Interim report: Six months to 30 September 2025

EDX Medical Group PLC

19 December 2025

 

The information contained in this announcement is deemed to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU No. 596/2014).

19 December 2025

EDX Medical Group plc · EDX

Interim report: Six months to 30 September 2025

CAMBRIDGE, UK: EDX Medical Group Plc (AQSE: EDX) ("EDX Medical" or the "Company"), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, has today published its Interim Report and Financial Statements for the six-month period ended September 20, 2025. The full report can be be viewed below and electronic copies are available on the Company's website at: https://edxmedical.co.uk/documents/

Statement by Jason Holt, chairman, EDX Medical:

"During the reporting period, EDX Medical continued to strengthen its operational and commercial capabilities to further the provision of innovative digital diagnostics products addressing major diseases such as cancer, cardiovascular illness and infectious diseases.

"The Company continued its development of class-leading oncology diagnostics, particularly for prostate cancer. It also embarked on a significant public-private partnership to provide a new pneumonia test for critically ill NHS patients and progressed its relationship with a leading private healthcare provider in the UK.

"The Company made further investment in its cancer testing programmes with the recruitment of laboratory staff and extra development expenditure. This resulted in higher-than-expected administrative expenditure. In respect of revenues, the Company encountered a delay in some product availability in the European market, which affected forecast revenues. These matters have been resolved and significant revenues from existing products and those in development, are expected going forward.

"The Company is confident its dual 'commercial and development' strategy and the quality of diagnostic products will serve it well in a fast-growing global market."

Key developments within the reporting period included:

·    Prostate cancer diagnostics programme expanded to include the development of a laboratory multiomic 'super test' and point of care tests.

·    The completion of preparatory work for the commercial launch of a new, advanced testicular cancer testing service TC100 which was announced on October 7, 2025.

·    Acceleration of testing service for early detection of bowel cancer to be launched by 2026.

·    Completion of the development and progression into validation of a new laboratory assay for determining the pharmacogenomic safety of 5-fluoropyrimidene chemotherapy medicines for cancer patients, based on in-licensed intellectual property from Oxford University Innovations.

·    Completion of the development of a new pneumonia test for critically ill NHS patients in collaboration with Cambridge University Hospitals Trust and the UK Health Security Agency, University of Cambridge and Cambridge Enterprise. The test is planned to be made available to patients by the end of 2025.

·    Memorandum of understanding signed with Spire Healthcare Group plc (LSE: SPI), a leading independent healthcare group in the UK.

The directors of EDX Medical accept responsibility for this announcement.

ENDS

 Contacts: 

EDX Medical Group plc
Dr Mike Hudson  (Chief Executive Officer)	[phone]
Oberon Capital
Nick Lovering (Corporate Adviser) Adam Pollock (Corporate Broking) Mike Seabrook (Corporate Broking)	[phone]
Media House International
Ramsay Smith Gary McQueen	[phone] [e-mail] [phone] [e-mail]
IFC Advisory (Investor Relations)
Tim Metcalfe Graham Herring	[phone]

Notes to Editors:

About EDX Medical Group plc

The EDX Medical Group plc is listed on the Apex Segment of the AQSE Growth Market (TIDM: EDX).

EDX Medical was founded by Professor Sir Christopher Evans, OBE, a medical and life sciences entrepreneur with more than 30 years of experience, together with CEO, Dr Mike Hudson.

By translating clinical insights into pragmatic solutions combining advanced biological and digital technologies, EDX Medical seeks to cost effectively improve the detection and characterisation of disease to personalise treatment in a timely fashion. Early disease detection and biologically based personal treatment optimisation is considered to be the most impactful way of improving patient outcomes, reducing deaths and lowering the cost of healthcare globally.

