American Marconi Wireless News - Angle PLC Announces Preliminary Results

GUILDFORD, UNITED KINGDOM / ACCESS Newswire / May 28, 2025 / ANGLE plc (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, today announces its audited preliminary results for the year ending 31 December 2024.

Financial Highlights

• Cash and cash equivalents balances of £10.4 million at 31 December 2024 (31 December 2023: £16.2 million), and R&D tax credit receipts of £1.4 million (received Q1 2025) and £0.9 million (receipt expected Q3 2025)

Operational Highlights

• Twelve peer-reviewed scientific papers were published in 2024, bringing the total number of publications to 104 from 42 independent research centres

Outlook

• The three existing agreements with large pharma for Eisai and AstraZeneca have been successfully completed, establishing a foundation for future collaborations with large pharma:

  • excellent results of ANGLE's HER2 assay in Eisai's Phase 2 breast cancer trial demonstrating ability to reliably measure changes in HER2 patient status over time and now in discussion with BlissBio regarding potential next steps

  • successful completion of both AstraZeneca assay development contracts with both the Androgen Receptor (AR) assay for prostate cancer and DNA damage response (DDR) assay for multiple cancers approved by AstraZeneca for use in its clinical trials. ANGLE is waiting on an update from AstraZeneca on next steps for clinical trials

  • the AR and DDR micronuclei assays have been added to ANGLE's menu of validated tests for pharma customers

• The recent market turbulence and uncertainty in the rapidly evolving macro environment and further reductions to research funding across academic and government labs has adversely impacted the Company's year to date revenues. While underlying demand and commercial potential is building, the current environment makes it unclear when these will convert to revenues. We have multiple large opportunities actively under discussion. However, these are binary in nature and their timing is uncertain. Modest growth in 2025 revenues compared to 2024 is anticipated and there is the potential, dependent on the large opportunities under discussion, for this to be exceeded

ANGLE Chief Executive, Andrew Newland, commented:

"Having identified a key unmet demand for CTC analysis to support drug discovery and development, ANGLE is leveraging its best-in-class liquid biopsy solutions to meet large pharma and large diagnostic company business needs. We entered 2025 with our large pharma contracts either successfully completed or progressing well and are confident that these have the potential to lead to larger scale opportunities."

Details of webcast

A meeting for analysts will be held at 11:00 am BST today at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. A live webcast of the analyst meeting can be accessed via ANGLE's Investor Centre page, https://angleplc.com/investor-relations/regulatory-news/, with Q&A participation reserved for analysts only. Please register in advance and log on to the webcast approximately 5 minutes before 11:00 am on the day of the results. A recording of the webcast will be made available on ANGLE's website following the results meeting.

For Frequently Used Terms, please see the Company's website on https://angleplc.com/investor-relations/glossary/

These Preliminary Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development activities, commercialization strategies, the uncertainties related to clinical study outcomes and regulatory clearance, obtaining reimbursement and payor coverage, acceptance into national guidelines and the acceptance of the Group's products and services by customers.

CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT

Introduction

The Company made commercial and technical progress in 2024 and has been proactive and agile in challenging market conditions. The Company's commitment to advancing liquid biopsy technologies with unique and innovative CTC solutions has been unwavering, and we have made progress in assay development, building and strengthening our partnerships, delivering on our pharma services contracts, and refining our operational focus.

In the second half of the year, we streamlined our operations to concentrate on collaborations with large pharma and biotechnology companies, aiming to leverage our Parsortix system and assays to enhance drug discovery and development. This strategic realignment has not only optimised the use of our resources but has also positioned us for sustainable growth.

Financially, we have taken prudent measures to ensure stability and support our strategic initiatives. The successful fundraise in June 2024, raising £9.3 million (gross), supports the progress for existing and new large pharma relationships.

Overview of Financial Results

Revenue of £2.9 million (2023: £2.2 million) reflects progress with large pharma in a challenging market environment although product sales were impacted by increased regulation of LDTs and significant reductions in research funding. With the large pharma strategy now established, revenues are expected to be driven by this in future periods. Gross margins in the year averaged 62% (2023: 70%) reflecting the product-service mix, with some introductory pricing provided to pharma customers.

