Shares in Physiomics PLC (AIM:PYC) fell 24% in early trading after a disappointing trading update.
The firm, which uses mathematical models to help develop cancer treatments, has warned that its total income for the financial year ending in June 2023 is expected to fall more than 10% short of its previous guidance of £750k, landing at around £660k.
This shortfall is due to unexpected delays in data delivery for existing projects and the yet-to-be-finalised deal with a potential new client.
However, Physiomics assured that these projects will complete and contribute to its income in the next financial year, and it expects the new client deal to be signed within the calendar year, although this remains uncertain.
The stock, down 46% in the last year, fell 0.65p to 2.05p.