EDX Medical Group provides doctors, hospitals and insurers/payers with access to a portfolio of the best clinical diagnostics products and services. The Company operates its own facilities in Cambridge and Oxford, UK, and has strategic product and technology partnerships with organisations such as Thermo Fisher EMEA Ltd, a world leader in supplying life sciences solutions and services.

www.edxmedical.com

CHAIRMAN'S STATEMENT

During the reporting period, EDX Medical Group plc continued to strengthen its operational and commercial capabilities to further the provision of innovative digital diagnostics products addressing major diseases such as cancer, cardiovascular illness and infectious diseases.

The Company continued its development of class-leading oncology diagnostics, particularly for prostate cancer. A key component of EDX Medical's bowel cancer diagnostic programme was assessed by UKAS, the UK national accreditation body as part of its certification to ISO standard 15189 (2022).

The Company also embarked on a significant public-private partnership to provide a new pneumonia test for critically ill NHS patients and progressed its relationship with a leading private healthcare provider in the UK.

Key developments within the reporting period included:

·     Prostate cancer diagnostics programme expanded to include the development of both a laboratory multiomic 'super test'and multiplex point of care tests.

·     The completion of preparatory work for the commercial launch of a new, advanced testicular cancer testing service TC100 which was announced on October 7, 2025.

·     Acceleration of testing service for early detection of bowel cancer to be launched by 2026.

·     Completion of the development and progression into validation of a new laboratory assay for determining the pharmacogenomic safety of 5-fluoropyrimidene chemotherapy medicines for cancer patients.

·     Completion of the validation of a new pneumonia test for critically ill NHS patients in collaboration with Cambridge University Hospitals Trust and the UK Health Security Agency, University of Cambridge and Cambridge Enterprise. The test is planned to be made available to patients by the end of 2025.

·     Memorandum of understanding signed with Spire Healthcare Group plc (LSE: SPI), a leading independent healthcare group in the UK.

During the reporting period the Company made further investment in its cancer testing programmes with the recruitment of laboratory staff and extra development expenditure. This resulted in higher than expected administrative expenditure. In respect of revenues, the Company encountered a delay in some product availability in the European market, which affected forecast revenues. These matters have been resolved and significant revenues from existing products and those in development, are expected going forward.

The Company is confident its dual 'commercial and development' strategy and the quality of diagnostic products will serve it well in a fast-growing global market and the Board is grateful for the support of both institutional and individual investors who continue to support the Company financially.

Financial Summary

During the period, the majority of the Company's administrative expenditure increased, reflecting additional investment in its operations, particularly in cancer diagnostics. The loss for the six-month period was £2,292,168 (Loss in period to 30 September 2024: £1,699,298).

Trade and other receivables as at 30 September 2025 were £551,685 (September 2024: £546,307). The cash balance as at 30 September 2025 was £124,794 (September 2024: £2,308,069).

Trade and other payables as at 30 September 2025 were £752,291 (September 2024: £395,054). Overall, at the period-end, net assets were £510,740 (September 2024: £1,784,459).

Jason Holt

Chairman | EDX Medical Group plc

EDX MEDICAL GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF TOTAL COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2025

		Unaudited Six months to	Unaudited Six months to
	Note	30 September 2025 £	30 September 2024 £
Continuing operations
Revenue		173,045	17,811
Cost of sales	3	(245,422)	106,440
Gross profit/(loss)		(72,377)	124,251
Administrative expenses		(2,218,004)	(1,669,523)
Other gains - net	4	-	(146,709)
Operating loss		(2,290,381)	(1,691,981)
Finance expense	5	(2,585)	(8,115)
Loss before taxation		(2,292,966)	(1,700,096)
Taxation		798	798
Loss for the period		(2,292,168)	(1,699,298)
Total comprehensive loss for the period attributable to owners of the parent		(2,292,168)	(1,699,298)
Earnings per share from continuing operations attributable to owners of the parent:
Basic and diluted loss per share (pence)	6	(0.62)	(0.49)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025

