Aptamer Group plc (LON:APTA), the developer of next-generation synthetic binders delivering innovation to the life sciences industry, has announced its full year results for the twelve months ended 30 June 2025.
Strategic milestone delivery
· Increased commercial traction over the year, resulting in a 40% increase in revenue for the period, including repeat business with multiple top 20 pharmaceutical companies.
· Successfully expanded licensing portfolio, increasing the number of developed Optimer® assets with licensing potential, from four to eleven over the period, demonstrating robust technical productivity.
· Royalty agreement with Neuro-Bio on sales of Optimer®-based clinical diagnostics for Alzheimer’s disease with an attractive blended royalty rate of 11.1% over the first £166 million and 5% thereafter.
· Royalty agreement with the University of Glasgow for the use of Optimers in vaccine adjuvants at 10% on all relevant sales, positioning the Group to contribute to novel vaccine development initiatives.
· Advanced negotiations underway with two separate partners on licensing agreements for enzyme-modulating Optimer® assets, with signings anticipated in the coming months.
· Progression of partnership with Unilever to initial stages of on-person testing, with agreement secured for the second Optimer® development, validating commercial applications beyond life sciences.
· Advanced fibrotic liver delivery vehicle with biomarker discovery, validation of reversal of fibrotic scarring in lab-based tests, and demonstrated multi-fibrotic targeting capabilities, supporting ongoing negotiations with large pharmaceutical partners.
Financial summary
· Revenue £1.20 million (2024: £0.86 million), representing a 40% increase over the previous financial year and demonstrating accelerating commercial traction.
· Cash balance at 30 June 2025: £1.1 million (2024: £0.9 million).
· Adjusted EBITDA loss of £2.2 million (2024: £2.8 million).
· Administration expenses £2.9 million (2024: £3.2 million), reflecting continued cost discipline.
· £2.6 million net proceeds received from equity raising in August 2024, strengthening the Group’s balance sheet.
Post-period developments
· Successful completion of fundraising for £1.8 million (net) in July 2025, further strengthening the Group’s financial position to execute the growth strategy.
· Secured £675,000 in new contracts in Q1, delivering £1.0 million visibility for FY26, supported by a robust £3.4 million sales pipeline.
· Development contract secured with a top 3 pharma to develop Optimers for targeted radiopharmaceuticals.
· New discovery and development agreement signed with Invizius to develop Optimer® therapeutics for the complement system for the treatment of inflammatory diseases.
· Launch of biomarker discovery service: introduced new biomarker discovery service targeting the substantial US$62.4 billion global biomarker discovery market, representing significant market opportunity expansion.
Commenting on the results, Arron Tolley, Chief Executive Officer of Aptamer Group, said: “This has been a year of significant strategic progress for Aptamer as we continued to expand the breadth and commercial reach of our Optimer® platform. With a 40% increase in revenue and a growing base of repeat business from leading pharmaceutical partners. Our technology is gaining strong traction across life sciences and adjacent markets.
We have more than doubled Aptamer’s portfolio of licensable Optimer® assets from four to eleven, secured royalty-bearing agreements with Neuro-Bio and the University of Glasgow, and a global life science conglomerate. Additionally, we are in late-stage licensing negotiations for our enzyme-modulating assets, with two separate partners, which are expected to sign in the coming months. The expansion of our Unilever partnership, now including a second Optimer® development programme, underlines the commercial strength and versatility of our platform technology.
Looking ahead, the successful £1.8 million fundraising completed after year-end provides the resources to accelerate our growth strategy, strengthen in-house manufacturing, and advance high-value Optimer® programmes. With an expanding pipeline, deepening commercial relationships, and a robust financial position, we are well-placed to deliver long-term value for our shareholders.“
Chairman and Chief Executive Officer’s statement
We are delighted to report a year of significant progress for Aptamer, marked by strong revenue growth, substantial repeat business, and the successful expansion of our Optimer® portfolio, which is now generating licensing agreements for ongoing revenue streams.
