Unaudited Interim Results 2026

Futura Medical PLC

01 September 2026

 

 1 September 2026

Futura Medical plc

("Futura" or the "Group")

Unaudited interim results for the six months ended 30 June 2026

Futura Medical (AIM: FUM), the consumer healthcare Group behind Eroxon^® and that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, announces its unaudited results for the six months ended 30 June 2026 ("HY26").

Operational and strategic overview:

·	In relation to Eroxon®
o		Grant of China patent on 30 December 2025
o		Grant of US continuation patent on 17 March 2026
o		Conclusion of commercial relationship with Haleon in June and receipt of the agreed settlement payment in August (post period end)
o		Appointment of Market Performance Group ('MPG') as the new US commercial partner for Eroxon® from 1 September 2026, following a two-month transition period from Haleon, providing a clear route to rebuilding momentum in one of the world's largest erectile dysfunction markets
o		Negotiations advanced in China in relation to both domestic and cross-border opportunities; additionally, new partners identified and discussions advanced in important new markets including Korea, Taiwan and Turkey
o		Finalised plans to consolidate production of Eroxon® (and Eroxon® Intense & WSD4000 at appropriate times) into one global strategic supplier
·	In relation to Eroxon® Intense
o		Home User Test ('HUT') on 223 male subjects aged 18-59 completed; study showed high efficacy levels supporting commercial decision to launch
o		EU market launch clearance received, with FDA clearance expected in Q4 2026
o		Technical operations commenced to support production in Q1 2027
·	In relation to WSD4000
o		Positive results from an Early Feasibility Study ('EFS'), HUT and Placebo studies. The HUT demonstrated that WSD4000 markedly improved sexual function from using the product. 80% of women said the gel improved their overall sexual experience
o		Specialised agency analysis confirmed valuable consumer segments to target with positioning and products
o		Early-stage discussions commenced with potential commercial partners in USA, APAC, EMEA and LATAM with initial interest expressed

Financial overview:

·	Revenue of £1.62 million (HY25: £1.00 million), including £1.40 million recognised in relation to the settlement with Haleon announced in June 2026.
·	Underlying revenue of £0.21 million principally comprised royalty income from US sales of Eroxon®, with partners in the EU and other markets continuing to sell through existing inventory during the period.
·	Gross profit of £1.62 million (HY25: £0.24 million), reflecting the recognition of the Haleon settlement as revenue and the limited cost of goods associated with underlying revenue during the period.
·	Operating loss of £1.20 million (HY25: £6.72 million). The prior period included £4.05 million of exceptional costs; excluding these costs, the HY25 operating loss was £2.67 million.
·	Continued reduction in the Group's core cost base, with pre-exceptional administrative expenses reducing by 17% to £2.19 million (HY25: £2.64 million), while maintaining investment in research and development of £0.73 million (HY25: £0.76 million).
·	Loss before tax of £1.18 million (HY25: £6.69 million).
·	Adjusted operating loss1 before share-based payments £0.82 million (HY25: £6.05 million)
·	Cash and cash equivalents of £1.24 million at 30 June 2026 (30 June 2025: £3.69 million), with an unaudited cash balance of £1.06 million at 31 July 2026.

¹ Adjusted operating (loss)/profit represents reported operating (loss)/profit excluding non-cash share-based payment charges.  

Alex Duggan, CEO of Futura, commented:

"The first half of 2026 has been a period of significant strategic progress for Futura as we continued to execute our strategy, strengthen our portfolio and enhance the value of our key assets. We have evolved our commercial model and repositioned the US Eroxon® opportunity, advanced Eroxon® Intense, generated encouraging data from our WSD4000 programme, strengthened our intellectual property position, consolidated our supply chain into a strategic global source, and reduced our underlying operating cost base significantly. Together, these milestones have strengthened the foundations of the business and reinforce our confidence in the opportunities across both male and female sexual health."

