(Alliance News) - Avacta Group PLC on Friday reported lower revenue but a narrower loss in 2024 as it said it expects the next two years to be "transformative".
The Wetherby, West Yorkshire-based life sciences company said revenue fell 96% to GBP113,000 in 2024 from GBP2.9 million a year ago.
The pretax loss narrowed to GBP29.0 million from GBP31.1 million, while loss per share widened to 15.34 pence from 12.20p.
The company faced a GBP23.4 million loss from discontinued operations, compared to GBP4.1 million a year ago.
Pretax loss narrowed as Avacta made a GBP13.7 million gain from a derivative revaluation compared to GBP6.3 million a year ago.
However, research costs were 8.5% higher at GBP14.3 million from GBP13.1 million and selling, general and administrative expenses grew 53% to GBP12.0 million from GBP7.9 million.
Avacata said it has undergone "significant transformation" in the past year, which has positioned it as a pure play oncology biopharmaceutical company focused on its proprietary peptide drug conjugate platform.
"This unique platform has the potential to treat up to 90% of solid tumours by repurposing a range of effective oncology drugs to significantly reduce toxicity and side effects. This represents a potential breakthrough for patients and a major opportunity for Avacta," said Chief Executive Officer Christina Coughlin.
Avacta said at this stage of development it is focused on cash management to fund "critical pipeline progression".
Looking ahead, Coughlin said: "Overall, 2025 and 2026 are set to be a transformative for Avacta, driven by a number of catalysts to drive shareholder value."
Shares in Avacta were down 8.0% at 31.51 pence in London on Friday morning.
By Michael Hennessey, Alliance News reporter
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