RE: Chrishutch8 Jul 2024 17:37
Highlights
· Positive momentum through the first quarter of the current financial year ending 31 March 2025 ("Q1 FY2025"), including:
o first OptiPhageTM contract for a non-human antibody species received in April 2024;
o ongoing collaboration agreement with the National Cancer Institute ("NCI") for the use of OptiMAL®;
o further purchase orders received under a master services agreement ("MSA") with a leading diagnostics company;
o multiple therapeutics project running in parallel with a US based biotechnology client; and
o an increasingly positive sentiment amongst the industry and client base.
· Unaudited revenues for Q1 FY2025 of c. £522k (Q1 FY2024: £241k, FY2024: £1.14m)
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Consistent and strong sales pipeline, with an order book at 30 June 2024 of approximately £0.7m. The order book includes a number of multi-stage projects for its clients and, subject to these projects progressing in line with expectations, revenue is expected to be recognised for all projects in the current order book in the current financial year.
(Worth noting that’s the order book - pipeline is 3million)
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· The Company continues to carefully control its cash and, as set out at the time of the fundraise in February 2024, based on internal estimations the Company has a cash runway into the second quarter of calendar year 2025. The Company continues to seek to achieve cash neutrality during that timeframe.