REG - Physiomics PLC - Interim Results
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RNS Number : 1565T Physiomics PLC 16 February 2026
( )
( )16 February 2026
Physiomics plc
("Physiomics" or the "Company")
Interim Results Statement
for the six-month period ended 31 December 2025
Physiomics plc (AIM: PYC), a leading mathematical modelling, data science and
biostatistics company supporting the development of new therapeutics and
personalised medicine solutions, today announces its unaudited financial
results for the six months ended 31 December 2025.
Summary financial results
· Total income of £528k* (six months ended 31 December 2024:
£354k*)
· Revenue of £498k (six months ended 31 December 2024: £329k)
· Operating loss of £327k (six months ended 31 December 2024:
£249k loss)
· Cash and cash equivalents of £257k at 31 December 2025 (31
December 2024: £269k)
· Shareholders' funds of £393k at 31 December 2025 (31
December 2024: £418k)
* Total income for the six months ended 31 December 2025 includes other
operating income, being grant income, of £30k (grant income for six months
ended 31 December 2024: £25k).
Total income for the first half of the year was 51% higher than the six-month
period ending 31 December 2024. The Innovate UK grant, awarded in November
2023, contributed £30k to total income, leaving approximately £25k of the
remaining grant to be recognised in the six months ending 30 June 2026.
Operating losses increased by £78k compared with the same period last year,
primarily due to the onboarding of new staff and the subsequent increased use
of external contractors while internal staff were being trained and the right
balance of full time employees to contract wins is optimised. The Company
concluded the half-year with £257k in cash and cash equivalents.
The Company has sustained its growth trajectory, building on record contract
wins during the financial year ending June 2024 and the 46% year-on-year
increase in total income for the year ending June 2025. As a result, the first
half of this current financial year has seen the Company reach its highest
half-year total income since incorporation, including two months during the
period with the highest revenue recognised on record.
The Company's ongoing expansion of service offerings into discovery, later
clinical phases, and new therapeutic areas has been a significant contributor
to its growth. Additionally, an important development this half-year has been
the launch of the Biometrics service line, which included recruiting the new
Head of Biometrics, Mr Jesse Thissen, and winning the Company's first four
Biometrics contracts. Continued investment in its people and business
development efforts, means the Company is well positioned for the second half
and sustaining growth into the next financial year ending June 2027.
Based on signed contracts and a strong pipeline, the Board expects that total
income for the current financial year ending June 2026 will be in line with
market expectations for a 27% increase from the financial year ending June
2025, with additional contracted revenue projected into next year (financial
year ending June 2027). Due to improvements in the utilisation of the internal
consulting team and reduced reliance on external consultants, the Board
anticipates that operating expenses in the second half will be significantly
less than those in the first half, enabling the Company to remain on track to
meet market expectations of a 24% reduction from the financial year ending
June 2025 in loss after tax for the year.
Operational Highlights
Key events during the period include:
· Eleven new contract wins across the Modelling and Simulation, and
Biometrics service lines, including several contracts with long-standing
client Numab Therapeutics.
· Setup of the Biometrics service line, including development of
related processes and implementation of a new Quality Management System.
· Initiation of the first two Biometrics contracts announced in June
2025 and award of an additional Biometrics contract with the Global Antibiotic
Research and Development Partnership (GARDP), a global health organisation, in
the field of antimicrobial resistance.
· Appointment of Mr Jesse Thissen as Head of Biometrics and Dr Ghaith
Aljayyoussi as Senior Quantitative Pharmacology Scientist.
· Implementation of Personalised Dosing Software onto the DoseMeRx
platform and expanded relationship with DoseMe Inc.
Key events after the period end:
· Modelling and Simulation contract award from Numab Therapeutics in
support of the client's immunology and inflammation pipeline.
· Contract award with a new South Korean headquartered
biopharmaceutical client, providing modelling and simulation services to
support their antibody drug conjugate and immuno-oncology drug portfolio.
