Oxford Biodynamics plc
Oxford BioDynamics Plc (OBD) is an AIM-listed international biotechnology company commercialising its proprietary EpiSwitch 3D genomics platform for personalised healthcare. It has launched two commercial blood tests – EpiSwitch PSE (prostate cancer screening) and EpiSwitch CiRT (checkpoint inhibitor immunotherapy response) – and also undertakes biomarker discovery and clinical development work for pharma/biotech partners. The Group operates CLIA-accredited and ISO-accredited clinical laboratories in Oxford, UK and Frederick, MD, USA, plus a reference lab in Penang, Malaysia, and is developing a cloud platform, EpiSwitch Orion, on Google Cloud.
10 annual reports read, FY2016 to FY2025
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Sources: Companies House (10)
FY2026Next report expected 30 Jan 2027
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Oxford BioDynamics sells blood tests that help screen for prostate cancer and predict how patients will respond to cancer treatment. Revenue rose 72.2% to £1.1m, while the loss after tax narrowed slightly to £11.2m from £11.6m. Growth came mainly from the prostate test, whose orders more than doubled. Income from research work for drug companies fell to nothing. Job cuts and lower marketing and travel spending reduced costs. The loss included one-off costs, among them a write-down in the value of some patents and a payment to the departing chief executive. The company ended the year with £1.4m of cash (previous year £1.8m) and no borrowings, after raising £7.4m from shareholders. It paid no dividend, and it raised a further £7m after the year end. Management said its turnaround is progressing and aims to sign partnership or licensing deals for its tests, though none had been agreed. The auditor pointed to a material uncertainty, meaning real doubt, over whether the company can keep going without raising more money. Without licensing income, that money could be needed as early as the third quarter of 2026.
From the reportevery line sits on the page it namesWhat drove revenueEpiSwitch PSE prostate screening test orders
PSE orders more than doubled year-on-year to ~1,900 (FY24: ~725); monthly orders grew from under 100 in Sept 2024 to 215 in Sept 2025, with 250 orders in November 2025
page 2AndEpiSwitch CiRT checkpoint inhibitor response test orders
CiRT orders were slightly lower than prior year at over 620 (2024: over 670), but revenue increased due to higher reimbursement rates and recognition of prior-year processed tests
page 6What moved the margintailwindSales approach shift to employed managers plus commission-only contractors in the US
Enabled sales growth without materially increasing the fixed cost base
page 6AndtailwindReduction in average headcount ~20% and cost-saving initiatives
Staff costs fell to £5.0m (2024: £5.5m); headcount reduced 14% since January 2025
page 7What management saidExecutive Chairman states the 'turnaround is progressing', with PSE orders growing, cost-saving initiatives implemented, and the aim to establish CiRT in NCCN guidelines; third-party partnering/licensing discussions ongoing but no deal concluded as at report date
page 4After the year endOn 22 October 2025, the Company announced it had raised gross proceeds of £7m via placing, subscriptions and retail offer, issuing 2,333,333,326 new ordinary shares of £0.001, issued on 10 and 11 November 2025; shareholder approval secured at a General Meeting on 7 November 2025
page 110The dividendNo dividends declared or proposed for FY25 (2024: £nil); stated intention is to create value for investors 'eventually through dividend payments'
page 12Going concern and the auditAuditor's opinion is unmodified but draws attention to material uncertainties related to going concern: under the baseline forecast the Group would likely need additional funding in Q1 calendar 2027 (beyond the assessment period to 31 Dec 2026); in a downside scenario (no non-dilutive revenue) funding would be needed by Q3 calendar 2026. Group raised £14.35m (before expenses) from two fundraises during and after the year. Auditor: Grant Thornton UK LLP; overall materiality £559,000 (Group, ~5% of loss before tax); one key audit matter (going concern); no non-audit services provided
page 47The risks it names first- Cash resources – Group may be unable to generate/retain enough cash for short-term and strategic objectives; risk judged to have increased since prior year amid historically low share prices and significant shareholder dilutionp.17
- Revenue – Group may be unable to secure sufficient product, service or licensing revenues to become profitable long-termp.18
- Reliance on key suppliers, partners and equipment (single-source suppliers, long lead times for specialist R&D equipment)p.18
- People-related risks – reliance on key personnel including Executive Directors and Senior Management Team, risk judged to have increased since prior yearp.19
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