Revenue building & growth opportunities are developing

Lighthouse | 7 September 2023

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  • ANGLE’s H123 revenues trebled YoY to £1.2m (H122: £0.4m), with growth in both pharma services and in product sales. The order book is solid, with £2.5m of future revenues already sold, and revenues are on-track to meet FY23 expectations (TD FY23e: £3.0m). Operating costs increased slightly to £11.4m (H122: £10.6m). Together, these led to a net loss of £9.8m (H122: £9.2m). End-June 2023 cash was £22.2m (31 Dec 2022: £31.9m), and the cash runway has been extended into Q125 (from H224) through deferral of some spend and some cost cutting, which is expected to save c £5m by end-2024, without impacting near-term revenue opportunities.
  • Following the new pharma services contract with Crescendo Biologics (April 2023 Lighthouse), a contract for clinical trial services was executed in May 2023 with existing customer Artios Pharma. This was on the back of a bespoke assay development contract which successfully delivered two DDR (DNA damage response) assays. These assays will now be used in a Phase I clinical trial that is expected to complete around end-2024. New pharma services contracts, including with large pharma, are expected to be signed during H223, which will contribute to future growth.
  • In terms of Parsortix menu content, the Portrait Flex CTC (circulating tumour cell) assay was recently launched as a service from ANGLE’s laboratories (for research use by pharma services customers). Portrait Flex is an assay used to enumerate and characterise CTCs, and can include a customer’s therapeutic biomarker of interest. ANGLE is developing a number of imaging (“Portrait”) assays, including PD-L1 and HER2, as well as molecular (“Landscape”) assays for multiple clinically relevant biomarkers using third-party platforms which are currently being evaluated, to analyse CTCs harvested by Parsortix.
  • ANGLE is also conducting various clinical studies towards establishing the Parsortix system as a tool in patient management, including prostate cancer (DOMINO), ovarian cancer (EMBER) and INFORM (1000 patients in four different cancers of which >200 have been recruited). Patient samples processed with Parsortix have been stored for future molecular analysis via third-party systems. Meaningful clinical data are expected by year-end.

Trinity Delta view: Realising the significant commercial potential of Parsortix requires a number of elements to drive uptake. These include developing both “content” (menus of assays using CTCs harvested by Parsortix) to support both the products and services businesses, and on generating clinical data with Parsortix to demonstrate utility in patient management. ANGLE is growing the assay pipeline and clinical studies are ongoing, with data expected by YE23. Once protocols are developed on third-party molecular systems, this should open up a large installed base that could adopt Parsortix. Together with new pharma services contracts, this will be key for future growth. Whilst commercialisation of Parsortix is still at an early stage, momentum is clearly building and ANGLE is continuing to make progress in developing potentially sizeable revenue opportunities. Our DCF-based valuation is £253m, equivalent to 97p/share.


7 September 2023

Market Cap£34.8m
Primary exchangeAIM London
Company CodeAGL
Corporate clientYes

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. The FDA clearance for its clinical use to guide precision cancer care should open up multiple commercial opportunities.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


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