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 and £1.2 million in cash restructuring costs, as well as a £3.8 million one-off impairment; 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 in September, including the departure of the prior chief executive and finance director, the appointment of Peter Collins as CEO, and the addition of three non-executive directors.
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.