Contacts:

Futura Medical plc	Alex Duggan Chief Executive Officer Angela Hildreth Finance Director and COO	[e-mail] [phone] www.futuramedical.com
Panmure Liberum Nominated Adviser and Broker	Emma Earl, Will Goode, Mark Rogers (Corporate Finance)	[phone]
Turner Pope Investments (TPI) Ltd - Broker	Guy McDougall, Andrew Thacker	[phone]
Alma Strategic Communications	Rebecca Sanders-Hewett, Sam Modlin, Sarah Peters	[phone] [e-mail]

Notes to Editors:

Futura Medical plc (AIM: FUM) is the developer of innovative, consumer-focused, sexual health products, including lead product Eroxon^® and development projects WSD4000 and Eroxon^® Intense. Our core strength lies in our research, development, regulatory and business development expertise in developing innovative, clinically proven, insight-led and effective products to support our customers in the growing sexual health market.

Sexual health issues are prevalent globally in both men and women. Erectile Dysfunction ("ED") impacts 1 in 5 men globally across all adult age brackets, with approximately half of all men over 40 experiencing ED and 25% of all new diagnoses being in men under 40. 60% of women experience at least one symptom of impaired sexual response or function in a twelve month period, with only one in four women seeking professional help and remaining chronically underserved.

Eroxon®, Futura's clinically proven lead product, has been developed for the treatment of ED. The highly differentiated product, which is the only topical gel treatment for ED available over the counter and helps men get an erection fast, addresses significant unmet needs in the ED market. Multiple license or distribution partnerships are in place for Eroxon®, across major consumer markets.

WSD4000 is a project name for our development female sexual health portfolio, starting with the creation of a range of topical gels under our unique platform technology, specifically designed to treat symptoms of sexual dysfunction in women. There is currently no known regulatory approved OTC treatment available for impaired sexual response and function in women. WSD4000 has the potential to be an effective, breakthrough treatment for the common symptoms associated with impaired sexual response and function, such as lack of desire, impaired arousal, lubrication, ability to orgasm and overall sexual satisfaction.

Chief Executive Officer's Review

The first half of 2026 has been a period of significant strategic progress for Futura as we continued to evolve the business, strengthen our intellectual property portfolio and advance our development pipeline. While we remain focused on unlocking the full commercial potential of Eroxon®, we have also taken important steps to broaden the value of our sexual health platform and create additional opportunities for long-term shareholder value creation.

Financial overview

Group performance during the period reflected the continued focus on reducing the Group's core cost base and preserving cash resources, while continuing to advance key development programmes.

Revenue for the period was £1.6 million (HY25: £1.0 million), of which £1.4 million related to the settlement reached with Haleon during the period. Underlying revenue of £0.2 million principally comprised royalty income from US sales of Eroxon®, with partners in the EU and other markets continuing to sell through existing inventory during the period. Consequently, there were limited product sales by the Group and associated cost of goods sold during the period. Gross profit for the period was £1.6 million (HY25: £0.2 million).

The operating loss for the period reduced to £1.2 million (HY25: £6.7 million). The HY26 result includes £1.4 million of revenue arising from the Haleon settlement, while the prior period operating loss included £4.05 million of exceptional costs. Excluding the exceptional costs, the HY25 operating loss was £2.67 million.

The Group continued to realise the benefits of the cost reduction and efficiency measures implemented across the business, with pre-exceptional administrative expenses reducing to £2.2 million (HY25: £2.6 million), while maintaining investment in research and development at £0.7 million (HY25: £0.8 million).

Cash and cash equivalents at 30 June 2026 were £1.2 million (31 December 2025: £3.4 million). As at 31 July 2026, the Group's unaudited cash balance was £1.06 million.

Based on the Group's existing cash resources and without any additional funding, the Group is currently expected to have sufficient cash to continue its operations until approximately October 2026.

The Board is progressing funding initiatives and wider strategic options with the objective of strengthening the Group's financial position and realising value from its assets.

The Board is confident that the funding initiatives being progressed will strengthen the Group's near-term cash position and extend its cash runway and that, together with the wider strategic options being pursued, these provide a credible pathway to addressing the Group's funding requirements. However, there can be no certainty as to the timing, terms, value or outcome of the funding initiatives nor the wider strategic initiatives.

The Directors believe that it remains appropriate to prepare the financial information on a going concern basis. However, they acknowledge that material uncertainties exist which may cast significant doubt on the Group's ability to continue as a going concern.

The financial information does not include any adjustments that would result if the going concern basis of preparation were no longer considered appropriate

Further information in relation to going concern, including the assumptions and uncertainties considered by the Directors, can be found in Note 3 of the unaudited consolidated financial information.