Other events post period:
· Contract award with a new Biometrics client to provide biostatistical
input into the clinical development plan for an influenza antiviral study.
· Data Usage Agreement with a leading American University to enable the
Company access to a substantial cohort of patient data for the purpose of
accelerating development of its Personalised Dosing Software.
CEO's Business Strategy Update on behalf of the Board
The Directors are delighted to report record total income for the first half
of this year and believe the Company is on track to meet market total income
expectations. If these targets are achieved, it would represent a record year,
with total income increasing by approximately 27% compared to the financial
year ending on 30 June 2025.
Operating losses during the first half exceeded the market forecast for
operating losses, mainly due to a temporary reliance on external consultants
while new internal staff were onboarded and the balance of contract wins and
full-time employees to carry out the work is optimised. Although using a
flexible staffing model has its advantages, the Board believes that it can
service its currently anticipated pipeline of business for the second half and
beyond with a much lower reliance on expensive external consultants, resulting
in higher profitability.
The second half of the year has commenced positively, with a substantial
proportion of the revenue required to satisfy market expectations already
contracted or projected to be won based on the Company's current pipeline.
While project timelines, and consequently corresponding revenue recognised,
may be affected by client requirements, the Board remains confident that its
robust business development pipeline will yield further contracts, generating
additional revenue over the next six months and into the future.
The Company continues to make progress across all its key growth initiatives,
continuing to diversify its services, enhancing its internal quality
management system and processes, whilst making positive steps forward with its
Personalised Dosing Software.
Consulting business: Modelling & Simulation and Biometrics
Over the past year, the Company has expanded its consultancy services beyond
its core oncology-focused Modelling and Simulation offering. It now includes
two complementary service lines that provide a variety of data science and
mathematical solutions for drug development institutes and companies.
1. Modelling and Simulation
The Company has continued to expand its Modelling and Simulation services
beyond its previous focus. Physiomics now offers services in Discovery, such
as candidate selection and target identification, and has expanded further
into later clinical phases, including population pharmacokinetic (PopPK)
analysis of Phase 2 data. The Company has also branched out into new
therapeutic areas, recently delivering projects in areas such as arthritis,
dermatology, and irritable bowel syndrome. As a result, the Company has
secured contracts with various new clients, many of whom have returned for
follow-on projects during the first half of this year.
2. Biometrics
The Company has made significant progress with its new Biometrics service line
in this first half. Mr Jesse Thissen joined Physiomics as Head of Biometrics
in July 2025 and secured the Company's first two Biometrics contracts. These
contracts provide Biostatistics and Statistical Programming support for two
clinical trials being conducted to develop therapies in infectious and
autoimmune diseases. The Company obtained a third contract with GARDP, a
global health organisation, during the first half, and a fourth contract
post-period to support a UK Biotech's upcoming trial in infectious disease.
The Board believes this service line will be a key growth area of the Company,
with revenue already tracking ahead of internal projections.
The Company remains committed to strengthening its business development
pipeline across both consulting service lines by exploring innovative
approaches to early client engagement and identifying cross-selling
opportunities for new services among existing clients. Furthermore, targeted
investments are being made in new systems and processes to support these
services, including enhancements to the Company's Quality Management System,
which will enable access to a broader client base.
Personalised Medicine Dosing Software
The Company continues to make progress with the development of its
Personalised Medicine Dosing Software, a tool designed to support decision
making on the dosing of both chemotherapy and the expensive biological drug
G-CSF. Progress is being made in two key areas:
1. Model Calibration and Validation: To optimise the performance and
robustness of the dosing software, patient-derived data is essential for model
refinement and performance evaluation. In November 2023, the Company announced
it had been awarded an Innovate UK grant to support an observational clinical
trial involving breast cancer patients. Owing to unavoidable delays in
clinical trial approvals, it was only in January 2025 that the first patient
was recruited. Even though data from over thirty patients have now been
collected and being processed, these initial delays have pushed final
recruitment for the clinical trial back to the end of March 2026, with data
collection continuing for several subsequent months.
