25 March 2026

Aptamer Group plc

("Aptamer", the "Company" or the "Group")

Interim results for the six months ended 31 December 2025

Revenue growth, solid cash position and strong technical progress

Notice of investor webinar

Aptamer Group plc (AIM: APTA), the developer of next-generation synthetic binders for the life sciences industry, today announces its unaudited interim results for the six months ended 31 December 2025 (H1 2026). 

Financial highlights 

·      Revenue £0.83 million (H1 2025: £0.65 million), a 27% increase reflecting continued commercial traction

·      Adjusted EBITDA loss reduced to £1.0 million (H1 2025: £1.1 million)

·      Successful fundraising in July 2025 of £1.8 million (net of costs) 

·      Cash balance at 31 December 2025 of £1.5 million (H1 2025: £2.0 million) giving a cash runway that extends through to Q2 2027 on the expected trajectory

Strategic programme advances 

·    Enzyme-modulating Optimers out-licensed to Twist Bioscience and Alphazyme. Licensing terms include an upfront payment, royalties and supply revenue

·    Second enzyme-modulating discovery project with Alphazyme completed; high-performance binders selected and licensing heads of terms agreed

·    Third global enzyme manufacturer evaluating enzyme-modulating Optimer® binders under a Material Transfer Agreement

·    Optimer® immunohistochemistry (IHC) reagents successfully developed for an established global life sciences and diagnostics conglomerate. Potential to be integrated into assay kits this year, with agreed royalties of 2% on net sales of all products

·    Manufacturing capacity increased and quality systems audited to support supply of licensed assets

·    Fibrotic liver delivery vehicle demonstrated excellent preclinical characteristics, being non-toxic, stable and non-immunogenic, significantly de-risking its therapeutic potential

·    Unilever programmes advancing through development stages: stability assessment work on the first deodorant programme successfully completed and delivered, supporting the current on-skin testing phase; second programme has shown positive internal results and is approaching delivery for customer evaluation

Fee-for-service contracts

·    First contract win in the radioligand therapy market secured with a top 3 global pharmaceutical partner, totalling £360,000, marking a significant strategic entry into this high-value, high-growth sector

·    £769,000 in new contracts secured from a single top 5 pharmaceutical partner, with total contract value exceeding £1 million with this partner

·    Repeat business secured with a top 10 pharmaceutical company and a top 20 pharmaceutical company to support research activities with targets intractable for other technologies

·    Therapeutic development agreement with Invizius in September 2025

·    Agreement signed with Metir plc for Optimer® development targeting detection of Cryptosporidium in water and environmental testing in September 2025

Post-period developments

·    Launch of Optimer®-containing kits from Twist and Alphazyme with first licensing payments received

·    Licensing discussions nearing completion with Alphazyme for the second hot start PCR Optimer®

·    Radioligand therapy programme initiated in partnership with Radiopharmium, with preclinical results anticipated by the end of 2026

·    Successful launch of an Accelerated Book Build on 25 March 2026, which will generate proceeds of at least £3.75 million. These proceeds will provide the necessary capital required for the Company to advance new and existing asset development programmes and provide a cash runway through to 2028

Commenting on the interim results, Dr Arron Tolley, Chief Executive Officer of Aptamer Group, said: 

"The first half of the financial year has seen Aptamer make meaningful progress across all three pillars of its strategy: fee‑for‑service, asset development and licensing. The Group's Optimer® platform is now generating its first product‑linked revenues through partners such as Twist Bioscience and Alphazyme, while Unilever programmes and the fibrotic liver delivery vehicle continue to advance through preclinical and development stages.

Aptamer's partnership with Unilever is progressing well, and the Group's fibrotic liver delivery vehicle has shown strong preclinical results. In parallel, we continue to progress our asset portfolio with industrial partners, with several other assets being evaluated under a Material Transfer Agreement. Our Optimer® fee‑for‑service activity continues to solve intractable problems for pharma partners, generating significant repeat contracts from multiple global pharmaceutical companies. We also announced our first contract win in the high‑value, high‑growth radioligand therapy market, based on the potential strength of Optimers as delivery vehicles for this exciting class of new therapeutic modalities. These paid development programmes are creating licensable assets in their own right, reinforcing the pathway from discovery work to long‑term passive income.