Executing our Strategic Review

A key focus during the period was the completion of the comprehensive strategic review initiated in 2025 following my appointment as CEO from August 2025. This review assessed the Group's positioning, operating model and future growth opportunities. As a result, as disclosed in our 2025 Full Year Results announcement on 29 April 2026, we have refined our strategic vision and evolved from a business model centred primarily on research and development and out-licensing towards a hybrid R&D and commercial model. This approach is designed to give Futura greater influence over product positioning, customer engagement and value creation across its portfolio, with the aim of providing higher and more sustainable net margins.

The strategic review has also reinforced our belief in the strength of our broader pipeline. Alongside Eroxon®, we have continued to progress both Eroxon® Intense and our WSD4000 female sexual health programme, each of which addresses sizeable and underserved markets.

Eroxon®: Strengthening the Commercial Proposition

Eroxon® remains the cornerstone of our commercial strategy. Eroxon® is the first clinically proven topical treatment for erectile dysfunction to achieve over-the-counter status in major international markets. Additionally, Eroxon® is the only FDA-cleared and drug-free, clinically proven treatment for erectile dysfunction, a key differentiator compared to competitors. It is estimated that erectile dysfunction affects hundreds of millions of men globally, with a significant proportion suffering from mild to moderate symptoms for which Eroxon® is specifically positioned. Within the US alone, it is estimated that 24.2% of US men have some form of erectile dysfunction¹.

Eroxon® Intense is a new formulation of Eroxon® which is designed to have a faster and stronger sensorial action. Marketing feedback with Eroxon® has shown that whilst the majority of men are satisfied with the effect of the current product, a faster and stronger sensation emphasising a stronger onset of action would be beneficial. We have recently completed all technical and regulatory work required to support commercial launch under the Company's existing CE certification in accordance with the EU Medical Device regulations (MDR2017/745) together with UKCA (UK Conformity Assessment) certification and expect to receive US FDA clearance in Q4 2026.

During the period, we continued working with existing and potential commercial partners in order to expand further the product's international footprint with Eroxon®. At the same time, we undertook a detailed assessment of the factors influencing consumer adoption, including product positioning, usage patterns and marketing communications. These learnings have informed a more targeted approach aimed at improving market penetration, consumer engagement and repeat purchase.

Eroxon® distributor sales into the market (in-market sales) provide management with a more accurate view of how Eroxon® sales are performing than Futura's periodic sales to distributors (sales revenues). Over the four quarters to June 2026, the in-market sales across USA, Mexico, Europe and Middle East have begun to show greater stability as the product moves out of its early launch phase.

In March, we announced positive results from Home User Testing of both the current Eroxon® formulation and Eroxon® Intense. The findings provided valuable consumer insights and increased our confidence in our revised commercial strategy, particularly our focus on men with mild-to-moderate erectile dysfunction and especially those up to around 60 years of age. The research also supports our ongoing work to optimise positioning across the portfolio and maximise consumer appeal.

In June, we completed an important repositioning of our US commercial strategy for Eroxon®, agreeing the return of full US commercial rights from Haleon and appointing MPG, a leading omnichannel commerce agency, as our new US distribution partner. This transition is consistent with the conclusions of our strategic review and our move towards a hybrid R&D and commercial model, allowing Futura to take a more active role in the strategic management of the brand while leveraging MPG's extensive retail, eCommerce and consumer healthcare expertise. We believe this structure provides greater commercial flexibility, improved insight into market performance and stronger long-term economics through enhanced participation in future sales growth, while ensuring continuity of supply and retailer relationships in one of the world's largest erectile dysfunction markets.

Protecting and extending our intellectual property remains a strategic priority. During the period, we secured important patent milestones for Eroxon®, including patent protection in both the United States and China through to 2040. These achievements strengthen the long-term value of our platform, enhance our competitive position and provide greater certainty for current and future commercial partners.

WSD4000: Advancing the development

WSD4000 is the project name for the Company's female sexual health portfolio, starting with the creation of a range of topical gels under its unique platform technology designed to treat impaired sexual response or function (sexual dysfunction) in women. Currently, no known regulatory approved topical treatments for sexual dysfunction in women are available over the counter in any major market, with the Company estimating that 60% of women have experienced at least one symptom of impaired sexual response and sexual function in the last 12 months, and that only 1 in 4 women seek professional help².  Therefore, WSD4000 has the potential to create effective, breakthrough treatments for the common symptoms associated with sexual dysfunction, such as lack of desire, impaired arousal, lubrication, orgasm and sexual satisfaction in various groups such as pre- and post-menopausal women.

