hVIVO PLC (AIM:HVO) chief executive, Yamin “Mo” Khan, talked with Proactive about the company’s full-year results, highlighting financial performance, strategic progress and outlook for 2026.
Khan explained that despite a challenging macroeconomic environment, the company delivered results in line with expectations, reporting revenue of just under £47 million and a positive EBITDA of over £1 million.
He noted this was ahead of earlier guidance, stating that “we’ve been able to turn that around and achieve really a positive EBITDA, which was a success for the company for last year.” The company also maintained a strong cash position of more than £40 million.
A key theme was hVIVO’s strategic diversification. The company completed acquisitions, including clinical trial units in Germany and UK-based CryoStore, expanding its capabilities and therapeutic areas. Khan said this creates “a one-stop shop platform” for clients across the full clinical development lifecycle.
While the human challenge trial business faced headwinds, including cancellations linked to vaccine market volatility, the company is seeing renewed momentum. Proposal activity has increased significantly, with a 50% year-on-year rise in early 2026.
Looking ahead, hVIVO expects continued growth driven by its broadened service offering, stronger sales pipeline and new client wins, including a contract with Traws Pharma.
Khan added that the diversified platform “gives us access to many more clients,” supporting a wider addressable market and underpinning expectations for high single-digit revenue growth in 2026.
Proactive: Mo very good to speak with you. hVIVO announced its full year 2025 results today. It looks like a year of significant progress for you despite a challenging backdrop. Can you provide a summary of the financials?
Yamin “Mo” Khan: Absolutely. First of all, thank you for having me on your platform again. So our full year results really have no surprises, given they’re in line with the trading update we provided in late January. It had been a challenging year financially due to the macroeconomic situation and some volatility in policymaking, especially in the US regarding infectious diseases and vaccines.
But having said that, we met or beat our reset guidance. We had revenue of just under £47 million, achieved a positive EBITDA of just over £1 million, and ended with over £40 million in cash.
Proactive: And you mentioned your strategic repositioning and acquisitions. Can you tell us more about these?
Khan: We remain the world leader in human challenge trials but aimed to diversify. We acquired two clinical trial units in Germany, expanding capabilities and therapeutic areas, and also acquired CryoStore in the UK, which is already profitable. Both have integrated well.
We are reorganising under a single hVIVO brand with four service lines, creating a “one stop shop platform” for clients from preclinical through to phase two.
Proactive: Can you summarise the performance of the human challenge trial business?
Khan: It has been challenging due to macroeconomic factors and vaccine-related policy changes in the US. We experienced cancellations, but these generated fees that supported EBITDA. Encouragingly, proposals are up 50% year-on-year in Q1 2026.
Proactive: Looking ahead, what can we expect for 2026?
Khan: We are building a more diversified company, expanding lab capabilities and therapeutic areas, and growing the sales pipeline. This gives us access to more clients and supports expectations for high single-digit revenue growth.
Proactive: Could you also give details on the Traws contract?
Khan: Traws Pharma is a US biotech developing an antiviral. The influenza human challenge trial will begin this year, with most revenue recognised in 2026.