		Unaudited 30 September	Unaudited 30 September
		2025	2024
	Note	£	£
ASSETS
Non-current assets
Intangible assets	7	268,388	189,212
Property, plant and equipment		290,796	264,717
Right-of-use asset		64,106	217,962
Total non-current assets		623,290	671,891
Current assets
Trade and other receivables	8	551,685	546,307
Other current assets		26,819	162,193
Cash and cash equivalents		124,794	2,308,069
Total current assets		703,298	3,016,569
Total assets		1,326,588	3,688,460
EQUITY AND LIABILITIES
Equity
Share capital	9	3,723,089	3,473,576
Share premium	9	12,070,237	9,155,014
Treasury Shares		(224,083)	-
Share based payment reserve		5,729	-
Warrant reserve		-	17,567
Merger relief reserve		6,709,469	6,709,469
Other reserves		35,637	50,910
Reverse acquisition reserve		(8,461,500)	(8,461,500)
Retained losses		(13,347,838)	(9,160,577)
Total equity		510,740	1,784,459
Non-current liabilities
Lease liability		-	41,603
Deferred tax		18,432	20,027
Total non-current liabilities		18,432	61,630
Current liabilities
Trade and other payables		752,291	395,054
Convertible loan - debt		-	632,855
Convertible loan - derivative		-	644,448
Borrowings		3,521	8,694
Lease liability		41,604	161,320
Total current liabilities		797,416	1,842,371
Total liabilities		815,848	1,904,001
Total equity and liabilities		1,326,588	3,688,460

EDX MEDICAL GROUP PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2025

	Share capital £		Share premium £	Treasury shares £	Share based payment reserve £	Merger relief reserve £	Warrant reserve £	Reverse acquisition reserve £	Other reserves £	Retained losses £	Total equity £
Balance as at 1 April 2025	3,720,589		12,043,737	(224,083)	5,729	6,709,469	-	(8,461,500)	35,637	(11,055,670)	2,773,908
Loss for the period	-		-	-	-	-	-	-	-	(2,292,168)	(2,292,168)
Total comprehensive loss for the period	-		-	-	-	-	-	-	-	(2,292,168)	(2,292,168)
Issue of shares	2,500		26,500	-	-	-	-	-	-	-	29,000
Total transactions with owners	2,500		26,500	-	-	-	-	-	-	-	29,000
As at 30 September 2025	3,723,089		12,070,237	(224,083)	5,729	6,709,469	-	(8,461,500)	35,637	(13,347,838)	510,740
For the six-month period ended 30 September 2024
		Share		Share	Warrant	Merger relief		Other	Reverse acquisition	Retained
		capital		premium	reserve	reserve		reserves	reserve	losses	Total equity
		£		£	£	£		£	£	£	£
Balance as at 1 April 2024		3,473,576		9,155,014	17,567	6,709,469		50,910	(8,461,500)	(7,461,279)	3,483,757
Loss for the period		-		-	-	-		-	-	(1,699,298)	(1,699,298)
Total comprehensive loss for the period		-		-	-	-		-	-	(1,699,298)	(1,699,298)
As at 30 September 2024		3,473,576		9,155,014	17,567	6,709,469		50,910	(8,461,500)	(9,160,577)	1,784,459

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH ENDED 30 SEPTEMBER 2025

		Unaudited Six months to 30 September	Unaudited Six months to 30 September
		2025	2024
	Note	£	£
Cash flow from operating activities
Loss before taxation		(2,292,966)	(1,700,096)
Adjustments for non-cash/non-operating items:
Amortisation - right of use asset		76,928	78,999
Amortisation - intangibles		7,006	6,360
Depreciation		67,040	47,343
Taxation charge		798	798
Fair value loss on convertible loan		-	146,709
Finance expense	5	2,585	8,115
Net cash used in operating activities before changes in working capital		(2,138,609)	(1,411,772)
Changes in working capital
(Increase)/decrease in trade and other receivables		(66,640)	77,612
Increase/ (decrease) in trade and other payables		120,651	(274,136)
Decrease in supplies and materials		15,994	34,261
Net cash used in operating activities		(2,068,604)	(1,574,035)
Cash flow from investing activities
Purchase of property, plant, and equipment		(112,748)	(20,467)
Purchase of intangible assets	7	(41,233)	(81,720)
Net cash used in by investing activities		(153,981)	(102,187)
Cash flow from financing activities
Proceeds from issue of share capital		29,000	-
Lease interest paid	5	(2,585)	(6,579)
Principal paid on leases		(81,666)	(79,835)
Net cash used in financing activities		(55,251)	(86,414)
Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period		(2,277,836) 2,402,630	(1,762,636) 4,070,705
Cash and cash equivalents at the end of the period		124,794	2,308,069

