Preliminary results for the year ended 31 December 2024

~ Strong commercial momentum underpins transformative financial performance ~

• Strong 2024 financial performance in line with guidance
  • Revenue growth of 44% to £128.8 million compared to 2023, organic revenue growth of 81%¹
  • Operating EBITDA² loss of £(15.3) million for the full year in line with expectations, Operating EBITDA profit of £5.0 million achieved in second half of 2024
• Contracted value of client orders³ signed during 2024 reached approximately £186 million at 31 December 2024, an increase of c.35% compared to £138 million in 2023⁴, reflecting strong commercial momentum with client base
• Increased demand in all vector segments including momentum in AAV client work, demonstrating successful diversification across viral vector platforms. Lentiviral vector development and manufacturing capabilities now expanded beyond UK into US and France
• Financial guidance reaffirmed; Revenue CAGR of more than 35% for 2023-2026 and pivot to profitability in FY 2025

Dr. Frank Mathias, Chief Executive Officer of OXB, commented:

"2024 was a year of strong commercial progress for OXB as we executed our multi-vector, multi-site strategy as a pure-play CDMO. With revenue growth of 44%, organic revenue growth of 81% and an operating EBITDA profit in the second half of 2024, we have demonstrated effective execution against our objectives.

"The acquisition of ABL Europe (renamed OXB France) has expanded our EU operations, adding specialised expertise and manufacturing capacity. With lentiviral vector development and manufacturing capabilities now available across all our sites, including the US and France, we have created a comprehensive global platform.

"Our client portfolio continues to expand and diversify, now including over 45 programmes with a well-balanced mix across all geographies, development stages and key viral vector platforms. The contracted value of client orders represents an increase of 35% compared to 2023, reflecting growing demand for our services across all key viral vector types.

"With our strong commercial momentum and the successful execution of our strategy, we are on track to achieve significant revenue growth consistent with our medium-term guidance and well above industry levels. Through continued focus on efficiency and a disciplined approach to our cost base, we also expect to achieve operating EBITDA profitability for FY 2025."

SUMMARY FINANCIAL PERFORMANCE

• Total revenues reached £128.8 million, representing a 44% increase compared with 2023 (£89.5 million) and an 81% organic growth rate. Organic growth excludes the impact of the acquisition of ABL Europe SAS (OXB France) and the loss of revenues from Homology Medicines, Inc.
• Revenue growth driven by:
  • Increase in lentiviral vector manufacturing of GMP batches for clinical clients and for clients in preparation for commercial launch
  • Clients moving further along their clinical development pathways including an increase in development revenues from process characterisation and validation work
  • Procurement and Storage services to provide stability of supply of raw materials.
• Significant improvement in Operating EBITDA loss to £(15.3) million (2023: £(52.8) million), which narrowed by £37.5 million.
  • Achieved £5.0 million operating EBITDA profit in the second half of 2024 at Group level.
• Operating loss of £(39.4) million also represented a significant narrowing compared with 2023 (£(184.2) million) due to a combination of increased revenues and a positive impact of the 2023 reorganisation lowering the overall cost base and the non repeat of the 2023 impairment. 
• Acquisition of ABL Europe SAS (OXB France) from Institut Mérieux for a fair value consideration of €6.6 million (£5.7 million).
• Cash burn of £68.2 million in 2024 (2023: £39.1 million) arising principally from operating loss and the increased activity in the second half of 2024 resulting in a higher balance of Contract Assets and Trade Receivables which are not yet due as at the year end, offset by the cash inflow of £17.5 million as a result of the investments by Institut Mérieux.
• Cash at 31 December 2024 was £60.7 million (31 December 2023: £103.7 million); Net cash was £20.6 million (31 December 2023: £65.2 million).
• In 2024 OXB increased its ownership of OXB US LLC by 10%, from 80% to 90%. This followed the conversion of an existing working capital loan and a capital injection into OXB US LLC, on 26 June 2024. On 1 March 2025, OXB US Inc exercised the call option for the purchase of the remaining 10% of OXB US LLC from Q32 Bio, Inc (which had merged with Homology Medicines, Inc). The transfer of Q32's remaining 10% holding in OXB US LLC to OXB US Inc is in the process of being finalised.

