Final Results

Aptamer Group plc (AIM: APTA), the developer of next-generation synthetic binders delivering innovation to the life sciences industry, today announces its full year results for the twelve months ended 30 June 2026 (the "Period").

Financial summary

Revenue £1.5 million (2025: £1.2 million), representing a 28% increase over the previous financial year.

Cash balance at 30 June 2026: £4.4 million (2025: £1.1 million), following a £4.1 million equity raise in April 2026.

Adjusted EBITDA loss of £2.3 million (2025: £2.2 million).

Administration expenses £3.2 million (2025: £2.9 million).

The Board considers the current cash position provides runway into calendar 2028 in line with July 2026 trading update and before any further licensing receipts.

Pipeline substantial and continues to grow as interest in technology platform widens across multiple industries.

Strategic milestone delivery

Significant commercial traction over the year, including repeat business with multiple top 20 pharmaceutical companies.

Enzyme-modulating Optimers out-licensed to Twist Bioscience and Alphazyme. Licensing terms include an upfront payment, royalties, and supply revenue, with the first licensing payments received.

Folic acid Optimers are being developed into a rapid test for food fortification as part of a programme supported by the Gates Foundation.

Second Unilever development programme was successfully completed in-house at Aptamer.

AI model architecture has been built and trained across an in-house dataset and demonstrated the ability to screen candidates, with initial Optimer® candidates currently being validated.

Fibrotic liver delivery vehicle demonstrated excellent preclinical characteristics, being non-toxic, stable, and non-immunogenic, significantly de-risking its therapeutic potential.

Targeted radiotherapeutic programme launched with material for first in vivo animal studies delivered to partners.

Multiple therapeutic programmes initiated with lead candidates identified for kidney targeting delivery vehicles.

The Group has purchased and deployed new automation machinery to expand binder development and manufacturing capacity, supporting revenue growth well beyond the level required for breakeven.

Post-period developments

Increase in sales pipeline from £4.8 million at 30 June 2026 to £7.0 million at 21 September 2026.

Following repeat orders from several top 20 pharmaceutical companies, including more than £0.5 million of spend, the Group is moving these relationships onto multi-year, multi-target master service agreements, with several in advanced negotiation. These agreements give greater revenue visibility and are central to the Group's path to EBITDA break-even.

The Group is taking a proactive approach to developing its own licensable assets in the enzyme and cosmetics fields, building on its recent enzyme licensing success.

Cavendish Capital Markets appointed as joint corporate broker with Turner Pope Investments.

Commenting on the results, Dr Arron Tolley, Chief Executive Officer of Aptamer Group, said:

“This has been a year of inflection for Aptamer. We have moved from proving our technology to proving our business model with two royalty-bearing licences now signed, repeat orders from multiple top 20 pharmaceutical companies, and our first entry into the radioligand therapy market.

"Following April's fundraise, we have used the proceeds to build the foundations for the next phase of growth. Our AI programme has progressed from a standing start to candidate validation in a matter of months, our manufacturing capacity has been expanded to support partners at commercial scale, and we are now building a therapeutic pipeline spanning RNAi delivery to multiple diseases and organs including fibrosis and kidney, along with radiopharmaceuticals.

"We enter the new financial year with recurring fee-for-service demand, growing licensing income, and multiple development programmes advancing in our own pipeline. I would like to thank our partners, shareholders and the whole Aptamer team for their continued support, and I look forward to updating the market as this progress continues to build.”

Analyst briefing

Dr Arron Tolley, Chief Executive Officer, and Andrew Rapson, Chief Financial Officer, will host an online briefing for analysts today, 13 October 2026, at 09:30 BST to review the full year results. Analysts wishing to attend should contact Sarah Hollins at Northstar Communications at sarah@northstarcommunications.co.uk.

Investor webinar

Dr Arron Tolley, Chief Executive Officer, and Andrew Rapson, Chief Financial Officer will provide a live presentation relating to the full year results via Investor Meet Company today, 13 October 2026, at 14:00 BST.

Investors can sign up to Investor Meet Company for free and add to meet Aptamer Group plc via:

Chairman and Chief Executive Officer’s statement

We are pleased to report a successful year for Aptamer, where we have seen continued growth, marked by initial assets being out-licensed and delivering revenue, an increase in fee-for-service revenue driven by repeat business from large pharmaceutical companies, and, following the fundraise in April 2026, investment in artificial intelligence (AI), manufacturing capacity, and initiation of our own therapeutic pipeline.

Fee-for-service growth and returning partners

Increasing commercial engagement and high-value repeat orders from multiple top 20 pharmaceutical companies led to a 28% increase in revenue for the year compared to the previous period, to £1.5 million. After successfully testing the platform, several partners have returned with further work and larger projects, strongly endorsing the technology.

One top 5 pharmaceutical partner awarded over £0.75 million of new contracts during the period, taking the total lifetime contract value with that customer to more than £1 million. We also secured repeat business with a top 10 and a top 20 pharmaceutical company, in both cases supporting research against targets that have proved intractable for other technologies. These repeat orders from global companies strongly validate our binder technology.

The year also brought our first commercial entry into the radioligand therapy market, through a £360,000 development contract with a top 3 global pharmaceutical company. The work involves engineering Optimer® binders as targeted radiopharmaceuticals for cancer imaging, with potential therapeutic application beyond that. Radiopharmaceuticals are now an additional therapeutic modality under active development, alongside targeted gene therapy, with targeted radiopharmaceutical requirements for precise targeting, rapid tissue penetration and clearance of unbound material, leveraging the strengths of Optimer® technology.

Our diagnostics programme with Metir, developing Optimer® binders for the detection of Cryptosporidium in water supplies, continues to progress well. Since initiation in September 2025, the programme hit its technical feasibility milestone on time and on budget, in February 2026. The binders are now undergoing final validation at Aptamer before shipping to partners for internal testing. The global Cryptosporidium diagnostic testing market was valued at approximately US$1.2 billion in 2025 and is forecast to reach US$2.5 billion by 2033,1 highlighting the potential for Optimer® technology to support Metir’s market-first platform in this space.

Customer asset portfolio advancement

The enzyme-modulating Optimers that were under negotiation twelve months ago are now licensed to both Twist Bioscience and Alphazyme. Each contract includes an upfront payment, ongoing royalties, and revenue from supply of the reagent itself, with first licensing payments already received. Across the two enzyme-modulating reagents now developed, four additional parties are evaluating the Optimers, with the potential for licensing depending on results.

Our folic acid Optimers are being taken forward as a rapid test for food fortification (adding nutrients to food) under a programme supported by the Gates Foundation. The programme will investigate the suitability of Aptamer's proprietary folic acid Optimers to develop an affordable, field-deployable lateral flow test for monitoring folate levels in fortified foods in developing countries. Aptamer has contracted an upfront fee to develop sample extraction methods for this binder. These binders have subsequently been delivered to the Guder Research Group at Imperial College London for integration into lateral flow devices.

Optimer® immunohistochemistry reagents have been successfully developed for a global life sciences conglomerate. Within the period the binders completed development, and were characterised, manufactured and delivered by Aptamer for the partner's own internal validation. Subject to that successful validation, the Optimer® will be integrated into commercial assay kits under an agreed royalty of 2% of net sales.

