{"id":343185,"date":"2025-12-14T04:41:59","date_gmt":"2025-12-14T04:41:59","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/maynard-paton-bioventix-h1-2025-revenue-up-just-1-due-to-mature-markets-leaves-24-shares-yielding-6-plus-and-future-growth-seemingly-dependent-on-promising-alzheimers-rd\/"},"modified":"2025-12-14T04:41:59","modified_gmt":"2025-12-14T04:41:59","slug":"maynard-paton-bioventix-h1-2025-revenue-up-just-1-due-to-mature-markets-leaves-24-shares-yielding-6-plus-and-future-growth-seemingly-dependent-on-promising-alzheimers-rd","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=343185","title":{"rendered":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&#038;D And Associated Royalty\/Supply Arrangements"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" itemprop=\"text\">\n<p class=\"has-global-color-13-background-color has-background\"><em>Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP\u2019s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent.  <\/em><\/p>\n<p>26 October 2025<br \/><strong>By Maynard Paton<\/strong><\/p>\n<p>H1 2025 results summary for <strong>Bioventix (BVXP)<\/strong>:<\/p>\n<ul class=\"wp-block-list\">\n<li>A very unspectacular six months, showing revenue up only 1% to reflect what the company maintains are \u201c<em>mature<\/em>\u201d markets for diagnostic antibodies. Profit meanwhile fell 4% following greater external spend on R&amp;D.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>With neither the secondary application for troponin nor the biomonitoring projects attracting much commercial interest, future growth now seems dependent entirely on the Alzheimer\u2019s R&amp;D \u2014 revenue from which \u201c<em>increased<\/em>\u201d during this H1.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u201c<em>Large-scale\u201d <\/em>antibody manufacturing, further promising scientific papers, a royalty arrangement with a prominent researcher alongside a possible supply agreement with Beckman Coulter suggests the Alzheimer\u2019s work has increasing potential to one day become a substantial commercial success.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Although the H1 dividend was (surprisingly) lifted 2p per share, FY 2025 earnings are forecast to decline slightly and leave dividend cover below 1x. The \u00a35m cash position therefore looks primed to fund the greater R&amp;D.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The lack of near-term profit growth has left the \u00a324 shares trading at a level first achieved during 2017 and offering their highest-ever yield at 6%-plus. They may also value the Alzheimer\u2019s R&amp;D at a very pessimistic zero. I continue to hold.<\/li>\n<\/ul>\n<p><span id=\"more-36668\"\/><\/p>\n<h2 class=\"gb-headline gb-headline-d7daf273 gb-headline-text\"><strong>Contents<\/strong><\/h2>\n<h2 class=\"gb-headline gb-headline-f7c001bd gb-headline-text\" id=\"news-links-share-data-disclosure\"><strong>News links, share data and disclosure<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li><strong>Share price: <\/strong>\u00a324<\/li>\n<li><strong>Share count: <\/strong>5,224,860<\/li>\n<li><strong>Market capitalisation: <\/strong>\u00a3125m<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-a72e6d6b gb-headline-text\" id=\"why-i-own\"><strong>Why I own BVXP<\/strong><\/h2>\n<figure class=\"gb-block-image gb-block-image-0b451712\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"384\" class=\"gb-image gb-image-0b451712\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg 1280w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg-300x90.jpeg 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg-1024x307.jpeg 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg-768x230.jpeg 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Develops diagnostic blood-test antibodies, substitution for which can be limited due to protracted regulatory testing that in turn can lead to revenue continuity for a decade or two.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Boasts founder\/entrepreneurial chief exec who has overseen an attractive growth record, prefers a cash-rich balance sheet, retains a 6%\/\u00a37m shareholding and has declared seven special dividends.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Employs \u2018scalable\u2019 royalty model that requires few employees and leads to terrific margins, generous cash flow and immense returns on retained profits.<\/li>\n<\/ul>\n<p><strong>Further reading: <\/strong><a href=\"https:\/\/maynardpaton.com\/2016\/10\/10\/bioventix-i-could-not-resist-paying-up-for-growth\/\">My BVXP Buy report<\/a> | <a href=\"https:\/\/maynardpaton.com\/bvxp\/\">All my BVXP posts<\/a> | <a href=\"https:\/\/www.bioventix.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">BVXP website<\/a> <\/p>\n<h2 class=\"gb-headline gb-headline-851c68cf gb-headline-text\" id=\"results-summary\"><strong>Results summary<\/strong><\/h2>\n<figure class=\"gb-block-image gb-block-image-23fd1c46\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"830\" class=\"gb-image gb-image-23fd1c46\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-summary.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-summary.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-summary-300x231.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-summary-1024x787.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-summary-768x590.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-915c6823 gb-headline-text\" id=\"revenue-profit-dividend\"><strong>Revenue, profit and dividend<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>The preceding FY was below BVXP\u2019s expectations, and the accompanying outlook commentary mentioning \u201c<em>steady growth<\/em>\u201d and \u201c<em>mature diagnostic markets\u201d\u2026<\/em><\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<strong><em>We are pleased with our financial results for the year, which we believe reflect steady growth in the use of our established products in more mature diagnostic markets<\/em><\/strong><em>. We remain very encouraged by the very early signs of success for our Tau\/Alzheimer\u2019s antibodies and we look forward to more progress into the future.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>\u2026did not suggest this H1 would suddenly deliver a spectacular performance.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY falling below expectations was due partly to a \u201c<em>customer error in the incorrect application of a historic royalty percentage<\/em>\u201c, which led BVXP to admit royalties from its troponin antibody had been \u201c<em>overreported and overpaid<\/em>\u201d since FY 2022 (see <a href=\"#troponin-other-antibodies\">Troponin and other antibodies<\/a>).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>To correct the accounts for the error, the \u00a3327k of \u201c<em>overreported and overpaid<\/em>\u201d troponin sales previously recognised during FYs 2022 and 2023 was subtracted from the preceding FY\u2019s revenue.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 did not make clear whether the comparable H1\u2019s revenue was flattered by including some of the \u201c<em>overreported and overpaid\u201d <\/em>troponin sales.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY\u2019s troponin royalty error emphasised BVXP\u2019s:\n<ul class=\"wp-block-list\">\n<li>Dependency on accurate customer calculations in order to publish reliable financial information, and;<\/li>\n<li>Lack of \u2018visibility\u2019 over the \u2018downstream\u2019 usage of its antibodies (see <a href=\"#royalty-income-physical-sales\">Royalty income and physical sales<\/a>).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Reported revenue for this H1 gained just 1% to \u00a36.7m to set a new H1 record:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-72033204\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-72033204\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart01.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart01-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 repeated the preceding FY by describing the company\u2019s markets as \u201c<em>mature<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Sales of our vitamin D antibody and other core antibodies were all more or less in line with last year\u2019s sales reflecting the <\/em><strong><em>mature nature <\/em><\/strong><strong><em>of the diagnostic products that our antibodies support<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>BVXP has described its markets as \u201c<em>mature<\/em>\u201d since FY 2023:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2023] \u201c<em>S<\/em><em>ales of vitD3.5H10 increased by 7% to \u00a35.8 million which reflects analysts\u2019 expectation for a <\/em><strong><em>relatively mature global IVD market<\/em><\/strong>.