CelLBxHealth plc

("CelLBxHealth" or "the Company")

Preliminary Results for the year ended 31 December 2025

Strategic repositioning with strengthened leadership and board, substantially reduced cost base and commercial focus on partnership-driven growth

Guildford, UK and Plymouth Meeting, U.S. - 22 June 2026 - CelLBxHealth plc (AIM: CLBX), a CTC intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, announces its audited preliminary results for the year ending 31 December 2025.

CelLBxHealth Executive Chairman, Jan Groen, commented:

"2025 was a year of significant transition for the Company with decisive action taken to strengthen leadership, substantially reduce the cost base and reposition the business around a focused, partnership-driven strategy. We believe these changes have established a stronger operational and financial foundation for the future. With a streamlined organisation, strengthened governance framework and growing strategic engagement from leading diagnostics and pharmaceutical partners, we are focused on disciplined execution and converting our commercial pipeline into sustainable revenue growth."

Financial Highlights

·    Total revenue of £1.4 million (2024: £2.9 million)

Revenue comprised of:

o  product and services revenue of £1.1 million (2024: £1.3 million)

o  biopharma services revenue of £0.3 million (2024: £1.6 million)

·    Gross profit margins held at 62% (2024: 62%)

·    Operating loss of £19.2 million (2024: £15.1 million) post restructuring costs of £1.2 million cash costs, and £6.5 million non-cash costs (2024: £2.7 million) including one-off impairment costs of £3.8 million

·    Loss after tax of £19.5 million (2024: £14.2 million)

·    Successful fundraise completed in December 2025 raising gross proceeds of £8.2 million

·    Cash and cash equivalents of £7.3 million at 31 December 2025 (2024: £10.4 million)

·    Restructuring project nearly completed, reducing annualised operating cash costs to approximately £6.7 million

Operational Highlights

·    Business strategically repositioned from a research-focused organisation to a commercially driven, partner-led and capital-efficient operating model

·    Corporate rebrand to CelLBxHealth completed to reflect the Company's revised strategic direction

·    New leadership and governance structure implemented:

o  Peter Collins as Chief Executive Officer

o  strengthening of the Board adding three Non-executive Directors

·    Operational restructuring completed, resulting in annualised cost savings of approximately £6.6 million, including:

o  60% reduction in headcount

o  consolidation into a single operating location

o  renegotiation of supplier and service contracts

·    Strategic collaborations progressed with QIAGEN, Roche Diagnostics, Illumina and Myriad

Post closing events

·    Master Service Agreement with AstraZeneca announced May 2026

·    Collaboration agreement with AdventHealth for two studies monitoring CTCs to improve cancer care

·    Research collaboration with The Royal Marsden NHS Foundation Trust on novel CTC clinical study in advanced non-small cell lung cancer

·    Sub-lease on US facility effective 1 May 2026, further reducing operating costs

Outlook

·    The Board believes the actions taken in Q4 2025 have established a leaner, more focused and commercially aligned platform for future growth

·    Further operational efficiencies implemented during Q1 2026, reducing headcount from 44 to 39 employees and further lowering the ongoing cost base

·    The qualified commercial pipeline continues to build, supported by strategic collaborations and increasing engagement from pharmaceutical and diagnostic partners. The pipeline has grown by 22% over the last quarter, with significant interest across pharma and biotech

·    FY 2026 revenues are expected to be at least £2.1 million based on contracted revenues and near-term commercial opportunities, representing anticipated growth of at least 50% over FY 2025

·    With a much-reduced cost base and more efficient operating model, the Company has a cash runway into Q2 2027

·    The Company remains focused on disciplined execution, progression of validation programmes, expansion of strategic partnerships and conversion of commercial opportunities into sustainable revenues

Investor presentation

Peter Collins, Chief Executive Officer, will provide an overview of the Company's preliminary results via the Investor Meet Company platform at 11:00 BST today Monday 22 June 2026. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet CelLBxHealth plc via: https://www.investormeetcompany.com/cellbxhealth-plc/register

The audited statutory Financial Statements for the year ended 31 December 2025 are expected to be distributed to shareholders no later than 22 June 2026 and will be available on the Company's website

For further information:

Notes for editors 

About CelLBxHealth plc

CelLBxHealth plc is a CTC intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology. Its patent-protected Parsortix® platform harvests CTCs from blood and can be integrated with existing laboratory instruments for comprehensive downstream analysis - including whole-cell imaging, proteomic profiling and full genomic workflows.