As previously announced, management has implemented various cost reduction programmes and we will continue to seek to drive costs down. Operating costs for the year thus reduced by 27% to £16.9 million (2023: £23.3 million) and the loss for the year reduced by 29% to £14.2 million (2023: loss £20.1 million).

In June 2024, the Company successfully completed a fundraising round, securing £9.3 million gross (£8.6 million net). The proceeds are being utilized to support the expansion of strategic partnerships with major pharmaceutical companies, with the potential to generate long-term revenues.

Cash and cash equivalents were £10.4 million at 31 December 2024 (31 December 2023: £16.2 million) with R&D Tax Credits due of £2.3 million (31 December 2023: £1.5 million), with £1.4 million received in January 2025.

Executing business strategy to drive growth

Pharmaceutical companies are increasingly incorporating liquid biopsy into oncology trials to improve efficiency, reduce costs, and enhance precision medicine approaches. ANGLE's liquid biopsy solutions have the potential to become an integral part of drug discovery and development, with subsequent widespread clinical use as companion diagnostics to guide the use of drugs, leading to better outcomes and fewer side effects.

In the second half of the year, the Company made a strategic decision to prioritize investment in its large pharma strategy and restructured its commercial operations to align with business objectives whilst reducing its ongoing cost base. The new structure is now embedded and has facilitated enhanced collaboration and improved operational efficiency across the organization.

While securing contracts with large pharma customers can involve long lead times and uncertainty in clinical trial progression, these agreements have the potential to generate long-term revenue both from progressing through the different trial phases and from cross-selling opportunities. The Company is focused on securing multiple large pharma customers to drive its progress toward profitability. Advancements were made during the period, with four agreements announced, including partnerships with large pharma companies Eisai and AstraZeneca, and biopharma company Recursion Pharmaceuticals.

• In May 2024, ANGLE announced a second contract with AstraZeneca. Under the terms of the agreement, initially valued at £550,000, with an additional £120,000 added through an expanded scope, the Company has developed a CTC-based Androgen Receptor (AR) assay. There is wide applicability, both to AstraZeneca and other pharma customers, for an AR assay to measure protein expression in prostate cancer, which can only be undertaken on intact cancer cells. The project commenced in June 2024 and successful completion of assay development was reported by the Company in March 2025. The assay has been approved by AstraZeneca as meeting its requirements for use in its clinical trials. ANGLE is waiting on an update from AstraZeneca on next steps for clinical trials.

ANGLE has added the AR and DDR micronuclei assays to its menu of validated tests, which are available to pharma customers as a service from our clinical laboratory. Both the AR and DDR markets are considerable and growing, presenting an excellent opportunity for further pharma services contracts.

• In November 2024, ANGLE announced an agreement for a fully funded pilot study with the biopharma company Recursion Pharmaceuticals. Whilst the specifics of the agreement remain confidential between the parties, success in this study may lead to further contracts supporting drug development projects under co-development with multiple large pharma companies.

Following successful completion of the existing contracts, discussions with existing large pharma customers are progressing as are discussions with prospective new large pharma customers. Whilst the timing and quantum of new contracts is outside the Company's control, there is clear demand building from large pharma for ANGLE liquid biopsy solutions.

In parallel, discussions with large medtech diagnostic companies are also being progressed in relation to the Parsortix sample feeding into existing diagnostic solutions. This will allow these companies to build additional revenues from repeat, real-time testing for patients beyond the current single, static timepoint provided by a tissue biopsy. Contracts to develop new Parsortix based assays for these large companies, whilst not assured, have the potential to be significant.

ANGLE has made strides in developing cutting-edge "content" through innovative CTC-based assays. In addition to developing further bespoke imaging assays to investigate protein targets on CTCs, the Company has successfully created two next-generation sequencing (NGS) workflows that enable highly sensitive DNA dual analysis of CTC-DNA and circulating tumour DNA (ctDNA) across large gene panels. A proof-of-concept study in lung cancer has demonstrated the considerable potential of an Illumina workflow, which could be seamlessly integrated into Illumina's vast customer base as a comprehensive end-to-end solution. ANGLE's second workflow, which utilizes NuProbe's assay (for which the Company holds an option for an exclusive license), has demonstrated high sensitivity as a pan-cancer gene panel in internal studies. Both workflows have demonstrated that additional cancer mutations can be identified from a single blood sample when CTC-DNA is analyzed alongside ctDNA. This DNA dual analysis approach has the potential to revolutionize personalized cancer treatment by expanding the actionable information available to clinicians for targeted treatment selection.

