Fusion Antibodies Plc (FAB) AI Stock Analysis

• Market Cap: £17.19M
• Dividend Yield: N/A
• Average Volume (3M): 1.16M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.60
• Revenue Growth: -11.43%
• EPS Growth: 23.40%
• Country: UK
• Employees: 27
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 125,021,880
• 10 Day Avg. Volume: 2,164,859
• 30 Day Avg. Volume: 1,162,225
• PEG Ratio: 0.06
• Price to Book (P/B): 8.81
• Price to Sales (P/S): 3.00
• P/FCF Ratio: -4.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: 15.50p ▲(6.90% Upside)
• Action: Reiterated Date: 12/20/25
• Date: Action: Reiterated 12/20/25

Fusion Antibodies Plc's overall stock score is primarily impacted by its weak financial performance and concerning valuation. While there is some technical momentum, the negative P/E ratio and lack of profitability are significant risks. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Outsourced CRO business model

A fee-for-service CRO model sells project-based R&D to biotech and pharma, providing diversified client revenue and lower fixed-asset needs. This asset-light model supports scalable service growth and repeatable project pipelines, offering durable revenue visibility over months.

Low leverage / stable capital structure

Minimal debt reduces financial risk and interest burden, preserving flexibility to fund operations or invest via equity or internal cash. A ~50% equity ratio indicates a stable solvency base, which helps the company withstand episodic revenue dips without immediate refinancing pressure.

Improving gross margin and revenue

A rebound in revenue combined with a higher gross margin suggests improved service mix, pricing, or operational efficiency. If sustained, these trends can drive operating leverage and narrow losses, supporting a multi-month path toward break-even at the operating level.

Negative Factors

Deeply negative return on equity

An ROE of -256% signals severe and persistent losses that erode shareholder equity, reducing ability to self-fund growth and increasing likelihood of dilution or external capital needs. This structural profitability gap limits strategic flexibility over the medium term.

Negative operating cash flow

Core operations currently consume cash rather than generate it, constraining internal funding for projects, payroll and capital requirements. Persistent negative OCF forces reliance on financing or equity raises, a durable risk that can impair execution and strategic investments.

Severe net and EBIT margin deficits

Extremely negative EBIT and net margins show the business currently cannot cover operating fixed costs from revenues. Without structural cost reduction or higher-margin contracts, the company faces long-term profitability barriers that threaten sustainability and growth plans.

Fusion Antibodies Plc Business Overview & Revenue Model

Company Description

Fusion Antibodies Plc (FAB) is a biotechnology company specializing in the development and production of fully human monoclonal antibodies. The company operates primarily in the life sciences sector, providing a range of services including antibody discovery, engineering, and development. Fusion Antibodies focuses on offering tailored solutions to pharmaceutical and biotechnology companies, helping them accelerate their drug discovery processes and enhance the efficacy of therapeutic antibodies.

How the Company Makes Money

Fusion Antibodies generates revenue through multiple streams, primarily by providing contract research services for antibody discovery and development. The company charges clients for its bespoke services, which include the generation of fully human antibodies using its proprietary technologies. Additionally, Fusion Antibodies may earn revenue through partnerships and collaborations with larger pharmaceutical companies, which can involve milestone payments and royalties on future product sales. The company's focus on high-quality, innovative solutions positions it to capitalize on the growing demand for monoclonal antibodies in therapeutic applications, further enhancing its revenue potential.

Fusion Antibodies Plc Financial Statement Overview

Summary

Fusion Antibodies Plc is experiencing financial difficulties with ongoing losses and cash flow challenges. Despite a positive revenue growth rate, the company faces significant profitability issues, as indicated by negative net profit margins and return on equity. The low leverage provides some financial stability, but overall, the financial performance is weak.

Income Statement

Fusion Antibodies Plc has shown a positive revenue growth rate of 9.05% in the latest year, indicating some recovery in sales. However, the company continues to face significant profitability challenges, with negative net profit margins (-87.18%) and EBIT margins (-87.84%). The gross profit margin has improved to 21.88%, but the company remains unprofitable at the net level, reflecting ongoing operational difficulties.

Balance Sheet

The balance sheet of Fusion Antibodies Plc shows a low debt-to-equity ratio of 0.03, indicating minimal leverage, which is a positive aspect. However, the return on equity is significantly negative (-256.05%), reflecting substantial losses relative to shareholder equity. The equity ratio stands at 50.56%, suggesting a stable capital structure, but the negative ROE highlights profitability issues.

