hVIVO #HVO – Final Results 2025 April 15, 2026 – Posted in: Blog, hVIVO (HVO) – Tags: hVIVO, HVO, Yamin ‘Mo’ Khan

London, UK – 15 April 2026, hVIVO plc (AIM: HVO), a purpose-built, full-service international clinical development partner and the world leader in human challenge trials, announces its audited results for the year ended 31 December 2025.

Financial highlights

·	Revenue of £46.8 million (2024: £62.7 million)
·	Positive adjusted EBITDA of £1.4 million (2024: £16.4 million)
·	Adjusted EBITDA margin of 3.0% (2024: 26.2%)
·	Basic adjusted earnings per share of (0.41)p (2024: 1.69p)
·	Cash of £14.3 million as at 31 December 2025 (31 December 2024: £44.2 million)
·	Weighted contracted orderbook of £30 million as at 31 December 2025 (31 December 2024: £43.5 million restated**), reflecting a more diversified revenue base with greater proportion of smaller, repeatable contracts across four service lines, and significantly bolstered post-period end as a result of the signed contract with Traws Pharma

*Adjusted EBITDA is stated before one off exceptional items related to acquisitions & reorganisation costs

**Orderbook has been rebased in 2024 to provide year-on-year comparison to new orderbook inclusion criteria

Operational highlights

·	Completed synergistic acquisition of two Clinical Research Units from CRS for €10.0 million, expanding the Group’s capabilities to early-phase trial services and diversifying therapeutic expertise to include cardiometabolic, immunology and renal impairment studies
·	Integration of CRS completed on schedule, with the business generating cash in Q4 2025 and on track to become earnings accretive in 2026
·	Completed acquisition of Cryostore, a provider of temperature-controlled storage services, for £3.2 million, bolstering laboratory service offering
·	Established four integrated service lines: Consulting, Clinical Trials, Human Challenge Trials, and Laboratories
·	Completed development of the bacterial laboratory at Canary Wharf, enabling future bacterial HCTs
·	Cross-selling opportunities materialising with first multi-site contracts secured leveraging expanded UK and German footprint
·	Validation of the world’s only contemporary-strain hMPV challenge model, supporting future vaccine and antiviral development
·	Record Phase III activity delivered by Clinical Site Services, with Germany now a preferred provider for a number of mid‑sized pharmaceutical clients
·	Cidara partnership highlights strength of integrated model: supporting CD388 from proof-of-concept (via human challenge trial) through Phase IIb HCT and Phase III, contributing to its $9.2bn sale to Merck

Post-period end highlights

·	Influenza HCT contract signed with Traws Pharma to test its prophylactic antiviral candidate using the hVIVO Influenza Human Challenge Study Model
·	New unified brand identity unveiled, going forward Venn Life Sciences, CRS and Cryostore, will all operate under the hVIVO brand

Outlook

·	The Company remains in active discussions with ILiAD Biotechnologies regarding a HCT and is finalising the agreement
·	High single-digit revenue growth expected in 2026, weighted to H2
·	Strong pipeline of opportunities across all four service lines with increasing aggregate value of customer proposals continuing into 2026
·	Growth initiatives coupled with operational improvements and cross-selling opportunities provide multiple pathways to topline growth and margin enhancement

Yamin ‘Mo’ Khan, Chief Executive Officer of hVIVO, said: “2025 was a year of significant strategic progress for hVIVO. While the financial performance reflected the anticipated transitional nature of the period, against a backdrop of macroeconomic and sector headwinds, we have entered 2026 with a significantly stronger integrated and diversified offering.

“Following the acquisitions of two Clinical Research Units from CRS and Cryostore, we have expanded into new stages of clinical development and therapeutic areas, reducing our reliance on infectious disease and human challenge trials. This evolved strategy is already delivering results, with our first multi-site contracts signed and growing cross-selling opportunities across the group

“Combining international scale, proprietary infrastructure, owned clinical research sites and in-house consulting expertise under one roof, hVIVO is more than a CRO. We have repositioned ourselves as a purpose-built, full-service early clinical development partner, focused on delivering high-quality data and accelerating our client’s path to clinical proof-of-concept.” 

Investor Presentation

Yamin ‘Mo’ Khan, Chief Executive Officer, and Stephen Pinkerton, Chief Financial Officer, will provide a brief presentation with Q&A via the Investor Meet Company platform today at 18:00 BST.

The meeting is open to all existing and potential shareholders. Questions can be submitted at any time during the meeting. Investors can sign up to Investor Meet Company for free and add to meet hVIVO here. Investors who already follow hVIVO on the Investor Meet Company platform will automatically be invited.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (“MAR”) EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

For further information please contact:

hVIVO plc		+44 (0)20 7756 1300
Yamin ‘Mo’ Khan, Chief Executive Officer Stephen Pinkerton, Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)				+44 (0)20 7220 0500
Geoff Nash, Callum Davidson Trisyia Jamaludin, Harriet Ward Nigel Birks – Life Science Specialist Sales Louise Talbot – Sales
Peel Hunt LLP (Joint Broker)			+44 (0)20 7418 8900
James Steel, Dr Christopher Golden
Davy (Joint Broker)			+353 (0) 1 679 6363
Anthony Farrell, Niall Gilchrist
ICR Healthcare (Financial PR & IR) Mary-Jane Elliott / Stephanie Cuthbert / Phillip Marriage / Louis Ashe-Jepson

Link here for full financial statements