Oncimmune Holdings PLC (AIM:ONC) has confirmed it is on track to achieve profitability in 2025 financial year, following a strong performance over the last 12 months.
The company expects to generate £3 million in revenue for the period ending August 31, with a solid pipeline of contracts set to drive substantial revenue growth in 2025.
Key deals contributing to this outlook include a new $1.5 million project with an unnamed major pharmaceutical company, which builds on a successful pilot programme and leverages a technological breakthrough by Oncimmune’s scientific team.
Additionally, a $700,000 contract has been secured with another pharmaceutical firm, focused on a rare immune-related disease. This project is already underway, with samples in Oncimmune's possession.
Further boosting its portfolio, Oncimmune has signed three more contracts since its last update. Two are with a US biotech which involves multi-omic data analysis from clinical trials, a new area for the group.
The third deal, with a European biotech, involves IgA autoantibody analysis through a long-standing collaboration with a contract research organisation.
Looking ahead, Oncimmune has also entered into a framework agreement with a major UK R&D accelerator, aimed at fostering future collaborations and cross-selling opportunities, which are expected to support growth during FY2025 and beyond.
These developments, combined with the company’s ongoing commercial progress, position it well for continued success and profitability next year, investors were told.
"This has been a very busy period for Oncimmune commercially and a real indication of the commercial traction we have been seeing in the market," said CEO Martin Gouldstone.
"These new wins help to set us up well for FY2025 following on from the solid base we have built in FY2024 giving us confidence in our ability to be a profitable business in FY2025."