Northern Ireland contract research organisation narrows losses to £1.1m as revenue rises to £2.1m
Belfast’s Fusion Antibodies reports revenue growth and stronger cash position despite challenging market conditions
Operating losses have narrowed at Belfast-based contract research organisation Fusion Antibodies despite increased investment in research and development.
The AIM-listed company reduced its operating loss from £1.6m to £1.1m in the year to March 31, 2026.
Revenue increased from £1.97m to £2.1m during the year, while the company also reported a significant improvement in gross margin and a stronger cash position.
The revenue figure included £872,000 in other operational revenue, principally from the Future Medicines Institute grant programme, compared with £151,000 in the previous year.
Adrian Kinkaid, chief executive of Fusion Antibodies, said the business had made “important progress” during the financial year despite continued challenging market conditions.
He said: “We had revenue growth, a significant improvement in gross margin and a stronger cash position, despite the continued challenging market environment.
“I am particularly encouraged by the improvement in our service revenues during the second half and the increasing engagement we are seeing from larger organisations, which supports our strategy of building a broader and more resilient customer base.”
Mr Kinkaid said the company had also continued to make progress in its scientific programmes.
“The launch of OptiMAL® was a major milestone and the positive validation work with the NCI gives us increasing confidence in the platform and its commercial potential,” he explained.
“We have also demonstrated our ability to create value from our expertise and intellectual property through the Finn Therapeutics agreement, while our grant funded programmes, including DR5, continue to generate valuable technologies, assets and supporting data.”
Since the year end, Fusion Antibodies said it had made further progress with its DR5 programme and strengthened international patent protection around its Opti library technology.
“While market conditions remain challenging, we believe Fusion now has a differentiated and increasingly comprehensive technology offering from which to build, with our focus firmly on converting our scientific progress and growing pipeline into sustainable commercial growth,” Mr Kinkaid added.