Concurrently, the Company has sought additional data sources to advance the
development of its Personalised Dosing Software and supplement the clinical
trial dataset. In January 2026, following the H1 to 31 December 2025 reporting
period, the Company entered into a Data Usage Agreement with a leading
American university, securing access to a substantial dataset from cancer
patients undergoing treatment. The evaluation of this dataset is still at an
early stage, and the Company will share more information about this new data
source and its effect on development in announcements planned for later in the
second half of the financial year.
2. In July 2025, the Company announced the integration of its Personalised
Dosing Software into the DoseMeRx platform and its expanded partnership with
DoseMe Inc to advance new dosing solutions. As the largest Bayesian dosing
platform in the US, also operating in Europe, the UK, and globally, the
DoseMeRx platform is widely used by clinicians for dosing decisions across
various diseases. The integration of Physiomics' Dosing Software onto the
platform allows clinicians and healthcare providers access for research only
purposes, allowing the Company to collate usability data to support model
refinement. As calibration and validation are completed, updates based on user
feedback will be deployed, paving the way for a commercial launch and paid for
features.
Board composition
On 3 December 2025, the Company announced that Dr. Peter Sargent will step
down from his positions as Executive Director and Chief Executive Officer,
effective 29 May 2026. The Company has initiated a search for a new CEO;
however, should a suitable candidate not be found by the time of Dr. Sargent's
departure, Dr. Jim Millen, currently Non-Executive Chairman and former CEO of
Physiomics, will assume the position of Executive Chairman. Dr. Millen has
expressed his commitment to serve in this capacity for as long as necessary to
ensure business continuity and sustained growth.
The Company maintains a strong balance of industry expertise, along with
financial and listed company experience, and adheres to sound governance
principles as outlined in the QCA Corporate Governance Code. The Company is
mindful that any new appointment would follow these principles.
Outlook
The Company has achieved the highest level of total income for any half year
in the Company's history.
The Directors expect the Company to meet current market expectations for the
full year (June 2026); and remain optimistic that this will also be the
highest ever full year total income in the Company's history. Even though the
operating loss in the first half of this financial year does not align with
the market expectations for the full year, the Board believes that a reduced
reliance on external contractors in the second half, along with a strong
pipeline, should allow the Company to meet the full year market expectations
with respect to the total income and loss after tax. We expect to be at the
lower end of the market expectation for the FY cash position.
The Directors believe the Company is poised to take advantage of the growth
opportunities presented by its new Biometrics division as well as the energy
and dedication of the talented team of scientists who underpin our business.
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Hybridan LLP (Corporate Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
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.
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31
December 2025
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-25 31-Dec-24 30-Jun-25
£'000 £'000 £'000
Revenue 498 329 784
Other operating income 30 25 50
Total income 528 354 834
Operating expenses (855) (603) (1,292)
Operating loss (327) (249) (458)
Finance Income 1 - 1
Loss before taxation (326) (249) (457)
Income tax income 25 18 42
Loss for the period attributable to equity shareholders (301) (231) (415)
Loss per share (shown in pence)
Basic and diluted (0.10)p (0.12)p (0.17)p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2025
Unaudited Unaudited Audited
As at As at As at
31-Dec-25 31-Dec-24 30-Jun-25
£'000 £'000 £'000
Non-current assets
Intangible assets 3 4 3
Property, plant and equipment 10 14 13
13 18 16
Current assets
Trade and other receivables 288 237 415
Cash and cash equivalents 257 269 461
545 506 876
Total assets 558 524 892
Current liabilities
Trade and other payables (144) (75) (161)
Deferred revenue (21) (31) (39)
Total liabilities (165) (106) (200)
Net assets 393 418 692
Capital and reserves
Share capital 2,106 1,706 2,106
Capital reserves 6,401 6,369 6,399