Commercial focus spans three revenue streams - Product Sales of the Parsortix platform and consumables through CRO and clinical lab partnerships, Laboratory Services including clinical trial support and assay development delivered from a GCLP-compliant UK facility, and Lab Developed Tests (LDTs), pursued through a combination of strategic partnerships and in-house development.

For more information, visit https://cellbxhealth.com/.

Executive Chairman's letter to Shareholders

Dear Shareholders,

I have taken decisive action to address the challenges of 2025 through the appointment of new leadership and Non-executive Directors of the Board. Together, we expect to drive the Company to consistent and sustainable growth across our product portfolio. Our focus is firmly on disciplined execution across all operational areas and on building long-term value for our shareholders. We remain confident in the clinical and economic value of our CTC platform and its associated consumables.

In September 2025, Chief Executive Officer Andrew Newland and Finance Director Ian Griffiths resigned as Executive Directors from the Board and subsequently left the Company in October 2025. At this point I assumed leadership of the business as interim Executive Chairman and the Board appointed me as Executive Director, in September 2025. In October 2025 the Board appointed Peter Collins as Interim Chief Executive Officer, transitioning to a permanent appointment in December 2025 and an Executive Director in January 2026.

Peter brings more than 25 years of leadership experience in oncology drug and diagnostics development, having held senior executive roles in both private and publicly listed organisations. His previous positions include Chief Executive Officer at SAGA Diagnostics, Chief Business Officer at Inivata, Vice President of Biopharma Business Development at Guardant Health, and Head of Diagnostics at GSK. Peter's extensive industry experience, combined with his personal integrity and leadership capabilities, make him ideally suited to lead the Company and maximise value for all stakeholders, including patients, customers and shareholders.

In December 2025 the Company announced its intention to appoint three new Non-executive Directors: Klaas de Boer, Benjamin Hart and Kim Oreskovic, each of whom brings significant expertise in healthcare, corporate finance and venture capital. The reconstituted Board was formally installed in January 2026.

Whilst I was disappointed with the Company's commercial performance under the previous executive team, I remain firmly convinced of the quality, market opportunity and growth potential of our CTC platform and related services. Under the new leadership framework, the Company was rebranded as CelLBxHealth in October 2025 and is now pursuing a revised business strategy aimed at transitioning the organisation from a research-focused operation to a commercially driven, lean and scalable business model.

Historically, the Company intended to develop and commercialise its own downstream analysis platforms, imaging solutions and molecular reagent kits. However, numerous scientific studies have already demonstrated the value of CTCs for improved therapy selection and disease monitoring of cancer patients. My view is therefore that the CTC platform should be integrated with well-established and widely adopted downstream analysis platforms, in vitro diagnostic (IVD) kits and reagent systems to accelerate adoption across research institutions, clinical centres and contract research organisations.

A central element of the revised business model is the development of strategic collaborations with global diagnostic companies. Encouraging progress has already been made, with collaborations established with QIAGEN, Roche Diagnostics, Myriad Genetics and Illumina to validate CTC-based workflows that leverage existing tissue and circulating tumour DNA (ctDNA) tests on platforms with a substantial installed base. These collaborations are expected to increase commercial adoption of the Parsortix® platform and open additional revenue opportunities across a broader customer base, including contract research organisations and clinical laboratories.

The initial 2025 revenue forecast was £4.3 million; however, in September the Company revised its expectations to £1.6 million. On 16 January 2026 the Company reported revenue for the year ended 31 December 2025 of £1.4 million compared to £2.9 million in 2024.

