RE: Great news!! Profitability in 20259 Aug 2024 09:11
Contracts signed for seven new projects in the period. All of these contracts are expected to be completed by the end of FY2024. These are in addition to contracts entered into prior to FY2024 and performed in the period, including the Master Services Agreement entered into with Freenome.
· First year of Master Services Agreement with Freenome has been completed and Freenome has indicated that it looks forward to continuing the relationship with Oncimmune.
· During FY2024 the Group's commercial team has been rebuilt and now consists of three members in the US and two in Europe. The new team is fully onboarded and continues to make traction.
· 15 new commercial opportunities were at proposal stage as at the end of April 2024, with a total weighted pipeline value in excess of £2.5m. Some revenue is expected to be recognised in FY2024 and the majority of the remaining revenue expected in FY2025.
· Outlook remains positive, with commercial activity continuing to be high since the end of H1 FY2024. As previously indicated, revenues for FY2024 are expected to be approximately £3m. Some large contracts are expected to be executed and revenue partially recognised by the end of FY2024, underpinning the revenue forecast.