Futura Medical (FUM) H2 2025 earnings summary

Executive summary

• 2025 was marked by disappointing in-market sales for Eroxon®, leading to a strategic review, refreshed vision, new commercial model, and cost discipline measures.

• The business reset focused on aligning operations and strategy with market realities and sustainable growth.

• Development of Eroxon® Intense and WSD4000 progressed, with key milestones and launches targeted for 2027 and 2028, and continued advancement in clinical and user testing.

Financial highlights

• Revenue for 2025 was £1.7 million, down from £13.9 million in 2024, reflecting a shift from initial channel stocking to demand-led replenishment and absence of milestone income.

• Gross profit was £1.2 million (73% margin), mainly from U.S. royalties, compared to £9.7 million (69% margin) in 2024.

• Loss after tax was £9.1 million, including £4.1 million in exceptional non-cash items and £0.5 million in share-based payments; underlying operating loss was £4.5 million.

• Year-end cash was £3.4 million, supported by a December 2025 fundraise of £2.7 million.

Outlook and guidance

• Cash runway extends to December 2026 with the expected $2.5 million Haleon milestone; without it, runway is to June 2026.

• Focus remains on disciplined cash management, securing funding, cost reductions, and prioritisation of R&D projects.

• Key milestones for 2026 include FDA clearance for Eroxon® Intense, APAC partner selection, WSD4000 phase III trial initiation, and HUT results.