REG - Proteome Sciences - Final results for the year ended 31 December 2025
15/04/2026 07:00
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RNS Number : 4766A Proteome Sciences PLC 15 April 2026
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation.
15 April 2026
Proteome Sciences plc
("Proteome Sciences" the "Company" or the "Group")
Final results for the year ended 31 December 2025
The Company is pleased to announce its audited results for the year ended 31
December 2025.
Highlights:
· Total revenues of £3.76m (2024: £4.89m)
· Proteomic services revenues of £2.06m (2024: £0.87m)
· TMT(®) reagent sales, and royalties of £1.70m (2024: £4.01m)
· Loss after tax £3.06m (2024: £3.41m)
· Cash at year end £0.78m (2024: £1.13m)
· Cost of sales and administrative costs £6.42m (2024: £7.24m)
· Adjusted EBITDA* loss of £1.72m (2024: loss of £1.48m)
* EBITDA is a non-GAAP company specific measure which is considered to be a
key performance indicator of the Group's financial performance. Adjusted
EBITDA is calculated as operating profit before depreciation (including
right-to-use assets amortisation), amortisation, non-recurring costs, and
employee share-based payment.
Executive Chairman of Proteome Sciences plc, commented:
"After the significant investment previously made in additional capacity,
staffing, the San Diego facility and the recent fund raising, we consider that
2025 was the bottom of the cycle for our business.
We are optimistic with this behind us that we are well positioned to deliver
substantial increases and returns from the wider combination of our activities
and exposure in proteomics with good growth expected to continue from our
services business and a recovery in TMT® reagents sales from the cuts imposed
on US NIH (National Institutes of Health) budgets in 2025."
Report and Accounts and Notice of Annual General Meeting:
Copies of the Annual Report and Accounts together with notice of the Annual
General Meeting ("AGM") will be posted to shareholders shortly and made
available on the Company's website (www.proteomics.com
(http://www.proteomics.com) ).
The AGM of the Company will take place at 12 noon on Thursday 14 May 2026 at
SP Angel Corporate Finance LLP, Prince Frederick House, 35-39 Maddox Street,
London, W1S 2PP. Formal notice of the AGM will be sent to shareholders which
will contain further information and the resolutions which will be proposed at
this meeting.
Directorate change
Roger McDowell after 11 years on the Board as a non-executive director
believes it is the right time for him to step down and to not seek re-election
at the upcoming AGM. On behalf of shareholders we would like to thank him
sincerely for the considerable contribution and guidance that he has provided
to the business over that time. He departs with our very best wishes for the
future.
For further information please contact:
Proteome Sciences plc
Christopher Pearce, Executive Chairman
Dr. Ian Pike, Chief Scientific Officer Tel: +44 (0)20 7043 2116
Richard Dennis, Chief Commercial Officer
SP Angel Corporate Finance LLP (Nominated Adviser & Broker) Tel: +44 (0) 20 3470 0470
David Hignell/Richard Morrison/Josh Ray (Corporate Finance)
Vadim Alexandre (Corporate Broking)
About Proteome Sciences plc. (www.proteomics.com (http://www.proteomics.com/)
)
Proteome Sciences plc is a specialist provider of contract proteomics services
to enable drug discovery, development and biomarker identification, and
employs proprietary workflows for the optimum analysis of tissues, cells and
body fluids. SysQuant® and TMT(®)MS2 are unbiased methods for identifying
and contextualising new targets and defining mechanisms of biological
activity, while analysis using Super-Depletion and TMTcalibrator™ provides
access to over 8,500 circulating plasma proteins for the discovery of
disease-related biomarkers. Targeted assay development using mass spectrometry
delivers high sensitivity, interference-free biomarker analyses in situations
where standard ELISA assays are not available.
Executive Chairman's Statement
Our services business finished the year ending 31 December 2025 strongly,
continuing at a similar pace to the first half of the year delivering 2.4x
growth with revenue of £2.06m (2024: £0.87m) excluding a carryover in orders
of £1.40m into 2026. During December a third follow up order was received
from a US customer with two further substantial GCLP contracts secured in
January 2026 with a combined value in excess of $2.0m that will run through
the year and into 2027.
The San Diego facility that was re-established in February 2025 to meet the
demands of a large US customer base has performed well and generated $0.41m of
revenue in the second half of the year with a strong order position in place
for 2026. We recently launched and successfully completed our first
chemoproteomics study using TMT pro™32 plex reagents to enable
identification of protein-drug interactions to discover key targets for drugs
in development and for screening compound libraries. We are also introducing a
range of 'Solvent Shift' chemoproteomics workflows, an application much needed
by pharma customers from which we have already received our first orders.
We are encouraged by the strong growth and progress being made in the services
business and expect that it will continue to perform well during 2026 and into
2027.
