4basebio plc
4basebio produces synthetic DNA for pharmaceutical and biotech companies developing gene therapies, mRNA medicines and vaccines. Its DNA provides the genetic instructions used in research and medicine production.
Overview
Latest results
Jan–Jun 2026 · Reported in GBP
Latest financial publication
First-half 2026 results
Investment Thesis
DNA ingredients for new medicines, with commercial scale still ahead
European Tech Equities analysis ·
The investment case
The opportunity is to supply a material that medicine developers need repeatedly as their programmes grow. If 4basebio wins work early and customers progress into larger trials, the amount of DNA required could increase. That depends on the customers’ science and funding as well as 4basebio’s ability to manufacture reliably.
Commercial progress
The TriLink collaboration brings 4basebio’s DNA into work for a Phase I cell-therapy programme. The company also reported 134 clients and £1.2 million of sales orders in the first half of 2026. Its £63 million qualified commercial pipeline is a set of potential opportunities, not contracted revenue.
Customer demand
Gene therapies and mRNA medicines create demand for DNA used in their development and manufacture. Personalised treatments may require smaller batches and shorter production schedules, which is part of 4basebio’s offering. Yet a customer’s trial can be delayed or stopped, and an early relationship does not guarantee later commercial supply.
Financial position
First-half 2026 revenue fell to £0.262 million from £1.174 million as customer projects were delayed. Operating cash outflow was £8.412 million, while June cash was £14.052 million and financial borrowings plus leases were £23.103 million. The October capital raise was still conditional at the review date and is therefore excluded from those cash and share figures.
Value and funding
Current revenue is small compared with the cost of building the business, so a simple earnings multiple is not useful. Value depends on turning customer programmes into repeat orders and retaining enough funding to deliver them. New shares and financing terms affect the value held by each existing shareholder.
What would weaken the case
- Customer trials, funding decisions or project delays can prevent expected DNA orders from becoming revenue.
- Manufacturing expansion and operating losses create funding needs and potential dilution; the October raise remained conditional.
- Competing DNA methods, quality requirements and intellectual-property disputes can affect adoption and costs.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
The October 2026 capital raise remained conditional at 30 October. It is not included in June cash or the existing share count. The commercial pipeline is not revenue.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2026 · H1 report pp7,8,10; debt=22.310+.036+.645+.112; capex=1.077+.371.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in GBP millions; basic EPS in GBP. Gross profit is after amortisation. Debt includes financial borrowings and leases. Capex is cash paid for property, equipment and intangible assets. No EBITDA is inferred from incomplete expense disclosures.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The October 2026 capital raise remained conditional at 30 October. It is not included in June cash or the existing share count. The commercial pipeline is not revenue.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in GBP millions; basic EPS in GBP. Gross profit is after amortisation. Debt includes financial borrowings and leases. Capex is cash paid for property, equipment and intangible assets. No EBITDA is inferred from incomplete expense disclosures.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The October 2026 capital raise remained conditional at 30 October. It is not included in June cash or the existing share count. The commercial pipeline is not revenue.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2026 · H1 report pp7,8,10; debt=22.310+.036+.645+.112; capex=1.077+.371.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in GBP millions; basic EPS in GBP. Gross profit is after amortisation. Debt includes financial borrowings and leases. Capex is cash paid for property, equipment and intangible assets. No EBITDA is inferred from incomplete expense disclosures.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with 4basebio plc have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Sep 28, 2026 · Checked Oct 30, 2026
H1 2026 · Published Sep 28, 2026 · Checked Oct 30, 2026
FY 2024 · Published Jun 8, 2026 · Checked Oct 30, 2026
FY 2025 · Published Jun 8, 2026 · Checked Oct 30, 2026
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