Shares in Proteome Sciences PLC (AIM:PRM) dropped 44% on Wednesday after the contract proteomics specialist reported a sharp drop in revenue, squeezed by cuts to US research funding and trade disruption.
First-half revenue fell 16% to £1.86 million, with sales of its TMT reagents and royalties down 57% to £0.79 million.
By contrast, services revenue more than doubled to £1.07 million, supported by strong demand at its Frankfurt lab and a new San Diego facility.
Gross profit edged up to £0.32 million from £0.20 million, while adjusted EBITDA loss was little changed at £1.19 million.
Chairman Christopher Pearce blamed “dramatic upheaval” in global trade policy and steep reductions in funding from the US National Institutes of Health.
These pressures have cut equipment grants and weighed heavily on reagent demand, though he said the services arm was “rebounding strongly” with a solid order pipeline into 2026.
Proteome ended June with just £0.26 million in cash, down from £1.21 million at year-end, heightening investor concerns over liquidity.
Management said it expects reagent demand to stabilise as the sector adapts and highlighted new multiplexing technology as a potential growth driver.
The stock fell 1.39p to 1.78p.