Neuroscience imaging and biomarker analytics business IXICO plc (AIM: IXI) has won two contracts with a combined value of c.£1.5 million.
The first is with a biotechnology company to manage and analyse neuroimaging for a Phase 2b clinical trial in Alzheimer’s disease. Revenue from this contract is expected to be recognised across approximately three years.
The second is a contract extension with an existing large international life sciences and diagnostics client. The project will continue to use IXICO’s proprietary IXI™ neuroimaging technology platform to support the validation and regulatory approval for a blood-based biomarker being developed to diagnose Alzheimer’s disease. Revenue from this contract is expected to be recognised within one year and expands a £16 million year-end order book (up from £13.8 million a year earlier) reported in a trading update earlier this week.
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The business
IXICO is a global leader in neuroscience imaging and biomarker analytics, using its proprietary AI-driven platform to help advance the treatment of neurological disorders and reduce the uncertainties associated with drug discovery, development and monitoring. As a key part of the global neurological disease research community, the company has built a global reputation and 20-year track record as an end-to-end Imaging Contract Research Organisation (iCRO) working with leading pharma companies, innovative biotechs, disease consortia and non-profit organisations. IXICO has supported hundreds of neurological clinical trials, analysed hundreds of thousands of scans and built an expansive network of expert imaging centres around the world.
The IXICO Platform is tailor-made for neurological disease, reliably processing data from global trials, precisely measuring key imaging biomarkers associated with the identification, progression and treatment of diseases such as Alzheimer’s, Huntington’s and Parkinson’s. Image data is interrogated by the Platform and IXICO’s expert scientists translating complex data into clinically meaningful insights while minimising data variability and increasing reproducibility.
IXICO’s growth is driven by momentum in the neuroscience market, increasing demand for its specialist neuroimaging and biomarker analytics capabilities, and the execution of its Innovate, Lead, Scale strategy, maximising its ability to capture the market opportunity. The firm continues to secure new clinical trial programmes, expand relationships with existing customers and diversify its revenues across neurological diseases, clinical trial phases and customer types.
IXICO 5 year share price chart
Positive trading
The contract news follows a positive trading update made by IXICO earlier this week, in which it reported that FY2026 revenue (to end September) is expected to be £8.3 million, up from £6.5 million in FY2025. This additional growth exceeds upgraded revenue guidance made in July this year (which moved revenue expectations from £7.5 million to £8.0 million), after an acceleration in analysis orders during the final quarter.
IXICO ended the year with cash of £10.4 million, up from £3.5 million a year earlier, reflecting a £9.4 million net capital raise completed in April this year. While IXICO is increasing investment for growth, the revenue performance is expected to drive improved EBITDA versus existing guidance of a £1.7 million loss. The full year results will be announced in December.
Comment
It’s been a good week for IXICO, with both annual revenues and the year-end order book being the highest since FY2022, the last year it made a profit. The increased scale is highly encouraging for a move back into profits, with the company having high gross margins (up to 53% in H1 2026 from 50% in H1 2025) and a strong operational gearing.
We note the progress being made in the area of Alzheimer’s disease, where IXICO is well placed for further growth. According to the results of a study published in May this year, Alzheimer’s Disease Drug Development Pipeline: 2026¹, compared to a decade ago, there are substantially more drugs (+35%) being tested for Alzheimer’s disease in more clinical trials (+40%) targeting a greater number of aspects of the disease. Analysing trials registered on clinicaltrials.gov, the researchers found there are 158 drugs for the treatment of Alzheimer's disease in the 2026 drug development pipeline, with 55,000 participants required to populate all currently active trials.
Cash covers half of the firm’s current £20.8 million market cap, with no bank debt on the balance sheet as at the last reported date of 31st March 2026, providing the company with a significant runway to return to profitability.
¹Cummings JL, Zhou Y, Yang Y, et al. Alzheimer's disease drug development pipeline: 2026. Alzheimer's Dement. 2026; 12:e70251. https://doi.org/10.1002/trc2.70251
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Disclosures
IXICO is not a corporate client of Optimo Research Ltd.
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