Digital health group flags funding talks after convertible notes extend runway to late Q1
Trellus Health PLC shares dropped 19% to 0.77p on Tuesday after the company warned that its cash runway extends only into late first quarter 2026, despite new contracts and progress across its core business lines.
The AIM-listed digital health group reported continued traction in the clinical trials market, securing preferred vendor status with two global contract research organisations (ICON and PSI), following agreements to deploy its TrialSet platform in immunology and inflammation trials for Takeda and Sanofi. A third agreement remains active with AstraZeneca.
Chief executive Dr Marla Dubinsky said the group had “successfully executed” its TrialSet launch and a patient support programme with Johnson & Johnson, while cutting its monthly cash burn by around 23% to $400,000.
The company expects full-year revenue for 2025 to reach approximately $545,000.
However, cash reserves remain under strain. The company said it had drawn £737,500 in gross principal from a £5 million convertible facility with Alumni Capital, approved in January, and was in talks to secure alternative sources of funding to extend its financial runway.
Trellus, which focuses on resilience-based management of chronic disease through its Elevate platform, also renewed a licensing agreement with Pfizer and said discussions are underway about expanding the collaboration in 2026.
The company continues to invest in product development, extending TrialSet’s use beyond inflammatory bowel disease and working to ensure compliance with data protection and certification standards, including GDPR and SOC 2.
Despite recent commercial progress, Trellus has yet to generate sustained revenue growth, and the company confirmed that it remains dependent on securing additional funding to support operations beyond March.
The board said it remained focused on expanding through partnerships and further commercialisation of its behavioural science-led approach.