• After nine years of service as an Independent Non-Executive Director, Audit Committee Chair and most recently as Vice Chair, Stuart Henderson has informed the Board that he intends to retire from the Board. As such, Mr. Henderson will not seek re-election at the 2025 Annual General Meeting. Mr. Henderson's intention to retire is driven by the Corporate Governance Code provision that service of nine years or more may impair independence of a Director. The Board thanks Mr. Henderson for his impeccable service, loyalty and defining contributions to OXB's strategic progress throughout his tenure.
  • Colin Bond, who joined the Board as an Independent Non-Executive Director in January 2025, will succeed Mr. Henderson as Audit Committee Chair. Mr. Bond brings substantial financial expertise to this role from his career as Chief Financial Officer of Sandoz and from senior finance positions at multiple global pharmaceutical and life sciences companies. His extensive experience chairing Audit Committees for public companies positions him well for this role.
  • To ensure a seamless transition and support continuity, Mr. Henderson will remain available to assist Mr. Bond and the Audit Committee.        

• Medium-term guidance: Continue to target three-year revenue CAGR of more than 35% for 2023-2026 and Operating EBITDA margins of approximately 20% by the end of 2026.
• For 2025, revenues are expected to be between £160 million and £170 million, consistent with medium-term revenue guidance. This is expected to be second half-weighted, consistent with prior years.
• Operating EBITDA profitability is expected for 2025, with a low single digit £ million Operating EBITDA profit.
• Guidance excludes the impact of FX fluctuations.

OXB's management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will be hosting a briefing and Q&A session for analysts at 13:00 BST / 8:00 EST today, 9 April 2025, at RBC Capital Markets, 100 Bishopsgate, London, EC2N 4AA, United Kingdom.

A live webcast of the presentation will be available via this link. The presentation will be available on OXB's website at www.oxb.com.

If you would like to dial in to the call and ask a question during the live Q&A, please email OXB@icrhealthcare.com

1. Organic growth excludes the impact of the acquisition of ABL Europe SAS (OXB France) and the loss of revenues from Homology Medicines, Inc.
2. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss, and share based payments). A reconciliation to GAAP measures is provided on page 16
3. Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders, cancellation fees or the triggering of optional/contingent contractual clauses
4. Includes contributions from milestones, licensing and royalties

Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts.

Enquiries:

OXB (LSE: OXB) is a global quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world.

One of the original pioneers in cell and gene therapy, OXB has 30 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world's most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB's world-class capabilities range from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise.

OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetraVecta™ system), a dual-plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines.

OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has development and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and Bedford MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.

Chair's Statement

A year of successful delivery following our transformation

2024 was an important year for OXB as we executed our multi-vector, multi-site strategy as a pure-play CDMO which enabled us to deliver excellent financial, commercial and operational progress. Following our successful reorganisation and associated reduction in our cost base, OXB is transitioning towards long term, sustainable profitability as a newly transformed business. With revenue growth of 44% and the delivery of operating EBITDA profitability for the second half of 2024, we have demonstrated effective execution against our objectives. In the year, we have continued to work on strengthening our position across our global network of sites. This included securing a growing number of new clients in the US as well as enabling lentiviral vector development and manufacturing capabilities in the US and France. Market demand for OXB's specialised services and expertise accelerated in 2024, with an increase of approximately 35% in contracted client orders, driven by a well-balanced portfolio of client programmes spanning all stages of development.

Opportunity to grow in an expanding market

Our successful execution comes at an optimal time, as the cell and gene therapy sector is expected to grow at an average compound annual growth rate (CAGR) of approximately 20% from 2025 through to the end of 2030 (GlobalData and company estimates) and this market momentum shows no signs of slowing. This is evidenced by a 32% increase in FDA-approved cell and gene therapy products in 2024 vs. 2023 (www.fda.gov), sustained pipeline development across multiple therapeutic areas and the number of viral vector based cell and gene clinical trials having grown by 25% over the past two years (ARM and GlobalData), with AAV a key growth driver.

