Futura Medical plc

Good morning and welcome to the Futura Medical PLC for your Results Investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll and I would now like to hand you over to CEO Alex Duggan. Good morning.

Good morning and a warm welcome to the Futura Medical presentation of its 2025 full year results. I'm Alex Duggan. I've been the CEO since August 2025, and it's my great pleasure to be with you this morning and joined by Futura's two other longstanding executive directors, Angela Hildreth, our finance director and COO, and Ken James, our exec director and head of R&D. Today we're going to cover a number of topics. Angela and I will talk about the full year 2025 performance. Ken will update you on our product and MPD review. I'll summarize some findings from our strategic review and lastly an update on our 2026 key milestone progress. A question and answer session will follow afterwards and we invite anyone to put your questions to us for our for us to answer. Before we get going, can I just draw your attention please to the disclaimers on the previous slide, which will be provided along with this full presentation in the usual way after this event on our website. The key messages we will address today. It will not be a surprise to our shareholders that 2025 has been a year of both challenge and renewal. Financial performance resulting from underlying in-market sales of Eroxon have been disappointing and further details of this and our plans as to how we will improve this performance will follow later today. I've led a full strategic review initiated in August 2025 with clear findings now concluded. Following this review, we have a refreshed vision, strategy and commercial model which is fit for purpose for the next stage of our development. And importantly, development plans for both the Roxxon Intents and WSD 4000 continue to progress. There's a supportive news flow schedule, which adds value inflection points throughout 2026, some already published and others expected to come during the rest of this year. So let's start with a review of the company's 2025 performance. Before I pass over to Angela, I'm sharing here a summary of in-market results from the launch of Iroxon in 2025, which was the brand's first full year of commercialization. This commentary has in part been reported previously, but for context, I think it is worth summarizing here because these results and learnings feed directly into our future strategy. In the EU and UK markets, in-market performance declined following a strong pipeful start This led to lower sales in the period from Futura to our commercial partner than Cooper had originally predicted. In the US, following a high impact launch campaign and gain of significant retail distribution points, progress was slower than Halon had originally expected. However, despite a reduction in promotional pressure, it's reassuring to see that consumer sales are holding up reasonably well and that distribution currently remains strong. The US market, of course, remains a key priority for both Eroxon and in the future for our WSD4000 NPD, which we were going to touch on later. In the Middle East, again, in-market sales were lower than expected after 2024 launch trends, but we do remain engaged with our partner and it was pleasing to see them launch into a new market in May. And lastly, in LATAM 2025 saw a growth in retail distribution and a strong digital campaign from the partner. And we're reviewing our LATAM strategy at the moment with particular focus on how to open the Brazilian opportunity. As part of the strategic review, it's clear that these lower levels of expected consumer repeat purchases are due to a number of factors. The positioning gap where potential consumer over-expectation exists of the benefits from iroxon usage an imperfect consumer understanding of when or how to use the product correctly particularly with regards to using the product with foreplay binary efficacy perception so for many men unlike with consumer healthcare products generally this product has a binary effect it either works or it doesn't the accessibility advantage No prescription or HCP is required, so the product is widely available. However, being open access to all consumers may lead to potential misuse or unrealistic expectations. And the promotional strategy, a high impact activity which is reduced or cut too soon following initial launch alongside too broad consumer targeting doesn't necessarily lead to optimum outcomes. So our strategic reset, of course, takes all these learnings from year one commercialization into account, and there's more on that later. So with that backdrop in mind, it's my pleasure to hand over to Angela, our Group FD and Chief Operating Officer, who's going to cover the financial results for the period.

Thanks, Alex. So I'm going to take you through the financial performance for the year and how that translates into our current cash position and runway. But first, Alex has briefly outlined that 2025 was a year of reset for Futura, with decisive steps taken strategically, commercially and operationally to align the business with current market realities. From a financial perspective, that has meant aligning the cost base and operating with a clear focus on cash discipline and capital allocation. Importantly, We are now operating from a position of greater control with a reset cost base and a more focused approach to funding and the delivery of strategy. Alongside that, we strengthened the balance sheet through the fundraise that was completed in December 2025. So just turning to a summary of the financials, revenue for the year was 1.7 million. This was compared to 13.9 million in 2024. The prior year benefited from non-recurring milestone income and initial channel stocking, whereas 2025 reflects a transition to a more demand-led replenishment cycle. Gross profit was 1.2 million, representing a 73% margin and reflecting underlying trading performance with revenue primarily driven by US royalties as other regional partners work through the initial channel stocking. Loss after tax was 9.1 million. This did include 4.1 million of exceptional items, which were primarily non-cash based relating to half a million provision for inventory and the balance and write down of some plant and equipment. In addition to that, there was half a million of non-cash share based payments. So excluding these items, the underlying operating loss was 4.5 million. Cash at the year end was 3.4 million. And the board continues to actively manage cash deployment and cost control, prioritizing capital allocation towards key programs while advancing funding and strategic initiatives. So if we turn to cash and runway, cash at the year end was 3.4 million, with current cash at the end of March of 2.35 million. reflecting trading since the year end. In December, 2025, we completed a 2.7 million pound fundraise. This strengthened the balance sheet and provided the working capital required to support the implementation of the strategic reset. This strategic reset has included a line in the cost base, refocusing the commercial strategy and progressing our key development programs. At that time, the group indicated that together with the receipt of the $2.5 million milestone from Halion, cash runway would extend to December 2026. On a prudent basis and excluding that milestone, current forecasts indicate runway to June 2026. We believe the conditions for the milestone have been satisfied following the US patent grant, although the timing of the receipt remains subject to agreement under the terms of the contract. And we are working closely with Halion and our advisors in progressing that. In parallel, we're actively advancing a number of funding and strategic initiatives. So taking together a milestone and the other funding initiatives that we're progressing These provide multiple avenues to extend the group's cash runway and support our confidence that the business will be appropriately funded to deliver its strategy. Overall, our focus remains on disciplining cash management, securing funding and rebuilding revenues from a more sustainable commercial base. And we remain confident in our ability to deliver the group's strategy following the reset in 2025. And with that, I am now going to hand you over to Ken, our executive head in R&D, who's going to talk to you in more detail around our product range and the NPD overview.