AGM statement and trading update

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces that at the Company's AGM, being held later today, Simon Douglas, Chairman, will provide the following update on trading for the first half of the current financial year ending 31 March 2025 ("HY25"):

"I am pleased to update on the positive momentum the Company has achieved through HY25, with unaudited revenues for the period expected to be c. £1.2m (HY24: £541k, FY24: £1.14m). Unaudited gross margin for the period was 29%, compared to -16% in the first half of the prior year, showing significant progress against our targets. Cash as at 30 September 2024 was £464k and is tracking in line with management's expectations.

"During the period, the Company expanded its collaboration agreement with the National Cancer Institute ("NCI") to include the humanisation by Fusion of several of the NCI's existing camelid nanobodies. A new contract was secured to develop an antibody based therapeutic with a US based biotechnology company and we entered into a contract to develop a bespoke OptiPhageTM library. In addition, we have strengthened our investor and stakeholder engagement through launch of a new interactive investor hub at investorhub.fusionantibodies.com.

"Cash continues to be carefully controlled and, as set out in the Company's FY24 results announced on 5 September 2024, based on internal estimates the Company has a cash runway into the second half of FY26. The Company continues to seek to achieve cash neutrality during that timeframe and has no plans to raise cash through an equity placement. We remain on track and on plan with our strategic goals. The revised strategy has proven to be the correct one to ensure that Fusion is not only sustainable but also becomes the thriving business which it deserves to be."