Good afternoon, and thank you for that. Just before we start, thank you very much for taking the time out to listen to this presentation.

I'm Yamin" Khan. I'm the CEO of hVIVO.

I've been here around 4 years, and I have here with me Stephen.

Hi, I'm Stephen Pinkerton, and I've been with the company for about 8, 9 years, coming up to 9 years now. CFO for the last 4.

Thank you. This is the trading update for full-year 2025, the unaudited trading update.

We will provide full audited results coming up in April of 2026. One of the things we have changed from previous years is that we will try and focus giving more detailed information in our April and September updates rather than in January.

As you can imagine, these are very busy times, and it's very difficult to gather all the information in one place for all of you, but this is something we will be going forward with in line with most publicly quoted companies, I believe. As we go into this, this is the obligatory disclaimer that we have to go through.

What I'll do is basically have Stephen go through the numbers first, then I'll describe some of the key highlights of the company and how we've reorganized ourselves in the new service lines, talk a little bit about the market and where it stands at the moment, and we will close by providing you some evidence why we feel the outlook is for return to future growth. This will be a fairly short presentation, but we will then give the opportunity to all of you to text in your questions.

In the meantime, I'll hand over to Stephen to provide some color into the numbers.

Good evening, everyone. Again, just to highlight that these key financial numbers are unaudited financial highlights, and obviously they have to go through due diligence and process.

These represent our expectations as we see the numbers today. Revenue is 46.7 million.

This compares to the 47 million that we guided in May 2025. We're in line with guidance, we would say.

Obviously, somewhat lower than 2024, and that has been touched on, talked about on the macro changes in the US affecting the HCT trials. However, we have done well in the EBITDA.

We are expecting a positive low single-digit adjusted margin. That's a positive figure, whereas consensus and guidance was an EBITDA loss.

That's an upside in terms of performance of the business. This is due to three factors.

One, we did have a strong November-December where we were delivering high volume of volunteers onto site studies, a Phase II and a Phase III. That's because of the volume, and because of our recruitment database, the margin is somewhat better.

Also, CRS signed a number of contracts in November and December, and that allowed them to recognize some revenue for the work that they have completed. Obviously, the main factor that is driving the positive EBITDA margin at this volume of work is the high level of cancellations that we experienced in 2025.

One has to understand we have these contractual protections in our contracts on HCT contracts, and those cancellation fees do not attract any variable spend, and so those cancellation fees flow straight through bottom. We have managed our costs as tightly as we can in 2025.

With this upside on EBITDA, our cash at the end of the year is looking at 14.3 million. This is better than the market was expecting of about 12 million.

This 14.3 million stands us in very good stead and provides sufficient cash for our investment and our ongoing growth projections for this business. We're in a good place.

There is no debt on the balance sheet. Yes, it is somewhat lower than the 31st of December 2024.

That difference has largely been spent on the acquisitions. With that, I'll hand you back over to Mo.

Thank you very much, Stephen. Good update.

Overall, if you compare us to '24, of course, it's been a challenging year for 2025, but we have delivered on the numbers that we reset during 2025. In fact, a couple of the parameters that Stephen described were ahead of expectations.

A good, solid result. Of course, we want to return to growth in 2026, and I will describe how we achieve that for the next 12 months.

From the key highlights, though, from 2025, of course, a key highlight is the acquisition of CryoStore and the CRS sites at Kiel and Mannheim. CryoStore is a biobank storage provider for biological and clinical samples based out of Greenwich, and they're doing tremendously well, and we are recognizing revenue and profitability as we had expected during our due diligence process.

The second acquisition is the CRS sites, and both of them are now doing well. In fact, CRS was cash positive for quarter 4 of 2025.

We expect them to be EBITDA accretive in 2026, as we had previously reported. For us, the addition of these new acquisition gives us a much more fuller service.

If you imagine, previously we had the consulting services or preclinical service platform, and then we had the Phase II, and we focused really mainly on infectious diseases and challenge trials. Now we can provide consulting services, preclinical services, we can do Phase I or first-in-human clinical trials and do Phase II clinical trials as a CRO, as well as Phase III at the site.

We offer a much more conclusive end-to-end platform for our customers. We can hold their hand effectively, especially for small to mid-sized biotech who don't have large amount of resources to outsource these types of programs or trials.

For us, having this new end-to-end platform offers great resilience and also diversification in what we're offering. In addition, these acquisitions, especially CRS, diversifies our therapeutic expertise.

