Shares in Fusion Antibodies PLC (AIM:FAB) fell 22% in the wake of interim results that confirmed client project delays, particularly from those in the venture capital-funded biotech sector.
"Nonetheless, we have generated a significantly stronger pipeline which includes a wider diversity of clients that are less dependent on VC funding," said CEO Adrian Kinkaid.
"Consequently, whilst overall revenues for the period are low as previously announced, through our efforts we have benefitted from a trend of increasing month-on-month revenues throughout the H1 FY2024 period, which we hope will continue to strengthen in the remainder H2 and beyond."
It appeared the market wasn't too interested in the self-help measures, including a £1.67 million fundraiser, cost cutting and a focus on "cash neutrality".
At 9.09 am, the shares were changing hands for 4.58p, down 1.3p.