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£3m forecast for next year and doesn’t include revenues from Optimal yet.

https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2025/11/20251124-Allenby-Capital-Fusion-Antibodies-plc-FAB.L-Interims.pdf?c5085=on

The company’s cash position at end September was £252k and we expect net cash outflow

to reduce in H2. Indeed, Fusion has disclosed that the cash position as of 21 November

2025 was better than at the period end. Our model indicates Fusion has a cash runway

into FY27. We have also updated our model to reflect the published figures. This gives rise

to a small, but non-material, improvement in the FY26 EBITDA and cash position relative

to our prior published figures. The new forecasts for FY26 are summarised in the table

below.

“Cash Position has improved since period end ”

With an additional 530k and explicit confirmation in the report that the pistol has improved since the period end….tou must have a stutter only telling part of the story

Strong update this morning!

Beat both Allenby and Shard’s EBITDA forecasts by some way.

£1m of Optimal quotes in their sales pipeline from recent conference

NCI negotiations proceeding.

“Cash position improved since year end” with clarification of additional 543k owed at end of period.

370k grant funding received in the period

Q3 has seen some further exciting OptiMAL® results and the building of a good relationship with a

big pharma client. The Company has continued to see an improvement in lead generation and pipeline value and continue to

see increased value in adjacent markets such as Diagnostics.

Gemini nicely sums up the importance of the Us National cancer institute wanting to sign up for years to come. That happening should rerate the price and their fortunes:

“ “4.2 The Strategic Signal of NCI Confidence

The value of the NCI collaboration extends far beyond any short-term service fees. It provides a third-party endorsement of the technology's efficacy, derived from one of the most rigorous and reputable research institutions globally. 

The most potent commercial catalyst emanating from this partnership is the NCI’s request to extend the agreement for use against further targets in the coming years. Since the NCI has access to a virtually unlimited selection of discovery platforms, both proprietary and outsourced, its decision to pursue an extension with Fusion Antibodies explicitly validates that OptiMAL delivered superior or, at minimum, highly reliable results against challenging therapeutic targets relative to competitive alternatives. This finding provides Fusion Antibodies with an unparalleled, high-integrity case study. 

The technical success and the request for extension align perfectly with the company's preparations for the commercial launch of OptiMAL as a service, targeted for late 2025. This alignment allows Fusion Antibodies to enter the market not merely with an attractive concept, but with a patented, externally endorsed, and validated platform that has proven effective on oncology targets provided by a premier global research client. “

The trading statement line is in every time they say they’re using the investor meet company it’s fairly standard. The trading update was very positive - growth between h2 f4/25 and h1 25/26 Witt strong indications that h2 25/26 also going to be very strong.

Fantastic assessment Sean, agree. AET in San Diego has the right people and decision makers in the room.

The company have said that scientists are naturally curious but cautious. They will want validation and proof that a new technology works.

The NCI validation will give them that so perfect time to launch it. Useful to note they have been warming up the market with their LinkedIn posts suggesting they’ve been presenting posters on Otpimal earlier this month and last at other big conferences.

Https://www.fusionantibodies-ir.com/content/news/archive/2025/161025.asp

• For the first half of the year to 30 Sept 2025 (HY26), unaudited revenue was approx. £838k, down from ~£1.2m in H1 of the prior year, but up on the second half of FY25 (~£755k). 

• Gross margin for the period improved to ~30% (from ~22% in the prior comparable period) — showing improved operational efficiency. 

• Cash as at 30 September 2025 was reported at approx. £251k, and the company states this is “tracking in line with management’s expectations”. 

• Strategic progress:

• The Company secured a US patent covering its proprietary platform OptiMAL® library design and method. 

• The collaboration with National Cancer Institute (NCI) continues, and the NCI has expressed a desire to continue using the OptiMAL® platform for further antibody discovery projects. 

• The company reported new contract wins: e.g., stable cell‐line development for a US biotech company, humanisation projects with divisions of major pharma companies. 

• Outlook: Even though H1 revenues are lower than the prior year H1, the company anticipates a stronger second half supported by a “robust existing order book, promising sales opportunities pipeline and improved market sentiment.” brokers are forecasting 1.4m revenues in H2 which would be 90% growth on h2 24/25 and 72% in h1 as reported in the agm statement.

