Oncimmune Holdings PLC (AIM:ONC) said it is in discussions over contracts that could be ‘transformative’ for the business.
While there is no certainty of a deal, the company says these agreements could significantly boost revenue in 2025.
In a trading update, the biotech firm, which provides research services to pharmaceutical companies, said it expects to report £3m in revenue for 2024, more than doubling the previous year’s £1.15m. Results are set to be published by mid-February.
For 2025, Oncimmune has already secured new contracts worth £340,000 and expects first-half revenue to rise 20% to £1.4m.
It is currently negotiating 11 additional contracts, with a combined potential value of £2m, and is in early discussions with existing customers for follow-on work. However, like others in the sector, it has faced delays in finalising deals.
Investors were told the company now anticipates full-year revenue of around £4m, a 33% rise on 2024. It has also cut costs, reducing overheads and debt, leaving it with over £1m in cash and £1.5m in outstanding loans as of January.
To strengthen its position, Oncimmune is exploring strategic partnerships and additional financing to extend its cash reserves.
CEO Martin Gouldstone said: "We remain optimistic and are pursuing several opportunities which could be transformative for the business."