The unexpected 40% budget reduction instigated in the USA in the spring of
2025 on the NIH and the funding cuts to US academic institutes by the new US
administration caused an immediate negative impact for equipment and reagent
sales, reversing the positive momentum from 2024. Revenue from TMT(®) fell
sharply in the first half and that trend largely continued for the rest of the
year. TMT(®) reagent sales and royalties received from Thermo Scientific
dropped to £1.70m (2024: £4.01m). It was envisaged that demand would be
adversely impacted for a limited period and then a recovery was anticipated as
the life sciences industry and academic research adapted to the 'new normal'
as a result of the pressing global requirement to deliver better healthcare
treatments and outcomes. The pattern has started to change following the
pressure applied to reinstate many of the proposed budgetary cuts and we are
pleased to report that the levels of orders are picking up in the first
quarter. We are working closely with our licensee Thermo Scientific to
reinforce the global market position and advantages of TMT pro™ to drive
increased uptake in the USA and the Rest of the World.
Following the launch of TMT pro™32 plex at ASMS in June 2024, we have
recently achieved a considerable technical advance by increasing the plexing
rate from 32x to 96x and this is due to be launched in 2026. This opens up a
new high-throughput market application for isobaric mass tagging. The 96 plex
tag is constructed from a novel chemistry combination that is not covered by
the existing licences with Thermo Scientific and with the major improvement in
plexing rate we intend to negotiate an additional licence fee with a
significant signature fee, manufacturing revenues and royalties. In parallel,
we continue to actively progress our licence negotiations for DXT(®) tags for
multiplex DIA and will update shareholders accordingly but both DXT(®) and 96
plex should provide good additional long term sources of revenue for our
chemical reagents business.
As a result of the adverse impact from our reagents business on group cash
flow we completed a share placing to raise £972,000 at the end of January
2026. The net proceeds will be used to generate a range of new/complementary
revenue streams. In chemical tags we are completing and due to launch 96
plex and DXT(®) isotopic DIA tags in 2026, both of which will secure new
licence and manufacturing agreements. In our services business we are
introducing a range of novel 'Solvent Shift' chemoproteomics workflows and
with the rapid growth in orders in San Diego, we need to expand the staff and
MS capacity to meet that demand. The combination of these should considerably
extend our coverage and future revenues.
Following the significant investment already made in additional capacity,
staffing, the San Diego facility and the recent fund raising we consider that
2025 was the bottom of the cycle for our business.
We are optimistic with this behind us that we are well positioned to deliver
substantial increases and returns from the wider combination of our activities
and exposure in proteomics with good growth expected to continue from our
services business and a recovery in TMT(®) reagents.
Services
2025 was a significantly easier year to navigate as the headwinds that were
extensively reported in the industry had mainly disappeared. At the start of
2025 we had a significant roll over of orders to be processed that amounted to
approximately £1.3m in value from the 2024 financial year. The majority of
this revenue was recognised in 2025. This roll over comprised both clinical
(GCLP) contracts from a west coast US Biopharma and pre-clinical orders from
both US and European customers.
In Q1 2025 a further $1m GCLP order was added to the backlog by the same
biopharma customer. In Q2 2025 we received a major order for Single Cell
Proteomics and in December we were awarded a further contract to transfer a
3(rd) clinical protein-based target from our GCLP based facility in
Frankfurt. In addition to the assay transfer, the same client awarded two
new contracts in 2026 that were an extension to the original contract first
started in January 2024. The combined value of the two 2026 contracts was in
excess of $1.5m, and the majority of the revenue will be generated during the
coming year. Over the past five years we have seen a progressive shift in
trend away from discovery based (pre-clinical) proteomics to where mass
spectrometry is employed as a detection technique in clinical applications.
Management envisage that this trend will increase in the coming years as
clinical trial biomarker detection increasingly addresses proteins and their
many post translational modifications by mass spectrometry as such detection
is largely unavailable using other ligand binding technologies.
During 2025 we invoiced £2m in revenue and rolled over a further £1.4m of
orders into 2026. The 2025 revenue figure of £2.06m (2024: £0.87m)
reflected 2.4x growth year on year. We further increased our mass spectrometry
capacity in Frankfurt in Q4 2024 with another two Exploris 480s in order to
accommodate the demand for extra GCLP work.
The US remains our largest market sector and the re-establishment of the US
laboratory in San Diego contributed to a significant growth and novel exposure
to non-GCLP US business. The laboratory was at full capacity by mid-year 2025
and continued that way throughout the remainder of the year.
In 2025 we developed and launched a novel application to aid drug based
pharmaceutical researchers to detect how their drug binds to protein(s) in the
proteome. Briefly when a drug binds a protein, the effect of drug binding is
likely to affect the solubility of that protein(s). Comparing the solubility
curves with and without drug being present, enables researchers to detect the
drug/protein binding event. This process significantly simplifies the
detection of the drug binding compared to current methods and enables a faster
and more cost effective solution. We secured our first order for this
approach and have received several other orders subsequently before the end of
the year. Further orders are anticipated in 2026 and beyond.
As in previous years we continued to attend relevant conferences and
exhibitions throughout 2025 both in the US and Europe and combined these
events with local customer engagements and visits.