We're no longer just an infectious disease CRO doing human challenge trials. We are also now running trials especially in respiratory field trials, these are non-challenge Phase II, Phase III trials, as well as specializing in cardiometabolic trials, especially in obesity and diabetes, which as I'm sure most of are now key areas for clinical development after what's Novo Nordisk and Eli Lilly have especially achieved with their products.

We've also strengthened our board with the addition of a new non-executive chairman and also a new non-executive director. Both of them have got long-term experience both in executive positions and board positions in publicly quoted companies.

As I mentioned earlier, we did reorganize ourselves across four different service lines because we feel that this is the best way to meet our customers' needs. Firstly, we have the consulting services under the Venn Life Sciences banner mostly, but also some of the other entities within hVIVO providing consulting services.

This is where our consultants, our experts are helping our customers, both biotech and pharma, in reviewing their preclinical data and PK data, looking at the CMC formulation of their drugs, and also helping them put together dossiers for regulatory bodies and walking them through as to what is required to get into first-in-human clinical trial. Typically, historically, these consultants would recommend third-party Phase I units, and this is something we have now in-house.

It gives us the capability of giving a more fuller service to our customers. The second line is really clinical trials.

This is non-human challenge trials. This comes from all the way from first-in-human trials to Phase III clinical trials.

We do first-in-human Phase I trials in Germany. On top of that, we can do drug-drug interaction studies, food effect studies, TQT studies, renal and hepatic impairment trials.

All these are fairly specialist type of clinical trials that are undertaken by biotech and pharma doing the development of their drugs to make sure it's safe and effective before it is given market authorization. On top of that, of course, we continue to do Phase II and Phase III clinical site services, where we act as a clinical site and recruit patients for clients on behalf of other CROs.

As one of the examples to this is the fact that we recruited around, what, 817 patient volunteers for the Cidara Phase II program in 2025. The human challenge trials, having said that we are diversifying into other indications and other therapeutic areas, it's important not to forget that we are still the world leader in human challenge trials.

The key here is that we no longer solely rely on human challenge trials. HCTs still form a good proportion of our sales pipeline, but they no longer dominate that.

This is our diversification into non-HCT and also different phases and different therapeutic areas. The final service line is, of course, laboratory.

When we moved from Plumbers Row to Canary Wharf, we tripled the laboratory capacity, and really pleased we did that because, as a result, we've been able to accommodate the, for example, the Cidara clinical trial program, where we are the sole virology lab for all the clinical sites around the world that are taking part in the clinical trials, and we're doing all the virology and immunology assays for the final primary analysis. All of this means that we are diversified across different service lines.

The key here is, if you look at the bottom-up, is that we now can approach our potential customers at any given stage in the clinical development for us to be able to nurture them through the development plan and also provide them with a service, whereas historically, for example, we would never been able to provide them with a Phase I service. We can do that.

We can take a client from preclinical all the way to end of Phase III. The different service lines can support our customers at different stages in the clinical trial development.

We are already seeing some really good examples of cross-selling between our different companies, especially some of the new companies coming through the acquisitions in 2025. One of the challenges we faced in 2025, of course, was the macroeconomic situation, especially with regards to vaccines.

I'm sure all of you had heard the status of the vaccines, which had been depressed, to say the least, in 2025. In addition to that, the biotech funding was also depressed.

We're now seeing positive signs for both. We've seen more biotech funding, more M&A activity.

We highlight on this chart some of the key therapeutic areas. The orange bar at the end shows you the deals done in the different therapeutic areas in 2025.

If you compare that to 2024, the increases we've seen, especially in infectious diseases and cardiometabolic and respiratory, are significant. As an example for us, this $9 billion acquisition of Cidara by Merck is a key milestone for us, considering we were a key provider of a majority of the data in that clinical program.

Very pleased for Cidara and for Merck that they have this asset, which they can now advance to Phase III and hopefully to market authorization. On top of that, we've seen increased activity across the other therapeutic areas.

For me, a lot of this M&A activity releases more funding for future programs. For infectious diseases, if you focus on that, there's been some negative press, especially with regards to mRNA vaccines, which have led to, for example, Moderna scrapping their late-stage development, Sanofi also making changes.

