Financial Results for year ended 30 September 2025

IXICO plc

09 December 2025

 

IXICO plc

("IXICO", the "Company" or the "Group")

Financial Results for year ended 30 September 2025 and Notice of AGM

09 December 2025, IXICO plc (AIM: IXI) - London, UK. IXICO, a global leader in neuroscience imaging and biomarker analytics, using its AI-driven platform to help advance drug development in neurological disorders, announces its audited results for the year ended 30 September 2025 ("FY25").

Execution of the Group's Innovate Lead Scale strategy across the year has delivered a strong financial performance with 13% revenue growth and a 21% reduction in EBITDA loss. Commercial traction has further accelerated into FY26, resulting in a 27% increase to the order book since the FY25 year-end.        

Financial Highlights:

·      Revenues grew 13% to £6.5 million (2024: £5.8 million) reflecting new contract and contract extension wins.

·      Gross margin grew to 49% (2024: 47%) reflecting operational leverage within the business partly offset by an expanded operational footprint in North America designed to support further future growth in this market.

·      EBITDA losses reduced 20% to £1.3 million (2024: £1.7 million) reflecting revenue growth in the year of £0.7 million, partly offset by targeted investments designed to sustain and accelerate future revenue growth.

·      Closing order book of £13.8m (2024: £15.3 million).  In the two months since the period-end, the order book has grown to £17.7 million (as at 30 November 2025) reflecting a further acceleration of the contract win rate seen in the second half of the year.

·      Closing, debt-free, cash of £3.5 million (2024: £1.8 million). Cash was augmented by £3.7 million net of fees from an oversubscribed capital raise completed in Q1 of the financial year end.

·      Closing balance sheet value (net assets) of £11.7 million (2024: £9.5 million) that includes long-term assets that will underpin the Group's further expansion.

Operational & Commercial Highlights:

·      Successful diversification of revenues with new and existing clients across therapeutic areas, clinical phases and geographies.

·      Commercial partnership and collaboration activity increased with large CRO, imaging device manufacturers and clinical data management organisations.

·      Expansion of the proprietary IXI™ AI-powered platform into new industry verticals, generating a new revenue stream in blood-based biomarker diagnostic validation.

·      Continued scientific and technology innovation equipping IXI™ with novel algorithms to deliver differentiated analysis capabilities, with a particular focus on the Alzheimer's disease and Parkinson's disease markets.

·      Access and use rights to the Global Alzheimer's Platform (GAP) BioHermes data set covering 1,000 participants across 30 global sites, and including MRI, PET and Blood Based Biomarker data.

·      Expansion of the Group's scientific and operational footprint in North America.

Post Period Highlights:

·      £1.2 million combined value clinical trial contract wins - a new blood-based biomarker contract and a contract extension in Alzheimer's disease (15 October 2025).

·      £3.5 million global Phase 3 clinical trial contract win in Huntington's disease (17 November 2025).

·      Appointment of Professor Michael Weiner and Professor Joanna Wardlaw, two leading global experts in the field of Alzheimer's and cerebrovascular disease as advisors to the Company (01 December 2025).

Bram Goorden, CEO of IXICO, 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.  The continued development of scientific capabilities through our next-generation IXI™ platform uniquely places IXICO to deliver impact to biopharma and diagnostics partners, helping accelerate the development of much-needed treatments for neurodegenerative disease.  The commercial momentum experienced in FY25 has continued into the new financial year, and together with our incredible group of people and a clear strategy to advance precision medicine, we enter 2026 with confidence and excitement."

 The full 2025 Annual Report and Accounts is available on the Company's website.

Notice of AGM

IXICO announces that its 2026 Annual General Meeting ("AGM") will be held at CCT Venues Smithfield, Two East Poultry Avenue, Smithfield, London EC1A 9PT on 23 January 2026 at 10:30 GMT.  The Notice of AGM will be sent to shareholders on or before 20 December 2025 and at the same time will be made available on the Company's website in accordance with AIM Rule 20.

This announcement contains inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR.

For further information please contact:

IXICO plc	[phone]
Grant Nash, Chief Financial Officer James Chandler, Chief Business Officer
Cavendish Capital Markets Limited (Nominated Adviser and Sole Broker)	[phone]
Giles Balleny, Isaac Hooper (Corporate Finance) Nigel Birks (Healthcare Specialist Sales) Harriet Ward (Corporate Broking) Michael F Johnson (Sales)

About IXICO www.IXICO.com

IXICO is a global leader in neuroscience imaging and biomarker analytics, using its proprietary AI-driven platform to help advance the treatment of neurological disorders and reduce the uncertainties associated with drug discovery, development and monitoring.   As a key part of the global neurological disease research community, the Company has built a global reputation and 20-year track record as an end-to-end Imaging Contract Research Organisation (iCRO) working with leading pharma companies, innovative biotech's, disease consortia and non-profit organisations. IXICO has supported hundreds of neurological clinical trials, analysed hundreds of thousands scans and built an expansive network of expert imaging centres around the world.  

The IXICO Platform is tailor-made for neurological disease, reliably processing data from global trials, precisely measuring key imaging biomarkers associated with the identification, progression and treatment of diseases such as Alzheimer's, Huntington's and Parkinson's.  Image data is interrogated by the Platform and IXICO's expert scientists translating complex data into clinically meaningful while minimizing data variability and increasing reproducibility.

Chair's Statement

Summary of Strategy & Progress 

On behalf of the Board of IXICO plc, I am pleased to report a period of significant technological, scientific, and commercial progress resulting in a healthy return to revenue growth.  The opportunity to create significant shareholder value beyond the uplift in share price over the period, rests on the continued execution of IXICO's clear growth strategy expanding and diversifying existing therapeutic area activity while leveraging the Group's technology advantage to enter new neuroscience revenue streams.    

The core elements for growth can be summarised as:

·      A rising global population impacted by neurological disease, combined with a renewed focus by the biopharma industry^[1] to address this unmet need, particularly through precision medicine methods such as biomarker research.

·      A strategy successfully diversifying revenues in key therapeutic areas of focus - retaining market dominance in Huntington's disease (HD) and other rare neurological diseases while deepening and broadening existing activities in Alzheimer's and Parkinson's diseases.

·      A flexible differentiated AI-driven technology platform (IXI™) that offers revenue expansion opportunities outside traditional clinical trial activities, such as the acceleration of activity in post market assessment and into blood-based biomarker diagnostics similar to those IXICO has undertaken in the period.    

·      Continued innovation in scientific products and services by refining existing approaches and creating advanced new methods to assess how developmental drugs act on brain biomarkers. 

These growth elements, and the associated progress, relate to the focused execution of the Innovate Lead Scale strategy that the leadership team outlined during its successful capital raise in October 2024. The core deliverables of that strategy were to extend the use of the IXI™ Platform in new ways and markets, strengthen commercial operations, increase the visibility of the Group, and enlarge its market opportunity whilst deepening market penetration. 

The Board are pleased to report that the Group has made strong progress in delivering all elements of this strategy, providing confidence that the approach is working and will deliver its full impact over the medium term.  This progress is evidenced by a 13% year-on-year rise in revenues and a growing pipeline of new contract opportunities.

People

At the heart of IXICO's success is the quality and dedication of its people. The team brings together world-class expertise in neuroscience, imaging science, AI, technology development and clinical operations, consistently translating complex challenges into meaningful insights that drive progress for our clients and partners.

As reported at the interim results in May 2025, and following the CEO change in August 2024, the Group has strengthened its senior leadership and added further commercial, scientific and operational roles that enable IXICO to accelerate scientific innovation, expand its technology advantage and expand commercial growth.

The Group continues to work hard creating an agile, highly collaborative culture and maintaining IXICO's reputation as a trusted leader in neuroimaging.  As Chair, I would like to extend my thanks to, and appreciation for, an extraordinarily dedicated group of people that successfully manage to combine scientific rigour, technological innovation, and patient-centred sensitivity to deliver the highest standards of service. I would also like to offer my gratitude to our shareholders, partners, and customers for their continued trust and support.

Board Activity & Governance 

During the period, the Board has undertaken specific initiatives to support the leadership team, ensure strategic accountability and capitalise on commercial and market opportunities:

Executive and non-executive Board directors collectively performed a formal Board evaluation to assess current and future needs, stewardship, and processes with the help of a reputable independent assessment organisation. This exercise proved particularly useful since the Board had welcomed Bram Goorden as a new Director in 2024 and independently confirmed high accountability and a productive working dynamic amongst all Board members. In addition, regular Risk Review sessions are held which support strategic prioritisation, measured using monthly KPI reports to track the Group's Innovate-Lead-Scale strategy execution.

As an AIM-quoted group, the Board remains committed to high standards of corporate governance that ensure the Group operates in a transparent and ethical way, and which delivers value for employees, shareholders, and other stakeholders.   In particular, the Group works to adhere to the Quoted Company Alliance Governance Code and has acted to deliver compliance with the 2023 updates to this Code. During the year, the activities of the Board have aimed to secure financial stability, whilst balancing risk with the focused pursuit of opportunities open to IXICO. Through the activities of the Audit Committee, the Board, and the Leadership Team, the Group continues to implement and maintain robust financial controls and reporting.

Summary & Outlook

The commercial momentum this year has been achieved despite a biopharma industry backdrop of financial conservatism.  Activity in neuroscience R&D and clinical trials is relatively buoyant. For example, in AD alone Alzheimer's UK recently published a report^[2] stating that 138 drugs are being tested, representing a 9% increase from the previous year with the number entering early-stage clinical trials jumping from 27 to 48. However, broader biopharma industry wide challenges remain such as tariff uncertainty, reduced investment and low risk appetite.

Therefore, while the Group remains optimistic, it is mindful of the macro biopharma climate. The continued commercial momentum of IXICO will be achieved not only by growing the scale of the Group's activities in the clinical trial space as an iCRO, but by making further progress in leveraging IXICO's technology platform to diversify revenues.

This approach not only complements the way IXICO has developed its differentiated technology as a key driver for growth but is perfectly aligned with the appetite from the biopharma industry for AI-led technology innovation and a focus on biomarker measurement developments to deliver on the promise of increasing precision within medicinal assessment.

Mark Warne

Non-Executive Chair

Chief Executive's statement

Progress Summary for 2025 

2025 has been an important year, returning to revenue growth and expanding the Group's unique position in the market. We celebrated our 20 years' anniversary and delivered an oversubscribed capital raise enabling the Group to invest in novel ways to innovate and access future revenue streams. As outlined below, the Innovate Lead Scale strategy is starting to deliver commercial momentum, revenue diversification and broader Platform capability.  

Being the only global imaging CRO (iCRO) focussed exclusively on neurology, IXICO holds a privileged and respected position as an AI-driven biomarker analytics Group helping the biopharma industry understand and make the right development decisions around the diagnosis and treatment of neurological disease.  The Group's mission remains clear: to advance medicine through precision biomarker insights that accelerate the development, and delivery of novel treatments for patients worldwide. This past year, which were also the first twelve months for me at the helm of the company, has shown that IXICO is more than ever at the right place at the right time with our proprietary IXI^TM platform allowing our clients to leverage precision medicine to improve clinical trial outcomes for patients. 

Neuroimaging is a key component in neurological clinical trials. Analyses derived from radiology such as MRI and PET scans are the most effective way to identify signals of efficacy and safety, especially early-on and to enable biopharma companies to advance or fail fast through development phases. The global neuroimaging market size was calculated to be USD 37 billion in 2023 and projected to surpass USD 56 billion by 2030 (6% CAGR).^[3]  As part of that total market, the global clinical trial imaging market is estimated at USD 1.23 billion in 2024 and project to reach USD 1.91 billion by 2030 (7% CAGR).^[4]  On approval of therapies, there is a further need for precision biomarker analysis to bring new treatments to market and continue to monitor the effectiveness and safety of new medicines through 'post-marketing surveillance'. 

In combination with deep human expertise, the IXI Platform (IXI™), a proprietary neuro-imaging technology, enables IXICO to offer end-to-end clinical trial services tools to address the growing market opportunity, from clinical design, site set up and trial management to radiological imaging data analysis and post regulatory approval drug assessment. 

In October 2024, we set out and communicated the 'Innovate Lead Scale' strategy which is designed to further advance the capability of the IXI™ Platform and expand its use in key therapeutic areas of high unmet need, in particular Alzheimer's Disease (AD) and Parkinson's Disease (PD).  In doing so it has been our intention to increase IXICO's presence in markets estimated at least three times the size of the Huntington's Disease (HD) and other rare neurological disease market segments where IXICO remains the dominant player.

The strategy also aimed to amplify the Group's profile, strengthen scientific leadership activities, including via Key Opinion Leader (KOL) relationships, that are critical to our credibility, and increase the geographic and commercial scale of our operations  By executing this strategy, the intention is to extend market penetration and immediately restore topline revenue growth, while in the medium term returning IXICO to profitability.     

I am pleased to report tangible outcomes that show the strategy is working, generating opportunities for growth, revenue diversification and market differentiation. Relative to the same period last year revenue have increased by 13% to £6.5m (2024: 5.8m), gross margin has increased to 48.7% (2024: 47.0%) and EBITDA losses have reduced to £1.3 million (2024: £1.7 million).

