Financial Results for year ended 30 September 2025

About this update from Ixico Plc

[{"type":"text","content":"\n \n IXICO plc \n (\"IXICO\", the \"Company\" or the \"Group\") \n   \n Financial Results for year ended 30 September 2025 and Notice of AGM \n   \n   \n 09 D ecember 2025, IXICO plc (AIM: IXI) - London, UK. IXICO, a global leader in neuroscience imaging and biomarker analytics, using its AI-driven platform to help advance drug development in neurological disorders, announces its audited results for the year ended 30 September 2025 (\"FY25\"). \n   \n Execution of the Group's Innovate Lead Scale strategy across the year has delivered a strong financial performance with 13% revenue growth and a 21% reduction in EBITDA loss. Commercial traction has further accelerated into FY26, resulting in a 27% increase to the order book since the FY25 year-end.          \n   \n   \n Financial Highlights: \n ·      Revenues grew 13% to £6.5 million (2024: £5.8 million) reflecting new contract and contract extension wins. \n   \n ·      Gross margin grew to 49% (2024: 47%) reflecting operational leverage within the business partly offset by an expanded operational footprint in North America designed to support further future growth in this market. \n   \n ·      EBITDA losses reduced 20% to £1.3 million (2024: £1.7 million) reflecting revenue growth in the year of £0.7 million, partly offset by targeted investments designed to sustain and accelerate future revenue growth. \n   \n ·      Closing order book of £13.8m (2024: £15.3 million).  In the two months since the period-end, the order book has grown to £17.7 million (as at 30 November 2025) reflecting a further acceleration of the contract win rate seen in the second half of the year. \n   \n ·      Closing, debt-free, cash of £3.5 million (2024: £1.8 million). Cash was augmented by £3.7 million net of fees from an oversubscribed capital raise completed in Q1 of the financial year end. \n   \n ·      Closing balance sheet value (net assets) of £11.7 million (2024: £9.5 million) that includes long-term assets that will underpin the Group's further expansion. \n   \n   \n Operational & Commercial Highlights: \n ·      Successful diversification of revenues with new and existing clients across therapeutic areas, clinical phases and geographies . \n   \n ·      Commercial partnership and collaboration activity increased with large CRO, imaging device manufacturers and clinical data management organisations. \n   \n ·      Expansion of the proprietary IXI™ AI-powered platform into new industry verticals, generating a new revenue stream in blood-based biomarker diagnostic validation. \n   \n ·      Continued scientific and technology innovation equipping IXI™ with novel algorithms to deliver differentiated analysis capabilities, with a particular focus on the Alzheimer's disease and Parkinson's disease markets. \n   \n ·      Access and use rights to the Global Alzheimer's Platform (GAP) BioHermes data set covering 1,000 participants across 30 global sites, and including MRI, PET and Blood Based Biomarker data . \n   \n ·      Expansion of the Group's scientific and operational footprint in North America. \n   \n   \n Post Period Highlights: \n ·      £1.2 million combined value clinical trial contract wins - a new blood-based biomarker contract and a contract extension in Alzheimer's disease (15 October 2025). \n   \n ·      £3.5 million global Phase 3 clinical trial contract win in Huntington's disease (17 November 2025). \n   \n ·      Appointment of Professor Michael Weiner and Professor Joanna Wardlaw, two leading global experts in the field of Alzheimer's and cerebrovascular disease as advisors to the Company (01 December 2025). \n   \n Bram Goorden, CEO of IXICO, said: \"2025 has been a pivotal year for IXICO witnessing a strong return to growth, an extension of our leadership in neuroimaging and promising early progress from the Innovate Lead Scale strategy.  The continued development of scientific capabilities through our next-generation IXI™ platform uniquely places IXICO to deliver impact to biopharma and diagnostics partners, helping accelerate the development of much-needed treatments for neurodegenerative disease.  The commercial momentum experienced in FY25 has continued into the new financial year, and together with our incredible group of people and a clear strategy to advance precision medicine, we enter 2026 with confidence and excitement.\" \n   \n  The full 2025 Annual Report and Accounts is available on the Company's website. \n   \n Notice of AGM \n IXICO announces that its 2026 Annual General Meeting (\"AGM\") will be held at CCT Venues Smithfield, Two East Poultry Avenue, Smithfield, London EC1A 9PT on 23 January 2026 at 10:30 GMT.  The Notice of AGM will be sent to shareholders on or before 20 December 2025 and at the same time will be made available on the Company's website in accordance with AIM Rule 20. \n   \n This announcement contains inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. \n   \n   \n For further information please contact: \n   \n \n \n \n \n IXICO plc \n \n \n +44 (0) 20 3763 7499 \n \n \n \n \n Grant Nash, Chief Financial Officer \n James Chandler, Chief Business Officer \n \n \n \n \n \n \n \n   \n Cavendish Capital Markets Limited \n (Nominated Adviser and Sole Broker) \n \n \n   \n +44 (0) 20 7220 0500 \n \n \n \n \n Giles Balleny, Isaac Hooper (Corporate Finance) \n Nigel Birks (Healthcare Specialist Sales) \n Harriet Ward (Corporate Broking) \n Michael F Johnson (Sales) \n \n \n \n \n \n \n \n   \n About IXICO www.IXICO.com \n IXICO is a global leader in neuroscience imaging and biomarker analytics, using its proprietary AI-driven platform to help advance the treatment of neurological disorders and reduce the uncertainties associated with drug discovery, development and monitoring.   As a key part of the global neurological disease research community, the Company has built a global reputation and 20-year track record as an end-to-end Imaging Contract Research Organisation (iCRO) working with leading pharma companies, innovative biotech's, disease consortia and non-profit organisations. IXICO has supported hundreds of neurological clinical trials, analysed hundreds of thousands scans and built an expansive network of expert imaging centres around the world.   \n   \n The IXICO Platform is tailor-made for neurological disease, reliably processing data from global trials, precisely measuring key imaging biomarkers associated with the identification, progression and treatment of diseases such as Alzheimer's, Huntington's and Parkinson's .  Image data is interrogated by the Platform and IXICO's expert scientists translating complex data into clinically meaningful while minimizing data variability and increasing reproducibility. \n \n \n   \n Chair's Statement \n   \n Summary of Strategy & Progress  \n On behalf of the Board of IXICO plc, I am pleased to report a period of significant technological, scientific, and commercial progress resulting in a healthy return to revenue growth.  The opportunity to create significant shareholder value beyond the uplift in share price over the period, rests on the continued execution of IXICO's clear growth strategy expanding and diversifying existing therapeutic area activity while leveraging the Group's technology advantage to enter new neuroscience revenue streams.     \n   \n The core elements for growth can be summarised as: \n   \n ·      A rising global population impacted by neurological disease, combined with a renewed focus by the biopharma industry [1] to address this unmet need, particularly through precision medicine methods such as biomarker research. \n   \n ·      A strategy successfully diversifying revenues in key therapeutic areas of focus - retaining market dominance in Huntington's disease (HD) and other rare neurological diseases while deepening and broadening existing activities in Alzheimer's and Parkinson's diseases. \n   \n ·      A flexible differentiated AI-driven technology platform (IXI™) that offers revenue expansion opportunities outside traditional clinical trial activities, such as the acceleration of activity in post market assessment and into blood-based biomarker diagnostics similar to those IXICO has undertaken in the period.     \n   \n ·      Continued innovation in scientific products and services by refining existing approaches and creating advanced new methods to assess how developmental drugs act on brain biomarkers.  \n   \n These growth elements, and the associated progress, relate to the focused execution of the Innovate Lead Scale strategy that the leadership team outlined during its successful capital raise in October 2024. The core deliverables of that strategy were to extend the use of the IXI™ Platform in new ways and markets, strengthen commercial operations, increase the visibility of the Group, and enlarge its market opportunity whilst deepening market penetration.  \n   \n The Board are pleased to report that the Group has made strong progress in delivering all elements of this strategy, providing confidence that the approach is working and will deliver its full impact over the medium term.  This progress is evidenced by a 13% year-on-year rise in revenues and a growing pipeline of new contract opportunities. \n   \n People \n At the heart of IXICO's success is the quality and dedication of its people. The team brings together world-class expertise in neuroscience, imaging science, AI, technology development and clinical operations, consistently translating complex challenges into meaningful insights that drive progress for our clients and partners. \n   \n As reported at the interim results in May 2025, and following the CEO change in August 2024, the Group has strengthened its senior leadership and added further commercial, scientific and operational roles that enable IXICO to accelerate scientific innovation, expand its technology advantage and expand commercial growth. \n   \n The Group continues to work hard creating an agile, highly collaborative culture and maintaining IXICO's reputation as a trusted leader in neuroimaging.  As Chair, I would like to extend my thanks to, and appreciation for, an extraordinarily dedicated group of people that successfully manage to combine scientific rigour, technological innovation, and patient-centred sensitivity to deliver the highest standards of service. I would also like to offer my gratitude to our shareholders, partners, and customers for their continued trust and support. \n   \n Board Activity & Governance  \n During the period, the Board has undertaken specific initiatives to support the leadership team, ensure strategic accountability and capitalise on commercial and market opportunities: \n   \n Executive and non-executive Board directors collectively performed a formal Board evaluation to assess current and future needs, stewardship, and processes with the help of a reputable independent assessment organisation. This exercise proved particularly useful since the Board had welcomed Bram Goorden as a new Director in 2024 and independently confirmed high accountability and a productive working dynamic amongst all Board members. In addition, regular Risk Review sessions are held which support strategic prioritisation, measured using monthly KPI reports to track the Group's Innovate-Lead-Scale strategy execution. \n   \n As an AIM-quoted group, the Board remains committed to high standards of corporate governance that ensure the Group operates in a transparent and ethical way, and which delivers value for employees, shareholders, and other stakeholders.   