Profit & loss account (8,114) (7,657) (7,813)
Equity shareholders' funds 393 418 692
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December
2025
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
£'000 £'000 £'000 £'000 £'000
At 1 July 2024 1,435 6,122 151 (7,426) 282
Issue of Share Capital 271 92 - - 363
Transfer to other reserves - - 4 - 4
Other Movements - - - - -
Loss for the period - - - (231) (231)
At 31 December 2024 1,706 6,214 155 (7,657) 418
Issue of Share Capital 400 57 - - 457
Transfer to other reserves - - 1 - 1
Other Movements - - (28) 28 -
Loss for the period - - - (184) (184)
At 30 June 2025 2,106 6,271 128 (7,813) 692
Issue of Share Capital - - - - -
Transfer to other reserves - - 2 - 2
Other Movements - - - - -
Loss for the period - - - (301) (301)
At 31 December 2025 2,106 6,271 130 (8,114) 393
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2025
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-25 31-Dec-24 30-Jun-25
£'000 £'000 £'000
Cash flows from operating activities:
Operating loss (327) (249) (458)
Amortisation and depreciation 5 4 9
Loss on fixed asset disposal 1 - -
Share-based compensation 2 4 5
(Increase) decrease in receivables 151 (8) (221)
Increase / (decrease) in payables (17) (31) 55
Increase / (decrease) in deferred revenue (18) (4) 5
Net cash generated from / (used in) operations (203) (284) (605)
UK corporation tax received - - 59
Net cash generated from / (used in) operating activities (203) (284) (546)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (2) (1) (5)
Interest received 1 - 1
Net cash used in investing activities (1) (1) (4)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) - 363 820
Net cash generated from financing activities - 363 820
Net (decrease) / increase in cash and cash equivalents (204) 78 270
Cash and cash equivalents at beginning of period 461 191 191
Cash and cash equivalents at end of period 257 269 461
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics plc is a public limited company ("Physiomics" or the "Company")
incorporated in England & Wales (registration number 4225086). The Company
is domiciled in the United Kingdom and its registered address is Milton Park
Innovation Centre, 99 Park Drive, Milton Park, Abingdon, Oxfordshire, OX14
4RY. The Company's ordinary shares are traded on the AIM Market of the London
Stock Exchange ("AIM"). Copies of the interim report are available from the
Company's website, www.physiomics.co.uk.
Physiomics is engaged in providing contract research and consulting services
to biopharmaceutical companies in the areas of outsourced quantitative system
pharmacology, PK/PD modelling and biostatistics using a combination of
industry standard methodologies, technologies and its own proprietary
technology platform, Virtual Tumour™. In simple terms, this means helping
biopharma and research institutes make better use of the data available in
order to derive insights that accelerate and de-risk their drug development
programmes.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 31
December 2025, which are unaudited, have been prepared in accordance with the
accounting policies set out in the annual report and accounts for the year
ended 30 June 2025, which were prepared under International Financial
Reporting Standards ("IFRS").
The financial information contained in the interim report does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006. The
financial information for the full preceding year is based on the statutory
accounts for the year ended 30 June 2025. Those statutory accounts, upon which
the auditors, Shipleys LLP, issued a report which was unqualified, have been
delivered to the Registrar of Companies.
As permitted, this interim report has been prepared in accordance with the AIM
Rules for Companies and not in accordance with IAS 34 "Interim Financial
Reporting" and therefore it is not fully compliant with IFRS.
The interim financial statements are presented in sterling and all values are
rounded to the nearest thousand pounds (£'000) except where otherwise
indicated.
3. Loss per share
Basic loss per share is 0.10p (six months ended 31 December 2024: loss per
share 0.12p). The basic loss per ordinary share is calculated by dividing the
loss of £301,017 (six months ended 31 December 2024: loss £230,833) by
303,208,718 (six months ended 31 December 2024: 200,263,664), the weighted
average number of shares in issue during the period.
The loss attributable to equity holders (holders of ordinary shares) of the
Company for 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.
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