The Unilever partnership continues to progress, with stability assessments successfully completed for the first Optimer® programme in the first half of the period. The second development programme for Unilever has now successfully identified binders, which have been characterised in-house at Aptamer Group.

Increased capacity and machine learning advances

The £4.1 million of net proceeds raised in April 2026 was sought to expand manufacturing capability, fund the AI programme, develop Optimers for a range of therapeutic targets and advance Optimer® candidates through preclinical studies.

New automation machinery was purchased during the period, which will improve the efficiency of development programmes, and add manufacturing capacity to support out-licensed assets for our partners to deliver commercial volumes for their products. We have also refined the discovery process itself, delivering a 50% increase in speed for each discovery round. Alongside this, laboratory processes for conjugation have been standardised, broadening the range of functional groups that can be added to Optimer® binders in-house, bringing work previously carried out by external partners in-house and shortening development timelines.

The artificial intelligence programme has advanced rapidly since initiation in April 2026. We have built and trained a model architecture on our discovery dataset, accumulated over years of laboratory work, and shown it can screen candidates in silico. The first Optimer® candidates produced by the model are now being validated in the laboratory ahead of an initial service launch. If validation is successful, this will enable improved customer discovery with faster timelines and support in-house development programmes.

Building a therapeutic pipeline

During the year, the fibrotic delivery vehicle was shown to be non-toxic, stable, and non-immunogenic, providing strong evidence to support advancement to preclinical testing. Post-period, the plans to progress this molecule through in vivo animal studies for siRNA delivery have been finalised.

In March 2026, we launched a targeted radiotherapeutic programme, in collaboration with Radiopharmium, a UK-based consultancy providing specialist expertise, contacts and access to facilities in radiopharmaceutical development, from early research to manufacturing. The first three strategic therapeutic targets to enter this programme, representing high‑value clinical conditions for which Optimer® radioconjugates will be developed, have been identified and Optimer® development started in June. The targeted radiopharmaceuticals market is valued at approximately US$5.6 billion in 2025,2 and is a high‑growth, high-priority sector, with current targeting technologies presenting well-recognised limitations. The first targeted radiotherapeutic candidate to prove the Optimer® platform has been delivered to our partners to enter animal studies. This will both prove the platform's targeting capabilities and deliver the first therapeutic Optimer® candidate for potential out-licensing to partners.

We have also started several further therapeutic discovery programmes. We identified lead candidates for kidney-targeting delivery vehicles, and work on brain targeting began during the period. Since year end, additional targets have entered discovery across both targeted delivery and the selected panel of difficult-to-drug biomarkers identified by the Group.

Post-period momentum

Since year end, we have begun implementing a commercial strategy to convert repeat business into longer-term, higher-volume partnerships. Multiple top 20 pharmaceutical companies have each spent more than £500,000 with the Group, and we are now working with several of them to put in place multi-year, multi-target master service agreements. Reflecting this, the sales pipeline has expanded to £7.0 million at 21 September 2026, driven primarily by a number of large contracts under negotiation with pharmaceutical partners.

These agreements pre-agree commercial terms so that partners can commission work quickly and at scale, without renegotiating project by project. By shortening the path from a partner's decision to project start, we expect them to increase repeat ordering and build a more consistent order book, giving us good visibility of revenue growth and supporting our path to EBITDA break-even. Given the scale and complexity of these contracts, additional time is required to finalise terms and put the operational framework in place with each partner. The benefit of these longer-term agreements will build as each is signed, replacing one-off project orders with recurring demand that improves revenue visibility, allows capacity planning, and spreads the Group's fixed cost base over higher volumes.

Technical delivery has seen the folic acid Optimers delivered to the Guder Research Group at Imperial College London for integration into lateral flow devices, following successful completion of field-compatible sample preparation with Optimer® shown to perform in multiple different foodstuffs, and plans finalised to progress the fibrotic liver delivery vehicle into in vivo animal studies. Additional targets have also entered discovery across both targeted delivery and our selected panel of difficult-to-drug biomarkers, further broadening the base from which future licensing opportunities can be drawn. In parallel, we have begun proactively developing our own licensable assets in the enzyme and cosmetics fields.

Outlook

With two royalty-bearing licensing agreements now signed and further parties in discussion, a sales pipeline that has expanded to £7.0 million, and a therapeutic pipeline spanning fibrotic disease, kidney and brain delivery, and radiopharmaceuticals now underway, Aptamer enters the new financial year with a materially different business than it had twelve months ago. Fee-for-service and repeating demand from the world's largest pharmaceutical companies continues to broaden, our capacity to meet that demand has been expanded through new automation, and a therapeutic pipeline spanning fibrotic disease, kidney and brain delivery, and radiopharmaceuticals is now underway.

The AI programme adds a further dimension to this growth. As the model moves from validation into service, we expect it to shorten discovery timelines for our partners in the near term and support the design of entirely new Optimer® sequences in the longer term, improving the platform’s speed and economics and broadening its target potential.

With a strengthened balance sheet, an increasingly diversified asset portfolio, and deepening relationships across pharmaceutical, diagnostic and consumer partners, the Board is confident in the Group's ability to convert this progress into added value to shareholders. We look forward to another year of growth as interest in the Optimer® platform continues to gather pace. The prospects for Aptamer in 2027 and beyond remain very encouraging.

Verified Market Reports. Global Cryptosporidium Diagnostic Testing Market Size, Industry Share, Growth Trends & Forecast 2026-2034. 2026. Report ID: 679742

Verified Market Reports. Global Targeted Radiopharmaceuticals Market Size, Share & Industry Forecast 2026-2034. 2026. Report ID: 265168

Financial Review

The Group successfully licensed its first two commercial products in this financial year, moving the Group from asset development to commercialisation.

This has resulted in the first licensing revenues for the Group in this reporting period, which the Group will be looking to grow as a complement to its fee-for-service offering.

The Group secured funding during the period, with a £2 million gross raise in July 2025 and £4.5 million gross in April 2026. The latter raise will now give the Group funding to develop a therapeutic pipeline and produce the proof-of-concept data that large pharma partners are looking for.

In addition, these funds are allowing the Group to develop our own AI platform offering, with the ambition of being able to improve the Group’s discovery service offering.

Revenue

The Group reported revenues for the year ended 30 June 2026 of £1.5 million (year ended 30 June 2025: £1.2 million).

Gross Profit

Gross profit for the year of £0.82 million (year end 30 June 2025: £0.58 million) following an improvement in the Sales pipeline closing in the first half of the financial year.

Research and Development Costs

During the year, the Group expensed through the income statement £0.6 million (2025: £0.4 million), relating to the continued development of the Optimer® platform and associated Optimer® assets. The fundraise completed in April 2026 enabled the expansion of this work into:

undruggable and undeliverable targets;

enabled the Group to start building a focussed AI model;

generating animal proof-of-concept data to enable high-value licensing discussions with major pharmaceutical companies.

Administrative Expenses

Administrative costs were £3.2 million for the year compared to £2.9 million for the year to 30 June 2025. This increase in costs is mainly a result of employee costs increasing to £2.1 million (2025: £1.9 million). The headcount has increased slightly from 31 at 30 June 2025 to 34 at 30 June 2026.