In particular, the Group works to adhere to the Quoted Company Alliance Governance Code and has acted to deliver compliance with the 2023 updates to this Code. During the year, the activities of the Board have aimed to secure financial stability, whilst balancing risk with the focused pursuit of opportunities open to IXICO. Through the activities of the Audit Committee, the Board, and the Leadership Team, the Group continues to implement and maintain robust financial controls and reporting. \n   \n Summary & Outlook \n The commercial momentum this year has been achieved despite a biopharma industry backdrop of financial conservatism.  Activity in neuroscience R&D and clinical trials is relatively buoyant. For example, in AD alone Alzheimer's UK recently published a report [2] stating that 138 drugs are being tested, representing a 9% increase from the previous year with the number entering early-stage clinical trials jumping from 27 to 48. However, broader biopharma industry wide challenges remain such as tariff uncertainty, reduced investment and low risk appetite. \n   \n Therefore, while the Group remains optimistic, it is mindful of the macro biopharma climate. The continued commercial momentum of IXICO will be achieved not only by growing the scale of the Group's activities in the clinical trial space as an iCRO, but by making further progress in leveraging IXICO's technology platform to diversify revenues. \n   \n This approach not only complements the way IXICO has developed its differentiated technology as a key driver for growth but is perfectly aligned with the appetite from the biopharma industry for AI-led technology innovation and a focus on biomarker measurement developments to deliver on the promise of increasing precision within medicinal assessment. \n   \n   \n   \n   \n Mark Warne \n Non-Executive Chair \n   \n Chief Executive's statement \n   \n Progress Summary for 2025   \n   \n 2025 has been an important year, returning to revenue growth and expanding the Group's unique position in the market. We celebrated our 20 years' anniversary and delivered an oversubscribed capital raise enabling the Group to invest in novel ways to innovate and access future revenue streams. As outlined below, the Innovate Lead Scale strategy is starting to deliver commercial momentum, revenue diversification and broader Platform capability.   \n   \n Being the only global imaging CRO (iCRO) focussed exclusively on neurology, IXICO holds a privileged and respected position as an AI-driven biomarker analytics Group helping the biopharma industry understand and make the right development decisions around the diagnosis and treatment of neurological disease.  The Group's mission remains clear: to advance medicine through precision biomarker insights that accelerate the development, and delivery of novel treatments for patients worldwide. This past year, which were also the first twelve months for me at the helm of the company, has shown that IXICO is more than ever at the right place at the right time with our proprietary IXI TM platform allowing our clients to leverage precision medicine to improve clinical trial outcomes for patients.  \n   \n Neuroimaging is a key component in neurological clinical trials. Analyses derived from radiology such as MRI and PET scans are the most effective way to identify signals of efficacy and safety, especially early-on and to enable biopharma companies to advance or fail fast through development phases. The global neuroimaging market size was calculated to be USD 37 billion in 2023 and projected to surpass USD 56 billion by 2030 (6% CAGR). [3]   As part of that total market, the global clinical trial imaging market is estimated at USD 1.23 billion in 2024 and project to reach USD 1.91 billion by 2030 (7% CAGR). [4]   On approval of therapies, there is a further need for precision biomarker analysis to bring new treatments to market and continue to monitor the effectiveness and safety of new medicines through 'post-marketing surveillance'.  \n   \n In combination with deep human expertise, the IXI Platform (IXI™), a proprietary neuro-imaging technology, enables IXICO to offer end-to-end clinical trial services tools to address the growing market opportunity, from clinical design, site set up and trial management to radiological imaging data analysis and post regulatory approval drug assessment.  \n   \n In October 2024, we set out and communicated the 'Innovate Lead Scale' strategy which is designed to further advance the capability of the IXI™ Platform and expand its use in key therapeutic areas of high unmet need, in particular Alzheimer's Disease (AD) and Parkinson's Disease (PD).  In doing so it has been our intention to increase IXICO's presence in markets estimated at least three times the size of the Huntington's Disease (HD) and other rare neurological disease market segments where IXICO remains the dominant player. \n   \n The strategy also aimed to amplify the Group's profile, strengthen scientific leadership activities, including via Key Opinion Leader (KOL) relationships, that are critical to our credibility, and increase the geographic and commercial scale of our operations  By executing this strategy, the intention is to extend market penetration and immediately restore topline revenue growth, while in the medium term returning IXICO to profitability.      \n   \n I am pleased to report tangible outcomes that show the strategy is working, generating opportunities for growth, revenue diversification and market differentiation. Relative to the same period last year revenue have increased by 13% to £6.5m (2024: 5.8m), gross margin has increased to 48.7% (2024: 47.0%) and EBITDA losses have reduced to £1.3 million (2024: £1.7 million). \n   \n The positive commercial momentum is the result of four key drivers:   \n   \n ·    New contracts with both new and existing clients across therapeutic areas, clinical phases and geographies    \n ·    Scope extensions on existing contracts with existing clients.   \n ·    Expansion into new industry verticals such as the validation of clinical diagnostics.   \n ·    Continual scientific innovation that facilitates a novel highly advanced AI-driven product offering.    \n   \n At the same time the Group has progressed global operational delivery excellence and continued to deploy the next generation of IXI™, equipped with the latest technology and algorithms to help address evolutions in neurological R&D. The Group is almost 90 people strong, and every member of the team knows exactly why they are here and how they want to contribute to our mission to impact health.   \n   \n The ambition is to grow long term revenues towards £20 million+ with a target of reaching £10 million revenues in the medium term.  Future revenues will be supported by a continued expansion into the AD and PD serviceable markets, improved pipeline to order book conversion achieved by differentiated and novel analysis offerings, and expansion of the AI-driven platform into new revenue streams targeting the larger market opportunities beyond the current iCRO contract model.   \n   \n Outlook for 2026 \n   \n I have gained further confidence and witnessed firsthand how our offering as a leading neuro-imaging platform makes us a preferred partner to both the biopharma and diagnostics industries, which constitutes a solid foundation for future application areas and revenue opportunities. By integrating advanced AI-driven analytics, scientific excellence, and service quality, we are building a next-generation platform for sustained growth and long-term value creation beyond the current iCRO platform.  \n   \n Having delivered revenue growth, general confidence within the Group is high that we will continue to deliver on our path towards profitability and execute the next phase of our transformation strategy as a global partner in precision medicine to better treat neurodegenerative disease. That strategy will seek further double-digit revenue growth and drive diversification across a mix of platform modalities, clinical programs, disease areas, geographies, and customer types, while continuing to differentiate via innovative scientific products and scale technology into new complementary neuroscience market verticals.   \n   \n In 2026 the market should expect IXICO to consolidate the investments of the past year which will have a full twelve-month impact on topline results, all whilst selectively strengthening the team and increasing our footprint to support further growth. I am very optimistic about the future of neurological disease treatment for patients and the biopharma industry's progress towards bringing new treatments to market. \n   \n We are operating on fertile ground, and it is rewarding for our people to have the role that we are proud to play alongside our life science customers and partners. Each \"IXICAN\" knows exactly why they have joined our Group, and it is a great honour to work with such a team of experts driven by the wish to excel, rooted in strong values and the desire to advance healthcare.  \n   \n   \n   \n   \n Bram Goorden    \n Chief Executive Officer   \n   \n Business update \n   \n Commercial Review \n During the period, IXICO announced a number of contract wins for global imaging trial management and analysis and, in a new area for the Group, a contract supporting the FDA-approval of a diagnostic blood-based biomarker.  \n   \n In the clinical trial space, highlights included the separate announcements of a Phase I and Phase II clinical trial in HD, a Phase I AD clinical trial and a Phase Ib Friedrich's Ataxia trial.  IXICO also announced it won a contract supporting the approval of Fujirebio's 510(k) FDA clearance for a new blood-based test   that will help advance AD diagnosis and drug development, marking an expansion in IXICO's capabilities beyond therapeutic clinical trial assessment.  \n   \n In July IXICO were particularly proud to announce the deepening of its existing collaboration with the Global Alzheimer's Platform Foundation® (GAP) through an agreement securing full data usage rights in GAP's landmark Bio-Hermes-002 study, one of the most prominent global studies in AD research. The agreement enables IXICO to accelerate its market differentiating vascular biomarker analysis R&D program in AD and adjacent neurodegenerative diseases; extend its product offering to support blood-based biomarker market approval and use in AD; and   deepen critical relationships with leading biopharmaceutical companies in the AD space. \n   \n Further announcements made in the period included verification of the superiority of IXICO's analysis technology in the development and validation of imaging biomarkers for HD in conjunction with the Huntington's Disease Imaging Harmonisation (\"HD-IH\") consortium. Also announced was a commercial agreement with PETNET Solutions Inc, a Siemens Healthineers company to supply diagnostic imaging agents to IXICO adding additional capability to IXICO's Tracer Management service offering which provides customers with use guidance, logistics and seamless integration of PET tracers into neurological clinical trials. \n   \n This commercial activity has resulted in IXICO making progress towards a key element of its strategy - to diversify revenue streams across therapeutic areas.  