Oncimmune Holdings
plc
("Oncimmune" or the "Company")
Trading
Update
Oncimmune Holdings plc (AIM:
ONC.L), a leading autoantibody profiling company providing research
services to the pharmaceutical and biotechnology industry to enable
the delivery of precision medicine, provides a trading update for
FY2024 and FY2025 (years ending 31 August 2024 and 2025
respectively).
FY2024 Results
As detailed in the update of 9
September 2024, Oncimmune remains on track to report revenue of
approximately £3m for FY2024, showing over 100% growth on the
prior year (£1.15m in FY2023 from continuing operations).
Publication of the FY2024 results is expected by
mid-February.
Outlook for FY2025
In the last trading update of 31
October 2024, the Company reported three new contracts with a total
value of £0.34m, continuing the positive commercial traction seen
in the last quarter of FY2024.
Revenue for the first half of FY2025
is likely to be approximately £1.4m, an increase of circa 20% on
the prior year (£1.19m) and the Company continues to add to
its broad pipeline of potential contracts.
Oncimmune has recently added one new
contract with a new customer and has 11 others under negotiation,
representing a total of up to £2.0m of potential revenue. It also
has earlier stage discussions ongoing with existing customers for
follow-on work, some of which would be expected to start in FY2025.
However, and in line with the rest of the Pharma services
outsourcing market, conversion of new contracts has been slower
than since late 2024. At the same time as vigorously pursuing
follow-on work, Oncimmune is discussing a number of significant
strategic collaborations and transformative contracts with several
parties which, whilst there is no certainty, could materially
improve its revenue position in FY2025.
Since the last trading update of 31
October 2024, Oncimmune has had one potential contract deferred
into FY2026 and one removed from its pipeline. As a result,
with seven months of the financial year still to go, Oncimmune now
anticipates FY2025 revenue to be in the region of £4m, which would
be an uplift of 33% vs FY2024 and growth of around 250% vs
FY2023. Oncimmune expects to have
much greater visibility on its revenue in the second half of the
financial year.
The Company has already taken
actions to ensure its overheads and debt service costs will be
significantly lower in FY2025 than in FY2024, resulting in a
cost base of around £5m. As at 31 January 2025, the Company has
cash balances of over £1m and has paid down some debt such that
only £1.5m of the principal loan remains outstanding as at 31
January 2025.
With a revised outlook for FY2025,
the Board is exploring strategic partnerships and business
synergies to build its critical mass and in parallel to seek
additional finance to extend its cash runway.
Martin Gouldstone, CEO of Oncimmune said:
"Following the substantial revenue growth seen between FY2023
and FY2024, our focus remains on delivery of world-class results
for our customers on existing projects, and the pursuit and
conversion of other opportunities with existing and new
customers. We remain optimistic and are pursuing several
opportunities which could be transformative for the
business."
This announcement contains inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
For
further information:
Oncimmune Holdings plc
contact@oncimmune.com
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
Geoff Nash, Callum Davidson, Trisyia
Jamaludin (Corporate Finance)
Nigel Birks, Ondraya Swanson
(ECM)
+44 (0) 20 7220 0500
Zeus (Joint Broker)
Dominic King
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a precision medicine
company, specialising in analysing immune interactions through the
autoantibody profile. Taking a platform approach to generating
insights, Oncimmune is partnering with global pharmaceutical and
biotech companies, as well as contract research organisations
(CROs) to discover novel biomarkers for the development of more
targeted and effective therapies across many immune-mediated
diseases. Our mission at Oncimmune is to enable precision medicine.
We help our partners to discover novel biomarkers, drug targets and
predict treatment efficacy through the application of our platform.
We are able to do this by deploying our world class scientific team
and our cutting-edge technology platform, built on years of
experience in the field. Our aim is to make this an essential tool
in drug discovery and development.
Oncimmune is headquartered in the UK,
with its discovery and development facility based in Dortmund,
Germany and a business development team based in the US and
Europe.
For more information,
visit www.oncimmune.com