Delivering on our strategic vision
Over the period, Aptamer has demonstrated significant progress, both in terms of technical and financial development. We have seen a 40% increase in revenue, validating our strategic approach and highlighting the accelerating market adoption of our Optimer® technology by blue-chip pharmaceutical and diagnostic companies. This growth has been driven by deepening relationships with major pharmaceutical companies, several of whom have delivered repeat custom during the year, having successfully trialled our products.
Notably, during the period, the Group secured a significant contract with a top 5 pharmaceutical company for the discovery of Optimer® binders and the development of an immunoassay. The discovery and development programme was successfully completed during the financial year, with positive customer feedback supporting progression to additional fee-for-service assay development work post-period. This progression validates the performance of our technology and highlights our ability to move projects through the entire development pipeline in a timely manner. Crucially, the Group has retained intellectual property ownership of these binders, positioning us for potential future licensing revenues.
During the period, the Group also signed a sizeable contract with a biopharmaceutical company to deliver Optimers for therapeutic monitoring, which has already yielded positive results where a previous aptamer development company was unsuccessful. Furthermore, we entered into a new development and licensing partnership with a major multinational conglomerate for Optimer®-Fc, a field where the Group continues to see high demand for our binders. When completed, the developed Optimer®-Fc reagent is anticipated to be incorporated into commercial IHC kits, with a product launch expected within the current calendar year, adding another stream of passive income into our asset portfolio.
Our continued focus on operational efficiency has allowed us to drive revenue growth while maintaining cost discipline, positioning the Group for improved operational leverage as we scale the business. Combined with our strengthened cash position of £1.1 million at year-end and successful £1.8 million (net) equity raise in July 2025, this provides robust financial flexibility to accelerate our high-value strategic initiatives.
Significant portfolio expansion of licensable assets
Our strategic focus on generating predictable and recurring revenue through licensing and royalty-bearing agreements has begun to deliver tangible results. We have expanded the Group’s portfolio of Optimer® assets, which have licensing potential from four to eleven, across a balanced portfolio of research reagents, diagnostic tools, and therapeutic molecules. This diversified asset portfolio is engineered to deliver increasing financial returns across different timeframes, providing multiple value catalysts: shorter-term opportunities in research reagents, medium-term applications in cosmetics and diagnostics, and longer-term therapeutic programmes for clinical progression.
Each developed asset represents scalable revenue streams through licensing agreements, creating a sustainable foundation for long-term growth. Key agreements have been signed, including those with Neuro-Bio, the University of Glasgow, and a global life science conglomerate, which offer favourable royalty structures, demonstrating the value of the platform to our partners. Additionally, the Group is in late-stage licensing negotiations for our enzyme-modulating assets, with two separate partners, which are expected to sign in the coming months. This positions Aptamer well for generating recurring revenues in the coming years.
The partnership with Unilever has progressed with the signing of a contract extension for additional studies to support the on-person testing phase of the deodorant Optimers, which will help accelerate this programme. The agreement for a second Optimer® development further validates the use of the Group’s technology in cosmetic applications. This project is currently progressing well through the laboratory, potentially providing a second deodorant Optimer® asset that can be licensed to Unilever to deepen their position within this market.
The Group has continued its fibrotic liver delivery vehicle programme and has successfully completed lab-based testing, demonstrating precision therapeutic targeting with significant therapeutic effects. Our continued in-house development has revealed applications for multi-fibrotic diseases and identified the target of the delivery vehicle. These discoveries substantially expand the addressable market into multiple fibrotic diseases and provide crucial mechanistic insights to support ongoing negotiations with top-tier pharmaceutical companies for high-value licensing opportunities.
Significant progress was made over the course of the year in the Group’s work with a genetic medicines company to develop therapeutic delivery vehicles. In December 2024, customer evaluations confirmed the required specificity for use in precision medicine, enabling progression to the final development phase, which has now been successfully completed. The delivery vehicles are currently undergoing validation at Aptamer, representing the second delivery vehicle within the Group’s asset portfolio that could deliver significant downstream licensing revenues for Aptamer.
