23rd Jan 2025 14:22
(Alliance News) - Angle PLC on Thursday said it expected losses to have narrowed in 2024, but its share price suggested lingering market wariness.
Shares in the Guildford, England-based cancer research company, which specialises in liquid biopsies, declined 8.5% to 11.90 pence each on Thursday afternoon in London.
Angle estimated a full-year loss of GBP14 million in 2024, down 30% from the previous year's GBP20.1 million loss. The firm expects to report revenue surging by 31% to GBP2.9 million from GBP2.2 million year-on-year.
Angle said its cash position was "stronger than market expectations", with a cash balance of GBP10.4 million at December 31. Focusing on pharmaceutical services had been effective in reducing costs, the firm added.
Research & development tax credits for GBP1.4 million and GBP800,000 are expected in the first and third quarters of 2025 respectively. This would leave Angle with GBP12.6 million in cash resources, before sales contributions, or what the company described as a "cash runway into 2026".
Clinical trials secured for the medium-term are also predicted to support a swing to profit, Angle added, with 2025 growth forecast ahead of 2024.
"We enter 2025 with confidence that our current large pharma contracts are progressing well and have the potential to lead to larger scale opportunities with the same customers coupled with an ability to secure additional new pharma contracts," commented Chief Executive Andrew Newland.
"Despite the challenging market conditions, the adoption of liquid biopsy by large pharma is progressing and Angle is uniquely differentiated and well positioned in this growth market."
By Holly Munks, Alliance News reporter
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