Company confirmed on a question on their investor hub that the cash runway isn’t dependent on the NCI contract being agreed so if it lands likely that gets extended out far also!

Excellent that the investor meet is so quick, they’re usually a week or two after! I wonder why that is, are we expecting more news very quickly after the results 👀

Agreed - NCI to them is the gold standard marketing deal. Shows the industry the technology works and global key opinion leader and respected institution rates it. That value alone will be more than any $ on the contract. The commercial clients will have to pay the premium rate it’s worth.

They would def rns if it is signed and sealed….not to say they couldn’t be strategic about when they were concluding it

Less than 4 weeks to go until the launch of Optimal in San Diego. Do we think they’ll be able to close the NCI deal ahead of that or maybe they’ll have another client lined up to announce on the launch date

Interesting that Allenbys latest broker note said the following at £16m MCAP, and were Lower now:

“Valuation: Fusion’s shares have performed well in the six months since its equity financing, as the improved trading and a better financial position have been recognised by investors. As a result, its market cap is now £16m. However, we contend this ascribes almost no value to Fusion’s industry-leading antibody discovery/development technologies and suggest the shares offer a potentially highly geared return as it moves towards being able to commercialise these technologies.“

Just before shutdown Trump issued this executive order:

https://www.whitehouse.gov/presidential-actions/2025/09/unlocking-cures-for-pediatric-cancer-with-artificial-intelligence/

The new White House Executive Order on unlocking cures for paediatric cancer with AI could create a more supportive environment for research across the NCI, including labs working on childhood-cancer antibody targets.

While it doesn’t name specific groups, it does steer funding and AI-driven initiatives toward NCI-designated centres and the Childhood Cancer Data Initiative.

If labs like Dr Mitchell Ho’s — which according to the NCI Website already focuses on paediatric-cancer and is actively using Fusion’s OptiMAL platform — fall within this priority space, Fusion’s collaboration may gain additional visibility and momentum.

This is speculative, but the timing is striking: a major federal push for AI-enabled paediatric cancer research arriving just as NCI are looking to sign a deal to extend their OptiMAL collaboration could strengthen the long-term opportunity for Fusion.

100% Sean. I think fusion have said the NCI are applying for patents on the antibodies they’ve discovered before they publish the scientific journals. That says that what they’ve produced from Optimal is good enough to invest money in patent protecting those assets which is extremely encouraging for fusion. That is where the long term value in the deal with NCI will be in my view if they can secure long term royalty entitlement on NCI assets in the deal. They seem to be very active in producing many antibodies and having those long term entitlements if NCI partner up with them would be gold dust for fusion as well as the gold standard endorsement they can use to promote with their other clients who they’ll expect to pay premium cash for access

Very exciting time for the business - you only have to look back at the last couple of investor meets to see the excitement brimming.

I expect h1 results this week (was 19th Nov last year). This will for the first time show us the extent of grant funding they are receiving which seems to be very much helping to bring up the margins and reducing costs and cash burn.

As the ceo said at the last meet it’s only a matter of time until theyre profitable and optimal should accelerate that tremendously if they can commercialise successfully

Shows the prestige of the event and the calibre of the companies fusion is playing in. The fact they’ve secured that slot at all is highly impressive. The validation with NCI will hopefully change their fortunes. At the agm CEO said it was the best deal the company has ever made and the Chairman said that the outcome and optimal was going to be huge. This really feels like a pinnacle moment

Not just the FAB team who’ve validated it Vick remember - been independently validated by the US national cancer institute and a globally respected key opinion leader Dr Mitchell Ho. When they stand up in front of their peers and industry leaders at the conference, that in itself will be gold to them as well as the world leading tech

4 weeks until San Diego! The fusion CSO has landed the First lunch presentation on the main day of the conference.

https://informaconnect.com/antibody-engineering-therapeutics/agenda/2/

Presentation

OptiMAL™: Mammalian Display of a Human IgG Library for Discovery of Novel Antibodies

OptiMAL™ represents the World's first platform using a fully synthetic human antibody library that can be screened using Mammalian Display in the native IgG format. The results shown will demonstrate that this platform can be used for the discovery of antibodies with high specificity, developability and yield, in a competitive timeframe. Followed by the knowledge that a rationally designed synthetic library can out-perform more traditional library design methods.