A transformed pure-play CDMO in cell and gene therapy

We have made a number of important strategic decisions throughout the year, guided by our vision to transform lives through cell and gene therapy. With the acquisition of ABL Europe SAS, renamed Oxford Biomedica (France) SAS (OXB France) in January 2024, we expanded OXB's operational footprint, further strengthening our position as a global pure-play cell and gene therapy CDMO. Alongside this, we continue to successfully implement our "One OXB" strategy, creating a comprehensive multi-vector, multi-site network spanning the UK, the US and the EU. Lentiviral vector development and manufacturing capabilities have now been extended beyond the UK, to the US and France.

Our global integrated network provides our clients with access to our best-in-class platform technologies and global capabilities across all three geographies. To reflect this evolution, we rebranded as OXB, establishing a stronger, more recognisable brand identity and building on our established world leadership in lentiviral vectors. In addition, we have continued to advance our cutting-edge vector platforms and technologies, with a focus on client-centric innovation that ensures our developments directly address our clients' needs while ultimately benefiting patients.

Developments in 2024 include the launch of our inAAVate™ platform for improved AAV production, the continued roll-out of U1 additive technologies in GMP manufacturing that enhance viral vector yield and quality and the rollout of automated testing systems that increase both precision and efficiency. We maintain our focus on client-centric excellence with the goal of being the global partner of choice for pharmaceutical and biotech clients.

Governance, sustainability and ethical leadership

We made several key appointments to our Board and Corporate Executive Team (CET) during 2024, in line with our new strategy. Dr. Lucinda (Lucy) Crabtree joined as Chief Financial Officer (CFO) and Board member in September, bringing valuable biopharmaceutical and investment industry experience. This was followed by Stuart Paynter's departure after seven years of dedicated service and significant contribution to OXB's strategic progress as CFO. We further strengthened our Board's CDMO expertise through the appointments of Peter Soelkner, CEO of Vetter Pharma in March 2024, as well as Colin Bond, former CFO of Sandoz, as a Board member in January 2025. We also strengthened our shareholder representation with the appointment of Laurence Espinasse representing Institut Mérieux, now our second largest shareholder.

Having played a role in shaping OXB's strategy, Dr. Michael Hayden and Catherine Moukheibir stepped down from the Board at the Annual General Meeting (AGM) in June 2024. Leone Patterson also stepped down from the Board on 31 December 2024 to focus on her new responsibilities as Chief Business and Financial Officer of Zymeworks. After nine years of service as an Independent Non-Executive Director, Audit Committee Chair and most recently as Vice Chair, Stuart Henderson has informed the Board that he intends to retire from the Board. As such, Mr. Henderson will not seek re-election at the 2025 AGM. We thank Michael, Catherine, Leone and Stuart for their impeccable service and defining contribution to the business.

Colin Bond will succeed Mr. Henderson as Audit Committee Chair. His extensive experience chairing Audit Committees for public companies positions him well for this role. To ensure a seamless transition and support continuity, Mr. Henderson will remain available to assist Mr. Bond and the Audit Committee.

We have also implemented a new robust governance framework through our Environment, Social, Governance and Risk (ESGR) Committee. The new structure comprises an ESGR Committee at the Group level reporting to the CET and the Board, alongside site-level ESGR Committees, ensuring strong governance is integrated with the risk management framework and aligned with our corporate sustainability goals. OXB remains dedicated to ethical and socially responsible operations and as part of the Group's strategic reset as a pure-play CDMO, we have also revised our sustainability reporting framework. The new structure consolidates sustainability activities under Environment, Social and Governance priorities, creating greater transparency and clarity.

Looking ahead

As we look ahead to 2025 and beyond, the Board and I are confident in our position as a pure-play cell and gene therapy CDMO. At a time of significant growth in the cell and gene therapy market, our capabilities and 30 years of expertise perfectly position us to capture this opportunity. We are meeting our stated financial and operational goals and will continue to focus on increasing revenue opportunities in the US and France, including leveraging our new ability to offer lentiviral development and manufacturing capabilities from all our global sites.