The positive commercial momentum is the result of four key drivers:  

·    New contracts with both new and existing clients across therapeutic areas, clinical phases and geographies  

·    Scope extensions on existing contracts with existing clients. 

·    Expansion into new industry verticals such as the validation of clinical diagnostics. 

·    Continual scientific innovation that facilitates a novel highly advanced AI-driven product offering.  

At the same time the Group has progressed global operational delivery excellence and continued to deploy the next generation of IXI™, equipped with the latest technology and algorithms to help address evolutions in neurological R&D. The Group is almost 90 people strong, and every member of the team knows exactly why they are here and how they want to contribute to our mission to impact health. 

The ambition is to grow long term revenues towards £20 million+ with a target of reaching £10 million revenues in the medium term.  Future revenues will be supported by a continued expansion into the AD and PD serviceable markets, improved pipeline to order book conversion achieved by differentiated and novel analysis offerings, and expansion of the AI-driven platform into new revenue streams targeting the larger market opportunities beyond the current iCRO contract model.  

Outlook for 2026

I have gained further confidence and witnessed firsthand how our offering as a leading neuro-imaging platform makes us a preferred partner to both the biopharma and diagnostics industries, which constitutes a solid foundation for future application areas and revenue opportunities. By integrating advanced AI-driven analytics, scientific excellence, and service quality, we are building a next-generation platform for sustained growth and long-term value creation beyond the current iCRO platform. 

Having delivered revenue growth, general confidence within the Group is high that we will continue to deliver on our path towards profitability and execute the next phase of our transformation strategy as a global partner in precision medicine to better treat neurodegenerative disease. That strategy will seek further double-digit revenue growth and drive diversification across a mix of platform modalities, clinical programs, disease areas, geographies, and customer types, while continuing to differentiate via innovative scientific products and scale technology into new complementary neuroscience market verticals.  

In 2026 the market should expect IXICO to consolidate the investments of the past year which will have a full twelve-month impact on topline results, all whilst selectively strengthening the team and increasing our footprint to support further growth. I am very optimistic about the future of neurological disease treatment for patients and the biopharma industry's progress towards bringing new treatments to market.

We are operating on fertile ground, and it is rewarding for our people to have the role that we are proud to play alongside our life science customers and partners. Each "IXICAN" knows exactly why they have joined our Group, and it is a great honour to work with such a team of experts driven by the wish to excel, rooted in strong values and the desire to advance healthcare. 

Bram Goorden  

Chief Executive Officer  

Business update

Commercial Review

During the period, IXICO announced a number of contract wins for global imaging trial management and analysis and, in a new area for the Group, a contract supporting the FDA-approval of a diagnostic blood-based biomarker. 

In the clinical trial space, highlights included the separate announcements of a Phase I and Phase II clinical trial in HD, a Phase I AD clinical trial and a Phase Ib Friedrich's Ataxia trial.  IXICO also announced it won a contract supporting the approval of Fujirebio's 510(k) FDA clearance for a new blood-based test that will help advance AD diagnosis and drug development, marking an expansion in IXICO's capabilities beyond therapeutic clinical trial assessment. 

In July IXICO were particularly proud to announce the deepening of its existing collaboration with the Global Alzheimer's Platform Foundation® (GAP) through an agreement securing full data usage rights in GAP's landmark Bio-Hermes-002 study, one of the most prominent global studies in AD research. The agreement enables IXICO to accelerate its market differentiating vascular biomarker analysis R&D program in AD and adjacent neurodegenerative diseases; extend its product offering to support blood-based biomarker market approval and use in AD; and deepen critical relationships with leading biopharmaceutical companies in the AD space.

Further announcements made in the period included verification of the superiority of IXICO's analysis technology in the development and validation of imaging biomarkers for HD in conjunction with the Huntington's Disease Imaging Harmonisation ("HD-IH") consortium. Also announced was a commercial agreement with PETNET Solutions Inc, a Siemens Healthineers company to supply diagnostic imaging agents to IXICO adding additional capability to IXICO's Tracer Management service offering which provides customers with use guidance, logistics and seamless integration of PET tracers into neurological clinical trials.

This commercial activity has resulted in IXICO making progress towards a key element of its strategy - to diversify revenue streams across therapeutic areas.  As at 30 September 2025, the Group's order book was 48% linked to HD, 23% linked to AD, 4% linked to PD and 25% linked to other rare neurological conditions.

Resourcing for growth

IXICO has made resource additions strengthening commercial operations to accelerate contract wins, expand global footprint and utilise the Group's technology advantage.  Hiring in the period has broadened expertise in the UK and US-based teams, specifically within commercial, science, operations and technology. Senior management has been expanded adding two new members to the C-Suite in Mark Austin as Chief Technology Officer and James Chandler as Chief Business Officer.

Science & Technology Review

One of IXICO's core strengths is its proprietary AI-powered platform IXI™, designed specifically for neurological disease.  IXI™ comprises a suite of technologies and tool's purpose built to enable effective clinical trial management and critical insights into the brain's structure, function, and biochemical characteristics to assess the efficacy and safety of new drugs to inform drug development decisions.

The IXI™ Platform is scalable, flexible, and fully compliant with global regulatory frameworks, giving clients the confidence and ability to pursue even the most complex clinical trial protocols. With its unparalleled scalability, and compliance, the Platform empowers the delivery of reliable imaging data for the most complex global trials.

IXI™ operates across the entire clinical trial workflow to deliver an advanced set of disease specific clinical endpoints, from relevant PET / SPECT tracers (e.g. amyloid, tau, FDG, TSPO, DAT) and MRI sequences (e.g. structural, DTI, fMRI, MRS, ASL, QSM and neuromelanin), while minimising variability and maintaining reproducibility.  The approach enables research scientists, using AI, to perform human-expert-equivalent analysis at a faster pace with higher levels of consistency and replicability to support critical R&D decision-making, including insights into patient eligibility, drug safety, drug effect and efficacy.

The constituents of the platform are:

·      An easily accessible modern web interface providing end-to-end image data management, security, reading, analysis, and interpretation.

·      A flexible and highly scalable cloud-based workflow engine enabling integration of our complex image analysis workflows and integration with other systems.

·      Highly differentiated AI algorithms measuring existing and previously inaccessible biomarkers at scale, with high precision

·      AI-led accurate assessment of brain pathologies and disease-specific symptoms, identifying over 150 brain structures and quantifying changes in both whole-brain and regional volumes over the time course of a clinical trial.

·      Regional, AI-driven analysis of advanced MRI measures for structure, function, perfusion, biochemistry, and tissue composition, as well as molecular imaging markers.

For the management of clinical trials, the advantages of using the IXI™ are that it facilitates precision insights by reducing image variability of brain scan uploads compared to traditional radiology methods by automatically checking scan quality and pseudonymising the scan. The advantage for analysis is that IXI™ can validate measures of brain function and biochemical characteristics across the identified brain regions.  As many neurological conditions involve the change in volume of specific brain regions or changes in function or biochemical characteristics, this provides the trial sponsor with information on the impact the proposed drug is having on disease progression.

i) Technology Innovation and Roadmap

Traditionally, IXI™ has been used exclusively to aid the management and imaging data analysis within clinical trials. Imaging remains the gold standard to determine the neurological condition impacting an individual and whether a neurological treatment is having the anticipated effect.  While imaging will continue to be the core function of the technology supporting revenue growth via iCRO activities, IXICO is seeking ways to expand the Platform's inherent scalability and aptitudes to open new revenue opportunities.   

IXICO defines this expansion of the Platform's capabilities as 'multimodal', meaning different use cases and markets strictly within neurological disease where IXI™ can be applied. Examples of this multimodal approach include the validation of diagnostic blood tests, combinatorial blood-based biomarker and imaging data analytics approaches for clinical trials, and, through partnership models, supporting clinical decision making via the provision of clinical insights and aiding patients suitability assessments and patient stratification for clinical trials. 

In the rapidly growing CNS precision medicine market, IXICO has made progress using IXI™ to help biopharma companies validate new blood tests used for the early detection, diagnosis, and monitoring of neurological disorders.  It is a great example of how the platform has been built to develop alongside the rapid advances in neurological research.  

Finally, important progress is being made in adding novel AI-driven features to the platform, enabling automation, accuracy, and speed in biomarker analytics. These developments open up new avenues toward partnerships with big CROs and data companies who are seeking to access state-of-the-art technology to serve their life sciences and clinical customer groups. 

ii) Scientific Innovation and Roadmap

Another strength of IXICO is the depth of its scientific expertise. Our teams, trained at leading global research institutions, are industry thought leaders in their field pioneering the next generation of biomarkers that ensue IXICO remains at the forefront of neuroscience research. The Group continues to develop and refine new methods to assess how developmental drugs act on brain function.  During the period IXICO has made progress building a pipeline of innovative new products to maximise its offering in AD and PD. 

IXICO is rolling out a differentiated portfolio of vascular pathology quantification products that identify and measure vascular abnormalities, a common contributing factor in AD and other neurodegenerative diseases. The first in a planned series of vascular biomarker algorithms developed during the period measures white matter hyperintensities, a key marker of vascular pathology that is traditionally assessed through radiology visual read.

The developed markers of vascular pathology enable the measurement of down-stream damage linked to neuroinflammatory processes when it becomes visible on conventional MRI. Separately, IXICO is developing tools for AI-driven analysis of advanced diffusion MRI to measure microstructural changes early in the disease process and help understand inflammatory processes in their earliest stages.

In the emerging area of neuromelanin analysis, a dark pigment found in specific brain regions associated with PD, IXICO has progressed its neuromelanin imaging solution towards commercialisation. This is a major achievement which enables IXICO to support exciting programs in the neuro-psychiatry area. The Group expects important commercial wins to follow these analysis investments that further strengthen its position at the forefront of the MRI field.

Across AD and PD, IXICO has initiated partnerships with key scientific consortia like the Global Alzheimer's Platform (GAP) that provide access to unique datasets as well as a platform for further validation and positioning of the developed biomarker analytics. The Group has added world-renowned experts in both therapeutic indications to its scientific consultants, supporting engagement with pharma sponsors in these key markets.

Such innovation will not only translate into new commercial opportunities but also, importantly, showcase IXICO's neuroscience expertise with key decision makers in the biopharma neurological disease community.

Operational Review

During 2025, IXICO supported 23 clients (2024: 25 clients) across 37 projects (2024: 36 projects) within AD, PD, HD and other rare neurological indication clinical trials.  In this same period, and in relation to the projects supported during the year, the Group delivered 31 contract extension or protocol changes (2024: 26) totalling £2.7 million with an average incremental contract value of £0.09 million (2024: £0.7 million with an average incremental contract value of £0.03 million).

IXICO's operational capabilities have evolved within a culture focussed on striving for the highest standards of service quality and client satisfaction.  The operational team is subdivided into functions of high expertise, led by experienced individuals who have been working in, or close to, the neurological imaging sector throughout their careers.  The consequence is that IXICO has a team who can stand alone as being entirely focussed on optimising imaging analysis service delivery to neurodegenerative disease clinical trials.

Neurodegenerative disease trials are difficult to compare to trials in other disease areas.  The complexity and inaccessibility of brain regions places a high reliance on data derived from specialised capabilities, including imaging and cognition.  These trials are often bespoke and require complex scan protocols supported by indication specific radiological requirements and analysis capabilities.

The specialist skills required to design and support neurodegenerative trials are not always available within biopharma companies, this is particularly the case for biotechs.  Our operational and scientific teams combine neurological imaging backgrounds and operational experience of these hard-to-deliver trials and therefore offer clients a level of value that cannot be easily replicated by more generalist CROs.  This is underlined by several partnership agreements that the Group holds with large CROs to enable efficient subcontracting of expert Imaging services by these CROs to the Group on behalf of their biopharmaceutical clients.

It is for this reason IXICO stands shoulder to shoulder in terms of operational reputation with its larger competitors.  Boasting a client base that includes constituents of the largest pharmaceutical companies in the world, IXICO is seen as a highly credible and trusted partner for the delivery of complex neuroimaging trials.  Across 2025, 14% of IXICO's projects were run for large pharma, 14% for mid pharma, 59% for small pharma/biotech and 13% for non-commercial organisations.

During 2025, IXICO expanded its operational footprint in North America ensuring that it can provide imaging site support on the ground in this key section of the market.  In addition, it broadened its site support offering to ensure fifteen hours per day of calls coverage, implemented a new telephone system to better manage 24/7 calls and developed its site support system to further improve this element of its offering.  Whilst IXICO has been delivering global trials for many years, these investments provide clients, and prospective clients, with greater visibility of the Group's strong global trial credentials.

Neuroscience Market Review

IXICO is a proven, trusted, and well-respected company with a 20-year track record operating in the active and attractive neuroscience imaging market as an iCRO.  The Group combines the use of its proprietary AI driven IXI™ precision medicine imaging platform and its human expertise to enable the biopharma industry to deliver breakthrough insights and new innovative treatments that are in high demand.

The Group's core expertise lies in: 

·      Clinical Trial Management: The seamless management and execution of complex neurological clinical trials across all phases

·      Medical Imaging Data Management: Turning data into clinically meaningful insights, providing secure interpretable information about the brain's structure, function, and biochemical characteristics 

·      Post Market Surveillance:  Longitudinal studies monitoring patient safety and optimal drug use

·      Diagnostics validation: The analysis of imaging to validate new diagnostic methods such as blood-based biomarkers.