Cash Flow

The cash flow statement reveals a challenging situation with negative operating cash flow and free cash flow. Although there is a slight improvement in free cash flow growth (17.14%), the operating cash flow to net income ratio is negative (-2.19), indicating cash flow difficulties. The free cash flow to net income ratio is slightly positive (1.01), suggesting some alignment between cash flow and reported earnings, but overall cash generation remains weak.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	1.60M	1.97M	1.14M	2.90M	4.80M	4.17M
Gross Profit	290.00K	430.00K	-265.00K	202.00K	1.72M	1.31M
EBITDA	-1.36M	-1.62M	-2.06M	-2.48M	-573.00K	-532.00K
Net Income	-1.47M	-1.71M	-2.23M	-2.60M	-1.20M	-2.90M
Balance Sheet
Total Assets	1.81M	1.32M	2.42M	2.06M	4.92M	5.83M
Cash, Cash Equivalents and Short-Term Investments	252.00K	359.00K	1.20M	195.00K	2.05M	2.69M
Total Debt	671.00K	20.00K	43.00K	75.00K	69.00K	230.00K
Total Liabilities	1.09M	654.00K	627.00K	939.00K	1.23M	1.08M
Stockholders Equity	726.00K	669.00K	1.79M	1.12M	3.68M	4.75M
Cash Flow
Free Cash Flow	-1.26M	-1.37M	-1.77M	-1.87M	-591.00K	-1.52M
Operating Cash Flow	-1.19M	-1.36M	-1.77M	-1.75M	-333.00K	-1.15M
Investing Cash Flow	-69.00K	-5.00K	1.00K	-114.00K	-258.00K	-365.00K
Financing Cash Flow	1.07M	529.00K	2.77M	7.00K	-46.00K	2.67M

Fusion Antibodies Plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FAB, the sentiment is Negative. The current price of 14.5 is below the 20-day moving average (MA) of 14.65, above the 50-day MA of 14.29, and above the 200-day MA of 12.54, indicating a neutral trend. The MACD of -0.15 indicates Positive momentum. The RSI at 41.74 is Neutral, neither overbought nor oversold. The STOCH value of 40.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:FAB.

Fusion Antibodies Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BVXP	75 Outperform	£79.68M	10.67	64.40%	8.33%	-3.61%	-6.35%
APTA	52 Neutral	£23.60M	-6.25	-213.66%	―	39.88%	81.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SCLP	48 Neutral	£135.95M	-24.72	―	―	―	-94.12%
GENF	47 Neutral	£9.38M	-3.80	-648.46%	―	―	―
FAB	44 Neutral	£17.19M	-9.55	-164.37%	―	-11.43%	23.40%
AVCT	42 Neutral	£271.19M	―	―	―	―	―

Fusion Antibodies Plc Corporate Events

Rathbones Takes 7.74% Stake in Fusion Antibodies

Fusion Antibodies plc reported that Rathbones Investment Management Ltd, through Rathbones Nominees Limited, has built a holding of 9,679,837 ordinary shares in the company, equivalent to approximately 7.74% of its issued share capital. The increased stake by a well-known institutional investor signals a notable level of support for Fusion Antibodies’ strategy in the expanding antibody therapeutics and diagnostics market and may be interpreted by stakeholders as a vote of confidence in the company’s growth prospects and positioning within the sector.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Confirms Total Voting Rights at 125 Million Shares

Fusion Antibodies plc has confirmed that its issued share capital consists of 125,021,878 ordinary shares of 4 pence each, all carrying one voting right and with none held in treasury, establishing the total number of voting rights currently in the company. This figure provides the reference denominator for shareholders to assess and report any notifiable holdings or changes in their interests under UK disclosure and transparency rules, offering clarity on the company’s capital structure and supporting regulatory compliance for investors.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Pays Executive Bonuses in Shares as Part of Cost-Conscious Strategy

Fusion Antibodies plc has issued 308,720 new ordinary shares to chief executive Adrian Kinkaid and chief scientific officer Richard Buick in lieu of a portion of their bonuses for the year to 31 March 2025, using the 13p issue price set in its recently announced £1.4m fundraise, as the company continues to prioritise cash conservation. Following the share-based awards, which represent part of reduced bonus entitlements and were approved under existing shareholder authorities, Kinkaid and Buick’s holdings rise to 0.83% and 0.90% respectively of the enlarged share capital, with total voting rights increasing to 125,021,878 shares upon admission of the new stock to AIM expected around 30 January 2026, clarifying the ownership base for investors and aligning senior management further with shareholder interests.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Raises £1.4m to Accelerate OptiMAL® Commercial Rollout

