ANGLE’s strategic priority remains firmly on growing and augmenting its Pharma Services offering as it seeks to widen commercial adoption of its proprietary Parsortix technology for CTC capture and subsequent downstream analysis. The power of liquid biopsy to inform personalised cancer therapy is becoming better appreciated, with CTC analysis providing valuable insights that ctDNA analysis cannot. Pharma Services has the potential to drive significant mid- and longer-term revenues, and there are opportunities to explore a similar business model in medtech diagnostics. While the Pharma Services pipeline is healthy and multiple discussions with existing and new prospective partners are progressing, deal execution is binary with uncertain timing. Nevertheless, a sizeable deal could be financially transformative: extending the cash runway beyond Q126, boosting near-term revenues, and moving ANGLE towards cashflow positive trading. Our DCF-based valuation is £118m, or 37p/share.
