IXICO PLC (LSE:IXI, OTC:PHYOF) has struck an optimistic tone for the year ahead after a surge in new business pushed its order book sharply higher in the weeks following its September year-end.
The London-listed neuroscience imaging specialist said the order book has grown 27% since the close of the 2025 financial year, rising from £13.8 million to £17.7 million by the end of November.
Management said the early momentum in its 2026 financial year follows a run of contract wins in areas such as Alzheimer’s, Huntington’s and blood-based biomarkers, techniques that analyse markers in the blood to help track disease progression.
The upbeat outlook comes despite what the company described as “financial conservatism” across the biopharma industry.
Drug developers have been grappling with weaker investment flows, nervousness around riskier programmes and uncertainty around tariffs.
Even so, IXICO noted that neuroscience research and clinical trial activity remain lively. It pointed to a recent Alzheimer’s UK report stating that 138 Alzheimer’s drugs are currently being tested, up 9% on the previous year, with early-stage trials also rising.
Against that backdrop, IXICO said it expects progress to come from expanding its clinical trial services (it operates as an imaging-focused contract research organisation) and from widening the use of its technology platform to diversify how it makes money.
The group added that this approach fits with drug developers’ rising interest in artificial intelligence tools and biomarker technologies designed to improve precision in assessing new medicines.
The outlook accompanied full-year results showing a return to growth. Revenues rose 13% to £6.5 million, driven by new contracts and extensions.
Gross margin edged up to 49%. Losses at the EBITDA level narrowed to £1.3 million, helped by higher revenues but held back by targeted investment aimed at supporting future growth.
The company closed the year with £3.5 million in cash, helped by £3.7 million raised earlier in the year, and reported net assets of £11.7 million.
IXICO said revenue diversification continued across therapeutic areas and geographies, with increased collaboration with large contract research groups and device makers.
Chief executive Bram Goorden said: “2025 has been a pivotal year for IXICO, witnessing a strong return to growth, an extension of our leadership in neuroimaging and promising early progress from the Innovate Lead Scale strategy … we enter 2026 with confidence and excitement.”
Recent wins include £1.2 million of new and extended Alzheimer’s and biomarker contracts in October and a £3.5 million phase III Huntington’s trial contract in November.
The company has also appointed Professors Michael Weiner and Joanna Wardlaw as scientific advisers.