The installed base of Parsortix systems stands at over 270 with 236,000 cumulative samples processed as of 31 December 2024. The reduction in the installed base from 290 at 31 December 2023 reflects the closure of the US facilities and a reduction in paid-for KOL activities.

Outlook

ANGLE's liquid biopsy solutions provide intact cancer cells from a blood sample for repeatable, longitudinal, real-time assessment of CTCs from cancer patient blood. This has allowed the Company to attract and secure partnerships with major large pharma companies where CTCs are gaining recognition as a unique liquid biopsy analyte.

Unlike other liquid biopsy analytes such as ctDNA, CTCs enable analysis of the complete genome, transcriptome, and proteome, enabling comprehensive multiomics. Multiomics is crucial to the pharmaceutical industry as it provides a comprehensive, systems-level understanding of biological processes, enabling the identification of novel drug targets, disease mechanisms, and predictive biomarkers. The advent of AI and machine learning is enabling big data to be efficiently distilled into actionable insights, which, when coupled with the increasing sensitivity of molecular sequencing, means it is now possible to analyze CTCs comprehensively, rapidly and at scale, all while the price point is falling.

As technology and the market continues to advance at pace, the importance of the quality of the sample becomes paramount with CTCs well placed for wider adoption.

ANGLE is establishing relationships with large pharma companies, presenting the potential for growth. Success in any of these programmes could deliver significant value to pharmaceutical partners across clinical trials, regulatory clearance, pricing and competitive positioning of their drugs. ANGLE is working to secure multiple services agreements to maximize the number of revenue opportunities. By prioritizing investment towards growth of pharma services, ANGLE will maximise the commercial opportunity. The Company is funded into Q1 2026.

27 May 2025

Operational Update

Commercial strategy

ANGLE's commercial strategy focuses on securing widespread adoption of the Parsortix system by providing CTCs as the "best sample" for analysis, coupled with state-of-the-art molecular and imaging assays to provide high-throughput, low cost, highly sensitive, downstream analysis. As intact cancer cells, ANGLE believes CTCs are the best sample for liquid biopsy analysis.

The primary commercialization route for the Parsortix system, assays and workflows is through partnership with large pharma, where liquid biopsy assays can support drug discovery and development with a view to adoption as a companion diagnostic to support optimal use of their cancer drugs. ANGLE has developed bespoke imaging assays to meet our customers' needs and can now also offer state-of-the art molecular assays which leverage the rapid technical advancements made in sequencing technologies. This is enabling the analysis of CTCs like never before, with ever increasing speed, throughput and sensitivity.

Furthermore, ANGLE's sales of the Parsortix system, assays and consumables to independent cancer centres and research institutes continues to drive breakthrough research and first-in-class discoveries which will flow through into commercial drug development. Examples of how research published in the period translates into tangible value includes the identification of novel drug targets, new insight into the metastatic process and novel drugs which could stop the spread of cancer, and demonstrating how the Parsortix system can be used to select the best patients for drug trials.

Parsortix content (applications)

ANGLE has developed multiple downstream assays which are available to customers as a service from our clinical laboratory. These include:

• Portrait PD-L1 assay has been developed to allow the detection of CTCs and determine their PD-L1 status, which may enable better identification of suitable candidates for immunotherapy studies and provide longitudinal monitoring of patient response to therapy.

Pharma services

The pharma services business utilizing the Parsortix system offers the potential for substantial revenues in the large cancer drug trials market, followed by adoption as a companion diagnostic to support the optimal use of targeted treatments. The use of CTC biomarkers in clinical trials is a growing field.

CTCs are increasingly being recognized in literature for the additional and complementary information they can provide, with multi-analyte assessment having the potential to unlock the full clinical capabilities of liquid biopsy. A recent high impact review article summarizing the evidence concludes that "CTCs represent a transformative biomarker in precision oncology, offering extraordinary opportunities to translate scientific discoveries into tangible improvements in patient care".

The Company has focused its business development on large pharma customers where there is a large unmet market and significant funding. This resulted in the announcement of four service agreements, with two large pharma customers, Eisai and AstraZeneca, and one large biopharma customer, Recursion Pharmaceuticals, in the year ending 31 December 2024.