As at 30 September 2025, the Group's order book was 48% linked to HD, 23% linked to AD, 4% linked to PD and 25% linked to other rare neurological conditions. \n   \n Resourcing for growth \n IXICO has made resource additions strengthening commercial operations to accelerate contract wins, expand global footprint and utilise the Group's technology advantage.  Hiring in the period has broadened expertise in the UK and US-based teams, specifically within commercial, science, operations and technology. Senior management has been expanded adding two new members to the C-Suite in Mark Austin as Chief Technology Officer and James Chandler as Chief Business Officer. \n   \n Science & Technology Review \n One of IXICO's core strengths is its proprietary AI-powered platform IXI™, designed specifically for neurological disease.  IXI™ comprises a suite of technologies and tool's purpose built to enable effective clinical trial management and critical insights into the brain's structure, function, and biochemical characteristics to assess the efficacy and safety of new drugs to inform drug development decisions. \n   \n The IXI™ Platform is scalable, flexible, and fully compliant with global regulatory frameworks, giving clients the confidence and ability to pursue even the most complex clinical trial protocols. With its unparalleled scalability, and compliance, the Platform empowers the delivery of reliable imaging data for the most complex global trials. \n   \n IXI™ operates across the entire clinical trial workflow to deliver an advanced set of disease specific clinical endpoints, from relevant PET / SPECT tracers (e.g. amyloid, tau, FDG, TSPO, DAT) and MRI sequences (e.g. structural, DTI, fMRI, MRS, ASL, QSM and neuromelanin), while minimising variability and maintaining reproducibility .  The approach enables research scientists, using AI, to perform human-expert-equivalent analysis at a faster pace with higher levels of consistency and replicability to support critical R&D decision-making, including insights into patient eligibility, drug safety, drug effect and efficacy. \n   \n The constituents of the platform are: \n   \n ·      An easily accessible modern web interface providing end-to-end image data management, security, reading, analysis, and interpretation. \n ·      A flexible and highly scalable cloud-based workflow engine enabling integration of our complex image analysis workflows and integration with other systems. \n ·      Highly differentiated AI algorithms measuring existing and previously inaccessible biomarkers at scale, with high precision \n ·      AI-led accurate assessment of brain pathologies and disease-specific symptoms, identifying over 150 brain structures and quantifying changes in both whole-brain and regional volumes over the time course of a clinical trial. \n ·      Regional, AI-driven analysis of advanced MRI measures for structure, function, perfusion, biochemistry, and tissue composition, as well as molecular imaging markers. \n   \n For the management of clinical trials, the advantages of using the IXI™ are that it facilitates precision insights by reducing image variability of brain scan uploads compared to traditional radiology methods by automatically checking scan quality and pseudonymising the scan. The advantage for analysis is that IXI™ can validate measures of brain function and biochemical characteristics across the identified brain regions.  As many neurological conditions involve the change in volume of specific brain regions or changes in function or biochemical characteristics, this provides the trial sponsor with information on the impact the proposed drug is having on disease progression. \n   \n i) Technology Innovation and Roadmap \n Traditionally, IXI™ has been used exclusively to aid the management and imaging data analysis within clinical trials. Imaging remains the gold standard to determine the neurological condition impacting an individual and whether a neurological treatment is having the anticipated effect.  While imaging will continue to be the core function of the technology supporting revenue growth via iCRO activities, IXICO is seeking ways to expand the Platform's inherent scalability and aptitudes to open new revenue opportunities.    \n   \n IXICO defines this expansion of the Platform's capabilities as 'multimodal', meaning different use cases and markets strictly within neurological disease where IXI™ can be applied. Examples of this multimodal approach include the validation of diagnostic blood tests, combinatorial blood-based biomarker and imaging data analytics approaches for clinical trials, and, through partnership models, supporting clinical decision making via the provision of clinical insights and aiding patient s suitability assessments and patient stratification for clinical trials.  \n   \n In the rapidly growing CNS precision medicine market, IXICO has made progress using IXI™ to help biopharma companies validate new blood tests used for the early detection, diagnosis, and monitoring of neurological disorders.  It is a great example of how the platform has been built to develop alongside the rapid advances in neurological research.    \n   \n Finally, important progress is being made in adding novel AI-driven features to the platform, enabling automation, accuracy, and speed in biomarker analytics. These developments open up new avenues toward partnerships with big CROs and data companies who are seeking to access state-of-the-art technology to serve their life sciences and clinical customer groups.  \n   \n ii) Scientific Innovation and Roadmap \n Another strength of IXICO is the depth of its scientific expertise. Our teams, trained at leading global research institutions, are industry thought leaders in their field pioneering the next generation of biomarkers that ensue IXICO remains at the forefront of neuroscience research. The Group continues to develop and refine new methods to assess how developmental drugs act on brain function.  During the period IXICO has made progress building a pipeline of innovative new products to maximise its offering in AD and PD.  \n   \n IXICO is rolling out a differentiated portfolio of vascular pathology quantification products that identify and measure vascular abnormalities, a common contributing factor in AD and other neurodegenerative diseases. The first in a planned series of vascular biomarker algorithms developed during the period measures white matter hyperintensities, a key marker of vascular pathology that is traditionally assessed through radiology visual read. \n   \n The developed markers of vascular pathology enable the measurement of down-stream damage linked to neuroinflammatory processes when it becomes visible on conventional MRI. Separately, IXICO is developing tools for AI-driven analysis of advanced diffusion MRI to measure microstructural changes early in the disease process and help understand inflammatory processes in their earliest stages. \n   \n In the emerging area of neuromelanin analysis, a dark pigment found in specific brain regions associated with PD, IXICO has progressed its neuromelanin imaging solution towards commercialisation. This is a major achievement which enables IXICO to support exciting programs in the neuro-psychiatry area. The Group expects important commercial wins to follow these analysis investments that further strengthen its position at the forefront of the MRI field. \n   \n Across AD and PD, IXICO has initiated partnerships with key scientific consortia like the Global Alzheimer's Platform (GAP) that provide access to unique datasets as well as a platform for further validation and positioning of the developed biomarker analytics. The Group has added world-renowned experts in both therapeutic indications to its scientific consultants, supporting engagement with pharma sponsors in these key markets. \n   \n Such innovation will not only translate into new commercial opportunities but also, importantly, showcase IXICO's neuroscience expertise with key decision makers in the biopharma neurological disease community. \n   \n Operational Review \n During 2025, IXICO supported 23 clients (2024: 25 clients) across 37 projects (2024: 36 projects) within AD, PD, HD and other rare neurological indication clinical trials.  In this same period, and in relation to the projects supported during the year, the Group delivered 31 contract extension or protocol changes (2024: 26) totalling £2.7 million with an average incremental contract value of £0.09 million (2024: £0.7 million with an average incremental contract value of £0.03 million). \n   \n IXICO's operational capabilities have evolved within a culture focussed on striving for the highest standards of service quality and client satisfaction.  The operational team is subdivided into functions of high expertise, led by experienced individuals who have been working in, or close to, the neurological imaging sector throughout their careers.  The consequence is that IXICO has a team who can stand alone as being entirely focussed on optimising imaging analysis service delivery to neurodegenerative disease clinical trials. \n   \n Neurodegenerative disease trials are difficult to compare to trials in other disease areas.  The complexity and inaccessibility of brain regions places a high reliance on data derived from specialised capabilities, including imaging and cognition.  These trials are often bespoke and require complex scan protocols supported by indication specific radiological requirements and analysis capabilities. \n   \n The specialist skills required to design and support neurodegenerative trials are not always available within biopharma companies, this is particularly the case for biotechs.  Our operational and scientific teams combine neurological imaging backgrounds and operational experience of these hard-to-deliver trials and therefore offer clients a level of value that cannot be easily replicated by more generalist CROs.  This is underlined by several partnership agreements that the Group holds with large CROs to enable efficient subcontracting of expert Imaging services by these CROs to the Group on behalf of their biopharmaceutical clients. \n   \n It is for this reason IXICO stands shoulder to shoulder in terms of operational reputation with its larger competitors.  Boasting a client base that includes constituents of the largest pharmaceutical companies in the world, IXICO is seen as a highly credible and trusted partner for the delivery of complex neuroimaging trials.  Across 2025, 14% of IXICO's projects were run for large pharma, 14% for mid pharma, 59% for small pharma/biotech and 13% for non-commercial organisations. \n   \n During 2025, IXICO expanded its operational footprint in North America ensuring that it can provide imaging site support on the ground in this key section of the market.  