\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Currency movements did not seem to distort this H1\u2019s revenue performance.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY reiterated at least 50% of revenue is earned in USD\u2026<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] <em>\u201c<\/em><strong><em>We estimate that 50-60% of our total sales are directly linked to US Dollars<\/em><\/strong><em> via physical product pricing in US Dollars or indirectly linked to US Dollars via royalties based on downstream US Dollar sales.\u00a0 The remainder of the currency split is dominated by Euros and important Asian currencies.\u201d\u00a0<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>\u2026while FY 2021 explained how royalty revenue in particular is influenced by exchange rates prevailing at the date of each balance sheet:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5dfcf588\"><img decoding=\"async\" class=\"gb-image gb-image-5dfcf588\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-H1-2024-slides-slide8-fx-FY-2021.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Royalty invoices for this H1 were dated 31 December 2024, at which point GBP:USD was 1.252.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Royalty invoices for the comparable H1 were dated 31 December 2023, at which point GBP:USD was 1.275.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>As such, USD-invoiced royalty revenue appeared to be translated into GBP at a 2% higher rate during this H1 versus the comparable H1.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note that the subsequent H2 2025 may experience a notable <em><span style=\"text-decoration: underline;\">adverse<\/span><\/em> translation from USD to GBP.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>USD-invoiced H2 2025 royalty revenue will be dated 30 June 2025, at which point GBP:USD was 1.373 \u2014 some 8% <em><span style=\"text-decoration: underline;\">weaker<\/span><\/em> than the 1.265 recorded on 30 June 2024.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Reported H1 operating profit slid 4% to \u00a34.9m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-844b7c82\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-844b7c82\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart02.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart02-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>H1 cost of sales soaring 69% suppressed both gross profit and operating profit:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-9324066b\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"580\" class=\"gb-image gb-image-9324066b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cost-of-sales.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cost-of-sales.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cost-of-sales-300x161.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cost-of-sales-1024x550.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cost-of-sales-768x412.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Cost of sales in fact absorbed 11.4% of revenue, the highest proportion since H2 2011 (20.3%):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-8dd163b9\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-8dd163b9\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart03.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart03-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>Increased external research and development spending<\/em><\/strong><em> on the industrial pollution and water quality projects, as well as for our Alzheimer\u2019s disease projects, was incurred in the period and thus, <\/em><strong><em>as such cost is treated as a direct cost, there is corresponding reduction in the reported profit<\/em><\/strong>\u201c.\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Reported profit was boosted by an unusually large and unexplained \u00a3160k R&amp;D tax credit adjustment:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-db146cc3\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"580\" class=\"gb-image gb-image-db146cc3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-rnd-tax-credit-adj.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-rnd-tax-credit-adj.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-rnd-tax-credit-adj-300x161.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-rnd-tax-credit-adj-1024x550.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-rnd-tax-credit-adj-768x412.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<figure class=\"gb-block-image gb-block-image-abddf994\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-abddf994\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart04.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart04.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart04-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Perhaps the most surprising news of this H1 concerned the dividend.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>After the preceding H2 dividend was reduced by 3p to 87p per share, this H1 seemed likely to me to declare an unchanged H1 payout.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>But this H1\u2019s payout was actually lifted 2p to 70p per share:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>We continue to follow our established dividend policy of distributing post-tax profits to shareholders<\/em><\/strong><em>. For the period under review, the Board is pleased to announce <\/em><strong><em>an interim dividend of 70 pence per share<\/em><\/strong><em> which represents a 3% increase on the interim dividend paid last year (68 pence per share).<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>I interpret this H1\u2019s reference to \u201c<em>established dividend policy of distributing post-tax profits to shareholders\u201d<\/em> to mean earnings will now be distributed entirely to shareholders through dividends.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1\u2019s 72p per share earnings were indeed (almost) entirely distributed through the 70p per share H1 dividend.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In contrast, the comparable H1 said the \u201c<em>established dividend policy<\/em>\u201d would increase future payouts in tandem with earnings:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[H1 2024] \u201c<em>Recent changes to the headline rate of Corporation Tax has had an impact on our reported earnings and cash flows. Nevertheless, we will endeavour to follow <\/em><strong><em>our established dividend policy of increasing our distributions to shareholders in line with increases in our post tax profit<\/em><\/strong><em>.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 showed BVXP\u2019s broker projecting a maintained 155p per share dividend for FY 2025:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-807351e3\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"470\" class=\"gb-image gb-image-807351e3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts01.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts01-300x132.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts01-1024x450.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts01-768x337.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>A maintained 155p per share payout for FY 2025 implies an 85p per share dividend for H2 \u2014 a reduction of 2p per share versus the preceding H2\u2019s 87p per share dividend.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s broker is anticipating FY 2025 earnings of \u00a37.9m, which translates into approximately 151p per share \u2014 4p per share lower than the broker\u2019s projected 155p per share FY 2025 dividend.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Dividend cover for FY 2025 is therefore set to decline below 1x:\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-de5fc43a\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-de5fc43a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart05.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart05.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart05-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Dividend cover falling below 1x arguably means BVXP is funding its greater cost of sales (i.e. greater external R&amp;D) by dipping into its cash position (see <a href=\"#financials-balance-sheet-cash-flow\">Financials: balance sheet and cash flow<\/a>). This H1 confirmed:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Costs: <\/em><strong><em>increased investment in external R&amp;D<\/em><\/strong><em> (Tau, industrial pollution, water quality) <\/em><strong><em>drawing on some cash reserves<\/em><\/strong><em> are included in cost of sales reducing headline margin.