Tandem Mass Tags®
The unexpected 40% funding cuts to US academic institutes by the new
administration in 2025 caused an immediate negative impact for equipment and
reagent sales, reversing the positive momentum from 2024. Revenue from TMT(®)
and TMTpro™ fell sharply in the first half and that trend largely continued
for the rest of the year. TMT(®) reagent sales and royalties received from
Thermo Scientific dropped to £1.70m (2024: £4.01m). It was envisaged that
demand would be adversely impacted for a limited period and then a recovery
was anticipated as the life sciences industry and academic research adapted to
the 'new normal' as a result of the pressing global requirement to deliver
better healthcare treatments and outcomes. The pattern has started to change
with a lot of pressure being widely applied to reinstate many of the proposed
budgetary cuts and we are now seeing improvements in the levels of orders
during the first quarter of 2026.
We are working closely with Thermo Scientific our licensee to reinforce the
global market position and advantages of TMT pro™ to drive increased uptake
in the USA and the Rest of the World.
Licenses
The Group's exclusive license with Thermo Scientific for the sale and
distribution of all isobaric tags including TMT(®) and TMTpro™ remains in
effect. Licenses for development of stroke diagnostics based on our biomarkers
developed with the University of Geneva are held with Randox Laboratories (UK)
and Galaxy CCRO (USA). We have several other patent families available for
licensing, covering biomarker panels in Alzheimer's disease and new chemical
reagents including the DXT(®) tags for DIA analysis and new technology for
increasing TMTpro™ multiplexing.
Stroke Biomarkers
The development of diagnostic products for stroke based on our biomarkers is
continuing, but our licensees Randox Laboratories and Galaxy CCRO have yet to
obtain marketing approval. We believe that the Randox clinical trial has now
been completed, and Galaxy also concluded an initial proof-of-concept trial
for their innovative FAST>ER lateral flow test,
confirming its suitability for use in acute stroke management within NHS
Emergency Departments. Their second-generation test is also in final stages of
development with clinical trials for CE marking being planned to start later
this year.
Research
We have recently developed new technology that increases the plexing rate from
35 to 105 with minimal additional reagent synthesis. This also enables a
96plex set of tags that are well suited to high-throughput automation in
applications for chemoproteomics and large biomarker studies. A provisional
patent covering the technology was filed in early 2026 and we expect to have
products ready for launch later in 2026. This opens up a new high-throughput
market application for both isobaric and isotopic mass tagging. The enabling
technology is not covered by our existing licences and we will look to obtain
significant signature fees, manufacturing revenues and royalties.
In parallel, we continue to actively progress our licence negotiations for
DXT(®) tags for multiplex DIA and will update shareholders accordingly. The
same technology for increasing plexing rates can also be used to increase
DXT(®) to a set of 18plex reagents. We remain confident that DXT(®),
TMTpro™ and our new higher-plexing technology should provide good additional
long-term sources of revenue for our chemical reagents business.
We were part of the successful MIPrecise consortium developing novel reagents
and awarded funding under a four-year program from the European Commission
Marie Sklodowska-Curie Actions Doctoral Network developing novel reagents and
blood tests for early cancer detection. We are due to receive c.€270,000 to
support employment of a graduate scientist who will help to develop mass
spectrometry tests for lung cancer.
Financials
As a result of the adverse impact from our reagents business on group cash
flow we completed a share placing and retail offer to raise gross proceeds of
£972,000 at the end of January 2026. The net proceeds will be used to
generate a range of new/complementary revenue streams. In chemical tags we
are completing and due to launch 96 plex and DXT(®) isotopic DIA tags in 2026
both of which will secure new licence and manufacturing agreements. In our
services business we are introducing a range of novel 'Solvent Shift'
chemoproteomics workflows and with the rapid growth in orders in San Diego we
need to expand the staff and MS capacity to meet that demand. The combination
of these should considerably extend our coverage and future revenues.
Director retirement
As previously announced in the Final Results, Roger McDowell after 11 years on
the Board as a non-executive director believes it is the right time for him to
step down and to not seek re-election at the upcoming Annual General Meeting.
On behalf of shareholders I would like to thank him sincerely for the
considerable contribution and guidance that he has provided to the business
over that time. He departs with our very best wishes for the future.
Outlook
After the significant investment that has already been made in additional
capacity, staffing, the San Diego facility and the recent fund raising we
consider that 2025 was the bottom of the cycle for our business.
We are optimistic with this behind us that we are well positioned to deliver
substantial increases and returns from the wider combination of our activities
and exposure in proteomics with good growth expected to continue from our
services business and a recovery in TMT(®) reagents.
Christopher Pearce
Executive Chairman
14 April 2026
STRATEGIC REPORT
Review of the Business
The principal activities of the Group involve protein biomarker research and
development. As a leader in applied proteomics, we use high sensitivity
proprietary techniques to detect and characterise differentially expressed
proteins in biological samples for diagnostic, prognostic and therapeutic
applications. In addition, we invented and developed the technology for
TMT(®) and TMTpro™, and manufacture these small, protein-reactive chemical
reagents which are sold for multiplex quantitative proteomics under exclusive
license by Thermo Fisher Scientific.
Proteome Sciences is a major provider of contract research services for the
identification, validation and application of protein biomarkers. Our clients
are predominantly pharmaceutical and biotechnology companies, but we also
perform services for other sectors including academic research. While we have
several well-established workflows that meet the needs of many customers, we
retain our science-led business focus wherever possible, developing new
analytical methods, new reagents and data analysis tools to provide greater
flexibility in the types of studies we can deliver. Our contract service
offering remains centred on mass spectrometry-based proteomics, and this is
becoming more widely implemented in drug development projects as the
pharmaceutical industry seeks to expand biological knowledge beyond genomics.
