Fusion Antibodies’ (FAB.L) interim results highlight impressive progress, given its limited resources and the difficult trading environment in the reporting period (April-September). The receipt of two grant awards has allowed Fusion to offset some overhead costs, increase R&D spend and lease some capital items ahead of the planned commercial launch of OptiMAL next month. The results themselves were in line with the trading statement last month and our FY26 forecasts are broadly unchanged. We continue to see a significant recovery with revenue in H2 (to £1.4m, +86%) with trading helped by the improving environment in biotech. With improvements in gross margin and tight cost control/working capital management, our model indicates Fusion has a cash runway into FY27. We tentatively indicate revenues for FY27 to be c. £3m without assuming any material contribution from OptiMAL.
