Aptamer Group Reports 27% Revenue Growth and Strategic Progress in H1 2026

Asset development: Unilever, fibrotic liver delivery and a radiopharma pipeline

The Unilever collaboration continues to move through development gates. Stability work on the first deodorant programme is done and supports ongoing on-skin testing. A second odour-prevention programme has delivered positive internal results and is approaching customer evaluation. If licensed, this could open a broad consumer channel.

In therapeutics, the fibrotic liver delivery vehicle showed excellent preclinical characteristics – non-toxic, stable and non-immunogenic – which materially de-risks the concept. Animal studies are anticipated to begin this financial year to demonstrate targeting and safety, with applications across multiple fibrotic diseases.

Radiopharma is being doubled down on. Beyond the big-pharma development contract, Aptamer initiated an internal radiotherapeutic programme with three targets, adding to one partnered asset for a total of four. Preclinical results from the Radiopharmium partnership are anticipated by the end of 2026. Manufacturing and preclinical work will be overseen by a radiopharma expert on the company’s Scientific Advisory Board.

Funding, runway and dilution: what the ABB means

An Accelerated Book Build (ABB) is a quick-fire institutional placing. Aptamer launched one on 25 March 2026 to raise at least £3.75 million gross. Management says proceeds will extend the cash runway through to 2028 and fund both new and existing assets, plus AI-enhanced fee-for-service capabilities.

Pre-raise, cash was £1.5 million at 31 December 2025, with guidance of runway through to Q2 2027 on the expected trajectory, assuming licensing revenues start to scale. The raise does mean dilution – the detailed terms beyond the minimum gross amount are not disclosed here – but it buys time to convert today’s evaluations into recurring royalties.

Positives and pressure points

What I like

• Evidence of the model working: first licensing payments received and 2% IHC royalty terms agreed.
• Strong pharma validation: repeat orders, outperforming antibodies under customer-relevant conditions, and entry into radioligand therapy.
• Operational readiness: manufacturing scale-up and quality audits complete, supporting supply revenue and partner confidence.
• Healthy gross margin at 56% and a lean cost base with flat admin costs year-on-year.

What still needs proving

• Absolute revenue is still small at £0.83 million and the company remains loss-making at £1.1 million.
• Licensing income is early stage and not quantified beyond initial payments and the 2% IHC royalty rate.
• Scientific attrition risk: £1.2 million orders in progress and the £3.1 million pipeline will not all convert.
• Dilution continues to feature, with share count rising to 2,697 million shares in issue at period end and accumulated losses at £16.1 million.

What could move the share price next

• Closure of the ABB at or above the £3.75 million minimum and clarity on net proceeds.
• Completion of Alphazyme’s second hot start PCR licence and any new enzyme-manufacturer deals from current evaluations.
• Confirmation that the IHC reagents are integrated into commercial kits and first royalty receipts under the 2% agreement.
• Data from Unilever’s on-skin testing and the second deodorant programme evaluation.
• Start of animal studies for the fibrotic liver delivery vehicle and any partnering steps that follow.
• Conversion of the £1.2 million signed orders in the lab and visible progress on the £3.1 million pipeline.
• Updates on the radiopharma programmes, with partnered preclinical results anticipated by end 2026.

My take

This is a better-quality half for Aptamer. Revenues are growing, margins are steady, and there is now hard evidence that the licensing route can pay. The mix of near-term service income and longer-term royalties is taking shape, with manufacturing and quality groundwork laid to support scale.

Against that, the base is still small, losses persist, and the business remains reliant on timely conversion of contracts and continued access to equity capital. The ABB is sensible if it accelerates asset development and bridges to meaningful royalty scale.

For retail investors, the story is improving but still execution-heavy. If Aptamer can turn today’s evaluations into multiple licensing deals – while landing the Unilever and IHC opportunities – the revenue profile should look very different over the next 12 to 24 months. Until then, expect the shares to be news driven by contract closures, licensing completions and early therapeutic readouts.

Investor webinar

Management will present the Interim Results on Monday, 30 March 2026 at 14:00 GMT via Investor Meet Company. Existing and potential shareholders can submit questions during the live session.