Services shine while group revenue dips – what Proteome Sciences’ 2025 results really say
Proteome Sciences has reported a mixed 2025: headline revenue fell 23% to £3.76m, but the services arm accelerated and the company is leaning into that momentum for 2026. Management is calling 2025 the bottom of the cycle, pointing to a bulging order book, the San Diego lab ramp, and new reagent products due to launch this year.
Below I break down the core moving parts, why the TMT reagents business slumped, and what to watch next for retail investors.
Key numbers from the 2025 audited results
| Metric | 2025 | 2024 |
|---|---|---|
| Total revenue | £3.76m | £4.89m |
| Proteomic services revenue | £2.06m | £0.87m |
| TMT reagent sales and royalties | £1.70m | £4.01m |
| Gross (loss)/profit | £(0.08)m | £0.67m |
| Adjusted EBITDA loss | £1.72m | £1.48m |
| Loss after tax | £3.06m | £3.41m |
| Cash at year end | £0.78m | £1.13m |
| Cost of sales and admin costs | £6.42m | £7.24m |
Services engine revs up – why it matters
Services grew 2.4x to £2.06m and now make up 55% of group revenue. That’s a meaningful pivot from 18% in 2024. This growth is backed by real demand, not just talk: there was a £1.40m order carryover into 2026, plus two substantial GCLP contracts in January 2026 worth in excess of $2.0m that will run through this year and into 2027.
GCLP stands for Good Clinical Laboratory Practice – in short, compliant lab work suitable for supporting clinical trials. The move up this value chain tends to bring stickier, larger contracts, which helps visibility.
San Diego lab hits capacity and opens new doors
The San Diego facility, re-established in February 2025 to get closer to US clients, generated $0.41m in H2 2025 and operated at full capacity from mid-year. Management plans to add staff and mass spectrometry (MS) capacity to meet the order flow. That’s an encouraging demand signal from the world’s biggest biotech market.
New chemoproteomics workflows are gaining traction
Proteome launched its first chemoproteomics study using TMTpro 32-plex reagents and introduced ‘Solvent Shift’ workflows. Chemoproteomics is a technique used to identify protein-drug interactions across the proteome; it helps drug developers find targets and understand how compounds work. Early commercial interest is evidenced by initial orders in 2025 and more expected in 2026.
Management notes this segment is expected to triple in value over the next nine years, with MS contract research organisations forecast to be key contributors. If Proteome embeds itself early here, the service mix could keep tilting towards higher value work.
TMT reagents slumped on US funding cuts – is recovery coming?
The stubbed toe in 2025 was TMT reagent sales and royalties, down 58% to £1.70m. The driver was clear: an unexpected 40% cut to US NIH and academic funding in spring 2025. That hit equipment and reagent budgets immediately and reversed the momentum seen in 2024.
The tone has improved into Q1 2026, with order levels “picking up”. Proteome is working with its licensee Thermo Scientific to reinforce the global positioning of TMTpro.
Why the 96-plex launch matters for reagents
‘Plexing’ refers to how many samples can be analysed together using isobaric mass tags. After launching 32-plex in 2024, Proteome has developed a 96-plex technology scheduled for launch in 2026. Notably, the novel chemistry is not covered by existing licences with Thermo Scientific. Management intends to negotiate an additional licence with a significant signature fee, manufacturing revenues and royalties.
In parallel, the company is progressing licence negotiations for DXT tags, designed for multiplex DIA (data independent acquisition – a mass spectrometry method). Management believes both 96-plex and DXT should provide good additional long term revenue sources for the reagents business. Delivery here is a key 2026 catalyst.
Cash, loans and runway – a pragmatic read
Year-end cash was £0.78m. Operating cash outflow was modest at £0.05m, helped by cost control – administrative expenses fell to £2.59m and staff costs to £2.85m. Still, the reagents shortfall pinched cash, prompting a £972,000 equity raise in January 2026 to fund new revenue streams and expand San Diego capacity.
Borrowings are material and include a loan facility from the Chairman. The amount owed to this facility, including interest, was £13,759k at 31 December 2025, repayable on demand. The Chairman has provided legally binding written confirmation that he will not seek repayment for at least 12 months from approval of the accounts or until at least 31 May 2027. A £0.50m facility from Vulpes Investment Management is similarly supported to at least 31 May 2027, with £0.05m drawn at year end.
My take: the combination of the raise, supportive lenders and growing services orders gives Proteome time to execute. But reliance on supportive debt and the need to convert the 96-plex and DXT opportunities into signed licences remain core watchpoints.
Outlook and management’s stance
Management believes 2025 was the bottom of the cycle after investment in capacity, staffing and the US facility. They expect good growth to continue from services and a recovery in TMT reagents during 2026 and 2027. The large GCLP contracts and San Diego momentum lend credence to that view.
On the reagents side, a successful 96-plex launch and DXT licensing could re-accelerate royalty and manufacturing income and reduce dependence on NIH-linked demand swings.
Operational highlights worth noting
- Order visibility: £1.40m of services orders carried into 2026; two new GCLP contracts in January 2026 worth in excess of $2.0m running into 2027.
- US traction: San Diego lab at full capacity mid-2025 and a strong 2026 order book.
- Innovation pipeline: 96-plex tags planned for 2026 launch; active licence talks for DXT; provisional patent filed for higher-plexing technology.
- Stroke diagnostics: licensees Randox and Galaxy CCRO are progressing, though no marketing approvals yet. Galaxy completed a proof-of-concept for its FAST>ER lateral flow test and is planning CE-mark clinical trials.
Risks and red flags to monitor
- Revenue concentration: TMT sales and royalties are still a significant contributor and were volatile in 2025.
- Licensing execution: 96-plex and DXT revenues depend on successful negotiations and uptake – neither is signed yet.
- Competition: proteomics technology moves fast; staying ahead requires continued investment.
- Balance sheet: supportive loan agreements are helpful, but leverage is high and the group must keep converting orders to cash.
Governance and corporate updates
Non-executive director Roger McDowell will step down and not seek re-election at the AGM. The AGM is set for 12 noon on Thursday 14 May 2026 at SP Angel Corporate Finance LLP, London.
Bottom line – my view on the setup for 2026
This readout is a tale of two businesses. Services are growing strongly, supported by compliance-grade GCLP contracts and new chemoproteomics workflows. Reagents were hit by policy shock in the US, but early 2026 orders are improving, and the 96-plex and DXT roadmap offers potential new royalty streams.
Near term, watch for: signed licensing terms for 96-plex and DXT, capacity additions in San Diego, and sustained services revenue conversion from the order book. If these land, 2025 could indeed prove to be the trough, with a cleaner growth profile emerging through 2026.
