Trinity Delta FY25 results: delivering despite the challenges

FY25 results: delivering despite the challenges

Lighthouse | 16 December 2025

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Oxford BioDynamics (OBD) has weathered multiple challenges in the past year, yet, despite the well-documented funding constraints, has delivered on several key objectives. Sales of the marketed EpiSwitch PSE (prostate cancer) and CiRT (checkpoint inhibitor response) tests have grown, the portfolio of potential tests has broadened (eg chronic fatigue syndrome), costs have been managed aggressively, and October’s £7m gross equity raise secured OBD’s near term future. Understandable uncertainties remain but management is confident of the quality and effectiveness of the EpiSwitch technology and is seeking to drive value through continuing test sales growth and by striking non-dilutive collaboration, partnership and/or out-licensing deals.
FY25 revenue (to end-September 2025) increased to £1.1m (FY24: £0.6m), driven entirely by sales of tests. PSE test orders more than doubled, from c 700 to c 1,900, with monthly sales rising from fewer than 100 in September 2024 to 215 in September 2025; this trend continued post-period end to 250 orders received in November 2025. Costs saved in reduced advertising were switched to direct selling to the core US physicians, resulting in fewer “one off” orders but greater usage and retention. Insurer reimbursement, under the unique CRT-PLA code (0433U), was consistent throughout the year; c 20% of tests are “cash pay”.
CiRT test orders were c 620, down from FY24 of c 670, as the PROWES clinical study wound down. Accordingly, revenues rose as the proportion of reimbursed tests increased. The recently published interim PROWES data (September 2025 Lighthouse) show a clear role in helping guide checkpoint inhibitor therapy (influencing “real world” treatment choice in 61% of cases). It will be inclusion in clinical guidelines, such as the National Comprehensive Cancer Network (NCCN), that will drive wider CiRT adoption by oncologists.
Cash at end-September 2025 was £1.4m (end-FY24: £2.8m), boosted by the post-period £7m (gross) equity raise. FY25 operating expenses were reduced to £11.6m (FY24: £13.7m), reflecting lower R&D (£0.6m from £0.8m), G&A (£4.0m from £4.5m), and staff costs (£5.0m from £5.5m). Savings were skewed to H225, as a number of one-off professional, legal, and advisory fees were incurred in H125.

Trinity Delta view: Oxford BioDynamics’ focus is maintaining the building sales momentum, growing PSE test volumes to 500 per month within 12 months. Stated objectives within this timeframe include: (1) signing a partnership or distribution deal for PSE (with an upfront fee, milestones, and royalties); (2) out-licensing or partnering a test (most likely CiRT, NST, or ME/CFS); (3) establishing CiRT in the NCCN guidelines; (4) initiating the monetisation of the 3D genomics platform (EpiSwitch Orion); and (5) sourcing and delivering projects for a variety of industry customers. Successful delivery on these objectives, coupled with continued cost control, should help secure funding for the near- and medium-term. Longer-term, in our view, sustainable test volume growth will require substantial ongoing commercial investment, and thus third-party partners are likely needed to deliver on this potential.

Lighthouse

16 December 2025


Price	0.25p
Market Cap	£10.73m
Primary exchange	AIM
Sector	Healthcare
Company Code	OBD

Corporate client	Yes

Company description

Oxford BioDynamics (OBD) develops 3D genomic diagnostics using its proprietary EpiSwitch technology platform. Aiming to improve precision and clinical utility, the target applications are in oncology, autoimmune diseases, and neuro-degenerative disorders. Two tests, EpiSwitch CiRT (immuno-oncology response) and EpiSwitch PSE (prostate cancer) are being rolled out commercially.

Analysts

Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041

Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043

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