NOTES

1.  Company information

EDX Medical Group Plc (the "Company") is a public limited company, limited by shares (not guarantee) and is incorporated and domiciled in the UK. The address of the registered office is 211 Cambridge Science Park Milton Road, Cambridge, England, CB4 0WA The registered number of the Company is 13277385. The consolidated interim financial statements consolidate those of the Company and its subsidiaries (the "Group"). The principal activity of the Group is that of creating innovative health testing solutions and developing biological and digital technologies to improve the detection of diseases and disorders.

2.  Summary of significant accounting policies Basis of preparation

These condensed consolidated interim financial statements include the results of the Company and its subsidiaries for the six months ended 30 September 2025 and have not been audited. These condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

These condensed consolidated interim financial statements have been prepared in accordance with the AQSE Growth Market rules and the recognition and measurement requirements of UK-adopted International Accounting Standards ("UK-IAS") and adopting the accounting policies that were applied in the 31 March 2025 annual financial statements.

The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the period ended 31 March 2025 and should be read in conjunction with these financial statements which is available on the Group's website www.edxmedical.co.uk

In the opinion of the Directors, the interim consolidated financial information presents fairly the financial position, and results from operations and cash flows for the period.

The auditor's report on the statutory financial statements for the period ended 31 March 2025 was unqualified but did contain a material uncertainty with respect of going concern.

Basis of consolidation

The consolidated interim financial statements consolidate the interim financial statements of the Company and the results of its subsidiary undertakings EDX Medical Ltd, Torax Biosciences Limited, Hutano Diagnostics Ltd and EDX Medical Ireland Ltd made up to 30 September 2025.

Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Intangible Asset

Amortisation is charged on a straight-line basis and is included in administrative expenses in the statement of comprehensive income. A License which has an indefinite life that will be tested for impairment at the year end date. Other intangibles are amortised from the date they are available for use. The rates applicable, which represent the Directors' best estimate of the useful economic life, are:

-      Technology - 10 years straight line

-      Trademarks - 10 years straight line

-      Patent - 20 years straight line

-      Licenses - Indefinite useful life

2.  Summary of significant accounting policies (continued) Intangible Asset (continued)

Useful lives are reconsidered if circumstances relating to the asset change or if there is an indication that the initial estimate requires revision. Gains and losses of disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income.

Going concern

The condensed consolidated interim financial information for the six months ended 30 September 2025 have been prepared on the going concern basis. The forecasts for the Group include due consideration for contracted minimum revenues, potential future capital in-flows, continued operating losses, projected increase in cash-burn of the Group for a minimum period of at least twelve months from the date of approval of these interim financial statements.

However, the Group forecasts assume that further equity fundraising will be required in the next twelve months in order to implement its growth strategy and operate as a going concern. Although the entity has had past success in fundraising and continues to attract interest from investors, making the Board confident that such fundraising will be available to provide the required capital, there can be no guarantee that such fundraising will be available and, accordingly, this constitutes a material uncertainty over going concern, which the auditors made reference to in their audit report for the year ended 31 March 2025.