Following today's Accelerated Book Build launch announcement to raise additional growth capital, we are delighted that new and existing shareholders have recognised the opportunities ahead for Aptamer. This investment will allow us to develop new proprietary assets, creating further value for shareholders, while funding the development of our AI‑enhanced fee‑for‑service offering and the systematic exploration of undruggable and undeliverable targets using our novel oligonucleotide‑based platform. The Group look forward to generating the in vivo data needed to validate our therapeutic programmes and to positioning Aptamer as a credible player in this expanding market."

Investor webinar 

Dr Arron Tolley (Chief Executive Officer) and Andrew Rapson (Chief Financial Officer) will provide a live presentation relating to the Interim Results via Investor Meet Company on Monday, 30 March 2026, 14:00 GMT. 

The live presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. 

Investors can sign up to Investor Meet Company for free and add to meet Aptamer Group plc via: 

https://www.investormeetcompany.com/aptamer-group-plc/register-investor

Investors who already follow Aptamer Group Plc on the Investor Meet Company platform will automatically be invited. 

- Ends -

For further information, please contact: 

About Aptamer Group

Aptamer Group is a leading developer of next-generation synthetic binders delivering innovation to the life sciences industry. The Group develops Optimer® binders, advanced molecules that work like antibodies by attaching to specific targets in the body. These binders are used in medicine, diagnostic tests, and research tools, offering benefits like high stability, reliable performance, and lower costs compared to traditional antibodies.

Aptamer operates a fee-for-service business in the US$210 billion market for antibody alternatives, working with all top 10 global pharmaceutical companies. It is also building valuable Optimer® assets with partners, aiming for future licensing revenue.

Founded in 2008, the Group listed on the London Stock Exchange AIM market in December 2021 and is headquartered in York, UK.

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Chairman and Chief Executive Officer's statement

Aptamer is pleased to report a strong first half, marked by 27% revenue growth, significant progress across the Group's licensable asset portfolio with multiple licensing agreements signed, and growing commercial momentum with world-leading partners. The period has reinforced the Group's confidence in its strategic direction and its ability to deliver on its vision of building a sustainable, royalty-driven business.

Growing revenue and expanding partnerships

Revenue grew to £0.83 million (H1 2025: £0.65 million), as the Group continued to grow its blue-chip customer base across pharmaceutical, diagnostic, and consumer goods sectors.

This growth has again been driven by deepening relationships with major partners, with £769,000 in total contract value secured from a single top 5 pharmaceutical partner, alongside further repeat business with multiple top 20 pharmaceutical companies. Early feedback from this work has confirmed that the Group's Optimers outperformed all antibodies tested under customer-relevant conditions, reinforcing the technical advantages of Aptamer's platform to deliver on targets that prove intractable with alternative modalities and the strength of the Group's commercial relationships.

A particularly significant milestone in this period was Aptamer's entry into the radioligand therapy market, securing a development contract with a top 3 global pharmaceutical company to engineer Optimer® binders as targeted radiopharmaceuticals for cancer imaging and potential therapeutic applications. This represents the Group's second therapeutic modality under active development alongside targeted gene therapy and positions Aptamer for meaningful downstream licensing revenues as this high-growth market continues to expand.

Advancing our licensable asset portfolio

Aptamer's primary strategic objective remains to develop a diversified portfolio of proprietary Optimer® assets capable of generating long-term royalty and licensing revenues. The Group has made substantial progress towards this goal during the period.

Progress in the Group's partnership with Unilever continues, following the successful completion of stability assessments within the first Optimer® programme. The second programme, targeting an additional odour-prevention pathway, has delivered positive internal results and is approaching delivery to Unilever for evaluation. Together, these programmes represent a significant licensing opportunity in the large and growing cosmetics market.

