgeted expenses for the year ending
30 June 2026.
In assessing going concern, the Directors considered not only this contracted
revenue, cash balance and trade debtor receipts, but also the wider sales
pipeline, staffing requirements, cost base, and the actions available to
manage expenditure if necessary. They reviewed financial projections and
sensitivity analyses across a range of scenarios extending to twelve months
from the date of approval of these financial statements. These analyses
demonstrated that the Company is expected to remain cash positive, and where
lower income levels were assumed, the Board identified mitigating measures
such as cost reductions or deferral of discretionary spend that would preserve
liquidity.
Having undertaken this review, the Directors believe that the Company is
adequately placed to manage its business and financing risks for the next
twelve months from the date of approval of these financial statements.
Accordingly, the Directors continue to adopt the going concern basis in
preparing the annual report and accounts.
1.4 Revenue recognition
The revenue shown in the income statement relates to amounts received or
receivable from the provision of services associated with quantitative
pharmacology and biometrics services to pharmaceutical companies.
Revenue from the provision of the principal activities is recognised by
reference to the stage of completion of the transaction at the balance sheet
date where the amount of revenue can be measured reliably and sufficient work
has been completed with certainty to ensure that the economic benefit will
flow to the Company.
1.5 Intangible assets other than goodwill
Intangible assets acquired separately from third parties are recognised as
assets and measured at cost.
Following initial recognition, intangible assets are measured at cost or fair
value at the date of acquisition less any amortisation and any impairment
losses. Amortisation costs are included within the net operating expenses
disclosed in the income statement.
Intangible assets are amortised over their useful lives as follows:
Useful life Method
Trademarks 10 years Straight line
Licenses 5 years Straight line
Useful lives are also examined on an annual basis and adjustments, where
applicable are made on a prospective basis. The Company does not have any
intangible assets with indefinite lives.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured
at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets
less their residual values over their useful lives on the following bases:
Fixtures and
fittings
3 years straight line
IT
Equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the
difference between the sale proceeds and the carrying value of the asset, and
is recognised in the profit and loss account.
1.7 Research and development expenditure
Expenditure on research activity is recognised as an expense in the period in
which it is incurred.
1.8 Impairment of tangible and intangible assets
Property, plant and equipment and intangible assets are reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less
costs to sell and value in use. For purposes of assessing impairment, assets
that do not individually generate cash flows are assessed as part of the cash
generating unit to which they belong. Cash generating units are the lowest
levels for which there are cash flows that are largely independent of the cash
flows from other assets or groups of assets.
1.9 Fair value measurement
IFRS 13 establishes a single source of guidance for all fair value
measurements. IFRS 13 does not change when an entity is required to use fair
value, but rather provides guidance on how to measure fair value under IFRS
when fair value is required or permitted. The resulting calculations under
IFRS 13 affected the principles that the Company uses to assess the fair
value, but the assessment of fair value under IFRS 13 has not materially
changed the fair values recognised or disclosed. IFRS 13 mainly impacts the
disclosures of the Company. It requires specific disclosures about fair value
measurements and disclosures of fair values, some of which replace existing
disclosure requirements in other standards.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three
months or less.
1.11 Financial assets
Financial assets are recognised in the Company's statement of financial
position when the Company becomes party to the contractual provisions of the
instrument.
Financial assets are classified into specified categories. The
classification depends on the nature and purpose of the financial assets and
is determined at the time of recognition.
Financial assets are initially measured at fair value plus transaction costs,
other than those classified as fair value through the income statement,
which are measured at fair value.
Trade and other receivables
Trade receivables are recognised and carried at the lower of their original
invoiced value and recoverable amount. Balances are written off when the
probability of recovery is considered to be remote.
Impairment of financial assets
Financial assets, other than those at fair value through the income statement,
are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a
result of one or more events that occurred after the initial
recognition of the financial asset, the estimated future cash flows of the
investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership to another entity.
1.12 Financial liabilities
Financial liabilities are classified as either financial liabilities at fair
value through the income statement or other financial liabilities.
Financial liabilities are classified according to the substance of the
contractual arrangements entered into.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Company's
obligations are discharged, cancelled, or they expire.
