REG - Proteome Sciences - Interim Results
25/09/2025 07:00
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RNS Number : 7196A Proteome Sciences PLC 25 September 2025
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation.
25 September 2025
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Interim results for the six months ended 30 June 2025
Proteome Sciences announces its unaudited interim results for the six months
ended 30 June 2025 ("H1 2025").
Financial highlights:
· Total revenues £1.86m (H1 2024: £2.22m)
· Proteomics services revenues £1.07m (H1 2024: £0.37m)
· TMT(®) reagent sales and royalties £0.79m (H1 2024: £1.85m)
· Gross profit £0.32m (H1 2024: £0.20m)
· Cost of sale and administrative costs £3.48m (H1 2024: £3.92m)
· Adjusted EBITDA** (Loss £1.19m) (H1 2024: Loss £1.24m)
Commenting on these results, Christopher Pearce, Executive Chairman of
Proteome Sciences, said:
"The dramatic upheaval in world trade arising from US policy on tariffs, and
the substantial parallel cuts to the NIH (National Institute of Health) budget
and academic research funding have inevitably had a negative impact on all
businesses working in life sciences.
We are encouraged that the strong performance of our Frankfurt services
business that grew 2.5x in the first half has continued at a similar pace in
the second half of the year and with carry over into 2026. We expect this will
be further assisted by the rapid growth in orders at our San Diego facility.
In the short-term we envisage demand for TMT reagents may continue to be
affected in 2025 and then anticipate improvement as the life sciences industry
and academic research adapt to the 'new normal' as a result of the pressing
global requirement to deliver better patient healthcare outcome and treatment.
We are working closely with Thermo Scientific to drive increased uptake of TMT
in markets across the rest of the world and we expect that our new DXT tags
for plexDIA experiments should provide good additional sources of future
revenue.
Despite the headwinds and after considerable increases in customer orders,
demand for our services business rebounded strongly and we remain optimistic
that we are well positioned to deliver future increases in revenue and
returns."
For further information:
Proteome Sciences plc
Christopher Pearce, Executive Chairman Tel: +44 (0)20 7043 2116
Dr Ian Pike, Chief Scientific Officer
Richard Dennis, Chief Commercial Officer
Allenby Capital Limited (AIM Nominated Adviser & Broker)
John Depasquale / Lauren Wright (Corporate Finance) Tel: +44 (0) 20 3328 5656
Tony Quirke (Equity Sales & 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.
The Company has its headquarters in Cobham, UK, with laboratory facilities in
Frankfurt, Germany and San Diego, US.
Executive Chairman's Report
Services
The challenging biotech and outsourced markets over the last two financial
years look to be behind us as we see things returning to the normal patterns
of past years. Following the major services contract we announced with a US
pharma in the first half, the pipeline of orders has continued to grow well
into 2026 with a similar trend present at our San Diego facility.
The proposed 40% budget reduction instigated in the spring by the Trump regime
on the NIH (the world's largest supporter of biomedical research) and the
withholding of funding to US academic institutes are both adversely affecting
the life sciences sector, particularly those organisations more reliant on
equipment sales. Equipment grants have been capped at 15%, half the previous
average and in August the US Supreme Court derailed researchers' efforts to
re-instate almost $2bn in research grants previously issued by the NIH. This
has had minimal effect on Proteome Sciences services business which is largely
focussed on biotech and pharma customers.
Services revenue in the first half increased over 2.5x to £1.07m compared
with H1 2024: £0.37m. The revenue increase reflects part of the sizeable
order carry-over brought forward at the end of 2024 into 2025. This amounted
to £1.30m with a pipeline projected of over £2.0m in new orders in the year
from both the USA and Europe including the major GCLP order from US West Coast
biopharma of over $1.0m to provide sample analysis through 2025 and 2026.
After completing our first commercial single cell proteomics ("SCP") project
in H1 we have started to gain traction with two substantial contracts with
major pharma with further contracts completed and under discussion. We
recently launched and completed our first chemoproteomics study using
TMTpro™32 plex to enable identification of protein-drug interactions, both
for finding key targets for drugs in development and for screening compound
libraries to identify compounds that bind to a known target in cancer e.g.
mutated oncoproteomics.
The San Diego facility re-established in February 2025 was a strategically
important decision and investment to meet the demands of a large US customer
base and which has already created a good and growing order book. With
hindsight and the current global turmoil with tariffs, we had not appreciated
how good that timing was. The increased level of customer enquiries and orders
has continued into the second half and we have recently closed two orders of
$100,000 each along with a number of others between $50,000 and $100,000. We
are most encouraged by the strong performance and reputation that has been
developed by the new San Diego facility in such a short timescale. Our
Frankfurt GCLP compliant facility is equally active and engaged, helping to
deliver the 174% growth in revenue in the first half of the year using our
expanded capacity in MS equipment and staff with long term service contracts
to support clinical trials for targeted measurement of drug engagement and
from the expansion of our ongoing SCP proteomics projects.