Adjusted EBITDA

The Group uses adjusted EBITDA as a profit performance metric as this excludes items which can distort comparability of underlying trading as well as being the measure of profit which most accurately reflects the cash generating activities of the Group.

The reconciliation of adjusted EBITDA to Operating Loss is shown below.

Share-Based Payment Charges

The non-cash charge for the year was £0.21 million (2025: £0.12 million).

Tax

The Group claims each year for research and development tax credits and the taxable benefit received is shown, net of tax, in the taxation line of the income statement. This amounts to £0.92 million (2025: £0.14 million). During the period the Group undertook a review of qualifying research and development expenditure, which has resulted in the Group submitting increased claims for the 2024 and 2025 financial years. This has resulted in the increased debtor of £0.9 million at 30 June 2026. £0.48 million of this debtor relates to the 2024 and 2025 financial years which has been received shortly after the year end. Tax losses carried forward totalled £12.9 million (2025: £13.4 million). The Group has not recognised any tax assets in respect of trading losses arising in the current financial year or accumulated losses in previous financial years.

Loss for the Year

The loss for the year was £1.9 million (2025: £2.4 million loss). The basic loss per ordinary share decreased to 0.07 pence (2025: 0.14 pence per share) based on an average number of shares in issue during the period of 2,842,861,238 (2025: 1,793,727,064).

Cash Flow

The Group had £4.4 million of cash at 30 June 2026 (2025: £1.1 million). The net cash inflow for the year was £3.3 million (2025: £0.2 million inflow). This reflects a cash outflow from operations of £2.2 million (2025: £2.1 million), a cash inflow from fundraising activities of £6.0 million (2025: £2.6 million), cash receipts relating to research and development tax credits of £0.1 million which represented the tax refund for the prior period (2025: £0.2 million), payment of leases of £0.4 million (2025: £0.4 million) and an investment in capital expenditure and intangible assets of £0.3 million (2025: £0.1 million).

Financial Position

Net assets at 30 June 2026 were £5.7 million (2025: £1.4 million) of which cash amounted to £4.4 million (2025: £1.1 million) reflecting the remainder of funds from the equity raising in April 2026.

Consolidated statement of comprehensive income

For the year ended 30 June 2026

There were no items of other comprehensive income in the current or prior period. Accordingly, no statement of other comprehensive income has been prepared. Loss and total comprehensive loss for the year is all attributable to the owners of the Company.

All activities relate to continuing operations.

Consolidated statement of financial position

As at 30 June 2026

1 Accounting policies

Company information

Aptamer Group Plc (“the Company”) is a company limited by shares, domiciled, and incorporated in the United Kingdom and registered in England and Wales. The registered office is Windmill House, Innovation Way, York, YO10 5BR.

The Group consists of Aptamer Group Plc and all of its subsidiaries. The Group is a leading provider of Optimer® reagents for use by customers in research, diagnostics and therapeutics. The Group has developed a platform technology which is utilised to solve problems for pharmaceutical and bio-technology customers in the bioprocessing, research reagents, diagnostic and therapeutic areas of the life sciences.

1.1 Basis of preparation

The financial information included in this annual results announcement for the year ended 30 June 2026 does not constitute the Group's statutory accounts. Statutory accounts for the period ended 30 June 2025 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 30 June 2026 were approved by the Board on 12 October 2026 and will be delivered to the Registrar of Companies in due course. The Auditor's report on those accounts for the year ended 30 June 2026 was unqualified, made reference to material uncertainty with regard to the going concern basis, and did not contain a statement under 498(2) or 498(3).

These Group financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards (“IFRS”) and IFRS Interpretations Committee (“IFRIC”) Interpretations that are applicable to the consolidated financial statements for the year ended 30 June 2026, in conformity with the requirements of the Companies Act 2006.

These financial statements are prepared in sterling which is the functional currency of the Group and the Company. Monetary amounts in these financial statements are rounded to the nearest £’000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below. The accounting policies have been consistently applied to all the periods presented, unless otherwise stated.

1.2 Basis of consolidation

The consolidated financial statements incorporate those of Aptamer Group Plc and all of its subsidiaries (i.e. entities where the Group is exposed, or has rights, to variable returns from its involvement and has the ability to affect those returns through its power). The subsidiaries consolidated in these Group accounts were acquired via Group reorganisation and as such merger accounting principles have been applied. The financial statements of the Company and its subsidiaries are made up to 30 June 2026.

1.3 Going concern

The Group has reported a loss after tax for the year ended 30 June 2026 of £1.86 million (year ended 30 June 2025: £2.4 million). The Group had a cash balance of £4.4 million at 30 June 2026 (30 June 2025: £1.1 million) following the completion of a fundraise in April 2026, which raised proceeds of £4.1 million after expenses.

The Directors have considered the applicability of the going concern basis in the preparation of these financial statements, which includes assessing an internal forecast extending out to June 2028. The Directors consider that this forecast represents a reasonable best estimate of the performance of the Group over the period to June 2028.

During the year to 30 June 2026 the Group has reported revenues of £1.5 million which is up from £1.2 million in the prior year. Additionally, the Group has licensed its first two assets during the year, which have started generating recurring licensing revenue. The Company has a number of further assets which have the potential to add licensing revenue to the Group as they each approach commercialisation.

Management continue to maintain close control of costs to maximise the cash runway.

In the forecast, full year revenue for the year to 30 June 2027 is anticipated to be higher than was the case in the year to June 2026. Within this forecast, delivery of these expectations would ensure that the resultant positive cashflows together with the current cash balance are sufficient to see the Group into calendar year 2028.

The Directors have also considered reasonably likely downside scenarios, which includes slower growth in core revenues.

Should these downside scenarios materialise, the Group may need to seek additional funding. The Directors have a reasonable expectation that the Group could access further funding, from both dilutive and non-dilutive sources. However, there can be no guarantee that the Group would be able to raise additional funding from an equity fundraise to new and existing investors, nor that the Group will successfully develop further assets for licensing within the period to 2028.

Based on the above factors the Directors believe that it remains appropriate to prepare Group and Company financial statements on a going concern basis. However, the above factors give rise to a material uncertainty which may cast significant doubt over the Group’s and Company’s ability to continue as a going concern and to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

1.4 Revenue from contracts with customers

Research activities

The Group’s main source of revenue is fees for research activities carried out under contracts with customers. These contracts can be in progress over accounting period ends and consist of separate phases with fixed attributable income attached to each phase. The contract contains performance obligations set out for each phase. In most cases that customer has a right to proceed or cease the research work at the end of each phase.

The Group recognises revenue when it satisfies the performance obligations in respect of each phase of work. As a result, revenue is recognised over time as each performance obligation is satisfied, by reference to the work performed in delivering the performance obligations to the customer. Where consideration is received in advance of the performance obligations being fulfilled, a contract liability is recognised; where performance obligations are fulfilled in advance of an invoice being delivered to the customer, a contract asset is recognised.

No revenue is recognised in relation to subsequent contract phases until the customer has elected to progress to that phase and the above criteria in relation to satisfaction of performance obligations has been met.

Costs incurred in fulfilling a contract phase, which include internal labour costs and materials, are recognised in the balance sheet until the satisfaction of performance obligations where:

the costs relate directly to a contract that the Group can specifically identify;

the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and

the costs are expected to be recovered.