1.13 Equity instruments
Equity instruments issued by the Company are recorded at the proceeds
received, net of direct issue costs. An equity instrument is any contract that
evidences a residual interest in the assets of the Company after deducting all
of its liabilities.
1.14 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Company's liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from goodwill or from the
initial recognition of other assets and liabilities in a transaction that
affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities
are offset when the Company has a legally enforceable right to offset current
tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
1.15 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an
expense.
The cost of any unused holiday entitlement is recognised in the period in
which the employee's services are received.
Termination benefits are recognised immediately as an expense when the Company
is demonstrably committed to terminate the employment of an employee or to
provide termination benefits.
1.16 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due.
1.17 Share-based payments
The Company issues equity settled share based payments to certain employees.
Equity settled share based payments are measured at fair value at the date of
grant. The fair value determined at the grant date is expensed on a
straight-line basis over the vesting period. Fair value is measured by use of
a Black-Scholes model.
1.18 Leases
At inception, the Company assesses whether a contract is, or contains, a lease
within the scope of IFRS 16. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. Where a tangible asset is
acquired through a lease, the company recognises a right-of-use asset and a
lease liability at the lease commencement date. Right-of-use assets are
included within tangible fixed assets, apart from those that meet the
definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the
initial amount of the lease liability adjusted for any lease payments made at
or before the commencement date plus any initial direct costs and an estimate
of the cost of obligations to dismantle, remove, refurbish or restore the
underlying asset and the site on which it is located, less any lease
incentives received.
The right-of-use asset is subsequently depreciated using the straight-line
method from the commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term. The estimated useful
lives of right-of-use assets are determined on the same basis as those of
other tangible fixed assets. The right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the
lease liability.
The lease liability is initially measured at the present value of the lease
payments that are unpaid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. Lease payments included
in the measurement of the lease liability comprise fixed payments, variable
lease payments that depend on an index or a rate, amounts expected to be
payable under a residual value guarantee, and the cost of any options that the
Company is reasonably certain to exercise, such as the exercise price under a
purchase option, lease payments in an optional renewal period, or penalties
for early termination of a lease.
The Company has elected not to recognise right-of-use assets and lease
liabilities for short-term leases of machinery that have a lease term of 12
months or less, or for leases of low-value assets including IT equipment. The
payments associated with these leases are recognised in profit or loss on a
straight-line basis over the lease term.
1.19 Government grants
Government grants are recognised when there is reasonable assurance that the
grant conditions will be met and the grants will be received.
Government grants of a revenue nature are credited to the profit and loss
account in the same period as the related expenditure.
1.20 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the
rates of exchange prevailing at the dates of the transactions. At each
reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting
end date. Gains and losses arising on translation are included in the income
statement for the period.
1.21 Segment reporting
A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different
from those of other business segments.
Operating segments are reported based on the internal reporting reviewed by
the Chief Operating Decision Maker ("CODM"). The CODM is responsible for
allocating resources and assessing performance and has been identified as the
Board of Directors of the Company.
Although the Group has established three service lines, Biometrics, Modelling
and Simulation (Quantitative Pharmacology) and Personalised Medicine, the CODM
currently reviews financial performance on a consolidated basis and resources
are allocated at the Company level. Accordingly, the Company is considered to
have one reportable operating segment.
2 Critical accounting estimates and judgements
Revenue for projects started and completed during the financial year is
recognised in full during the year. Revenue from a project which commences in
one financial year and is completed in a subsequent financial year is
recognised over the life of the project based on the expected period to
completion as anticipated at each balance sheet date less what has already
been recognised during a previous financial period or periods.
There were no other material accounting estimates or areas of judgements
required.
3 Revenue & segmental reporting
An analysis of the Company's revenue is as follows:
2025 2024
£ £
Revenue 784,005 543,250
Other operating income
Grant income 50,151 27,311
The principal activities are the provision of services associated with
quantitative pharmacology and biometrics services to pharmaceutical companies.
This activity comprises a single segment of operation of a sole UK base and
entirely UK based assets. Revenue was derived in the UK, European Union and
Switzerland (2024: UK, European Union, Switzerland and USA) from its
principal activity.
