FUSION ANTIBODIES PLC - Full year results briefing

FUSION ANTIBODIES PLC reported FY26 revenue growth of 7% to £2.11 million, supported by a one-off £250,000 IP transaction, while underlying operational revenue declined by approximately 4% amid continued pressure on biotech funding and longer customer decision-making cycles. Gross margin improved significantly to 58% from 22%, or approximately 43–44% excluding the IP transaction, reflecting improved operational efficiency, revenue mix and grant-supported activity. The EBITDA loss narrowed by more than £500,000 to just over £1 million despite R&D investment rising substantially to approximately £861,000, as the company continued development and commercialisation of its proprietary antibody technologies. Year-end cash increased to approximately £1.04 million following the January 2026 equity raise, although the business remains cash-consuming. Operational improvements have strengthened Fusion’s competitive proposition, with transient gene expression timelines reduced from up to nine weeks to around three weeks and cell line development shortened from eight-to-nine months to approximately four months. Management highlighted the patent-protected OptiMAL platform, DR5 programme and AI/ML antibody opportunities as key elements of its growth strategy. The DR5 asset is undergoing animal-model evaluation and could become a licensable early-stage asset if results are positive, while ongoing NCI work continues to generate encouraging antibody data. Despite persistent market challenges, Fusion believes its improved margins, faster services, proprietary technology and stronger commercial offering leave the company better positioned to convert its pipeline into future revenue growth as biotech market conditions recover.