Strong Revenue Growth
Revenue for H1 FY26 was GBP 3.9m, a 23% increase versus H1 FY25, ahead of the company's 15% full-year growth guidance.
Record Order Book and Visibility
Order book reached GBP 18.1m (record), up 31% since the end of FY25 and 38% versus H1 FY25; book-to-bill ratio of 1.75. The order book covers approximately 95% of FY26 revenue guidance (GBP 7.5m), providing strong near-term revenue visibility.
Improved Margins and Operational Leverage
Gross margin improved to 53% in H1 FY26, driven by higher revenue volume, favorable sales mix and more Phase II/III work with higher automated-analysis content that yields higher margins.
Reduced EBITDA Loss and Pathway to Profitability
EBITDA loss narrowed to GBP 0.5m for H1 FY26 (reduction on prior periods) despite continued investment; management targets sustainable profitability and positive cash generation by 2029.
Successful Capital Raise Strengthens Balance Sheet
Completed a GBP 10m capital raise (slightly oversubscribed) with net proceeds of GBP 9.4m. Cash at period end was GBP 1.7m and increased to GBP 10.8m at end-April after the raise, enabling planned technology and commercial investments.
Strategic Partnership with Medidata
Entered a collaboration with Medidata (Dassault) to integrate IXI analytics with the Rave platform — a channel to scale through a partner that serves ~80% of FDA-approved drug development programs, validating productization strategy.
Product and Tech Roadmap (TechBio Strategy)
Launched a TechBio roadmap to productize the IXI platform (AI-native, cloud-based on Microsoft Azure), target 2–3 commercially validated products by year-end, pursue SaaS/licensing/recurring revenue, and plan regulatory pathway toward software-as-a-medical-device (18+ month timeline once started).
Commercial and Scientific Momentum
Pipeline diversification with Alzheimer's representing ~50% of pipeline volume; order book composition includes ~20% Alzheimer’s, increased Phase II/III projects, six new KOL endorsements (including Michael J. Fox Foundation support) and expanded US commercial presence (CCO based in Boston).