4 Operating loss
2025 2024
£ £
Operating loss for the period is stated after charging/(crediting):
Net foreign exchange losses/(gains) 2,401 109
Government grants (50,151) (27,311)
Fees paid to the Company's auditor, refer to below 11,250 11,250
Depreciation of property, plant and equipment 7,964 7,850
Profit on disposal of property, plant and equipment - - 388
Amortisation of intangible assets 1,099 1,100
Share-based payments 5,172 22,331
5 Auditors remuneration
2025 2024
Fees payable to the Company's auditor and associates: £ £
For audit services
Audit of the Company's financial statements 11,250 11,250
6 Employees
The average monthly number of persons (including directors) employed by the
Company during the year was:
2025 2024
Number Number
10 11
Their aggregate remuneration comprised:
2025 2024
£ £
Wages and salaries 567,865 612,186
Social security costs 60,041 69,811
Other pension and insurance benefit costs 44,320 57,220
672,226 739,217
Directors' remuneration
Details of Directors' remuneration in the year ended 30 June 2025 is set out
below. Dr C D Chassagnole resigned as a Director on 31 May 2024.
Emoluments Bonus Benefits Pension Contributions Total 2025 Total 2024
£ £ £ £ £ £
Dr J S Millen 38,000 - 2,768 - 40,768 67,433
Dr C D Chassagnole - - - - - 80,465
Mr S Kumar 20,000 - - - 20,000 20,000
Dr T H Corn 20,000 - - - 20,000 20,000
Dr P J Sargent 137,500 15,000 511 11,600 164,611 78,746
Total 215,500 15,000 3,279 11,600 245,379 266,644
Dr P J Sargent's base salary of £145,000 is reduced by a £7,500 salary
sacrifice to £137,500, with his £11,600 pension including the sacrificed
amount.
7 Finance income
2025 2024
£ £
Interest income
Bank deposits
522 2,095
8 Finance costs
2025 2024
£ £
Interest income
Other interest payable
- 33
Interest rate risk
The Company finances its operations by cash and short-term deposits. The
Company's policy on interest rate management is agreed at board level and is
reviewed on an ongoing basis. Other creditors, accruals and deferred revenue
values do not bear interest.
Interest rate profile
The Company had no bank borrowings at the 30 June 2025 and 30 June 2024.
9 Income tax expense
Continuing operations
2025 2024
£ £
Current tax
Research and development tax credit: current year (42,015) (59,402)
(42,015) (59,402)
The charge for the year can be reconciled to the loss per the income statement
as follows:
2025 2024
£ £
Loss before taxation (457,269) (668,754)
Expected tax charge based on a corporation tax rate of 25% (2024: 25%) (114,317) (167,189)
Expenses not deductible in determining taxable profit 4,536 7,154
Unutilised tax losses carried forward 97,822 91,439
Research and development expenditure tax credit (42,015) (59,402)
Deferred / (accelerated) capital allowances (1,008) (4,357)
Research and development enhancement - (58,515)
Loss surrendered for tax credits - 131,467
Research and development notional tax adjustment 12,967 -
Tax charge for the year (42,015) (59,402)
At 30 June 2025 tax losses of £4,870,043, (2024: £4,478,755) remained
available to carry forward against future taxable trading profits. These
amounts are in addition to any amounts surrendered for Research and
Developments tax credits. There is an unrecognised deferred tax asset of
£1,216,673. (2024: £1,122,797).
Unrecognised deferred tax is calculated at 25%, the rate enacted at the
balance sheet date. (2024: 25%)
10 Earnings per share
2025 2024
£ £
Number of shares
Weighted average number of ordinary shares for basic earnings per share 238,162,444 135,368,238
Earnings - Continuing operations
Loss for the period from continued operations (415,254) (609,352)
Earnings for basic and diluted earnings per share being net profit (415,254) (609,352)
attributable to equity shareholders of the Company for continued operations
Earnings per share for continuing operations
Basic and diluted earnings per share (shown in pence) (0.17p) (0.45p)
Basic and diluted earnings per share
Loss from continuing operations (shown in pence) (0.17p) (0.45p)
The loss attributable to equity holders (holders of ordinary shares) of the
Company for the purpose of calculating the fully diluted loss per share is
identical to that used for calculating the loss per share. The exercise of
share options would have the effect of reducing the loss per share and is
therefore anti- dilutive under the terms of IAS 33 'Earnings per Share'.
