Physiomics plc
Physiomics Plc is an AIM-listed Oxfordshire-based company providing outsourced consulting and contract research services to biopharmaceutical companies and research institutes, principally in Modelling & Simulation (quantitative pharmacology) and, from FY26, Biometrics (biostatistics, statistical programming and data management), supported by its proprietary Virtual Tumour software platform. It also develops a personalised-medicine dosing technology (funded largely by Innovate UK/NIHR grants) aimed at predicting optimal cancer drug dosing. The company operates a fee-for-service consulting business model and is loss-making but cash generative enough to fund operations alongside periodic equity fundraises.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 5 Oct 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
Physiomics Plc, which sells computer modelling and statistics services to drug developers, saw revenue rise to £941k in the year to 30 June 2026, from £784k the year before (+20.1%). But its loss after tax widened to £697k, from £415k. The report says costs rose faster than sales. It points to one-off costs from a shareholder move to replace the board, heavier use of outside consultants, and the cost of setting up a new statistics service. The company ended the year with £419k of cash, a little less than a year earlier, and no bank borrowings. It raised £600k by selling new shares and paid no dividend. Looking ahead, the board said it had about £618,000 of contracted work still to deliver, that costs fell significantly in July and August 2026, and that it aims to become profitable as soon as possible. The auditor gave a clean opinion and raised no doubt about the company's ability to keep going, though the report lists raising enough money until it turns a profit as a key risk.
From the reportevery line sits on the page it namesWhat drove revenueModelling & Simulation consulting (core service line)
Modelling and Simulation currently remains the primary revenue driver, accounting for 85% of FY26 revenue
page 7AndBiometrics (new service line launched in FY26)
Five contracts generated revenue for the first time, contributing the remaining 15% of total FY26 revenue
page 7What moved the marginheadwindOne-off costs from Board Requisition/replacement and increased consultant use
Operating loss increased 50% to £687,254 due to one-off costs associated with the Board Requisition and subsequent replacement of the Board, along with increased use of consultants to support revenue generation
page 5AndheadwindOperating expense growth outpacing revenue in FY26
Operating expenses rose 35% to £1,742,423 in FY26 compared with £1,291,947 in FY25, reflecting Biometrics set-up costs, one-off Board requisition costs and increased consultancy spend
page 18One-offs in the yearOne-off costs associated with the Board Requisition and subsequent Board replacement
page 5What management saidThe Board believes the Company is entering FY27 from a position of increasing strength... Physiomics has approximately £618,000 of contracted revenue yet to be recognised and a substantial late-stage sales pipeline, providing an encouraging level of visibility for the year ahead
page 9After the year endOn 8 July 2026 the Company announced multiple contract awards with a combined estimated value in excess of £200,000
page 28The dividendNo dividend was paid or proposed. In view of accumulated losses and the Company's stage of development, the Directors are unable to recommend the payment of a dividend
page 21Going concern and the auditUnqualified ('true and fair') audit opinion issued by Moore Kingston Smith LLP (senior statutory auditor Mark Richardson), dated 12 October 2026, with no material uncertainty regarding going concern identified. The sole key audit matter was revenue recognition (contractual, project-based and grant income under IFRS 15/IAS 20); overall materiality was set at £41,000 (6% of loss before tax; 2025: £24,000). The Directors adopted the going concern basis after reviewing 12-month cash flow forecasts and sensitivity analyses to 31 October 2027, supported by cash of £418,635, trade debtors of £82,369, and £618,000 of contracted revenue
page 30The risks it names first- Loss of major customer: high dependence on repeat business creates risk existing customers could significantly reduce or cancel contractsp.17
- Competition: operates in a competitive environment that could lead to pricing pressurep.18
- Personnel & skills: success depends on continued performance of Directors, managers, key staff and contractors in a highly specialised, competitive-for-talent fieldp.18
- Financial: ability to cover working capital needs, raise sufficient funds through to profitability, and uncertainties in cash flow given protracted contract-winning processp.19
Read from C001006-AR-2026-ch.
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