Oxford BioDynamics said losses widened in the year-end to 30 September, resulting in its shares falling 4.8% to 14.5p.
Operating losses rose to £8.6mln compared to £7.5mln the year earlier, which it blamed on increased staff, general and administration costs, as well as depreciation.
Revenue also fell to £200,000 from £300,000, although it did receive a £400,000 funding grant in the year.
A global biotechnology company, Oxford Biodynamics specialises in diagnostics for life-changing diseases with partners that include Pfizer, EMD Serono and Genentech.
"During 2022, we made substantial progress with the strategy we presented to shareholders in 2020 - pivoting our business to a more commercial footing, developing proprietary tests using our EpiSwitch platform,” said chief executive Jon Burrows.