As was the case last year, the substantial increase in both the number and
the value of orders reinforces management confidence that the slowdown
experienced previously has bottomed out and the business can deliver
substantial increases and returns. With the H2 2025 order book and carry-over
already in place well into 2026 we remain confident that we can generate
significant ongoing revenue growth from our services activities.
TMT(®)
With the change in US research funding policy brought in with the new
administration in January, many R&D programmes in academia and the life
sciences industry have been affected by significant cuts to their research
income which has had an immediate short-term impact for equipment and reagents
sales, reversing the positive momentum seen in the second half of 2024. This
resulted in first half revenue from the TMT license with Thermo Scientific
falling to £0.79m (2024: £1.85m). In the short-term, we envisage demand may
continue to be affected in 2025 and then anticipate improvement as the life
sciences industry and academic research adapt to the 'new normal' as a result
of the pressing global requirement to deliver better patient healthcare
outcomes and treatments. The pattern is already changing reflected by a
stronger Q3 order for TMTpro™ stocks shipped to Thermo Scientific in August
however we still anticipate that full year revenues are likely to fall short
of the 2024 figures.
We are working closely with our licensee Thermo Scientific to review and
reinforce the global market position and advantages of TMTpro™ reagents with
a dynamic focus on current applications and publications where TMTpro™ has
shown superior performance over other quantitative methods. We also expect the
lack of funding for new mass spectrometry hardware will require greater
throughput using currently installed systems where sample multiplexing by
TMTpro™ and DXT™ reagents is a very cost-effective solution.
Reagents for multiplexing DIA (plexDIA)
We recently obtained the trademark DXT for our DIA multiplex tags and the
International phase PCT patent was filed on 9(th) September 2025. The DXT tags
generated considerable interest from academic and commercial proteomics groups
during the American Society for Mass Spectrometry (ASMS) meeting in June and
we have added a further academic collaboration to extend DXT validation on
mass spectrometry platforms not available in-house. Significant advances have
been made in DXT multiplexing since ASMS with the number of tags increased
from 6 to 11 and with the potential to increase these to beyond 30.
We are actively engaged in DXT out-licensing and even though the turbulence in
the life sciences sector understandably interfered with the process, things
have picked up in the third quarter with good progress being made.
Outlook
The dramatic upheaval in world trade arising from US policy on tariffs, and
the substantial parallel cuts to the NIH budget and academic research funding
have inevitably had a negative impact on all businesses working in life
sciences. We expect the negative impact on TMT(®) and TMTpro™ revenues from
the US to be ongoing for the time being but we are working closely with Thermo
Scientific to drive increased uptake in TMT tags in markets across the rest of
the world and we expect that our new DXT tags for plexDIA experiments should
provide good additional sources of future revenue.
We are encouraged that the strong performance of our Frankfurt services
business that grew 2.5x in the first half has continued at a similar pace in
the second half of the year and into 2026 and this will be further assisted by
the rapid growth in orders at our San Diego facility.
Despite the headwinds and after considerable increases in customer orders,
demand for our services business rebounded strongly and we remain optimistic
that we are well positioned to deliver future increases in revenue and
returns.
Christopher Pearce
Executive Chairman
24 September 2025
Financial Report
Revenues in the first half of 2025 were 16% lower at £1.86m compared to the equivalent period in 2024 (H1 2024: £2.22m). Proteomics service revenues increased 289% to £1.07m (H1 2024: £0.37m). TMT(®) and TMTpro™ sales fell 72% below the prior year to £0.38m (H1 2024: £1.35m) and TMT(®) royalties came in at £0.40m in H1 2025 compared to £0.50m in H1 2024.
Cost of sales and administrative expenses decreased by 11% to £3.48m (H1
2024: £3.92m). Major cost drivers included spend on the laboratory in the
U.S..
Adjusted EBITDA** decreased to a loss of £1.19m (H1 2024: loss of £1.24m),
which is primarily attributable to lower revenues.
The cash flow from operating activities was a loss of £0.90m in H1 2025 (H1
2024: loss of £0.45m) . As at 30 June 2025 the Group had cash resources of
£0.26m (31 December 2024: £1.21m).
Six months Six months
ended ended
30 June 30 June
2025 2024
(unaudited) (unaudited)
£'000 £'000
Revenue 1,857 2,217
Gross Profit 324 205
Administrative Expenses * (1,946) (1,911)
Operating loss (1,622) (1,706)
Depreciation 414 430
EBITDA (1,208) (1,276)
Non-cash item: share based payment expenses 20 39
Adjusted EBITDA ** (1,188) (1,237)
* Administrative expenses include depreciation
**Adjusted EBITDA (a non-GAAP company specific measure which is considered to
be a key performance indicator of the Group's financial performance).