In addition, it broadened its site support offering to ensure fifteen hours per day of calls coverage, implemented a new telephone system to better manage 24/7 calls and developed its site support system to further improve this element of its offering.  Whilst IXICO has been delivering global trials for many years, these investments provide clients, and prospective clients, with greater visibility of the Group's strong global trial credentials. \n   \n Neuroscience Market Review \n IXICO is a proven, trusted, and well-respected company with a 20-year track record operating in the active and attractive neuroscience imaging market as an iCRO.  The Group combines the use of its proprietary AI driven IXI™ precision medicine imaging platform and its human expertise to enable the biopharma industry to deliver breakthrough insights and new innovative treatments that are in high demand. \n   \n The Group's core expertise lies in:  \n   \n ·      Clinical Trial Management : The seamless management and execution of complex neurological clinical trials across all phases \n ·      Medical Imaging Data Management : Turning data into clinically meaningful insights, providing secure interpretable information about the brain's structure, function, and biochemical characteristics  \n ·      Post Market Surveillance:  Longitudinal studies monitoring patient safety and optimal drug use \n ·      Diagnostics validation: The analysis of imaging to validate new diagnostic methods such as blood-based biomarkers. \n   \n In line with its Innovate Lead Scale strategy IXICO continues to broaden and diversify its customer base, expanding the number of opportunities to collaborate with clients on higher value later stage trials, while reducing the risk associated with any single client or project. \n   \n As the significant demand for better neurological disease treatments grows, driven by a historic unmet need and the increasing prevalence of neurological disorders , the biopharma industry is accelerating its drug discovery and development activity in this space. The last 12 months have seen positive momentum and progress in the treatment and understanding of HD, AD and PD. \n   \n GlobalData recently reported [5] a positive trend on new clinical trials start-ups during the first half the year with an expected further surge in the second half of 2025. Importantly, the report highlighted that sponsors are looking for clinical partners who deliver deeper expertise in rare diseases, biomarkers, and digital technologies, for example the ability to combine advanced imaging, complex study design and global and multi-site trials with consistent data quality. \n   \n For IXICO, this aligns with the industry expectation that specialist providers in CNS imaging, rare diseases, and specialist biomarkers will be increasingly critical in clinical development. That same report mentioned CNS remains on a clear upward trend, with increasing volumes in neurodegenerative, psychiatric, and rare neurological disorders. \n   \n As a company we were able to witness this trend with our current clients, for example in Huntington's Disease where uniQure announced spectacular Phase II data allowing the market to start thinking of a first approved therapy to market. Additionally, IXICO participated in important Alzheimer's Disease and Parkinson's Disease programs such as the landmark Bio-Hermes-002 study (which is focussed on AD) , fueled by the earlier described need from biopharma to identify novel ways to increase clinical trial success. \n   \n Neurological disease is experiencing a sustained renaissance with the potential to achieve more progress in neurological research over the next five years than the previous fifty. This is where IXICO is very well positioned to help bring precision medicine to trials and help design them for maximum success \n   \n Alongside the significant morbidity and mortality effects on patients, neurological conditions are placing an increasing pressure on many economies. The Alzheimer's Association estimates that health and long term care costs for people with dementia are projected to reach $384 billion in 2025. [6] , while the Parkinson's Foundation estimates the direct and indirect costs of Parkinson's disease to increase to $61 billion by 2025. [7]    As such, there is a growing need for better treatments for such conditions, and IXICO believes the biopharmaceutical industry is positively reacting to this trend and demonstrating significant scientific progress in. \n   \n For example, in HD, PTC Therapeutics (now part of Novartis) met the primary endpoint for Votoplam in the Phase 2 PIVOT-HD study [8] which is now expected to move quickly towards late-stage development. Additionally, uniQure's gene therapy AMT-130 reported progress [9] that could enable an accelerated approval FDA filing and Roche continued its Phase II trial of Tominersen after positive safety data. \n   \n AD trials also advanced with Eli Lilly's anti-amyloid Remternetug entering Phase 3 [10] ;  Roche/Chugai's brain shuttle antibody Trontinemab demonstrating rapid amyloid clearance [11] in Phase 1b/2a trails; and Eisai/Biogen's Lecenemab receiving FDA approval [12] for an autoinjector in the US (August 2025) and presentation of new data at AAIC 2025 showing sustained benefits with continuous treatment for early-stage Alzheimer's. \n   \n PD saw notable movement into late-stage testing with BlueRock Therapeutics, a Bayer subsidiary, advancing stem-cell therapy Bemdaneprocel to Phase 3 [13] . While AskBio/Bayer published positive Phase 1b results for gene therapy AB-1005 [14] demonstrating the approach was safe, well tolerated and showed signs of motor improvement in participants with mild to moderate PD. \n   \n An exciting new development in neurological disease has been the emergence of increasingly sensitive blood tests to diagnose AD, PD and related neurodegenerative disorders.  A major milestone in the progress of these blood-based biomarkers was the FDA clearance of Fujirebio's test that detects amyloid plaque, a development that IXICO played a key role in validating.  The broader market opportunity for neurological diagnostic blood tests, to be used by doctors in healthcare settings and in clinical trials is set to grow strongly. Neuroimaging will continue to play a key role in validating these tests and IXICO has seen high interest from biopharma companies since the news was announced of the Group's involvement in the approval of the Fujirebio test. \n   \n As the demand for imaging biomarkers, advancements in imaging technology, personalised medicine, and precision imaging in neurological disorders rises, IXICO is well positioned to capitalise upon these market dynamics and expects to benefit from the positive trends we see in the broad CNS precision medicine market and particularly in the AD and PD clinical trial markets. \n   \n IXICO has been successfully operating in this market for a long time, which has allowed it to develop deep relationships within the neurological ecosystem. The Group continues to work with the world's top pharmaceutical companies as well as smaller biopharma players and biotechs and therapy area consortia operating at the forefront of drug discovery and development. \n   \n Financial review \n   \n Delivering on the Group's financial goals. \n   \n In late 2024, IXICO raised just over £4.0 million (£3.7 million net of fees) to deliver the next phase of the Group's strategy.  This strategy is focussed on leveraging the significant latent value the Group has developed within its science and technology platform following a substantial investment in this technology over the past few years. The ambition of the strategy is to return the Group to revenue growth and over the medium term, deliver improved margins, profitability and cash generation. \n   \n During 2025, IXICO made strong early progress in the implementation of this strategy, investing carefully in a small number of additional roles. We believe this investment will enable IXICO to expand its voice in the market, meaningfully differentiate the analytics offering, particularly in the therapeutic areas of AD and PD, and increase the Group's geographic reach and credentials as a global iCRO capable of delivering large late phase trials.  As at the end of the financial year, all the identified roles have been recruited, meaning the full benefit of these investments will be realised as we move into 2026. \n   \n Whilst the new investments were not expected to materially impact on 2025 financial performance, the Group has been able to deliver a return to revenue growth, generating more than the 10% target set at the time of the capital raise, despite a continued conservative macro-economic and biopharma market backdrop. \n   \n This review includes a comparison of the financial KPIs used to compare performance to the prior year, a summary of which is shown below: \n   \n \n \n \n \n KPI \n \n \n 2025 result \n \n \n 2024 result \n \n \n Movement \n \n \n \n \n Revenue \n \n \n £6.5m \n \n \n £5.8m \n \n \n \n \n \n ↑ \n \n \n \n \n Gross profit \n \n \n £3.2m \n \n \n £2.7m \n \n \n \n \n \n ↑ \n \n \n \n \n Gross margin \n \n \n 48.7% \n \n \n 47.0% \n \n \n \n \n \n ↑ \n \n \n \n \n EBITDA loss \n \n \n (£1.3m) \n \n \n (£1.7m) \n \n \n \n \n \n ↑ \n \n \n \n \n Operating loss* \n \n \n (£ 2.6 m) \n \n \n (£2.2m) \n \n \n \n \n \n ↓ \n \n \n \n \n Loss per share \n \n \n ( 1.85p ) \n \n \n (4.14p) \n \n \n \n \n \n ↑ \n \n \n \n \n Order book \n \n \n £13.8m \n \n \n £15.3m \n \n \n \n \n \n ↓ \n \n \n \n \n Net assets \n \n \n £11.7m \n \n \n £9.5m \n \n \n \n \n \n ↑ \n \n \n \n \n Cash \n \n \n £3.5m \n \n \n £1.8m \n \n \n \n \n \n ↑ \n \n \n \n \n Non-current asset investments \n \n \n £ 1.1 m \n \n \n £0.5m \n \n \n \n \n \n ↑ \n \n \n \n \n *Operating loss has been impacted in the year by a change in accounting for the R&D tax credit scheme. See the Operating loss section which explains this and shows that, on a like for like accounting basis, the Operating loss reduces in the year. \n   \n Revenue \n   \n Revenue for the year of £6.5 million (2024: £5.8 million) represents a year-on-year increase of 13%. This increase reflects solid contract bookings towards the end of 2024 and since the Group announced its interims earlier this year.  