<\/em>\u201c<\/p>\n<h2 class=\"gb-headline gb-headline-775228ab gb-headline-text\" id=\"royalty-income-physical-sales\"><strong>Royalty income and physical sales<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s customers are predominantly major in vitro diagnostic (IVD) companies, such as <strong><a href=\"https:\/\/diagnostics.roche.com\/global\/en\/home.html\" target=\"_blank\" rel=\"noreferrer noopener\">Roche<\/a><\/strong>, <strong><a href=\"https:\/\/www.siemens-healthineers.com\/laboratory-diagnostics\" target=\"_blank\" rel=\"noreferrer noopener\">Siemens<\/a><\/strong> and <strong><a href=\"https:\/\/www.abbott.com\/for-healthcare-professionals\/diagnostics.html\" target=\"_blank\" rel=\"noreferrer noopener\">Abbott<\/a><\/strong>, which manufacture blood-testing machines and incorporate BVXP\u2019s antibodies into blood-test reagent packs to help diagnose a variety of health conditions:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d42d2cff\"><img decoding=\"async\" class=\"gb-image gb-image-d42d2cff\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-antibodies.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s revenue is earned mostly through IVD customers:\n<ul class=\"wp-block-list\">\n<li>Purchasing BVXP\u2019s antibodies and incorporating them into reagent packs, and;<\/li>\n<li>Paying a small royalty for every reagent pack subsequently sold \u2018downstream\u2019 to the owners of the blood-test machines (typically hospitals).\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The amounts collected through physical sales and royalties is determined mostly by the volume of antibodies required for a particular blood test. Some tests require 100s or 1,000s more antibodies than others:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-8bef3e85\"><img decoding=\"async\" class=\"gb-image gb-image-8bef3e85\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2016-slides-creating-antibodies.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Antibodies used in large volumes tend to earn larger physical sales and collect smaller royalties, whereas antibodies used in smaller volumes tend to earn smaller physical sales but collect larger royalties.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY reiterated the tiny mass of physical antibodies sold:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>We currently sell a total of <\/em><strong><em>15\u201320 grams<\/em><\/strong><em> of purified physical antibody per year, which accounts for 25\u201330% of our annual revenue.<\/em>\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>The antibodies are sold in liquid form, and 20 grams equates to five or six litres of shipped product: \u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-265971f8\"><img decoding=\"async\" class=\"gb-image gb-image-265971f8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-website-frozen-tubes1.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP discloses the split between royalty income and physical sales within only its FY results, and sure enough this H1 did not disclose a royalty-physical split.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s revenue has historically been divided approximately two-thirds royalties and one-third physical sales:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-9855bb99\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-9855bb99\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart01.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart01-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The two revenue types have expanded at similar rates. Between FYs 2019 and 2024 for example, royalty income advanced by 46% while physical sales advanced by 48%.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s royalties typically capture approximately 2% of the \u2018downstream\u2019 sales of the blood-test reagent packs that incorporate the company\u2019s antibodies.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>While BVXP\u2019s royalty percentage is fixed, the associated reagent-pack sales to which the royalty percentage is applied may vary\u2026 meaning BVXP is not entirely in control of its eventual royalty income.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2023\/01\/28\/podcast-bioventix-with-roland-head-and-maynard-paton\/#comment-13168\">2022 AGM<\/a> confirmed BVXP suffered \u201c<em>limited visibility<\/em>\u201d over its royalty income. Attendees were told:\n<ul class=\"wp-block-list\">\n<li>BXVP does not know what its customers charge for blood-test reagent packs, and if\/when those charges increase or decrease;<\/li>\n<li>Similarly, BVXP does not know the volume of reagent packs sold by its customers that include royalty-earning antibodies;<\/li>\n<li>BVXP therefore has \u201c<em>limited visibility<\/em>\u201d to analyse its royalty income, and;<\/li>\n<li>\u201c<em>The royalty is based on net sales after deductions and that is all [the customers] are required to declare<\/em>.\u201d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>FY 2023 revealed China accounted for approximately half of all physical sales:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2023]<em>\u201c<strong>S<\/strong><\/em><strong><em>ales to China remain strong accounting for ~50% of total physical sales<\/em><\/strong><em>. Chinese downstream assay price pressure has increased through aggressive central health authority procurement mechanisms\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY suggested China continued to account for half of all physical sales, and confirmed \u201c<em>more significant<\/em>\u201d Chinese royalties should soon be collected:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<strong><em>Our shipments of physical antibody to China continued to increase.<\/em><\/strong><em> Some sales are made directly and some are made through five appointed distributors. More regulatory approvals for domestic Chinese customers using our antibodies have been registered, <\/em><strong><em>leading to more significant flows of royalty payments owing from these customers<\/em><\/strong><em>.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Sales to China have grown significantly over time. FY 2013 reported China represented approximately 10% of all shipments:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2013] <strong>\u201c<\/strong><em>We are also cautiously optimistic about growth prospects in China. There are rapidly emerging Chinese customers and this represents a growth opportunity. <\/em><strong><em>It is noteworthy that in the financial year, around 10% of Bioventix shipments (including samples) were destined for China.<\/em><\/strong><em> The actual revenues are less than 10% of the total but the volume of shipments is encouraging for future growth.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 briefly confirmed Chinese physical sales remained \u201c<em>healthy<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>China: physical product sales remained <\/em><strong><em>healthy<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This H1\u2019s accounts included \u201c<em>estimates<\/em>\u201d for Chinese royalties: \u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\"><em>\u201c<\/em><strong><em>Estimates for Chinese royalties are included<\/em><\/strong><em> whereas declared revenues for CY 2024 will be confirmed for inclusion in the final 2024\/25 results.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY acknowledged how Chinese customers may pay their royalties <em><span style=\"text-decoration: underline;\">up to a year afte<\/span>r<\/em> utilising BVXP\u2019s antibodies:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<strong><em>Chinese customers declare and pay royalties in arrears on a calendar year basis<\/em><\/strong><em> and we therefore have to accrue for such revenue, in both full year and interim results, basing our revenue expectation on previous experience.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY also admitted a Chinese customer had paid its royalties only \u201c<em>as a result of internal and external audit processes\u201d<\/em>:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024]<em> \u201c<\/em><strong><em>As a result of internal and external audit processes, it was only in May 2024 that we received payment from a Chinese customer for the royalties earned in 2023<\/em><\/strong><em> and therefore our revenue for 2023\/24 has benefited by \u00a3239k from our prudent assessment of accrued royalty revenue in respect of previous periods.