IXICO plc

Good afternoon and welcome to the Ixaco PLC Final 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. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself, however the company can review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. and I would now like to hand you over to Chief Business Officer James Chandler. Good afternoon to you.

Good afternoon and thank you for joining the financial results presentation for the 2025 year. Great pleasure in introducing Graham Gordon, CEO, who you can see on the call on your left, and Grant Nash is on the right of your call, who's the Chief Finance Officer and Chief Operating Officer. We've got a presentation that will probably take us sort of I would say up to sort of 20 minutes, 25 minutes. We want to leave plenty of time for questions. We have seen that the questions that have been submitted now, so we'll try and get to those too. All other questions we will get to at the end. So please ask questions towards the end and I will let the two gentlemen now kick off with the results presentation.

Well, thanks very much James and welcome everyone. Thanks for taking the time to witness and listen to the results which we're presenting for 2025. I'm delighted to confirm what I think has been a great year. If we go to the next one. And maybe before I do that, just to sort of set the scene for those who are less familiar with us. We are ICSI-Co. We are a leading imaging CRO business in the CNS space, the central nervous system, in the neuroscience space, which we believe is becoming an ever more fertile ground for us to operate in, as you will see also through some of the data that we're presenting today. And the services that we offer are very much based on an AI-driven biomarker analytics platform, obviously surrounded by an expert team with whom we deliver A to Z services, mainly to biotech and pharma, but more recently also to the diagnostics industry. And I'm sure we'll come back to that today as well. Maybe just to highlight that we are currently serving 28 studies. As you will hear later on, we have actually served 38 projects over the past 12 months or in 2025. And then obviously on the bottom, the number of brain scans analyzed is an ever-evolving number as well. And that is, of course, sort of the gold which we're sitting on because that is the data that also feed our AI-driven platform. The business model of the company very much holds as well. For those who may remember, I joined the company about a year ago. We then actually also did a capital raise and very much redefined what is our strategic focus. very much basing ourselves still on the strengths that we have in-house. So at the one hand, the Xeco AI platform, it's a platform that has been completely revamped, which we actually went live with about 12 months ago. Every new customer is now coming on board that new platform, which is very exciting. And over the past 12 months, we've also seen that it really works well. ICSECO expertise, as already mentioned, those are the people working with us, mainly at the headquarters in the UK, but also worldwide. And again, as you may remember, we've actually increased our footprint, especially also in the US. The main activities are then imaging biomarker development, trial management, and then analyzing the data, which is very much the results that pharma and biotech contact us for. Maybe just to highlight that to the right hand side, you see some of the key disease areas which we are operating in. Most people that know Ixico since its 20 years existence know that we're an absolute leader in rare CNS disorders and especially Huntington's disease. but that more recently we've now really deepened our footprint, especially in Alzheimer's, Parkinson's disease, but also active in other disease areas. As mentioned, the focus on CNS is very much a stronghold. It gives us focus, it gives us clear purpose, and it really makes us that global leader in that space. And as you will see in a minute, it's a space which is very much growing. This is how we like to measure and look at ourselves after we did this capital raise around a year ago you may remember that the strategy which we which we set forward then was innovate lead scale And if you look at the right-hand side of this slide, these are some of the KPIs that we have been measuring throughout. And this is sort of the picture today, if you wish, against some of those measures. So starting with the first bucket, Innovate, which was very much about equipping the platform, so the ICSI platform, with novel algorithms, novel biomarker algorithms, in order to go deeper into that AD PD space. and then deploying that platform with customers, which then leads to diversification of our portfolio. So therapeutic area diversification, we feel it's appropriate to put sort of green there across the board because very clearly we have made those investments, we have put these algorithms on platform and so we do feel that ICSI is very much equipped now to go deeper into these disease areas and that's of course also what has resulted into the, I would say, excellent revenues for the past year and also the more recent big order book increase which we'll come back to There's this little white box here, Novel ICSI Applications and Revenues. I made it wide because it's not necessarily what we set out to do over the past 12 months, but we did sort