C 
10.63p
0.00%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in GBP, from our data supplier.
Revenue
£6.0m
FY2016FY2025
Net income
£5.3m
FY2016FY2025
Free cash flow
−£19.5m
FY2016FY2025
Shareholders' equity
£50.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | £6.0m | £4.0m | £4.0m | £27.2m | £25.2m | £9.4m | £13,473 | — | — | £534,670 |
| Research and development | £7.5m | £11.1m | £11.8m | £13.5m | £12.9m | £10.2m | £8.1m | — | £3.6m | £2.5m |
| Operating income | −£20.7m | −£28.8m | −£24.8m | −£30.8m | −£30.0m | −£23.4m | −£18.9m | −£10.3m | −£8.9m | −£3.8m |
| Net income | £5.3m | −£28.7m | −£21.7m | −£26.9m | −£24.6m | −£20.3m | −£15.9m | −£8.4m | −£7.8m | −£3.3m |
| Diluted earnings per share | 0.01 | -0.07 | -0.06 | -0.14 | -0.14 | -0.12 | -0.10 | -0.08 | -0.10 | -0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | £59.1m | £65.0m | £76.6m | £75.3m | £100.6m | £92.5m | £88.3m | £9.6m | £16.1m | £3.8m |
| Cash and short-term investments | £12.4m | £8.7m | £18.5m | £13.1m | £43.5m | £45.1m | £81.0m | — | £13.7m | £2.6m |
| Total liabilities | £9.1m | £22.6m | £16.8m | £25.9m | £27.3m | £29.7m | £5.6m | £2.3m | £1.5m | £532,795 |
| Debt | £4.1m | £4.4m | £8.3m | £11.7m | £10.6m | £12.4m | £717,085 | £859,987 | £15,221 | £31,589 |
| Shareholders' equity | £50.0m | £42.4m | £59.8m | £49.4m | £73.3m | £62.8m | £82.7m | £7.3m | £14.7m | £3.2m |
| Shares outstanding | 413m | 412m | 360m | 188m | 175m | 164m | 156m | 100m | 81m | 43m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −£18.6m | −£22.2m | −£21.6m | −£25.0m | −£26.0m | −£16.1m | −£11.5m | −£7.0m | −£6.9m | −£3.1m |
| Capital spending | −£900,000 | −£400,000 | −£1.2m | −£3.3m | −£6.1m | −£576,000 | −£1.1m | −£846,099 | −£225,715 | −£145,780 |
| Free cash flow | −£19.5m | −£22.6m | −£22.8m | −£28.3m | −£32.1m | −£16.7m | −£12.7m | −£7.8m | −£7.1m | −£3.3m |
| Dividends paid | — | — | — | — | — | — | — | — | −£20.0m | −£5.5m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | £3.2m | £3.8m | £2.2m | £15.2m | £15.1m | £15.7m | £13.5m | £13.6m |
| Operating income | −£8.0m | −£10.7m | −£10.0m | −£13.7m | −£11.8m | −£13.4m | −£14.8m | −£16.0m |
| Net income | −£7.2m | −£11.6m | £16.9m | −£12.3m | −£10.1m | −£11.6m | −£13.5m | −£13.4m |
| Diluted earnings per share | -0.02 | -0.03 | 0.04 | -0.03 | -0.03 | -0.03 | -0.07 | -0.07 |
| Cash from operations | −£9.0m | −£34.0m | £15.0m | −£13.0m | −£6.0m | −£14.0m | −£9.0m | −£15.0m |
| Capital spending | — | — | — | — | — | — | −£1.0m | −£1.0m |
| Free cash flow | — | — | — | — | — | — | −£10.0m | −£16.0m |
| Total assets | £56.8m | £59.1m | £68.8m | £69.3m | £76.6m | £88.7m | £75.3m | £87.5m |
| Cash and short-term investments | £7.4m | £12.4m | £20.5m | £9.8m | £18.5m | £26.5m | £13.1m | £26.1m |
| Debt | £3.1m | £4.1m | £2.3m | £3.5m | £7.5m | £3.6m | £10.5m | £4.0m |
| Shareholders' equity | £48.2m | £50.0m | £60.9m | £47.4m | £59.8m | £69.0m | £49.4m | £61.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -39.6% | -8.6% | — |
| Operating income | -12.4% | -2.4% | 21.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -495.0% | -255.3% | -209.2% | — |
| Net margin | -234.0% | -175.0% | -154.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.7 | -2.8 | -7.6 | -1.7 | -10.3 | -15.1 | -17.1 | -22.8 | -7.0 | -10.1 |
| Price to sales | 6.8 | 20.1 | 41.4 | 1.7 | 10.0 | 32.5 | — | — | — | 62.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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