This was combined with a successful diversification of revenues into the validation of blood-based biomarkers (BBBs) which convert new contract bookings into revenues on a shorter timeframe than is usual within the Group's clinical trial support services. \n   \n When looking forwards to 2026, based on the strengthening of both the Group's operational and commercial reach and the enhancement of its scientific voice in the market during 2025, we anticipate a material uptick in new contract wins as we go into our 2026 financial year supported by a stronger pipeline of opportunities than we had at the equivalent time last year. \n   \n This groundwork, together with recovering levels of investment by biopharma into clinical trial start-ups, provides confidence for further growth in 2026. \n   \n Gross profit \n   \n The Group reports gross profit of £3.2 million for the year (2024: £2.7 million). This equates to a gross margin of 48.7% (2024: 47.0%). This is a strong gross margin, with the improvement reflecting the increase in revenues and the relatively fixed cost base of the Group, partially offset by a specific investment into operational capabilities on the ground in the US, designed to strengthen the Group's credentials as a truly global provider of clinical trial services. \n   \n Gross profit is driven by both the revenue volume itself as well as the mix of revenues being delivered. Across 2025, approximately 55% of the Group's revenues have been from phase I and phase II clinical trials (2024: 60%), which tend to be lower margin than later phase trials. Positively, this portfolio provides a strong base for future revenue growth, as those trials which successfully move from early to late phase provide the Group with the opportunity to continue providing services as these trials transition to larger, later phase, more profitable trials. \n   \n As the Group moves into 2026, and an increasing number of projects are deployed on our next generation technology platform, there will be an increase in amortisation associated with the capital value of this platform (reflecting the investments of prior periods, and the associated realisation of the returns on these investments).  The downward pressure this puts on gross margin will be offset by the operational leveraging impact of revenue growth.  Consequently, we remain confident that with revenue growth, so gross profit margins will continue to reflect the technology-enabled platform approach IXICO has invested in, further differentiating these margins from those of a classical CRO. \n   \n Earnings before interest, tax, depreciation, and amortisation ('EBITDA') \n   \n The Group delivered an EBITDA loss of £1.3 million in the year (2024: £1.7 million). This reflects the increase in revenues and gross profit, partially offset by investments made following the capital raise with the purpose of achieving long-term revenue growth and sustainable profitability.  This is aligned with the expectations set by the Group when raising capital and the impact of investing ahead of the benefit of these investments becoming visible via an increase in contracting levels and, by extension, sustained revenue growth. \n   \n Looking forward to 2026, we will see the full-year impact of those investments made during 2025 within the operating costs of the Group.  The benefit of these investments being an expected continued delivery of double-digit revenue growth and strengthening gross margins. \n   \n During 2025, the UK Government issued a revised R&D tax credit scheme, this has resulted in the R&D tax credit claim for 2025 being reported after operating profit in the Income Statement (within the taxation line), rather than in Other Income (which is where it was reported in the prior year).  We have elected to retain this credit within our reported EBITDA to support both comparison between years and reflect that this is a recurring element of the Group's income directly associated with its commercial activities. \n \n \n   \n \n \n \n \n \n \n \n 2025 \n £000 \n \n \n 2024 \n £000 \n \n \n \n \n Profit attributable to equity holders \n \n \n (1,651) \n \n \n (2,001) \n \n \n \n \n Depreciation of fixed assets \n \n \n 197 \n \n \n 239 \n \n \n \n \n Amortisation of fixed assets \n \n \n 214 \n \n \n 236 \n \n \n \n \n Interest on lease liabilities \n \n \n 19 \n \n \n 21 \n \n \n \n \n Other interest payable \n \n \n - \n \n \n 3 \n \n \n \n \n Interest on cash held at bank \n \n \n (12 1 ) \n \n \n (85) \n \n \n \n \n Taxation (excluding R&D tax credit) \n \n \n (4) \n \n \n (93) \n \n \n \n \n EBITDA \n \n \n (1, 346 ) \n \n \n (1,680) \n \n \n \n \n \n Operating loss \n Operating expenditure in the year reflected targeted investments following the capital raise, alongside careful costs management, specifically: \n ·      research and development expenses of £1.3 million (2024: £1.3 million) included the development of new algorithms to support image analysis in new and existing therapeutic indications. In addition, the Group capitalised £0.4 million of internal development expenditure primarily in respect of its technology platform (2024: £0.3 million); \n   \n ·      sales and marketing expenses of £1.7 million (2024: £1.4 million) reflecting the investment in sales executives, marketing, consultancy/key opinion leader engagement and conference attendance; and \n   \n ·      general and administrative expenses of £2.8 million (2024: £2.9 million) reflecting continued efforts to manage the Group's overhead costs (including those associated with the Group's AIM listing). \n   \n Operating losses totalled £2.6 million (2024: £2.2 million) equating to an operating loss margin of 39% (2024: 37%).  Operating losses have increased during the year, primarily due to the recategorisation of the Group's R&D tax credit from Other Income to Taxation.  This adjustment is driven by a change in the UK R&D tax scheme during the year and the requirements as to how this R&D tax credit is accounted. The following table shows the impact on the 2025 Operating loss if this R&D tax credit had been accounted for within Other Income, as it was in the prior year, and shows that, on a like for like basis, Operating loss has decreased by £0.3 million. \n \n \n \n \n \n \n \n 2025 \n £000 \n \n \n 2024 \n £000 \n \n \n \n \n Operating loss as reported in the Group's Income statement \n \n \n (2,554) \n \n \n (2,154) \n \n \n \n \n R&D taxation credit reported within taxation \n \n \n 794 \n \n \n 93 \n \n \n \n \n Operating loss on a like for like basis \n \n \n (1, 760 ) \n \n \n (2,061) \n \n \n \n \n   \n Loss per share \n   \n The Group reports a loss per share of 1.85p (2024: 4.14p). \n   \n Order book \n   \n On 30 September 2025, the Group's orderbook totalled £13.8 million (2024: £15.3 million), which takes account of £6.5 million of revenues delivered during the financial year, £6.2 million of new and expanded multi-year contracts secured during the year and £1.2 million of trial descopes due to client trial failures or protocol changes and minor foreign exchange movement in the year. \n   \n While the orderbook decrease is 9% across the year, the Group saw a marked increase in new contract wins in the second half of the year, resulting in a 5% increase in the orderbook between 31 March 2025 and 30 September 2025.  Across the year, new contracts were won with 7 clients (2024: 11 clients) and contract extensions with 12 clients (2024: 15 clients). \n   \n The improvement in new contract wins achieved in the second half of the financial year continued and accelerated materially after the year end, with contracts announced between 30 September 2025 and 30 November 2025 totalling £4.7 million.  This, alongside some smaller contract extension successes, meant that at 30 November 2025, the Group had an orderbook total of £17.7 million which is an increase of 27% since 30 September 2025 and 16% since 30 September 2024. \n Looking forward, the Group aims to report accelerated growth in orderbook on an annual basis such that a sustainable level of at least 10% revenue growth is achieved year on year. \n \n \n \n \n \n \n \n \n \n \n 2025 \n £000 \n \n \n 2024 \n £000 \n \n \n \n \n Opening orderbook \n \n \n \n \n \n 15,260 \n \n \n 14,753 \n \n \n \n \n New wins \n \n \n \n \n \n 6,193 \n \n \n 8,947 \n \n \n \n \n Revenue \n \n \n \n \n \n (6,534) \n \n \n (5,766) \n \n \n \n \n Net descoping, inflation and FX \n \n \n \n \n \n (1,086) \n \n \n (2,674) \n \n \n \n \n Closing orderbook \n \n \n \n \n \n 13,833 \n \n \n 15,260 \n \n \n \n \n   \n Net assets \n   \n The Group's net asset position increased by £2.2 million to £11.7 million across the year (2024: £9.5 million). This reflects the additional capital raised and investment in data and technology assets designed to underpin long-term future growth, partially offset by the losses reported. \n   \n Cash \n   \n The Group reported a cash balance on 30 September 2025 of £3.5 million (2024: £1.8 million). The increase in cash reflects the capital raise in October 2024 of £3.7 million (net), offset by operating cash outflows after tax receipts of £1.0 million in the year (2024: £1.7 million), £0.9 million (2024: £0.4 million) of capitalised investment in data and technology assets designed to support future market penetration and offerings and £0.2 million (2024: £0.1 million) of lease payments on the Group offices. \n   \n Non-current asset investments \n   \n The Group capitalised £1.1 million of non-current assets in the year to 30 September 2025 (2024: £0.5 million). This increase in non-current assets investment reflects a £0.8 million data acquisition (of which £0.3 million is treated as a current asset) completed during the year directly aimed at providing highly-contextualised data to support the development of new vasculature analysis capabilities (further detailed within the Business Review and note 15), as well as continued investment in the Group's technology platform, both targeting further market penetration and expansion. \n   \n The technology platform, equipped with the Group's leading analysis algorithms, positions the Group to further enhance its services into clinical trials as well as adjacent markets such as post-market and clinical safety assessments in a robust, secure and regulatory-compliant centralised manner. \n   \n   \n   \n   \n Grant Nash \n Chief Financial Officer \n \n \n   \n Consolidated Statement of Comprehensive Income \n for the years ended 30 September 2025 and for 30 September 2024 \n \n \n \n \n \n \n \n \n \n \n 30-Sep-25 \n \n \n   \n \n \n 30-Sep-24 \n \n \n \n \n \n \n \n Notes \n \n \n £000 \n \n \n \n \n \n £000 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 5 \n \n \n 6,534 \n \n \n   \n \n \n 5,766 \n \n \n \n \n Cost of sales \n \n \n   \n \n \n (3,351) \n \n \n \n \n \n (3,055) \n \n \n \n \n Gross profit \n \n \n   \n \n \n 3,183 \n \n \n   \n \n \n 2,711 \n \n \n \n \n Other income \n \n \n 7 \n \n \n 15 \n \n \n   \n \n \n 781 \n \n \n \n \n Operating expenses \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Research and development expenses \n \n \n   \n \n \n (1,328) \n \n \n   \n \n \n (1,337) \n \n \n \n \n Sales and marketing expenses \n \n \n   \n \n \n (1,665) \n \n \n   \n \n \n (1,396) \n \n \n \n \n General and administrative expenses \n \n \n   \n \n \n (2,759) \n \n \n   \n \n \n (2,913) \n \n \n \n \n Total operating expenses \n \n \n 10 \n \n \n (5,752) \n \n \n \n \n \n (5,646) \n \n \n \n \n Operating loss \n \n \n   \n \n \n (2,554) \n \n \n   \n \n \n (2,154) \n \n \n \n \n Finance income \n \n \n   \n \n \n 121 \n \n \n   \n \n \n 85 \n \n \n \n \n Finance expense \n \n \n   \n \n \n (16) \n \n \n   \n \n \n (25) \n \n \n \n \n Loss on ordinary activities before taxation \n \n \n 10 \n \n \n (2,449) \n \n \n \n \n \n (2,094) \n \n \n \n \n Taxation \n \n \n 11 \n \n \n 798 \n \n \n \n \n \n 93 \n \n \n \n \n Loss attributable to equity holders for the period \n \n \n   \n \n \n (1,651) \n \n \n \n \n \n (2,001) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income/(expense): \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will be reclassified subsequently to profit or loss \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange translation differences \n \n \n   \n \n \n - \n \n \n   \n \n \n (2) \n \n \n \n \n Movement