of uncover over the past 12 months that clearly there are other technology applications which are presenting to us and which we do believe we can capitalize on. And that will actually come back then to some of the strategic partnerships which we are further pursuing and which we're hoping to report out to you later in the year in 2026. So moving on to the second one, lead, that is very much about then making some noise around the innovation which we've put on platform and also much more deliberately working together with key opinion leaders, with thought leaders. You may have seen that we actually did some press releases very recently where we announced that we're working together with Mike Weiner, professor from UCSF in the US, Joanna Wardlow from the University of Edinburgh. And this is very much deepening now that expertise in that collaboration, especially in the area of dementia. So heightened conference attendance, more prominent KOL expansion, medical affairs, but then as mentioned as well, the operational and commercial footprint expansion, especially in North America. Data partnerships is an important one as well. We especially announced also the partnership or the deepened partnership, I should say, with GAP, the Global Alzheimer's Platform, where we solidified our access to the data in BioHERBIS2, which is a pivotal data set for us to further validate some of the biomarkers that we have on platform. And so the third bucket here, if you wish, scale, is then actually more sort of a lagging indicator. So what does this all result into at the one hand existing project revenue expansion? So this is actually about making sure that with our current clients, we see additional work. As thought leaders, we've sort of positioned ourselves to look at what further biomarker research can be done, and that has resulted into revenue expansion in 2025. New biomarker revenues, which really relates to that new vertical that we're serving now, which is the blood-based biomarker space, so a diagnostic space. And then order book growth, which especially more recently, and you'll hear Grant talk about that, has quite drastically increased, so very much an indicator which we felt we could put on green where we are now today. Then in terms of pipeline expansion, I'm giving that a number. We see very much new projects coming on board, but clearly 2026 is the year where I really want to solidify this so that we can keep also that order book growing. And obviously that will then feed revenue growth, which we have now projected in the market. as you may have seen, to be 15% for this year, 2026. And of course, the expectation is that that will not slow down, or on the contrary, in the future. And then strategic partnerships. I'll come back to that, but this is very much how we would like to see further revenue streams develop. And that will be very much through partnering our technology in a different way than the service model that we do through CRO. And again, I'll come back to that. I'm giving it an amber, not because we're not making progress. On the contrary, I think we've made a lot of progress, but it wasn't necessarily the strategic focus of 2025. And it will very much be the strategic focus for 2026. So this is then the year sort of on one page and on a timeline. So the Innovate Lead Scale Strategy. I will not walk you through every event there because I think I already did that to some extent the past minutes here. But I think it's fair to say that after the capital raise, which happened at the beginning of the year, We had a somewhat slower H1, and so I think the results of that new strategy and of that capital raise really started to pan out in that second half of 2025. And that's also where we saw an order book increase then from 13.1 to 13.8 million. And that momentum is really what we now see continued also in these first two months of 2026 with an order book that's actually landing at 17.7 million. Obviously, we're early in the year. We're definitely not done. So we do have an objective of increasing that number further. But I think this is definitely a great level of comfort because it does inform and grant will come back to that confidence around the revenue number, which we've put out there for 2026 as well. I've already highlighted some of the events that you see on this pipeline, like the Fujirebio FDA clearance. That was an important one because it was sort of our first collaboration with a blood-based biomarker diagnostic company. It was maybe a smaller project in value, but it was also a project that didn't take much time. to complete less than six months, which means that revenue recognition around this type of project goes very fast and obviously that goes straight to the top line. And we've got more of those lined up now in the pipeline. And then of course the gap deal as I already mentioned, which then at the end of the day led to a positive trading towards the end of the year. and then at the end of the year we saw more alzheimer work coming on board more rare cns contracts coming on board and then eventually just in the new year that phase three trial which was the 3.5 million pound contract that we announced and which obviously has now had a very positive impact on our order book so with that i think i'm going to move to the next one so the way we positioned the increase and the the progress was very much by going deeper