Overall, for ID, I think there's some good news for the fact that, for example, the Cidara deal, the fact that Pfizer have struck a licensing deal with Novavax to use their technology, and the hiring of Peter Marks, an ex-FDA head, for Eli Lilly to help them develop an ID franchise going forward. I do believe there is a good future in infectious diseases, but as I said, we're no longer a one-trick pony.

We can offer a services in a broader therapeutic areas, as well as different stages of clinical development. This is the final slide to give you a little bit color on how we are going to achieve our growth in 2026.

We're saying that we will achieve high single-digit margin increase in 2026. This is driven by HCT and non-HCT opportunities.

We have a couple of preferred partnerships signed up at CRS, where we are getting good level of repeat business. I've always mentioned that we've had an excellent sales pipeline historically, and that has always been the case, but I've also iterated that a lot of the sales pipeline was not moving.

There was a lot of decisions being deferred into the future. I'm pleased to say that not only we are seeing more decisions being made, hopefully we'll see more awards and contracts, but also there's a lot more variety in our sales pipeline, not only for HCT and non-HCT, but including laboratory work and field studies that make up our sales pipeline.

In addition, full-year '25, we made more new proposal submissions than we did in 2024. That again is a good indicator for future growth.

We've also looked at our service lines and identified key areas where we see growth. We've identified four key initiatives that we are implementing in 2025 in 2026, sorry, to make most of the current market.

One, we are really marketing hard on cardiometabolic diseases. We have Dr.

Thomas Forst, a key opinion leader in endocrinology, who's helping us work with small, mid, and big pharma to increase the amount of work we're doing in diabetes and obesity especially. We've also seen good growth in respiratory.

On the previous slide, you saw that respiratory has had significant amount of M&A activity in 2025, and that also will result in more clinical trials hopefully taking place in 2026. Our lab capacity is much more advanced.

We've acquired more space at Canary Wharf. We've acquired some new equipment, we're doing ddPCR, for example, and this is giving us capability, and we will be launching our NGS capability this year.

The outlook for 2026 is that we are very confident that we will see year-on-year growth. Appreciate 2025 was challenging, but we reiterate our guidance for 2026.

Thank you for your attention.

Of course. Thank you for all the questions.

We're here for you, I wanted to make sure that you had the time and the chance to ask your questions, and I'm happy to answer all and any questions because it's important for us to give you some confidence that we will achieve growth in 2026. Here we go.

"We've seen significant trading volume recently despite the share price remaining near 52-week lows. Management showed confidence by purchasing shares personally in December.

Does the board feel the current market valuation accurately reflects the value of the order book and new opportunities? If not, why?"

No, we don't feel it reflects the valuation of the company correctly, but this is the current market we're in. I think a lot of other companies on the AIM stock exchange are also suffering, and also we've had the added hit with regards to missing our original 2025 guidance and the headwinds with regards to the vaccine market especially.

Now we've allayed some of those fears. We've shown good numbers for 2025, a number of them ahead of expectations, and the fact that we are going to grow in 2026 and maintain a good cash flow, I think we are still strong.

In my opinion, no, the valuation is currently not correct, and we hope to bring that valuation back to where we think it should be in the coming months. "The share price just continues to decline.

It's all very well painting an optimistic outlook, but we've heard this for years now. Those invested 5 years ago aren't too happy."

To be honest, we've had 3 continuous years of really good growth, at least since I've been here at the company. 2025 was the first year where we've had a blip, and I hope you agree that the main root cause of that was macroeconomic events that we could not really control.

As a company, our strategy, our model remains robust and strong and profitable if the business is there. Unfortunately, for multiple reasons that are outside of our control, we've had to overcome these headwinds.

Going forward, as I say, we've derisked ourselves. We've acquired a company in a timely manner.

We have multinational presence now, so that even derisks that even further. We are now prepared that if one indication or one therapeutic area is impacted, we have other therapeutic areas and other countries to continue to ensure we meet our guidance numbers for 2026.

"The past 12 months have been a disaster for the company and the share price, and investors are rightly furious. Why have you found it so difficult to generate any meaningful contracts?"

I totally understand your anger. The share price has gone the wrong way.

I totally understand that. The contracts have been difficult to sign, as I mentioned for the reasons I've hopefully highlighted already.

We now feel that the momentum is changing. We have seen movement in our sales pipeline, more opportunities being advanced, and that is the start of the good story.

We need to have a good sales pipeline. We need to convert that sales pipeline into awards and contracts, and then do the work to recognize the revenue at a good EBITDA margin.