in fair value of cash flow hedges \n \n \n 22 \n \n \n 28 \n \n \n   \n \n \n 32 \n \n \n \n \n Cash flow hedges recycled to revenue \n \n \n 22 \n \n \n  (28) \n \n \n \n \n \n  (5) \n \n \n \n \n Total other comprehensive income \n \n \n   \n \n \n - \n \n \n   \n \n \n 25 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total comprehensive expense attributable \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n to equity holders for the period \n \n \n (1,651) \n \n \n \n \n \n (1,976) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss per share (pence) \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Basic loss per share \n \n \n 12 \n \n \n (1.85) \n \n \n   \n \n \n (4.14) \n \n \n \n \n Diluted loss per share \n \n \n 12 \n \n \n (1.85) \n \n \n \n \n \n (4.14) \n \n \n \n \n \n \n   \n Consolidated Statement of Financial Position \n as at 30 September 2025 and 30 September 2024 \n   \n \n \n \n \n \n \n \n \n \n \n 30-Sep-25 \n \n \n   \n \n \n 30-Sep-24 \n \n \n \n \n \n \n \n Notes \n \n \n £000 \n \n \n \n \n \n £000 \n \n \n \n \n Assets \n \n \n   \n \n \n   \n   \n \n \n   \n \n \n   \n   \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 167 \n \n \n   \n \n \n 313 \n \n \n \n \n Intangible assets \n \n \n 14 \n \n \n 7,183 \n \n \n   \n \n \n 6,374 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 255 \n \n \n   \n \n \n 9 \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 7,605 \n \n \n \n \n \n 6,696 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 1,896 \n \n \n   \n \n \n 2,213 \n \n \n \n \n Current tax receivables \n \n \n 11 \n \n \n 801 \n \n \n   \n \n \n 492 \n \n \n \n \n Cash and cash equivalents \n \n \n   \n \n \n 3,537 \n \n \n \n \n \n 1,787 \n \n \n \n \n Total current assets \n \n \n   \n \n \n 6,234 \n \n \n   \n \n \n 4,492 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n 13,839 \n \n \n \n \n \n 11,188 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities and equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n  15 \n \n \n   \n \n \n  - \n \n \n \n \n Lease liabilities \n \n \n 18 \n \n \n 30 \n \n \n \n \n \n 150 \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n 45 \n \n \n   \n \n \n 150 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 1,908 \n \n \n   \n \n \n 1,410 \n \n \n \n \n Lease liabilities \n \n \n 18 \n \n \n 149 \n \n \n   \n \n \n 164 \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n 2,057 \n \n \n \n \n \n 1,574 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n 2,102 \n \n \n \n \n \n 1,724 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ordinary shares \n \n \n 20 \n \n \n 927 \n \n \n   \n \n \n 484 \n \n \n \n \n Share premium \n \n \n 20 \n \n \n 88,056 \n \n \n   \n \n \n 84,802 \n \n \n \n \n Merger relief reserve \n \n \n 20 \n \n \n 1,480 \n \n \n   \n \n \n 1,480 \n \n \n \n \n Reverse acquisition reserve \n \n \n 20 \n \n \n (75,308) \n \n \n   \n \n \n (75,308) \n \n \n \n \n Cash flow hedge reserve \n \n \n 20 , 22 \n \n \n  - \n \n \n   \n \n \n  - \n \n \n \n \n Foreign exchange translation reserve \n \n \n 20 \n \n \n (97) \n \n \n   \n \n \n (97) \n \n \n \n \n Capital redemption reserve \n \n \n 20 \n \n \n 7,456 \n \n \n   \n \n \n 7,456 \n \n \n \n \n Accumulated losses \n \n \n 20 \n \n \n (10,777) \n \n \n \n \n \n (9,353) \n \n \n \n \n Total equity \n \n \n   \n \n \n 11,737 \n \n \n   \n \n \n 9,464 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total liabilities and equity \n \n \n   \n \n \n 13,839 \n \n \n \n \n \n 11,188 \n \n \n \n \n   \n \n \n   \n Company Statement of Financial Position \n as at 30 September 2025 and 30 September 2024 \n   \n \n \n \n \n \n \n \n \n \n \n 30-Sep-25 \n \n \n   \n \n \n 30-Sep-24 \n \n \n \n \n \n \n \n Notes \n \n \n £000 \n \n \n \n \n \n £000 \n \n \n \n \n Assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investments in Group undertakings \n \n \n 15 \n \n \n 6,092 \n \n \n \n \n \n 5,865 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 3,252 \n \n \n \n \n \n 2,224 \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 9,344 \n \n \n   \n \n \n 8,089 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 58 \n \n \n \n \n \n 39 \n \n \n \n \n Cash and cash equivalents \n \n \n   \n \n \n 2,484 \n \n \n   \n \n \n 681 \n \n \n \n \n Total current assets \n \n \n   \n \n \n 2,542 \n \n \n   \n \n \n 720 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total assets \n \n \n   \n \n \n 11,886 \n \n \n   \n \n \n 8,809 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Liabilities and equity \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 66 \n \n \n \n \n \n 45 \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n 66 \n \n \n   \n \n \n 45 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Ordinary shares \n \n \n 20 \n \n \n 927 \n \n \n   \n \n \n 484 \n \n \n \n \n Share premium \n \n \n 20 \n \n \n 88,056 \n \n \n   \n \n \n 84,802 \n \n \n \n \n Merger relief reserve \n \n \n 20 \n \n \n 1,480 \n \n \n   \n \n \n 1,480 \n \n \n \n \n Capital redemption reserve \n \n \n 20 \n \n \n 7,456 \n \n \n   \n \n \n 7,456 \n \n \n \n \n Accumulated losses \n \n \n 20 \n \n \n (86,099) \n \n \n   \n \n \n (85,458) \n \n \n \n \n Total equity \n \n \n   \n \n \n 11,820 \n \n \n   \n \n \n 8,764 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total liabilities and equity \n \n \n \n \n \n 11,886 \n \n \n   \n \n \n 8,809 \n \n \n \n \n   \n Parent Company Income Statement \n As permitted by Section 408 of the Companies Act 2006, the income statement of the Company is not presented as part of these financial statements. The Company's loss for the financial year was £868,000 (2024: £991,000). \n \n \n \n Consolidated Statement of Changes in Equity \n for the years ended 30 September 2025 and 30 September 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign \n \n \n Cash \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Merger \n \n \n Reverse \n \n \n exchange \n \n \n flow \n \n \n Capital \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Ordinary \n \n \n Share \n \n \n relief \n \n \n acquisition \n \n \n translation \n \n \n hedge \n \n \n redemption \n \n \n Accumulated \n \n \n   \n \n \n \n \n \n \n \n shares \n \n \n premium \n \n \n reserve \n \n \n reserve \n \n \n reserve \n \n \n reserve \n \n \n reserve \n \n \n Losses \n \n \n Total \n \n \n \n \n   \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 1 October 2023 \n \n \n 484 \n \n \n 84,802 \n \n \n 1,480 \n \n \n (75,308) \n \n \n (95) \n \n \n (27) \n \n \n 7,456 \n \n \n (7,360) \n \n \n 11,432 \n \n \n \n \n   \n Total comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the year \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (2,001) \n \n \n (2,001) \n \n \n \n \n Other comprehensive income/(expense) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange translation \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (2) \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (2) \n \n \n \n \n Movement in fair value of cash flow \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n 32 \n \n \n  - \n \n \n  - \n \n \n 32 \n \n \n \n \n Cash flow hedges recycled to revenue \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (5) \n \n \n  - \n \n \n  - \n \n \n (5) \n \n \n \n \n Total comprehensive income/(expense) \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (2) \n \n \n 27 \n \n \n  - \n \n \n (2,001) \n \n \n (1,976) \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Charge in respect of share options \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 8 \n \n \n 8 \n \n \n \n \n Total transactions with owners \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n 8 \n \n \n 8 \n \n \n \n \n Balance at 30 September 2024 \n \n \n 484 \n \n \n 84,802 \n \n \n 1,480 \n \n \n (75,308) \n \n \n (97) \n \n \n  - \n \n \n 7,456 \n \n \n (9,353) \n \n \n 9,464 \n \n \n \n \n   \n Total comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Loss for the year \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (1,651) \n \n \n (1,651) \n \n \n \n \n Other comprehensive income/(expense) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange translation \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n - \n \n \n \n \n Movement in fair value of cash flow \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n 28 \n \n \n  - \n \n \n  - \n \n \n 28 \n \n \n \n \n Cash flow hedges recycled to revenue \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n (28) \n \n \n  - \n \n \n  - \n \n \n (28) \n \n \n \n \n Total comprehensive income/(expense) \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n - \n \n \n - \n \n \n  - \n \n \n (1,651) \n \n \n (1,651) \n \n \n \n \n Transactions with owners \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n   \n \n \n  426 \n \n \n  3,623 \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n - \n \n \n 4,049 \n \n \n \n \n Transaction costs incurred on share issue \n \n \n - \n \n \n (369) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (369) \n \n \n \n \n Charge in respect of share options \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 227 \n \n \n 227 \n \n \n \n \n Exercise of share options \n \n \n 17 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 17 \n \n \n \n \n Total transactions with owners \n \n \n  443 \n \n \n  3,254 \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n  - \n \n \n 227 \n \n \n 3,924 \n \n \n \n \n Balance at 30 September 2025 \n \n \n 927 \n \n \n 88,056 \n \n \n 1,480 \n \n \n (75,308) \n \n \n (97) \n \n \n  - \n \n \n 7,456 \n \n \n (10,777) \n \n \n 11,737 \n \n \n \n \n   \n Company Statement of Changes in Equity \n for the years ended 30 September 2025 and 30 September 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Capital \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Ordinary \n \n \n Share \n \n \n Merger relief \n \n \n redemption \n \n \n Accumulated \n \n \n   \n \n \n \n \n \n \n \n shares \n \n \n premium \n \n \n reserve \n \n \n reserve \n \n \n losses \n \n \n Total \n \n \n \n \n   \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n £000 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 1 October 2023 \n \n \n 484 \n \n \n 84,802 \n \n \n 1,480 \n \n \n 7,456 \n \n \n (84,475) \n \n \n 9,747 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss and total comprehensive expense for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (991) \n \n \n (991) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Charge in respect of share options \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 8 \n \n \n 8 \n \n \n \n \n Exercise of share options \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total transactions with owners \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 8 \n \n \n 8 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 30 September 2024 \n \n \n 484 \n \n \n 84,802 \n \n \n 1,480 \n \n \n 7,456 \n \n \n (85,458) \n \n \n 8,764 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Loss and total comprehensive expense for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (868) \n \n \n (868) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n \n \n 426 \n \n \n 3,623 \n \n \n - \n \n \n - \n \n \n - \n \n \n 4,049 \n \n \n \n \n Transaction