Aptamer’s H1 2026: revenue up 27%, first licensing cheques in, and a bigger swing at radiopharma
Aptamer Group has posted a steadier, more commercially focused half-year for the six months to 31 December 2025. Revenue grew 27% to £0.83 million as pharma customers came back for more, losses edged lower, and – critically – the first product-linked licensing payments have started to land post period. With a new fundraise launched to bring in at least £3.75 million, the company is pushing harder on asset development while keeping a lean cost base.
In plain English: more work delivered, better customer traction, and early proof that the licensing model is real, albeit still small today.
Key H1 2026 numbers at a glance
| Metric | H1 2026 | H1 2025 | Why it matters |
|---|---|---|---|
| Revenue | £0.83 million | £0.65 million | +27% year-on-year as fee-for-service work scales |
| Gross margin | 56% | 56% | Stable margins while growing delivery |
| Adjusted EBITDA loss | £1.0 million | £1.1 million | Loss narrowing on higher revenue and cost discipline |
| Loss after tax | £1.1 million | £1.1 million | Still loss-making, but broadly flat despite business investment |
| Cash balance | £1.5 million | £2.0 million | Runway guided to Q2 2027 on current trajectory pre-raise |
| Orders in progress | £1.2 million | Not disclosed | Near-term revenue visibility, subject to scientific attrition |
| Pipeline at period end | £3.1 million | Not disclosed | Conversion here would underpin H2 momentum |
Commercial flywheel: fee-for-service feeding licensing
Fee-for-service means customers pay Aptamer to discover and develop “Optimer” binders for their targets. This work creates data, relationships and – increasingly – licensable assets that can earn royalties and supply revenue later. That flywheel is starting to turn.
- Top 5 pharma partner: £769,000 of new contracts signed in the half, with total contract value now exceeding £1 million with this customer.
- Radioligand therapy entry: first contract in this market worth £360,000 with a top 3 global pharma. Radioligands pair a targeting agent with a radioactive payload for imaging or therapy – a high-growth, high-value niche where targeting matters.
- Repeat business: further wins with a top 10 and a top 20 pharma to work on targets that beat antibodies under real-world conditions.
Geographically, Rest of World carried the load at £660,000, with the UK at £150,000 and Europe a modest £18,000. The customer mix should keep gross margins healthy so long as lab utilisation stays high.
Licensing milestones: Twist, Alphazyme and 2% IHC royalties
Licensing is where the long-term economics kick in. Aptamer out-licensed enzyme-modulating Optimers to Twist Bioscience and Alphazyme. The terms include upfront cash, royalties and supply revenue. Post period, both partners launched Optimer-containing kits and Aptamer received the first licensing payments – small today, but strategically important.
- Second Alphazyme project: high-performance binders selected, with licensing heads of terms agreed and discussions nearing completion for a second hot start PCR Optimer.
- Third global enzyme manufacturer now evaluating the hot start PCR Optimer under a Material Transfer Agreement (an evaluation contract that can lead to licensing).
- Immunohistochemistry reagents developed for a global diagnostics conglomerate, with 2% royalties agreed on net sales and potential integration into commercial kits this year.
A crucial enabler here is supply. Aptamer has expanded manufacturing capacity and completed quality audits to support partner-grade production. That should protect margins and reduce friction as the licensed portfolio grows.
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.
