Futura Medical (AIM:FUM), the AIM-listed developer of erectile dysfunction treatment Eroxon and female sexual health products, reported revenue of £1.62 million for the six months to 30 June, up from £1.00 million a year earlier.
The increase was driven largely by a £1.40 million settlement payment following the conclusion of its commercial relationship with Haleon in June, with underlying revenue of just £0.21 million coming mainly from US royalty income on Eroxon sales.
Gross profit rose to £1.62 million from £0.24 million, while the operating loss narrowed to £1.20 million from £6.72 million, a period that included £4.05 million in exceptional costs; stripping those out, the prior-year operating loss was £2.67 million.
Pre-exceptional administrative expenses fell 17% to £2.19 million as the company continued cutting its core cost base, while research and development spending held broadly steady at £0.73 million.
Cash fell to £1.24 million at period end from £3.69 million a year earlier, with an unaudited balance of £1.06 million at 31 July.
Based on existing resources, the group expects to have sufficient cash to continue operations until approximately October, and is progressing funding initiatives and wider strategic options to strengthen its financial position.
Market Performance Group takes over as Futura's US commercial partner for Eroxon from 1 September, following the Haleon transition, a move chief executive Alex Duggan said provides "a clear route to rebuilding momentum in one of the world's largest erectile dysfunction markets."
News Intelligence what this means for the company
Futura Medical's first-half loss narrowed to £1.20m, but the improvement is almost entirely cosmetic: £1.40m of the £1.62m revenue came from a one-time Haleon settlement, leaving underlying revenue of just £0.21m from royalties. Cash has halved to £1.24m in a year, and the company now expects to exhaust resources by October without new funding—a runway that has not materially improved despite the settlement windfall.
The Haleon settlement masks a stalled commercial operation: underlying revenue remains negligible, and the transition to Market Performance Group as US partner does not yet translate to material sales. The company faces an imminent funding cliff with no clear path to cash-generative operations before capital runs dry.
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