In December 2025, the Company successfully completed a fundraise, securing £8.2 million (gross). The proceeds are enabling the Company to pursue its revised business strategy, focusing on delivering key commercial milestones, expanding strategic partnerships and advancing assay validation programmes.

As previously announced, the Company has implemented substantial cost-reduction initiatives, including a significant organisational restructuring and the renegotiation of third-party service contracts. Collectively, these measures are expected to deliver £6.6 million in cost savings in 2026. This compares to 2025 cash operating costs of £14.5 million adjusted for one-off restructuring costs of £1.2 million. The restructuring was successfully completed by the end of 2025 and resulted in a 60% reduction in headcount and consolidation into a single operating location. These actions have materially reduced the Company's operating cost base to an estimated £6.7 million annually, while preserving core scientific and commercial capabilities and enabling the transition to a partner-led development model.

At 31 December 2025, the Company held cash of £7.3 million, providing a solid financial foundation from which to execute the revised strategy and pursue commercial growth opportunities.

The Board remains positive about the outlook for the coming year and believes the Company is on track to continue reshaping the business, implement further cost efficiencies and drive adoption of the CTC platform to accelerate revenue growth.

I would like to conclude by thanking our employees for their hard work and commitment, our partners and scientific advisers for their continued support, as well as the clinicians and patients who contribute to our mission. Finally, I thank our shareholders for their continued confidence. The path ahead will require focus and disciplined execution as we continue our mission to bring our CTC testing solutions to clinicians and patients around the world.

Yours sincerely,

Jan Groen
Executive Chairman of the Board

Guildford, 19 June 2026

Chief Executive's Statement

The year ended 31 December 2025 represented a period of significant transition for the Company. In September, the Board undertook a comprehensive strategic review and implemented decisive actions to transition the business from a predominantly research-focused organisation to a commercially driven, partner-led and capital-efficient business model. This shift reflects both the Board's assessment of the most effective route to market for the Company's CTC platform and the broader evolution within the market.

In November 2025, an international expert consensus on the clinical integration of CTCs in solid tumours was published in the European Journal of Cancer (of 32 global experts, 90% predicted CTC routine clinical use within 5 years, with 40% identifying Parsortix as the most promising next-gen platform). This reaffirms the demand and drive for CTC solutions as both complementary and additive to ctDNA for drug development and patient management. Further it specifically referenced the performance and flexibility of the Parsortix platform now and for future studies. Subsequent meetings in 2026 at AACR, ESMO Breast Cancer and ASCO conferences have seen data being presented demonstrating the criticality of CTCs in delivering unique insights for researchers and physicians in the field of precision oncology.

The revised strategy is centred on driving revenue through product sales, laboratory services and supporting the development of laboratory developed tests (LDTs), enabled by the expansion of strategic partnerships with established diagnostics companies to integrate the Company's CTC platform alongside widely adopted downstream platforms, rather than pursuing a standalone development pathway. The Board believes this approach will accelerate commercial adoption by leveraging established laboratory infrastructure and clinical workflows.

During the reporting period, the Company made encouraging progress in establishing collaborations with leading global diagnostics organisations including Myriad, Roche and QIAGEN, supporting the validation of CTC-based workflows and enhancing the potential for broader market adoption across research institutions, contract research organisations (CROs) and clinical laboratories.

In parallel with the strategic repositioning, the Company implemented a substantial operational restructuring to align its cost base and organisational structure with its revised commercial focus. This included a 60% reduction in headcount, consolidation of operations into a single site at Surrey Research Park (Guildford, UK), and the renegotiation of key third-party supplier arrangements. These measures have materially reduced the Company's operating cost base while retaining core scientific and commercial capabilities. The resulting organisation is streamlined and focused, with resources directed towards partnership development, commercial execution and clinical validation.

