Aptamer Group plc (LON:APTA), the developer of next-generation synthetic binders for the life sciences industry, has announced a trading update for the six months ending 31 December 2025 (H1 26).
Financial performance
Aptamer’s unaudited revenue for H1 26 is £0.83 million, representing a substantial 27% increase from the same period last year (H1 25: £0.65 million), and gives the Board confidence that full year revenue will materially exceed the prior year.
The Group has an FY26 fee-for-service order book of over £2.0 million in new contracts. In line with previous years, approximately 70% of this revenue is expected to be recognised during the financial year. In addition, the Group maintains a strong sales pipeline of £3.1 million as of today. The ongoing conversion and replenishment of this pipeline demonstrates the Group’s ability to consistently convert opportunities into contracted revenue.
Strategic progress towards a recurring revenue model
The Group is successfully executing its stated strategy of building a sustainable, high-margin business model through fee-for-service revenue and licensing partnerships. The period has seen significant acceleration in converting its proprietary technology and intellectual property (IP) into commercial licensing opportunities and executed agreements, marking a transition from development to commercialisation.
Licensing Agreements
· Two non-exclusive licensing contracts were signed in December 2025 with Twist Bioscience and Alphazyme, part of Maravai LifeSciences, delivering immediate upfront payments with ongoing revenues through milestone payments, royalties and manufacturing income. The first commercial sales are anticipated in H2 26.
· A third partner, a global manufacturer of a specific enzyme, is currently evaluating the hot-start PCR Optimer® under a Material Transfer Agreement for potential non-exclusive licensing and has extended its current contract to continue testing following initial results.
· Global health partnership advancing, with negotiations in the final stages for licensing of a vitamin B9 Optimer® to support worldwide diagnostics, representing entry into a high-volume, socially impactful market.
Blue-Chip Partnership Portfolio Expanding
The Group continues to deepen relationships with world-leading commercial partners, positioning multiple assets for near-term licensing conversion:
· Unilever programmes advancing through development stages: Stability assessment work on the first deodorant programme was successfully completed and delivered, supporting the current on-skin testing phase. The second programme targeting an additional pathway to prevent odour generation is progressing well with positive internal results and imminent delivery to Unilever for evaluation.
· Alphazyme partnership demonstrates repeatable licensing:
o Initial project successfully completed and converted into a non-exclusive licensing agreement, with first commercial sales anticipated in H2 26.
o Second discovery project with Alphazyme already completed, with high-performance binders selected by the customer, which provides strong potential for a second licensing agreement within the current financial year.
· Top 3 pharmaceutical partner secured for radioligand development: Major contract win that marks Aptamer’s successful entry into rapidly growing radioligand market with significant addressable market opportunity. This represents a pivotal strategic milestone for the Group, validated by the recent appointment of a radioligand specialist to Aptamer’s Scientific Advisory Board to support the Group’s capabilities and ambitions in this high-value sector.
· Significant repeat business from top-tier pharmaceutical partners: The period showed strong validation with £719,000 in new contracts secured from a single top 5 pharmaceutical partner of which £314,000 has been recognised as revenue to date. This new business represents over £1 million in total contract value with this partner across the past two financial years, alongside an additional repeat contract with a top 10 pharmaceutical company, underscoring the commercial value and performance of the Optimer® platform.
· Optimer® immunohistochemistry (IHC) reagents have been successfully developed for an established global life sciences and diagnostics conglomerate, with the potential to be integrated into assay kits this year and agreed royalties of 2% on net sales of all products.
Proprietary Therapeutic Pipeline De-Risking
· Internal testing of a fibrotic liver delivery vehicle has shown excellent preclinical characteristics of being non-toxic, stable, and non-immunogenic, which significantly de-risks its therapeutic potential.
· Commencement of animal studies is anticipated this financial year to demonstrate targeting performance and supporting active partnering discussions for this potentially high-value therapeutic asset.
Delivering on strategy
During the period, the Group has made substantial progress delivering against its stated strategic objectives:
· Revenue growth delivered: 27% increase demonstrates continued commercial traction;
· Multiple licensing agreements signed: Validating the model to retain IP and start delivering passive income through licensing;
· Partnership portfolio strengthened: Expanded relationships with global leaders across pharmaceutical, diagnostics, and consumer goods sectors;
· IP portfolio enhanced: Growing library of proprietary assets creating multiple licensing opportunities;
· Financial trajectory improving: Combination of growing fee-for-service revenue with emerging high-margin licensing income driving operational leverage.
Aptamer has established clear momentum in enhancing its business model with sustainable, recurring revenue streams. With multiple licensing agreements now signed and generating income post period, a robust pipeline of partnered licensing opportunities showing progression, and continued strong demand from blue-chip partners, the Group is well-positioned to continue this positive trajectory.
Dr Arron Tolley, Chief Executive Officer of Aptamer Group, commented: “This has been an exceptional period for Aptamer as we deliver on our strategic commitments to shareholders. The 27% revenue growth, combined with the signing of multiple licensing agreements that are now generating immediate income, demonstrates the commercial validation of the Group’s platform and our ability to execute against our stated objectives.
While this H1 update naturally focuses on near-term revenue and financial metrics, it is important to remember the broader progress we are making across the business. Our opportunity for major growth inflection is within our growing licensing portfolio, including opportunities such as the radioligand drug development project with the top 3 pharma partner.
All combined, this demonstrates not only the commercial use of our technology but also our deepening partnerships with big pharma leaders, global consumer goods companies and major health organisations. These relationships are not just driving current cash flows but are building a foundation for long-term shareholder value. Each fee-for-service project delivers immediate revenue while simultaneously creating proprietary intellectual property and opportunities that unlock potential future licensing revenue and create an upward cycle of growth.
The quality of our partnerships and growing repeat business with top 10 pharma partners builds a valuable dual revenue approach, which allows us to take advantage of our operational leverage and positioning as a key leader in the space. Each positive addition puts us one step closer to achieving our strategic and financial objectives. Now, with multiple licensing opportunities in advanced stages, a robust sales pipeline of over £3 million, and continued strong demand from industry leaders, we are confident in our ability to continue this positive trajectory and create substantial shareholder value.”
