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Highlights

  • FY2024 revenue rose 31% YoY to GBP 2.9 million; loss narrowed to GBP 14.2 million.
  • Three major pharma assay contracts completed, including for Eisai and AstraZeneca.
  • Cash runway expected into Q1 2026, supported by tax credits and June 2024 fundraising.

ANGLE plc (LSE:AGL), a UK-based liquid biopsy company specializing in circulating tumour cell (CTC) solutions, has released its audited preliminary financial results for the year ended 31 December 2024. The company reported a reduction in operating loss alongside a revenue increase, following operational restructuring and expanded engagement with pharmaceutical clients.

For FY2024, ANGLE reported a 31% increase in revenue, rising to GBP 2.9 million from GBP 2.2 million in FY2023. Operating costs decreased significantly by 27%, totalling GBP 16.9 million, down from GBP 23.3 million the previous year. The net loss for the year narrowed to GBP 14.2 million, or 4.82 pence per share, compared with a loss of GBP 20.1 million in 2023.

A GBP 9.3 million gross fundraising was completed in June 2024. At the end of the year, the company held cash and cash equivalents of GBP 10.4 million, with an additional GBP 2.3 million in R&D tax credits received or anticipated across Q1 and Q3 of 2025.

During the year, ANGLE focused its strategy on engaging large pharmaceutical companies, securing four service agreements. Three of these including contracts with Eisai and AstraZeneca were completed successfully. The company's HER2 assay was used in Eisai’s Phase 2 breast cancer trial and demonstrated the ability to track HER2 status changes. Discussions are ongoing with BlissBio regarding next steps for this assay.

ANGLE also completed two assay development projects for AstraZeneca involving the Androgen Receptor (AR) and DNA Damage Response (DDR) markers. Both have been approved for use in AstraZeneca’s clinical trials. These assays have now been added to ANGLE’s offering for pharmaceutical clients.

Progress was made in developing next-generation sequencing (NGS) assays that analyze both CTC-DNA and ctDNA from a single blood sample, which the company views as a new market opportunity. However, product sales faced headwinds due to regulatory changes from the FDA affecting laboratory-developed tests, as well as a general decline in global research funding.

In 2024, twelve peer-reviewed scientific papers referencing ANGLE’s technologies were published, bringing the total to 104 publications from 42 independent institutions.

ANGLE entered 2025 with a cash runway projected into the first quarter of 2026. The company continues discussions with both existing and potential new clients in the pharmaceutical and diagnostics sectors. Despite a slow start to 2025 revenues due to macroeconomic pressures and funding constraints in research institutions, ANGLE anticipates modest revenue growth over 2024 levels, with potential upside depending on the outcome of active large-scale negotiations.