In line with its Innovate Lead Scale strategy IXICO continues to broaden and diversify its customer base, expanding the number of opportunities to collaborate with clients on higher value later stage trials, while reducing the risk associated with any single client or project.

As the significant demand for better neurological disease treatments grows, driven by a historic unmet need and the increasing prevalence of neurological disorders, the biopharma industry is accelerating its drug discovery and development activity in this space. The last 12 months have seen positive momentum and progress in the treatment and understanding of HD, AD and PD.

GlobalData recently reported^[5] a positive trend on new clinical trials start-ups during the first half the year with an expected further surge in the second half of 2025. Importantly, the report highlighted that sponsors are looking for clinical partners who deliver deeper expertise in rare diseases, biomarkers, and digital technologies, for example the ability to combine advanced imaging, complex study design and global and multi-site trials with consistent data quality.

For IXICO, this aligns with the industry expectation that specialist providers in CNS imaging, rare diseases, and specialist biomarkers will be increasingly critical in clinical development. That same report mentioned CNS remains on a clear upward trend, with increasing volumes in neurodegenerative, psychiatric, and rare neurological disorders.

As a company we were able to witness this trend with our current clients, for example in Huntington's Disease where uniQure announced spectacular Phase II data allowing the market to start thinking of a first approved therapy to market. Additionally, IXICO participated in important Alzheimer's Disease and Parkinson's Disease programs such as the landmark Bio-Hermes-002 study (which is focussed on AD), fueled by the earlier described need from biopharma to identify novel ways to increase clinical trial success.

Neurological disease is experiencing a sustained renaissance with the potential to achieve more progress in neurological research over the next five years than the previous fifty. This is where IXICO is very well positioned to help bring precision medicine to trials and help design them for maximum success

Alongside the significant morbidity and mortality effects on patients, neurological conditions are placing an increasing pressure on many economies. The Alzheimer's Association estimates that health and long term care costs for people with dementia are projected to reach $384 billion in 2025.^[6] , while the Parkinson's Foundation estimates the direct and indirect costs of Parkinson's disease to increase to $61 billion by 2025.^[7]   As such, there is a growing need for better treatments for such conditions, and IXICO believes the biopharmaceutical industry is positively reacting to this trend and demonstrating significant scientific progress in.

For example, in HD, PTC Therapeutics (now part of Novartis) met the primary endpoint for Votoplam in the Phase 2 PIVOT-HD study^[8] which is now expected to move quickly towards late-stage development. Additionally, uniQure's gene therapy AMT-130 reported progress^[9] that could enable an accelerated approval FDA filing and Roche continued its Phase II trial of Tominersen after positive safety data.

AD trials also advanced with Eli Lilly's anti-amyloid Remternetug entering Phase 3^[10];  Roche/Chugai's brain shuttle antibody Trontinemab demonstrating rapid amyloid clearance^[11] in Phase 1b/2a trails; and Eisai/Biogen's Lecenemab receiving FDA approval^[12] for an autoinjector in the US (August 2025) and presentation of new data at AAIC 2025 showing sustained benefits with continuous treatment for early-stage Alzheimer's.

PD saw notable movement into late-stage testing with BlueRock Therapeutics, a Bayer subsidiary, advancing stem-cell therapy Bemdaneprocel to Phase 3^[13]. While AskBio/Bayer published positive Phase 1b results for gene therapy AB-1005^[14] demonstrating the approach was safe, well tolerated and showed signs of motor improvement in participants with mild to moderate PD.

An exciting new development in neurological disease has been the emergence of increasingly sensitive blood tests to diagnose AD, PD and related neurodegenerative disorders.  A major milestone in the progress of these blood-based biomarkers was the FDA clearance of Fujirebio's test that detects amyloid plaque, a development that IXICO played a key role in validating.  The broader market opportunity for neurological diagnostic blood tests, to be used by doctors in healthcare settings and in clinical trials is set to grow strongly. Neuroimaging will continue to play a key role in validating these tests and IXICO has seen high interest from biopharma companies since the news was announced of the Group's involvement in the approval of the Fujirebio test.

As the demand for imaging biomarkers, advancements in imaging technology, personalised medicine, and precision imaging in neurological disorders rises, IXICO is well positioned to capitalise upon these market dynamics and expects to benefit from the positive trends we see in the broad CNS precision medicine market and particularly in the AD and PD clinical trial markets.

IXICO has been successfully operating in this market for a long time, which has allowed it to develop deep relationships within the neurological ecosystem. The Group continues to work with the world's top pharmaceutical companies as well as smaller biopharma players and biotechs and therapy area consortia operating at the forefront of drug discovery and development.

Financial review

Delivering on the Group's financial goals.

In late 2024, IXICO raised just over £4.0 million (£3.7 million net of fees) to deliver the next phase of the Group's strategy.  This strategy is focussed on leveraging the significant latent value the Group has developed within its science and technology platform following a substantial investment in this technology over the past few years. The ambition of the strategy is to return the Group to revenue growth and over the medium term, deliver improved margins, profitability and cash generation.

During 2025, IXICO made strong early progress in the implementation of this strategy, investing carefully in a small number of additional roles. We believe this investment will enable IXICO to expand its voice in the market, meaningfully differentiate the analytics offering, particularly in the therapeutic areas of AD and PD, and increase the Group's geographic reach and credentials as a global iCRO capable of delivering large late phase trials.  As at the end of the financial year, all the identified roles have been recruited, meaning the full benefit of these investments will be realised as we move into 2026.

Whilst the new investments were not expected to materially impact on 2025 financial performance, the Group has been able to deliver a return to revenue growth, generating more than the 10% target set at the time of the capital raise, despite a continued conservative macro-economic and biopharma market backdrop.

This review includes a comparison of the financial KPIs used to compare performance to the prior year, a summary of which is shown below:

KPI	2025 result	2024 result	Movement
Revenue	£6.5m	£5.8m		↑
Gross profit	£3.2m	£2.7m		↑
Gross margin	48.7%	47.0%		↑
EBITDA loss	(£1.3m)	(£1.7m)		↑
Operating loss*	(£2.6m)	(£2.2m)		↓
Loss per share	(1.85p)	(4.14p)		↑
Order book	£13.8m	£15.3m		↓
Net assets	£11.7m	£9.5m		↑
Cash	£3.5m	£1.8m		↑
Non-current asset investments	£1.1m	£0.5m		↑

*Operating loss has been impacted in the year by a change in accounting for the R&D tax credit scheme. See the Operating loss section which explains this and shows that, on a like for like accounting basis, the Operating loss reduces in the year.

Revenue

Revenue for the year of £6.5 million (2024: £5.8 million) represents a year-on-year increase of 13%. This increase reflects solid contract bookings towards the end of 2024 and since the Group announced its interims earlier this year.  This was combined with a successful diversification of revenues into the validation of blood-based biomarkers (BBBs) which convert new contract bookings into revenues on a shorter timeframe than is usual within the Group's clinical trial support services.

When looking forwards to 2026, based on the strengthening of both the Group's operational and commercial reach and the enhancement of its scientific voice in the market during 2025, we anticipate a material uptick in new contract wins as we go into our 2026 financial year supported by a stronger pipeline of opportunities than we had at the equivalent time last year.

This groundwork, together with recovering levels of investment by biopharma into clinical trial start-ups, provides confidence for further growth in 2026.

Gross profit

The Group reports gross profit of £3.2 million for the year (2024: £2.7 million). This equates to a gross margin of 48.7% (2024: 47.0%). This is a strong gross margin, with the improvement reflecting the increase in revenues and the relatively fixed cost base of the Group, partially offset by a specific investment into operational capabilities on the ground in the US, designed to strengthen the Group's credentials as a truly global provider of clinical trial services.

Gross profit is driven by both the revenue volume itself as well as the mix of revenues being delivered. Across 2025, approximately 55% of the Group's revenues have been from phase I and phase II clinical trials (2024: 60%), which tend to be lower margin than later phase trials. Positively, this portfolio provides a strong base for future revenue growth, as those trials which successfully move from early to late phase provide the Group with the opportunity to continue providing services as these trials transition to larger, later phase, more profitable trials.

As the Group moves into 2026, and an increasing number of projects are deployed on our next generation technology platform, there will be an increase in amortisation associated with the capital value of this platform (reflecting the investments of prior periods, and the associated realisation of the returns on these investments).  The downward pressure this puts on gross margin will be offset by the operational leveraging impact of revenue growth.  Consequently, we remain confident that with revenue growth, so gross profit margins will continue to reflect the technology-enabled platform approach IXICO has invested in, further differentiating these margins from those of a classical CRO.

Earnings before interest, tax, depreciation, and amortisation ('EBITDA')

The Group delivered an EBITDA loss of £1.3 million in the year (2024: £1.7 million). This reflects the increase in revenues and gross profit, partially offset by investments made following the capital raise with the purpose of achieving long-term revenue growth and sustainable profitability.  This is aligned with the expectations set by the Group when raising capital and the impact of investing ahead of the benefit of these investments becoming visible via an increase in contracting levels and, by extension, sustained revenue growth.

Looking forward to 2026, we will see the full-year impact of those investments made during 2025 within the operating costs of the Group.  The benefit of these investments being an expected continued delivery of double-digit revenue growth and strengthening gross margins.

During 2025, the UK Government issued a revised R&D tax credit scheme, this has resulted in the R&D tax credit claim for 2025 being reported after operating profit in the Income Statement (within the taxation line), rather than in Other Income (which is where it was reported in the prior year).  We have elected to retain this credit within our reported EBITDA to support both comparison between years and reflect that this is a recurring element of the Group's income directly associated with its commercial activities.

	2025 £000	2024 £000
Profit attributable to equity holders	(1,651)	(2,001)
Depreciation of fixed assets	197	239
Amortisation of fixed assets	214	236
Interest on lease liabilities	19	21
Other interest payable	-	3
Interest on cash held at bank	(121)	(85)
Taxation (excluding R&D tax credit)	(4)	(93)
EBITDA	(1,346)	(1,680)

Operating loss

Operating expenditure in the year reflected targeted investments following the capital raise, alongside careful costs management, specifically:

·      research and development expenses of £1.3 million (2024: £1.3 million) included the development of new algorithms to support image analysis in new and existing therapeutic indications. In addition, the Group capitalised £0.4 million of internal development expenditure primarily in respect of its technology platform (2024: £0.3 million);

·      sales and marketing expenses of £1.7 million (2024: £1.4 million) reflecting the investment in sales executives, marketing, consultancy/key opinion leader engagement and conference attendance; and

·      general and administrative expenses of £2.8 million (2024: £2.9 million) reflecting continued efforts to manage the Group's overhead costs (including those associated with the Group's AIM listing).

Operating losses totalled £2.6 million (2024: £2.2 million) equating to an operating loss margin of 39% (2024: 37%).  Operating losses have increased during the year, primarily due to the recategorisation of the Group's R&D tax credit from Other Income to Taxation.  This adjustment is driven by a change in the UK R&D tax scheme during the year and the requirements as to how this R&D tax credit is accounted. The following table shows the impact on the 2025 Operating loss if this R&D tax credit had been accounted for within Other Income, as it was in the prior year, and shows that, on a like for like basis, Operating loss has decreased by £0.3 million.

	2025 £000	2024 £000
Operating loss as reported in the Group's Income statement	(2,554)	(2,154)
R&D taxation credit reported within taxation	794	93
Operating loss on a like for like basis	(1,760)	(2,061)

Loss per share

The Group reports a loss per share of 1.85p (2024: 4.14p).

Order book

On 30 September 2025, the Group's orderbook totalled £13.8 million (2024: £15.3 million), which takes account of £6.5 million of revenues delivered during the financial year, £6.2 million of new and expanded multi-year contracts secured during the year and £1.2 million of trial descopes due to client trial failures or protocol changes and minor foreign exchange movement in the year.

While the orderbook decrease is 9% across the year, the Group saw a marked increase in new contract wins in the second half of the year, resulting in a 5% increase in the orderbook between 31 March 2025 and 30 September 2025.  Across the year, new contracts were won with 7 clients (2024: 11 clients) and contract extensions with 12 clients (2024: 15 clients).

The improvement in new contract wins achieved in the second half of the financial year continued and accelerated materially after the year end, with contracts announced between 30 September 2025 and 30 November 2025 totalling £4.7 million.  This, alongside some smaller contract extension successes, meant that at 30 November 2025, the Group had an orderbook total of £17.7 million which is an increase of 27% since 30 September 2025 and 16% since 30 September 2024.

Looking forward, the Group aims to report accelerated growth in orderbook on an annual basis such that a sustainable level of at least 10% revenue growth is achieved year on year.

		2025 £000	2024 £000
Opening orderbook		15,260	14,753
New wins		6,193	8,947
Revenue		(6,534)	(5,766)
Net descoping, inflation and FX		(1,086)	(2,674)
Closing orderbook		13,833	15,260

Net assets

The Group's net asset position increased by £2.2 million to £11.7 million across the year (2024: £9.5 million). This reflects the additional capital raised and investment in data and technology assets designed to underpin long-term future growth, partially offset by the losses reported.

