Losses widened last year at London-listed biotech company Oxford Nanopore Technologies despite growing revenue for its life science research tools.
Oxford Nanopore posted losses of £154.5m for 2023, around 70% more than in 2022, prompting it to delay its forecast for breaking even to the end of 2027.
Shares in the University of Oxford spinout, which has developed a pioneering nanopore DNA and RNA sequencing platform, have dropped around 77% since its public listing in 2021.
Oxford Nanopore did, however, boost revenue for the year for its core life science research tools business to £170m, up from £147m the year prior.
The company credited its revenue growth in part to the rollout of its PromethION 2 product, which Oxford Nanopore said delivered breakthroughs in the platform’s performance.
“We are focused on key strategic initiatives to drive value, including disciplined investments in our technology and commercial operations where appropriate to unlock key opportunities in priority markets,” said Oxford Nanopore CEO Gordon Sanghera.
“We also remain mindful of end-market conditions, with sales cycles lengthening at the same time as we have expanded our commercial and operational infrastructure to support future growth.”
Last October, Oxford Nanopore received a £70m investment from the French diagnostics firm BioMérieux, which took a 3.5% stake in the company.
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