The fibrotic liver delivery vehicle programme has cleared a critical hurdle, with lab-based testing demonstrating excellent preclinical characteristics of being non-toxic, stable and non-immunogenic. These results significantly de-risk the asset's therapeutic potential and support the Group's ongoing discussions with pharmaceutical partners regarding high-value licensing opportunities. Animal studies are anticipated to begin in this financial year to demonstrate targeting performance and safety for this potentially high-value therapeutic asset. The Group continue to see applications for this platform across multiple fibrotic diseases, substantially expanding the addressable market.

As part of Aptamer's partnership with a global life sciences and diagnostics conglomerate, the Optimer® immunohistochemistry reagents have been successfully developed and are being prepared for shipment to the customer. With 2% royalties agreed on net sales and potential integration into commercial assay kits this year, this asset is approaching the point of generating passive income for the Group, further demonstrating Aptamer's strategy in action.

The Group's enzyme-modulating Optimer® assets have reached commercialisation milestones. These Optimers have been out-licensed to Twist Bioscience and Alphazyme, with both products now launched in the market and first licensing payments received post-period. A second discovery project with Alphazyme has been completed, and the customer has selected and validated high-performance binders. Licensing discussions for this second hot-start PCR Optimer are anticipated to be completed within the current financial year. A third global enzyme manufacturer is also evaluating the Group's hot-start PCR Optimer under a Material Transfer Agreement, with potential for further licensing.

A critical enabler of the Group's licensing strategy is its ability to reliably supply licensable assets. During this period, Aptamer has invested in manufacturing processes and completed quality audits to ensure the Group's operations meet the standards required by its global partners. This investment underpins the Group's ability to fulfil supply obligations under existing and future licensing agreements, improves margins through in-house production and simplifies partner logistics. As Aptamer's licensed asset portfolio grows, this manufacturing capability will become an increasingly important value driver.

Beyond Aptamer's existing programmes, the period has also seen the Group lay the foundations for a novel class of licensable artificial intelligence (AI) assets. During the period, the Group made a key hire of an expert in machine learning and protein-RNA interaction modelling, who will lead the development of Aptamer's AI programme.

Whilst AI-assisted approaches to molecular discovery are becoming increasingly common across the life sciences industry, Aptamer is uniquely positioned to capitalise on this trend through its extensive proprietary data libraries, accumulated over more than 15 years of discovery work. These libraries provide a robust, high-quality training foundation for developing predictive AI models, giving the Group a strong starting position compared with competitors in the space that lack this depth of underlying data.

In the near term, the Group expects these models to accelerate Aptamer's discovery programmes, improving the prediction of optimal sequences and enhancing the quality of assets entering the Group's licensing portfolio. Looking further ahead, Aptamer sees potential to offer these AI models as licensable assets, creating an additional long-term revenue stream for the Group.

Post-period developments

Commercial momentum has continued into the second half. The launch of Optimer®-containing products by Twist Bioscience and Alphazyme, with the first licensing payments received, marks the Group's transition towards recurring passive income. Additional fee-for-service contracts have been secured with new and existing partners, further strengthening the Group's revenue pipeline.

The Group has also launched an internal targeted radiopharmaceutical development programme, with three therapeutic targets identified and discovery initiated within Aptamer, bringing the total radiotherapy pipeline to four assets, with in vivo data targeted by the end of 2026. The manufacturing and preclinical aspects of this programme will be managed by Dr Louis Allot, a recognised expert in radiopharmaceutical development and a member of Aptamer's Scientific Advisory Board.

On 25 March 2026, the Group announced the launch of an Accelerated Book Build which will raise a minimum of £3.75 million (gross). The proceeds from this fundraise will be used to advance the Group's R&D development programmes and provide a cash runway through to 2028.