Following performance obligations being satisfied, the revenue is recognised by reference to the contractual value of that performance obligation and amounts capitalised in-line with the above are recognised as an expense on a basis consistent with the recognition of the related revenue.

Licensing

Supply of Products

The Group supplies products under a fixed price for each product supplied. Revenue is recognised at the point in time at which control is transferred. This is taken to be on dispatch of each unit.

Licence fee income

The Group also enters into licensing arrangements with its customers, wherein they are granted rights to access the group’s intellectual property. Revenue attributable to the licence is recognised over the licence period. Revenue is recognised over discrete periods of licensing based on the unit quantities used by the customer which incorporates the relevant intellectual property.

Income from royalties

Certain licensing arrangements entitle the Group to royalties calculated as a percentage of the customer’s onward sales of products incorporating the Group’s intellectual property. Sales-based royalties arising from licensing intellectual property are recognised when the subsequent sale by the customer has been reported to the Group.

1.5 Research and development expenditure

An intangible asset arising from development (or from the development phase of an internal project) is recognised where the following criteria are met:

management intends to complete the intangible asset and use or sell it;

there is ability to use or sell the intangible asset;

it can be demonstrated that the intangible asset will generate probable future economic benefits;

there is evidence of existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;

adequate technical, financial and other resources exist to complete the development and to use or sell the intangible asset; and

Research expenditure and development expenditure that do not meet the criteria above are written off against results in the year in which they are incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6 Intangible assets

Intangible assets acquired separately from a business combination are recognised at cost and are subsequently measured at cost less accumulated amortisation and impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

The depreciable amount of an intangible asset with a finite life is allocated on a systematic basis over its useful life. Amortisation begins when the asset is available for use.

The amortisation period and the amortisation method for intangible assets with a finite useful life is reviewed each financial year end. If the expected useful life of the asset is different from previous estimates, the amortisation period is changed accordingly.

Product development and registrations Up to 15 years on a straight-line basis

Computer Software Up to 6 years on a straight-line basis

1.7 Property, plant & equipment

Property, plant & equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate the cost or revalued amounts of the assets, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as follows:

Fixtures and fittings 6 years on a straight-line basis

Leasehold improvements Over the remaining life of the lease*

Other property, plant and equipment 6 years on a straight-line basis

* Amounts are charged on a straight line basis from the date of costs being incurred to the expiry of the lease to which the improvement relates. This is typically less than 5 years.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.

1.8 Right-of-use assets

A right-of-use asset is recognised at commencement of the lease and initially measured at the amount of the lease liability, plus any incremental costs of obtaining the lease and any lease payments made at or before the leased asset is available for use by the Group.

The right-of-use asset is subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. The depreciation methods applied are as follows:

Right-of use assets Shorter of the asset’s useful life and the lease term on a straight-line basis

Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.

The right-of-use asset is subject to impairment testing and adjusted for any remeasurement of the lease liability and lease modifications.

Where a right-of-use asset is partially sublet to a third party but is not separable from the main right-of-use asset, the Group continues to account for this as a right-of-use asset, continuing to depreciate the asset in line across its lease term.

1.9 Impairment of tangible and intangible assets

At each reporting end date, the Group reviews the carrying amounts of its tangible and intangible assets on an individual and on a cash-generating unit basis to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income, unless the relevant asset is carried at a revalued amount in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10 Fixed asset investments

In the parent Company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Company. Control is exposure, or has rights, to variable returns from involvement and the ability to affect those returns through power.

1.11 Inventories

Raw materials, work in progress and finished goods are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

The Group applies a number of key judgements to its impairment calculations, including:

Where inventories are used for research projects, these are fully provided for;

Inventories which have been owned for at least 18 months are fully provided for;

Any opened and partially used packages of inventories with a residual value of less than £1,000 are fully provided for;

Any other items which are close to or beyond the expiry date are reviewed by laboratory management staff and considered whether these can be used, then (where applicable) provided for.

1.12 Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

1.13 Financial instruments

Financial instruments are recognised in the Group's statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, and the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets

The Group classifies its financial assets in the following measurement categories:

those to be measured subsequently at fair value (either through Other comprehensive income (OCI) or through profit or loss); and

those to be measured at amortised cost.

Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:

Impairment of financial assets

The Group recognises loss allowances for expected credit losses on financial assets measured at amortised cost. Loss allowances are measured at an amount equal to 12-month expected credit losses unless credit risk has increased significantly since initial recognition, in which case lifetime expected credit losses are measured.

For trade receivables and contract assets, the Group applies the simplified approach under IFRS 9 and recognises lifetime expected credit losses from initial recognition. Expected credit losses are measured using a probability-weighted estimate of credit losses and reflect reasonable and supportable information available without undue cost or effort, including historical experience, current conditions and forecasts of future economic conditions.

Trade receivables are grouped based on shared credit-risk characteristics and days past due, and expected credit loss rates are determined for each group using historical loss experience adjusted, where appropriate, for current and forward-looking information.

Financial assets are written off when there is no reasonable expectation of recovery. Any subsequent recovery of amounts previously written off is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments.

Financial liabilities, including borrowings, trade payables and other payables, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

1.14 Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

1.15 Taxation

The income tax expense or credit represents the sum of the tax currently payable or receivable on the current period’s taxable income or loss, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Current tax

The tax currently payable or receivable is based on taxable profit or loss for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority.

1.16 Provisions

Provisions for legal claims and make good obligations are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

The amount recognised as a provision is the management’s best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

1.17 Employee benefits

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

Retirement benefits

The Group operates a defined contribution pension plan. Payments to the defined contribution pension plan are charged as an expense as they fall due.

Share-based payments

Share-based compensation benefits are provided to employees via the Aptamer Group EMI Share Option Scheme and unapproved share options. Information relating to these schemes is set out in note 33.

Employee options

The fair value of options granted under the Aptamer Group EMI Share Option Scheme and unapproved share options is recognised as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

including any market performance conditions (e.g., the entity’s share price);

excluding the impact of any service and non-market performance vesting conditions (e.g., profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

1.18 Leases

On commencement of a contract which gives the Group the right to use an asset for a period of time in exchange for consideration, the Group recognises a right-of-use asset and a lease liability unless the lease qualifies as a ‘short-term’ lease (term is 12 months or less with no option to purchase the lease asset) or a ‘low-value’ lease (where the underlying asset is £4,000 or less when new).

Initial measurement of the lease liability

The lease liability is initially measured at the present value of the lease payments during the lease term, discounted using the interest rate implicit in the lease, or the incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined.

To determine the incremental borrowing rate, the Group:

makes adjustments specific to the lease, e.g. term, country, currency and security.

The lease is the non-cancellable period of the lease plus extension periods that the Group is reasonably certain to exercise and termination periods that the Group is reasonably certain not to exercise.

Lease payments include fixed payments, less any lease incentives receivable, variable lease payments dependent on an index or a rate, amounts expected to be payable by the Group under residual value guarantees and payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Variable lease payments are initially measured using the index or rate when the leased asset is available for use. The cost of the right-of-use asset also includes any provisions expected to be settled on termination of the lease.

Subsequent measurement of the lease liability

The lease liability is subsequently increased for a constant periodic rate of interest on the remaining balance of the lease liability and reduced for lease payments.