Further positive progress has been made across two diagnostic Optimer® assets in foetal diagnostics and vitamin supplementation. As part of a European Consortium collaboration, the Group successfully developed highly sensitive binders capable of detecting foetal cells from a maternal blood sample, enabling the potential for non-invasive prenatal diagnostics. A global life science research and diagnostic company is currently evaluating these binders, and we are engaged in commercial discussions regarding a potential licensing agreement for their integration into next-generation prenatal testing solutions. In February 2025, Aptamer was approached by a global health organisation to explore the use of our Optimer® binders targeting folate (vitamin B9) in global health diagnostics. Following successful evaluations, the Optimers have demonstrated strong potential, supporting ongoing commercial discussions for their use in monitoring vitamin supplementation programmes.
Post-period momentum
The post-period developments demonstrate accelerating commercial momentum, positioning Aptamer for continued growth. The Group’s successful net fundraising of £1.8 million in July 2025 provides the capital foundation to execute high-impact projects. These include:
1. Investment in manufacturing equipment to support current and future material supply for our licensable assets. This ensures high-quality, reliable supply chains, improving margins and simplifying partner logistics via in-house manufacturing at Aptamer.
2. Servicing equipment to increase our offering for the newly launched biomarker discovery service.
3. Development of AI and machine learning models to better predict optimal sequences for the discovery of drug candidates and molecular tools against customer-specific targets.
4. Preclinical testing of our liver delivery vehicle to de-risk the platform for therapeutic use and advance this therapeutic asset.
The Group has delivered strong commercial progress in the first quarter of the current financial year, securing a total of £675,000 in new contract value. This provides £1.03 million in contract visibility for FY26, supported by a robust sales pipeline of £3.4 million, demonstrating sustained demand for our Optimer® technology across multiple application areas.
In September 2025, Aptamer entered into a therapeutic development agreement with Invizius to create Optimer® binders that target complement system components for incorporation into Invizius’ H‑Guard therapeutic platform. Invizius selected Aptamer’s technology due to the non-immunogenic nature of Optimers, which reduces the risk of immune responses and enhances therapeutic safety profiles, as well as the technology’s proven performance under application-relevant conditions. Under the agreement, Aptamer retains intellectual property rights to newly developed binders, with potential for future licensing and commercialisation opportunities.
In October 2025, Aptamer secured a significant development contract with a top 3 global pharmaceutical company to engineer Optimer® binders as targeted radiopharmaceuticals for cancer imaging and potential therapeutic applications. This marks a strategic expansion into the targeted radiopharmaceuticals market and represents the second therapeutic modality under development alongside targeted gene therapy. Aptamer retains rights for future licensing revenues upon commercialisation, positioning the Group for downstream licensing and royalty revenue streams.
In addition, the Group progressed a post-period extension of the assay development contract with a top 5 pharmaceutical company, building on a previously successful Optimer® binder discovery. Early feedback has been highly positive, confirming that the Optimers outperformed all antibodies tested. This reinforces the performance of Aptamer’s technology under customer-relevant conditions and demonstrates the Group’s ability to efficiently move projects through the development pipeline while retaining IP ownership for potential future licensing opportunities.
The recent launch of Aptamer’s biomarker discovery service further marks an expansion into the US$62.4 billion global biomarker discovery market, leveraging the Group’s existing world-class capabilities to create substantial new revenue opportunities and reinforce its position as the comprehensive partner of choice for life sciences leaders.
Outlook
The life sciences industry continues to evolve rapidly, with increasing demand for innovative solutions that can accelerate drug discovery, improve diagnostics, and enhance therapeutic efficacy. The Group’s Optimer® technology is positioned well to address these needs across multiple applications and markets.
With accelerating commercial traction, a dramatically expanded licensing portfolio that is beginning to yield material results, and strengthened financial resources, Aptamer enters 2026 positioned to deliver sustained growth. The Group’s proven strategy focuses on the following high-impact value drivers:
· Securing new licensing and royalty-bearing agreements.
· Expanding Optimer®, Optimer®+, and biomarker discovery pipelines and technical capabilities.
· Driving repeat custom through timely delivery of robust products.
· Maintaining rigorous cost management across the business.
The strength of our patent portfolio, the proven versatility of our technology, and our track record of successful partnerships position us well to capitalise on the significant market opportunities ahead. We remain confident in our ability to deliver value to all stakeholders as we continue to execute our strategy.