In January, we reported positive results from the Early Feasibility Study for WSD4000. The study demonstrated clear positive trends and provided evidence that the product has the potential to deliver meaningful improvements in symptoms experienced by women. These findings supported our decision to continue advancing the programme.

Further momentum was generated in June when we announced highly positive data from additional WSD4000 studies. The Home User Test, which evaluated the product in 228 pre-, peri- and post-menopausal women over four weeks, demonstrated strong levels of user satisfaction and meaningful improvements across multiple aspects of sexual function, with 81% of participants reporting an improvement in overall sexual function and 78% reporting a more satisfying sexual experience. Improvements were observed across key measures including lubrication, genital sensation, arousal and orgasm, while the vast majority of participants responded positively to the product's sensory characteristics. Overall, 68% of women rated the product 4 or 5 stars. We also reported positive results from a placebo-controlled crossover study of WSD4000 in 33 women, designed to support the optimisation of our planned pivotal clinical programme. The study demonstrated that WSD4000 was statistically superior to placebo across key measures including arousal, genital sensation and lubrication at all measured time points, providing robust evidence of the product's efficacy.

Collectively, these results, from the HUT and Placebo studies, further strengthened our confidence in the programme and reinforced the significant commercial opportunity that exists within female sexual health, an area that remains underserved despite substantial consumer need.

Outlook

We believe the commercial and development milestones achieved in recent months have strengthened the foundations and reduced uncertainty surrounding the business. We are focused on supporting the commercial growth of Eroxon®, advancing Eroxon® Intense and progressing WSD4000 towards its next development milestones.

As I have previously stated, the question that remains central to our decision-making is: 'what will provide the best outcome and return for our shareholders?' This principle underpins the strategic decisions taken by the management team and the Board as we continue to assess the opportunities available to the Group.

Alex Duggan

Chief Executive Officer

¹J Sex Med. 2024 Mar 28;21 (4) 296-303

² Market Research conducted by IPSOS in the USA in 2024 amongst 1,003 women

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026

		Unaudited 6 months ended 30 June             2026	Unaudited 6 months ended 30 June          2025	Audited  year  ended 31 December              2025
	Notes	£	£	£
Revenue	4	1,621,524	1,001,154	1,696,660
Cost of Goods		(116)	(758,036)	(456,707)
Gross profit		1,621,408	243,118	1,239,953
Research and development costs		(729,856)	(761,740)	(1,868,014)
Administrative expenses - Pre-exceptional costs		(2,187,922)	(2,642,533)	(4,682,827)
Administration expenses- Exceptional costs		-	(4,053,000)	(4,053,000)
Total administrative expenses		(2,187,922)	(6,695,533)	(8,735,827)
Other Operating Income		100,000	-	255,000
Operating (loss)/profit		(1,196,369)	(6,724,155)	(9,108,888)
Finance income		15,219	38,190	38,190
(Loss)/profit before tax		(1,181,151)	(6,685,965)	(9,070,698)
Taxation		-	100,000	-
Total comprehensive (loss)/profit for the period attributable to owners of the parent company		(1,181,151)	(6,585,965)	(9,070,698)
Basic (loss)/profit per share (pence)	5	(0.20)	(2.17)	(2.78)
Diluted (loss)/profit per share (pence)	5	(0.20)	(2.17)	(2.78)