Fusion Antibodies plc has conditionally raised approximately £1.4 million before expenses via a non-pre-emptive placing and subscription of just over 11 million new ordinary shares at 13 pence, matching the previous day’s closing bid price. The capital injection, supported by existing and new investors and including a direct subscription by non-executive director Colin Walsh, will fund the accelerated commercial rollout of its newly validated OptiMAL® platform, associated lab equipment, expanded global marketing and broader working capital needs. The fundraising follows successful validation and formal launch of OptiMAL® in collaboration with the US National Cancer Institute and strong early market interest, which has already generated a sales pipeline with potential contract value exceeding £1 million; management argues that raising funds now will allow the company to seize this growth opportunity rather than constrain investment to maintain cash breakeven, potentially strengthening its competitive position in antibody discovery services and underpinning long-term shareholder value.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies in Talks to Extend NCI Collaboration on OptiMAL Platform

Fusion Antibodies has reported that the US National Cancer Institute (NCI) wishes to continue using the company’s OptiMAL® human antibody discovery platform as a frontline technology for a range of targets, following a validation project that ran from late 2023 into this year. NCI has submitted a proposal to extend the existing collaboration agreement to cover screening of several specified targets, and discussions held at a recent industry conference in San Diego explored not only support for immediate screening needs but also potential additional projects that could carry enhanced ownership benefits for Fusion. The company cautioned that negotiations around the expanded programme are expected to run into early 2026 and will be subject to lengthy formal approval processes at the US National Institutes of Health, meaning there is no certainty an extension will be concluded or on what terms, but management framed NCI’s interest as a strong validation of OptiMAL® and an encouraging sign for Fusion’s positioning in antibody discovery services.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Launches OptiMAL® Human Antibody Discovery Platform

Fusion Antibodies plc has officially launched its OptiMAL® Human Antibody Discovery platform, which was unveiled at the Antibody Engineering and Therapeutics conference in San Diego. This platform, protected by a US patent, utilizes a synthetic library of antibody sequences and Mammalian Display technology to discover novel human antibodies, potentially accelerating the development of therapeutic antibodies and strengthening Fusion’s position in the antibody discovery industry.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies to Launch Innovative Antibody Discovery Platform

Fusion Antibodies plc announced the upcoming commercial launch of its OptiMAL® Human Antibody Discovery platform, which integrates its Mammalian Display technology with the Opti-library to discover novel human antibodies. The technology boasts a high transduction efficiency of over 70% and supports large libraries exceeding 10⁹ variants, offering significant advantages over competitor platforms. This development positions Fusion Antibodies as a leader in the pre-clinical antibody discovery industry, potentially enhancing its market presence and stakeholder value.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £15.00 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Reports Progress Amidst Revenue Decline

Fusion Antibodies plc reported a reduction in losses and increased R&D expenditure in its interim results for the first half of FY2026, despite a decrease in revenue compared to the previous year. The company highlighted significant progress with its OptiMAL® platform, including a successful validation project with the National Cancer Institute and the granting of a US patent. The commercial launch of OptiMAL® is on track, with positive feedback from prospective clients, indicating potential for a scalable licensing-based business model. Fusion Antibodies is well-positioned to capitalize on a recovering market and aims to expand its offerings to include additional libraries for diagnostics and veterinary medicine.

The most recent analyst rating on (GB:FAB) stock is a Sell with a £11.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies to Release Interim Results and Host Investor Presentation

Fusion Antibodies plc announced it will release its unaudited interim results for the six months ended 30 September 2025 on 24 November 2025. The company will host an online live presentation for investors on 25 November 2025, providing an opportunity for stakeholders to engage with the management team and receive updates on the company’s business and current trading. This announcement underscores Fusion’s commitment to transparency and investor engagement, potentially impacting its market positioning and stakeholder relations positively.

The most recent analyst rating on (GB:FAB) stock is a Sell with a £11.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

Fusion Antibodies Unveils OptiMAL® Library Video Ahead of December Launch

Fusion Antibodies plc has released a video featuring Dr. Richard Buick, CSO, discussing the science and technology behind their OptiMAL® library, which is set to launch commercially in December 2025. The OptiMAL® library, protected by a US patent, is designed to discover novel human antibodies and is part of the company’s strategy to provide innovative platforms that accelerate drug development, potentially enhancing their market position and offering significant benefits to stakeholders in the pharmaceutical and diagnostic industries.

The most recent analyst rating on (GB:FAB) stock is a Sell with a £11.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.