Stefan Fuhrmann
Finance Director
24 September 2025
Consolidated income statement
For the six months ended 30 June 2025
Six months Six months
ended ended
30 June 30 June
2025 2024
(unaudited) (unaudited)
Note £'000 £'000
Continuing operations
Revenue
Licences, sales & services 1,857 2,217
Cost of sales (1,533) (2,012)
Gross profit 324 205
Administrative expenses (1,946) (1,911)
Operating loss (1,622) (1,706)
Finance costs (450) (442)
Loss before taxation (2,072) (2,148)
Tax (68) (65)
Loss for the period (2,140) (2,213)
Loss per share 2
Basic (0.73p) (0.75p)
Diluted (0.73p) (0.75p)
Consolidated statement of comprehensive income
For the six months ended 30 June 2025
Six months Six months
ended ended
30 June 30 June
2025 2024
(unaudited) (unaudited)
£'000 £'000
Loss for the period (2,140) (2,213)
Other comprehensive income for the period
Exchange differences on translation of foreign operations 53 (26)
Loss and total comprehensive expense for the period (2,087) (2,239)
Consolidated balance sheet
As at 30 June 2025
30 June 31 December
2025 2024
(unaudited) (audited)
£'000 £'000
Non-current assets
Goodwill 4,218 4,218
Property, plant and equipment 607 609
Right-of-use asset 1,819 1,790
6,644 6,617
Current assets
Inventories 491 732
Trade and other receivables 759 433
Contract assets 188 296
Cash and cash equivalents 263 1,128
1,701 2,590
Total assets 8,345 9,207
Current liabilities
Trade and other payables (1,083) (780)
Contract liabilities - -
Borrowings (13,783) (12,631)
Lease Liabilities (765) (602)
(15,631) (14,012)
Net current liabilities (13,931) (11,422)
Non-current liabilities
Borrowings - (250)
Lease liabilities (845) (1,039)
Pension Provisions (453) (422)
Total non-current liabilities (1,298) (1,711)
Total liabilities (16,929) (15,724)
Net liabilities (8,584) (6,516)
Equity
Share capital 2,952 2,952
Share premium account 51,466 51,466
Share-based payment reserve 4,773 4,753
Merger reserve 10,755 10,755
Translation and others reserve (40) (93)
Retained loss (78,490) (76,349)
Total shareholders deficit (8,584) (6,516)
Consolidated cash flow statement
For the six months to 30 June 2025
Six months Six months
ended ended
30 June 30 June
2025 2024
(unaudited) (unaudited)
£'000 £'000
Loss after tax (2,140) (2,213)
Adjustments for:
Net finance costs 450 442
Depreciation of property, plant and equipment and right of use assets 414 430
Tax charge
68 65
Share-based payment expense 20 39
Operating cash flows before movements in working capital (1,188) (1,237)
Decrease in inventories 242 64
(Increase)/decrease in receivables (217) 675
Decrease/(in payables 303 44
Increase in provisions 31 5
Cash (outflow)/inflow from operations (829) (449)
Tax paid (68) (65)
Net cash (outflow)/inflow from operating activities (897) (514)
Cash flows from investing activities
Purchases of property, plant and equipment (58) (9)
Net cash outflow from investing activities (58) (9)
Financing activities
Lease payments (530) (297)
Loan increase 450 -
Net cash outflow from financing activities (80) (297)
Net (Decrease) in cash and cash equivalents (1,035) (820)
Cash and cash equivalents at beginning of period 1,128 2,027
Effect of foreign exchange rate changes 170 1
Cash and cash equivalents at end of period 263 1,208
Notes
For the six months to 30 June 2025
1 Basis of preparation and accounting policies
These interim consolidated financial statements have been
prepared using accounting policies based on UK adopted International
Accounting Standards and Interpretations in conformity with the requirements
of the Companies Act 2006. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and should be
read in conjunction with the 31 December 2024 Annual Report. The financial
information for the half years ended 30 June 2024 and 30 June 2025 does not
constitute statutory accounts within the meaning of Section 434 (3) of the
Companies Act 2006 and both periods are unaudited.
The annual financial statements of Proteome Sciences plc
('the Group') are prepared in accordance with UK adopted International
Accounting Standards and Interpretations in conformity with the requirements
of the Companies Act 2006. The comparative financial information included
within this report does not constitute the full statutory Annual Report for
that period. The statutory Annual Report and Financial Statements for 2024
have been filed with the Registrar of Companies. The Independent Auditors'
Report on the Annual Report and Financial Statements for the year ended 31
December 2024 was unqualified.
The directors have concluded that the Group has adequate resources to continue
operational existence for the foreseeable future.
Proteome Sciences plc has applied the same accounting
policies and methods of computation in its interim consolidated financial
statements as in its 2024 annual financial statements.
There have been no new standards adopted since the presentation of the
financial statements for 2024.
The Board of Directors approved this interim report on 24 September 2025.
2. Loss per share from continuing operations
Six months Six months
ended ended
30 June 30 June
2025 2024
(unaudited) (unaudited)
Loss per share
Loss for the purpose of basic profit/loss per share being net profit/loss
attributable to equity holders of the parent (£'000)
(2,140) (2,213)
Number of shares
Weighted average number of ordinary shares for the purpose of basic loss per 295,182,056 295,182,056
share
Weighted average number of ordinary shares for the purpose of diluted loss per 307,605,762 308,629,335
share
3. Cautionary statement
This document contains certain forward-looking statements
relating to Proteome Sciences plc ('the Group'). 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 by the directors 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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