Interest on the lease liability is recognised in the income statement. Variable lease payments not included in the measurement of the lease liability as they are not dependent on an index or rate are recognised in the income statement in the period in which the event or condition that triggers those payments occurs.

When the lease liability is remeasured due to changes arising from the original terms and conditions of the lease, the corresponding adjustment is reflected in the right-of-use asset, or income statement if the right-of-use asset is already reduced to nil.

A lease modification that was not part of the original terms and conditions of the lease is accounted for as a separate lease or an adjustment to the lease liability depending on the nature of the change.

1.19 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria is satisfied is recognised as a liability.

Research and development expenditure credits

The income is recognised on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, under IAS 20 ‘Accounting for Government Grants and Disclosures’.

As well as receiving Research & Development Expenditure Credits (“RDEC”), the Group also receives R&D tax credits on the development expenditure it makes on the commercial projects it undertakes. These taxation credits are considered to reflect enhanced tax relief and as such are shown as a reduction in income tax or an increase in receivables due from HM Revenue & Customs.

1.20 Foreign exchange

Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency”). The consolidated financial statements are presented in Great British Pounds sterling, which is the functional and presentation currency of each of the Group’s entities.

Transactions and balances

Transactions in currencies other than functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary +assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are recognised in the income statement.

Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses).

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognised in other comprehensive income.

1.21 Finance costs

Finance costs are expensed in the period in which they are incurred. Interest paid is included under financing activities in the statement of cash flows.

1.22 Earnings per share

Basic Earnings per share is calculated by dividing the profit or loss for the year attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted Earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Details of the calculations presented under this are given in note 14.

2 Adoption of new and revised standards and changes in accounting policies

New standards adopted during the year have not impacted these financial statements.

The following new and revised standards and interpretations are to be adopted by the group and may have an effect on future periods:

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the Group has not applied the following new

and revised standards that have been issued but are not effective yet:

Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9) effective 1 January 2026.

Annual Improvements to IFRS Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) effective 01 January 2026.

IFRS18 'Presentation and Disclosure in Financial Statements,' effective 1 January 2027.

IFRS19 'Subsidiaries without Public Accountability: Disclosures,' effective 1 January 2027.

Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' around hyperinflationary currencies, effective 1 January 2027.

IAS 28 ‘Investments in Associates and Joint Ventures’, (Amendments to provide clarity about which entities are eligible to measure investments using the fair value option) effective 1 January 2027

The adoption of all above standards is not expected to have any material impact on the Group's financial statements. The adoption of IFRS 18 is expected to have an impact on the presentation of the Income Statement.

3 Judgements and key sources of estimation uncertainty

The estimates, judgements, and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

• Recognition of revenue from multiple element contracts, and revenue recognition

Management uses judgement in determining the fair value of multiple elements in a contract in order to appropriately recognise the revenue attributable to each element, which may be based on contractual terms, the number of days in each project phase, or (for bundled contracts) the standalone selling price that would be attributed to each service.

For revenues recognised over time, the value of revenue recognised in the period is dependent on an assessment of work to completion. For revenues received in relation to the licensing of its intellectual property, the Group recognises this income on a straight-line basis over the licensing period. The arrangement constitutes a right to access the intellectual property and, as such, revenue attributable to these licences is therefore recognised on a straight-line basis over the licensing period, as management considers this to reflect the manner in which the Group satisfies the related performance obligation.

Where certain licensing arrangements entitle the Group to sales-based royalties, royalty revenue is recognised, in accordance with IFRS 15, when the later of the following occurs: the underlying onward sale or the satisfaction, or partial satisfaction, of the related performance obligation. Royalty revenue is calculated using sales information reported to the Group by the licensee. Any fixed fees receivable under these arrangements are recognised upon the initial grant of the licence where the related performance obligation is satisfied at that point.

Impairment of trade and other receivables

The Group makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other debtors, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. As at 30 June 2026 the provision for receivables impairment amounted to £24,000 (2025: £35,000).

• Impairment of investments and recoverability of intercompany loans (Company only)

Interests in subsidiary undertakings are reviewed annually to assess whether there is objective evidence to indicate that either the carrying value of interests are impaired or impairments recognised in prior periods require to be reversed. The recoverable amount of the net investment in the subsidiary undertaking is estimated as the higher of value-in-use or fair value less cost of disposal. Fair value is based on net assets and incorporates adjustments to reflect the fair market value. See note 19 for the carrying amount of the investments.

Management further utilises judgement when assessing the recoverability of intercompany loans using the expected credit loss method in accordance with the requirements of IFRS 9 ‘Financial Instruments’. Based on these forecasts, all amounts due from subsidiaries have been fully provided for at 30 June 2026.

Impairment of non-monetary assets

Product development and registration costs are recognised at historical cost and are amortised on a straight-line basis over their useful life, which is typically up to 15 years. In the case of registration costs where the asset is not in use, amortisation commences from the date of grant.

The Group assesses these assets, and all other non-monetary assets including property, plant and equipment and right-of-use assets, for impairment on an annual basis by comparing the carrying value of the single cash-generating unit (“CGU”) with the recoverable amount, the recoverable amount being based on an assessment of the CGU’s value-in-use. The Group uses discounted cashflows from the CGU to determine the value-in-use. The Group sensitises these results and determines if there is an impairment of the non-monetary assets. Further details are provided in notes 5 and 16.

Share-based payments

Valuation of share-based payments requires assumptions about the achievement of non-market conditions including staff retention and target achievement and the number of options that will vest. If actual performance is different from these assumptions, costs recorded in future periods will be different from expectations and will include revisions to amounts recognised so far. Details of the key inputs and assumptions are provided in note 33.

Sublet assets

The Group and Company sublet part of a right-of-use asset during a previous year on an operating lease. The portion let is not separable from the right-of-use asset and therefore the Group has continued to classify this as a right-of-use asset at cost less depreciation, despite the sublet portion otherwise meeting the definition of an investment property.

4 Revenue and operating segments

The Group has identified its operating segment based on the internal information regularly reviewed by the Group Chief Executive Officer, who has been identified as the chief operating decision maker, for the purposes of allocating resources and assessing performance.

The Directors have concluded that the Group has a single operating segment, being the development and commercialisation of aptamer-based reagents for use in research, bioprocessing, diagnostic, and therapeutic applications. The Group’s activities are managed and reviewed on a consolidated basis and no separate operating results are regularly reviewed for the individual applications or revenue streams.

Group revenue analysed by class of business

Revenue recognised in the income statement is analysed by class of revenues as follows:

Revenues are recognised in line with the policy detailed in note 1.4.

Group revenue analysed by geographical market

Revenue recognised in the income statement is analysed by geographical market of the customer as follows:

All assets are located in, and services delivered from, the United Kingdom.

The Board has considered the requirements of IFRS 8 and concluded that the Group operates as a single operating segment, as the Group’s activities are managed and reviewed on a consolidated basis.

An analysis of revenue by customer is set out in the table below:

5 Impairments

An impairment review for the Group’s cash-generating units has been performed in the current year, detailed in note 16, which has concluded that there is no adjustment (either increased impairment, or reversal of impairment) required as at 30 June 2026. Details of impairments on other assets are shown in note 6.