These services are fully aligned with the drug development process, can be
used in support of clinical trials and in vitro diagnostics, and include
proprietary bioinformatics capabilities.
Progress during 2025
Growing our Services Business
After the substantial investments into our technology platforms made in 2024
we focused on customer acquisition and new workflows. Central to this was the
increased focus on our San Diego laboratory where broader challenges across
the pharma and biotech sectors had impacted our revenues. We saw greater
activity leading to contract research projects through our attendance at
leading biomedical conferences in the United States, with many of these being
in San Diego and the West Coast. This activity resulted in the strong growth
in service revenues and increasing numbers of repeat orders, particularly from
California.
During the year we also initiated a new service in the field of
chemoproteomics, which provides a global proteomics approach to identify drug
targets for uncharacterised compounds, or to screen for drugs active against
specific protein sites. This segment of the drug discovery market is expected
to triple in value over the next 9 years with mass spectrometry CRO services
predicted to be a significant contributor (Chemoproteomics Market Research
Report 2033 (https://growthmarketreports.com/report/chemoproteomics-market) ).
We have developed two different methods of chemoproteomic workflows directed
to target deconvolution based on changes to proteins caused by drug binding
causing changes to solubility and access to proteolysis. We have used the
solvent shift method to confirm selectivity of our own CK1d inhibitors, as
well as supporting customers with their drug development programs.
Building further on updates to our data science team we have now completed a
further review of our bioinformatics pipeline, deepening the level of
biological insights provided whilst optimising efficiency of analysis through
selective adoption of cloud computing. We expect the new reporting formats
developed will add further value to our customer's projects whilst also
reducing the time to reporting and increasing our capacity.
Expanding the proteomics reagents business
In 2024 we completed synthesis of the 35plex TMTpro™ reagent stocks and the
Chemistry team has been focused on developing new reagents. In addition to
completing the DXT(®) reagents we started a project to develop reagents for
chemoproteomics applications. We first made new bi-functional tags for
enrichment of cysteine containing peptides. Cysteine is one of the 20 amino
acids within proteins and is increasingly been shown to be a major site
regulating protein function that can be modulated by new classes of drugs. We
are synthesizing isotopic variants of these tags that will allow us to perform
cysteine proteomics with subsequent TMTpro™ labelling at previously
unachievable levels of multiplexing in excess of 100 samples per experiment,
retaining the high quality and completeness of proteome coverage. These
reagents represent the current state-of-the-art but require two independent
labelling steps to be performed. We are therefore, also developing reagents
that will specifically isolate TMTpro™-labelled peptides from unreacted
TMTpro™ and unlabelled peptides. Whilst initially intended for use with
cysteine targeting TMTpro™ reagents, we will extend the range of amino-acid
specific linking chemistry to cover up to 8 other amino acids. Finally, we are
developing sets of tri-functional reagents that provide the benefits of both
bi-functional reagents and specific enrichment tools. A provisional patent
covering these tri-functional linkers has been filed and synthesis of the
first prototype completed. We expect to complete the three new classes of
reagents in 2026 with commercial launch either directly or through licensing
to follow rapidly.
Single Cell Proteomics
The demand for single cell proteomics (SCP) has been slow to develop, despite
the continuing developments within the academic community. We completed two
customer studies in the year and performed all sample preparation and data
acquisition for a large study of over 5,000 cells. The data processing for
this project was completed in the first quarter of 2026. We observed over
3,300 proteins with close to 900 being quantifiable across all 5,000 cells.
The planned adoption of nPOP and prioritized acquisition was delayed to allow
completion of the customer project, but we have now implemented a new data
analysis and statistics pipeline that speeds up the processing of large
datasets and improves the overall quantitative coverage.
Stroke biomarkers
The development of diagnostic products for stroke using our biomarkers is
continuing, but our licensees Randox Laboratories and Galaxy CCRO have yet to
obtain marketing approval. We believe that the Randox clinical trial has now
been completed, and Galaxy also concluded an initial proof-of-concept trial
for their innovative FAST>ER lateral flow test, confirming its suitability
for use in acute stroke management within NHS Emergency Departments. Their
second generation test is also in final stages of development with clinical
trials for CE marking being planned to start later this year.
The FAST>ER test is performed three times within the first 60 minutes of
suspected stroke and can be deployed both in the emergency response setting
and during transport to and assessment in hospital. The biomarker used, GSTP1
was identified as an indicator of stroke time of onset, an important factor in
determining eligibility for thrombolysis. In Galaxy's initial trial they found
the test to be excellent at discriminating stroke patients from those with
stroke mimicking conditions. In this context Galaxy estimate there are
approximately 15 million emergency department visits with possible stroke
symptoms, suggesting their test will have a sizeable market potential.
Currently Proteome Sciences owns c.8% of Galaxy.