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>I trust Chinese customers do not always require an audit process to persuade them to pay.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In contrast to Chinese customers, BVXP\u2019s established EU\/US customers typically pay their royalties:\n<ul class=\"wp-block-list\">\n<li>During August for BVXP antibodies utilised between January and June, and;<\/li>\n<li>During February for BVXP antibodies utilised between July and December.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> provided further details of <a href=\"https:\/\/en.seamaty.com\/index.php?s=\/sys\/620.html\" target=\"_blank\" rel=\"noreferrer noopener\">Chinese IVD companies<\/a>. Attendees were told:\n<ul class=\"wp-block-list\">\n<li>The likes of <strong><a href=\"https:\/\/www.mindray.com\/en\" target=\"_blank\" rel=\"noreferrer noopener\">Mindray<\/a><\/strong>, <strong><a href=\"https:\/\/www.snibe.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\">Snibe<\/a><\/strong> and <strong><a href=\"https:\/\/en.autobio.com.cn\/\" target=\"_blank\" rel=\"noreferrer noopener\">Autobio<\/a><\/strong> are \u201c<em>modelling themselves very aggressively<\/em>\u201d on EU\/US IVD equivalents;<\/li>\n<li>BVXP\u2019s Chinese agreements are now focused on a handful of local operators that the company knows \u201c<em>very, very well\u201c<\/em>;<\/li>\n<li>Sales are no longer made to Chinese academics\/distributors;<\/li>\n<li>Chinese competition is \u201c<em>very serious<\/em>\u201d and \u201c<em>we\u2019re stuck with that<\/em>\u201c;<\/li>\n<li>Chinese IVD companies appear to be focusing more on new tests rather than revamping established tests, and;<\/li>\n<li>Switching from a BVXP antibody to a Chinese antibody would be as \u201c<em>non-trivial<\/em>\u201d for a Chinese IVD company as it would be for a EU\/US IVD company.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY reiterated why substituting proven diagnostic antibodies is \u201c<em>non trivial<\/em>\u201c: the replacement version must undertake clinical tests and obtain regulatory approval before a commercial launch:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>The process of subsequent development thereafter by our customers can take many years before registration or approval from the relevant authority\u2026 is obtained and products can be sold to the benefit of the customers, and of course Bioventix, through the agreed sales royalty.<\/em><\/p>\n<p>However, <strong><em>because of the resource required to gain such approvals, after having achieved approval for an accurate diagnostic test using a Bioventix antibody, there is a natural incentive for continued antibody use<\/em><\/strong><em>. This results in a barrier to entry for potential replacement antibodies which would require at least partial repetition of the approval process arising on a change from one antibody to another.<\/em><\/p>\n<p><strong><em>This barrier to antibody replacement arises from a combination of factors <\/em><\/strong><em>driven by the clinical criticality of the test and<\/em><strong><em> the potential consequences of making such a change, which include the time and cost to register any changes required to validate the performance of the replacement antibody<\/em><\/strong><em>.<\/em>\u201c<\/p>\n<figure class=\"gb-block-image gb-block-image-2a2fb2a0\"><img decoding=\"async\" class=\"gb-image gb-image-2a2fb2a0\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-business.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>As such, the healthcare\/IVD industry can be very reluctant to replace a proven blood test, which means established diagnostic antibodies can remain commercial for extended periods.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>FY 2016 revealed how a number of BVXP\u2019s current antibodies were first launched more than ten years ago, with Tri-iodothyroxine (T3) seemingly celebrating an astounding 30 years on the market (see <a href=\"#troponin-other-antibodies\">Troponin and other antibodies<\/a>):\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-9c78436c\"><img decoding=\"async\" class=\"gb-image gb-image-9c78436c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2016-slides-antibody-pipeline.png\" alt=\"\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-daec17e3 gb-headline-text\" id=\"vitamin-d\"><strong>Vitamin D<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>By far BVXP\u2019s best seller is its vitamin D antibody, which has represented between 38% and 47% of revenue since FY 2016:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-8f46c6c4\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-8f46c6c4\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart02.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart02-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Similar to the disclosure of royalty income and physical sales, BVXP only divulges the revenue from its leading antibodies within its FY results.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>H1 presentations therefore (oddly) repeat the slide showing the individual antibody contributions from the preceding FY:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-57cfb728\"><img loading=\"lazy\" decoding=\"async\" width=\"950\" height=\"660\" class=\"gb-image gb-image-57cfb728\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-sales.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-sales.png 950w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-sales-300x208.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-sales-768x534.png 768w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I speculate BVXP\u2019s reluctance to disclose individual H1 antibody revenue is due to the company\u2019s apparent limited visibility towards physical sales and royalty income, which could leave six-month fluctuations open to misinterpretation by impressionable shareholders.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 provided only the shortest of updates on the vitamin D best-seller:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>Sales of our vitamin D antibody<\/em><\/strong><em> and other core antibodies<\/em><strong><em> were all more or less in line with last year\u2019s sales<\/em><\/strong><em> reflecting the mature nature of the diagnostic products that our antibodies support. <\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY revealed vitamin D revenue gained only 1% in what had become a \u201c<em>relatively mature global IVD market<\/em>\u201d:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Our most significant revenue stream continues to come from the vitamin D antibody called vitD3.5H10. This antibody is used by a significant number of diagnostic companies around the world for use in vitamin D deficiency testing. <\/em><strong><em>Sales of vitD3.5H10 increased by 1% to \u00a35.9 million which reflects analysts\u2019 expectation for a relatively mature global IVD market.<\/em><\/strong>\u201d\u00a0<\/p>\n<figure class=\"gb-block-image gb-block-image-4a0f0725\"><img decoding=\"async\" class=\"gb-image gb-image-4a0f0725\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-broker-note-vitD-approvals.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP started development on vitamin D during 2008 and revenue was first achieved during 2011.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note that vitamin D \u201c<em>moved into large-scale manufacturing<\/em>\u201d and generated R&amp;D-revenue (from customers testing the antibody for research purposes) during FYs 2011 and 2012 \u2014 i.e. before a wider clinical test was launched:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2011] \u201c<em>One of the most exciting developments for the company has been the vitamin D project which has been the subject of intensive internal R&amp;D since the summer of 2008. <\/em><strong><em>A leading antibody called vitD3.5H10 has moved into large-scale manufacturing at the company in order to supply increased quantities of antibody required for our customers\u2019 own R&amp;D use. Revenue from the supply of this product has been generated for the first time during the period. <\/em><\/strong><em>No major licensing deals have yet been concluded, however, the Directors are optimistic about the future value of this particular antibody and anticipate that significant licensing deals will be forthcoming in the future.