6 Operating loss

Operating loss is stated after charging:

Impairment is included in administrative expenses unless otherwise specified.

7 Other operating income

The Group received funding from government grant schemes and has complied with the conditions of the funding throughout the year.

Rent includes a service charge of £16,000 (2025: £48,000). Rent is received from a sublease of a surplus portion of the Group’s premises. Risk has been managed by requiring a written sublease including normal conditions regarding use and condition of the property. The Group's leasing arrangement concluded during the current year. The asset subject to the lease was temporarily returned to operational use and subsequent to the year end leased on a short-term arrangement. Consequently, the Group had no material residual value risk arising from the expired lease at the reporting date.

8 Auditor’s remuneration

Fees payable to the Group’s auditor:

9 Alternative Performance Measures

The Directors have used an Alternative Performance Measure (“APM”) in the preparation of these financial statements. The consolidated statement of comprehensive income has presented adjusted earnings before interest, tax, depreciation (including gain/loss on disposal of non-current assets), and amortisation (“Adjusted EBITDA”), which removes non-cash items including depreciation, amortisation, and share-based payments which are not relevant to the underlying cash generation of the business.

The Directors have presented this APM because they feel it most suitably represents the underlying performance and cash generation of the business, and allows comparability between the current and comparative period in light of the changes in the business, and will allow an ongoing trend analysis of this performance based on current plans for the business.

10 Employees

Company contributions of £4,000 (2025 - £3,000) were made to defined contribution pension schemes in respect of three (2025 – three) Directors during the year. The remuneration of the highest-paid Director was £313,000 (2025 - £257,000), including Company pension contributions of £1,000 (2025 - £1,000). The share-based payment charge attributable to the highest-paid Director was £83,000 (2025 - £49,000).

Information about emoluments paid to Directors, including the highest paid Director, has been included in the Remuneration Committee report shown in the Annual Report.

12 Finance costs and investment income

Refer to notes 24 and 25 for more details on the Group’s outstanding borrowings and leases.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Deferred tax balances at the reporting date are measured at 25% (2025: 25%).

As at 30 June 2026 the Group had unrelieved tax losses of approximately £12,897,000 (2025: £13,503,000 as previously disclosed, prior to adjustment for R&D claim detailed below). A deferred tax asset has not been recognised in respect of these losses because the existence of sufficient future taxable profits to use them is uncertain. Further details are given in note 27.

*Following the end of the previous financial year, an updated R&D claim was submitted adjusting the basis of the claim, resulting in a significant tax credit adjustment in the current year only.

14 Loss per share

The loss attributable to equity holders (holders of ordinary shares) of the Company for the purpose of calculating the fully diluted loss per share is identical to that used for calculating the loss per share.

The exercise of share options and warrants would have the effect of reducing the loss per share and is therefore anti-dilutive under the terms of IAS 33 “Earnings per Share”.

15 Dividends

No dividends were paid during the current or prior year, and no final dividends are proposed to be declared subsequent to the year end.

16 Intangible assets

Development costs capitalised are in relation to the generation of intellectual property and the patenting of such intellectual property, some of which are pending and thus not currently being amortised. As at the year end, £196,000 (2025 - £139,000) of patents are pending and not yet being amortised.

Approach and outcome of impairment testing

The Directors prepare forecasts which show the projected growth of the business and use of these assets, which forms a key part of the Group’s future strategy. The forecasts include an assessment of the likely commercialisation of the technology based on current demand and anticipated market growth strategies, profiled on a discounted cash flow basis which is further probability weighted for certain sensitivities around key forecasts and the timing of these. This approach is consistent with the review performed in the previous year.

An impairment review at 30 June 2026 identified no impairment. The forecast revenues are risk-adjusted for the potential service use of each asset, as an addition to the overall revenues and costs associated with the Group’s current fee-for-service revenues. This showed that the cashflow forecasts on a risk cautious basis carried a present value in excess of the carrying value of the CGU (and were also substantially aligned with the previous year when the forecast cashflows also carried a present value in excess of the carrying value of the CGU). As a result, the Directors are confident that there is no impairment in the carrying value of the CGU this year.

The outcome of the impairment model in both the current and prior years implies that there is a reversal of the impairment of the CGU recorded in 2023’s financial statements. However, the forecast model is highly sensitive to judgemental risks associated with each asset, and in the view of the Directors no individual asset has substantial certainty around its use and commercialisation, although in the current year certain commercialisation contracts have commenced at a low value level which justifies the view of the Directors as to the commercial viability of the projects. Despite this, there is primarily anticipatory evidence only that the service potential of the assets in the CGU has improved. Because of this, and the sensitive variables in the risk-adjusted cashflow model, the Directors do not believe that there is sufficient evidence to reliably reverse the previous impairment recognised with any level of requisite precision. However, despite this uncertainty the Directors remain optimistic that the discounted cashflows of the CGU remain in excess of the carrying value of the assets at the year end.

Key inputs to discounted cashflow model

The forecasts used were for a specific period of 5 years, with revenue and costs subsequently growing at 2% per annum. In the current year the forecasts have focussed on certain key customer projects being converted, and the timing of these, which covered the estimated life of each project (up to 13 years). No terminal value was considered after termination of these projects. Costs were inflated to reflect expected adjustments over the 13 year period.

The key unobservable input to the model was:

A pre-tax discount rate of 31.99% (2025 – 31.52%), equating to a post-tax discount rate of 26.20% (2025 - 25.40%).

The main forecasts assumed the going concern status of the Group as arising from the most recent fundraise round in March and April 2026, and its planned use of funds.

The forecast for 2026 also reflected the risk to the timing and included a probability weighting of 60% for the original forecast and 40% for an alternative in which all income from projects occurs one year later. If this alternative happens the value in use of the CGU will be reduced to £210,000.

Cashflow projections have been produced for a 13 year period because this is a prudent estimate of the expected product life cycle. No terminal values or perpetuity growth factors have been considered.

Sensitivities in the impairment model

The Directors considered sensitivities to revenue and discount rate in the cashflow forecast and the weighting applied between successful and unsuccessful fundraise post period end. If forecasted revenue in the cashflow forecast was reduced by more than 14.29% (2025 – 42.24%), this would result in a further impairment charge of £643,000 (2025 - £638,000), which would reduce the value in use of the CGU to £nil. If the post-tax discount rate was increased by 10.74% (2025 – 18.24%) then this would result in an additional impairment of £643,000 (2025 - £638,000).

The model is also sensitive to changes in individual assets’ risk reduction rates, for potential future cashflows. Disclosure of the rates used for individual assets is commercially sensitive and accordingly no sensitivity disclosure is provided.

The Directors are confident that the value of the CGU as at the date of approval of the financial statements is in excess of the carrying value as at 30 June 2026.

Further, the Directors are confident that the carrying value of the CGU has the potential to be in excess of that recognised as probabilities used for each project are considered cautious. If any uncertainties around the timing and completion of projects are closed positively then the forecasts present an outcome in excess of the carrying value of the CGU.

17 Property, plant and equipment

Certain assets acquired in the year were subject to a sale and leaseback arrangement post year-end as detailed in note 38. It is expected that this will be accounted for as a financing transaction rather than as a disposal of assets.