The Company has successfully developed bespoke assays for all its existing pharma customers, targeting pathways which are undergoing significant commercial growth. This offers considerable potential for further business both with existing customers across their oncology pipelines, and with other pharma companies developing oncology therapeutics which target the same or similar biomarkers.

Corporate partnerships

Medical diagnostic companies

ANGLE is proactively engaging with a range of large medical diagnostic companies with a view to working with them to convert existing tissue-based assays to a liquid biopsy-based workflow. Similar to large pharma contracts, this has the potential to deliver substantial services revenues followed by larger scale sales once the customer implements the solution. From the customer's perspective, a liquid biopsy offering will enable them to move from one time use tests to repeat longitudinal monitoring of patient status, delivering repeat revenue potential from the same patient.

HER2 assay kit (product solution)

ANGLE has made good progress in its collaboration with BioView to develop a CTC HER2 (human epidermal growth factor receptor 2) assay kit for breast cancer using a combination of ANGLE's Parsortix system and BioView's automated imaging systems and software. Results presented at the American Association for Cancer Research (AACR) conferences in November 2024 and May 2025 demonstrated that the assay could identify cases where HER2 status had changed over time.

The HER2 assay kit will detect and assess the level of HER2 expression and/or gene amplification in CTCs and is an important development for the Company following the introduction of new drugs targeting HER2-low and HER2-ultralow cancers, creating an unmet need for a quantitative HER2 assay. ANGLE's HER2 assay could allow for longitudinal, repeat assessment of HER2 CTC status to identify patients whose HER2 status has changed and could therefore benefit from treatment with anti-HER2 therapy.

Development of cutting-edge molecular solutions

During 2024 and in the post reporting period, ANGLE has made progress with its next generation sequencing (NGS) tests and workflows. These enable highly sensitive and specific analysis of cancer-related mutations, with many of these key targets for pharma drug development. Furthermore, ANGLE's workflows enable the DNA dual analysis of CTC-DNA and ctDNA from a single blood sample for comprehensive molecular analysis.

CTCs and ctDNA provide additional and complementary information which has the potential to expand clinically actionable information for personalized therapy when the two are analyzed together. This has been validated in multiple independent studies where CTCs and ctDNA have been assessed in parallel, in all cases finding additional mutations in CTCs not identified in ctDNA. These findings have resulted in leading Key Opinion Leaders recognizing that a multi-analyte approach will be critical to unlock the full potential of liquid biopsies.

· In September 2024, the Company signed an agreement with NuProbe, a cutting-edge genomics and molecular diagnostics company, for the use of their proprietary pan-cancer NGS panel. The agreement grants ANGLE an option to take an exclusive global license (outside of China) to the NGS panel for DNA dual analysis of CTCs and ctDNA. The NGS panel, which has been demonstrated on the Illumina sequencers, enables highly sensitive and specific detection of over 6,500 DNA mutations in 61 clinically relevant genes, and is being offered as a service to customers for dual analysis of CTC-DNA and ctDNA from a single blood sample for comprehensive molecular analysis.

• In January 2025, ANGLE released the preliminary results from an in-house study in lung cancer using an end-to-end Illumina workflow for the analysis of CTCs harvested using the Parsortix system. Results were presented in a webinar hosted by Illumina as part of a co-marketing initiative. These workflows could be used by Illumina's customers to introduce NGS sequencing of CTCs harvested by the Parsortix system, alone or in combination with ctDNA, for the analysis of large gene panels and cancer specific mutations. Illumina is the world's largest provider of NGS systems and assays and has built an installed base of more than 23,000 sequencing systems across more than 9,500 customers in 155 countries.

Clinical studies

ANGLE is conducting clinical studies to establish a substantial biobank of clinical samples which it is using for assay development and to generate comprehensive data packs to support business development activities with prospective sales customers and partners.

INFORM is ANGLE's largest clinical study enrolling patients with advanced cancer over a five-year period. The study is in four cancer types, breast, prostate, ovarian and lung, which globally account for 40% of solid cancer cases. Participants will have blood drawn longitudinally at up to six time points during their diagnosis, treatment, and follow-up.