<\/em>\u201c<\/p>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2012] \u201c<strong><em>During the year Bioventix\u2019s leading vitamin D antibody, vitD3.5H10, moved into large-scale manufacture in response to customer demand and <\/em><\/strong><strong><em>revenue from the supply of this product has continued to grow during the period. Whilst no significant commercial vitamin D assays based on vitD3.5H10 are currently in the market<\/em><\/strong><em>, the Directors remain optimistic that this antibody will generate revenues for the Company in future periods. The Company has also entered into additional licensing deals with major diagnostics companies in respect of vitD3.5H10<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>From that broker note above, vitamin D appeared to generate R&amp;D revenue of approximately \u00a3200k during FY 2011 and approximately \u00a3300k during FY 2012.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Vitamin D generating R&amp;D revenue may have positive omens for BVXP\u2019s Alzheimer\u2019s antibodies, three of which have recently moved into \u201c<em>large-scale production for commercial supply<\/em>\u201d and started to earn R&amp;D revenue from customer testing (see <a href=\"#alzheimers-rnd-revenue\">Alzheimer\u2019s R&amp;D: revenue<\/a>). \u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Vitamin D revenue going from zero to almost \u00a36m within 13 years may give some idea as to the potential of BVXP\u2019s Alzheimer\u2019s antibodies (see <a href=\"#valuation\">Valuation<\/a>).<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-7d2c588a gb-headline-text\" id=\"troponin-other-antibodies\"><strong>Troponin and other antibodies<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>The comparable H1 acknowledged revenue from troponin antibodies \u2014 used within blood tests to help diagnose suspected heart attacks \u2014 had been \u201c<em>a little below expectation<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[H1 2024] \u201c<em>Whilst our total sales continue to grow, <\/em><strong><em>our sales relating to troponin antibodies were a little below expectation.<\/em><\/strong><em>\u201c<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>At the time BVXP cited \u201c<em>temporary operational issues<\/em>\u201d at its customers:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[H1 2024]<em> \u201c<\/em><strong><em>We continue to believe that temporary operational issues experienced by our partner customers have slowed the rollout of their improved troponin assays<\/em><\/strong><em>. Whilst this has inhibited growth short term, there is no obvious reason to doubt the previous forecasts for future growth of troponin related revenues in the longer term.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY then admitted troponin revenue had been \u201c<em>overreported and overpaid<\/em>\u201d during FYs 2022 and 2023 by a total \u00a3327k:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] <em>\u201cDuring the year the Company became aware that, <\/em><strong><em>due to a customer error in the incorrect application of a historic royalty percentage, they had overreported and overpaid troponin royalty revenues since July 2021<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This troponin error emphasised BVXP\u2019s aforementioned \u201c<em>limited visibility<\/em>\u201d towards customer royalty payments. \u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY also revealed (correctly calculated) troponin revenue was \u201c<em>below\u2026 expectations<\/em>\u201d:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>After correctly allocating the revenue to each of the years 2023\/24 and 2022\/23, our total troponin antibody royalty revenue from Siemens Healthineers and another separate technology sub-license <\/em><strong><em>increased by 3% during the year from \u00a31.41 million to \u00a31.45 million<\/em><\/strong><em>. <\/em><strong><em>The level of these royalties and their growth are below our previous expectations <\/em><\/strong><em>based on downstream assumptions.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY revealed BVXP\u2019s troponin revenue could be enhanced by the same blood test being used to \u201c<em>assess the impending risk of a future adverse cardiac even<\/em>t\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>In contrast to the disappointment of troponin sales in the current application of acute chest pain (i.e. suspected heart attack in A&amp;E centres), we are pleased to note that <\/em><strong><em>Siemens have received FDA approval for a revised label claim for their troponin assay that covers a new prognostic application. This enables troponin levels to be measured in \u201cat risk\u201d patients and\/or patients who have already been diagnosed with a cardiac condition, whose troponin levels may now be measured to assess their impending risk of a future adverse cardiac event. <\/em><\/strong><em>This risk information can then be used to help clinicians consider additional diagnostic procedures or to review therapeutic alternatives. We expect that this new application will stimulate additional troponin assay use and our associated royalties, thus increasing the market opportunity.<\/em>\u201d\u00a0<\/p>\n<figure class=\"gb-block-image gb-block-image-7a733e84\"><img decoding=\"async\" class=\"gb-image gb-image-7a733e84\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-troponin.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> provided further details of this secondary troponin application. Attendees were told:\n<ul class=\"wp-block-list\">\n<li>Siemens was \u201c<em>optimistic<\/em>\u201d this \u201c<em>whole new market for troponin<\/em>\u201d would \u201c<em>boost sales<\/em>\u201c;<\/li>\n<li>Some cardiologists would now \u201c<em>just measure everybody<\/em>\u201d who visits their clinics with this secondary test, and;<\/li>\n<li>The first indication of progress should have emerged by March 2025.\u00a0 \u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 admitted troponin sales had remained below expectations:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Our sales relating to troponin antibodies were steady and <\/em><strong><em>a little below our expectation<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 also confessed the secondary troponin application had yet to prove popular with Siemens\u2019 customers:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\"><em>\u201cIn November 2024, we reported that Siemens had received FDA approval for a revised label claim for their troponin assay covering a new prognostic application. This was an encouraging development, but <\/em><strong><em>it remains too early to see the significant adoption of this application <\/em><\/strong><em>and therefore the use and sales of the assay and an uplift in our associated royalties.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 disclosed extremely little about the company\u2019s other core antibodies:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Other core historic antibodies: <\/em><strong><em>sales were similarly steady<\/em><\/strong><em>.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY showed the other core antibodies improving their collective revenue by 4%, although individual product revenue experienced wide fluctuations:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024]<br \/><em>\u2022 T3 (tri-iodothyronine): \u00a31.38 million <\/em><strong><em>(+21%)<\/em><\/strong><em><br \/>\u2022 biotins and biotin blockers: \u00a31.14 million <\/em><strong><em>(+35%)<\/em><\/strong><em><br \/>\u2022 progesterone: \u00a30.63 million <\/em><strong><em>(-15%)<\/em><\/strong><em><br \/>\u2022 estradiol: \u00a30.52 million <\/em><strong><em>(-7%)<\/em><\/strong><em><br \/>\u2022 testosterone: \u00a30.33 million <\/em><strong><em>(-29%)<\/em><\/strong><em><br \/>\u2022 drug-testing antibodies: \u00a30.32 million <\/em><strong><em>(-21%)<\/em><\/strong>.\u00a0<\/p>\n<figure class=\"gb-block-image gb-block-image-5ff1f75c\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-5ff1f75c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart03.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart03-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Underlining the longevity of successful diagnostic antibodies, many of BVXP\u2019s other core antibodies have been on the market since at least 2013:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d3a8ffdc\"><img decoding=\"async\" class=\"gb-image gb-image-d3a8ffdc\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2016-slides-antibody-pipeline.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Not shown on that FY 2016 slide is biotin, which I understand from the <a href=\"https:\/\/maynardpaton.com\/2023\/01\/28\/podcast-bioventix-with-roland-head-and-maynard-paton\/#comment-13168\">2022 AGM<\/a> has been on the market since 1999.