Financial review
Over the period, the Group has made strong commercial progress developing its portfolio of assets for licensing, whilst still maintaining close control of costs.
The licensing portfolio has increased to 11 assets at the end of the year, from 4 at the beginning of the year. This further advances the Group’s strategy to secure licensing revenue from developed assets in addition to its fee-for-service revenue.
The Group has continued to see acceptance of its technology through repeat business from customers who have seen the benefits of the technology. Through this stage of the Group’s journey, management is mindful of the need to keep the operating cost base low, whilst building the asset portfolio and building the research and development pipeline. During the year, administrative expenses were £2.9m (year ended 30 June 2024: £3.2m).
Post-period, fundraises totalling net proceeds of £1.8 million have been completed with the issuance of 666,666,666 ordinary shares at 0.3 pence per share.
Group | Year ended30 June 2025£’000 | Year ended30 June 2024£’000 |
Adjusted EBITDA | (2,194) | (2,790) |
Share-based payment expense | (116) | (49) |
EBITDA | (2,310) | (2,839) |
Amortisation | (23) | (13) |
Depreciation | (207) | (232) |
Operating Loss | (2,540) | (3,084) |
Revenue
The Group reported revenues for the year ended 30 June 2025 of £1.2 million (year ended 30 June 2024: £0.9 million).
Gross profit
Gross profit for the year of £0.58 million (year end 30 June 2024: £0.25 million) following an improvement in the Sales pipeline and the building of repeat customer relationships. Costs are largely fixed staff costs which have not been leveraged on such low volumes of work, but the team is continuing to operate on the minimum head count.
Research and development costs
During the year, the Group expensed through the income statement £0.4 million (2024: £0.4 million), relating to the continued development of Optimer® delivery vehicles to cells associated with liver fibrosis. The fundraise completed in August 2024 enabled the continuation of this work.
Administrative expenses
Administrative costs were £2.9 million for the year compared to £3.2 million for the year to 30 June 2024. This decrease in costs is a result of employee costs reducing to £1.9 million (2024: £2.1 million) and a slight decrease in operational footprint. The headcount has decreased slightly from 38 at 30 June 2024 to 31 at 30 June 2025.
Adjusted EBITDA
The Group uses adjusted EBITDA as a profit performance metric as this excludes items which can distort comparability of underlying trading as well as being the measure of profit which most accurately reflects the cash generating activities of the Group. The reconciliation of adjusted EBITDA to Operating Loss is on page shown above.
Share-based payment charges
The non-cash charge for the year was £0.12 million (2024: £0.49 million).
Tax
The Group claims each year for research and development tax credits and the taxable benefit received is shown, net of tax, in the taxation line of the income statement. This amounts to £0.14 million (2024: £0.18 million). Tax losses carried forward totalled £13.4 million (2024: £11.4 million). The Group has not recognised any tax assets in respect of trading losses arising in the current financial year or accumulated losses in previous financial years.
Loss for the year
The loss for the year was £2.4 million (2024: £3.0 million loss). The basic loss per ordinary share decreased to 0.14 pence (2024: 0.71 pence per share) based on an average number of shares in issue during the period of 1,793,727,064 (2024: 415,107,581).
Cash flow
Aptamar Group had £1.1 million of cash at 30 June 2025 (2024: £0.9 million). The net cash inflow for the year was £0.2 million (2024: £0.6 million inflow). This reflects a cash outflow from operations of £2.1 million (2024: £2.7 million), a cash inflow from fundraising activities of £2.6 million (2024: £3.5 million), cash receipts relating to research and development tax credits of £0.2 million which represented the tax refund for the prior period (2024: £0.2 million), payment of leases of £0.4 million (2024: £0.5 million) and an investment in capital expenditure and intangible assets of £0.1 million (2024: £0.1 million).
Financial position
Net assets at 30 June 2025 were £1.4 million (2024: £0.9 million) of which cash amounted to £1.1 million (2024: £0.9 million) reflecting the remainder of funds from the equity raising earlier in the year.
Following the year end, the Company successfully raised £1.8 million in net proceeds through an equity fundraise in July 2025.