Consolidated Statement of Financial Position

As at 30 June 2026

		Unaudited    30 June          2026	Unaudited    30 June          2025	Audited 31 December          2025
	Notes	£	£	£
Assets
Non-current assets
Property, plant and equipment		692,378	807,605	747,528
Total non-current assets		692,378	807,605	747,528
Current assets
Inventories		79	33,710	260
Trade and other receivables	7	1,859,930	856,959	814,608
Current tax asset		355,000	100,000	255,000
Cash and cash equivalents	8	1,244,158	3,689,549	3,401,631
Total current assets		3,459,167	4,680,218	4,471,499
Liabilities
Current liabilities
Trade and other payables	9	(1,392,458)	(1,589,394)	(1,659,939)
Provisions	10	(509,038)	(509,038)	(509,038)
Total current liabilities		(1,901,496)	(2,098,432)	(2,168,977)
Net current assets		1,557,671	2,581,787	2,302,522
Non-current liabilities Contract liabilities (long-term)		(244,851)	(342,588)	(244,851)
Provisions		-	-	-
Total non-current liabilities		(244,851)	(342,588)	(244,851)
Total liabilities		(2,146,347)	(2,441,020)	(2,413,828)
Total net assets		2,005,198	3,046,803	2,805,199
Capital and reserves attributable to owners of the Parent Company
Share capital	12	1,162,655	607,659	1,162,655
Share premium		72,845,717	71,269,186	72,845,717
Merger reserve		1,152,165	1,152,165	1,152,165
Warrant reserve		216,563	-	216,563
Retained losses		(73,371,902)	(69,982,207)	(72,571,901)
Total equity		2,005,198	3,046,803	2,805,199

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2026

		Share Capital	Share Premium	Merger Reserve	Warrant Reserve	Retained Losses	Total Equity
	Note	£	£	£	£	£	£
At 1 January 2025 - audited		607,407	71,235,261	1,152,165	-	(64,032,002)	8,962,831
Total comprehensive loss for the period		-	-	-	-	(6,585,965)	(6,585,965)
Share-based payment		-	-	-	-	635,760	635,760
Shares issued during the period		252	33,925	-	-	-	34,177
Transactions with owners		252	33,925	-	-	635,760	669,937
At 30 June 2025 - unaudited		607,659	71,269,186	1,152,165	-	(69,982,207)	3,046,803
Total comprehensive loss for the period		-	-	-	-	(2,484,733)	(2,484,733)
Share-based payment		-	-	-	-	(104,961)	(104,961)
Shares issued during the period		554,996	1,576,531	-	-	-	2,131,527
Warrants issued		-	-	-	216,563	-	216,563
Transactions with owners		554,996	1,576,531	-	216,563	(104,961)	2,243,129
At 31 December 2025 - audited		1,162,655	72,845,717	1,152,165	216,563	(72,571,901)	2,805,199
Total comprehensive loss for the period		-	-	-	-	(1,181,151)	(1,181,151)
Share-based payment	13	-	-	-	-	381,148	381,148
Shares issued during the period		-	-	-	-	-	-
Transactions with owners		-	-	-	-	381,148	381,148
At 30 June 2026 - unaudited		1,162,655	72,845,717	1,152,165	216,563	(73,371,902)	2,005,198

Consolidated Statement of Cash Flows

For the six months ended 30 June 2026

	Unaudited      6 months           ended         30 June                2026	Unaudited       6 months               ended         30 June                 2025	Audited year  ended    31 December               2025
	£	£	£
Cash flows from operating activities
Loss before tax	(1,181,151)	(6,685,965)	(9,070,697)
Adjustments for:
Depreciation	55,918	62,002	121,991
Profit on disposal of fixed assets	-	-	88
Finance income	(15,219)	(38,190)	(38,190)
Foreign exchange differences		-	-
Provisions - Inventory write down	-	490,000	490,000
Impairment losses	-	-	3,220,000
Taxation credit	-	-	(255,000)
Share-based payment charge	381,148	635,760	530,799
Cash flows used in operating activities before changes in working capital	(759,304)	(2,316,393)	(5,001,010)
Decrease in inventories	(180)	(67,804)	(34,355)
(Increase)/decrease in trade and other receivables	(1,145,322)	1,591,506	1,633,857
Decrease in trade and other payables	(267,481)	(2,186,328)	(2,213,520)
Cash used in operations	(2,172,287)	(2,979,019)	(5,615,027)
Income tax received	-	-	-
Net cash used in operating activities	(2,172,287)	(2,979,019)	(5,615,027)
Cash flows from investing activities
Purchase of plant and equipment	-	-	-
Interest received	15,219	38,190	38,190
Cash generated by investing activities	15,219	38,190	38,190
Cash flows from financing activities
Issue of ordinary shares	-	23,230	2,789,174
Expenses paid in connection with share issues	-	-	(406,906)
Cash generated by financing activities	-	23,230	2,382,268
Decrease in cash and cash equivalents	(2,157,068)	(2,906,652)	(3,194,570)
Cash and cash equivalents at beginning of period	3,401,631	6,596,201	6,596,201
Net foreign exchange differences	(405)	-	-
Cash and cash equivalents at end of period	1,244,158	3,689,549	3,401,631

Notes to the Consolidated Interim Financial Statements

For the six months ended 30 June 2026

1.         Corporate information

The interim condensed consolidated financial statements of Futura Medical plc and its subsidiaries (the "Group") for the six months ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 28 August 2026. Futura Medical plc (the "Company") is a public limited company incorporated and domiciled in the United Kingdom and whose shares are publicly traded on the AIM Market of the London Stock Exchange. The registered office is located at Surrey Technology Centre, 40 Occam Road, Guildford, Surrey, GU2 7YG.

