Fusion Antibodies Reports 73% Revenue Growth in FY2025 Results
Why we think this is neutral
While the 73% revenue growth and return to gross profit are certainly positive signs, we can't ignore the elephant in the room - the company is still burning through cash at an alarming rate. The operating loss, though improved, remains substantial at £1.779m. The cash position has taken a concerning nosedive from £1.2m to £0.4m over the year. Yes, they've raised some additional funds and secured grants, but with that level of cash burn, it's like trying to fill a leaky bucket. The diversification strategy, especially in Diagnostics, shows promise, but it's not yet moving the needle enough to offset the overall financial picture. The OptiMAL® platform progress is encouraging, but in this game, potential doesn't pay the bills. Until we see a clear path to profitability or at least a significant reduction in cash burn, it's hard to get too excited. The economic uncertainties lurking in the background don't help either. It's a mixed bag, folks - some glimmers of hope, but still a lot of heavy lifting ahead.
Key Points
- Revenue increased 73% to £1.97m in FY2025
- Gross profit turned positive at £430k
- Operating loss reduced to £1.779m
- Cash position decreased to £0.4m
- Diagnostics sector now represents 33% of revenue
- Raised £1.17m in March 2025 for working capital and investment
- Progress made with OptiMAL® platform and collaboration with National Cancer Institute
- Secured significant grant funding, including Future Medicines Institute grant
- High cash burn rate continues with negative operating cash flow of £1.364m
Summary
Fusion Antibodies plc reported its final results for the year ended 31 March 2025, showing significant revenue growth of 73% to £1.97m. The company achieved a positive gross profit of £430k, a turnaround from the previous year's loss. However, the company still faces challenges with an operating loss of £1.779m and a reduced cash position of £0.4m. The company's diversification strategy is showing positive results, particularly in the Diagnostics sector, which now represents 33% of revenue. Fusion has made progress with its OptiMAL® platform and secured important grant funding, including the Future Medicines Institute grant. Despite these positives, the company continues to have a high cash burn rate and faces economic uncertainties. The company raised £1.17m in March 2025 to support working capital and investment needs.