Patent Applications and Proprietary Rights
In 2025 we filed four national/regional patents covering DIA Plex first
generation tags and the international application for the second generation
DXT reagents. We also filed new divisional applications derived from the AD
Pharmacodynamic Biomarkers in the EU and US patent offices to cover different
aspects of this invention that were not granted under the parent application.
We received grants of the parent case in the US and EU with the EU patent
being validated in Germany, France and Great Britain. We also received grant
of two additional AD-related patent families related to peripheral biomarkers.
Financial Review
Results and Dividends
Key Performance Indicators ("KPI's")
● The directors consider that revenue, adjusted EBITDA, and
profit before/after tax are important in measuring Group performance. The
performance of the Group is set out in the Executive Chairman's Statement.
● The directors believe that the Group's rate of cash
expenditure and its effect on Group cash resources are important. Net cash
outflows from operating activities for 2025 were £0.05m (2024: net cash
outflows of £0.83m). The costs in 2025 were lower when compared to 2024 due
to ongoing cost saving measures. We experienced lower revenues in the TMT
business compared to 2024, which could only be partially compensated by higher
service sales. Cash at 31 December 2025 was £0.78m (31 December 2024:
£1.13m).
● In 2025 service revenues increased by 2.4x
to £2.06m (2024: £0.87m). As a proportion of total group revenue service
revenues in 2025 were 55% compared to 18% in 2024.
Financial Performance
● Revenue for the year ended 31 December 2025 showed a 23% decrease
to £3.76m (2024: £4.89m). This is comprised of two revenue streams:
TMT(®) related revenue and Proteomic (Biomarker) Services. Sterling values
of our sales and royalties received for TMT(®) tags decreased by 58% to
£1.70m (2024: £4.01m)
● Gross (loss) £(0.08)m (2024: gross profit £0.67m)
● Administrative expenses, including depreciation of £2.59m (2024: £
3.02m)
● EBITDA decreased to £(1.74)m (2024: £ (1.52)m)
● Adjusted EBITDA* loss of £1.72m (2024: loss £1.48m)
● The loss after tax was £3.06m (2024: loss after tax of £3.41m)
*Adjusted EBITDA (a non-GAAP Group specific measure (see Note 3) which is
considered to be a key performance indicator of the Group's financial
performance) decreased by £0.24m (2024: decrease £0.56m) year on year mainly
due to lower revenues while costs have decreased to a lesser proportion.
Taxation
Owing to the changing nature of our services business, with a stronger focus
on commercial activities, we have not fully assessed our available R&D tax
credit for 2025, and such amounts are only recognised when reasonably assured.
Costs and Available Cash
● The Group maintained a positive cash balance in 2025 and continues to
seek improved cash flows from commercial income streams. Due to flat revenues,
the Group had a negative cash flow in the year.
● Cost cutting measures implemented during 2025 resulted in reduced
administrative expenses of £2.59m (2024: £3.02m)
● Staff costs for the year were lower at £2.85m (2024: £3.49m) of which
£0.02m was a share based payment charge (2024: £0.04m)
● Property costs including charges on rent of £0.45m were slightly lower
than previous years (2024: £0.51m).
● Finance costs relate to interest due on loans from two major investors
in the Company and lease interest. Costs of £0.92m were higher than the
prior year (2024: £0.89m)
● Trade and other payables were £1.62m (2024: £0.78m).
● Trade and other receivables were £0.62m (2024: £0.43m)
● Cash at the year end was £0.78m (2024: £1.13m)
Principal Risks and Uncertainties
Commercialisation Activities
It is uncertain whether our range of contract proteomic services will generate
sufficient revenues for the Group ultimately to be successful in an
increasingly competitive commercial market which generally favours companies
with a broader technology platform than our own. Similarly, our increased
capacities and the opening of our US laboratory create a risk that we do not
generate sufficient orders to make our commercial activities profitable.
Management of Risk: The Group has sought to manage this risk by broadening its
proteomic services offering by increasing the coverage of unbiased discovery
experiments and broadening capabilities for analysis of very small samples
including single cells, investing in our own sales by dedicating more staff
time to direct business development activities in our principal commercial
territories and adopting conventional service-based metrics directed at speed,
cost and quality.
Dependence on Key Personnel
The Group depends on its ability to retain a limited number of highly
qualified scientific, commercial and managerial personnel, the competition for
whom is strong. While the Group has entered into conventional employment
arrangements with key personnel and staff turnover is low, their retention
cannot be guaranteed as evidenced by three resignations and one retirement
during 2025.
Management of Risk: The Group has a policy of organising its work so that
projects are not dependent on any one individual, and we have strong
managerial oversight and support for our laboratory-based staff. Retention
is also sought through annual, role-based reviews of remuneration packages,
performance related bonus payments, and the opportunity for share option
grants.
Investment Limitations
Sales and royalties from TMT(®) have historically been key to revenue and
working capital for the group to invest in the business. The Group is reliant
on TMT(®) sales and royalties for a significant part of our revenues and
working capital to invest in growing the business remains limited.
Management of Risk: In addition to previous cost reduction and ongoing
containment measures which have significantly changed the cost profile of the
business over the last years, we also actively engage with our major creditors
to manage the Company's debt.
