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Group losses for specialist oncology company Incanthera have narrowed to £905,000 for the 12 months ending 31 March 2021.
This is down from a loss of £1.28 million previously.
Elsewhere, the business's cash position has strengthened following a successful fundraise of £1.14 million.
In March 2020, the business had £392,000 in cash. This surplus has now grown to £957,000.
This financial performance is in line with the board's expectations after becoming public in February 2020.
Since then, the company has entered commercial discussions with two global cosmetic companies regarding its Sol skin cancer car technology.
Incanthera has since filed a new patent on this, further protecting it until 2040.
CEO Simon Ward said: 'We are also delighted at the result of our recent placing, securing further funding from existing shareholders and welcoming new investors, which puts us in an excellent position to conclude the Sol discussions and to continue to look at the promise of new opportunities to deliver returns to Shareholders.'