The foundations we have cemented in 2024 - operational excellence, an exceptional team, strategic client relationships and technological innovation - provide a robust platform for continuing to scale our business and creating long term value for all stakeholders. I extend my gratitude to our clients for their ongoing trust, our shareholders for their support and our OXB colleagues for their impressive delivery and ability to shape change as we continue to lead the cell and gene therapy CDMO field as a trusted partner with unmatched quality and innovation.

Dr. Roch Doliveux

Chair

Chief Executive Officer's statement

Building on three decades of innovation and expertise in viral vector development, our "One OXB" strategy has established a clear trajectory towards our revenue growth and profitability targets. The strong commercial momentum achieved this year, including our growing order book and our deepening reach and relevance to clients with the "One OXB” transformation, underpins our confidence in delivering both attractive growth and sustainable profitability.

Enabling clients to deliver life-changing cell and gene therapies

OXB's client portfolio features a well-balanced mix of client programmes spanning all stages of development, from early stage projects to late stage commercial readiness and commercial manufacturing. Demand for OXB's specialised services and expertise across all vector segments remained strong in 2024, with new clients including several established biotech companies.

Looking ahead, the Group's pipeline of potential revenue opportunities has also grown significantly, increasing by 30% from $438 million at the start of the year to $570 million at the end of 2024. OXB tracks its revenue pipeline through a structured internal process, providing clear visibility on future opportunities. Clients transitioning from early stage manufacturing to late stage and commercial activities have moved from a batch reservation model to a binding forecast model, providing increased revenue visibility for late stage client programmes.

The acquisition of ABL Europe SAS (OXB France) in January 2024 has enhanced OXB's ability to meet growing demand across the EU by bringing additional GMP manufacturing facilities and expertise in France to the Group. Since then, we have successfully enabled lentiviral vector development and manufacturing capabilities at our sites in France, complementing the offering of our facilities in the UK and US. The alignment of operations across the UK, the US and France is increasing efficiency and agility, allowing OXB to optimise its capabilities and capacity.

Portfolio of client programmes diversified across region and vector type

In 2024, the Group maintained strong commercial momentum, as reflected in its growing order book. The contracted value of client orders signed during 2024 reached approximately £186 million at 31 December 2024, an increase of approximately 35% compared to £138 million in 2023. This included momentum in AAV client work, with the number of contracts signed for AAV now almost as high as lentiviral vectors. Lentiviral vector orders included commercial orders, including engaging OXB to procure raw materials to de-risk supply as well as securing GMP suite capacity. Orders also included additional batches for late stage programmes with clients preparing for commercialisation of their CAR-T products. Orders for other viral vectors (excluding lentiviral vectors and AAV) have grown and now represent approximately one-third of the number of new contracts. These orders validate OXB's strong commercial positioning and provide increased revenue visibility.

Client programmes in the US and France now account for more than half of OXB's client programmes (by number of programmes), validating our transition to a global model. While lentiviral vectors remain the majority of clinical-stage and commercial programmes in our portfolio, the number of projects for AAV and other vector types is growing, with earlier stage projects providing the foundation for future growth.

Client programmes by stage

1. As per the FY 2023 results release
2. As of this results release (includes post-period events)

The Group focuses on client-centric innovation to address the complex challenges of cell and gene therapy development and manufacturing.

At the start of 2024, the Group launched the inAAVate™ platform, which offers a proprietary 'plug and play' Dual-Plasmid system for transient transfection, alongside a standard triple transfection system for AAV-based gene therapies. The inAAVate™ platform has demonstrated cell culture titre exceeding 1E15 vg/L for multiple serotypes across multiple genomes and has delivered a significant increase in AAV vector productivity and quality with >50% full capsids in the bioreactor and >90% full capsids in the final drug substance. The Dual-Plasmid system, combined with the Group's proprietary transfection process has been successfully scaled up to 2,000L with multiple GMP runs at 500L scale. This high-quality platform delivers industry-leading productivity, supporting successful AAV product development.