18 Right-of-use assets

Included within Buildings is property formerly used by the Group but which was sublet to a third party. The sublease was an operating lease and covers part of the remaining period to which the Group is entitled to use the property under the headlease. Details of rent receivable during the current period are provided in note 7.

19 Investments

Investment in subsidiaries

Company Investments other than loans £’000

Cost

Details of the subsidiaries can be found below.

20 Subsidiaries

Details of the Company's subsidiaries at 30 June 2026 are as follows:

Inventories are stated after provision for impairment of £128,000 (2025: £181,000).

Details of amounts charged to the Income Statement are provided in note 6. Inventories are charged to cost of sales when materials are consumed or contractual commitments are complete.

22 Trade and other receivables

The Directors consider that the carrying value of trade and other receivables is approximately equal to their fair value.

The Group’s trade receivables and contract assets have been reviewed for expected credit losses. Allowances have been made at the year-end amounting to £24,000 (2025 - £35,000), with movements on the allowances for expected credit losses as follows:

Of the above, £15,000 (2025 - £23,000) represents amounts provided against aged contract assets, which is presented net in the main table of balances at the year end.

The calculation of expected credit losses for trade receivables and accrued income at 30 June 2026 was determined as follows:

The calculation of expected credit losses for trade receivables at 30 June 2025 was determined as follows:

The Company’s receivables from group companies have been reviewed for expected credit losses. Allowances have been made at the year-end of £2,313,000 (2025: £1,794,000), which comprises the entire balance of the receivables.

23 Current trade and other payables

The carrying amount of these liabilities approximates to their fair value.

Contract liability relates to amounts outstanding under existing customer contracts where the delivery of service has not been completed at the reporting date.

Deferred income represents consideration received in advance under a licensing arrangement and is recognised as income over the period in which the related performance obligation is satisfied.

24 Borrowings

The contractual terms of the Group’s interest-bearing loans and borrowings are as follows:

Security of borrowings

Other loans represented a bounce-back loan which has now been repaid in full (2025 - £9,000).

25 Lease liabilities

Amounts of right-of-use assets recognised and the movements during the year are disclosed in note 18.

The total cash outflow for leases during the year was £345,000 (2025: £344,000).

26 Provisions for liabilities

A provision was made in a prior period to cover the expected contractual commitments on termination of the licence agreement to occupy the premises where the Group is based.

Any cashflows arising are expected when the Group vacates the premises at the end of the lease or at the end of any renewal. The lease terminates in 2027.

27 Deferred tax liabilities

The following are the major deferred tax liabilities and assets recognised by the Group and Company and movements thereon during the current and comparative reporting periods:

*Accelerated capital allowances

Deferred tax assets and liabilities are presented net as the balances relate to the same taxation authority and the Group has a legally enforceable right of offset, as required by IAS 12.36.

28 Cash and cash equivalents

All cash is available on demand and not restricted.

29 Financial risk management

The Group’s financial instruments comprise cash, receivables and payables held at amortised cost that arise from its operations.

The Group is exposed to financial risks on these financial instruments. The Group’s risk management is coordinated by its Directors who focus actively on securing the Group’s short to medium term cash flows through regular reviews of the operating activities of the business. The Group does not actively engage in the trading of financial assets for speculative purposes, nor does it write options. The most significant financial risks to which the Group is exposed are described below.

Liquidity risk

Management control and monitor the Group’s cash flow on a regular basis, including forecasting future cash flows, available bank and other credit facilities in comparison to the Group’s outstanding commitments on a regular basis to ensure that the Group has sufficient funds to meet the obligations of the Group as they fall due. Having regard to the visibility of sales, the cash forecasts are regularly reviewed and cover alternative income scenarios.

The undiscounted contractual maturity of the Group’s financial liabilities at the end of the reporting period was as follows:

The undiscounted contractual maturity analysis of the Group’s financial assets at the end of the reporting period was as follows:

* Stated net of provision for expected credit loss

The undiscounted contractual maturity of the Group’s financial liabilities at the end of the previous period was as follows:

The undiscounted contractual maturity analysis of the Group’s financial assets at the end of the reporting period was as follows:

* Stated net of provision for expected credit loss

Interest rate risk

The Group adopts a policy of ensuring that there is an appropriate mix of fixed and floating rates in managing its exposure to changes in interest rates on borrowings. There is no material exposure to changes in interest rates at the reporting date as all arrangements are at fixed interest rates.

Management regularly reviews the Group’s interest rate risk position and considers the requirement for any hedging instruments to mitigate risk as part of this regular monitoring. There were no such hedging instruments in place at the year-end (2025: none).

The carrying amount of financial assets / (liabilities) which expose the Group to cash flow interest rate risk are as follows:

Foreign currency risk

The main currencies in which the Group trades are the Pound Sterling and the US Dollar.

The Group is exposed in its trading operations to the risk of changes in foreign currency exchange rates and during the period the fluctuation in exchange rates has had an impact on reported results. As at 30 June 2026, the Group does not have any financial assets or liabilities denominated in a currency other than Pound Sterling, so is not exposed to any foreign currency risks at that date.

Credit risk

Credit risk predominantly arises from trade receivables, contract assets, and cash and cash equivalents. Credit risk attributable to trade receivables is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. The amounts presented in the Consolidated Statement of Financial Position are net of allowances for doubtful debts, estimated by the Group’s management based on prior experience and their assessment of the current economic environment. The Group has recorded an expected credit loss provision for impairment of debts at the reporting date. The historic trading activity and the collection of balances due from customers does not indicate that impairment risk will be significant in the future.

All financial liabilities are measured at amortised cost.

Capital risk management

The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. The Group can implement a range of measures to alter the capital structure including altering the dividends paid to shareholders and arranging appropriate banking facilities.

The capital structure of the Group consists of net debt (borrowing offset by cash and bank balances, see note 24) and equity (comprising issued share capital, reserves and retained earnings).

The Directors of the Group review the capital structure on an ongoing basis. As part of this review the Directors consider the cost of capital and risks associated with each class of capital.

Effective interest rates and maturity analysis

Amounts included in the Group’s statement of financial position on which interest is earned or incurred are as follows:

Interest on cash and cash equivalents held at banks is earned at variable rates linked to prevailing market deposit rates. Accordingly, no single effective interest rate is presented.

30 Retirement benefit schemes

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group and Company in an independently administered fund. Contributions totalling £6,309 (2025: £6,899) were payable to the fund at the balance sheet date.

31 Issued share capital

New share capital was issued as follows during the period:

32 Reserves

Retained earnings

Cumulative profit and loss net of distribution to owners.

Share premium

Cumulative excess over nominal value of consideration received, net of directly attributable issue costs, for shares issued.

Share options and warrants reserve

Used to recognise the grant date fair value of options issued to employees but not exercised, alongside the fair value of issued warrants to investors and brokers. On recognition of warrants, the corresponding amount is recognised in share premium, where available. On exercise, the amount relating to the warrants exercised is reallocated to retained earnings.

Included within the reserve are warrants issued to investors, calculated in accordance with IAS 32 and IFRS 9, totalling £601,000 (2025 - £nil). The remainder of the reserve is accounted for under IFRS 2.

Group reorganisation reserve

Difference between the consideration given and the net assets of acquired entities at the date of acquisition.