11 Financial instruments recognised in the statement of financial
position
2025 2024
Held at amortised cost: £ £
Current financial assets 330,661 117,743
Trade and other receivables
Cash and cash equivalents 461,242 191,072
791,903 308,815
Current financial liabilities Trade and other payables
135,434 84,942
135,434 84,942
The Company's financial instruments comprise cash and short-term deposits and
other financial instruments, such as trade debtors and creditors that arise
directly from its operations.
The main risks arising from the Company's financial instruments are interest
rate risk, liquidity risk and foreign currency risk. The policies for managing
these are periodically reviewed and agreed by the Board.
It is and has been throughout the year under review, the Company's policy that
no trading in financial instruments shall be undertaken.
12 Intangible assets
Licenses Trademarks Total
£ £ £
Cost
At 1 July 2023 3,350 4,298 7,648
At 30 June 2024 3,350 4,298 7,648
At 30 June 2025 3,350 4,298 7,648
Amortisation and impairment
At 1 July 2023 447 1,722 2,169
Charge for the year 670 430 1,100
At 30 June 2024 1,117 2,152 3,269
Charge for the year 669 430 1,099
At 30 June 2025 1,786 2,582 4,368
Carrying amount
At 30 June 2025 1,564 1,716 3,280
At 30 June 2024 2,233 2,146 4,379
13 Tangible fixed assets
Fixtures and fittings IT equipment Total
Cost £ £ £
At 1 July 2023 2,849 81,728 84,577
Additions 288 17,022 17,310
Disposals (953) (7,826) (8,779)
At 30 June 2024 2,184 90,924 93,108
Additions 106 3,829 3,935
Disposals (1,188) (59,637) (60,825)
At 30 June 2025 1,102 35,116 36,218
Accumulated depreciation and impairment
At 1 July 2023 2,849 73,971 76,820
Charge for the year 88 7,762 7,850
Eliminated on disposal (951) (7,440) (8,391)
At 30 June 2024 1,986 74,293 76,279
Charge for the year 105 7,859 7,964
Eliminated on disposal (1,188) (59,637) (60,825)
At 30 June 2025 903 22,515 23,418
Carrying amount
At 30 June 2025 199 12,601 12,800
At 30 June 2024 198 16,631 16,829
At 30 June 2023 - 7,757 7,757
14 Trade and other receivables
Due within one year
2025 2024
£ £
Trade debtors 245,721 102,510
Other receivables 5,738 6,705
Corporation tax recoverable 42,013 59,401
VAT recoverable 9,411 -
Prepayments and accrued income 111,821 41,707
414,704 210,323
15 Fair value of trade receivables
There are no material differences between the fair value of financial assets
and the amount at which they are stated in the financial statements.
16 Fair value of financial liabilities
There are no material differences between the fair value of financial
liabilities and the amount at which they are stated in the financial
statements.
17 Liquidity risk
The Company seeks to manage financial risk by ensuring that sufficient
liquidity is available to meet foreseeable needs and to invest cash assets
safely and profitably.
18 Trade and other payables
Due within one year
2025 2024
£ £
Trade creditors 88,503 34,787
Accruals 43,910 46,155
Social security and other taxation 25,227 21,060
Other creditors 3,021 4,000
160,661 106,002
19 Deferred revenue
2025 2024
£ £
Arising from invoices in advance 39,194 34,074
Analysis of deferred revenue
Deferred revenues are classified based on the amounts that are expected to be
settled within the next 12 months and after more than 12 months from the
reporting date, as
follows:
2025 2024
£ £
Current liabilities 39,194 34,074
20 Retirement benefit schemes
Defined contribution schemes
The Company operates a defined contribution pension scheme for all qualifying
employees. The assets of the scheme are held separately from those of the
Company in an independently administered fund.
The total costs charged to income in respect of defined contribution plans is
£36,250 (2024: £49,459).
As at the statement of financial position date the Company had unpaid pension
contributions totalling £3,021 (2024: £4,000).
