Proteome Sciences shares jumped on thin action in London, but the company’s debt remains much larger than its AIM market cap.
- Proteome Sciences was up 10.3% at 1.82p as of 12:50 BST. Only 74,380 shares had changed hands, roughly 17% of its average volume.
- The bid-offer stood at 1.31p to 1.99p, a big spread for an AIM name with a £6.4 million valuation.
- The last RNS came out June 22, when the company announced a clinical chemoproteomics contract win. Nothing new has appeared since then.
- Investors are watching if growth in services is enough to make up for slow TMT reagent sales and £14.5 million in borrowings on the balance sheet as of Dec. 31.
Proteome Sciences plc (LON:PRM) shares moved up in London on Tuesday. The gain came with light trading and no new announcement, keeping the focus on the balance sheet and current order flow.
Shares in the AIM-listed proteomics services group changed hands at 1.82 pence, rising 0.17p, or 10.3%, as of 12:50 BST, Google Finance data showed. The group had a market cap of about £6.36 million. Volume hit 74,380 shares, compared with an average of 425,940. Google AIM trading was open at the time. Standard LSE hours run from 0800 to 1630 in London.
| Proteome Sciences market snapshot | July 7 data |
|---|---|
| Last price | 1.82p |
| Change on day | +10.30% |
| Daily low-high | 1.82p-2.27p |
| Volume traded | 74,380 shares |
| Average daily volume | 425,940 shares |
| Market value | £6.36 mln |
| 52-week low-high | 1.20p-4.40p |
Traders are looking at thin action here. At the last quote, about £1,350 worth of shares changed hands on the day. AJ Bell’s board put the stock at 1.31p to sell, 1.99p to buy — making the spread more than a third of the quoted price.
No fresh filings showed up to account for the move. The latest RNS on Investegate’s Proteome Sciences page was dated June 22, when the company announced another clinical contract for its target engagement and chemoproteomics platform.
Executive Chairman Christopher Pearce said in the June filing that “momentum and growth” in chemoproteomics services is continuing. The company said the contract might happen before a new clinical trial program later in 2026, but did not give a contract value. Investegate
For 2025, the split tells the story. Services revenue jumped to £2.06 million from £0.87 million, easily more than doubling. TMT reagent sales and royalties dropped to £1.70 million after £4.01 million. That took total revenue down to £3.76 million, off from £4.89 million.
| 2025 financial line | 2025 | 2024 | Change |
|---|---|---|---|
| Total revenue | £3.76 mln | £4.89 mln | -23% |
| Proteomic services revenue | £2.06 mln | £0.87 mln | +137% |
| TMT reagent sales and royalties | £1.70 mln | £4.01 mln | -58% |
| Loss after tax | £3.06 mln | £3.41 mln | Loss narrowed |
| Cash at year-end | £0.78 mln | £1.13 mln | -31% |
| Adjusted EBITDA loss | £1.72 mln | £1.48 mln | Loss grew |
Pearce described 2025 as “the bottom of the cycle” in April’s final results. He said the recovery depends on services growth and a rebound in TMT reagent sales, after reductions in U.S. NIH-related demand weighed on reagent revenue in 2025. Investegate
The stock’s key issue is valuation. On Tuesday, Proteome was at around 1.7x 2025 revenue, but end-December borrowings stood at £14.46 million, over double the market value. Cash was £0.78 million and net liabilities came to £9.53 million at Dec. 31.
The company pulled in £972,000 in gross proceeds after a placing and retail offer completed at the end of January. Management said it will use the cash to develop new revenue lines. Those include 96-plex and DXT isotopic DIA tags, and spending on the San Diego site and chemoproteomics.
Proteome said its San Diego site posted $0.41 million in revenue for the back half of 2025 and has a solid order book for 2026. The company also said it billed £2 million for services in 2025 and had £1.4 million of orders carried over to 2026.
The FTSE AIM All-Share dropped 0.57% to 774.33 as of 13:37 BST, with Proteome ahead of the small-cap index for the session. Still, the stock’s trade size, spread and debt suggest Tuesday’s price action was just a liquidity move—unless contract wins or first-half numbers prove the company’s services push is translating to cash.