Notwithstanding the above, the Board has considered various alternative operating strategies should these be necessary in the light of fundraising not being available and actual trading performance not matching the Group's forecasts given current macro-economic conditions and is satisfied that such revised operating strategies could be adopted, if and when necessary. This includes the ability to call upon Sir Christopher Evans, a Director of the Company, to extend sufficient loans. Therefore, the Directors consider the going concern basis of preparation is appropriate.

The interim financial statements have been prepared on a going concern basis and do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate.

3.  Cost of sales

	Period ended 30 September	Period ended 30 September
	2025	2024
	£	£
Cost of sales	(245,422)	(34,699)
Credit note	-	141,139
	(245,422)	106,440

During the period, a credit note of £nil (September 2024: £141,139) was received from a supplier for prior year invoices, following the termination of the agreement. The amount was offset against the cost of sales.

4.   Other gains - net

	Period ended 30 September	Period ended 30 September
	2025	2024
	£	£
Convertible loan - revaluation of derivative	-	(146,709)
	-	(146,709)

5.  Finance expense

	Period ended 30 September	Period ended 30 September
	2025	2024
	£	£
Convertible loan - interest	-	1,536
Interest on lease liabilities	2,585	6,579
	2,585	8,115

6.  Loss per share

Basic and diluted loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to equity holders divided by the weighted average number of shares in issue during the period.

The loss incurred by the Group means that the effect of any outstanding warrants and options would be considered anti-dilutive and is ignored for the purposes of the loss per share calculation.

	Unaudited		Unaudited
	Period ended 30 September		Period ended 30 September
	2025		2024
	£		£
Loss for the period from continuing activities	(2,292,168)		(1,699,298)
	Period ended 30 September		Period ended 30 September
	2025		2024
	No.		No.
Weighted average number of ordinary shares	372,260,519		347,357,576
	Period ended		Period ended
	30 September		30 September
	2025		2024
	£		£
Basic and diluted loss per share (pence)	(0.62)		(0.49)

7. Intangible assets Trade marks Technology Patent Licences Total £ £ £ £ £ Cost At 1 April 2025 39,217 91,290 68,433 57,310 256,250 Additions - 6,233 - 35,000 41,233 At 30 September 2025 39,217 97,523 68,433 92,310 297,483 Amortisation At 1 April 2025 8,498 12,879 712 - 22,089 Charge 1,961 3,379 1,666 - 7,006 At 30 September 2025 10,459 16,258 2,378 - 29,095 Net book value At 30 September 2025 28,758 81,265 66,055 92,310 268,388 At 30 September 2024 32,680 74,913 24,309 57,310 189,212 8. Trade and other receivables 30 September 30 September Trade receivables 2025 £ 6,079 2024 £ - Prepayments 113,680 86,817 Loan from Christopher Evans 298,191 200,000 Other receivables                     133,735                   259,490 Total trade and other receivables                      551,685                   546,307

 

9. Share capital

Period ended 30 September 2025
Allotted, called up and fully paid
	Ordinary £0.01 shares	Share capital	Share premium
	No.	£	£
At 01 April 2025	372,058,871	3,720,589	12,043,737
Share issue	250,000	2,500	26,500
At 30 September 2025	372,308,871	3,723,089	12,070,237

New shares allotted

On 14 April 2025, the Company issued 100,000 new ordinary shares in the Company at £0.14 per share.

On 21 May 2025, 150,000 warrants were exercised and converted to 150,000 new ordinary shares at £0.01 per share.

The holders of ordinary shares are entitled to one voting right per share and, subject to the provisions of the Companies Act 2006, are entitled to dividends out of the profits of the Company available for distribution.

Rights, preferences, and restrictions

All ordinary shares are equally eligible to receive dividends and the repayment of capital and represent equal votes at meetings of Shareholders. There are no rights of redemption attaching to the ordinary shares.

10. Events after the reporting period

On the 20 October 2025, the Company announced a £4 million fundraise via the issue of 14,285,713 new ordinary shares of 1p each in the Company at a price of 14p per share and the issue of a new convertible loan note agreement to Professor Sir Chris Evans.

 

END