That's our goal as we move forward. "Where are we with the [Ilyad?]

LOI?" The LOI was already signed, as previously announced.

We're now waiting for [Ilyad?] to finalize their funding round, and following that, we will hopefully sign the full contract and move on.

That continues to be an opportunity in our sales pipeline at the moment. "Why are you advertising to hire more permanent nursing staff?"

It depends on the timing. We are still very busy in the clinic.

We are running multiple clinical trials at the moment, they require resources at different levels and different roles. On an ongoing basis, of course, we will be recruiting good staff that can help us deliver the contracts that we have signed to date.

"It's been longer than I can remember since you guys won an HCT contract. Over 1 year, I think.

This has devastated the share price. When can we expect to see us winning contracts again and return to the good old days and get the share price back to what it was?"

I hope that this year we expect to sign more HCTs sooner rather than later. That is the plan.

I'm confident that the fact that we are reiterating our guidance in 2026, which is a high single-digit growth year-on-year, should give you some level of confidence that we expect to see growth in HCT. In addition, let's not forget there are non-HCT capabilities that we now have across a variety of therapeutic areas and a variety of clinical stages.

Just scrolling down here. "Would it be correct to say that hVIVO hasn't yet recovered from loss of revenue due to contract cancellations in 2025 and the base annual revenue has been reset at a lower level going forward?

I.e., we are not going back to 2024 revenue level anytime soon?" Stephen, you want to get that?

Sure. We have reiterated our guidance for 2026, and it is a high single-digit growth.

Much of that growth is coming through from our acquisitions, and as HCT returns back into the market and the pipelines looking good, we feel there will be some upside on delivering our revenues for 2026. Yeah.

Thank you very much. "Why are you not getting credit for the breadth and depth of services you can now offer?

Your valuation really seemed to fail to reflect this." I do agree with that comment.

I'm sure you can imagine it is a little bit of a conundrum that we've built a CRO right now with the foundation it has to deliver much more than it could have done even 12 months ago. Across many clinical stages, having the Phase I capability, renal hepatic impairment, the cardiometabolic, respiratory franchises.

We, I think, need to show that we can deliver on those. I have a feeling that we are being punished because of the profit warning last year, but also the market sentiment, I think, still needs to change.

Our cause has to be, as an executive team, to sign more contracts and do that work, and then hopefully the share price will take care of itself. "So when you say you are a debt-free business, if I remember correctly, didn't we buy the German business through debt?

Does this mean you have paid off the debt for the purchase of the German business?" Stephen?

We are a debt-free business. There's no debt on our balance sheet.

We did not use debt to acquire the German business. We used our own cash.

It's the main reason why the cash or a big reason why the cash dropped from 44 million at the beginning of 2024 at least at the beginning of 2025 and stands at 14.3 million this year at the end of December this year.

Thank you. "Is Cathal Friel associated with hVIVO in any capacity?"

No, he is not. We have a new non-executive chairman, Sean Chilton, who has a long history of executive team experience as well as board membership.

Look down. One for you, Stephen.

"What is the quantum of the positive EBITDA figure?"

We purposely said positive low single digits. The idea is to give a range.

As you can imagine, we have an acquisition to fold through. We are looking at a range of positive versus our guidance.

When we say low single digits, we're looking at 2% to 4% of revenue.

Thank you. "Will HCTs come back in favor?"

From the conversations I've had with potential clients and our sales team are having, yes, I do believe that HCT will come back in favor. Also, just kind of to touch on this again, we're no longer solely reliant on HCTs to ensure we hit our numbers.

We have a greater diversification than we've ever had in the company. "How would you compare the current pipeline for human challenge trials with that at the end of 2024?"

I think the key difference between what it was then and what is now is that these opportunities we now have are moving forward. We had a strong pipeline in 2024.

We now also have a strong pipeline in 2025. The key difference, as I mentioned, the momentum and the advancement of these opportunities is occurring now, where even in 2024, I think there was a lot of deferred decision.

On top of that, of course, the proportion of non-HCT pipeline is greater than it was in 2024. One for you, Stephen.

"How sustainable is the current cash position without a fundraise?"

We conservatively estimate that the 14.3 million is more than sufficient to deliver this year's performance and our expected investment program and the organic growth that we're providing on this business. Yeah.

Unless things substantially change, we're not expecting a fundraise.

"What does success look like in 3 years?" We intentionally have not forecasted to that term yet.