Cash

The Group reported a cash balance on 30 September 2025 of £3.5 million (2024: £1.8 million). The increase in cash reflects the capital raise in October 2024 of £3.7 million (net), offset by operating cash outflows after tax receipts of £1.0 million in the year (2024: £1.7 million), £0.9 million (2024: £0.4 million) of capitalised investment in data and technology assets designed to support future market penetration and offerings and £0.2 million (2024: £0.1 million) of lease payments on the Group offices.

Non-current asset investments

The Group capitalised £1.1 million of non-current assets in the year to 30 September 2025 (2024: £0.5 million). This increase in non-current assets investment reflects a £0.8 million data acquisition (of which £0.3 million is treated as a current asset) completed during the year directly aimed at providing highly-contextualised data to support the development of new vasculature analysis capabilities (further detailed within the Business Review and note 15), as well as continued investment in the Group's technology platform, both targeting further market penetration and expansion.

The technology platform, equipped with the Group's leading analysis algorithms, positions the Group to further enhance its services into clinical trials as well as adjacent markets such as post-market and clinical safety assessments in a robust, secure and regulatory-compliant centralised manner.

Grant Nash

Chief Financial Officer

Consolidated Statement of Comprehensive Income

for the years ended 30 September 2025 and for 30 September 2024

		30-Sep-25		30-Sep-24
	Notes	£000		£000
Revenue	5	6,534		5,766
Cost of sales		(3,351)		(3,055)
Gross profit		3,183		2,711
Other income	7	15		781
Operating expenses
Research and development expenses		(1,328)		(1,337)
Sales and marketing expenses		(1,665)		(1,396)
General and administrative expenses		(2,759)		(2,913)
Total operating expenses	10	(5,752)		(5,646)
Operating loss		(2,554)		(2,154)
Finance income		121		85
Finance expense		(16)		(25)
Loss on ordinary activities before taxation	10	(2,449)		(2,094)
Taxation	11	798		93
Loss attributable to equity holders for the period		(1,651)		(2,001)
Other comprehensive income/(expense):
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences		-		(2)
Movement in fair value of cash flow hedges	22	28		32
Cash flow hedges recycled to revenue	22	(28)		(5)
Total other comprehensive income		-		25
Total comprehensive expense attributable
to equity holders for the period		(1,651)		(1,976)
Loss per share (pence)
Basic loss per share	12	(1.85)		(4.14)
Diluted loss per share	12	(1.85)		(4.14)

Consolidated Statement of Financial Position

as at 30 September 2025 and 30 September 2024

		30-Sep-25		30-Sep-24
	Notes	£000		£000
Assets
Non-current assets
Property, plant and equipment	13	167		313
Intangible assets	14	7,183		6,374
Trade and other receivables	16	255		9
Total non-current assets		7,605		6,696
Current assets
Trade and other receivables	16	1,896		2,213
Current tax receivables	11	801		492
Cash and cash equivalents		3,537		1,787
Total current assets		6,234		4,492
Total assets		13,839		11,188
Liabilities and equity
Non-current liabilities
Trade and other payables	17	15		-
Lease liabilities	18	30		150
Total non-current liabilities		45		150
Current liabilities
Trade and other payables	17	1,908		1,410
Lease liabilities	18	149		164
Total current liabilities		2,057		1,574
Total liabilities		2,102		1,724
Equity
Ordinary shares	20	927		484
Share premium	20	88,056		84,802
Merger relief reserve	20	1,480		1,480
Reverse acquisition reserve	20	(75,308)		(75,308)
Cash flow hedge reserve	20,22	-		-
Foreign exchange translation reserve	20	(97)		(97)
Capital redemption reserve	20	7,456		7,456
Accumulated losses	20	(10,777)		(9,353)
Total equity		11,737		9,464
Total liabilities and equity		13,839		11,188

Company Statement of Financial Position

as at 30 September 2025 and 30 September 2024

		30-Sep-25		30-Sep-24
	Notes	£000		£000
Assets
Non-current assets
Investments in Group undertakings	15	6,092		5,865
Trade and other receivables	16	3,252		2,224
Total non-current assets		9,344		8,089
Current assets
Trade and other receivables	16	58		39
Cash and cash equivalents		2,484		681
Total current assets		2,542		720
Total assets		11,886		8,809
Liabilities and equity
Current liabilities
Trade and other payables	17	66		45
Total current liabilities		66		45
Equity
Ordinary shares	20	927		484
Share premium	20	88,056		84,802
Merger relief reserve	20	1,480		1,480
Capital redemption reserve	20	7,456		7,456
Accumulated losses	20	(86,099)		(85,458)
Total equity		11,820		8,764
Total liabilities and equity		11,886		8,809

Parent Company Income Statement

As permitted by Section 408 of the Companies Act 2006, the income statement of the Company is not presented as part of these financial statements. The Company's loss for the financial year was £868,000 (2024: £991,000).

Consolidated Statement of Changes in Equity

for the years ended 30 September 2025 and 30 September 2024

					Foreign	Cash
			Merger	Reverse	exchange	flow	Capital
	Ordinary	Share	relief	acquisition	translation	hedge	redemption	Accumulated
	shares	premium	reserve	reserve	reserve	reserve	reserve	Losses	Total
	£000	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 1 October 2023	484	84,802	1,480	(75,308)	(95)	(27)	7,456	(7,360)	11,432
Total comprehensive income
Loss for the year	-	-	-	-	-	-	-	(2,001)	(2,001)
Other comprehensive income/(expense)
Foreign exchange translation	-	-	-	-	(2)	-	-	-	(2)
Movement in fair value of cash flow	-	-	-	-	-	32	-	-	32
Cash flow hedges recycled to revenue	-	-	-	-	-	(5)	-	-	(5)
Total comprehensive income/(expense)	-	-	-	-	(2)	27	-	(2,001)	(1,976)
Transactions with owners
Charge in respect of share options	-	-	-	-	-	-	-	8	8
Total transactions with owners	-	-	-	-	-	-	-	8	8
Balance at 30 September 2024	484	84,802	1,480	(75,308)	(97)	-	7,456	(9,353)	9,464
Total comprehensive income
Loss for the year	-	-	-	-	-	-	-	(1,651)	(1,651)
Other comprehensive income/(expense)
Foreign exchange translation	-	-	-	-	-	-	-	-	-
Movement in fair value of cash flow	-	-	-	-	-	28	-	-	28
Cash flow hedges recycled to revenue	-	-	-	-	-	(28)	-	-	(28)
Total comprehensive income/(expense)	-	-	-	-	-	-	-	(1,651)	(1,651)
Transactions with owners
Issue of shares	426	3,623	-	-	-	-	-	-	4,049
Transaction costs incurred on share issue	-	(369)	-	-	-	-	-	-	(369)
Charge in respect of share options	-	-	-	-	-	-	-	227	227
Exercise of share options	17	-	-	-	-	-	-	-	17
Total transactions with owners	443	3,254	-	-	-	-	-	227	3,924
Balance at 30 September 2025	927	88,056	1,480	(75,308)	(97)	-	7,456	(10,777)	11,737

Company Statement of Changes in Equity

for the years ended 30 September 2025 and 30 September 2024

				Capital
	Ordinary	Share	Merger relief	redemption	Accumulated
	shares	premium	reserve	reserve	losses	Total
	£000	£000	£000	£000	£000	£000
Balance at 1 October 2023	484	84,802	1,480	7,456	(84,475)	9,747
Loss and total comprehensive expense for the year	-	-	-	-	(991)	(991)
Transactions with owners
Charge in respect of share options	-	-	-	-	8	8
Exercise of share options	-	-	-	-	-	-
Total transactions with owners	-	-	-	-	8	8
Balance at 30 September 2024	484	84,802	1,480	7,456	(85,458)	8,764
Loss and total comprehensive expense for the year	-	-	-	-	(868)	(868)
Transactions with owners
Issue of shares	426	3,623	-	-	-	4,049
Transaction costs incurred on share issue	-	(369)	-	-	-	(369)
Charge in respect of share options	-	-	-	-	227	227
Exercise of share options	17	-	-	-	-	17
Total transactions with owners	443	3,254	-	-	227	3,924
Balance at 30 September 2025	927	88,056	1,480	7,456	(86,099)	11,820

Consolidated Statements of Cash Flows

for the years ended 30 September 2025 and 30 September 2024

	30-Sep-25	30-Sep-24
	£000	£000
Cash flows from operating activities
Loss for the financial year	(1,651)	(2,001)
Finance income	(121)	(85)
Finance expense	16	25
Taxation	(798)	(93)
Depreciation of fixed assets	197	239
Amortisation of intangibles	214	236
Research and development expenditure credit	-	(405)
Share option charge	227	8
	(1,916)	(2,076)
Changes in working capital
Decrease/(increase) in trade and other receivables	258	(559)
Increase in trade and other payables	161	351
Cash used in from operations	(1,497)	(2,284)
Taxation received	490	553
Taxation paid	-	(1)
Net cash used in operating activities	(1,007)	(1,732)
Cash flows from investing activities
Purchase of property, plant and equipment	(51)	(34)
Purchase of intangible assets including staff costs capitalised	(819)	(437)
Finance income	124	94
Net cash used in from investing activities	(746)	(377)
Cash flows from financing activities
Issue of shares	3,697	-
Repayment of lease liabilities	(194)	(134)
Net cash generated from/(used in) from financing activities	3,503	(134)
Movements in cash and cash equivalents in the period	1,750	(2,243)
Cash and cash equivalents at start of year	1,787	4,031
Effect of exchange rate fluctuations on cash held	-	(1)
Cash and cash equivalents at end of year	3,537	1,787

Notes to the financial statements

1.     Presentation of the financial statements

a.     General information

IXICO plc (the 'Company') is a public limited company incorporated in England and Wales and is admitted to trading on the AIM market of the London Stock Exchange under the symbol IXI. The address of its registered office is 4th Floor, Griffin Court, 15 Long Lane, London EC1A 9PN.

The Company is the parent of the subsidiaries detailed in note 15, together referred to throughout as 'the Group'. The Group is an established provider of technology-enabled services to the global biopharmaceutical industry. The Group's services are used to select participants for clinical trials and assess the safety and efficacy of new drugs in development within the field of neurological disease.

b.     Basis of preparation

The consolidated financial statements have been prepared on a going concern basis and in accordance with international accounting standards in conformity with the requirement of the Companies Act 2006.

The consolidated financial statements comprise a Statement of Comprehensive Income, a Statement of Financial Position, a Statement of Changes in Equity, a Statement of Cash Flows, and accompanying notes. These financial statements have been prepared under the historical cost convention modified by the revaluation of certain financial instruments.

The consolidated financial statements are presented in Great British Pounds ('£' or 'GBP') and are rounded to the nearest thousand unless otherwise stated. This is the predominant functional currency of the Group, and is the currency of the primary economic environment in which it operates. Foreign currency transactions are accounted in accordance with the policies set out below.

The Company has elected to use Financial Reporting Standard - 'The Reduced Disclosure Framework' (FRS101). In preparing these financial statements the Company has taken advantage of all disclosure exemptions conferred by FRS 101. Therefore, these financial statements do not include:

·      A statement of cash flows and related notes;

·      The requirements of IAS 24 'Related Party Disclosures' to disclose related party transactions entered in to between two or more members of the group as they are wholly owned within the group;

·      The effect of future accounting standards not adopted;

·      Paragraphs 45(b) and 46 to 52 of IFRS 2, 'Share-based payment' (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined);

·      Paragraphs 91 to 99 of IFRS 13, 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

·      Disclosures in relation to impairment of assets

·      IFRS 7, 'Financial instruments: Disclosures'.

c.     Basis of consolidation

The consolidated financial statements incorporate the accounts of the Company and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. The Company's subsidiaries are detailed in note 15. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

The Group controls a subsidiary when the Group is exposed to, or has rights to, variable returns from its involvement with a subsidiary and has the ability to affect those returns through its power over a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account.

1.       Presentation of the financial statements continued

The results of subsidiary companies are included in the consolidated financial statements from the date that control commences until the date that control ceases. The assets and liabilities of foreign operations are translated into GBP at exchange rates prevailing at the end of the reporting period. Income statements and cash flows of foreign operations are translated into GBP at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised directly in a separate translation reserve.

d.     Going concern

The Group completed a £4 million oversubscribed capital raise in October 2024 which was supported by both existing and new institutional investors confirming strong alignment to the Group's strategy.  Over the subsequent period, the Group has deployed this capital in line with the investments proposed and as were laid out to investors during the raise process.  As the Group moves into its next financial year, it anticipates that the impact of these investments will drive increased contract bookings, driven by the specific investment decisions the Group has taken in the pursuit of its strategy, complemented by a general improvement in the clinical trials market arising from increased investment by the biopharmaceutical industry into neurodegenerative disease drug candidates.

The Group has net assets of £11.7 million, including a £3.5 million cash balance.  During the year the Group secured £6.2 million of new contracts providing it with good visibility of future revenues across a diversified portfolio of clients and projects. The group has an orderbook of £13.8 million at the year end and has secured further contracts since the year end of £5.1 million.