As of 31 December 2024, 543 patients had been enrolled into the INFORM study, with a total of 1,962 blood draws performed and 5,426 tubes of blood received for processing using the Parsortix system. Cells harvested by the system are being utilized for immunofluorescence and molecular assay development or are being stored for future analysis.

The cell harvest from more than 400 blood samples collected for the Company's prostate cancer study (DOMINO) and 1,200 blood samples collected for its ovarian cancer study (EMBER2) remain stored for future analysis whilst the Company continues to develop and refine its RNA sequencing workflows. RNA sequencing technologies, particularly in the context of CTCs, have seen significant advancements in recent years. Improvements of specific relevance to CTCs include Single Cell RNA Sequencing, improved sensitivity and throughput and enhanced data quality and processing. These advancements are opening a new market for CTC analysis.

Peer-reviewed publications

Academic research plays a crucial role in pharmaceutical drug development by uncovering fundamental disease mechanisms, identifying novel drug targets, and developing innovative therapeutic approaches. Early-stage discoveries from universities and research institutions are often validated through preclinical studies and then licensed or partnered with biotech or pharmaceutical companies for further development. Collaborations between academia and industry accelerate the translation of cutting-edge research into new treatments that can address unmet medical needs. As such, peer-reviewed publications from independent research groups are a key performance metric for the Company.

As of 31 December 2024, there were 104 peer-reviewed publications from 42 independent cancer centres in 24 cancer types, with 12 new journal articles published during the reporting period in seven cancer types from research teams in eight countries. The publications have seen Parsortix-based CTC analysis evolve from simple enumeration to highly sensitive, multigene, next generation sequencing panels. Researchers are increasingly exploring the integration of the Parsortix system with multiple downstream analysis techniques such as next generation sequencing (NGS) to provide insight into the molecular basis of cancer (including druggable targets) and cancer evolution and spread. These allow for analysis of hundreds of cancer-related mutations, enabling targeted drug discovery and personalized medicine.

After the reporting period, independent first-in-class research was published in January 2025 by Prof. Nicola Aceto's team at ETH Zurich on a novel approach aimed at preventing the spread of cancer, which is responsible for approximately 90% of cancer-related deaths. The Phase 1 study used the Parsortix system to stratify patients for inclusion in the trial by identifying patients with CTC clusters who could benefit from the targeted treatment to block cancer metastasis. This breakthrough research has the potential to contain the progression of cancer using the Parsortix system to both identify CTC clusters and provide systemic treatment to dissociate the CTC clusters blocking metastasis.

Andrew D W Newland

Chief Executive

27 May 2025

ANGLE PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

ANGLE PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

ANGLE PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

ANGLE PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024 (continued below)

ANGLE PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

ANGLE PLC

NOTES TO THE PRELIMINARY ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Preliminary announcement

The preliminary results for the year ended 31 December 2024 were approved by the Board of Directors on 27 May 2025.

The preliminary announcement set out above does not constitute ANGLE plc's statutory Financial Statements for the years ended 31 December 2024 or 31 December 2023 within the meaning of section 434 of the Companies Act 2006 but is derived from those audited Financial Statements. The Financial Statements for the year ended 31 December 2024 have not yet been delivered to the registrar and include the auditor's report which, whilst unmodified, contains reference to the material uncertainty disclosed in Note 3.

The auditor's report on the Consolidated Financial Statements for the years ended 31 December 2024 and 31 December 2023 is unqualified and does not contain statements under s498(2) or (3) of the Companies Act 2006.

The accounting policies used for the year ended 31 December 2024 are unchanged from those used for the statutory Financial Statements for the year ended 31 December 2023.

2 Compliance with accounting standards

While the financial information included in this preliminary announcement has been computed in accordance with the measurement principles of UK-adopted international accounting standards, this announcement does not itself contain sufficient information to comply with these accounting standards.

Accounting standards adopted in the year

No new accounting standards that have become effective and adopted in the year have had a significant effect on the Group's Financial Statements.

Accounting standards issued but not yet effective

At the date of authorization of the Financial Statements, there were a number of other Standards and Interpretations (International Financial Reporting Interpretation Committee - IFRIC) which were in issue but not yet effective, and therefore have not been applied in these Financial Statements. The Directors have not yet assessed the impact of the adoption of these standards and interpretations for future periods.

3 Going concern

The Financial Statements have been prepared on a going concern basis which assumes that the Group and Company will be able to continue its operations for the foreseeable future.

