Angle PLC Announces Trading Update
Rhea-AI Summary
ANGLE plc (AIM:AGL, OTCQX:ANPCY), a liquid biopsy company, released its trading update for FY2024. Revenue increased 31% to £2.9 million (from £2.2 million in FY23). The company maintains a strong cash position of £10.4 million as of December 31, 2024, with expected R&D tax credits of £1.4 million in Q1 2025 and £0.8 million in Q3 2025, totaling available cash resources of £12.6 million.
The company's annual loss decreased 30% to approximately £14 million (from £20.1 million in FY23), aligning with guidance. Following strategic focus on pharma services and cost reduction, current cash reserves provide runway into 2026. The company expects higher revenue growth in 2025 compared to 2024, with potential for significant increase over time, supported by progressing pharma contracts and new opportunities.
Positive
- Revenue increased 31% to £2.9 million in FY2024
- Annual loss reduced by 30% to £14 million
- Strong cash position of £10.4 million with additional £2.2 million in expected R&D tax credits
- Cash runway extended into 2026
- Higher revenue growth expected in 2025
Negative
- Still operating at a significant loss (£14 million in FY2024)
- Dependent on R&D tax credits for cash resources
- Requires Phase 3 clinical trials success to achieve cash flow positivity
Revenue for 2024 expected to be up
Lower cost base going into 2025 with a growing sales pipeline of opportunities
GUILDFORD, SURREY / ACCESS Newswire / January 23, 2025 / ANGLE plc (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, is pleased to provide a trading update in relation to full year 2024 financial results.
Revenues for the year ended 31 December 2024 are expected to be up
The cash position of the Company remains solid, and stronger than market expectations with cash balances of £10.4 million at 31 December 2024, and an R&D tax credit receipt for 2023 of £1.4 million (expected receipt Q1 2025) and for 2024 of c. £0.8 million (expected receipt Q3 2025), giving available cash resources of £12.6 million before additional sales gross margin contributions to the Company. Following the strategic decision to focus on pharma services and reduce the cost base, existing cash balances and tax credits provide the Company with cash runway into 2026. Phase 3 clinical trials secured over the medium term would enable the Company to move into a cashflow positive position.
The loss for the year is expected to be down
2025 revenue growth is expected to be higher compared to 2024. We are pleased with how the sales pipeline is developing and the rate of revenue growth is expected to increase significantly over time.
ANGLE Chief Executive, Andrew Newland, commented:
"We enter 2025 with confidence that our current large pharma contracts are progressing well and have the potential to lead to larger scale opportunities with the same customers coupled with an ability to secure additional new pharma contracts. Despite the challenging market conditions, the adoption of liquid biopsy by large pharma is progressing and ANGLE is uniquely differentiated and well positioned in this growth market."
For further information:
ANGLE plc | +44 (0) 1483 343434 |
Andrew Newland, Chief Executive |
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014).Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
For Frequently Used Terms, please see the Company's website on https://angleplc.com/investor-relations/glossary/
Notes for editors
About ANGLE plc
ANGLE is a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology using a simple blood sample. ANGLE's FDA cleared and patent protected CTC harvesting technology known as the Parsortix® PC1 System enables complete downstream analysis of the sample including whole cell imaging and proteomic analysis and full genomic and transcriptomic molecular analysis.
ANGLE's commercial businesses are focusing on clinical services and diagnostic products. The clinical services business is offered through ANGLE's GCLP-compliant laboratories. Services include custom made assay development and clinical trial testing for pharma. Products include the Parsortix system, associated consumables and assays.
Over 100 peer-reviewed publications have demonstrated the performance of the Parsortix system. For more information, visit www.angleplc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: ANGLE plc
View the original press release on ACCESS Newswire
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