Aptamer has provided a first half trading update to 31 December 2023 in which it warns that the current year revenue target of £3m it set with release of its full year results to 30 June 2023 is now expected to be missed. Clear progress has nevertheless been registered since the Group confirmed its £3.6m (gross) fund raise and boardroom changes on 31 July 2023. Presently, it has over £1.4m of signed deals being processed through its laboratories along with c.£1.5m of pipeline opportunities considered to be at an advanced stage while, somewhat further out, two longer-term deals with big pharma could potentially crystalise into ongoing strategic relationships with c.£6m of value.
The principal issue appears to be one of timing. Aptamer’s customer base is one that cannot be hurried, although the extent of high-level interaction encompassing a wide range of industry leaders through to smaller sector innovators suggests it is not a case of ‘if’ but ‘when’ more sizeable uptake of its highly specialised services gets underway. In this respect, it is understood that just one of the larger big pharma contracts presently being negotiated could be transformative for the Group, both financially and in terms of reputation. Moreover, having completed the scaling back of its cost base during the first half while also bolstering its end-January 2024 cash position to £2.1m following receipt of a £0.5m tax credit, Aptamer’s forward runway is presently sufficient to carry it well into the new financial year.