21 Share-based payment transactions
The Company operates two share option schemes: (1) under the Enterprise
Management Initiative Scheme ("EMI") and (2) an unapproved share option
scheme. Both are equity settled. Options are granted with a fixed exercise
price equal to the market price of the shares under option at the date of
grant. Some options are subject to performance criteria relating to either
share price performance or the achievement of certain corporate milestones.
The contractual life of the options is 10 years from the date of issue.
A summary of the options at the start and end of period for directors and all
other employees is presented in the following table:
Holder Outstanding at start of period Granted during period Forfeited during period Exercised during period Outstanding at end of period Exercisable at end of period Exercise price (p) Date of grant Date of expiry
Dr. C. Chassagnole (FD) 322,615 - 322,615 - - - 6.17 24-Mar-15 24-Mar-25
Dr. C. Chassagnole (FD) 659,641 - - - 659,641 659,641 2.50 28-Feb-17 28-Feb-27
Dr. C. Chassagnole (FD) 350,000 - - - 350,000 350,000 5.35 26-Mar-18 26-Mar-28
Dr. C. Chassagnole (FD) 267,000 - - - 267,000 267,000 3.16 26-Mar-19 26-Mar-29
Dr. C. Chassagnole 694,287 - - - 694,287 694,287 7.55 02-Mar-21 01-Mar-31
Dr. J. Millen 520,000 - - - 520,000 520,000 5.35 26-Mar-18 26-Mar-28
Dr. J. Millen 400,000 - - - 400,000 400,000 3.16 26-Mar-19 26-Mar-29
Dr. J. Millen 985,454 - - - 985,454 985,454 7.55 02-Mar-21 01-Mar-31
Dr. P. Sargent 1,354,725 - - - 1,354,725 1,354,725 1.55 06-Feb-24 05-Feb-34
Dr. P. Sargent 1,354,725 - - - 1,354,725 451,575 2.55 06-Feb-24 05-Feb-34
Dr. P. Sargent 1,354,725 - - - 1,354,725 451,575 3.55 06-Feb-24 05-Feb-34
Other staff 188,605 - 188,605 - - 188,605 6.17 24-Mar-15 24-Mar-25
Other staff 54,596 - - - 54,596 54,596 3.50 21-Dec-15 21-Dec-25
Other staff 201,891 - - - 201,891 201,891 2.50 28-Feb-17 28-Feb-27
Other staff 240,000 - - - 240,000 240,000 5.35 26-Mar-18 26-Mar-28
Other staff 193,000 - - - 193,000 193,000 3.16 26-Mar-19 26-Mar-29
Other staff 582,333 - - - 582,333 582,333 7.55 02-Mar-21 01-Mar-31
Other staff 635,188 - 210,188 - 425,000 425,000 4.38 29-Apr-22 29-Apr-32
Total 10,358,785 - 721,408 - 9,637,377 7,831,077
Please note, FD denotes
Former director
There were nil (2024: 4,064,175) share options granted during the year. The
weighted average share price at the date of grant in the year was £0.03. The
options vest according to time and performance-based criteria.
The options outstanding at 30 June 2025 had an exercise price ranging from
£0.0155 to £0.0755, and a remaining contractual life ranging between 6
months and 9 years.
Fair value is measured using Black-Scholes share option pricing model.
The expected volatility is based on the sixty-day average historical
volatility of the Company over 3 years.
The expected life of options is based on the share option exercise history
with the Company. The risk-free rate of return is derived from UK treasury
yields at 2 and 3 years.
Total expenses of £5,172 related to equity settled share-based payment
transactions were recognised in the year (2024: £22,331).
22 Share capital
2025 2024
£ £
Ordinary share capital, issued and fully paid
303,208,718 Ordinary of 0.4p each 1,212,835 541,890
2,481,657,918 Deferred of 0.036p each 893,397 893,397
2,106,232 1,435,287
The ordinary shares carry no rights to fixed income. The deferred shares
have no voting rights and have no rights to receive dividends or other income.