The Group also developed an internal AAV production cell line. Initial evaluations with multiple capsids indicate strong potential for high productivity and optimised empty-to-full ratios. This cell line is now in scale-up stage and will be available in 2025 for client evaluation.  In addition, OXB developed and optimised a robust enrichment process that produces more than 90% full capsids across multiple serotypes and genes of interest. This allows the Group to expedite its clients' products to the clinic, including novel and engineered capsids, without the need for process development.

OXB has developed multiple innovations that improve the productivity and quality of lentiviral vectors. It has launched refined lentiviral vectors both across its 3rd generation and TetraVecta^TM platforms, which has led to a two to three fold increase in titre. OXB's U1 enhancer is also available on these genome plasmids as an option for clients, saving GMP costs for U1 plasmids.

The Group has made significant progress in improving impurity removal, particularly DNA clearance, while enhancing process recoveries. These will be scaled up in 2025 and made available to OXB's clients. As expected, GMP production with the I3A additive which increases both lentiviral particle yield and potency, will begin in the second half of 2025.

The Group believes that automation is key to further improving productivity and has therefore developed and implemented automated assays for processes such as PCR, tissue culture and plate-based assays. This approach enhances both the efficiency and rigour of analytical workflows, allowing OXB to release products to clients faster while maintaining robust quality and safety standards.

In addition, new assays have been developed to rapidly identify optimal production parameters including timing, plasmid concentrations, additives and harvest times - to maximise the vector potency for target cell types. Furthermore, the Group has introduced mass spectrometry to enable deep proteomic profiling of cellular and vector products ultimately accelerating the development and commercialisation of transformative therapies

Delivering "One OXB” and commitment to quality

2024 represented the first full year of our transformation. During the year, the Group made significant progress executing its "One OXB” strategy which provides a multi-vector, multi-site offering to its clients. The transformation and integration workstreams that were planned to be completed in 2024 were all successfully finalised and transferred to business functions in 2024. The remaining initiatives are on track for completion by the end of 2025 as planned, providing a unified global operation focused on client-centric excellence.

In 2024, the Group harmonised project management practices across the UK, US and France, delivering consistent client experiences and enabling the seamless execution of global projects. OXB also transitioned towards coordinated capex prioritisation, enabling an integrated global approach in place of a site-specific approach. Operationally, lentiviral vector capabilities were expanded to the Bedford MA, US site and OXB's sites in France. An accelerated product introduction process was implemented speeding up transition from clinical stages to GMP manufacturing for clients. Following the successful implementation in the UK and US, the Sales and Operations Planning process was rolled out to our sites in France to optimise project allocation based on delivery requirements and business impact.

In July 2024, the FDA carried out a routine GMP inspection at two out of our four manufacturing sites in Oxford, UK, with zero written observations (i.e.: no FDA 483 observations) and few verbal observations. This outcome is a testament to our robust quality management systems (QMS), high-performing delivery and quality teams and our overall commitment to manufacturing products to the highest possible standards.

Building an organisation for success

The Group further strengthened its Corporate Executive Team (CET) during 2024 to support its continued growth as a global cell and gene therapy CDMO. Dr. Lucinda (Lucy) Crabtree joined as Chief Financial Officer and Board member in September 2024, bringing extensive experience in the biopharmaceutical and investment sectors. In addition, Dr. Sabine Sydow was promoted to Chief of Staff in April 2024, leveraging her deep industry expertise. The Group also added experienced CDMO site leaders to support the CET in a move to reflect its multi-vector, multi-site strategy: Mark Caswell as Site Head of UK Operations, Stéphanie Colloud as Site Head and General Manager of France Operations and John Maravich as Site Head of US Operations.

