CelLBxHealth PLC (AIM:CLBX, FRA:DWV), the AIM-listed cancer diagnostics company, said its commercially weighted pipeline had built to £3.5 million, supported by rising engagement from pharmaceutical and diagnostic partners.
It reiterated its forecast for revenue of at least £2.1 million for the 2026 financial year, growth of at least 50% on the prior year.
CelLBxHealth develops tests based on circulating tumour cells, cancer cells that break away from a tumour and travel in the bloodstream, which can be used to monitor disease without a biopsy.
A sharply reduced cost base gives the company a cash runway into the second quarter of 2027.
The board expects to reach positive earnings before interest, tax, depreciation and amortisation in 2028 on the back of further revenue growth.
Second quarter revenue doubled to £0.4 million from £0.2 million in the first quarter, which the company called an early sign that its revised commercial strategy is working.
A restructuring programme has cut the annualised operating cash cost base to about £6.3 million, despite more than £1.5 million of restructuring cash payments.
The company has signed a master services agreement with AstraZeneca and research collaborations with AdventHealth and The Royal Marsden NHS Foundation Trust.
Work also continues with QIAGEN, Roche Diagnostics, Illumina and Myriad.
Turning to the financials, revenue for the first half was £0.6 million, down from £0.8 million a year earlier.
Gross margin improved to 61% from 59%, on gross profit of £0.4 million.
The operating loss narrowed to £2.7 million from £9.7 million, and the loss after tax fell to £2.7 million from £9.3 million.
Monthly cash burn is now expected to run at between £0.3 million and £0.4 million, against cash of £2.9 million at 30 June.
