EDX MEDICAL GROUP PLC

• ⚠

  Material uncertainty over going concern

  The Board's forecasts for the Group include due consideration for contracted minimum revenues, potential future capital in-flows, continued operating losses, projected increase in cash-burn of the Group for a minimum period of at least twelve months from the date of approval of these financial statements. However, the Group forecasts assume that further equity fundraising will be required in the next twelve months in order to implement its growth strategy and operate as a going concern. Although the entity has had past success in fundraising and continues to attract interest from investors, making the Board confident that such fundraising will be available to provide the required capital, there can be no guarantee that such fundraising will be available and, accordingly, this constitutes a material uncertainty over going concern, which the auditors have made reference to in their audit report. We draw attention to note 2 in the financial statements, which indicates that conditions exist that may cast doubt on the group's ability to continue as a going concern. The group incurred a net loss of £3,594,000 (2024: £3,752,000) and incurred operating cash outflows of £3,468,000 (2024: £3,179,000) and is dependent on the group's ability to obtain additional financing and generate profitable operations in the 12 months from the date at which these financial statements were signed. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter

1. EDX MEDICAL GROUP PLC 2022-11-11 → present
2. TECC CAPITAL PLC 2021-03-19 → 2022-11-11

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Board's forecasts for the Group include due consideration for contracted minimum revenues, potential future capital in-flows, continued operating losses, projected increase in cash-burn of the Group for a minimum period of at least twelve months from the date of approval of these financial statements. However, the Group forecasts assume that further equity fundraising will be required in the next twelve months in order to implement its growth strategy and operate as a going concern. Although the entity has had past success in fundraising and continues to attract interest from investors, making the Board confident that such fundraising will be available to provide the required capital, there can be no guarantee that such fundraising will be available and, accordingly, this constitutes a material uncertainty over going concern, which the auditors have made reference to in their audit report. We draw attention to note 2 in the financial statements, which indicates that conditions exist that may cast doubt on the group's ability to continue as a going concern. The group incurred a net loss of £3,594,000 (2024: £3,752,000) and incurred operating cash outflows of £3,468,000 (2024: £3,179,000) and is dependent on the group's ability to obtain additional financing and generate profitable operations in the 12 months from the date at which these financial statements were signed. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter”

Group structure

1. EDX MEDICAL GROUP PLC · parent
   1. Torax Biosciences Limited 100% · United Kingdom · design, development and manufacture of IVD reagents
   2. EDX Medical Limited 100% · United Kingdom · development of a digital diagnostics business
   3. Hutano Diagnostics Limited 100% · United Kingdom · research and experimental development on biotechnology
   4. EDX Medical Ireland Limited 100% · Republic of Ireland · dormant company

Significant events

• “Admission to the Apex segment of the AQSE Growth Market in April 2024”
• “Cancellation of 5,370,000 warrants in the Company”
• “Equity financing of £300,000 in October 2024 @11p per share and £3 million @ 14p per share in March 2025.”
• “entered into new Distribution Agreements with Caris Life Sciences Inc and Curesponse Ltd.”
• “entered into Licensing and Partnership Agreements with Mainz Biomed GmBH and Mirdetect, with a view to accessing proprietary testing components for use in EDX cancer testing packages.”
• “combining the technical programmes in both the acquired businesses, Hutano Diagnostics Ltd and Torax Biosciences Ltd, with the central development team in Cambridge.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

8

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -46.2%

  £227,986 → £122,608

• Cash

  -41%

  £4,070,705 → £2,402,630

• Net assets

  -20.4%

  £3,483,757 → £2,773,908

• Employees

  +10.5%

  19 → 21

• Operating profit

  -27.4%

  -£3,336,637 → -£4,250,243

• Profit before tax

  +1.1%

  -£3,767,399 → -£3,724,626

• Wages

  +27.6%

  £1,427,253 → £1,820,593

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers