CelLBxHealth (CLBX) H2 2025 earnings summary

Executive summary

• 2025 was a year of significant transition, marked by leadership changes, strategic restructuring, and a shift from a research-focused to a commercially driven, partner-led business model.

• Revenue fell short of initial forecasts due to commercial challenges, but decisive actions included new executive appointments, cost reductions, and a successful fundraise.

• The company rebranded and focused on integrating its CTC platform with established diagnostic partners, aiming for broader adoption and sustainable growth.

Financial highlights

• Revenue for 2025 was £1.4 million, down from £2.9 million in 2024, mainly due to reduced biopharma services activity.

• Gross profit was £0.8 million with a stable gross margin of 62%.

• Operating loss increased to £19.2 million (2024: £15.1 million), including £1.2 million in restructuring costs and £3.8 million in impairment charges.

• Loss after tax was £19.5 million (2024: £14.2 million).

• Cash and cash equivalents at year-end were £7.3 million, following a successful £8.2 million fundraise in December 2025.

• Net assets at year-end were £7.2 million, down from £18.4 million in 2024.

Outlook and guidance

• FY2026 revenues are expected to be at least £2.1 million, representing 50% growth over FY2025, with further upside possible from a growing sales pipeline.

• Cost reduction initiatives are projected to deliver over £6.6 million in annual savings, with a further £0.1 million in Q2 2026.

• Cash runway is expected to extend into Q2 2027, contingent on revenue growth and continued cost discipline.

• The company is prioritizing commercial execution, partnership development, and clinical validation to drive sustainable revenue.