Imaging Biometrics Ltd (LSE:IBAI, OTCQB:IQAIF) chief executive Trevor Brown told investors that conditions are beginning to improve, as the company advances its technologies and also gains traction in its sector.
The company, previously known as IQ-AI, is developing and rolling out solutions to improve outcomes for patients suffering aggressive cancer, on Wednesday reported interim results for the six twelve months ended 31 December.
“Our continued growth and product deployments are making a tangible, life-changing impact on patients who need them most,” Trevor Brown said.
“The board is acutely aware that shareholders (including insiders) have had to exercise great patience over past years as commercialization and acceptance of our cutting-edge technologies has been slower than we had expected.
“The innate conservatism of our market, which serves primarily to protect patients, is also a headwind for the acceptance of innovation. We believe that these conditions are beginning to change, as our technologies and name become more familiar through our efforts at conferences, published scientific papers and networking.”
Financials
First-half revenue of £394,002 for 2025, an 11% decline compared with last year due to the absence of a prior-year £79,000 grant and currency effects. Net assets increased to £513,624 from £302,527 at 31 December 2024.
The loss for the period narrowed to £89,652 from £274,309. This included a £67,309 foreign exchange loss and a £47,982 non-cash share-based payment. Adjusted for these, the Group would have been profitable.
Progress
The company’s IB003 (gallium maltolate) Phase 1 trial has achieved its primary endpoints. Preparations for Phase 2 are underway alongside plans to seek US Food and Drug Administration feedback and potential Breakthrough Therapy designation.
Rare Paediatric Disease Designations for two cancer indications could yield Priority Review Vouchers if approved, the company noted.
Adoption of IB Clinic through third-party AI marketplaces has been slow. The company will focus on direct clinician engagement. IB ASL, its non-invasive perfusion imaging technology, has been launched. The IB Nimble platform is being upgraded for scalability, mobile access and integrated DICOM viewing.