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-cec76ed0 gb-headline-text\" id=\"alzheimers-rnd-revenue\"><strong>Alzheimer\u2019s R&amp;D: revenue<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>By far the most promising development at BVXP concerns the company\u2019s work creating antibodies to potentially identify and monitor Alzheimer\u2019s disease (AD) through blood tests.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>AD is currently identified and tracked through brain scans and\/or lumbar punctures, both of which \u2014 unlike <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/37694991\/\" target=\"_blank\" rel=\"noreferrer noopener\">simple\/fast\/cheap blood tests<\/a> \u2014 are impractical for widespread screening and monitoring for potential AD.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY announced the AD research had achieved initial revenue of \u00a3155k:\u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Our research into Tau antibodies and Alzheimer\u2019s diagnostics continues to progress and we are delighted that our early work has now translated into a modest revenue stream from antibodies now entering commercial manufacture.<br \/>\u2026<br \/><\/em><strong><em>Total Tau revenues for the year were above our expectation at \u00a3155k<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>That AD revenue was earned mostly through IVD customers ordering repeat samples for their own R&amp;D:\u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Our commercial policy is to supply initial evaluation samples of antibodies free of charge.<\/em><strong><em> If antibodies perform well on prototype assay systems at our IVD customers and additional supplies are ordered<\/em><\/strong><em>,<\/em><strong><em> these are charged at regular prices and such repeat sales have generated revenues during the year<\/em><\/strong><em>. These revenues are not only additive but also indicate that our antibodies could feature in future commercial assays.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY said the repeat AD orders offered \u201c<em>some encouragement<\/em>\u201d that BVXP\u2019s AD antibodies will one day feature within mainstream commercial AD blood tests:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>We have supplied a number of major IVD companies with antibodies from our growing Tau antibody portfolio. <\/em><strong><em>It is encouraging that a small number of these companies have requested additional quantities of the antibodies supplied.<\/em><\/strong><em> Not only does this add modestly to our overall revenues but i<\/em><strong><em>t also offers some encouragement that our antibodies will play some part in the future neurological panel offerings of our customers.<\/em><\/strong><em>\u201c<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY underlined the promising AD work by announcing the \u201c<em>large-scale production<\/em>\u201d of three AD antibodies:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1cee4a2e\"><img decoding=\"async\" class=\"gb-image gb-image-1cee4a2e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-alzheimers1.png\" alt=\"\"\/><\/figure>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>The level of research interest at our in vitro diagnostic customers in the field of neurology, initially focusing on Alzheimer\u2019s disease testing continues to increase. Three of the Tau antibodies that Bioventix has created have already moved into full-scale manufacture. <\/em><strong><em>Two of these are aimed at brain-derived Tau for neurodegeneration testing and the other is a detector antibody that can pair with Bioventix or other specific antibodies (i.e. p-tau217)<\/em><\/strong><em> as part of customer test designs<\/em>.\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Implementing \u201c<em>large-scale production<\/em>\u201d of AD antibodies for customer R&amp;D purposes is very reminiscent of the aforementioned \u201c<em>large-scale manufacturing<\/em>\u201d of vitamin D antibodies for customer R&amp;D purposes during FY 2011:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2011] \u201c<em>One of the most exciting developments for the company has been the vitamin D project which has been the subject of intensive internal R&amp;D since the summer of 2008. <\/em><strong><em>A leading antibody called vitD3.5H10 has moved into large scale manufacturing at the company in order to supply increased quantities of antibody required for our customers\u2019 own R&amp;D use. Revenue from the supply of this product has been generated for the first time during the period. <\/em><\/strong><em>No major licensing deals have yet been concluded, however, the Directors are optimistic about the future value of this particular antibody and anticipate that significant licensing deals will be forthcoming in the future.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Vitamin D soon became BVXP\u2019s best seller, which does imply antibodies generating notable income during early R&amp;D testing have proven themselves to be very popular very quickly\u2026\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026and should therefore be more likely to become rather lucrative following a full commercial launch. \u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY\u2019s AD revenue was earned during H2 and board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> indicated the AD revenue actually commenced during Q4 2024 (April-June 2024).\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Multiplying the \u00a3155k AD revenue by four gives a theoretical \u00a3620k annualised AD revenue\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026which is double the aforementioned \u00a3300k or so vitamin D seemingly earned through customer R&amp;D testing during FY 2012.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 did not disclose the exact AD R&amp;D revenue but said such revenue had \u201c<em>increased<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>Sales of these Tau antibodies for research use only assays have increased during the period<\/em><\/strong><em> and we remain optimistic about the future prospects for these and other additional antibodies that could feature in neurological blood testing assays into the future<\/em>.\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>I trust the AD R&amp;D revenue earned during the six months of this H1 was at least twice the \u00a3155k revenue earned during the three months of Q4 2024.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 gave a positive outlook for the AD R&amp;D:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Increased sales of Tau antibodies for Alzheimer\u2019s disease have been a highlight and <\/em><strong><em>we continue to remain excited about the future for these antibodies<\/em><\/strong><em> as the scientific output of our collaboration with University of Gothenburg increasingly translates into commercial success.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>The positive outlook for the AD R&amp;D is supported by the emergence of new AD treatments.\u00a0<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-542c43c5 gb-headline-text\" id=\"alzheimers-rnd-alzheimers-treatments\"><strong>Alzheimer\u2019s R&amp;D: Alzheimer\u2019s treatments<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>The preceding FY reiterated how the approval of <a href=\"https:\/\/www.alzheimers.org.uk\/blog\/what-lecanemab\" target=\"_blank\" rel=\"noreferrer noopener\">lecanemab<\/a> and <a href=\"https:\/\/www.alzheimers.org.uk\/blog\/what-is-donanemab-alzheimers-drug\" target=\"_blank\" rel=\"noreferrer noopener\">donanemab<\/a> had created greater interest among IVD companies to launch blood tests that identify and monitor AD:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Recently, <\/em><strong><em>the approval of first generation AD therapeutics<\/em><\/strong><em> (<\/em><strong><em>lecanemab<\/em><\/strong><em> jointly developed by EISAI and Biogen, and <\/em><strong><em>donanemab<\/em><\/strong><em> from Eli Lilly) <\/em><strong><em>have changed the perception of AD therapy<\/em><\/strong><em>, and it is likely that second generation therapeutics, or combination therapies will further help to slow the disease process. <\/em><strong><em>Patients presenting early in the ATN [amyloid\/tau\/neurodegeneration] pathway appear to benefit most from therapy<\/em><\/strong><em>. <\/em><strong><em>Therefore, ATN assessments can be used not only to screen for patients suitable for therapy but also for monitoring patients whilst on therapy<\/em><\/strong><em>.