Angle PLC Reports H1 2025 Results with Progress in Pharma and Medtech Collaborations

ANGLE plc H1 2025: pharma and medtech progress while revenues stall

ANGLE’s half-year update is a tale of strong technical delivery and partnerships set against a tough commercial backdrop. The company completed three large pharma contracts, unveiled a unique DNA Dual Analysis workflow with Illumina technology, and signed a post-period collaboration with Myriad Genetics. Yet revenues were hit by external headwinds, and funding will remain a live topic into 2026.

Key H1 2025 numbers investors should know

Revenue	£0.8 million (H1 2024: £1.0 million)
– Pharma services	£0.3 million
– Product revenue	£0.5 million
Average gross margin	59% (unchanged)
Operating costs ex non-cash FX	£8.0 million, down 12% (H1 2024: £9.1 million)
Loss for the period	£9.3 million, 2.87 pence per share
Total comprehensive loss	£7.2 million, down 9% (H1 2024: £7.9 million)
Cash and cash equivalents (30 June 2025)	£5.3 million
R&D tax credits due	£1.3 million, with £1.0 million expected shortly
Sales booked for future periods	Up to £0.8 million
Cash runway	Extends into Q1 2026 (per May 2025 guidance, reiterated)
2025 revenue outlook	In excess of £1.5 million if H2 delays persist

The revenue shortfall was blamed on challenging external conditions, notably limited access to capital, US policy volatility, and tariff uncertainty, affecting both pharma and medtech customers. Cost control was tangible, with operating costs (excluding non-cash FX) down 12%.

On liquidity, £5.3 million of cash plus expected tax credits extends the runway into Q1 2026. The going concern note flags a material uncertainty: additional funding will be required through revenues, collaborations, milestones, licensing, debt or equity. That is the single biggest risk to keep front of mind.

Commercial traction: pharma contracts delivered and new medtech collaboration

ANGLE executed on three large pharma contracts in H1, which is important credibility for a services-led strategy:

• Eisai – HER2 CTC analysis on more than 200 breast cancer blood samples in a Phase 2 trial delivered excellent results, reliably tracking changes in HER2 status over time. Discussions are ongoing with Eisai and drug originator BlissBio for further work.
• AstraZeneca – Two agreements worth a combined £820,000 produced validated assays: a DNA Damage Response (DDR) assay and a CTC-based Androgen Receptor (AR) assay for prostate cancer. Both are now on ANGLE’s validated services menu for other pharma customers.
• Immatics – Ongoing CTC enrichment across three clinical trials, including a Phase 3 melanoma study.

Outside these, ANGLE completed a fully funded pilot study with Recursion Pharmaceuticals.

Post period end, ANGLE announced a collaboration with Myriad Genetics to transfer an existing FDA-approved tissue-based companion diagnostic to a CTC-based sample using Parsortix. If successful, this could open a path to repeat, minimally invasive testing and, in ANGLE’s words, “substantial clinical revenues”. Early service income could precede wider scale-up.

Technology milestone: DNA Dual Analysis on Illumina NGS

ANGLE launched a workflow that simultaneously analyses CTC-DNA and ctDNA from a single blood draw using Illumina Next Generation Sequencing. This is positioned as unique and is now available as a clinical lab service and as a protocol for independent centres.

Early data are striking. In a 27-patient lung cancer study using a 79-gene panel, mutation calls split as follows:

• 53% found in CTCs alone
• 36% found in ctDNA alone
• 11% found in both

The takeaway is that CTC-DNA and ctDNA provide distinct and complementary insights. For pharma, that could mean better patient stratification and resistance mechanism tracking. For healthcare systems already running Illumina panels, it offers a way to add CTCs without changing platforms. ANGLE says large pharma and the NHS have shown interest in evaluating this in clinical trials.

Assay menu expansion and pathway to recurring use

ANGLE continues to build out its assay catalogue around Parsortix-captured CTCs:

• AR assay for prostate cancer, enabling repeat assessment of AR expression.
• DDR assays including γH2AX, pKAP1 and micronuclei to assess DNA damage and repair over time.
• Portrait PD-L1 and Portrait Flex imaging assays for broad phenotypic detection and custom biomarkers.
• HER2 assay kit with BioView – development completed, with validation continuing after promising AACR 2025 data showing changing CTC HER2 status can be detected.

The strategic pitch is clear: move tissue-based, single-use diagnostics to repeat blood-based tests using intact CTCs. That creates potential recurring revenue for partners and positions Parsortix for large-scale adoption once clinical utility is proven.

Footprint, research outputs and NHS engagement

The installed base has grown to over 270 Parsortix systems, with 248,000 cumulative samples processed by 30 June 2025. Academic traction remains strong: 11 peer-reviewed papers were published in the period, taking the total to 115 from 45 independent centres.

Notably, research in Nature Medicine led to a spin-out targeting CTC clusters to arrest metastasis, with Parsortix central to patient stratification. Further publications from ETH Zurich and others underscore ANGLE’s role in CTC biology and translational research.

ANGLE is also in encouraging discussions with the UK NHS about major clinical studies as part of the NHS 10 Year Health Plan. That could provide the prospective clinical utility data that unlocks broader clinical adoption.

What could move the shares next

• New contracts and collaborations – management expects to announce multiple high-profile deals with large pharma, medtech, and downstream analysis partners in the coming months.
• Myriad Genetics progress – evidence of concordance with tissue and early service revenue would be a meaningful de-risking step.
• NHS study announcements – formal trials would address the commercial gap around clinical utility.
• Cash events – receipt of the £1.0 million tax credit and clarity on further funding options.
• Revenue conversion – conversion of up to £0.8 million booked for future periods and any uplift if macro delays ease.

Risks and realities

• Funding – despite runway into Q1 2026, the going concern statement makes it clear that additional funding will be required. Timing and terms matter.
• Macro-driven delays – customer budget freezes and US policy or tariff uncertainty could keep pushing revenues into 2026.
• Execution – moving from successful pilots to scaled commercial adoption requires robust clinical evidence and partner alignment.

My view: credible delivery, tight runway

ANGLE delivered on big-name pharma contracts, broadened its assay offering, and unveiled a distinctive Illumina-based dual DNA workflow that could set it apart. The Myriad collaboration is a timely bridge to clinical adoption and recurring use cases. On the flip side, revenues are light, and the company openly flags a need for additional funding before Q1 2026.

For investors, this is a classic execution-versus-financing story. Near-term newsflow on collaborations, NHS studies, and the Myriad read-across could be catalytic. But keep an eye on cash, contract timing, and the pace at which booked opportunities convert to revenue.

Jargon buster

• CTC – circulating tumour cell, an intact cancer cell found in the bloodstream.
• ctDNA – circulating tumour DNA, fragments of tumour DNA found in blood.
• NGS – next generation sequencing, high-throughput DNA sequencing.
• Companion diagnostic – a test used to identify patients who are likely to benefit from a specific drug.

Further reading

• ANGLE corporate presentations and webcast access: Investor Centre
• Glossary of frequently used terms: ANGLE glossary