Aptamer Group, the York-based developer of synthetic antibody alternatives, signed a collaboration on 26 October 2026 with Pharmahungary Group to develop delivery vehicles aimed at heart and skeletal muscle cells. It follows full-year results on 13 October for the year to 30 June 2026, which showed Revenue up 28% to £1.5 million. The company is listed on AIM and is a constituent of the FTSE AIM All Share Index.

Binders that stand in for antibodies

Founded in 2008, Aptamer develops Optimer binders, synthetic alternatives to antibodies for life sciences, diagnostic and therapeutic uses. It earns fee-for-service research revenue and builds proprietary Assets that it can license for royalties and supply.

The latest deal

Pharmahungary is a biotech focused on microRNA therapeutics. Under the 26 October agreement, Aptamer develops the targeting system and makes the conjugates, while Pharmahungary funds the preclinical studies. The company said a comparable preclinical package typically costs £300,000 to £500,000, that the deal needs no unbudgeted spending and that it does not change its cash runway projections. Aptamer keeps full ownership of its Optimer delivery vehicles and will own 50% of any combined Optimer-miRNA therapeutic, with both sides intending to pursue licensing with pharmaceutical partners. Target conditions include ischaemic heart disease, acute myocardial infarction, heart failure and sarcopenia.

Full-year results

Gross profit rose to £0.82 million from £0.58 million, administrative expenses were £3.2 million and the adjusted EBITDA loss was £2.3 million, against £2.2 million. The loss for the year narrowed to £1.9 million from £2.4 million. Net assets were £5.7 million, up from £1.4 million, and cash was £4.4 million at 30 June, compared with £1.1 million a year earlier. An April 2026 Equity raise netted about £4.1 million. The board said cash gives a runway into calendar 2028 before any further licensing receipts. The auditor's report, however, included a material uncertainty over going concern, and the directors said further funding could be sought if downside scenarios arise.

Commercial progress

Enzyme-modulating Optimers were licensed to Twist Bioscience and Alphazyme, with first licensing payments received, and repeat orders came from several top 20 pharmaceutical companies. The sales pipeline rose from £4.8 million at 30 June to £7.0 million on 21 September. Multi-year master service agreements with several large pharma partners were in advanced negotiation. The company is also building an AI discovery model and a radiopharmaceutical programme, and a liver delivery vehicle is moving toward in vivo studies. An Ebola diagnostic test programme was launched on 8 July and a Joint Corporate Broker was appointed on 20 August.

Sector context

Companies selling research tools and early-stage delivery technology often depend on pharma customers committing to larger agreements, and conversion from pilot work to multi-year contracts is the main determinant of scale. Therapeutics partnerships can add value but take years and usually involve shared risk.

Risks and what to watch

The Going Concern language, the small revenue base and the dependence on a few pharma customers are the key risks. Management says the path to EBITDA break-even depends on converting repeat Business into longer-term agreements and on further licensing income. Management described the year as one of inflection and said prospects for 2027 and beyond remain very encouraging, a view that will need to be borne out by signed agreements. The company also reported headcount of 34, up from 31, and administrative costs that rose to £3.2 million from £2.9 million. Watch for signed master service agreements, additional licensing payments and any update to the pipeline figure.