Cellbxhealth PLC

ANGLE did not give revenue or EPS figures on the call, but management said pharma revenue was down year over year, product revenue was flat, operating expenditure was reduced by 12%, and comprehensive loss was reduced by 7%. Cash and R&D tax credits were GBP 6.6 million, and the cash runway was unchanged into Q1 2026. Looking ahead, management said it is targeting completion of clinical lab accreditation by the end of the year, and it reiterated that additional funding will be needed in H2 through one or more sources including commercial milestones, licensing, collaboration income, debt, or equity.

Andrew Newland framed the half as a strong operational period marked by progress on commercialization, but he repeatedly emphasized that market volatility and tariff concerns have slowed deal-making. He highlighted three core growth themes: pharma partnerships, DNA dual analysis, and cluster-cancer research, and he said these areas are building a larger pipeline. His tone was optimistic about strategic momentum, especially around Myriad, the NHS, and future lab accreditation, while still acknowledging revenue disappointment and uncertain timing on conversions.

Ian Griffiths said costs are being managed tightly, with some spend paused or cut back, but he stressed that the business still has a necessary underlying spend because it is regulated and must deliver on milestones. He said the company will need additional funding and that sources could include revenues, commercial milestones, licensing, collaboration income, debt, or equity. He also noted the AIM/biotech fundraising backdrop is challenging, so management is focused on converting progress into signed contracts and measurable milestones.

Analysts pressed management on whether the H2 environment is improving, the potential materiality of NHS studies, and whether publications are helping business development. Newland said Myriad’s decision to collaborate was an encouraging sign, that the NHS opportunity could start with a pilot in its lung-cancer blood test-first program, and that publications are actively used in BD through the company’s medical writing team. On pharma and medtech, management said interest is broad but conversion is taking time, with selling cycles typically around 6 months and often involving pilot work and substantial data sharing.