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Highlights
ANGLE's revenue of £0.8 million with cash and tax credits supporting a runway into Q1 2026.
Operating costs reduced by 12%, with total comprehensive loss narrowing to £7.2 million.
Pharma collaborations advanced, including post-period agreement with Myriad Genetics for a CTC-based assay.
ANGLE plc (AIM:AGL), a liquid biopsy company specialising in circulating tumour cell (CTC) solutions, announced unaudited interim results for the six months ended 30 June 2025.
Revenue for the half year was £0.8 million (H1 2024: £1.0 million). Within this, pharma services contributed £0.3 million and product-related revenue £0.5 million. The reduction was attributed to challenging macroeconomic conditions, including policy volatility in the US and tariff uncertainty.
The Group reported a half-year loss of £9.3 million, or 2.87 pence per share, compared with a loss of £7.7 million, or 2.89 pence per share, in H1 2024. Total comprehensive loss was £7.2 million, an improvement from £7.9 million a year earlier.
Operating costs, excluding non-cash foreign exchange movements, declined by 12% to £8.0 million (H1 2024: £9.1 million). Cash and cash equivalents stood at £5.3 million as of 30 June 2025, compared with £10.4 million at 31 December 2024. R&D tax credits due amounted to £1.3 million, with £1.0 million expected to be received shortly. The company reiterated that its cash runway extends into Q1 2026, as previously stated in May 2025.
Operational Developments
During the period, ANGLE completed three pharma contracts with Eisai and AstraZeneca, validating the application of its CTC solutions. Discussions are ongoing with these partners and other large pharma organisations for new projects.
The company’s HER2 assay demonstrated reliable tracking of HER2 patient status in Eisai’s Phase 2 breast cancer trial. Alongside this, the AR and DDR assays developed for AstraZeneca have now been added to ANGLE’s menu of validated tests for pharma customers.
ANGLE also advanced its partnership with biopharma company Immatics, providing CTC enrichment across three clinical trials, including a Phase 3 melanoma study.
A new Parsortix workflow was developed using Illumina Next Generation Sequencing (NGS) panels to enable dual analysis of CTC-DNA and ctDNA from a single blood sample. This capability offers Illumina customers and pharma companies a combined product solution.
In addition, research enabled by the Parsortix system was published in Nature Medicine, leading to the creation of a spin-out company developing drugs aimed at arresting cancer metastasis. Eleven peer-reviewed papers were published in the half year, bringing the total to 115 publications from 45 independent centres.
Outlook
ANGLE highlighted customer delays caused by external challenges including limited access to capital, US policy volatility, and tariff uncertainties. These conditions are expected to affect revenue timing, with full-year 2025 revenues anticipated to be in excess of £1.5 million, shifting some opportunities into 2026.
Post period-end, ANGLE secured a collaboration with Myriad Genetics to transfer an FDA-approved tissue-based companion diagnostic assay into a CTC-based format using Parsortix. This collaboration provides access to a substantial commercial base.
The Group continues to progress discussions with multiple large pharma and medtech companies and expects to announce new contracts and collaborations in the coming months. Conversations are also advancing with the UK NHS regarding potential clinical adoption of Parsortix in line with the NHS 10 Year Health Plan.