Competition and Technology
The international bioscience sector is subject to rapid and substantial
technological change. There can be no assurance that developments by others
will not render the Group's service offerings and research activities obsolete
or otherwise uncompetitive. Proteomics remains a growth area where
increasing demand from the pharmaceutical industry remains ahead of the growth
in service provider capacities.
Management of Risk: The Group employs highly experienced research scientists
and senior managerial staff who monitor developments in technology that might
affect the viability of its service business or research capability. This is
achieved through access to scientific publications, attendance at conferences
and collaboration with other organisations.
Licensing Arrangements
The Group intends to continue sub-licensing new discoveries and products to
third parties, but there can be no assurance that such licensing arrangements
will be successful.
Management of Risk: The Group manages this risk by a thorough assessment of
the scientific and commercial feasibility of proposed research projects which
is conducted by an experienced management team. Risk has also been reduced by
decreasing the overall number of research projects and re-distributing
available resources.
Patent Applications and Proprietary Rights
The Group seeks patent protection for identified protein biomarkers which may
be of diagnostic, prognostic or therapeutic value, for its chemical mass tags,
and for its other proprietary technologies. The successful commercialisation
of such biomarkers, chemical tags and proteomic workflows is likely to depend
on the establishment of such patent protection. However, there is no
assurance that the Group's pending applications will result in the grant of
patents, that the scope of protection offered by any patents will be as
intended, or whether any such patents will ultimately be upheld by a court of
competent jurisdiction as valid in the event of a legal challenge. If the
Group fails to obtain patents for its technology and is required to rely on
unpatented proprietary technology, no assurance can be given that the Group
can meaningfully protect its rights. All patents have a limited period of
validity and competing products may be sold by third parties on expiry in each
territory. Whilst the expiration of the earliest TMT(®) patent in 2022
resulted in a reduced royalty rate under the exclusive licence and
distribution agreement with Thermo Fisher Scientific, we do not expect further
royalty reductions in 2025 and beyond. We continually monitor the implications
of patent expiry and have not seen any generic isobaric tags enter the markets
so far.
Management of Risk: The Group retains limited but experienced patent
capability in house, supplemented by external advice, which has established
controls to avoid the release of patentable material before it has filed
patent applications. Maintenance of the existing patent portfolio is subject
to review ensuring that its ongoing cost is proportional to its perceived
value. We seek to prolong the value of our proprietary technologies by
patenting improved chemical tags and superior biomarker panels when we are
able to do so, and we monitor the impact of patent expiry by monitoring of
market share of licensed products such as TMT(®) and TMTpro™.
Section 172 statement
The Board recognises the importance of the Group's wider stakeholders when
performing their duties under Section 172(1) of the Companies Act and their
duties to act in the way they consider, in good faith, would be most likely 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:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers,
customers and others,
(d) the impact of the company's operations on the community and the
environment,
(e) the desirability of the company maintaining a reputation for high
standards of business conduct, and
(f) the need to act fairly as between members of the company.
The Board considers that all their decisions are taken with the long-term in
mind, understanding that these decisions need to regard the interests of the
company's employees, its relationships with suppliers, customers, the
communities and the environment in which it operates. It is the view of the
Board that these requirements are addressed in the Corporate Governance
Statement, which can also be found on the company's website www.proteomics.com
(http://www.proteomics.com) .
For the purpose of this statement detailed descriptions of the decisions taken
are limited to those of strategic importance. The Board believes that two
decisions taken during the year fall into this category and were made with
full consideration of both internal and external stakeholders as follows:
The Board approved continued investment into new products and services to
benefit the Group's customers and to maintain the organisation's competitive
advantage.
The Board took the decision in 2025 that a fundraise would take place in early
2026 to ensure sufficient liquidity to meet working capital requirements.
