Half-year Results

The Board of Imaging Biometrics, Ltd is pleased to announce the Company's half yearly report for the period ended 30 June 2025.

First-half revenue totalled £394,002, down 11% year-over-year, reflecting a one-off £79k grant received in the prior period and significant exchange rate differences.

Net assets have increased to £513,624 at 30 June 2025 from £302,527 at 31 December 2024.

For the six months ended 30 June 2025, the Group reported a reduced loss of £89,652, an improvement from £274,309 in the same period last year. Notably, this figure includes a foreign exchange loss of £67,309 and a non-cash share-based payment of £47,982. Adjusting for these items, the Group would have been profitable during the first half of the year.

IB003, gallium maltolate (GaM)

Following the recently reported "soft close" of our Phase 1 clinical trial for oral GaM, we anticipate formal closure approval in the near term. In parallel, our clinical team is actively preparing the Phase 1 results for publication and refining the Phase 2 protocol to reflect emerging strategic opportunities.

For the remainder of the current year, our priorities include completing the Phase 1 data analysis, scheduling the End-of-Phase-1 meeting with the U.S. Food and Drug Administration (FDA), integrating their feedback into our development strategy, and evaluating Phase 2 funding pathways, including the option to independently finance.

Whilst the Expanded Access Program (EAP) continues to attract interest from patients who have exhausted standard treatment options, participation remains limited due to prolonged site activation timelines. While some individuals can access treatment by journeying to active sites, many cannot. We remain deeply committed to expanding access to GaM and are actively exploring solutions to overcome these barriers and serve patients in need.

The completion of Phase 1 marks a milestone in the development of GaM. The trial met its primary endpoints, with early data suggesting a potentially superior therapeutic profile relative to current standard-of-care. As we transition toward Phase 2, our focus is on generating statistically robust efficacy data to support regulatory approval. Upon availability of these data, we will re-engage with the FDA to resubmit our Breakthrough Therapy designation request, incorporating the agency's feedback from our initial submission to strengthen the case for accelerated review.

We're tracking our FDA-granted Rare Paediatric Disease Designations for two urgent indications-paediatric-type diffuse high-grade glioma and atypical teratoid rhabdoid tumour, which position IB-003 to earn a Priority Review Voucher (PRV) upon approval. These PRVs have historically commanded very substantial valuations, offering both strategic and financial upside. Congress is actively considering an extension of the PRV program via the Give Kids a Chance Act, which passed the House unanimously; a Senate companion bill is pending. While final passage isn't guaranteed, strong bipartisan and advocacy support point to a promising outcome.

IB Clinic

Despite the clinical value and technical maturity of IB Clinic, adoption through third-party AI marketplace platforms has been underwhelming. These channels, while promising in theory, have proven fragmented, slow-moving, and misaligned with the urgency and precision required in neuro-oncology imaging. The lack of meaningful traction reflects broader challenges: limited platform engagement, complex integration pathways, and insufficient prioritization of disease-specific tools. While disappointing, this experience underscores the need for more direct, strategic deployment models that prioritize clinical impact over varied menu applications.

Going forward, we will shift our focus toward direct engagement with the clinicians and decision-makers who stand to benefit most from IB Clinic's capabilities. Our outreach will intensify across oncology, neurosurgery, radiology-and even patient advocacy communities-to ensure that the value of our solutions is clearly understood and accessible. Building on the momentum of groundbreaking neurosurgical applications, including the Outstanding Project Award at ASNR 2025, we are committed to delivering targeted, high-impact messaging that highlights IB Clinic's clinical utility, ease of integration, and transformative potential in neuro-oncology care.

We will continue to collaborate with our channel partners-particularly as our automated fractional tumour burden (FTB) mapping technology nears release-recognizing their role in education and brand visibility. However, IB Clinic is not a "me too" offering. It delivers uniquely quantitative, clinically validated solutions that directly address one of the most persistent and consequential questions in neuro-oncology: Is the enhancing region active tumour or a treatment-related effect? By answering this with clarity and precision, IB Clinic empowers clinicians to make informed decisions that truly impact patient outcomes.

We successfully launched IB ASL, our advanced perfusion imaging technology that eliminates the need for contrast agents. IB ASL leverages arterial spin labeling (ASL), a non-invasive MRI technique increasingly used in the evaluation of stroke, neurodegenerative diseases, and other cerebral perfusion disorders. IB ASL is now available for purchase and has already been deployed, marking an important step in the broader adoption of this perfusion solution.

IB Nimble

A major focus has been rebuilding the IB Nimble code base to deliver a scalable, secure imaging platform. Upcoming enhancements will allow clinicians to view medical images from any device and customize their settings, with the key addition of DICOM viewing for direct, in-platform access. This transforms IB Nimble into a lightweight, portable solution for multidisciplinary teams needing rapid image review in their collaboration process.

Concurrently, the server architecture is being upgraded for essential functions like account consolidation, user management, and data organization. These improvements position IB Nimble as a turnkey solution for multi-site deployments and support commercialization in mobile clinical environments.