In assessing going concern, management has prepared detailed sensitised forecasts which consider different scenarios through to December 2026 and beyond. These include the risk to current projects and expected future sales pipelines. The Directors have considered these forecasts, alongside the Group's existing cash balances and as well as the ability for the Group to mitigate costs and/ or attract additional capital as and when required. After due consideration of these forecasts, as well as the review completed by the Audit Committee (including a review of a reverse stress test), the Directors concluded that the Group has adequate financial resources to continue in operation for the foreseeable future.

2.     New and amended accounting standards and interpretations

a.     Adoption of new accounting standards for the year ended 30 September 2025

For the preparation of these financial statements the following new or amended standards are mandatory for the first time for the financial year beginning 1 October 2024:

Amendments to IFRS16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024)

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Supplier Finance Arrangements (effective 1 January 2024)

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, and Non-current Liabilities with Covenants (effective 1 January 2024)

The adoption of these standards has not had a material impact on the financial statements.

b.     Accounting developments affecting financial statements in subsequent periods

The following standards and interpretations relevant to the Group are in issue but are not yet effective and have not been applied in the preparation of the financial statements:

Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025)

Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026)

Annual Improvements to IFRS Accounting Standards - Volume 11 (effective 1 January 2026)

Amendments to IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027)

Amendments to IFRS 19: Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)

b.     Accounting developments affecting financial statements in subsequent periods continued

The directors do not expect adoption of these standards to have a material impact on the financial statements and will adopt each standard as and when they become effective. The Amendments to IFRS 18 will have a presentational impact on the Consolidated Statement of Comprehensive Income, but no impact on the total comprehensive income.

3.     Material accounting policies

3.1   Revenue

Revenue is principally derived from service revenue. Revenue comprises the transaction price, being the amount of consideration the Group expects to be entitled to in exchange for transferring promised goods or services to a customer in the ordinary course of business net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group.

In determining whether to recognise revenue, the Group follows a 5-step process:

1.   Identifying the contract with a client;

2.   Identifying the performance obligations;

3.   Determining the transaction price;

4.   Allocating the transaction price to the performance obligations; and

5.   Recognising revenue when/as performance obligation(s) are satisfied.

All services provided to clients are agreed at the inception of a project through contracts, wherein the transaction price is determined and agreed for each performance obligation in the schedule of work. The transaction price agreed at the outset is not variable or subject to any refunds or warranties, and this is consistent across all revenue streams.  A critical part of the contract is a detailed schedule of work that provides the list of services to be provided by the Group. Under the requirements of IFRS 15 - Revenue from Contracts with Customers, the Group is required to identify individual and distinct performance obligations within each contract. This represents a judgement, and the Group has considered whether each individual service provided meets these requirements in its own right and in the context of the contract, by assessing in particular the level of interrelationship between each type of service and the nature of the contract entered in to with clients. 

The Group has identified performance obligations within each of the revenue streams as set out below. The transaction price associated to each performance obligation is allocated based on their relative stand-alone selling price. Revenue is recognised once the performance obligation is met for each distinct service. Deferred income and advanced payments are recognised where consideration is received before all performance considerations have been completed. They are then released in line with contractual terms which dictate which performance obligations they relate to. In some instances, the Group invoices in advance of work being completed, a corresponding contract liability is therefore created to account for this. The Group also invoices on completion of contractual milestone. In these instances, accrued income is recognised until the invoices are issued to reflect the Group's right to compensation for these completed but not invoiced performance obligations.

Revenue types

The Group's contracts comprise a variety of performance obligations. These obligations are all considered streams of a single revenue type, being service revenue. Most of the Group's revenue is recognised at a point in time; the Group recognises this revenue once control is passed to the client, or once the service has been delivered on behalf of the client.

3.1   Revenue continued

The Group's most significant streams of service revenue are outlined below and have the respective recognition criteria:

Service type	Performance obligations	Revenue recognition policy
Project & site set up Training materials and delivery Scientific reports	This service type includes the initial project set up documentation, such as scientific protocols and operational guides, and close out activities such as scientific reports. Where a tangible product is created, the performance obligation is met once the item is transferred to the client. In respect of training, materials are prepared in advance and provided to clients as tools for site training. Site training is provided either through live online training or through a self-paced training module. The performance obligation is met once each individual site has completed the training.	Revenue for this service is recognised at a point in time once the Group has delivered the relevant material on behalf of the client. For training materials and delivery, revenue is recognised at the point in time when a site has completed its training.
Project management Site management	Each contract requires various project management activities. These services are provided throughout the duration of a contract. Site management services are provided throughout the duration of a site being operational and would typically be shorter than the project management cycle. For both activities, the costs and time spent delivering these services are generally spread evenly over the project lifetime. As such the performance obligation is met when the specific service is provided each month.	The services provided for project and site management represents a provision of ongoing services. As the fee is charged monthly to the client over the duration for which management services are provided, revenue for these items is recognised over a series of points in time across the contract.
TrialTracker configuration and access	The TrialTracker platform delivers a robust and comprehensive set of centralised imaging services designed to efficiently manage the complex imaging workflow, including image upload, quality control, reading and analysis. The platform also allows for reporting and data transfer. This involves the initial configuration and deployment of TrialTracker, and access granted to client trial sites for upload of clinical information. Due to the lack of interrelationship between the two distinct services provided, each are recognised independently. The performance obligations for each are: ·      The performance obligation for deployment is met over a period of time during the configuration and development of TrialTracker. ·      The performance obligation for ongoing access to TrialTracker for the upload of data by client trial sites is recognised over the duration of the project once TrialTracker is deployed.	The deployment of TrialTracker is recognised over time as the platform is configured for the customer. This is because an asset is being created that has no alternative use for the Group and there is an enforceable entitlement to receive payment for the work completed to date. The ongoing access fee is charged monthly to the client and so revenue is recognised over a series of points in time across the contract.
Data management and quality control Data management and quality control (continued)	Ensuring data are managed appropriately and that the data are of a high quality is critical in the delivery of the Group's service. The data management and imaging teams work in collaboration to ensure ongoing integrity of data. The data will go through a series of quality control reviews prior to being used in the Group's performance of reading and analysis. Therefore, the performance obligation is met once the data is quality checked. Data management is an ongoing service performed throughout the duration of a project whilst data is being received and managed on a project. The respective costs and time spent delivering this service is generally spread evenly over the duration in which data is being managed and as such the performance obligation is met when the specific service is provided each month.	In respect of data quality control, revenue will be recognised at the point in time when data is quality checked. The services provided for data management represents a provision of ongoing services. As the fee is charged monthly to the client over the duration for which data management is required, revenue for these items is recognised over a series of points in time across the contract.
Data reading and analysis	The Group provides data analysis services across a range of biomarkers, providing high-quality, clinically meaningful data. The performance obligation for these services is met once the analysis is completed.	Revenue from reading and analysis of clinical data is recognised at the point in time when the work is complete.
Licence revenue	Revenue relating to licencing is entirely attributable to TrialTracker. Each agreement will grant the user rights to access the software for their own use and receive associated technical support during the licence period. The granting of the licence and its associated support are distinct performance obligations and are met on a straight-line basis over the contract term.	Revenue for both the licencing and support are recognised on a straight-line basis over the duration of the contract and is therefore recognised over time. Licence revenue in the current year is not material.

Change orders

Throughout the duration of a contract, the client may request additional services or service changes to be made. For revenue recognition purposes, the Group treats a change order or contract modification to a client agreement as a separate contract, if both:

·      the scope changes due to the addition, or reduction, of 'distinct' services; and

·      the price change reflects the services stand-alone selling prices ('SSP') under the circumstances of the modified contract.

The revenue recognition for the change order is applied in the same way as the original contract, as detailed above, with the original client agreement remaining unchanged.

3.2   Other income

Government grants and assistance

A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and the grant will be received. The grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. The Group recognises grant income as an item of other income.

Research and Development Expenditure Credit ('RDEC')

In the prior year, the Group has elected to take advantage of the RDEC introduced in the Finance Act 2013. A company may surrender corporation tax losses on research and development expenditure incurred on or after 1 April 2013 for a corporation tax refund. Relief is given as a taxable credit on 13% of qualifying research and development expenditure, with the rate increasing to 20% for expenses incurred from 1 April 2024. The Group recognised research and development expenditure credit as an item of other income, taking advantage of the 'above the line' presentation, and was recognised in the year for which the research and development relates.

3.3   Research and development expenditure

In all instances across the Group, research expenditure is expensed through the income statement. For development expenditure, items will be expensed where the recognition criteria for internally generated intangible assets is not met.

The main criteria used to assess this, as required under IAS 38 - Intangible Assets, are:

-     Demonstrating technical feasibility of completing the intangible asset;

-     Intention to complete the asset;

-     Ability to use or sell the asset in order to generate future economic benefit;

-     Availability of adequate technical or other resources to complete development; and

-     Ability to measure reliably the expenditure attributable to the asset.

It was determined that the Group continued to meet the above criteria in respect of specific developments to its TrialTracker platform and data analytics service offering. As a result, associated development costs are capitalised in the year and an intangible asset is recognised as set out in note 14.

3.4   Share-based payments

Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the performance period, based on the Group's estimate of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of any non-market-based performance conditions.

Any changes that impact the original estimates, for example the effect of employees who have left the Group in the year and have forfeited their options, is recognised in the Consolidated Statement of Comprehensive Income such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.

Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 21 of the consolidated financial statements.

3.5   Employee benefits

All employee benefit costs are recognised in the Consolidated Statement of Comprehensive Income as they are incurred. These principally relate to holiday pay and contributions to the Group defined contribution pension plan.

The assets of the Group pension scheme are held separately from those of the Group in independently administered pension funds. The Group does not offer any other post-retirement benefits.

3.6   Leased assets

A lease is defined as a contract that gives the Group the right to use an asset for a period of time in exchange for consideration. The Group identifies from the contract the total length and cost of the lease contract, and determines whether it meets the definition of a right-of-use asset. Recognition of a right-of-use asset is met if it is longer than 12 months and of a high value. For those leases that do not meet these criteria, the rental charge payable under these leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

The initial recognition and subsequent measurement of right-of-use asset leases are:

Initial recognition

At the commencement date, the Group measures the lease liability at the present value of future lease payments, discounted using the Group's incremental borrowing rate. The Group also recognises a right-of-use asset which is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs and an estimate of any costs to reinstate the asset to its original condition. 

3.6   Leased assets continued

Subsequent measurement

The lease liability is reduced for payments made and increased for interest accrued, and is remeasured for any modifications made to the lease. The right-of-use asset is depreciated on a straight-line basis over the expected lease term. The asset is also assessed for impairment when such indicators exist.

On the statement of financial position, right-of-use assets are included in property, plant and equipment and lease liabilities are shown separately. Please see note 18 for more information.

3.7   Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation and, where appropriate, less provisions for impairment. The initial recognition and subsequent measurement of property, plant and equipment are:

Initial recognition

Property, plant and equipment is initially recognised at acquisition cost, including any costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating. In most circumstances, the cost will be its purchase cost, together with the cost of delivery.

Subsequent measurement

An asset will only be depreciated once it is ready for use. Depreciation is charged so as to write off the cost of property, plant and equipment, less its estimated residual value, over the expected useful economic lives of the assets.

Depreciation is charged on a straight-line basis as follows:

-     Office buildings	over expected lease term
-     Leasehold improvements	shorter of 5 years or the lease term
-     Fixtures and fittings	3 years
-     Equipment	3 years

The disposal or retirement of an asset is determined by comparing the sales proceeds with the carrying amount. Any gains or losses are recognised within the Consolidated Statement of Comprehensive Income.

3.8   Intangible assets

Acquired intangibles

Intangible assets that are acquired through business combinations are recognised as intangible assets if they are separable from the acquired business or arise from contractual or legal rights. These assets will only be recognised if they are also expected to generate future economic benefits and their fair value can be reliably measured.

Initial recognition

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.

Subsequent measurement

Following capitalisation, the intangible assets are carried at cost less any accumulated amortisation, and where appropriate, less provisions for impairment.

Intangible assets are amortised using the straight-line method over their estimated useful economic life as follows:

-     Intangibles acquired through business combinations	5 years
-     Computer software	3 years
-     Data acquisition	5 years

Amortisation is charged to the Consolidated Statement of Comprehensive Income and is included within cost of sales for those items directly related to project activities, or otherwise within general and administrative expenses.

3.8   Intangible assets continued

Internally generated intangible assets

Intangible assets that are capitalised internally are deemed to have met the recognition criteria set out in IAS 38. These items relate to research and development costs and are considered in note 3.3.

Initial recognition

Internally generated intangible assets are initially recognised at cost once the recognition criteria of IAS 38 are met.

Subsequent measurement

Any assets that are not yet ready for use will be capitalised as assets under construction and will not be amortised. Once the asset is ready for use, amortisation will begin. The amortisation rates adopted are based on the expected useful economic life of the projects to which they relate, with the charges recognised in accordance with how the Group receives the benefit from the technology. The assets useful economic life is as follows:

-     Internally generated technology	3 - 5 years
-     Proprietary clinical trial platform	15 years based on revenue generated by the asset

3.9   Impairment of non-current assets

Each category of non-current assets is reviewed for impairment annually when under construction or when there is an indication that an asset may be impaired, being when events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised in the Consolidated Statement of Comprehensive Income for the amount by which the asset's carrying value exceeds its recoverable amount.

