Oncimmune Holdings PLC (AIM:ONC) gave an upbeat assessment of prospects as it hailed the 'unprecedented' growth seen in 2024.
The company, which specialises in autoantibody profiling, said it expects revenue to grow to £4 million in the financial year 2025, up from the £2.7 million posted for the 12 months ending August 31.
Last year's momentum was created by strong repeat business, with 81% of revenue coming from existing customers. The company also secured one of its largest contracts to date, valued at £1.2 million ($1.5 million).
Financial restructuring played a key role in Oncimmune’s turnaround. A November 2024 equity fundraise generated £2.3 million, while £3.3 million (€4 million) of outstanding debt was converted into equity. The company ended January 2025 with over £1 million in cash.
Operationally, Oncimmune has repositioned itself around its ImmunoINSIGHTS platform, bringing in a new leadership team and expanding its global pharmaceutical client base. The company closed 16 contracts in FY2024, increasing its average contract value by 186%.
"Being able to equitise a substantial portion of our debt shortly after the year end has significantly improved the capital profile of the business and we thank our debt provider IPF for their flexibility and support," said CEO Martin Gouldstone.
"Whilst the Industry has experienced some challenges in terms of large pharma budget cuts in the period we are seeing signs of this easing and the potential for further growth in 2025 that could be accelerated if certain discussions with partners/customers progress to plan."