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Within the United States, <a href=\"https:\/\/www.fda.gov\/news-events\/press-announcements\/fda-converts-novel-alzheimers-disease-treatment-traditional-approval\" target=\"_blank\" rel=\"noreferrer noopener\">lecanemab<\/a> was approved for clinical use during 2023 while <a href=\"https:\/\/www.fda.gov\/drugs\/news-events-human-drugs\/fda-approves-treatment-adults-alzheimers-disease\" target=\"_blank\" rel=\"noreferrer noopener\">donanemab<\/a> was approved for clinical use during 2024.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Within Europe, <a href=\"https:\/\/www.ema.europa.eu\/en\/medicines\/human\/EPAR\/leqembi\" target=\"_blank\" rel=\"noreferrer noopener\">lecanemab<\/a> was approved for clinical use during 2025 while <a href=\"https:\/\/www.ema.europa.eu\/en\/medicines\/human\/EPAR\/kisunla\" target=\"_blank\" rel=\"noreferrer noopener\">donanemab<\/a> still awaits full approval.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Despite the pioneering medical results from lecanemab and donanemab, their uptake among AD patients has not been significant.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Within the UK for instance, lecanemab and donanemab have not been approved for NHS usage because they were both deemed as being \u201c<em><a href=\"https:\/\/www.nice.org.uk\/news\/articles\/the-benefits-of-alzheimers-treatments-donanemab-and-lecanemab-remain-too-small-to-justify-the-additional-costs-says-nice-in-final-draft-guidance\" target=\"_blank\" rel=\"noreferrer noopener\">not good value for money<\/a><\/em>\u201c: <\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[NICE August 2024] \u201c<em>The [lecanemab and donanemab] treatments have been shown to delay progression from mild to moderate Alzheimer\u2019s by 4-6 months <\/em><strong><em>but the overall costs of purchasing and administering the drug remain high and the benefits too small<\/em><\/strong>.\u201d<\/p>\n<p class=\"has-global-color-8-background-color has-background\">[The Lancet May 2025] \u201c<em>By delaying the adoption of donanemab, the EMA has effectively signalled to Europe\u2019s patients with Alzheimer\u2019s disease that they are second-class citizens. Although the rest of the world cautiously but optimistically adopts disease-modifying treatments, <\/em><strong><em>Europe is lagging behind. <\/em><\/strong><em>This conservative stance not only delays patient access to innovation, but also sends a discouraging message to researchers and drug developers. <\/em><strong><em>Without greater clarity and coherence, Europe risks becoming an increasingly unattractive environment for pharmaceutical innovation in areas of urgent medical need<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>For now at least, the high cost and seemingly modest medical benefits of lecanemab and donanemab will limit the number of AD patients undertaking such treatments\u2026 and therefore perhaps limit the demand for blood tests to identify patients for such treatments.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>But the <em><span style=\"text-decoration: underline;\">next<\/span><\/em> generation of AD treatments are undergoing trials, with trontinemab seemingly among the front runners.<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-eeef1c40\"><img loading=\"lazy\" decoding=\"async\" width=\"1220\" height=\"640\" class=\"gb-image gb-image-eeef1c40\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic01.png 1220w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic01-300x157.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic01-1024x537.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic01-768x403.png 768w\" sizes=\"auto, (max-width: 1220px) 100vw, 1220px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>During what appeared to be a <a href=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AAIC-2025-presentation-klein-interim-biomarker-results-for-trontinemab.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">landmark presentation<\/a>, Roche claimed earlier this year that <em><span style=\"text-decoration: underline;\">91% of test participants exhibiting early signs of AD no longer exhibited early signs of AD<\/span><\/em> after 28 weeks of trontinemab doses:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-94b07be6\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"690\" class=\"gb-image gb-image-94b07be6\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic02.png 1230w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic02-300x168.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic02-1024x574.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-aaic02-768x431.png 768w\" sizes=\"auto, (max-width: 1230px) 100vw, 1230px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Roche claims trontinemab is more effective than lecanemab and donanemab and incurs fewer side effects:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-ab5da73c\"><img loading=\"lazy\" decoding=\"async\" width=\"1220\" height=\"670\" class=\"gb-image gb-image-ab5da73c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-neuro01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-neuro01.png 1220w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-neuro01-300x165.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-neuro01-1024x562.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-roche-neuro01-768x422.png 768w\" sizes=\"auto, (max-width: 1220px) 100vw, 1220px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>AD experts at the UK Dementia Research Institute have become <a href=\"https:\/\/www.ukdri.ac.uk\/news-and-events\/results-trontinemab-phase-ii-trial-presented-aaic-conference\" target=\"_blank\" rel=\"noreferrer noopener\">very excited<\/a> by trontinemab\u2019s progress:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[UK Dementia Research Institute July 2025]<br \/>\u201c<em>These results show it could be faster and safer than previous drugs, which would mean less monitoring. That could bring down the costs significantly as it would mean fewer MRI scans, so <\/em><strong><em>that would hopefully mean it would get NICE approval<\/em><\/strong><em>.<\/em>\u201d<br \/>\u2026<br \/>\u201c<em>Evidence presented at the Alzheimer\u2019s Association conference in Toronto on <\/em><strong><em>trontinemab is very promising<\/em><\/strong><em>, showing that the drug can effectively and rapidly clear amyloid from the brain, seemingly with very few side effects<\/em>.\u201d<br \/>\u2026<br \/>\u201c<strong><em>The biggest news, however, came from Roche<\/em><\/strong><em>, <\/em><strong><em>which is moving full speed ahead with trontinemab into phase III trials<\/em><\/strong><em>. Trontinemab is a monoclonal antibody targeting amyloid plaques, engineered with a transferrin receptor\u2013mediated shuttle to enhance blood\u2013brain barrier penetration. <\/em><strong><em>Phase II data were remarkable<\/em><\/strong><em>: the drug produced rapid amyloid plaque clearance, improved multiple biomarkers, and showed a much lower incidence of ARIA, even in APOE4 homozygotes.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Note the trontinemab findings were conducted through a Phase 2 trial and a <a href=\"https:\/\/www.alzforum.org\/news\/conference-coverage\/roche-spells-out-phase-three-plans-trontinemab\" target=\"_blank\" rel=\"noreferrer noopener\">much larger Phase 3 trial<\/a> still needs to be undertaken \u2014 and generate favourable clinical results! \u2014 before regulatory approval can be sought.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Results from trontinemab\u2019s Phase 3 trial are not expected <a href=\"https:\/\/www.alzheimersresearchuk.org\/news\/potential-alzheimers-treatment-trontinemab-hits-the-news-how-does-it-work-and-is-it-available\/\" target=\"_blank\" rel=\"noreferrer noopener\">until 2028<\/a>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I am hopeful trontinemab \u2014 or one of the other 137 potential AD treatments presently undergoing trials \u2014 will one day enjoy widespread clinical use that spurs significant demand for blood tests that can identify the early onset of AD.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> told attendees the emergence of AD treatments could lead to the \u201c<em>dawn of a new blockbuster era<\/em>\u201d for wider neurology diagnostics, albeit \u201c<em>during the 2030s<\/em>\u201c.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I think the slow uptake of lecanemab and donanemab \u2014 alongside another few years awaiting favourable progress from trontinemab \u2014 underline how AD blood tests will not find widespread clinical use until \u201c<em>during the 2030s<\/em>\u201c.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>After all, there seems little point mass-screening the general public for early signs of AD if a suitable, <span style=\"text-decoration: underline;\"><em>cost-effective<\/em><\/span> treatment has yet to be approved.