Investments add up to huge loss for immunodiagnostics firm
Oncimmune Holdings, the Nottingham headquartered immunodiagnostics company, has posted losses of £11.52m in its results for 2022 financial year – some £6m more than it reported in 2021.
Significant investment in its ImmunoINSIGHTS division hit Oncimmune’s bottom line last year, with profits slumping from £2.86m in 2021 to £1.83m.
Meanwhile, the firm’s administrative expenses skyrocketed to £.8.7m – up from £5.65m – due to planned investment in the ImmunoINSIGHTS commercial team, particularly in the US.
The company has been on an upward trajectory since the period end, with revenue for first 6 months of the current financial year expected to exceed the entire £3.79m it achieved in 2022, but Oncimmune CEO Dr Adam M Hill has warned that “short-term challenges remain in the operating environment and in financing.”
Oncimmune’s gross cash balance and net debt at the period end stood at £1.43m and £9.2m respectively.
Despite these numbers, the firm told the London Stock Exchange this morning (27 February) it expects to perform “in line with previously reported expectations” and be cashflow positive this year.
Hill said: “FY2022 was a period of investment in the ImmunoINSIGHTS platform following a successful, oversubscribed fundraise in March 2021, which allowed us to evolve our offering, substantially increase capacity and drive our pipeline.
“The short-term impact of investment and effort has been to increase the quality of our revenue, with more partners opting for multi-year Master Service Agreements in order to access the platform across multiple studies. The medium-term impact is likely to result from the development of novel IP related to immune-related diseases, in which Oncimmune is recognised as expert, and their treatment. These developments would not have been possible without both our people and all of our stakeholders, including our finance providers, who remain steadfast in their commitment and unwavering support and who we would like to thank.”
He added: “The ImmunoINSIGHTS business is now seeing improving growth in the first half of this financial year and has a growing number of contracts. Whilst short-term challenges remain in the operating environment and in financing, the Board is determined to meet these and to enable conversion of the growing pipeline of opportunities to deliver the significant returns available from our differentiated offering and expertise.”