Outlook

Aptamer enters the second half of the financial year with a solid cash position, an expanding portfolio of licensable assets at various stages of commercialisation and a robust pipeline of fee-for-service engagements with global pharmaceutical and diagnostic leaders. The Group's strategic priorities remain clear: to convert Aptamer's growing asset portfolio into recurring royalty and licensing revenues, to deepen relationships with world-leading partners and to maintain the cost discipline that underpins the Group's path to sustainable profitability.

The first half of the financial year has seen Aptamer transition from a business building towards licensing revenues to one beginning to receive them. With products in the market, royalty agreements signed, a pipeline spanning cosmetics, diagnostics, therapeutics and research reagents, and a nascent radiopharmaceutical pipeline now taking shape, the Group is confident in its ability to deliver sustainable long-term value to shareholders.

Financial review

Revenue

Revenue for the six months ended 31 December 2025 was £0.83 million (H1 2024: £0.65 million) as the Group closed some key fee-for-service contracts with top 5 pharma companies in the financial period.  The Group has seen improved interest and repeat business from top pharma companies on the back of successful projects delivered to these customers in the prior period.

At the end of the period, the Group still had £1.2 million of signed orders that were progressing through the laboratory, most of which is expected to be recognised in the second half of the financial year, subject to scientific attrition. The pipeline at the period end stood at £3.1 million, which the Group will be looking to convert a portion of during the second half of the financial year.

Gross profit

Gross profit for the first half of the financial year was £0.5 million (H1 2025: £0.4 million), representing a 56% gross profit margin, comparable with the 56% gross profit margin in the prior period.  

Administrative expenses

Administrative expenses were £1.5 million for the first six months of the year compared with £1.5 million for the same period last year. The Group has looked to maintain a lean cost base and limit increases where possible.  The headcount reduced slightly from 31 at 30 June 2025 to 30 at 31 December 2025.

Research and development costs

During the first half of the financial year, the Group expensed £0.2 million (H1 2024: £0.2 million) within Administrative Expenses on research and development costs (employee costs and raw materials), bringing the fibrotic liver delivery programme through to a point where it is ready to go into animal studies.

Adjusted EBITDA*

Adjusted EBITDA was a loss of £1.0 million for the six months ended 31 December 2025 (H1 2025: £1.1 million). The decrease in loss was a result of improved revenue whilst maintaining a lean administrative cost base.

*Adjusted EBITDA is defined as Operating Loss before Share-based payment expense, Amortisation and Depreciation and a reconciliation to Operating Loss is shown within the Consolidated Statement of Profit and Loss and Comprehensive Income.

Tax

The Group claims research and development ("R&D") tax credits. Since it is loss making, the Group elects to surrender these tax credits for a cash rebate. The benefit to the Group is included within the taxation line of the income statement and amounts to £0.1 million for the first half of the year. Within current assets is a corporation tax debtor of £0.2 million, which relates to anticipated R&D tax credits in respect of claims not yet received/submitted for the 2025 and 2026 financial years.

The claim for the year to 30 June 2025 amounted to £0.15 million and was received in February 2026. Tax losses carried forward totalled £13.6 million (June 2025: £13.5 million). The Group has not recognised any deferred tax assets in respect of trading losses arising in the current period or accumulated losses in previous periods.

Loss for the period

The loss for the period was £1.1 million (H1 2025: £1.1 million). The basic and diluted loss per ordinary share decreased to 0.04 pence per share (H1 2025: 0.07 pence per share) based upon an average number of shares in issue during the period of 2,632,004,802 (H1 2025: 1,583,220,709).

Cash flow

The Group had £1.5 million of cash at 31 December 2025 (H1 2025: £2.0 million, FY25: £1.0 million). The cash inflow for the six-month period to 31 December 2025 was £0.5 million. During the period, proceeds of £1.8 million, net of costs, were received from placings and £0.1 million was received from the exercise of warrants. Net cash used in operations totalled £1.2 million, which is slightly higher than the Adjusted EBITDA loss of £1.0 million due to a build-up of trade debtors at the period end, most of which have been cleared in January and February 2026.

Going concern

For the reasons set out in note 3, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.