2nd Jun 2025 12:15
(Alliance News) - Trellus Health PLC on Monday said its loss widened in 2024 due to an increase in expenses, and warns of the company's potential wind-up if additional funding is not secured by October.
The London-based healthcare company said its pretax loss widened to USD7.8 million in 2024 from a USD6.3 million loss in 2023, despite revenue multiplying to USD114,000 from USD19,000.
This was driven by administrative expenses increasing 18% to USD8.0 million from USD6.8 million. Finance income also declined by 47% to USD245,000 from USD464,000.
Shares in Trellus Health were down 39% at 1.09 pence each in London on Monday afternoon.
"We have delivered a strong start to 2025, underpinned by the J&J agreement which is an important step forward in our commercialization strategy and a clear validation of our platform's potential. As we grow, adaptability will remain central to our mission, ensuring we continue to meet the evolving needs of our partners and those we serve," said Chief Executive Officer Marla Dubinsky.
The company in 2025 entered into a contract with Johnson & Johnson Healthcare Systems Inc to support a patient pilot programme in the US.
However, Trellus Health said, having taken into account its current financial estimates, it anticipates that the group will require additional funding before October 2025 due to uncertainties around "the quantum and timing of cash receipts from revenue, especially revenue from anticipated contracts".
The firm said it is taking steps to put funding arrangements in place, but noted if it is unable to secure sufficient funds, the company will be forced to take action such as the sale of assets or the winding up of the company.
CEO Dubinsky continued: "The pharmaceutical sector remains a core strategic focus for us, providing patients with the comprehensive support required to manage these chronic conditions. The clinical trials sector is another key focus for the company, as we aim to accelerate trial timelines and improve efficiency for our partners, all while driving substantial cost savings."
"We continue to allocate our resources thoughtfully and strategically to drive meaningful commercial traction, while advancing partnership discussions and actively evaluating all business options to extend our runway. We look forward to updating the market on our progress in due course."
By Emily Parsons, Alliance News reporter
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