Aptamer Group Reports 27% Revenue Growth and Key Licensing Deals in H1 Update

• Two non-exclusive licensing contracts with Twist Bioscience and Alphazyme (part of Maravai LifeSciences) signed in December 2025, delivering immediate upfront payments and ongoing potential from milestones, royalties and manufacturing income. First commercial sales are expected in H2 26.
• A global enzyme manufacturer is evaluating the hot-start PCR Optimer under a Material Transfer Agreement and has extended its testing contract.
• Negotiations are in the final stages for licensing a vitamin B9 Optimer to support worldwide diagnostics, aiming at a high-volume market.
• Optimer immunohistochemistry reagents have been developed for a global diagnostics conglomerate, with agreed 2% royalties on net sales if integrated into assay kits this year.

Opinion: this is the crux of the story. Upfronts provide near-term cash, but the real leverage is in royalties and milestones that can scale if products sell. Non-exclusive terms should allow Aptamer to place the same technology with multiple players, expanding the potential royalty base.

Blue-chip traction and repeat business build credibility

Beyond licensing, Aptamer flagged progress across a roster of heavyweight partners:

• Unilever programmes: Stability work on the first deodorant programme is done and supporting on-skin testing. The second, targeting an additional odour pathway, has positive internal data and is being delivered for evaluation.
• Alphazyme: The initial project has already converted into a non-exclusive licence (commercial sales expected H2 26). A second discovery project is complete with high-performance binders selected, creating potential for another licence within this financial year.
• Radioligand entry with a top 3 pharma: A major contract win marks Aptamer’s move into radioligand development, a high-growth field. A radioligand specialist has joined the Scientific Advisory Board to support this push.
• Repeat pharma business: £719,000 in new contracts from a single top 5 pharma partner in the period, with £314,000 recognised to date, and another repeat contract from a top 10 pharma.

Opinion: repeat business with top-tier pharma is one of the best tells that the platform works in the real world. The radioligand deal is strategically important – it opens a new, potentially significant market segment for Optimer binders.

Therapeutic pipeline: early signs, de-risked characteristics

On the proprietary therapeutic side, an internal fibrotic liver delivery vehicle has shown encouraging preclinical characteristics – non-toxic, stable and non-immunogenic. Animal studies are anticipated this financial year to demonstrate targeting performance and support partnering discussions.

Opinion: this is early but useful. Good preclinical properties can make partnering conversations easier, though timelines and outcomes are inherently uncertain at this stage.

Strategy scorecard: moving toward recurring, higher-margin revenue

• Revenue growth delivered: +27% in H1 26.
• Licensing model validated: multiple agreements signed with upfronts, royalties and milestones.
• Partnership depth: engagements spanning pharma, diagnostics and consumer goods.
• IP library: growing base of proprietary assets that can be licensed non-exclusively.
• Improving financial trajectory: services plus emerging high-margin licensing should add operational leverage.

Management says full year revenue should materially exceed last year, supported by the order book and pipeline. Profitability, cash position and gross margin are not disclosed in this update.

What could move the share price next

• Completion of the vitamin B9 Optimer licensing in diagnostics.
• First commercial sales under the Twist and Alphazyme licences in H2 26.
• Conversion of the enzyme manufacturer evaluation into a non-exclusive licence.
• Further licensing from the second Alphazyme discovery project within the current financial year.
• Progress updates on the radioligand programme with the top 3 pharma partner.
• Integration of Optimer IHC reagents into assay kits and initial royalty revenue at the agreed 2% rate.
• Start of animal studies for the fibrotic liver delivery vehicle.

Risks and watchouts to balance the narrative

• Execution risk on converting pipeline to signed contracts and licences.
• Timing risk – milestones and royalties are contingent on partner product progress and sales.
• Concentration risk – significant revenue with a small number of large partners can create lumpiness.
• Non-exclusive terms expand reach but can cap pricing power per deal.

My take: small base, better quality of revenue

This is a solid update from Aptamer. The absolute revenue number remains small, but the mix is what matters: multiple non-exclusive licences with upfronts today and potential royalties tomorrow, expanding blue-chip relationships, and an order book that points to a stronger second half.

If the H2 26 commercial sales from Twist and Alphazyme arrive as planned, and the vitamin B9 and enzyme manufacturer opportunities convert, Aptamer’s revenue will become more recurring and higher margin. Add the radioligand beachhead and repeat top 10 pharma work, and you have the makings of a more scalable model.

Key disclosure gaps remain on profitability and cash, so keep an eye out for the full interim results. For now, the strategic execution box is being ticked – and that is exactly what long-term holders will want to see.