Aptamer Group revenue rises 25% as licensing strategy gains traction

The key numbers

Aptamer Group has reported another year of revenue growth as it works to turn its Optimer technology into a broader commercial and licensing business.

The AIM-listed biotechnology company expects revenue of approximately £1.5 million for the year ended 30 June 2026. That represents growth of 25% from £1.2 million in FY2025. Its sales pipeline has also increased to £4.8 million, up 55% from the £3.1 million reported in January 2026. Aptamer enters FY2027 with an order book of £0.6 million. Key measure FY2026 update Expected revenue Approximately £1.5 million Year-on-year revenue growth 25% FY2025 revenue £1.2 million Sales pipeline £4.8 million Pipeline growth since January 2026 55% Contracted FY2027 order book £0.6 million April 2026 fundraise, net proceeds £4.1 million Stated cash runway Into at least 2028

The headline direction is positive. Revenue is growing, commercial interest appears to be expanding and the company has generated licensing income for the first time. However, Aptamer remains an early-stage business. The £4.8 million pipeline should not be confused with contracted revenue, while the update does not disclose profitability, margins, cash burn or the amount of licensing revenue generated.

What does Aptamer Group do?

Aptamer develops Optimer binders, which are synthetic alternatives to antibodies. These binders are designed to attach to specific biological targets and can be used in areas including diagnostics, research and drug development.

The company operates a dual-revenue model. Fee-for-service discovery programmes are intended to produce nearer-term revenue, while licensing agreements, royalties and proprietary therapeutic assets could create longer-term value. This distinction matters for investors. Service revenue can demonstrate customer demand and technical delivery, but licensing and royalty income may offer better economics if Aptamer's technology is successfully incorporated into commercial products.

First licensing revenue is the strategic highlight

Aptamer generated its first licensing revenue following agreements with Twist Bioscience and Alphazyme signed in December 2025. Initial product batches have now been delivered.

The exact amount of licensing revenue was not disclosed, so it is too early to judge its financial significance. Even so, the milestone is important because it begins to validate a core part of Aptamer's strategy. Management wants successful development projects to progress into licensing opportunities. These can potentially produce ongoing income without Aptamer relying solely on new fee-for-service contracts.

Early evaluations appear encouraging. A global supplier of hot-start enzymes has reported positive results, while another supplier has entered licensing discussions. A hot-start enzyme is used in laboratory DNA amplification processes and is designed to become active only under particular conditions. There is still a gap between positive testing, licensing discussions and meaningful recurring revenue. Investors will therefore want to see further agreements, clearer commercial terms and a growing financial contribution.

Pipeline growth needs careful interpretation

The sales pipeline increased by £1.7 million between January and June 2026, reaching £4.8 million. It includes repeat customer work, new commercial engagements and licensing opportunities.

That is a useful sign of interest, but pipeline figures can include opportunities at very different stages of development. Aptamer says the total contains both later-stage discussions and early-stage licensing opportunities expected to convert over multiple periods. The more concrete figure is the £0.6 million FY2027 order book, representing contracted work scheduled for the new financial year.

Aptamer recognised £1.5 million of FY2026 revenue, most of which came from the previously reported £2.1 million order book. This indicates that contracted programmes are being delivered, although the smaller carried-forward order book means further pipeline conversion will be important for continued growth.

Operational programmes are moving forward

The update covers progress across several customer and research programmes.

Aptamer has delivered Optimers to a global life sciences conglomerate for customer validation after demonstrating their function internally. If customer testing succeeds, Aptamer will receive a 2% royalty on sales of immunohistochemistry and diagnostic assay kits containing the binders. No expected sales value or timing was disclosed. The company also reported progress in the following areas:

• Optimer selection has been completed for Metir's Cryptosporidium programme, with binders undergoing internal functional testing.
• The original Unilever collaboration targeting the C-S Lyase bacterial enzyme has advanced to on-skin testing.
• Binders delivered to Invizius have worked in its internal assays, with sequences now entering patent filings and further optimisation continuing.
• Work on a food fortification rapid test remains on track for binders to be provided to Imperial College London in July 2026, with field validation anticipated towards the end of 2026.
• A radiopharmaceutical programme with a top three global pharmaceutical company has produced strong selection data from one development method, which is being assessed for progression. Aptamer also highlighted signed contracts worth approximately £769,000 with a top five pharmaceutical partner and £190,000 with a top ten global pharmaceutical company. These projects contribute to the FY2027 order book and wider pipeline.

The range of applications demonstrates the potential breadth of the Optimer platform. The commercial challenge is converting technical progress into repeatable licensing, royalty or supply income.

Funding reduces near-term pressure

Aptamer raised net proceeds of £4.1 million in April 2026. Management says its cash position provides a runway into at least 2028.

That funding supports continued investment in an AI-enabled discovery programme, platform automation and an internal therapeutic pipeline. The company believes these areas can improve discovery capabilities and support future partnering opportunities. For a development-stage biotechnology business, funding visibility is a meaningful positive. It gives management time to pursue commercial and research milestones without an immediate stated requirement for another raise.

Still, the update does not disclose Aptamer's current cash balance, annual cash consumption or expected spending profile. A runway into 2028 is reassuring, but progress will need to be measured against the capital used to achieve it.

What matters for investors now?

This update provides evidence that Aptamer is moving forward commercially. Revenue is expected to rise by 25%, the pipeline is larger, major pharmaceutical programmes are progressing and the first licensing income has arrived.

The April fundraise also gives the group more room to execute its plans. The main caution is that much of the potential value remains prospective. The licensing contribution is not quantified, the £4.8 million pipeline is not all contracted and several programmes still depend on testing, validation or further negotiations.

For FY2027, the clearest indicators will be the conversion of pipeline opportunities into signed work, additional licensing agreements, growth in the contracted order book and evidence that royalty-bearing products are moving closer to commercial sales. Aptamer has delivered a constructive trading update, but the next step is to show that expanding technical and commercial activity can produce increasingly visible, repeatable revenue.