Futura Medical plc

Futura generated just over GBP 1 million in H1 2025 revenue, with around half from U.S. royalties and nearly half from EU sales, including the U.K. Initial gross profit was GBP 0.7 million, but the company booked a GBP 0.49 million inventory obsolescence provision and a GBP 3.6 million exceptional charge tied to impairment of U.S. plant and equipment and a final installment due later this year. Core G&A costs were GBP 2.6 million versus GBP 3.4 million a year ago, R&D spend was broadly in line with last year, and the loss after tax was GBP 6.6 million versus a pre-exceptional loss of GBP 2.6 million; adjusted loss after tax was around GBP 1.9 million after GBP 0.64 million of noncash share-based payment charges. Cash at the end of the period was GBP 3.69 million, and cash at the end of August was GBP 2.7 million. Management reaffirmed 2025 full-year sales guidance of GBP 1.3 million to GBP 1.4 million and said current plans point to runway into January 2026, with cost cuts alone unlikely to extend it materially beyond that.

Interim CEO Alex Duggan framed the company as being in a challenged position and said the Board has begun a strategic review covering sales and marketing, product performance, costs, and strategic alternatives. He emphasized that Eroxon is now in 25 markets, but the key problem is that prior forecasts are no longer realistic because repeat sales have not materialized as expected. His tone was candid but still supportive of the pipeline, repeatedly saying the group assets retain value and that the company will work to protect stakeholder value through product improvements, potential partner changes, and corporate options.

Angela Hildreth highlighted the hard numbers: just over GBP 1 million in H1 revenue, GBP 0.7 million initial gross profit, a GBP 0.49 million inventory obsolescence provision, GBP 2.6 million of core G&A costs, and a GBP 3.6 million exceptional charge from U.S. asset impairment and a final installment due later in the year. She said the loss after tax was GBP 6.6 million, or about GBP 1.9 million adjusted after excluding the GBP 0.64 million share-based payment charge. On liquidity, she said cash at end-H1 was GBP 3.69 million, cash at end-August was GBP 2.7 million, and the company expects runway into January 2026 under current plans; cost cuts already underway are unlikely to extend that materially, so commercial or financing options are needed.

Analysts focused on partner relationships, marketing, stock levels, new launches, runway, and leadership succession. Management said it is reviewing all options, remains confident in current partners, and believes partners are meeting contractual obligations, while also confirming no H2 launches are planned other than ongoing discussions for Brazil, Taiwan, and China. On cash, management said cost cuts alone probably will not take runway past January 2026, so additional runway likely has to come from commercial deals or financing. On product execution, management said Haleon’s U.S. launch was strong on distribution and marketing, but repeat sales lagged because of positioning and usage issues; they are considering clearer instructions, potentially including a QR code, and adapting messaging with partners.