33 Share-based payments

Share options

The Group operates an executive unapproved share option scheme and an EMI employee share option scheme. The movement on share options issued was as follows:

449,953,495

The movement in options over ordinary shares of the Parent Company in the year were as follows:

The weighted average remaining contractual life of options outstanding at the year-end is 8.42 years (2025: 9.42 years).

In the prior year, additional share options were granted (“the Award”) to rebase the options to reflect dilution caused by significant fundraises. These are equity-settled share-based payments and were valued by an independent valuation specialist using a Monte Carlo simulation, incorporating the share-price conditions necessary to achieve a payoff.

The Award was granted on 6 December 2024. The valuation inputs included a period of up to ten years within which the share-price targets could be achieved, volatility of 88.87%, a dividend yield of 0%, a risk-free rate of 4.276% and an exercise price of £0.002 per share. These historical valuation inputs continue to form the basis of the charge for the Award.

Equivalent inputs were used in the Monte Carlo simulation for the 2023 scheme, which was substantially modified as part of the grant of the 2024 scheme options. The incremental fair value arising from the modification was £1,081,035, measured by reference to the original and modified awards at the modification date. The charge for the arrangements comprises the remaining unrecognised grant-date fair value of the 2023 Award together with the incremental fair value of the modification, recognised over the applicable remaining vesting periods.

Volatility was a significant input to the valuation model. The assumption used was based on the observed volatility of the Group’s share price on the Alternative Investment Market from flotation to the grant date. At the valuation date, the Group’s recent challenges and changes, together with its continuing growth and product commercialisation, supported the expectation that similar volatility could be experienced in the short to medium term. Benchmarking against similar quoted companies indicated volatility of approximately 60%; using that assumption would have reduced the historical fair value of the Award by approximately £370,000.

The options have an exercise price of 0.2p, equal to the price at which the Company’s fundraise was completed in July and August 2024. One third of the options vest once the share price has remained at or above seven times the issue price for at least three months and become exercisable six months after vesting. A further third vest once the share price has remained at or above ten times the issue price for at least three months and become exercisable twelve months after vesting. The final third vest once the share price has remained at or above 12.5 times the issue price for at least three months and become exercisable twenty-four months after vesting.

All in-the-money share options vest if the Company is acquired. This includes a person, group or entity acquiring, or entering into a definitive binding agreement to acquire, more than 50% of the Company’s issued share capital, or assets of the Company or its subsidiaries representing more than 50% of the consolidated earning power of the Company and its subsidiaries taken as a whole.

Before the modification, the expense for the 2023 Award reflected the Directors’ assessment of the likelihood of achieving the revenue conditions for FY2025 and FY2026, together with estimated participant retention. The modification removed those non-market revenue performance conditions from the 2024 Award. The remaining share-price hurdles were incorporated into the fair value of the Award.

During the current year, the Group continued to recognise share-based payment expense in respect of these arrangements and accounted for forfeitures. Where options are forfeited because an applicable service or other non-market vesting condition is not satisfied, the related cumulative expense is adjusted accordingly. Expense is not reversed solely because a share-price hurdle is not achieved where all other vesting conditions have been satisfied, or because vested options subsequently lapse.

The total expense recognised in the income statement from equity-settled share-based payments during the year, including the effect of forfeitures, is disclosed in note 6.

Current year warrants

The Group engaged in a further two fundraises within the current reporting period, detailed in note 31.

On 4 July 2025, 66,666,666 warrants were issued to the placing agent as part of amounts payable for the fundraising services. The exercise price for these warrants was set at £0.003 per warrant, exercisable 5 years following admission.

Further to this, as part of a fundraise on 13 April 2026, a further two sets of warrants were issued to both investors and the broker, subject to separate terms. 252,721,858 investor warrants were issued at an exercise price of £0.009, and accounted for under IAS 32 and IFRS 9. The broker was issued 45,489,934 warrants at an exercise price of £0.0075. Both of the above are exercisable within 2 years of grant.

Movements in the year were as follows:

The fair value of the above warrant issues was determined to be £980,000, being £601,000 investor warrants and £379,000 other warrants. Other warrants have been debited to share premium as a cost of fundraising, whilst investor warrants have been bifurcated from the proceeds of share capital issued. No amounts are included within the profit and loss account in respect of this. The warrants exercised in the year related to the 2023 fundraise, with consideration received being at 0.2p per share as detailed in note 31.

34 Cash used in operations

36 Controlling party

The Directors consider that there is no ultimate controlling party.

37 Related party transactions

In accordance with FRS101, these disclosures of transactions with related parties cover the group. Separate disclosure for the company is not required for certain transactions.

Key management personnel

The remuneration of key management personnel of the Group was:

One director was paid £70,000 through a company under his control (2025:£81,000).

38 Events after the reporting period end date

New share scheme

On 14 August 2026, the Company granted options to subscribe for up to 863,785,988 new ordinary shares to Directors and staff. These options are designed to materially reward, incentivise and retain the current Board of Directors and staff, ensuring continued leadership and skilled staff through a critical growth phase. The Company obtained approval from shareholders for the new award of share options at a general meeting held on 13 April 2026.

The new options are split into the following awards and subject to the conditions outlined in the following tables:

Award 1 – 193,508,199 share options have vested immediately following the date of the grant, with an exercise price of 0.1p.

Award 2 – 227,182,788 share options shall vest in three equal tranches on the first, second and third anniversaries of the award, with an exercise price equal to 0.6p. The share price must have been above 0.65p per share for at least 30 days prior to vesting.

Award 3 – 443,095,001 share options exercisable at 0.69p and vesting in eight equal tranches on achieving share price growth expressed as multiples of 0.6p of 1.50x, 1.75x, 2.00x, 2.25x, 2.50x, 2.75x, 3.00x and 3.25x.

The total fair value of the Scheme has been determined to be £1,975,811, based on an appropriate valuation methodology taking into account the relevant conditions attached to the options. However, the Scheme also includes non-market conditions relating to continued service and the achievement of performance criteria. As a result, the actual expense charged to profit and loss may differ from the total fair value of the Scheme, depending on the extent to which the relevant non-market conditions are satisfied.

The award of these share options is conditional on the surrender of share options that were issued to eligible Directors and Staff in December 2024. Following the grant of options and the expected surrender of December 2024 options, the Company will have outstanding awards granted over 865,255,641 ordinary shares.

Forfeiture of share options

At the reporting date, 3,725,000 share options granted under the EMI scheme on 9 October 2023 remained outstanding. As of August 2026, the conditions attached to these options lapsed and, consequently, the options were forfeited.

Sale and leaseback

Subsequent to the reporting date, the Group completed the sale and leaseback of certain plant and machinery acquired during the year. The assets had an aggregate carrying amount of £119,274 at the reporting date and were sold for aggregate proceeds of £123,559. Under the arrangements, the Group has leased the assets back for periods of 5 years. The detailed assessment of the accounting effect under IFRS 16 has not yet been completed and therefore a reliable estimate of the financial effect cannot currently be made.

Issue of shares to Non-Executive Director

On 13 August 2026 the Group and Company issued 12,936,511 shares to a Non-Executive Director as consideration for fees associated with his non-executive director role. The shares were issued at the prevailing share price on the date.