Outlook

Imaging Biometrics remains committed to improving outcomes for patients, especially those facing the most aggressive brain cancers. Our solutions, like IB Neuro, Delta T1, and FTB maps, are being used every day in real-world clinical settings, helping physicians make more informed decisions and offering patients more precise imaging options. Our continued growth and product deployments are making a tangible, life-changing impact on patients who need them most.

The Board is acutely aware that shareholders (including insiders) have had to exercise great patience over past years as commercialization and acceptance of our cutting-edge technologies has been slower than we had expected. The innate conservatism of our market, which serves primarily to protect patients, is also a headwind for the acceptance of innovation. We believe that these conditions are beginning to change, as our technologies and name become more familiar through our efforts at conferences, published scientific papers and networking.

Trevor Brown

Chief Executive

Results for the 2025 interim financial period

A summary of the key financial results is set out in the table below:

£

Interest

The net interest cost for the Group for the period was £Nil (2024: (£410)).

Loss before tax

Loss before tax for the period was £89,652, which includes a Share Based Payment expense of £47,982 (2024: £259,081) and a foreign exchange loss of £67,309 (2024: 693 gain).

Taxation

Taxation charge was £nil for the period (2024: £nil).

Earnings per share

Basic and diluted earnings per share for the period were 0.04p loss (2024: 0.13p loss).

Financial position

The Group's balance sheet as at 30 June 2025 can be summarised as set out in the table below:

Net assets £'m

£

Cash flow

Net cash inflow for the period was £18,859 (2024: £47,368 inflow).

Consolidated Income Statement

For the six months ended 30 June 2025

Other comprehensive income

Items that may be subsequently reclassified as profit or loss

Summary of significant accounting policies

Imaging Biometrics Limited (the "Company") is a limited liability company incorporated and domiciled in Jersey.

The financial statements are presented in pounds sterling (£) since that is the currency of the primary environment in which the Group and Company operates.

Basis of preparation

These financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations (IFRS IC) as adopted by the European Union.

The financial statements have been prepared under the historical cost convention, as modified for the assets held for sale measured at fair value less costs to sell.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed under the heading 'Critical accounting estimates and judgements' below.

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive Officer's Statement.

The current economic conditions continue to create uncertainty, particularly over (a) the level of demand for the group's products; and (b) the availability of finance for the foreseeable future. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that additional funding will be required either via an issue of equity or through the issuance of convertible loan notes. The Directors are reasonably confident that funds will be forthcoming if and when they are required. The Chief Executive Officer has provided a letter of financial support to the Group to make sufficient funds available, if required, to ensure the Group can meet its obligations over the going concern period.

Taking in to account the comments above, the Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements

New standards, amendments and interpretations adopted by the Group and Company

Basis of consolidation

Investments in subsidiaries

Investments in subsidiaries are held at cost less any impairment.

Goodwill

Segment reporting

An operating segment is a component of the Group that engages in business activity from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with and of the Group's other components. All operating segments' operating results, for which discrete financial information is available, are reviewed regularly by the Group's Board to make decisions about resources to be allocated to the segment and assess its performance. As a result of the acquisition during the year, the Group reports on a two-segment basis - holding company expenses and medical software.

Foreign Currency Translation

• all resulting exchange differences are recognised in other comprehensive income.

Intangible Assets - Intellectual property and internally generated software

• it is technically feasible to complete the software product so that it will be available for use;
• management intends to complete the software product and use or sell it;
• there is an ability to use or sell the software product;
• it can be demonstrated how the software product will generate probable future economic benefits;

Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Software development costs recognised as assets are amortised over their estimated useful lives, which do not exceed 5 years. Amortisation commences when regulatory approval is obtained, and the product is commercially available.

Impairment of Non-Financial Assets

Financial instruments

Financial assets

Loans and receivables

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with maturities of three months or less. In the consolidated Statement of Financial Position, bank overdrafts are shown within borrowings in current liabilities.

Financial liabilities and equity instruments issued by the group

Non-Current Assets (or Disposal Groups) Held-for-Sale and discontinued operations

Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. A discontinued operation is a component of the Group that is classified as held for sale and that represents a separate line of business or geographical area of operations. The results of discontinued operations are presented separately in the Consolidated Income Statement.

Convertible loan notes

Trade and other payables

Share capital

Ordinary shares

Share-Based Payments

• including any market performance conditions (for example, an entity's share price);

Revenue recognition

Taxation

The major components of income tax on profit or loss include current and deferred tax.

Critical accounting estimates and judgements

Critical Accounting Estimates and Assumptions

Fair value measurement

Management uses valuation techniques to determine the fair value of assets held for sale. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on best observable data available as far as possible. Estimated fair values may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.

Critical judgments in applying the entity's accounting policies

Capitalisation of internally developed software

Distinguishing the research and development phases of the software suites and determining whether the recognition requirements for the capitalisation of development costs are met requires judgement. After capitalisation, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs may be impaired.

Earnings per share

Basic and diluted