CelLBxHealth (AIM:CLBX), an AIM-listed company specialising in circulating tumour cell (CTC) technology for oncology research and drug development, reported revenue of £1.4 million for the year ended 31 December 2025, down from £2.9 million in 2024, as biopharma services income collapsed from £1.6 million to £0.3 million.
The operating loss widened to £19.2 million from £15.1 million, including £6.5 million of non-cash charges, among them a £3.8 million one-off impairment, and £1.2 million in cash restructuring costs; gross margins held steady at 62%.
The scale of the revenue miss against the company's initial 2025 forecast of £4.3 million prompted a leadership overhaul that began in September with the departure of the prior chief executive and finance director, followed by the appointment of Peter Collins as CEO (interim from October, permanent from December) and three new non-executive directors, installed in January.
The restructuring reduced headcount by 60% and consolidated operations to a single site in Guildford, cutting annualised operating cash costs to approximately £6.7 million.
Cash stood at £7.3 million at year end, falling to £4.3 million at 31 March, with the board stating the company has runway into the second quarter of 2027.
Post-period, the company announced a Master Services Agreement with AstraZeneca and collaborations with AdventHealth and The Royal Marsden NHS Foundation Trust.
For 2026, the company expects revenue of at least £2.1 million, based on contracted revenues and near-term commercial opportunities, representing growth of at least 50% over 2025.