The Group is principally engaged in the development and sale of pharmaceutical and consumer healthcare products.

2.         Accounting policies

The accounting policies applied in these interim financial statements are consistent with those of the annual financial statements for the year end 31 December 2025, as described in those financial statements except for the new accounting policies described below.

These condensed interim consolidated financial statements for the six months ended 30 June 2026 and for the six months ended 30 June 2025 do not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 and are unaudited.

The Group's financial information for the year ended 31 December 2025 has been extracted from the financial statements of the statutory accounts ("Annual Report") of Futura Medical plc, which were prepared by the Directors in accordance with UK-adopted International accounting standards ("IFRS") in conformity with the requirements of the Companies Act 2006 that were applicable for the year ended 31 December 2025 and does not constitute the full statutory accounts for that period. The Annual Report for 2025 has been filed with the Registrar of Companies. The Independent Auditor's Report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006; though it did include a reference to a matter to which the Independent Auditor drew attention by way of emphasis without qualifying their report in relation to going concern. It does not comply with IAS 34 Interim financial reporting, as is permissible under the rules of AIM.

New Accounting Policies

During the prior period, the Group introduced new accounting policies in accordance with IFRS to enhance the presentation of exceptional items.

The Group separately presents exceptional items, being material income or expenses arising from events or transactions that are unusual in nature or infrequent in occurrence. These items are recognised in accordance with IFRS and disclosed to provide users with a clearer understanding of the underlying operating performance. The adoption of this presentation has no impact on comparative figures.

3.         Estimates and judgements

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires management to make certain estimates, assumptions and judgements that affect the application of accounting policies and the reported amounts of assets and liabilities and the reported amounts of income and expenses in the period.

Critical accounting estimates, assumptions and judgements are continually evaluated by the Directors based on available information and experience. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates.

Going concern

The Group incurred a loss before tax of £1.18 million for the six months ended 30 June 2026 and had cash and cash equivalents of £1.24 million at that date.

The Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these condensed interim financial statements. In preparing these forecasts, the Directors have considered the Group's current cash position, expected revenues and operating expenditure, committed expenditure and the costs associated with progressing the Group's existing assets and maintaining its ongoing operational, regulatory and other obligations.

Based on the Group's existing cash resources and without any additional funding, the Group is currently expected to have sufficient cash to continue its operations until approximately October 2026. The Group will therefore require additional funding in the near term in order to continue to meet its obligations as they fall due and to continue its operations throughout the going concern assessment period.

The Board is actively progressing funding initiatives and wider strategic options with the objective of strengthening the Group's financial position and realising value from its assets.

The Directors have also considered downside scenarios and the mitigating actions available to the Group. The Board continues to closely manage the Group's cash resources and expenditure and will take such actions as it considers appropriate in light of the Group's cash position and the progress of the funding and wider strategic options being pursued.

The Board is confident that the funding initiatives being progressed will strengthen the Group's near-term cash position and extend its cash runway and that, together with the wider strategic options being pursued, these provide a credible pathway to addressing the Group's funding requirements. However, there can be no certainty as to the timing, terms, value or outcome of the funding initiatives nor the wider strategic initiatives, nor that sufficient cash resources will ultimately be available throughout the going concern assessment period.

Accordingly, notwithstanding the progress being made in relation to near-term funding, the Group will require further cash resources during the going concern assessment period. The requirement for such additional cash resources, together with the uncertainty over the timing and outcome of the wider strategic initiatives being pursued by the Board, represents material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern.

Despite these material uncertainties, having considered the Group's current financial position, cash flow forecasts, available mitigating actions, the progress made in relation to near-term funding and the wider strategic initiatives being pursued, the Directors have a reasonable expectation that the Group will have access to sufficient cash resources to continue in operational existence for the foreseeable future. Accordingly, the Directors consider it appropriate to prepare the condensed interim financial statements on a going concern basis.