The recoverable amount is the higher of an asset's fair value less cost to sell and value in use. Non-financial assets, other than goodwill, which have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

3.10 Investments in Group undertakings

Investments in Group undertakings are initially recognised at cost and subsequently measured at cost less any impairment provision. Investments are subject to an annual impairment review, with any impairment charge being recognised through the Consolidated Statement of Comprehensive Income. Additions to investments are amounts relating to share options for the services performed by employees of the subsidiaries of the Company and are classified as capital contributions within note 15.

3.11 Trade and other receivables

Trade and other receivables are initially recognised at fair value and subsequently stated at amortised cost using the effective interest method, less any expected credit losses. The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses.

The Group assess impairment of trade receivables on an individual basis as they possess individual credit risk characteristics based on each client. Refer to note 16 for further information on aging of trade receivables and an analysis of any expected credit losses.

The Group recognises commission payments as incremental costs from obtaining a contract. Those that are paid immediately are capitalised under IFRS 15 and amortised over 3 years (2024: 3 years), being the average length of contracts entered into by the Group, as opposed to using a tailored time period for each project. Management reviews this assessment annually to determine that there are no material variances. Those not paid immediately are accrued over a period of time as this element of the commission payment requires the respective employee to remain in service for a specific period. Commission assets.

3.12 Taxation

Current tax

Current tax represents amounts recoverable within the United Kingdom and is provided at amounts expected to be recovered using the tax rates and laws that have been enacted at the Statement of Financial Position date.

Research and development credits

The group receives credits for its research and development activities. The recognition of the research and development credits are recognised based on the nature of the scheme the expenditure qualifies under. The policy for the RDEC Scheme is detailed in note 3.2.  Credits received under the Enhanced R&D Intensive Support Scheme are reportable as a tax credit in the period in which the relevant expenditure is incurred.

Deferred taxation

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements in accordance with IAS 12 - Income taxes. Deferred tax liabilities are recognised for all taxable temporary differences. A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available in future years to utilise the temporary difference. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither the accounting, nor taxable profit or loss.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the Statement of Financial Position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities, they relate to income taxes levied by the same taxation authority and the Group intends to settle these on a net basis.

Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. This is assessed based on the Group's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. As such, the Group does not recognise any deferred tax assets, see note 19.

3.13 Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand with original maturities at inception of 3 months or less.

3.14 Foreign currency translation

Transactions denominated in foreign currencies are translated into Great British Pounds at actual rates of exchange prevailing at the date of transaction. Monetary assets and liabilities expressed in foreign currencies are translated into Great British Pounds at rates of exchange prevailing at the end of the financial year. All foreign currency exchange differences are taken to the Consolidated Statement of Comprehensive Income in the year in which they arise.

Non-monetary items are not retranslated at year end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined.

3.15 Trade and other payables

Trade and other payables are non-interest-bearing, unless significantly overdue, and are initially recognised at fair value and subsequently stated at amortised cost.

3.16 Provisions, contingent assets and contingent liabilities

Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Group and amounts can be estimated reliably. The timing of such outflows may still be uncertain. Such provisions are measured at the estimated expenditure required to settle the present obligation based on the most reliable estimate available at the reporting date, discounted to the present value where material.

3.16 Provisions, contingent assets and contingent liabilities continued

Any reimbursement that the Group is virtually certain to collect from a third party in relation to the related provision will be recognised as a separate asset.

Liabilities are not recognised where the outflow of economic resources is not probable, but are instead disclosed as contingent liabilities.

3.17 Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

3.18 Financial instruments

Financial assets and financial liabilities are recognised on the Consolidated Statement of Financial Position when the Group or the Company becomes a party to the contractual provisions of the instrument. Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

The Group utilises one type of derivative financial instrument - forward contracts used for the purposes of hedging. These are designated as cash flow hedges and held at fair value with changes held in the cash flow hedge reserve. On crystallisation the gain or loss is recycled to revenue to reflect the risks being hedged. The ineffective portion of the hedging instrument is recognised in the profit or loss account immediately.

Further information relating to financial instruments and the policies adopted by the Group to manage risk is found in note 22.

4.     Significant management judgement in applying accounting policies and estimation uncertainty

When preparing the consolidated financial statements, the Directors make a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Significant management judgements

The following are significant management judgements in applying the accounting policies of the Group that have the most significant effect on the consolidated financial statements.

Capitalisation of internally developed software

Distinguishing the research and development phases of a new software product and determining whether the requirements for the capitalisation of development costs are met requires judgement. Management will assess whether a project meets the recognition criteria as set out in IAS 38 based on an individual project basis. More detail is included in note 3.3 as to the specific considerations given to each project when determining whether to capitalise internally developed software. Where the criteria are not met, the research and development expenditure will be expensed in the Consolidated Statement of Comprehensive Income. Where the recognition criteria are met, the items will be capitalised as an intangible asset.

During the year ended 30 September 2025, research and development expenses totalled £1,734,000 (2024: £1,659,000). Of this amount, £406,000 (2024: £322,000) was capitalised as an intangible asset relating to employee costs. The balance of expenditure being £1,328,000 (2024: 1,337,000) is recognised in the Consolidated Statement of Comprehensive Income as an expense.

Recovery of deferred tax assets

Deferred tax assets have not been recognised for deductible temporary differences and tax losses. The Directors consider that there is not sufficient certainty that future taxable profits will be available to utilise those temporary differences and tax losses. Further information on the Group's deferred tax asset can be found in note 19 of the consolidated financial statements.

Estimation uncertainty

Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Changes to these estimations may result in substantially different results for the year.

4.     Significant management judgement in applying accounting policies and estimation uncertainty continued

Share-based payments

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. Details of the estimations used in determining the fair value of the options in issue are detailed in note 21. In line with IFRS 2, management assess whether non-market conditions will be achieved and adjusts appropriately.

Useful lives of depreciable assets

The useful lives of depreciable assets are determined by management at the date of purchase based on the expected useful lives of the assets. These are subsequently monitored and reviewed annually and where there is objective evidence of changes in the useful economic lives, these estimates are adjusted. Any changes to these estimates may result in significantly different results for the period.

The Group amortises its newly developed proprietary clinical trial platform (TTNx) in accordance with its anticipated usage pattern. The platform's useful life has been estimated at 15 years. Amortisation is applied on an escalating basis, aligned with the increasing utilisation of the platform as additional clinical trials are deployed on the platform. Once the platform reaches an equivalent operational capacity to the existing platform, defined as accommodating the number of trials supported by the previous platform, a straight-line amortisation method will be adopted for the remainder of its useful life.

5.     Revenue

An analysis of the Group's revenue by type is as follows:

					2025	2024
					£000	£000
Service revenue					6,534	5,766

All material revenue streams derived by the Group relate to the delivery of services in support of clinical trials. As such, all revenue is deemed to belong to one stream, being service revenue.

Revenue derived from services provided over time do not constitute a material portion of revenue and therefore disclosure distinguishing between revenue recognised at a point in time versus over time is not made.

As at 30 September 2025, £54,000 (2024: £22,000) is held in contract liabilities within trade and other payables at the beginning of the period. This amount also includes performance obligations relating to advance payments that were not yet complete at the end of the prior year. Advance payments are charged to clients to de-risk start-up activities and are recognised at a point in time once an activities performance obligation is met. At 30 September 2025, £1,210,000 (2024: £532,000) of advanced payments were recognised on the balance sheet.

6.     Segmental information

The Board considers there to be only one core operating segment for the Group's activities. This is based on the Group's development, commercial and operational delivery teams operating across the entirety of the Group, which is primarily based in the United Kingdom. The projects undertaken by the Group are managed by project managers, who receive inputs for each project from other team members. Performance information is reported as a single business unit to the management team.

The information gathered for each project is subsequently reported to the Group's Chief Executive Officer, who is considered to be the chief operating decision-maker. This information is used for resource allocation and assessment of performance. Therefore, the entirety of the Group's revenue and assets can be attributed wholly to this operating segment with reference to the Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position.

6.     Segmental information continued

During the year ended 30 September 2025, the Group had two clients (2024: three clients) that exceeded 10% of total revenue. In 2025, the individual percentage revenue associated with these clients was 22% (£1,417,000) and 12% (£795,000). In 2024, the individual percentage revenue associated with the three largest clients were 13% (£771,000), 13% (£742,000) and 13% (£729,000).

Geographical information

The Group's revenue can be categorised by country, based on the location of the contracting client. Sometimes clients of the Group, which include global biopharmaceutical companies with offices in multiple locations across the world, request the Group to contract directly with their regional offices in the United Kingdom or European locations. In such circumstances the associated revenues are reported as being based in the contracting location even though much of the operational execution of the contract will include entities or partners of the client based elsewhere in the world.

					2025	2024
					£000	£000
United States of America					2,873	2,365
United Kingdom					1,787	1,330
Netherlands					623	742
Denmark					407	124
Switzerland					398	500
Ireland					304	557
Other - Europe					136	148
Rest of world					6	-
Revenue					6,534	5,766

As the Group is domiciled in the United Kingdom, the entirety of the revenue originates from this location.

7.     Other income

Items of other income principally relate to government grants received. Grants are recognised as income over the period required to match them with the related costs, for which they are intended to compensate, on a systematic basis.

The Group also recognises Research and Development Income ('R&D income') as other income.

	2025	2024
	£000	£000
Grant income	15	376
R&D income	-	405
Other income	15	781

8.     Auditor's remuneration

					2025	2024
					£000	£000
Audit services
- Group and Parent Company					59	51
- subsidiary companies					39	34
Total audit fees					98	85
Audit-related assurance services					8	8
Total auditor's remuneration					106	93

9.     Employees and Directors

The average monthly number of persons (including Executive and Non-Executive Directors) employed by the Group was:

				2025	2024
				Number	Number
Administration				14	15
Operations, research and development				65	66
Average total persons employed				79	81

The aggregate remuneration of employees in the Group was:

				2025	2024
				£000	£000
Wages and salaries				5,478	5,474
Social security costs				703	671
Other pension costs				307	279
Share-based payments charge				227	8
Total remuneration for employees				6,715	6,432
Employee costs capitalised				(472)	(322)
Net employee costs				6,243	6,110

The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The amounts outstanding at 30 September 2025 in respect of pension costs were £48,000 (2024: £40,000).

The remuneration of the Group's Directors is set out in the Directors' Remuneration Report on pages 43 - 45, as well as in note 23 under related party transactions.

The Company did not directly employ any staff and therefore there is no cost recognised in respect of staff costs.

10.   Loss on ordinary activities before taxation

The Group's loss on ordinary activities before taxation has been achieved after charging:

			2025	2024
			£000	£000
Research and development expenses			1,277	1,304
Research and development related amortisation			51	33
Sales and marketing expenses			1,638	1,347
Amortisation of commission assets			27	49
Expenses relating to lease of low-value assets			1	1
Depreciation of tangible assets			198	239
Amortisation of intangible assets			28	15
Foreign exchange loss			38	52
Other administrative expenses			2,494	2,606
Total operating expenses			5,752	5,646
Interest income from cash held at bank			(121)	(85)
Interest incurred on finance leases			19	22
Interest due on overdue taxation			(3)	3
			5,647	5,586

There is a further amortisation charge of £134,000 (2024: £188,000) recognised in cost of sales for those items directly related to project activities. The total amortisation charge for the year is £214,000 (2024: £236,000).

11.   Taxation

The tax charge for each period can be reconciled to the result per the Consolidated Statement of Comprehensive Income as follows:

	2025	2024
	£000	£000
Loss on ordinary activities before taxation	(2,449)	(2,094)
Loss before tax at the effective rate of corporation tax
in the United Kingdom of 25% (2024: 25%)	(612)	(524)
Effects of:
Expenses not deductible for tax purposes	3	(13)
Origination and reversal of temporary differences	38	(51)
Research and development uplifts net of losses surrendered for tax credits	(223)	520
Overseas taxation	1	1
Prior period adjustment	(5)	(26)
Tax credit for the period	(798)	(93)

The tax credit for each period can be reconciled as follows:

	2025	2024
	£000	£000
ERIS research and development credit	(794)	(172)
Deduction for corporation tax on RDEC	-	104
Overseas taxation	1	1
Prior period adjustment	(5)	(26)
Tax credit for the period	(798)	(93)

In the prior year, the Group elected to take advantage of the RDEC, introduced in the Finance Act 2013 whereby a company may surrender corporation tax losses on research and development expenditure incurred on or after 1 April 2013 for a corporation tax refund. In the current year, the Group qualified under the Enhanced R&D Intensive Support Scheme. The policies for the schemes are reported 3.2 and 3.12 respectively.

The following is a reconciliation between the tax charge and the tax receivable within the Consolidated Statement of Financial Position:

	2025	2024
	£000	£000
Current tax receivable at start of period	492	549
Current period credit	798	497
Corporation tax repayment	(489)	(554)
Current tax receivable at end of period	801	492

The tax credit for each period can be reconciled to the current period credit recognised in tax receivable within the Consolidated Statement of Financial Position in each period as follows:

	2025	2024
	£000	£000
Tax credit for the year	794	93
R&D credit	-	405
Overseas taxation	(1)	(1)
Prior period adjustment	5	-
Current period credit	798	497

12.   Earnings per share

The calculation of basic and diluted earnings per share ('EPS') of the Group is based on the following data:

		2025	2024
Earnings
Earnings for the purposes of basic and diluted EPS, being net profit attributable to the owners of the Company (£000)
		(1,651)	(2,001)
Number of shares
Weighted average number of shares for the purposes of basic EPS		89,465,185	48,309,181
Weighted average number of shares for the purposes of diluted EPS		89,465,185	48,309,181

Basic earnings per share is calculated by dividing earnings attributable to the owners of the Company by the weighted average number of shares in issue during the year. The diluted EPS is calculated by dividing earnings attributable to the owners of the Company by the weighted average number of shares in issue taking into account the share options outstanding during the year. For the year ended to 30 September 2025, there was no dilutive effect as the share options in issue would have decreased the loss per share.