We will do in the future, but the key here is that we want to reduce the volatility. We know human challenge trials are great to have, but they also have a lumpy business in nature because they're huge and they happen sporadically.

Our goal really is to grow the non-HCT business so we have a large, stable, steady growth business underpinning what we're doing with regards to HCT. This gives us greater predictability going forward, less volatility, and that, of course, is what we're all after, consistency and good sustainable growth.

"If you consider that the share price is cheap, then why not proceed with buybacks? If you're right, we will all benefit of the irrationality of the market."

Stephen?

We need the 14.3 million to continue investing in this business and driving its growth plans. We think the money is better spent on those activities to make sure to drive growth and sustain this business going forward.

Great. Another one for you, Stephen.

"Cash levels are down significantly year-on-year. Do you expect the current business to generate positive cash flow in 2026?"

We're seeing certainly some positive cash flow in 2026. At this level of guidance and a high single-digit revenue growth, we will still burn some cash, but not a significant amount, nowhere near to the levels that we had in 2025.

We'll still land up at the end of the year with sufficient amount of cash to continue to 2027 at these levels.

"HCTs tend to be in excess of £10 million, one new contract should add significant revenues and will allow us to beat 2026 forecast. Is this correct?"

On average, HCTs can range from £5 million to up to £10, £12 million. You're correct on that.

Within our budget for 2026, we've assumed a certain number of HCTs to sign. It all depends on how many we sign, what their value is, and in what time do we sign, because we need to recognize that revenue in the current year.

Depending on those factors will determine whether we will beat our 2026 forecast. "With the new, more diversified business model, what level of sustainable margin do you expect to achieve?"

That's a really good question and not very easy to answer because it depends on the relative mix of the different businesses. As HCTs are inherently relatively higher margin compared to Phase I, for example.

Depending on what the different mix is will determine the final margin. We want to be able to use different service lines in parallel to gain accretive benefits with synergies with regards to getting a higher EBITDA margin at the end of the day.

"Non-HCT does provide diversification, but does it provide a unique selling point similar to HCT?" Not in all cases.

For example, when it comes to Phase I, there are many other providers in that, but we have some unique offerings, which brings me out to our final slide, and I'd like to close with that. I think we've done most of the questions.

The key question, I think, is why are we different? Why would clients use us rather than any other vendor when it comes to some of these highly competitive businesses?

What we offer is unique, and there are a few things that I'd like to highlight and why I feel that we will be successful in the areas we are expanding into. We only work with the sites we own.

Now there are not many multinational, multisite CRO partners, at least in the small, mid-sized bracket like we are, that can offer international capability with sites, multiple sites that are owned themselves. This is really important because patient recruitment is the single biggest factor for delays and postponements of clinical trials.

If you own your clinical site, it effectively means you control patient recruitment because you control the quality of the staff, the resource level, your patient recruitment database, and so on. Having that certainty gives clients confidence that we can deliver on our numbers, and that's really key.

Having patient recruitment and delivering a quality product is really key. Having that international capability and owning your site is really key.

The second one is we have one of the largest databases of volunteers and patients for clinical trial purposes in Europe. That's at least what we believe.

I don't know of many other companies that have a bigger database than ours. We do this by running a genetic screening protocol ourselves, and that's something that's also unique.

Most companies start screening after they've been awarded a contract and run their trial. We have the advantage that when we sign a contract, because we've been screening patients, especially for the human challenge trials, we are ready to put them into a clinical trial, and this saves time and effort for our customers.

We can deliver higher number of patients in a shorter timeframe compared to our competition. Finally, we have some excellent KOLs.

I highlight a couple of them. Dr.

Andrew Catchpole is literally the guru of human challenge trials. He has done more challenge trials than anybody else in the commercial setting.

We've done around 80 human challenge trials which he has overseen and also developed multiple agents, new challenge models that no one has done. Secondly, we had Dr.

Thomas Forst, who is a high-caliber, highly experienced key opinion leader in endocrinology who has a very strong CV and has presented at multiple conferences and sits on scientific advisory boards in biotechs as well as big pharma. These are some of the key points why we feel we will be successful in the new areas we're expanding into.

On that, I'd like to thank you all for your time and effort. I really appreciate your focus and your questions.

Hopefully, we've been able to answer that in a good manner. For any other questions, you can go to the website and send in through the IR section.

Thank you for your time today.