Highlights

  • Cardiogeni reported nil revenue as prior-year licensing income did not recur.
  • The company recorded a GBP 0.53 million loss during the six-month period.
  • A UAE joint venture was established with proposed USD 25 million licence funding.

Cardiogeni plc (LSE:CGNI), a biotechnology company developing cell-based therapies for heart failure, released its unaudited interim results for the six-month period ended 30 September 2025. The reported figures include previously disclosed audited results for the twelve months ended 31 March 2025.

During the interim period, the company recorded zero turnover, compared with GBP 7.75 million for the full year ended 31 March 2025. The prior-year revenue primarily resulted from the final recognition of accrued income linked to a historical collaboration and licensing agreement with Daiichi Sankyo, which has now concluded. As a result, management indicated that the earlier revenue should be considered exceptional and non-recurring.

Cardiogeni reported a loss of GBP 532,914 for the six-month period, compared with a full-year profit of GBP 1.02 million in FY2025, which was similarly influenced by non-recurring income recognition.

Cash Position and Capital Activity
Cash and cash equivalents totalled GBP 382,124 at 30 September 2025, compared with GBP 359,759 at the end of the previous financial year. During the reporting period, the company raised GBP 650,000 through a private placement involving the issue of 3,757,227 ordinary shares at a price of 17.3 pence per share.

In addition, Cardiogeni announced a contingent Enterprise Investment Scheme funding round, including advanced subscription agreements amounting to GBP 150,000. The company also appointed SP Angel Corporate Finance LLP as its corporate broker.

UAE Joint Venture and Licensing Framework
A key strategic development during the period was the incorporation of Cardiogeni (UAE) Limited, a joint venture formed with regional investment partners. The joint venture is intended to support the clinical development and commercialisation of Cardiogeni’s heart failure programme within the United Arab Emirates and the wider Gulf Cooperation Council region.

Under the principal terms of the arrangement, the joint venture includes proposed non-dilutive licence funding of up to USD 25 million, equivalent to approximately GBP 19 million, expected to be received in tranches during 2026 and 2027.

Post-Period Developments and Regulatory Plans
Following the period end, Cardiogeni entered advanced discussions regarding the completion of the USD 25 million funding agreement for Cardiogeni (UAE) Limited, with completion anticipated by the end of January 2026. The company also expects to submit key regulatory filings in the first quarter of 2026 to seek approval for a Phase IIb/III clinical study in the GCC region