Proteome Sciences plc
Proteome Sciences plc is a UK-based applied proteomics company operating two businesses: a contract research (biomarker/proteomic services) business providing mass-spectrometry-based protein biomarker discovery, validation and chemoproteomics services to pharmaceutical, biotech and academic customers from UK, German (Frankfurt) and US (San Diego) laboratories; and a chemical reagents business that invented and licenses TMT®/TMTpro® isobaric mass tags exclusively to Thermo Fisher Scientific for royalty and product-sale income. The Group also holds biomarker patent licences (stroke diagnostics with Randox and Galaxy CCRO) and a minority equity stake in Galaxy CCRO.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 16 Apr 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Proteome Sciences plc runs laboratories that analyse proteins for drug companies and earns royalties from chemical tags it licenses to Thermo Fisher Scientific. In 2025 its revenue fell to £3.8m from £4.9m, and its loss before tax grew to £3.6m from £3.2m. The main cause was a 40% cut in spring 2025 to a major US government health research budget, which hit spending by American universities and sharply reduced sales of the tags. Laboratory services revenue grew 2.4 times, helped by a new San Diego lab, and costs were cut. A tax credit, partly relating to an earlier year, meant the loss after tax narrowed to £3.1m. The company ended the year with £781k of cash and borrowings of £14.5m, mostly loans from its chairman and an investment fund rather than banks. It raised £972,000 from shareholders in January 2026 and pays no dividend. Management believes 2025 was the bottom of the cycle and expects services to keep growing and tag sales to recover. The company owes more than it owns. The report says it can keep going because both lenders have promised in writing not to demand repayment for at least a year. The auditor raised no doubts.
From the reportevery line sits on the page it namesWhat drove revenueExclusive TMT®/TMTpro® isobaric tag licence with Thermo Fisher Scientific (product sales and royalties)
Sales and royalties received for TMT reagents were £1.70m (2024: £4.01m); Group invented and manufactures TMT/TMTpro reagents sold under exclusive licence
page 8AndBiomarker/proteomic contract research services (GCLP and pre-clinical contracts)
Services revenue grew 2.4x to £2.06m (2024: £0.87m), including roll-over orders of £1.4m into 2026 and new GCLP contracts with a US biopharma customer worth >$1.5m in 2026
page 5What moved the marginheadwind40% cut to NIH budget and US academic funding in spring 2025
Caused immediate negative impact on equipment/reagent sales, reversing 2024 momentum; TMT royalties fell to £1.70m from £4.01m
page 4Andtailwind2.4x growth in services revenue
Services revenue increased to £2.06m (2024: £0.87m); as a proportion of Group revenue, services rose to 55% (2024: 18%)
page 9What management saidFollowing the significant investment already made in additional capacity, staffing, the San Diego facility and the recent fund raising we consider that 2025 was the bottom of the cycle for our business.
page 7After the year endEquity fundraise completed 29 January 2026 raising gross proceeds of £972,000; Vulpes Life Science Fund subscribed for 17,142,857 new shares at an issue price of 1.75p, taking its holding to 84,932,629 shares; issued share capital rose to 350,724,912 ordinary shares
page 25The dividendThe Group does not pay dividends to shareholders as part of its capital management policy; no dividend was proposed for FY2025.
page 70Going concern and the auditFinancial statements prepared on a going concern basis notwithstanding net liabilities of £9,531k; going concern is reliant on continued availability of related-party loans from Chairman C.D.J. Pearce and from Vulpes Investment Management's Testudo Fund, both of whom gave legally binding written confirmations not to seek repayment for at least 12 months from approval of the financial statements or until 31 May 2027. Auditor Cooper Parry Group Limited issued an unmodified audit opinion (true and fair view); key audit matters were revenue recognition and valuation of goodwill and investments; auditor's going-concern procedures did not identify material uncertainties. Group materiality was £55,000 (c.1.5% of revenue).
page 27The risks it names first- Commercialisation risk: uncertainty whether contract proteomic services will generate sufficient revenues in an increasingly competitive market favouring broader-platform competitorsp.11
- Dependence on key personnel: Group relies on a limited number of highly qualified scientific, commercial and managerial staff; three resignations and one retirement occurred in 2025p.12
- Investment limitations: historical reliance on TMT® sales and royalties for working capital limits ability to invest in growthp.12
- Competition and technological obsolescence in the international bioscience sectorp.12
Read from C001042-AR-2025-ch.
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