Our interim results for the six months to 31 March 2026 show a Group still firmly in investment and development mode, with progress across all three of our portfolio companies and a sharpened focus on turning that progress into commercial revenue.

Lab-Grown Leather reached a genuine technical milestone with Elemental X and the T-Rex Leather project, including a fully tanned skin and a collaboration with a Berlin designer on a luxury handbag. 3DBT secured a commercial pipeline with South Korean cultivated meat company Seawith, valued at £500,000, and continued developing its CytoBoost product range. Kerato advanced the LiQD Cornea programme, including regulatory planning and quality framework work.

Financially, we recorded a net loss of £956,625 for the period, up from £790,623 a year earlier, reflecting higher legal and professional costs, our corneal collaboration with the Université de Montréal, and increased lab consumables. Our cash balance stood at £60,174 at period end, down from £149,020 at 30 September 2025.

On funding, a proposed £15 million equity fundraise was mutually terminated in March 2026. We bridged the gap with a £300,000 interest-free convertible loan note, since extended by 12 months. Since the period ended, we've raised further capital: £385,000 through a share placement in April, a further £500,000 conditional placement in June, and a £1,000,000 convertible loan note with Indigo Capital, also in June. The Board believes these funds, taken together with our cash position, give the Group sufficient resources for the year ahead, though this depends on our ability to continue raising capital as needed, and the going concern basis reflects that judgement.

Looking ahead, we're focused on further T-Rex Leather demonstrations, veterinary trial progress at Kerato, and growing 3DBT's biopharma and cultivated meat pipeline.