Ordinary Deferred
Number Number
Reconciliation of movements during the year:
A 1 July 2024 135,472,478 2,481,657,918
Issue of fully paid shares 167,736,240 -
At 30 June 2024 303,208,718 2,481,657,918
Current year changes to Ordinary share capital
On 9 July 2024 the Company issued 67,736,240 ordinary shares of 0.4p at a
price of 0.6p per ordinary share, the proceeds of which were used for working
capital purposes.
On 18 February 2025 the Company issued 100,000,000 ordinary shares of 0.4p at
a price of 0.5p per ordinary share, the proceeds of which were used for
working capital purposes.
23 Share premium account
£
At 1 July 2023 5,936,478
Issue of new shares 228,286
Share issue expenses (42,649)
At 30 June 2024 6,122,115
Issue of new shares 235,472
Share issue expense (86,691)
At 30 June 2025 6,270,896
The share premium account consists of proceeds from the issue of shares in
excess of their par value (which is included in the share capital account)
less the direct costs of issue.
24 Other reserves: share-based compensation reserve
£
At 1 July 2023 147,651
Additions 22,331
Other movements (18,595)
At 30 June 2024 151,387
Additions 5,172
Other movements (28,174)
At 30 June 2025 128,385
The share-based compensation reserve represents the credit arising on the
charge for share options calculated in accordance with IFRS 2.
In respect of cancelled and exercised options that had vested, £28,174 (2024:
£18,595) was transferred from the share-based payment reserve to the retained
earnings.
25 Retained earnings
£
At 1 July 2023 (6,835,505)
Loss for the year (609,352)
Other movements 18,595
At 30 June 2024 (7,426,262)
Loss for the year (415,254)
Other movements 28,174
At 30 June 2025 (7,813,342)
Retained earnings includes an amount of £237,889 (2024: £237,889) in
relation to the Equity Swap Agreement in 2014 which under the Companies Act is
not distributable.
In respect of cancelled and exercised options that had vested, £28,174 (2024:
£18,595) was transferred from the share-based payment reserve to the retained
losses reserve.
26 Operating lease commitments
Lessee
Amounts recognised in the income statement as an expense during the period in
respect of operating lease arrangements are as
follows:
2025 2024
£ £
Minimum lease payments under operating leases 39,736 48,468
At the reporting end date, the Company had outstanding commitments for future
minimum lease payments under non-cancellable operating leases, which fall due
as follows:
2025 2024
£ £
Within one year 3,956 3,825
3,956 3,825
27 Capital commitments
At 30 June 2025 and 30 June 2024 the Company had no capital commitments.
28 Capital risk management
The capital structure of the Company consists of cash and cash equivalents and
equity attributable to equity holders of the Company, comprising issued
capital, reserves and retained earnings as disclosed in notes 22 to 25.
The Board's policy is to maintain an appropriate capital base so as to
maintain investor and creditor confidence and to sustain future development of
the business. The Company's objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to provide
returns for shareholders and benefits for stakeholders and to maintain an
optimal capital structure to reduce the cost of capital. The Company has a
record of managing the timing and extent of discretionary expenditure in the
business.
In order to maintain or adjust the capital structure the Company may issue new
shares.
29 Events after the reporting date
There were no post reporting events to note.
30 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the
Company, is set out in note 6, page 47.
PharmaLancers Ltd is a related party due to being under control of a director
of the Company. During the year the Company incurred costs of £984 for
consultancy services (2024: £0). At the year end the Company owed
PharmaLancers Ltd £637 (2024: £0).
31 Controlling party
The Company does not currently have an ultimate controlling party and did not
have one in this reporting year or the preceding reporting year.
32 Cash absorbed by operations
2025 2024
£ £
Loss for the year after tax (415,254) (609,352)
Adjustments for:
Taxation credited (42,015) (59,402)
Finance costs - 33
Investment income (522) (2,095)
Gain on disposal of tangible fixed assets - 388
Amortisation and impairment of intangible assets 1,099 1,100
Depreciation and impairment of tangible fixed assets 7,964 7,850
Equity settled share-based payment expense 5,172 22,331
Movements in working capital:
(Increase)/decrease in debtors (221,769) (1,108)
Increase/(decrease) in creditors 54,659 (16,654)
(Decrease)/increase in deferred revenue outstanding 5,120 14,057
Cash absorbed by operations (605,546) (642,852)
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