Trinity Delta H125: Pharma Services focus attenuates industry headwinds

H125: Pharma Services focus attenuates industry headwinds

Lighthouse | 9 September 2025

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ANGLE’s strategy to prioritise its Pharma Services offering towards larger, and better funded, pharmaceutical companies has mitigated much of the impact of the well-documented uncertainties facing the sector. Three large pharma projects successfully completed during H125: HER2 for Eisai; DDR (DNA damage response) and AR (Androgen receptor) for AstraZeneca, with the DDR and AR assays now included on ANGLE’s validated services menu. A fully funded study for Recursion Pharmaceuticals, who use AI to “industrialise” drug discovery, has been initiated and the Immatics collaboration is expanding. Future uptake of completed assay development programmes rests on clinical progress decisions from the respective pharma management; however, ANGLE is pursuing multiple discussions for new Pharma Services projects with several drug companies.
Integration of CTC analysis with existing ctDNA assay workflows on the Illumina NGS platform has been fruitful and is now available commercially. It is believed to be the first integrated workflow capable of performing dual molecular analysis of CTC-DNA and ctDNA from a single blood draw. ANGLE is actively engaging with large medtech companies to help support their transition from existing tissue-based assays towards liquid biopsy. The collaboration with Myriad Genetics, a leading US molecular diagnostic and precision medicine company, is the first example of the type of deals ANGLE seeks to establish. The widespread commercial adoption of the Parsortix system requires solid and robust clinical data that demonstrate patient benefit and enable regulatory clearance, and management believes that collaborations with larger pharma companies and key medtech players will enable this to happen in a cost-effective manner.
H125 revenue was £0.8m (H124: £1.0m) reflecting persisting industry-wide headwinds, while gross margin was maintained at 59%, (H124: 59%; FY24: 62%) due to a similar product-service mix. Ongoing cost reduction initiatives lowered operating expenses, excluding non-cash FX movements, by 12% to £8.0m (H124: £9.1m). The non-cash currency impact of £2.1m (H124: £0.2m gain) saw net loss rise to £9.3m (H124: £7.7m loss). End-June 2025 cash was £5.3m (end-June 2024: £17.9m; end-December 2024: £10.4m) with £1.3m of R&D tax credits due. Despite lower revenue expectations, the cash runway still extends into Q126.

Trinity Delta view: ANGLE’s strategy centres on growing its Pharma Services as it seeks to widen commercial adoption of its proprietary Parsortix technology for CTC capture and subsequent downstream analysis. The marketing focus shifted a year ago towards the better-resourced large pharma customers where, despite more complex selling cycles, there is the potential to drive significant mid- and longer-term revenues. An analogous approach is addressing medtech diagnostics companies to support development of new assays and/or companion diagnostics. There is increasing clinical acceptance that CTC-driven diagnostics can provide complementary actionable information to current liquid biopsy methods, such as ctDNA, including invaluable additional insights that such methods alone cannot. However, headwinds affecting the diagnostics sector remain and ANGLE is not immune to these. As usual following H125 results and updated guidance, we suspend our forecasts and valuation pending review; for context, our prior valuation was £118m, or 37p per share.

Lighthouse

9 September 2025


Price	5.75p
Market Cap	£19.23m
Primary exchange	AIM London
Sector	Healthcare
Company Code	AGL

Corporate client	Yes

Company description

ANGLE is a specialist diagnostics company. Its proprietary Parsortix technology can capture and harvest very rare cells, including CTCs (circulating tumour cells), from a blood sample. Parsortix has received FDA clearance for its clinical use to guide precision cancer care.

Analysts

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

Philippa Gardner
pgardner@trinitydelta.org
+44 (0) 20 3637 5042

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