Trinity Delta H126: encouraging progress but challenges remain

H126: encouraging progress but challenges remain

Lighthouse | 1 July 2026

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Oxford BioDynamics (OBD) continued to deliver on key H126 objectives, and the subsequent appointment of a new CEO, with significant commercial expertise in diagnostics, opens a new chapter. The recognised ongoing funding constraints remain an overhang (at least £3m is required by late-August 2026) and despite the absence of an income-generating partnership/out-licensing deal, commercial momentum is evident with increased revenue (predominantly from EpiSwitch PSE prostate cancer test) and targeted headcount and operating cost reductions.
EpiSwitch PSE sales have surpassed 5k tests since launch, with the recent agreement with US third-party sales organisation MK Commercial Group expected to accelerate US growth through a c 60% increase in field presence. In the UK, similar footprint expansion is sought with a focus on private oncology/specialist urology providers as well as potential prospective studies with NHS trusts and key opinion leaders to support NHS adoption.
Promotion of EpiSwitch CiRT is limited until NCCN clinical guideline inclusion is achieved; however, external interest in other assets is growing. Subject to securing non-dilutive/grant funding and validation completion, EpiSiwtch ME/CFS (Myalgic Encephalomyelitis/Chronic Fatigue Syndrome) could be commercially available by end-2026. Additionally, following the March launch of 3D genomics platform EpiSwitch Orion, first commercial use agreements are in negotiation and, given its potential, further financing options (partnering, licensing, direct investment) are under consideration.
H126 revenue (to end-March 2026) increased to £0.69m (H125: £0.59m) solely from clinical test sales, 85% from the US market. PSE sales continued to grow, with 1,788 tests in the period (+66% on H225; +126% on H125), due to an increased number of active ordering clinics and in repeat orders. Insurance-reimbursed sales, under a unique CPT code, show some variability; c 20% of tests are “cash pay”. Lower H126 operating loss of £4.68m (H125: £5.88m) reflected higher revenues and lower R&D and staff costs, offsetting slightly higher G&A to support US PSE sales, EpiSwitch Orion-related IT costs and inflationary increases. Cash at end-March 2026 was £2.51m (end-September 2025: £1.39m), reflecting November’s £6.3 net equity raise. Last reported cash of £1.38m at end-May 2026, extends into late-August 2026.

Trinity Delta view: Oxford BioDynamics’ focus is on maintaining momentum to increase EpiSwitch PSE sales, monetise EpiSwitch Orion, and commercially launch a first-in-class ME/CFS. Out-licensing or partnering other EpiSwitch tests (most likely CiRT, NST, or ME/CFS) remains an objective, as does establishing CiRT in the NCCN guidelines; however, following meaningful cost reductions, securing near-term funding is the primary consideration for management. While there is potential for OBD to create shareholder value from its EpiSwitch tests and 3D genomics platform, 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

1 July 2026


Price	0.10p
Market Cap	£4.29m
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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