In January, OXB acquired ABL Europe SAS (OXB France) from Institut Mérieux for a fair value consideration of €6.6 million (£5.7 million), adding over 1,800m² of GMP manufacturing facilities in Lyon and Strasbourg. The acquisition brought over 100 CDMO experts and expanded the Group's EU presence and expertise in process and analytical development, GMP and early stage manufacturing. This strategic move strengthens OXB's position as a leading cell and gene therapy CDMO while enhancing its ability to serve EU clients and meet growing demand for viral vector manufacturing services across Europe.

In September, the Group announced the launch of its new corporate brand identity and rebranding to OXB, unveiling a more modern and recognisable visual identity. In conjunction with the rebrand a revised set of corporate values was also launched, aligned to OXB's mission and vision. Centred on being responsible, responsive, resilient and respectful, these values support OXB's mission to enable our clients to deliver life-changing therapies to patients globally, while advancing our vision of transforming lives through innovative cell and gene therapy solutions.

Outlook

The Group saw growing momentum through the year and successfully delivered positive EBITDA profitability in the second half of the year. With the UK business already profitable on an EBITDA level we will continue to work towards sustainable profitability across all our sites. Building on our operational excellence and strong market demand, growing revenue opportunities across our global client portfolio is a key priority.

Our 2025 objectives sit across three pillars, namely: One OXB (increasing employee engagement and increasing our Group-wide decarbonisation efforts), Client-Centric Excellence (ensuring on-time and on-quality delivery) and Financials (maintaining our projected revenue growth and achieving EBITDA profitability.) With strong commercial momentum, growing client demand and the successful implementation of the "One OXB" strategy, the Group is on track to achieve significant revenue growth and operating EBITDA profitability in 2025.

Dr. Frank Mathias

Chief Executive Officer

Financial Review

In 2024, OXB successfully delivered strong topline growth, with revenues increasing by 44%, as the Group executed its strategy as a pure-play cell and gene therapy CDMO. This topline growth, combined with a streamlined cost base enabled the Group to significantly improve its Operating EBITDA position compared to 2023. OXB has entered 2025 in a position of strength and is well-placed to deliver both attractive growth and sustainable profitability.

Selected highlights of the Group's financial results are as follows:

• Total revenues reached £128.8 million representing a 44% (45% ¹CC) increase compared with 2023 (£89.5 million) and an 81%² organic growth rate. Organic growth excludes the impact of the acquisition of ABL Europe SAS (OXB France) and the loss of revenues from Homology Medicines, Inc.
• This strong revenue growth was driven by:
  • Increase in lentiviral vector manufacturing of GMP batches for clinical clients and for clients in preparation for commercial launch
  • Clients moving further along their clinical development pathways including an increase in development revenues from process characterisation and validation work
  • Procurement and Storage services to provide stability of supply of raw materials
  • Complemented by new contributions from OXB France (£11.5 million) on an inorganic basis.

• Significant improvement in Operating EBITDA³ loss to £(15.3) million (2023: £(52.8) million), which narrowed by £37.5 million.  
  • Achieved £5.0 million operating EBITDA profit in the second half of 2024 at Group level.
• Operating loss of £(39.4) million (including operating loss from OXB (France) (£11.8 million) also represented a significant narrowing compared with 2023 (£(184.2) million) due to a combination of increased revenues and a positive impact of the 2023 reorganisation lowering the overall cost base. The 2023 operating loss was also negatively impacted by an impairment of the US business of £99.3 million.
• Acquisition of ABL Europe SAS (OXB France) from Institut Mérieux for a fair value consideration of €6.6 million (£5.7 million) by means of a share-for-share exchange increasing net assets of the Group by £7.4 million and giving rise to a bargain purchase gain of £1.7 million.
• Cash burn⁴ of £68.2 million in 2024 (2023: £39.1 million) arising principally from operating loss and the increased activity in the second half of 2024 resulting in a higher balance of Contract Assets and Trade Receivables which are not yet due as at the year end, offset by the cash inflow of £17.5 million as a result of the investments by Institut Mérieux.
• Cash at 31 December 2024 was £60.7 million (2023: £103.7 million); net cash at 31 December 2024 was £20.6 million (2023: £65.2 million).
• Expansion of OXB's lentiviral development and manufacturing capabilities to its US and France sites completed, establishing a fully operational multi-site platform that will support geographic diversification of revenue streams going forward. This strategic expansion is now generating revenue momentum across all three key regions.
• In 2024 OXB increased its ownership of OXB US LLC by 10%, from 80% to 90%. This followed the conversion of an existing working capital loan and a capital injection into OXB US LLC, on 26 June 2024. On 1 March 2025, OXB US Inc exercised the call option for the purchase of the remaining 10% of OXB US LLC from Q32 Bio, Inc. (Q32). At the date of this report, the transfer of Q32's remaining 10% holding in OXB US to OXB US Inc is in the process of being finalised.