costs incurred on share issue \n \n \n - \n \n \n (369) \n \n \n - \n \n \n - \n \n \n - \n \n \n (369) \n \n \n \n \n Charge in respect of share options \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 227 \n \n \n 227 \n \n \n \n \n Exercise of share options \n \n \n 17 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 17 \n \n \n \n \n Total transactions with owners \n \n \n 443 \n \n \n 3,254 \n \n \n - \n \n \n - \n \n \n 227 \n \n \n 3,924 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 30 September 2025 \n \n \n 927 \n \n \n 88,056 \n \n \n 1,480 \n \n \n 7,456 \n \n \n (86,099) \n \n \n 11,820 \n \n \n \n \n   \n \n \n   \n \n \n \n Consolidated Statements of Cash Flows \n for the years ended 30 September 2025 and 30 September 2024 \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n 30-Sep-25 \n \n \n 30-Sep-24 \n \n \n \n \n \n \n \n £000 \n \n \n £000 \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n \n \n \n \n \n Loss for the financial year \n \n \n (1,651) \n \n \n (2,001) \n \n \n \n \n Finance income \n \n \n (121) \n \n \n (85) \n \n \n \n \n Finance expense \n \n \n 16 \n \n \n 25 \n \n \n \n \n Taxation \n \n \n (798) \n \n \n (93) \n \n \n \n \n Depreciation of fixed assets \n \n \n 197 \n \n \n 239 \n \n \n \n \n Amortisation of intangibles \n \n \n 214 \n \n \n 236 \n \n \n \n \n Research and development expenditure credit \n \n \n - \n \n \n (405) \n \n \n \n \n Share option charge \n \n \n 227 \n \n \n 8 \n \n \n \n \n \n \n \n (1,916) \n \n \n (2,076) \n \n \n \n \n Changes in working capital \n \n \n   \n \n \n \n \n \n \n \n Decrease/(increase) in trade and other receivables \n \n \n 258 \n \n \n (559) \n \n \n \n \n Increase in trade and other payables \n \n \n 161 \n \n \n 351 \n \n \n \n \n Cash used in from operations \n \n \n (1,497) \n \n \n (2,284) \n \n \n \n \n Taxation received \n \n \n 490 \n \n \n 553 \n \n \n \n \n Taxation paid \n \n \n - \n \n \n (1) \n \n \n \n \n Net cash used in operating activities \n \n \n (1,007) \n \n \n (1,732) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n   \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n (51) \n \n \n (34) \n \n \n \n \n Purchase of intangible assets including staff costs capitalised \n \n \n (819) \n \n \n (437) \n \n \n \n \n Finance income \n \n \n 124 \n \n \n 94 \n \n \n \n \n Net cash used in from investing activities \n \n \n (746) \n \n \n (377) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n   \n \n \n \n \n \n \n \n Issue of shares \n \n \n 3,697 \n \n \n - \n \n \n \n \n Repayment of lease liabilities \n \n \n (194) \n \n \n (134) \n \n \n \n \n Net cash generated from/(used in) from financing activities \n \n \n 3,503 \n \n \n (134) \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Movements in cash and cash equivalents in the period \n \n \n 1,750 \n \n \n (2,243) \n \n \n \n \n Cash and cash equivalents at start of year \n \n \n 1,787 \n \n \n 4,031 \n \n \n \n \n Effect of exchange rate fluctuations on cash held \n \n \n - \n \n \n (1) \n \n \n \n \n Cash and cash equivalents at end of year \n \n \n 3,537 \n \n \n 1,787 \n \n \n \n \n \n \n \n Notes to the financial statements \n   \n 1.     Presentation of the financial statements \n   \n a.     General information \n   \n IXICO plc (the 'Company') is a public limited company incorporated in England and Wales and is admitted to trading on the AIM market of the London Stock Exchange under the symbol IXI. The address of its registered office is 4th Floor, Griffin Court, 15 Long Lane, London EC1A 9PN. \n   \n The Company is the parent of the subsidiaries detailed in note 15 , together referred to throughout as 'the Group'. The Group is an established provider of technology-enabled services to the global biopharmaceutical industry. The Group's services are used to select participants for clinical trials and assess the safety and efficacy of new drugs in development within the field of neurological disease. \n   \n b.     Basis of preparation \n   \n The consolidated financial statements have been prepared on a going concern basis and in accordance with international accounting standards in conformity with the requirement of the Companies Act 2006. \n   \n The consolidated financial statements comprise a Statement of Comprehensive Income, a Statement of Financial Position, a Statement of Changes in Equity, a Statement of Cash Flows, and accompanying notes. These financial statements have been prepared under the historical cost convention modified by the revaluation of certain financial instruments. \n   \n The consolidated financial statements are presented in Great British Pounds ('£' or 'GBP') and are rounded to the nearest thousand unless otherwise stated. This is the predominant functional currency of the Group, and is the currency of the primary economic environment in which it operates. Foreign currency transactions are accounted in accordance with the policies set out below. \n   \n The Company has elected to use Financial Reporting Standard - 'The Reduced Disclosure Framework' (FRS101). In preparing these financial statements the Company has taken advantage of all disclosure exemptions conferred by FRS 101. Therefore, these financial statements do not include: \n   \n ·      A statement of cash flows and related notes; \n ·      The requirements of IAS 24 'Related Party Disclosures' to disclose related party transactions entered in to between two or more members of the group as they are wholly owned within the group; \n ·      The effect of future accounting standards not adopted; \n ·      Paragraphs 45(b) and 46 to 52 of IFRS 2, 'Share-based payment' (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined); \n ·      Paragraphs 91 to 99 of IFRS 13, 'Fair value measurement' (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). \n ·      Disclosures in relation to impairment of assets \n ·      IFRS 7, 'Financial instruments: Disclosures'. \n   \n c.     Basis of consolidation \n   \n The consolidated financial statements incorporate the accounts of the Company and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. The Company's subsidiaries are detailed in note 15 . When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. \n   \n The Group controls a subsidiary when the Group is exposed to, or has rights to, variable returns from its involvement with a subsidiary and has the ability to affect those returns through its power over a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. \n \n \n   \n 1.        Presentation of the financial statements continued \n   \n The results of subsidiary companies are included in the consolidated financial statements from the date that control commences until the date that control ceases. The assets and liabilities of foreign operations are translated into GBP at exchange rates prevailing at the end of the reporting period. Income statements and cash flows of foreign operations are translated into GBP at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised directly in a separate translation reserve. \n   \n d.     Going concern \n   \n The Group completed a £4 million oversubscribed capital raise in October 2024 which was supported by both existing and new institutional investors confirming strong alignment to the Group's strategy.  Over the subsequent period, the Group has deployed this capital in line with the investments proposed and as were laid out to investors during the raise process.  As the Group moves into its next financial year, it anticipates that the impact of these investments will drive increased contract bookings, driven by the specific investment decisions the Group has taken in the pursuit of its strategy, complemented by a general improvement in the clinical trials market arising from increased investment by the biopharmaceutical industry into neurodegenerative disease drug candidates. \n   \n The Group has net assets of £11.7 million, including a £3.5 million cash balance.  During the year the Group secured £6.2 million of new contracts providing it with good visibility of future revenues across a diversified portfolio of clients and projects. The group has an orderbook of £13.8 million at the year end and has secured further contracts since the year end of £5.1 million. \n   \n In assessing going concern, management has prepared detailed sensitised forecasts which consider different scenarios through to December 2026 and beyond. These include the risk to current projects and expected future sales pipelines. The Directors have considered these forecasts, alongside the Group's existing cash balances and as well as the ability for the Group to mitigate costs and/ or attract additional capital as and when required. After due consideration of these forecasts, as well as the review completed by the Audit Committee (including a review of a reverse stress test), the Directors concluded that the Group has adequate financial resources to continue in operation for the foreseeable future. \n   \n 2.     New and amended accounting standards and interpretations \n   \n a.     Adoption of new accounting standards for the year ended 30 September 2025 \n   \n For the preparation of these financial statements the following new or amended standards are mandatory for the first time for the financial year beginning 1 October 2024: \n   \n Amendments to IFRS16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024) \n Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Supplier Finance Arrangements (effective 1 January 2024) \n Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, and Non-current Liabilities with Covenants (effective 1 January 2024) \n   \n The adoption of these standards has not had a material impact on the financial statements. \n   \n b.     Accounting developments affecting financial statements in subsequent periods \n   \n The following standards and interpretations relevant to the Group are in issue but are not yet effective and have not been applied in the preparation of the financial statements: \n   \n Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025) \n Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026) \n Annual Improvements to IFRS Accounting Standards - Volume 11 (effective 1 January 2026) \n Amendments to IFRS 18: Presentation and Disclosure in Financial Statements (effective 1 January 2027) \n Amendments to IFRS 19: Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027) \n b.     Accounting developments affecting financial statements in subsequent periods continued \n   \n The directors do not expect adoption of these standards to have a material impact on the financial statements and will adopt each standard as and when they become effective. The Amendments to IFRS 18 will have a presentational impact on the Consolidated Statement of Comprehensive Income, but no impact on the total comprehensive income. \n   \n 3.     Material accounting policies \n   \n 3.1   Revenue \n   \n Revenue is principally derived from service revenue. Revenue comprises the transaction price, being the amount of consideration the Group expects to be entitled to in exchange for transferring promised goods or services to a customer in the ordinary course of business net of value-added tax, returns, rebates and discounts and after eliminating sales within the Group. \n   \n In determining whether to recognise revenue, the Group follows a 5-step process: \n   \n 1.   