**Summary of Fusion Antibodies PLC Half-Year Financial Report (H1 FY2026)**
**Financial Highlights**
**Revenue** £0.84 million (down from £1.2 million in H1 FY2025 but up from £755k in H2 FY2025).
**R&D Expenditure** Increased to £350k (from £176k in H1 FY2025), primarily for the OptiMAL® Library project.
**Loss Reduction** Loss narrowed by 32% to £0.51 million (from £0.76 million in H1 FY2025).
**Cash Position** £0.25 million as of 30 September 2025, with £543k owed by debtors.
**Operational Highlights**
**Patent Grant** US patent for OptiMAL® Library design and method granted.
**Validation Project** Successful collaboration with the National Cancer Institute (NCI) demonstrated high-affinity antibodies against selected targets.
**New Contracts** Secured contracts for cell line development and humanization of multiple targets with large pharmaceutical companies.
**OptiMAL® Launch** On track for formal commercial launch at the Antibody Engineering & Therapeutics conference in December 2025.
**Pre-Launch Interest** Positive feedback and expressions of interest from prospective clients, with potential pipeline value of £1 million.
**Strategic Progress**
**OptiMAL® Development** Significant progress toward commercial readiness, with NCI expressing interest in continued use of the platform.
**Scalable Business Model** Validation project highlighted the potential for a licensing-based model, enhancing long-term value beyond custom services.
**Market Expansion** Exploring additional libraries, including AI/ML-designed and non-human libraries, for diagnostics and veterinary applications.
**Challenges**
**Revenue Decline** Geopolitical and economic conditions slowed client funding and project progression.
**Cash Management** Costs carefully controlled, but cash position remains tight, with potential need for additional funds.
**Outlook**
**OptiMAL® Launch** Anticipated to drive interest and pipeline growth, with potential value of £1 million.
**NCI Collaboration** Negotiations underway to extend the use of OptiMAL® for additional targets.
**Market Recovery** Hopeful for significant growth in outsourced projects as market conditions improve.
**Investor Engagement**
Presentation scheduled for 25 November 2025 via the Investor Meet Company platform, open to all investors.
**Conclusion**
Fusion Antibodies PLC has made substantial progress in developing and validating its OptiMAL® platform, positioning itself for commercial success despite challenging market conditions. The company remains focused on strategic growth, cost control, and leveraging its technology to expand into new markets.
| Financial Metrics (£'000) | |||
|---|---|---|---|
| Metric | H1 FY2026 | H1 FY2025 | Change |
| Revenue | 838 | 1,207 | (30.6%) |
| R&D Expenditure | 350 | 176 | 98.9% |
| Loss | (512) | (758) | 32.4% Improvement |
| Cash Position | 252 | 439 | (42.6%) |
| Borrowings (Total) | 388 | 32 | 1,112.5% |
| Borrowings (<1 year) | 105 | 23 | 356.5% |
| Borrowings (>1 year) | 283 | 9 | 3,044.4% |