By Order of the Board
Coveham House
Downside Bridge Road
Cobham
Surrey
KT11 3EP
Victoria Birse
Company Secretary
14 April 2026
Consolidated income statement
For the year ended 31 December 2025
Note Year ended Year ended
31 December 2025 31 December 2024
£'000 £'000
Revenue
Licences, sales and services 3,756 4,887
Revenue - total 3,756 4,887
Cost of sales (3,837) (4,217)
Gross(loss)/profit (81) 670
Administrative expenses (2,585) (3,023)
Operating loss (2,666) (2,353)
Finance costs (925) (895)
Loss before taxation (3,591) (3,247)
Tax credit/(charge) 530 (158)
Loss for the year (3,061) (3,406)
Loss per share
Basic and diluted 3 (1.04p) (1.15p)
Consolidated statement of comprehensive income
For the year ended 31 December 2025
Year ended Year ended
31 December 2025 31 December 2024
£'000 £'000
Loss for the year (3,061) (3,406)
Other comprehensive income for the year
Items that will or may be reclassified to profit or loss:
Exchange differences on translation of foreign operations 130 (82)
Re-measurement of Defined Benefit Pension Scheme - (2)
Loss and total comprehensive income for the year (2,931) (3,490)
Attributable to owners of parent (2,931) (3,490)
Consolidated balance sheet
As at 31 December 2025
Restated
2025 2024
Note £'000 £'000
Non-current assets
Goodwill 4,218 4,218
Property, plant and equipment 546 609
Right-of-use asset 4 (restatement) 1,419 1,689
6,183 6,516
Current assets
Inventories 537 732
Trade and other receivables 624 433
Contract assets 130 296
Cash and cash equivalents 781 1,128
2,072 2,590
Total assets 8,255 9,106
Current liabilities
Trade and other payables (1,624) (780)
Contract liabilities - -
Borrowings (14,459) (12,631)
Lease liabilities (487) (602)
(16,570) (14,012)
Net current liabilities (14,498) (11,422)
Non-current liabilities
Borrowings - (250)
Lease liabilities (824) (1,039)
Pension provisions (392) (422)
Total non-current liabilities (1,216) (1,711)
Total liabilities (17,786) (15,724)
Net liabilities (9,531) (6,618)
Equity
Share capital 2,952 2,952
Share premium 51,466 51,466
Share-based payment reserve 4,771 4,753
Merger reserve 10,755 10,755
Translation and other reserve 36 (93)
Retained loss (79,511) (76,450)
Total deficit (9,531) (6,618)
Consolidated statement of changes in equity
For the year ended 31 December 2025
Share Share Equity attributable to owners of the parent
Share premium based payment Total
capital account reserve Translation Merger Retained (deficit)
reserve reserve Loss*
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2025 2,952 51,466 4,753 (93) 10,755 (76,450) (6,618) (6,618)
- - - - - (3,061) (3,061)
Loss for the year (3,061)
Exchange differences on translation of foreign operations - - - 130 - - 130
130
Re-measurement of Defined Benefit Pension Schemes - - - - - - - -
Loss and total comprehensive expense for the year - - - 130 (3,061)
(3,061) (3,061)
Credit to equity for share-based payment - - 18 - - - 18
18
At 31 December 2025 2,952 51,466 4,771 36 10,755 (79,511) (9,531)
(9,531)
*Restated see note 4
Consolidated statement of changes in equity
For the year ended 31 December 2025
Share Share Equity attributable to owners of the parent
Share premium based payment Total
capital account reserve Translation Merger Retained (deficit)
reserve reserve Loss*
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 2,952 51,466 4,713 (10) 10,755 (72,942) (3,066) (3,066)
Loss for the year - - - - - (3,406) (3,406) (3,406)
Exchange differences on translation of foreign operations - - - (82) - - (82)
(82)
Re-measurement of Defined Benefit Pension Schemes - - - - - (2) (2) (2)
Loss and total comprehensive income for the year - - - (82) - (3,408)
(3,490) (3,490)
Credit to equity for share-based payment - - 40 - - - 40
40
Restatement (101) (101) (101)
At 31 December 2024 2,952 51,466 4,753 (93) 10,755 (76,450) (6,618) (6,618)
*restated see note 4
Consolidated cash flow statement
For the year ended 31 December 2025
Group Group
Year ended Year ended
31 December 31 December
2025 2024
£'000 £'000
Loss after tax (3,061) (3,406)
Adjustments for:
Finance costs 925 895
Depreciation of property, plant and equipment 180 150
Right-of-use asset depreciation 746 687
Tax (credit)/charge (530) 158
Share-based payment expense 18 40
Operating cash flows before movements in Working capital (1,722)
(1,476)
Decrease in inventories 195 105
Decrease in receivables (25) 569
Decrease/increase) in payables 844 150
Increase/(decrease) in provisions (30) 4
Foreign exchange 162 76
Cash (used in) operations (576) (572)
Tax refund/(paid) 530 (254)
Net (outflow) from operating activities (46) (826)
Cash flows from investing activities
Lease upfront payment -
Purchases of property, plant and equipment (97) (224)
Loans advanced to subsidiary undertakings -
Net cash (outflow)/inflow from investing activities (97) (224)
Financing activities
Lease payments (854) (599)
Issue of new loans 650 750
Net cash(outflow)/inflow from financing activities (204) 151
Net (decrease)/increase in cash and cash equivalents (347) (899)
Cash and cash equivalents at beginning of year 1,128 2,027
Cash and cash equivalents at end of year 781 1,128
Notes to the Financial Information
1. Basis of Preparation
The financial information set out in this document does not constitute the
Company's statutory accounts for the years ended 31 December 2025 or 2024
within the meaning of Section 434 of the Companies Act 2006. Statutory
accounts for the year ended 31 December 2025, which were approved by the
directors on 14 April 2026, have been reported on by the Independent
Auditors. The Independent Auditor's reports on the Annual Report and
Financial Statements for years ended 31 December 2025 and 2024 were
unqualified and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
Statutory accounts for the year ended 31 December 2024 have been filed with
the Registrar of Companies. The statutory accounts for the year ended 31
December 2025 will be delivered to the Registrar of Companies in due
course and will be posted to shareholders shortly, and thereafter will be
available from the Company's registered office at Coveham House, Downside
Bridge Road, Cobham, Surrey KT11 3EP and from the Company's website
http://www.proteomics.com/investors (http://www.proteomics.com/investors) .
The financial information set out in these results has been prepared using the
recognition and measurement principles of UK adopted international accounting
standards in conformity with the requirements of the Companies Act 2006.
