LONDON (ShareCast) - (Sharecast News) - Fusion Antibodies reported positive trading in an update on Tuesday, highlighting significant progress for the first half of its financial year.

The AIM-traded company, which specialises in pre-clinical antibody discovery and engineering, said ahead of its annual general meeting that it expected unaudited revenues of about £1.2m for the period, more than double the £0.54m reported for the same period in 2024 and exceeding the full-year revenue of £1.14m in the full 2024 financial year.

Gross margins also saw a marked improvement, reaching 29% compared to a negative 16% in the first half of the prior year.

Chairman Simon Douglas also reported that the company had a cash balance of £0.46m as of 30 September, in line with management expectations.

Fusion Antibodies said it was managing its cash carefully, with a cash runway projected into the second half of 2026, and no plans to raise capital through equity placements.

The company said it remained committed to achieving cash neutrality within that time frame.

Key developments during the period included an expanded collaboration with the National Cancer Institute (NCI) for the humanisation of camelid nanobodies, a new contract with a US biotechnology company to develop an antibody-based therapeutic, and a bespoke 'OptiPhage' library development contract.

Fusion said it had also strengthened its investor relations with the launch of an interactive investor hub.

The company said it was confident in its strategic direction, with Simon Douglas affirming that the revised strategy was ensuring Fusion's sustainability and paving the way for future growth.

At 1446 BST, shares in Fusion Antibodies were up 8.64% at 4.4p.

Reporting by Josh White for Sharecast.com.

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