into alzheimer's and parkinson's disease and you see that here with that platform progress so these sort of green dials if you wish um try to show how what we've brought on platform is now starting to have an impact in the market so clinically with customers but then also of course for us commercially in terms of projects that we're landing And I think it's fair to say that that progress in Alzheimer's disease has been witnessed. We have actually landed some of these contracts. We have also now opened this new vertical with the blood-based biomarkers. And that is very much thanks to those biomarker algorithms that we decided to bring on platform to further differentiate ourselves, of course, helped by increased footprint and commercial efforts. With Parkinson's disease, it's very much the same. It's sort of slightly more to the left because it hasn't translated necessarily into a massive pipeline of opportunities yet. The pipeline is there, but it's now about converting those into actual wins. And that is very much what we are planning to see in 2026. Huntington's disease, as you know, is an area where we are dominant. And so for us, it's very much about, if you wish, defending the fortress here. And of course, with the recent win of the phase three trial, but also with onboarding some earlier stage phase one trials, we feel that we've very much proven that we're still very much the leader in that space. So with that, I suggest we go to the next one. And I think this is the last one that I'm presenting before I hand it to Grant, and then I'll come back to talk a little bit more about the future and some of the things that are exciting for us. I recognize that this is a busy slide, but what we're trying to do here is share with you how we're looking at the market and at the space in which we operate, so especially around these three main disease areas, Alzheimer's, Parkinson's, Huntington's, but also the other rare CNS disease areas, because we've seen a lot of momentum there, and momentum which is also informing our pipeline and our commercial success. So starting with Alzheimer's disease, I think as many will know, we've had approved drugs in that space since a while now by Biogen, Azai, and Lilly. And obviously those anti-amyloid disease modifying therapies are now very much informing also the next generation of pipelines. And that is strengthened also by novel biomarker solutions such as the blood-based diagnostics. So this is very fertile ground for us, as you have also witnessed now. in some of these wins. The other thing I would like to call out here is the GLP-1 development. Many of you will know that this is a class of drugs which has really shaped a whole new area of obesity management especially. Lilly and Novo are the two players that often come to mind, but there's hundreds of these assets actually in development at the moment. they are believed to also have an impact on dementia which comes through metabolic and vascular pathways and since we brought vascular biomarkers on platform 12 months ago which at that moment we sort of considered a little bit of bet we do see that we're now in the middle of this opportunity which obviously is something that we're very excited about if we then move to parkinson's disease One of the key events is Roche, which entered into phase three with their disease modifying therapy. And that is a big step because Parkinson's disease has been an area where we've seen a lot of need and really sort of a gap in terms of bringing true disease modifying therapies in further into the development cycle. We know that one of the key new biomarkers that is being looked at through MRI imaging is neuromelanin. And again, for those who remember how we started of the year, this is one of the key biomarkers which we decided to bring on platform. So obviously, again, this brings us now in the middle of this field of research. And so also close to the clients that we are targeting there together with associations such as the Michael J. Fox Association. And so then very briefly, Huntington's disease, for those who have followed the press, there's been some very positive press around it. There was actually a client of ours, Unicure, which got some very positive feedback from the FDA, which was then subsequently nuanced slightly because it was only a phase one, two trial, which they were working on. And so there is a requirement for further efficacy. endpoints, but at the same time, we see that these assets are further progressing. We also see that Novartis now initiated a phase three trial, and you can see to the right that Ixico is actually supporting a phase three trial. So I'm letting you connect the dots here. And then last but not least, other rare CNS. We mentioned that during our capital markets day as well. it is a very thriving arena as well. And so we are actually serving some of these big pharma companies that are almost solely focusing in CNS at least on rare disease, because they know that this is actually an area with especially gene therapy as very fertile ground. And again, since we have the platform, since many or since two decades now, that has really been equipped with some of these bespoke biomarkers, we see increased engagement there too. So I think with that, I'm going to pass it to Graham for a moment, and he will talk a little bit more in detail about the financials. Thank you, Graham.