1. CC refers to Constant Currency, which refers to the equivalent growth based on the prior year exchange rates.
2. Comparative revenues adjusted for the non-recurrence of 2023 revenues in the US from Homology in the US (£23.2 million) and the impact of the acquisition of ABL Europe SAS (OXB France).
3. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 16.
4. Cash (burn)/accretion is net cash generated from operations plus net interest paid plus capital expenditure. A reconciliation to GAAP measures is provided on page 17.

The Group evaluates its performance inter alia by making use of alternative performance measures as part of its Key Financial and Non-Financial Performance Indicators as disclosed in the table below. The Group believes that these Non-GAAP measures, together with the relevant GAAP measures, provide a comprehensive, accurate reflection of the Group's performance over time. The Board has taken the decision that the Key Financial Performance Indicators against which the business will be assessed are Revenue, Operating EBITDA and Operating profit/(loss). The figures presented in this section for prior years are those reported in the Annual Reports for those years.

1. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss and share based payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 16.
2. This is purchases of property, plant and equipment as per the cash flow statement which excludes additions to right-of-use assets. A reconciliation to GAAP measures is provided on page 25.
3. Cash (burn)/accretion is net cash generated from operations plus net interest paid plus capital expenditure. A reconciliation to GAAP measures is provided on page 17.

Group revenue of £128.8 million was a 44% increase on 2023 (£89.5 million). Comparative growth was 81%, once adjusted for the non-recurrence of 2023 revenues from Homology in the US (£23.2 million). This comparative growth is driven by a 76% revenue growth in lentiviral vector projects in the UK and new client work in the US. OXB France provided a contribution to overall revenue of £11.5 million.

In order to provide the users of the accounts with a more detailed understanding of the revenue streams the table below provides a breakdown of the key streams individually.

Revenue generated from manufacturing increased by 34% to £68.4 million (2023: £51.0 million) due to an increase in the number of batches manufactured for clinical clients and for clients in preparation for commercial launch; and the new contributions from OXB France (£5.5 million). Homology contributed £17.1 million of manufacturing revenue in 2023.

Revenue generated from development services increased by 49% to £47.3 million (2023: £31.8 million) due to client products moving further along their clinical development pathways including an increase in development revenues from process characterisation and validation work; and the new contributions from OXB France (£6.1 million). Homology contributed £6.1 million of development services revenue in 2023.

Revenues from licence fees, milestones and royalties increased by 9% to £7.3 million (2023: £6.7 million). Milestones and licence fees increased to £4.1 million (2023: 2.7 million) due to the timing of milestones achieved from existing clients. Royalties decreased to £3.2 million (2023: £4.0 million) as the Kymriah product matures through its life cycle.

In 2024, Procurement and Storage services generated £5.8 million in revenue (2023: £ nil). This revenue line, recognised as point in time, represents additional procurement and storage services from clients undergoing commercial preparation activities, representing our readiness to provide clients stability of supply and the maturity of the Group in its capacity as a CDMO.

Gross Margin in 2024 was 41% (2023: 44%) due to product mix with the transition to higher volume manufacturing contracts and the positive margin impact of the contract closure for Homology in the prior year.

2024 Operating EBITDA loss of £(15.3) million, is £37.5 million lower than 2023 (£(52.8) million), as a result of revenues increasing by 44%, whilst the Group's cost bas