Hemogenyx Pharmaceuticals final results 2025 – the big picture for investors
Hemogenyx Pharmaceuticals has used its 2025 final results to make one main point: this is no longer a story about lab work alone. It is now a clinical-stage biotech with its lead cancer therapy, HG-CT-1, being tested in people, and that is the part of the update that really matters.
The company says it started the Phase 1 trial of HG-CT-1, dosed its first three patients, got clearance to move into dose expansion, and opened a paediatric arm. For a tiny biotech on the London market, that is meaningful progress. The catch, as ever, is that progress has come with heavy losses, repeated fundraising and more dilution for shareholders.
HG-CT-1 Phase 1 trial progress – why the clinical milestones matter
HG-CT-1 is Hemogenyx’s lead CAR-T therapy candidate for relapsed or refractory acute myeloid leukaemia, or R/R AML. CAR-T means a patient’s own immune T-cells are modified to recognise and attack cancer cells. It is high risk, high reward science, and the early job of a Phase 1 trial is mainly to test safety.
The company treated its first patient on 24 February 2025, followed by a second in March and a third in August. That completed the initial dose cohort. In October 2025, the independent Data Safety Monitoring Board, or DSMB, reviewed the safety data and authorised the trial to move to the second dose level.
That is a good result. It does not prove the treatment works, but it does mean an independent safety panel was comfortable enough for the study to continue at a higher dose, which is usually where clearer signs of benefit may appear.
There was another encouraging step too: the FDA cleared a paediatric expansion in June 2025, and MD Anderson’s review board approved the amended protocol in October. In plain English, Hemogenyx can now explore the treatment in children as well as adults, using the starting dose already tested.
Hemogenyx fundraising in 2025 and 2026 – enough cash to finish Phase 1?
For retail investors, the money side is almost as important as the science. Biotechs live or die on funding, and Hemogenyx has had to raise cash in stages.
The company says it raised £5,522,403 before expenses during 2025 through a mix of placings, convertible loan notes and warrant exercises. Separately, in the headline summary, it said £2.7 million was raised through the allotment and issue of new ordinary shares during 2025. Both are correct – the higher figure includes more than just new share issues.
After the year end, it raised a further £2,500,000 in February 2026, £118,632 through warrant exercises, and £3,000,000 in April 2026. The board says this should be enough to complete the full Phase 1 programme on current timelines.
That is the positive interpretation. The less comfortable truth is that the board openly admits it has relied on a succession of smaller fundraisings and that the cumulative dilution has been significant. Existing shareholders have paid for this progress with a much bigger share count.
| Key number | 2025 | 2024 |
|---|---|---|
| Loss before tax | £9,767,253 | £5,625,478 |
| Cash used in operations | £5,818,886 | £4,140,059 |
| Year-end cash balance | £1,586,430 | £159,265 |
| Total funds raised in 2025 before expenses | £5,522,403 | Not disclosed in this table |
Hemogenyx financial results 2025 – bigger losses, but that was expected
The group reported a loss for the year of £9,767,253, up from £5,625,478 in 2024. Operating expenditure rose as Hemogenyx shifted into active clinical operations, with more spending on trials, manufacturing transfer work and regulatory support.
That is not a surprise. When a biotech moves from preclinical work into human trials, costs usually jump sharply. What matters is whether that spending is buying real progress, and in this case there is a fair argument that it is.
One number worth separating out is the £2,293,128 fair value loss on derivative financial instruments. That is an accounting hit linked to the revaluation of certain warrants with reset features, not simply cash being burned in the lab. It still matters, but it is different from underlying research spending.
Cash at year end improved to £1,586,430 from just £159,265 a year earlier, thanks to fundraising. Auditors said they found no material uncertainty over going concern, and they specifically checked the April 2026 fundraising was committed and irrevocable.
Manufacturing, partnerships and early revenue hopes – more substance than usual
There are a few quieter details in these results that I think deserve attention. The partnership with Made Scientific to transfer HG-CT-1 manufacturing could reduce future operating costs and lower execution risk. For a small biotech, outsourcing manufacturing can be a smart move if it preserves cash and improves reliability.
The company also highlighted its relationship with Prevail InfoWorks for clinical operations and a strategic investment from Prevail Partners. That sort of aligned outside support is useful because it suggests third parties are willing to back the programme, not just the board talking its own book.
Then there is the letter of intent with Estonia-based Cellin Technologies to explore commercialisation under the hospital exemption route. This is non-binding, and it is not a replacement for full regulatory approval. Still, it could offer a route to early revenue and real-world patient data if it turns into a definitive agreement.
What is the downside for Hemogenyx shareholders?
There is plenty to like in the operational progress, but this is still a very speculative biotech. The company has no revenue from product sales, Phase 1 trials are early-stage by definition, and later data can disappoint even after a decent start.
Financing risk also remains part of the story. Management believes current funds should get Phase 1 completed, but beyond that the company is likely to need more capital, non-dilutive funding, or a strategic partner. If markets stay difficult, dilution could continue.
There are also governance points some investors will notice. The board is not fully independent under the UK Corporate Governance Code, and the company says so itself. That is common enough in micro-cap biotech, but it is still worth knowing.
What Hemogenyx Pharmaceuticals final results 2025 mean for retail investors
My view is fairly simple. This was a good operational update wrapped inside a financially messy but understandable set of biotech accounts.
The positive case is that Hemogenyx has moved beyond promises and into genuine clinical execution. First patients dosed, no dose-limiting toxicities reported at the starting level, DSMB approval to escalate, paediatric expansion cleared, and funding now in place to aim for full Phase 1 completion. That is real progress.
The negative case is just as clear. Losses are large, dilution has been heavy, and the investment case still rests on early clinical data from a single lead programme in a brutal area of drug development. Nothing here removes the binary risk that comes with oncology biotech.
For existing shareholders, the key thing to watch now is not another financing headline. It is clinical data from higher dose levels. If HG-CT-1 starts to show stronger signs of efficacy while maintaining safety, the story could get much more interesting. If not, the market will quickly remember why small-cap biotech is such a hard game.