The accounting policies adopted in these results have been consistently
applied to all the years presented and are consistent with the policies used
in the preparation of the financial statements for the year ended 31 December
2025, except for those that relate to new standards and interpretations
effective for the first time for periods beginning on (or after) 1 January
2025. Other new standards, amendments and interpretations to existing
standards, which have been adopted by the Group have not been listed, since
they have no material impact on the financial statements.
2. Liquidity and Going Concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Executive
Chairman's Statement and Strategic Report. The financial position of the
Group, its cash flows, liquidity position and borrowing facilities are
described in the notes to the financial statements, in particular in the
consolidated cash flow statement.
These financial statements have been prepared on the going concern basis which
remains reliant on the Group achieving an adequate level of sales in order to
maintain sufficient working capital to support its activities. The directors
have reviewed the Company's and the Group's going concern position, taking
account of current business activities, budgeted performance and the factors
likely to affect its future development, as set out in the annual report, and
including the Group's objectives, policies and processes for managing its
working capital, its financial risk management objectives and its exposure to
credit and liquidity risks.
In particular, the directors have considered the challenges on international
business, and the general inflationary pressure on costs. The Company observed
a higher demand for its services but decreased demand for TMT(®) during the
second half of 2025.
Due to the continued backdrop from the macro environment on international
business, and the general inflationary pressure on costs, Group revenues for
the year ended 31 December 2025 decreased by 23% to £3.76m (2024: £4.89m).
Proteomic (biomarker) services increased 2.4x to £2.06m (2024: £0.87m).
Sales and royalties attributable to TMT(®) and TMTpro™ reagents were
£1.70m (2024: £4.01m).
Total costs, excluding finance costs, reduced to £6.42m (2024: £7.24m) and
this resulted in an operating loss of £2.67m (2024: operating loss of
£2.35m) and a loss after tax of £3.06m (2024: a loss of £3.41m). Cash
reserves at the year end were at £0.78m (2024: £1.13m).
The Group is also dependent on the loan facility provided by the Chairman of
the Group, which under the terms of the facility, is repayable on demand. The
amount owed as of 31 December 2025, including interest, was £13,759k (2024:
£12,631k). Further details of this facility are set out in note 18(b) to
the financial statements.
The directors have received a legally binding written confirmation from the
Chairman that he has no intention of seeking its repayment, with the facility
continuing to be made available to the Group, on the existing terms, for at
least 12 months from the date of approval of these financial statements or
until at least the 31 May 2027.
On the 20 December 2024 Proteome Sciences plc secured a loan facility of
£0.50m from Vulpes Investment Management, Testudo Fund. Interest accrues at
10% per annum and is repayable alongside the principal loan. The Company had
drawn down £0.05m at 31 December 2025. During 2025 VIM provided flexible
funding of £0.15m. The directors have received a legally binding written
confirmation from VIM that they will not seek repayment for at least 12 months
from the date of approval of these financial statements or until at least 31
May 2027.
Following a detailed review of forecasts, budgets and sales order book, the
directors have a reasonable expectation the Group as a whole, has adequate
financial and other resources to continue in operational existence for the
period of at least twelve months post approval of these financial statements.
For this reason, the Directors continue to adopt the going concern basis in
preparing the Financial Statements.
3. Profit per Share from Continuing Operations
The calculations of basic and diluted loss per ordinary share are based on the
following profits and numbers of shares.
2025 2024
£'000 £'000
Loss for the financial year (3,061) (3,406)
2025 2024
Number of Number of
shares
shares
Weighted average number of ordinary shares for the purposes of calculating
basic and diluted earnings per share:
295,182,056 295,182,056
Weighted average number of ordinary shares and outstanding options for the
purposes of calculating diluted earnings per share:
304,837,088 307,323,987
The weighted average number of ordinary shares outstanding was calculated
applying the treasury stock method to an amount of 14.3m share options which
were in the money on the 31 December 2025. An average share price for 2025 of
3.08p per share added by the outstanding service amounts for these options and
resulting in a number of shares of 9,655,032 added to the existing issued
share stock for the purpose to calculate the diluted EPS. A number of 6.2m
shares were not considered in the calculation of the weighted number of
outstanding shares used for the diluted EPS calculation as these options were
not dilutive at the 31 December 2025. Since the Group is recording a loss for
2025 no dilution has been recognised in calculation of the loss per share for
2025.
4. Correction of error from prior period
In 2022 a calculation error in the Frankfurt building lease at an amount of
£(101k) took place overstating the right of use asset by this amount. This
has been corrected in 2025 by decreasing the right-of-use asset and increasing
the retained loss.
The correction is included within the values of note 14 "Property, plant and
equipment and right-of-use asset" and note 26 "Leases". There is no impact to
the profit and loss for the year 2024 and 2025. In addition, there is also
no impact on the lease liability in any year.
5. Cautionary Statement on Forward-looking Statements
Proteome Sciences has made forward-looking statements in this preliminary
announcement. The Group considers any statements that are not historical facts
as "forward-looking statements". They relate to events and trends that are
subject to risk and uncertainty that may cause actual results and the
financial performance of the Group to differ materially from those contained
in any forward-looking statement. These statements are made in good faith
based on information available to them and such statements should be treated
with caution due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward-looking information.
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