Trading Update

Oncimmune Holdings PLC

31 January 2025

 

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

[e-mail]

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Geoff Nash, Callum Davidson, Trisyia Jamaludin (Corporate Finance) 

Nigel Birks, Ondraya Swanson (ECM)

[phone]

Zeus (Joint Broker)

Dominic King

[phone]

[phone]

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

 

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