Shares in ValiRx fell 10% after the biotech firm published its 2024 results, highlighting a continued loss and a warning over its future funding needs.
The drug development micro-cap reported a total loss of £1.92 million for the year, slightly lower than the previous year, and a loss per share of 1.45p.
While cash reserves improved to £1.56 million, the board acknowledged the business remains dependent on further fundraising to stay operational, a concern echoed by its auditors.
ValiRx secured small grants and posted initial revenue from Inaphaea and Biobank reagent sales. However, evaluation agreements were mixed, with one terminated and another still under negotiation.
Administrative expenses increased due to staff and intellectual property costs, although R&D spending dropped following reduced outsourcing. A strategic review resulted in £200,000 in staffing cuts post-year-end.
The stock fell 0.05p to 0.45p.