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Fusion Antibodies plc, a contract research organization specializing in antibody discovery and engineering, has released its unaudited interim results for the six months ended September 30, 2024. The company reported revenues of £1.2 million, a significant increase from £0.5 million in the same period last year. They maintained their expenditure on R&D at £0.18 million and reduced their losses to £0.76 million. The companys cash position as of September 30, 2024, was £0.4 million, with additional funds owed by existing debtors.
Operational highlights include Fusion Antibodies first contract to develop a bespoke non-human antibody species OptiPhageTM library, continued progress in developing the OptiMAL® library, and a collaboration agreement expansion with the National Cancer Institute. The company also received further orders from a leading diagnostics company.
The Chairmans statement emphasizes the companys mission to improve the efficiency of getting better antibodies into the clinic and their focus on developing new services and technologies to remain at the cutting edge of the market.
The financial review highlights the improved gross profit percentage and the impact of cost-saving measures on reducing administrative expenses. The companys key performance indicators show positive trends, and the outlook section expresses confidence in the sectors recovery and Fusion Antibodies prospects.
The Directors confirm that the condensed financial statements have been prepared in accordance with relevant regulations and that they have a reasonable expectation of the companys ability to continue as a going concern for at least the next 12 months.