Trinity Delta H125: working towards delivering on objectives

H125: working towards delivering on objectives

Lighthouse | 1 July 2025

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Oxford BioDynamics (OBD) has delivered on several objectives outlined at the time of the £7m placing (January 2025 Lighthouse), notably: sales of the marketed EpiSwitch PSE and CiRT tests have grown; active partnership, collaboration, and licensing discussions are underway; and, while costs have been managed, further initiatives are in progress to ‘right-size’ the company.
H125 revenue (six months to end-March 2025) was £0.69m (H124: £0.33m; H224: £0.31m). H125 PSE test orders were slightly under 800 (>FY24), with month-on-month growth in orders and sales continuing post-period end. Between October 2024 and mid-May 2025, >1k PSE tests were ordered, with June on track to be the ‘best month ever’. PSE test sales should accelerate following imminent inclusion in two US electronic medical record systems, re-alignment of the salesforce, and, in certain US states, increasing sales penetration and market acceptance. Increased CiRT test orders of 445 for H125 (H124: 298; H224: 373) were largely from the PROWES clinical study. PROWES data are under review, and further enrolment is paused, pending submission of an application for clinical guideline inclusion later in 2025. Guideline inclusion should drive wider CiRT test adoption.
Executive chair, Iain Ross, is confident of the quality of OBD’s current tests and its EpiSwitch technology and the ability to drive value through striking non-dilutive collaboration, partnership and/or out-licensing deals. Several commercial discussions are ongoing with multiple diagnostic/pharmaceutical companies; however, as deal timing is uncertain and may not complete within the current cash runway, steps are being taken to ‘right-size’ OBD, reduce fixed overheads, and grow PSE test sales in the US.
Cash at end-March 2025 was £4.3m (end-FY24: £2.8m), which provides a runway into Q425 (based on the current organisation and premises). H125 operating expenses were modestly reduced to £6.2m (H124: £6.5m; H224: £7.1m), reflecting lower R&D and G&A spend partially offset by one-off professional, legal, and advisory fees. Stripping out non-recurring expenses, plus lower H225 PROWES study costs, and further reduction in other overheads should enable OBD to prioritise investment into growing US sales (eg through commission-only reps rather than fixed salary costs). However, in the absence of a third-party deal, OBD will likely need to raise further funds.

Trinity Delta view: Oxford BioDynamics’ near-term focus is on securing one or more partnerships, collaborations and licensing deals to maximise the revenue potential of its portfolio of innovative and clinically robust tests. In our view, the market opportunities for CiRT, PSE, and the EpiSwitch test portfolio remain intact and sizeable, but successful uptake requires continued significant commercial investment and/or partners. There are encouraging signs of growth in test volumes, notably PSE, and the potential early submission for CiRT guideline inclusion would also be a positive development. However, longer-term, in our view, sustainable test volume growth will require substantial ongoing commercial investment, and thus third-party partners or further funds are needed to deliver on this potential.

Lighthouse

1 July 2025


Price	0.33p
Market Cap	£6.36m
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

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

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