Angle PLC on Wednesday said its annual loss narrowed in 2024 as revenue rose and operating costs fell, though the company warned that market uncertainty and funding cuts were weighing on revenue so far this year.
The Guildford, England-based liquid biopsy company said its pretax loss narrowed to £15.0 million in 2024 from £21.6 million a year earlier. The loss per share narrowed to 4.82 pence from 7.73p.
Revenue increased 32% to £2.9 million from £2.2 million, while operating costs fell 27% to £16.9 million from £23.3 million.
Shares in Angle were down 23% at 7.48 pence in London on Wednesday afternoon.
Angle cited ‘recent market turbulence’ and ‘reductions to research funding across academic and government labs’ as reasons for a slow start to 2025, adding that while demand was building, revenue conversion remained uncertain.
The company anticipates ‘modest’ revenue growth this year compared to 2024, with ‘potential for this to be exceeded’ depending on the outcome of several large opportunities currently under discussion.
Angle secured four service agreements during 2024, including two with AstraZeneca PLC and one with Eisai Co Ltd, underpinning its focus on large pharmaceutical companies. Its HER2 assay was used in a Phase 2 breast cancer trial for Eisai, while two separate assays were approved by AstraZeneca for use in its clinical trials.
Chief Executive Andrew Newland said the company entered 2025 with key pharma contracts either completed or progressing well. ‘We are confident that these have the potential to lead to larger scale opportunities,’ he said.
Cash and cash equivalents stood at £10.4 million at year-end, down from £16.2 million a year prior, with an additional £2.3 million in R&D tax credits expected, providing a runway into the first quarter of 2026. The company does not pay dividends.
Copyright 2025 Alliance News Ltd. All Rights Reserved.