Fusion Antibodies’ trading update (6 May) confirms FY25 revenues of £1.96m, suggesting a solid 27% improvement in the H2 (Sept-March) period. We consider this growth to be impressive in the context of prevailing difficult trading environment. Year-end (March 31) cash stood at £0.4m, including the first tranche proceeds of a two-part equity placing. Pro forma cash including the second part of the now-completed equity raise would be c£0.9m. The statement follows the announcement last week of an up ....