Fusion Antibodies Plc (FAB) AI Stock Analysis

• Market Cap: £15.63M
• Dividend Yield: N/A
• Average Volume (3M): 1.16M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.35
• 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: 12.00 p ▼(-17.24% Downside)
• 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 antibody CRO business model

A focused CRO model for antibody discovery and engineering aligns with a durable industry trend of biotech/pharma outsourcing specialized R&D. Recurring fee-for-service work and program-based collaborations can provide steady revenue streams and long-term client relationships if technical capabilities are maintained.

Low leverage and stable capital structure

Minimal financial leverage gives the company greater flexibility to manage extended loss periods and invest incrementally in capacity or technology without heavy interest costs. A 0.03 debt-to-equity and ~50% equity ratio reduce refinancing pressure and lower bankruptcy risk over the medium term.

Improving gross margin and revenue recovery

An improving gross margin and recent revenue growth indicate better project mix, pricing or cost control at the operational level. These structural improvements increase the chance of reaching operating leverage as scale grows, making a sustainable path toward profitability more attainable if replicated.

Negative Factors

Deep unprofitability and negative margins

Very large negative margins mean the business burns significant resources on each pound of revenue, undermining reinvestment capacity. Persistent deep losses constrain strategic options, increase reliance on external funding, and make achieving positive shareholder returns difficult without material operational change.

Weak operating cash generation

Negative operating cash flow shows core activities consume cash, forcing dependence on financing to fund operations and R&D. Even with modest free cash flow growth, ongoing cash burn limits the company’s ability to fund expansion or withstand setbacks without dilution or increased leverage over the medium term.

Limited scale and capacity

A small headcount signals limited in-house capacity to run multiple large discovery programs or rapidly scale delivery. Combined with weak profitability and cash flow, limited scale raises execution risk, reduces bargaining power with large pharma partners, and slows the ability to broaden service offerings.

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 primarily makes money by selling fee-for-service R&D work to external customers (typically biotech, pharma, and diagnostics companies). Revenue is generated from contracted projects across antibody discovery and engineering workflows (e.g., producing or optimizing antibodies, performing screening/characterization, and supporting downstream development activities). The company may also earn income through longer-term collaborations where it performs defined R&D milestones for a partner; however, specific milestone, royalty, licensing, or partnership terms are null because they are not available in the provided prompt.

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: Negative
• 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 above the 20-day moving average (MA) of 13.57, above the 50-day MA of 14.09, and above the 200-day MA of 12.87, indicating a bearish trend. The MACD of -0.50 indicates Positive momentum. The RSI at 33.51 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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	£74.45M	18.93	66.44%	8.33%	-3.61%	-6.35%
APTA	52 Neutral	£22.25M	-3.03	-213.66%	―	39.88%	81.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SCLP	48 Neutral	£132.32M	-4.45	90.29%	―	―	-94.12%
GENF	47 Neutral	£10.71M	-1.89	377.33%	―	―	―
FAB	44 Neutral	£15.63M	-9.67	-210.32%	―	-11.43%	23.40%
AVCT	42 Neutral	£319.31M	-1.74	-361.23%	―	―	―

Fusion Antibodies Plc Corporate Events

Fusion Antibodies Chair Adjusts Stake Through Family Share Transfer

Fusion Antibodies plc, a specialist in therapeutic and diagnostic antibody discovery and engineering, has reported an internal share transfer involving its non-executive chair. The company operates integrated antibody development platforms such as OptiMAL and OptiPhage and targets the fast-growing global antibody therapeutics market, which is forecast to approach $500 billion by 2029.

The company disclosed that Non-Executive Chair Simon Douglas has transferred 200,000 ordinary shares to his daughters at no consideration. Following the transaction, he directly holds 861,062 shares, or about 0.69% of the issued share capital, a change that fine-tunes his personal holdings but does not alter overall ownership structure or day-to-day operations.

The most recent analyst rating on (GB:FAB) stock is a Hold with a £15.50 price target. To see the full list of analyst forecasts on Fusion Antibodies Plc stock, see the GB:FAB Stock Forecast page.

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.