Scancell Holdings (AIM:SCLP) posted an operating loss of £17.4m for the year ended 30 April, up from £15m a year earlier, as licence revenue disappeared entirely from the top line.
The AIM-listed immuno-oncology company, which develops ImmunoBody and Moditope active immunotherapies for hard-to-treat cancers, recognised no licence revenue in the period, against £4.7m in the prior year.
That 2025 revenue had come from a second collaboration with Denmark-based Genmab, under which Scancell recognised the sum after Genmab exercised an option for an exclusive licence to develop and commercialise one of the group's antibodies.
Research and development costs fell to £12m from £14.7m, reflecting lower manufacturing costs that offset higher spending on developability studies, while administrative expenses rose £0.6m to £5.4m on initial legal and advisory costs tied to the Neuphoria merger.
The bottom-line loss widened to £17.9m from £12.3m, with basic loss per share of 1.73p against 1.26p a year earlier.
Cash and cash equivalents fell to £5.3m at the year-end from £16.9m, after net cash used in operating activities rose to £10.8m from £6.4m, driven largely by the loss of licence revenue and lower R&D tax credit receipts.
Retained losses stood at £113.9m at the year-end, pushing the group into a net liabilities position of £19.4m, against net liabilities of £3.8m a year earlier.
Scancell's all-share merger with Neuphoria Therapeutics, agreed in July, would see the combined group list on Nasdaq under the ticker "SCLT" alongside the existing AIM listing, with Neuphoria becoming a wholly owned subsidiary and Scancell gaining at least $10m of Neuphoria's cash on completion.
The deal is tied to a financing package including a $39.1m private placement, UK share offerings that raised £15.7m gross in late July, and a debt facility of up to $25m agreed with BlackRock-managed funds in September.
Convertible loan notes held by Redmile Group, Scancell's largest shareholder, totalled £16.8m at the year-end and are due for repayment in August and November 2027 unless converted; under the merger terms, they would instead convert into equity on completion.
On the clinical programme, Scancell secured UK regulatory authorisation in August for its Phase 3 registrational trial of iSCIB1+ in advanced melanoma, following FDA clearance and fast-track designation, and said the trial remains on track to begin in the fourth quarter.
The company said it also expects to report further progression-free survival data from its Phase 2 SCOPE trial in the first half of 2027, and further data from its ModiFY trial in head and neck and renal cell cancers later this year.