The condensed interim financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern.

Share-based payments

The Group operates equity-settled share-based payment arrangements for certain employees and Directors. During the period, awards were granted under the Company's one-year Special Long-Term Incentive Plan ("Special LTIP").

The fair value of the Special LTIP awards was determined at the grant date using a Monte Carlo valuation methodology, reflecting the market-based performance conditions attaching to the awards. The valuation requires the use of assumptions and estimates, including expected share price volatility, the risk-free interest rate and expected dividend yield.

The share-based payment expense recognised during the period comprises the charge in respect of the Special LTIP together with charges relating to awards granted in prior periods which continued to vest during the period.

4.         Segment reporting

The Group is focused on the development and commercialisation of Eroxon® and therefore operates as one segment. The Group derives revenue from the transfer of goods and services over time and at a point in time in the following geographical split:

Unaudited    30 June          2026   Unaudited    30 June          2025 Audited 31 December          2025                £                £               £ EU and UK -  504,293 885,233 USA 1,614,614 468,621 735,848 Rest of world 6,910  28,240  75,579  1,621,524  1,001,154  1,696,660 Revenue recognised in the USA during the six months ended 30 June 2026 includes £1.4 million arising from the settlement agreement with Haleon announced on 29 June 2026. The settlement brought to a conclusion certain outstanding commercial matters relating to the previous US licensing arrangements with Haleon and has been recognised as revenue during the period. Excluding the amount recognised in respect of the Haleon settlement, underlying revenue for the six months ended 30 June 2026 was £0.21 million, principally comprising royalty income from US sales of Eroxon®. Revenue from the EU and UK was nil during the period as commercial partners continued to sell through inventory purchased in prior periods. The Group's revenue recognised at a point in time and over time was as follows:
Unaudited    30 June          2026   Unaudited    30 June          2025 Audited 31 December          2025                £                £               £ Revenue recognised at a point in time  1,621,524 1,001,154 1,598,923 Revenue recognised over time  -   - 97,737  1,621,524 1,001,154 1,696,660

5.         Profit/loss per share (pence)

The Group reports basic and diluted earnings per common share. Basic earnings per share is calculated by dividing the profit attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is determined by adjusting the profit/(loss) attributable to common shareholders by the weighted average number of common shares outstanding, taking into account the effects of all potential dilutive common shares, including share options and the issue of shares under the long-term incentive share option scheme to the extent that they are deemed to be issued for no consideration in accordance with IAS 33.

Where a loss is attributable to equity holders of the Group, the calculation of the fully diluted loss per share is identical to that used for calculating the basic loss per share. The exercise of share options, or the issue of shares under the long-term incentive share options scheme, would have the effect of reducing the loss per share and is therefore anti-dilutive under the terms of IAS 33 'Earnings per Share'.

	Unaudited    30 June          2026	Unaudited    30 June          2025	Audited 31 December          2025
	£	£	£
Total comprehensive income attributable to the owners of the company	(1,181,154)	(6,585,965)	(9,070,698)
Weighted average number of shares	581,327,755	303,820,626	325,965,606
Basic profit/(loss) per share (pence)	(0.20)	(2.17)	(2.78)

6.         Plant and equipment

	Computer Equipment	Furniture & Fittings	Total
Cost	£	£	£
At 1 January 2025	4,456,072	70,775	4,526,847
Additions	-	-	-
Disposals	-	(88)	(88)
Balance at 31 December 2025 (audited)	4,456,072	70,687	4,526,759
Additions	-	768	768
Disposals	-	-	-
Impairment of assets under construction	-	-	-
Balance at 30 June 2026 (unaudited)	4,456,072	71,455	44,527,527
Depreciation
At 1 January 2025	372,840	64,400	437,240
Eliminated on disposals	-	-	-
Impairment	3,220,000	-	3,220,000
Charge for year	120,263	1,728	121,991
Balance at 31 December 2025 (audited)	3,713,103	66,128	3,779,231
Eliminated on disposals	-	-	-
Charge for year	55,176	741.90	55,918
Balance at 30 June 2026 (unaudited)	3,768,279	66,870	3,835,149
Net book value
At 30 June 2026	687,793	4,585	692,378
At 31 December 2025	742,969	4,559	747,528