The Company reported revenue of £1.4 million for the 2025 financial year, compared to £2.9 million in the prior year, reflecting reduced activity levels in biopharma services, slower commercial conversion and broader market pressures across the sector. While this performance was disappointing, it demonstrated the need for the strategic and operational changes implemented during the period. The Board has since introduced a more disciplined commercial framework, including enhanced pipeline management and a focus on milestone-driven execution, with the objective of improving revenue visibility and conversion.

In December 2025, the Company completed a fundraise, securing gross proceeds of £8.2 million. Together with the cost reduction measures implemented at the end of the reporting period, the Company's financial position has been strengthened and its ongoing cash requirements significantly reduced. As at 31 December 2025, the Group held cash of £7.3 million, which we believe provides an appropriate level of working capital to support the delivery of near-term strategic objectives and key commercial milestones.

The Board and I recognise that the successful execution of the revised strategy is subject to risks and uncertainties, including the pace of market adoption, dependence on strategic partners, clinical validation outcomes and the evolving regulatory environment. These risks are actively managed through the Company's established risk management framework, with a focus on diversification of revenue streams, collaboration with established industry partners and maintaining financial discipline.

Outlook

Looking ahead, we believe that the actions taken during 2025 and the first quarter of 2026 have established a focused, efficient and commercially aligned platform for growth. During Q1 2026, management prioritised the organisational restructuring required, delivering further cost reductions and operational efficiencies while maintaining focus on commercial execution.

The CTC market is projected to be the fastest growing area of the liquid biopsy market, increasing to $1.0bn in 2031 with 10.4% CAGR. Following the 60% reduction in headcount in 2025, the business was further reduced from 44 full-time employees to 39 full-time employees during Q1 2026. Together with additional cost saving initiatives, these actions are expected to reduce annual cash operating costs in 2026 by more than £6.6 million, with further rationalisation efforts in Q2 2026 anticipated to deliver additional savings of approximately £0.1 million. Cash at 31 March 2026 was £4.3 million, in line with expectations and reflecting one-off restructuring costs associated with the turnaround programme. These cost savings coupled with the anticipated revenue growth in 2026 provide a cash runway into Q2 2027.

Alongside these operational improvements, the Company has maintained an acute focus on driving commercial progress and revenue growth, including the appointment of a US-based, VP Commercial, in February 2026. The qualified sales pipeline continues to build, and we remain confident in delivering significant growth in 2026 and beyond, with FY 2026 revenues expected to be at least £2.1 million, based on contracted revenues and sales opportunities expected to convert in the near term, representing growth of 50% over FY 2025, while additional opportunities in the growing sales pipeline provide potential upside to current revenue expectations.

This is supported by several strategically important commercial and clinical collaborations that further validate the growing adoption and utility of the Parsortix platform. These include a research collaboration with The Royal Marsden NHS Foundation Trust in advanced non-small cell lung cancer, focused on evaluating the complementary role of CTC-DNA profiling in patients where ctDNA testing is uninformative. The Company has also announced a collaboration with AdventHealth, one of the largest faith-based healthcare systems in the United States, to incorporate CTC analysis into two multi-centre clinical studies in colon, gastrointestinal and lung cancer. In addition, CelLBxHealth entered into a Master Services Agreement with AstraZeneca, establishing the Company as a qualified service provider to support drug discovery and development programmes through CTC analysis using the Parsortix platform. These developments demonstrate increasing commercial momentum and reinforce the strategic relevance of the Company's technology across clinical research, pharmaceutical development and precision oncology applications.

The Company's priorities for the remainder of 2026 remain centred on disciplined execution of its partner-led strategy, progression of validation programmes and conversion of strategic collaborations into sustainable revenue streams. The Board and I remain confident in the underlying potential of the Company's technology and its ability to deliver long-term value for shareholders, while recognising that consistent delivery against commercial objectives will remain critical in the period ahead.

Peter Collins
Chief Executive

Guildford, 19 June 2026

CELLBXHEALTH PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

CELLBXHEALTH PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

CELLBXHEALTH PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025