The basic and diluted earnings per share for the Group and Company is:

		2025	2024
Basic earnings per share		(1.85p)	(4.14p)
Diluted earnings per share		(1.85p)	(4.14p)

13.   Property, plant and equipment

Group

	Office	Leasehold	Fixtures and
	building	improvement	fittings	Equipment	Total
Cost	£000	£000	£000	£000	£000
At 1 October 2023	777	192	5	1,191	2,165
Additions	-	3	1	30	34
Disposals	-	-	-	(10)	(10)
At 30 September 2024	777	195	6	1,211	2,189
Additions	-	13	-	38	51
Disposals	-	-	-	(34)	(34)
At 30 September 2025	777	208	6	1,215	2,206

Accumulated depreciation
At 1 October 2023	481	176	5	985	1,647
Charge for the period	101	14	0	124	239
Disposals	-	-	-	(10)	(10)
At 30 September 2024	582	190	5	1,099	1,876
Charge for the period	102	6	-	89	197
Disposals	-	-	-	(34)	(34)
At 30 September 2025	684	196	5	1,154	2,039

Net book value
At 30 September 2024	195	5	1	112	313
At 30 September 2025	93	12	1	61	167

The tangible right-of-use asset is held within the office building category. At 30 September 2025, the carrying amount of the right-of-use asset was £93,000 (2024: £195,000).

Company

At 30 September 2025 and 30 September 2024, the Company had no property, plant and equipment.

14.   Intangible assets

Group

	Right-of-use asset	Other acquired intangibles	Other Internally developed technology	Next generation TrialTracker platform	Total
	£000	£000	£000	£000	£000
Cost
At 1 October 2023	-	342	785	5,700	6,827
Additions	39	-	20	404	463
Impairment	-	(32)	(218)	-	(250)
At 30 September 2024	39	310	587	6,104	7,040
Additions	41	493	86	403	1,023
Disposals	-	-	-	-	-
At 30 September 2025	80	803	673	6,507	8,063

Accumulated amortisation
At 1 October 2023	-	188	492	-	680
Amortisation	2	52	163	19	236
	-	(32)	(218)	-	(250)
At 30 September 2024	2	208	437	19	666
Amortisation	23	57	82	52	214
Disposals	-	-	-	-	-
At 30 September 2025	25	265	519	71	880

Net book value
At 30 September 2024	37	102	150	6,085	6,374
At 30 September 2025	55	538	154	6,436	7,183

Amortisation is charged to the Consolidated Statement of Comprehensive Income and is included within cost of sales for those items directly related to project activities, research and development for those items directly related to the research activities of the company or otherwise within general and administrative expenses.

Internally developed technology

The Group has capitalised research and development costs during the year in relation to the development of its proprietary TrialTracker software. Development includes TrialTracker platform upgrades as well as additional algorithm development. The costs capitalised include time and expenses in relation to staff costs. In recognising these assets, the Group has applied the recognition criteria of IAS 38 relating to internally generated intangible assets, where costs in relation to the development phase must be capitalised under certain circumstances. More information in relation to this is included in the accounting policies of the Group in notes 3 and 4.

Company

At 30 September 2025 and 30 September 2024, the Company had no intangible assets.

15.   Investments

The consolidated financial statements of the Group as at 30 September 2025 and at 30 September 2024 include:

Name of subsidiary	Class of share	Country of incorporation	Principal activities
Directly held:
IXICO Technologies Limited	Ordinary	United Kingdom	Data collection and analysis of neurological diseases
Indirectly held:
IXICO Technologies Inc.	Ordinary	United States	Sales and marketing

The Company and Group has no investments other than the holdings in the above subsidiaries that are all 100% owned. The carrying amounts of the investments in subsidiaries for the Company are:

		2025	2024
		£000	£000
Investments in subsidiary undertakings
At beginning of the period		5,865	5,857
Capital contribution		227	8
Total investments at end of the period		6,092	5,865

The capital contribution represents the charge in the year for share-based awards issued by the Company to employees of IXICO Technologies Limited and IXICO Technologies Inc.

16.   Trade and other receivables

	Group		Company
	2025	2024	2025	2024
Current receivables	£000	£000	£000	£000
Trade receivables	1,456	1,634	-	-
Less provision for bad and doubtful debts	-	-	-	-
Net carrying amount of trade receivables	1,456	1,634	-	-
Other taxation and social security	-	-	7	15
Prepayments and accrued income	366	518	44	22
Commission assets	14	24	-	-
Other receivables	60	37	7	2
Current receivables	1,896	2,213	58	39

Non-current receivables
Prepayments and accrued income	243	-	-	-
Commission assets	12	9	-	-
Amounts due from subsidiary undertakings	-	-	3,252	2,224
Non-current receivables	255	9	3,252	2,224
Total trade and other receivables	2,152	2,222	3,310	2,263

All amounts are classified as short-term and are expected to be received within one year. The average credit period granted to clients ranges from 30 to 90 days (2024: 30 to 90 days).

Included within Group prepayments and accrued income is £243,000 (2024: £nil) of non-current accrued income, which is not anticipated to be recognised within the next 12 months.

A provision for expected credit losses is made when there is uncertainty over the ability to collect the amounts outstanding from clients. This is determined based on specific circumstances relating to each individual client. The Directors consider that there are immaterial credit losses (2024: immaterial credit losses) due to the calibre of customers the Group has and so the carrying amount of trade and other receivables approximates their fair value.

Within the Company, there are expected to be immaterial credit losses (2024: immaterial credit losses) from subsidiary companies due to the level of cash available in the subsidiaries and expected future earnings. The amounts due from subsidiary undertakings was reclassified to a non-current asset in the year as the Group does not expect to recover these balances within the next 12 months.

16.   Trade and other receivables continued

As at the year-end, the ageing of trade receivables which are past due but not impaired is as follows:

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Amounts not past due	1,396	1,486	-	-
Past due:
Less than 30 days	60	69	-	-
Between 31 - 60 days	-	8	-	-
Between 61 - 90 days	-	18	-	-
More than 90 days	-	52	-	-
Total trade receivables	1,456	1,634	-	-

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 22.

17.   Trade and other payables

	Group		Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Current liabilities
Trade payables	75	83	8	2
Other taxation and social security	92	180	-	-
Contract liabilities	1,191	591	-	-
Accrued expenses	550	553	58	43
Other payables	-	3	-	-
	1,908	1,410	66	45
Non-current liabilities
Accrued expenses	15	-	-	-
Total trade and other payables	1,923	1,410	66	45

Trade payables and accrued expenses principally comprise amounts outstanding for trade purchases and ongoing costs. No interest is charged on the trade payables. The Group's policy is to ensure that payables are paid within the pre-agreed credit terms and to avoid incurring penalties and/or interest on late payments.

The fair value of trade and other payables approximates their current book values.

Reconciliation of liabilities arising from financing activities

The only liabilities affecting financing activities arise solely from the recognition of the lease liability:

			£000
Lease liability as at 1 October 2023			387
Leases acquired in the year			39
Cash-flow: Repayment of lease			(134)
Non-cash: Interest charge			22
Lease liability as at 30 September 2024			314
Leases acquired in the year			41
Cash-flow: Repayment of lease			(195)
Non-cash: Interest charge			19
Lease liability as at 30 September 2025			179

18.   Leases

All lease liabilities are presented in the statement of financial position as follows:

			2025	2024
			£000	£000
Current			149	164
Non-current			30	150
			179	314

The Group uses leases throughout the business for office space and IT equipment. With the exception of short-term leases and leases of low value, each lease is reflected on the balance sheet as a right-of-use asset in property, plant and equipment and a lease liability.

Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublet the asset to another party, the right-of-use asset can only be used by the Group. For leases over office buildings, the Group must keep those properties in a good state of repair.

The Group has identified one lease relating to the office building, and two leases relating to software licences that meet the definition of a right-of-use asset. There is no option to purchase on either lease, and payments are not linked to an index. The remaining lease terms range between 8 - 27 months (2024: 20 - 34 months). The office building lease can be extended at the end of this term.

The Group has elected to not recognise a lease liability for short-term leases, being 12 months or less, or for leases of low value. Payments for these are expensed on a straight-line basis.

Right-of-use asset and lease liability

		Asset	Depreciation	Carrying amount
2025		£000	£000	£000
Office building		558	(465)	93
Software licence		80	(25)	55
		638	(490)	148
		Asset	Depreciation	Carrying amount
2024		£000	£000	£000
Office building		777	(582)	195
Software licence		39	(2)	37
		816	(584)	232

Additional information on the right-of-use asset is as follows:

The various elements recognised in the financial statements are as follows:

			2025	2024
			£000	£000
Statement of Comprehensive Income
Depreciation charge in the year			102	101
Amortisation charge in the year			23	2
Interest expense on lease liability			19	22
Low value leases expensed in the year			1	1
Statement of Cash Flows
Capital repayments on lease agreements			194	134

18.   Leases continued

The undiscounted maturity analysis of lease liabilities for the office building is as follows:

			Within 1 year	1 - 2 years	2 - 3 years	Total
30 September 2025
Lease payments			157	27	4	188
Finance charges			(8)	(1)	-	(9)
Net present values			149	26	4	179
30 September 2024
Lease payments			181	143	12	337
Finance charges			(17)	(6)	-	(23)
Net present values			164	138	12	314

At 30 September 2025, the Group's commitment to short-term and low-value leases was £nil (2024: £nil).

19.   Deferred tax

Deferred tax asset (unrecognised)

		Group		Company
		2025	2024	2025	2024
		£000	£000	£000	£000
Tax effect of temporary differences:
Tax allowances in excess of depreciation		1,812	1,615	(1)	(1)
Accumulated losses		(18,135)	(17,963)	(3,778)	(3,579)
Losses on financial instruments debited to equity		1	1	-	-
Accelerated commission charge		1	1	-	-
Deductible temporary differences		-	(2)	-	-
Deferred tax asset (unrecognised)		(16,321)	(16,348)	(3,779)	(3,580)

The unrecognised deferred tax asset predominantly arises due to unused tax losses carried forward that have originated but not reversed at the Consolidated Statement of Financial Position date and from transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future.

The unrecognised deferred tax asset is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which temporary differences will reverse. Based on tax rates and laws enacted or substantively enacted at the latest balance sheet date, the rate when the above temporary differences are expected to reverse is currently 25% (2024: 25%).

20.   Issued capital and reserves

Ordinary shares and share premium

The Company has one class of ordinary shares. The share capital issued has a nominal value of £0.01 and each share carries the right to one vote at shareholders' meetings and all shares are eligible to receive dividends. Share premium is recognised when the amount paid for a share is in excess of the nominal value.

The Group and Company's opening and closing share capital and share premium reserves are:

	Group and Company
	Ordinary	Share	Share
	shares	capital	premium
	Number	£000	£000
Authorised, issued and fully paid
At 30 September 2024	48,351,373	484	84,802
Issue of shares	42,621,508	426	3,623
Transaction costs incurred on share issue	-	-	(369)
Share options exercised	1,695,717	17	-
At 30 September 2025	92,668,598	927	88,056

20.   Issued capital and reserves continued

Exercise of share options

During the period, the following share options were exercised:

	Key management personnel	Other employees	Total	Exercise price	Value
Date of exercise	Shares	Shares	Shares	Pence	£000
10-Oct-24	200,000	-	200,000	1.0	2
10-Oct-24	-	1,495,717	1,495,717	1.0	15
At 30 September 2025	200,000	1,495,717	1,695,717	-	17

This resulted in an increase in share capital of £16,957.

Other reserves

Accumulated losses

This reserve relates to the cumulative results made by the Group and Company in the current and prior periods.

Merger relief reserve

In accordance with Section 612 'Merger Relief' of the Companies Act 2006, the Company issuing shares as consideration for a business combination, accounted at fair value, is obliged, once the necessary conditions are satisfied, to record the share premium to the merger relief reserve.

Reverse acquisition reserve

Reverse accounting under IFRS 3 'Business Combinations' requires that the difference between the equity of the legal parent and the issued equity instruments of the legal subsidiary, pre-combination, is recognised as a separate component of equity.

Capital redemption reserve

This reserve holds shares that were repurchased and cancelled by the Company.

Foreign exchange translation reserve

This reserve represents the impact of retranslation of overseas subsidiaries on consolidation.

Cash flow hedge reserve

This reserve represents the movement in designated hedging instruments in the year that have not yet crystallised.

21.   Share-based payments

Certain Directors and employees of the Group hold options to subscribe for shares in the Company under share option schemes. There are 2 distinct structures to the share options in operation in the Group. Both structures relate to a single scheme outlined in the EMI Share Option Plan 2014, which was subsequently renewed and updated in 2024 (the EMI Share Option Plan 2024).