7.         Trade and other receivables

	Unaudited    30 June          2026	Unaudited    30 June          2025	Audited 31 December          2025
	£	£	£
Amounts receivable within one year:
Trade receivables	1,433,117	507,969	323,597
Other receivables	7,588	121,237	-
Financial assets	1,440,705	629,206	323,597
Prepayments and accrued income	342,365	227,753	430,8791
VAT receivable	73,860	-	60,132
	1,856,930	856,959	914,608

Trade and other receivables do not contain any impaired assets. The Group does not hold any collateral as security and the maximum exposure to credit risk at the Consolidated Statement of Financial Position date is the fair value of each class of receivable.

8.         Cash and cash equivalents

	Unaudited    30 June          2026	Unaudited    30 June          2025	Audited 31 December          2025
	£	£	£
Cash at bank and in hand	1,244,158	3,689,549	3,401,631
	1,244,158	3,689,549	3,401,631

9.         Trade and other payables

	Unaudited 30 June          2026	Unaudited 30 June          2025	Audited 31 December 2025
	£	£	£
Trade payables	592,904	796,351	562,114
Social security and other taxes	49,089	65,517	74,267
Contract liability	97,737	440,325	97,737
Accrued expenses	652,728	630,089	925,821
	1,392,458	1,931,982	1,659,939

10.       Provisions

At 30 June 2026, the Group recognised provisions of £509,038 (31 December 2025: £509,038), principally relating to contractual minimum order commitments, with no movement in the provision during the period.

11.       Related party transactions

Related parties, as defined by IAS 24 'Related Party Disclosures', are the wholly owned subsidiary companies: Futura Medical Developments Limited and Futura Consumer Healthcare Limited and the Board. Transactions between the Company and the wholly owned subsidiary companies have been eliminated on consolidation and are not disclosed

12.       Share capital

Authorised	30 June          2026		30 June          2025	31 December 2025	30 June          2026	30 June         2025	31 December 2025
	Number	Number		Number	£	£	£
Ordinary shares of 0.2 pence each	500,000,000	500,000,000		500,000,000	1,000,000	1,000,000	1,000,000

Allotted, called up and fully paid	30 June          2026	30 June          2025	31 December 2025	30 June          2026	30 June         2025	31 December 2025
	Number	Number	Number	£	£	£
Ordinary shares of 0.2 pence each	581,327,755	303,829,684	581,327,755	1,162,655	607,659	1,162,655

  The number of issued ordinary shares as at 1 January 2026 was 581,327,755 and no shares were issued during the period ending 30 June 2026

13.       Share-based payments

The Group operates equity-settled share-based payment arrangements for certain employees and Directors.

On 15 January 2026, the Company granted 58,806,047 options under a one-year Special Long-Term Incentive Plan ("Special LTIP"). The Special LTIP was introduced as a one-year incentive arrangement in place of cash bonus arrangements for the relevant participants.

The options have an exercise price of 0.2 pence per share and are subject to share price performance conditions measured over the one-year performance period ending 31 December 2026. One-third of the options are eligible to vest on achievement of a 2 pence share price threshold, two-thirds on achievement of a 3 pence share price threshold and 100% on achievement of a 4 pence share price threshold, subject to the detailed terms and conditions of the Special LTIP.

The fair value of the Special LTIP awards was determined at the grant date in accordance with IFRS 2 Share-based Payment using a Monte Carlo valuation methodology, reflecting the market-based performance conditions attaching to the awards.

The total share-based payment charge recognised during the six months ended 30 June 2026 was £381,148 (six months ended 30 June 2025: £635,760; year ended 31 December 2025: £530,799). The charge is non-cash and comprises the charge arising in respect of the Special LTIP together with charges relating to share-based awards granted in prior periods which continued to vest during the period.

14.       Post -period balance sheet events

Following the period end, the Company received correspondence from a former adviser in relation to amounts it alleges are payable under a historic advisory agreement in connection with the termination of the Company's agreement with Haleon.

The Company disputes the basis and quantum of the amounts asserted and has taken external legal advice. Having considered that advice, together with credits arising from amounts previously paid to the adviser, the Board does not currently expect the matter to result in a material cash outflow for the Group. Discussions remain ongoing.

 

END