Identifying the contract with a client; \n 2.   Identifying the performance obligations; \n 3.   Determining the transaction price; \n 4.   Allocating the transaction price to the performance obligations; and \n 5.   Recognising revenue when/as performance obligation(s) are satisfied. \n   \n All services provided to clients are agreed at the inception of a project through contracts, wherein the transaction price is determined and agreed for each performance obligation in the schedule of work. The transaction price agreed at the outset is not variable or subject to any refunds or warranties, and this is consistent across all revenue streams.  A critical part of the contract is a detailed schedule of work that provides the list of services to be provided by the Group. Under the requirements of IFRS 15 - Revenue from Contracts with Customers, the Group is required to identify individual and distinct performance obligations within each contract. This represents a judgement, and the Group has considered whether each individual service provided meets these requirements in its own right and in the context of the contract, by assessing in particular the level of interrelationship between each type of service and the nature of the contract entered in to with clients.  \n   \n The Group has identified performance obligations within each of the revenue streams as set out below. The transaction price associated to each performance obligation is allocated based on their relative stand-alone selling price. Revenue is recognised once the performance obligation is met for each distinct service. Deferred income and advanced payments are recognised where consideration is received before all performance considerations have been completed. They are then released in line with contractual terms which dictate which performance obligations they relate to. In some instances, the Group invoices in advance of work being completed, a corresponding contract liability is therefore created to account for this. The Group also invoices on completion of contractual milestone. In these instances, accrued income is recognised until the invoices are issued to reflect the Group's right to compensation for these completed but not invoiced performance obligations. \n   \n Revenue types \n The Group's contracts comprise a variety of performance obligations. These obligations are all considered streams of a single revenue type, being service revenue. Most of the Group's revenue is recognised at a point in time; the Group recognises this revenue once control is passed to the client, or once the service has been delivered on behalf of the client. \n \n 3.1   Revenue continued \n   \n The Group's most significant streams of service revenue are outlined below and have the respective recognition criteria: \n   \n \n \n \n \n Service type \n \n \n Performance obligations \n \n \n Revenue recognition policy \n \n \n \n \n Project & site set up \n Training materials and delivery \n Scientific reports \n \n \n This service type includes the initial project set up documentation, such as scientific protocols and operational guides, and close out activities such as scientific reports. Where a tangible product is created, the performance obligation is met once the item is transferred to the client. \n   \n In respect of training, materials are prepared in advance and provided to clients as tools for site training. Site training is provided either through live online training or through a self-paced training module. The performance obligation is met once each individual site has completed the training. \n \n \n Revenue for this service is recognised at a point in time once the Group has delivered the relevant material on behalf of the client. \n   \n For training materials and delivery, revenue is recognised at the point in time when a site has completed its training. \n \n \n \n \n Project management \n Site management \n \n \n Each contract requires various project management activities. These services are provided throughout the duration of a contract. Site management services are provided throughout the duration of a site being operational and would typically be shorter than the project management cycle. For both activities, the costs and time spent delivering these services are generally spread evenly over the project lifetime. As such the performance obligation is met when the specific service is provided each month. \n   \n \n \n The services provided for project and site management represents a provision of ongoing services. As the fee is charged monthly to the client over the duration for which management services are provided, revenue for these items is recognised over a series of points in time across the contract. \n \n \n \n \n TrialTracker configuration and access \n \n \n The TrialTracker platform delivers a robust and comprehensive set of centralised imaging services designed to efficiently manage the complex imaging workflow, including image upload, quality control, reading and analysis. The platform also allows for reporting and data transfer. This involves the initial configuration and deployment of TrialTracker, and access granted to client trial sites for upload of clinical information. \n   \n Due to the lack of interrelationship between the two distinct services provided, each are recognised independently. The performance obligations for each are: \n   \n ·      The performance obligation for deployment is met over a period of time during the configuration and development of TrialTracker. \n   \n ·      The performance obligation for ongoing access to TrialTracker for the upload of data by client trial sites is recognised over the duration of the project once TrialTracker is deployed. \n \n \n The deployment of TrialTracker is recognised over time as the platform is configured for the customer. This is because an asset is being created that has no alternative use for the Group and there is an enforceable entitlement to receive payment for the work completed to date. \n   \n The ongoing access fee is charged monthly to the client and so revenue is recognised over a series of points in time across the contract. \n   \n \n \n \n \n Data management and quality control \n   \n   \n   \n   \n   \n   \n   \n   \n Data management and quality control (continued) \n \n \n Ensuring data are managed appropriately and that the data are of a high quality is critical in the delivery of the Group's service. The data management and imaging teams work in collaboration to ensure ongoing integrity of data. \n   \n The data will go through a series of quality control reviews prior to being used in the Group's performance of reading and analysis. Therefore, the performance obligation is met once the data is quality checked. \n   \n Data management is an ongoing service performed throughout the duration of a project whilst data is being received and managed on a project. The respective costs and time spent delivering this service is generally spread evenly over the duration in which data is being managed and as such the performance obligation is met when the specific service is provided each month. \n \n \n In respect of data quality control, revenue will be recognised at the point in time when data is quality checked. \n   \n The services provided for data management represents a provision of ongoing services. \n   \n As the fee is charged monthly to the client over the duration for which data management is required, revenue for these items is recognised over a series of points in time across the contract. \n \n \n \n \n Data reading and analysis \n \n \n The Group provides data analysis services across a range of biomarkers, providing high-quality, clinically meaningful data. The performance obligation for these services is met once the analysis is completed. \n \n \n Revenue from reading and analysis of clinical data is recognised at the point in time when the work is complete. \n \n \n \n \n Licence revenue \n \n \n Revenue relating to licencing is entirely attributable to TrialTracker. Each agreement will grant the user rights to access the software for their own use and receive associated technical support during the licence period. \n   \n The granting of the licence and its associated support are distinct performance obligations and are met on a straight-line basis over the contract term. \n \n \n Revenue for both the licencing and support are recognised on a straight-line basis over the duration of the contract and is therefore recognised over time. Licence revenue in the current year is not material. \n \n \n \n \n   \n Change orders \n Throughout the duration of a contract, the client may request additional services or service changes to be made. For revenue recognition purposes, the Group treats a change order or contract modification to a client agreement as a separate contract, if both: \n   \n ·      the scope changes due to the addition, or reduction, of 'distinct' services; and \n ·      the price change reflects the services stand-alone selling prices ('SSP') under the circumstances of the modified contract. \n   \n The revenue recognition for the change order is applied in the same way as the original contract, as detailed above, with the original client agreement remaining unchanged. \n   \n 3.2   Other income \n   \n Government grants and assistance \n A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and the grant will be received. The grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. The Group recognises grant income as an item of other income. \n   \n Research and Development Expenditure Credit ('RDEC') \n In the prior year, the Group has elected to take advantage of the RDEC introduced in the Finance Act 2013. A company may surrender corporation tax losses on research and development expenditure incurred on or after 1 April 2013 for a corporation tax refund. Relief is given as a taxable credit on 13% of qualifying research and development expenditure, with the rate increasing to 20% for expenses incurred from 1 April 2024. The Group recognised research and development expenditure credit as an item of other income, taking advantage of the 'above the line' presentation, and was recognised in the year for which the research and development relates. \n \n 3.3   Research and development expenditure \n   \n In all instances across the Group, research expenditure is expensed through the income statement. For development expenditure, items will be expensed where the recognition criteria for internally generated intangible assets is not met. \n   \n The main criteria used to assess this, as required under IAS 38 - Intangible Assets, are: \n -     Demonstrating technical feasibility of completing the intangible asset; \n -     Intention to complete the asset; \n -     Ability to use or sell the asset in order to generate future economic benefit; \n -     Availability of adequate technical or other resources to complete development; and \n -     Ability to measure reliably the expenditure attributable to the asset. \n   \n It was determined that the Group continued to meet the above criteria in respect of specific development...

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