The scheme is open, by invitation, to both Executive Directors and employees. Participants are granted share options in the Company which contain vesting conditions. These are subject to the achievement of individual employee and Group performance criteria as determined by the Board. The vesting period varies by award and the conditions approved by the Board. Options are usually forfeited if the employee leaves the Group before the options vest.

Total share options outstanding have a range of exercise prices from £0.01 to £0.70 per option and the weighted average contractual life is 8.9 years (2024: 5.5 years). The total charge for each period relating to employee share-based payment plans for continuing operations is disclosed in note 9 of the consolidated financial statements.

21.   Share-based payments continued

30 October 2024

Share options totaling 3,320,058 were granted on 30 October 2024 in two separate awards.  2,780,058 share options were awarded to the Executive Directors with an exercise price of £0.01 and have performance conditions linked to retention and share price growth over 3 years.  540,000 share options were awarded to employees of the Group with an exercise price of £0.09 and have a performance condition linked to retention over 3 years.

04 December 2024

Share options totaling 500,000 were granted on 04 December 2024 to an employee of the group with an exercise price of £0.01 and have performance conditions linked to retention and share price growth over 3 years.

07 February 2025

Share options totaling 7,413,488 were granted on 07 February 2025 to the Executive Directors of the group with an exercise price of £0.01 and have performance conditions linked to share price growth and a business exit within a 3-year period.

13 June 2025

Share options totaling 850,000 were granted on 13 June 2025 to employees of the group with a weighted average exercise price of £0.03 and have performance conditions linked to retention and share price growth over 3 years.

For all options issued, the final valuation was based on the Monte Carlo method, with the following inputs:

	30-Oct-24	30-Oct-24	04-Dec-24	07-Feb-25	13-Jun-25
	Executive Directors	Employees
Weighted average share price	£0.09	£0.09	£0.12	£0.12	£0.12
Weighted average exercise price	£0.01	£0.09	£0.01	£0.01	£0.01
Expected volatility	53.8%	53.8%	57.5%	50.6%	53.0%
Expected life	10 years	10 years	10 years	10 years	10 years
Expected dividend yield	0%	0%	0%	0%	0%
Risk-free interest rate	4.11%	4.11%	4.22%	4.49%	4.56%

Details of the share options under the scheme outstanding during the period are as follows:

	2025		2024
	Number	Weighted average exercise price	Number	Weighted average exercise price
Outstanding at start of the period	3,034,505	£0.12	3,529,681	£0.15
Granted	12,083,546	£0.02	-	-
Exercised	(1,695,717)	£0.01	-	-
Lapsed	(286,397)	£0.19	(495,176)	£0.34
Outstanding at end of the period	13,135,937	£0.04	3,034,505	£0.12
Exercisable at end of the period	1,082,390	£0.29	2,459,504	£0.10

22.   Financial risk management

In common with all other areas of the business, the Group is exposed to risks that arise from the use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them.

The main risks arising from the Group's financial instruments are liquidity, interest rate, foreign currency and credit risk. The Group's financial instruments comprise cash and various items such as trade receivables and trade payables, which arise directly from its operations.

22.   Financial risk management continued

Categories of financial instruments

	2025	2024
	£000	£000
Financial assets held at amortised cost
Trade and other receivables excluding prepayments	1,273	1,845
Cash and cash equivalents	3,537	1,787
	4,810	3,632

Financial liabilities held at amortised cost
Trade and other payables excluding statutory liabilities	721	745
Lease liabilities	179	314
	900	1,059

Fair value of financial assets and liabilities

There is no material difference between the fair values and the carrying values of the financial instruments held at amortised cost because of the short maturity period of these financial instruments or their intrinsic size and risk.

Liquidity risk management

Liquidity risk is the risk that the Group will not be able to meet its obligations as they fall due through having insufficient resources. The Group monitors its levels of working capital to ensure that it can meet its liabilities as they fall due. Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate framework for the management of the Group's short-, medium- and long-term funding and liquidity requirements.

The principal current asset of the business is cash and cash equivalents and is therefore the principal financial instrument employed by the Group to meet its liquidity requirements. The Board ensures that the business maintains surplus cash reserves to minimise any liquidity risk.

The financial liabilities of the Group and Company are due within 3 months (2024: 3 months) of the Consolidated Statement of Financial Position date, with the exception of the lease liability. Further analysis of the lease liability is provided in note 18. All other non-current liabilities are due between 1 to 3 years after the period end. The Group does not have any borrowings or payables on demand which would increase the risk of the Group not holding sufficient reserves for repayment.

Market risk

Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The Group operates an interest rate policy designed to minimise interest costs and reduce volatility in reported earnings.

The Group holds all cash and cash equivalents with institutions with a recognised high credit rating. Interest rates on current accounts are floating. Changes in interest rates may increase or decrease the Group's finance income.

The Group does not have any committed interest-bearing borrowing facilities and consequently there is no material exposure to interest rate risk in respect of financial liabilities.

Foreign currency risk management

Foreign currency risk is the risk that the fair value of future cash flows of a foreign currency exposure will fluctuate because of changes in foreign exchange rates.

The Group's exposure to the risk of changes in foreign exchange rates relates to the Group's overseas operating activities, primarily denominated in US Dollars, Euros and Swiss Francs. There is also an investment by the Company in a foreign subsidiary. The Group's exposure to foreign currency changes for all other currencies is not material. The Group seeks to minimise the exposure to foreign currency risk by matching local currency income with local currency costs where possible. The Group utilises US Dollar forward contracts to mitigate the risk of US Dollar fluctuations on client contracts.  It agrees forward contracts based on forecasts of its US Dollar inflows and applies hedge accounting to minimise currency risk.

22.   Financial risk management continued

The Group enters into forward contracts to sell US Dollars at regular intervals and applies hedge accounting to these contracts. Under hedge accounting, unrealised gains or losses are recognised in other comprehensive income and the cash flow hedge reserve, with the ineffective portion being recognised in the profit and loss as soon as they occur. The gains or losses arising on these are allocated to revenue on settlement. The item hedged was a portion of highly probable forecast US Dollar inflows. The hedged item is the receipt of US Dollars, and the hedging instrument is the sale of a portion of these. The Group has determined that a 1:1 ratio exists between the instrument and items as the underlying risks of both are the same - the exchange rate of USD:GBP. The Group uses the dollar offset method to monitor effectiveness, which compares the change in fair value of the underlying derivative and the change in fair value of future cash flows. Ineffectiveness can arise due to the counterparties credit risk and inaccurate forecasting, which could leave the Group over hedged. In the year some ineffectiveness arose where the Group's actual inflows were below that of the hedging instrument. This ineffective portion was recognised in general and administrative expenses.

The hedging transactions in the year had the following effect on the Group's results:

	Without hedge accounting	Hedging movements	2025
	£000	£000	£000
Statement of Comprehensive Income
Revenue	6,506	28	6,534
Gross profit	3,155	28	3,183
General and administrative expenses	(2,759)	-	(2,759)
Profit for the year	(1,679)	28	(1,651)
Total other comprehensive expense	-	-	-
Total comprehensive income attributable to equity holders for the period	(1,679)	28	(1,651)
Statement of financial position
Accumulated losses	(10,777)	-	(10,777)

	Without hedge accounting	Hedging movements	2024
	£000	£000	£000
Statement of Comprehensive Income
Revenue	5,761	5	5,766
Gross profit	2,706	5	2,711
General and administrative expenses	(2,881)	(32)	(2,913)
Profit for the year	(1,974)	(27)	(2,001)
Total other comprehensive expense	(2)	27	25
Total comprehensive income attributable to equity holders for the period	(1,976)	-	(1,976)
Statement of financial position
Derivative financial liabilities	(9,353)	-	(9,353)

The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as at 30 September are as follows:

	2025	2024
US Dollar exposure	USD'000	USD'000
Balance at end of period
Monetary assets	622	587
Monetary liabilities	(53)	(16)
Total exposure	569	571
	2025	2024
Euro exposure	EUR'000	EUR'000
Balance at end of period
Monetary assets	45	36
Monetary liabilities	(5)	(73)
Total exposure	40	(37)
22.   Financial risk management continued
	2025	2024
Swiss Franc exposure	CHF'000	CHF'000
Balance at end of period
Monetary assets	53	57
Monetary liabilities	(36)	(22)
Total exposure	17	35

The Company had no foreign currency exposure at the year-end (2024: nil).

Foreign currency sensitivity analysis

As at 30 September 2025, the sensitivity analysis assumes a +/-10% change of the USD/GBP, EUR/GBP and CHF/GBP exchange rates, which represents management's assessment of a reasonably possible change in foreign exchange rates (2024: 10%). The sensitivity analysis was applied on the fair value of financial assets and liabilities.

	2025		2024
	10% weaker¹	10% stronger	10% weaker	10% stronger
	£000	£000	£000	£000
US Dollar	(42)	42	(43)	43
Euro	(4)	4	3	(3)
Swiss Franc	(2)	2	(3)	3
	(48)	48	(43)	43

¹ 10% weaker relates to the Great British Pound strengthening against the currency and therefore the Group would be in a weaker monetary position.

Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group's financial assets are cash and cash equivalents and trade and other receivables. The carrying value of these assets represents the Group's maximum exposure to credit risk in relation to financial assets.

The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Statement of Financial Position are net of allowances for any expected credit losses, estimated by the Group's management based on prior experience and their assessment of the current economic environment, and any specific criteria identified in respect of individual trade receivables. An allowance for expected credit losses is made where there is an identified loss event, which, based on previous experience, is evidence of a reduction in the recoverability of future cash flows. There are no outstanding expected credit losses identified at 30 September 2025 (2024: nil).

Prior to entering into an agreement to provide services, the Group makes appropriate enquiries of the counterparty and independent third parties to determine creditworthiness. The Group has not identified any significant credit risk exposure to any single counterparty or Group of counterparties as at the period end.

The Group and Company continually reviews client credit limits based on market conditions and historical experience. Any provision for impairment, as well as the ageing analysis of overdue trade receivables, is set out in note 16.

The Group and Company's policy is to minimise the risks associated with cash and cash equivalents by placing these deposits with institutions with a recognised high credit rating.

Capital risk management

The Group considers capital to be shareholders' equity as shown in the Consolidated Statement of Financial Position, as the Group is primarily funded by equity finance and is not yet in a position to pay a dividend. The Group had no borrowings at 30 September 2025 (2024: £nil).

The objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and for other stakeholders. In order to maintain or adjust the capital structure the Group may return capital to shareholders or issue new shares.

23.   Related party transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Remuneration and transactions of Directors and key management personnel

Key management remuneration:

					2025	2024
					£000	£000
Short-term employee benefits					1,245	1,147
Post-employment benefits					57	28
Other long-term benefits					28	(24)
Share-based payments					209	(7)
Total remuneration					1,539	1,144

Key management includes Executive Directors, Non-Executive Directors and senior management who have the responsibility for managing, directly or indirectly, the activities of the Group.

The aggregate Directors' remuneration, including employers' National Insurance and share-based payments' expense, was £684,000 (2024: £875,000) and aggregate pension of £46,000 (2024: £21,000). Further detail of Directors' remuneration is disclosed in the Directors' Remuneration Report on pages 43 - 45.

Transactions with group companies

The Company is responsible for financing and setting Group strategy. The Company's subsidiaries carry out the Group's research and development strategy, employ all employees, including the Executive Directors, and manage the Group's intellectual property. As a result, a management charge is made between the subsidiaries and the Company for the services provided by the subsidiaries on behalf of the Company. Similarly, as share options are issued in the Company for employees of the subsidiaries, a charge is made between the Company and its subsidiaries.

Intercompany balances are unsecured and are interest bearing at 6%, with no fixed date of repayment but are repayable on demand. The intercompany balance also includes specific funding provided by the Company, which attracts a 0% interest rate.

Outstanding balances related to subsidiary undertakings are disclosed in note 16. During the year, the following transactions occurred with related parties:

	2025	2024
	£000	£000
Charges from subsidiaries:
Management recharge from subsidiaries	565	625
Net interest charged	(115)	(125)
Charges to subsidiaries:
Share option charge	227	8

---

[1] Grand View Research. Neurology Clinical Trials Market 2025-2030. Global neurology clinical trials market is projected to grow from $5.84 billion in 2022 to $8.42 billion by 2030 (CAGR) of 6.3%.

[2] Alzheimer's UK 'Annual Review' June 2025 

[3] Coherent Market Insights 2024

[4] Grand View Research. Clinical Trial Imaging Market (2025-2030)

[5]  GlobalData, 'Clinical Trials Surge in H1 2025 Webinar', September 2025.

[6] Alzheimer's Association. 'Alzheimer's Disease Facts and Figures'. 2025

[7] Parkinsons Foundation. Statistics Fact Sheet

[8] Press release, PTC Therapeutics 05 May 2025

[9] Press release, uniQure 24 September 2025

[10] Medpath 

[11] Press release, Roche 28 July 2025

[12] Press release, Biogen 29 August 2025.

[13] Press release, BlueRock Therapeutics 13 January 2025

[14] Press release, AskBio 27 May 2025

 

END