The Group's business activities, together with the factors likely to affect its future development, performance and financial position are set out in the Chairman's and Chief Executive's Statement and Operational Update.

The Directors have considered the uncertainties, risks and potential impact on the business associated with potential negative trading scenarios. In these circumstances discretionary expenditure within the business provides some flexibility to scale back operations to partially address adverse events if required. In assessing the appropriateness of preparing the Financial Statements on a going concern basis, the Group and Company have prepared a detailed monthly budget ("the budget") for the periods ending 31 December 2025 and 31 December 2026, including considering severe but plausible downside scenarios. The Board considers that the budget represents a reasonable estimate of the Group's expected performance over the period to 31 December 2026 with current cash resources extending to Q1 2026.

The Directors believe there are a variety of sources of funding that may be available to the Group and Company including but not limited to revenues, commercial milestones, licensing and other income from collaboration with customers and industry partners, and debt and equity funding. Based on the current budget, the Directors note that the Group and Company will need to raise additional funding through one or a combination of such sources to ensure the Group and Company remain a going concern. There is no assurance that the Group and Company will be successful in obtaining funding that may be required. Accordingly, these conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group and Company's ability to continue as a going concern for the foreseeable future. However, the Directors believe there are a variety of sources of funding that may be available and have determined that the going concern basis in the preparation of the Financial Statements is still appropriate. The Financial Statements do not include any adjustments that would result if the Group and Company were unable to continue as a going concern.

4 Critical accounting estimates and judgements

The preparation of the Financial Statements requires the use of estimates, assumptions and judgements that affect the reported amounts of assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting year. Although these estimates, assumptions and judgements are based on the Directors' best knowledge of the amounts, events or actions, and are believed to be reasonable, actual results ultimately may differ from those estimates.

There are no estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the reporting period.

5 Tax

The Group undertakes research and development (R&D) activities. In the UK these activities qualify for tax relief and result in R&D tax credits.

6 Earnings/(loss) per share attributable to owners of the parent

The basic and diluted earnings/(loss) per share is calculated by dividing the after tax loss for the year attributable to the owners of the parent of £14.2 million (2023: loss £20.1 million) by the weighted average number of shares in the year.

In accordance with IAS 33 Earnings per share, 1) the "basic" weighted average number of Ordinary shares calculation excludes shares held by the Employee Share Ownership Trust (ESOT) as these are treated as treasury shares and 2) the "diluted" weighted average number of Ordinary shares calculation considers potentially dilutive Ordinary shares from instruments that could be converted. Share options are potentially dilutive where the exercise price is less than the average market price during the year. Due to losses in the 2024 and 2023 reporting years, share options are non-dilutive for those years as adding them would have the effect of reducing the loss per share and therefore the diluted loss per share is equal to the basic loss per share.

The basic and diluted earnings/(loss) per share are based on 294,932,245 weighted average ordinary £0.10 shares for the year (2023: 260,467,288).

7 Share capital

The Company has one class of Ordinary shares which carry no right to fixed income and at 31 December 2024 had 322,641,668 Ordinary shares of £0.10 each allotted, called up and fully paid (2023: 260,580,547).

During the year the Company issued 62,061,121 new Ordinary shares with a nominal value of £0.10 at an issue price of £0.15 per share in a placing of shares realising gross proceeds of £9.3 million. Associated costs of £0.7 million were incurred. Shares were admitted to trading on AIM in June 2024.

8 Shareholder communications

Copies of this announcement are posted on the Company's website www.ANGLEplc.com.

The Annual General Meeting (AGM) of the Company will be held at 2:00 pm on 30 June 2025 at the Surrey Technology Centre, 40 Occam Road, Guildford, Surrey, GU2 7YG. The Board is looking forward to welcoming shareholders to the AGM in person. Details will be included in the notice of AGM.

Notice of the AGM will be enclosed with the audited statutory Financial Statements.

The audited statutory Financial Statements for the year ended 31 December 2024 are expected to be distributed to shareholders no later than 6 June 2025 and will subsequently be available on the Company's website or from the registered office, 10 Nugent Road, Surrey Research Park, Guildford, GU2 7AF.

This preliminary announcement was approved by the Board of Directors on 27 May 2025

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: ANGLE plc

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