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In the meantime, ongoing revenue from the AD R&amp;D should mean BVXP stands a chance of participating in the \u201c<em>dawn of a new blockbuster era<\/em>\u201d for AD blood tests as and when a suitable, <span style=\"text-decoration: underline;\"><em>cost-effective<\/em><\/span> treatment emerges.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-30fa0a34 gb-headline-text\" id=\"alzheimers-rnd-neurodegeneration-brain-derived-tau\"><strong>Alzheimer\u2019s R&amp;D: neurodegeneration and brain-derived tau<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>FY 2023 first explained to BVXP shareholders how the onset of AD is defined through three parts of an \u201c<em>ATN framework<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2023] \u201c<em>Over the last few years, a considerable amount of lab resource has been allocated to the tau project and Alzheimer\u2019s disease (AD) diagnostics.\u00a0 AD is a complex disease that manifests itself differently across the patient population.\u00a0 At a cellular level, nerve cells (neurons) become associated with <\/em><strong><em>amyloid (A) plaques that build up outside the neurons<\/em><\/strong><em>.\u00a0 This is followed by the <\/em><strong><em>build-up of tau (T) tangles inside the neurons<\/em><\/strong><em>.\u00a0 These pathological processes then <\/em><strong><em>result in neuronal cell death and the symptoms of neurodegeneration (N)<\/em><\/strong><em> that accompany this.\u00a0 <\/em><strong><em>This \u201cATN\u201d framework is used by neurologists to define the disease pathway that progresses many years before patient symptoms become more obvious.<\/em><\/strong> \u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>BVXP appears to enjoy a favourable R&amp;D position within the neurodegeneration (N) part of the ATN framework:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-69b8de47\"><img decoding=\"async\" class=\"gb-image gb-image-69b8de47\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-alzheimers2.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Neurodegeneration is the process of the brain shrinking as neurons are lost through the long-term build-up of amyloid plaques (A) and tau tangles (T):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-3e915e8a\"><img decoding=\"async\" class=\"gb-image gb-image-3e915e8a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-amyloid-plaques-tau-tangles.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP started collaborating with the University of Gothenburg (UGOT) during early 2020 to create new antibodies for identifying and monitoring AD\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>..and H1 2023 then announced UGOT\u2019s first published results of BVXP\u2019s brain-derived tau antibody:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[H1 2023] \u201c<em>We continue to create new antibodies which will be subjected to assay development and validation using clinical samples at the world-renowned laboratory of Kaj Blennow and Henrik Zetterberg at the University <\/em><em>of Gothenburg. <\/em><strong><em>Using a novel Bioventix antibody, our academic collaborators in Gothenburg have recently published data on a novel assay that detects \u201cbrain-derived\u201d Tau in blood<\/em><\/strong><em> (Brain 2022: 00; 1-14).\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>H1 2023 also noted brain-derived tau could be a \u201c<em>useful<\/em>\u201d indicator of neurodegeneration (N): \u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[H1 2023] <em>\u201cBrain-derived Tau levels in blood appear to mimic Tau levels in cerebral spinal fluid and <\/em><strong><em>could be a useful blood biomarker for neurodegeneration<\/em><\/strong><em> that occurs later in the Alzheimer\u2019s disease pathway.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>My layman interpretation of the associated UGOT\/BVXP scientific paper \u2014 \u201c<em><a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/36572122\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brain-derived tau: a novel blood-based biomarker for Alzheimer\u2019s disease-type neurodegeneration<\/a><\/em>\u201d  (published December 2022) \u2014 derived the following conclusions:\n<ul class=\"wp-block-list\">\n<li>Brain-derived tau in blood seems able to replicate the established AD-identification qualities of spinal-fluid tau, and;<\/li>\n<li>Unlike alternative indicators of neurodegeneration (such as neurofilament light), brain-derived tau in blood can differentiate between AD and other neurological disorders. \u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The associated scientific paper even claimed brain-derived tau could \u201c<em>complete<\/em>\u201d the ATN framework for AD blood tests:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[BRAIN December 2022]<em> \u201cBrain-derived tau is a new blood-based biomarker that outperforms plasma total-tau and, unlike neurofilament light, shows specificity to Alzheimer\u2019s disease-type neurodegeneration. Thus, <\/em><strong><em>brain-derived tau demonstrates potential to complete the AT(N) scheme in blood<\/em><\/strong><em>, and will be useful to evaluate Alzheimer\u2019s disease-dependent neurodegenerative processes for clinical and research purposes.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bioventix.com\/research\/\" target=\"_blank\" rel=\"noreferrer noopener\">BVXP\u2019s website<\/a> lists five other scientific papers involving brain-derived tau:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My searching through the <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/?term=brain-derived-tau&amp;sort=date\" target=\"_blank\" rel=\"noreferrer noopener\">PubMed database<\/a> identified a batch of further scientific papers mentioning \u2018brain derived tau\u2019:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My layman interpretation of this further batch of papers concluded brain-derived tau:\n<ul class=\"wp-block-list\">\n<li>Has some clinical value assessing the safety of two potential AD treatments;<\/li>\n<li>Has some clinical value assessing traumatic brain injury, strokes, Creutzfeldt-Jakob disease and Guillain-Barr\u00e9 syndrome, and;<\/li>\n<li>Does not have obvious clinical value assessing neuroborreliosis and frontotemporal degeneration.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>That paper\u2019s conclusion correlates with two papers listed on BVXP\u2019s website:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026which was published during January 2025 by a group of Chinese scientists and identified plasma N\u2010terminal tau as outperforming brain-derived tau when identifying AD-related neurodegeneration:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzheimer\u2019s &amp; Dementia January 2025] \u201c<em>In conclusion, our findings suggest that plasma NT1\u2010tau is an AD\u2010specific biomarker that can predict subsequent disease progression as measured with greater tau aggregation and faster A\u03b2 accumulation, brain atrophy, and cognitive decline. Moreover, <\/em><strong><em>plasma NT1\u2010tau appears to outperform plasma brain-derived tau and NfL in detecting A\u03b2\u2010associated neurodegeneration, highlighting the probability of plasma NT1\u2010tau as an AD\u2010specific neurodegeneration biomarker for disease stage classification and patient screening and monitoring in clinical trials<\/em><\/strong><em>. This study provides novel insights into the role of plasma NT1\u2010tau in AD pathophysiology<\/em>.\u201d<\/p>\n<p class=\"has-global-color-8-background-color has-background\">[Alzheimer\u2019s &amp; Dementia November 2023] \u201c<strong><em>Combining p-tau217 and NTA\u2010tau <\/em><\/strong><em>resulted in the strongest agreement with the tau PET\u2010based classification.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>I am therefore concerned by N-terminal tau appearing to be a genuine challenger to BVXP\u2019s brain-derived tau to identify AD-related neurodegeneration\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026not least because this H1 confirmed BVXP\u2019s immediate AD progress rested mostly upon two brain-derived tau antibodies:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>The level of research interest at our in vitro diagnostic customers in the field of neurology, initially focusing on Alzheimer\u2019s disease testing continues to increase. <\/em><strong><em>Three of the Tau antibodies that Bioventix has created have already moved into full-scale manufacture. Two of these are aimed at brain-derived Tau for neurodegeneration testing <\/em><\/strong><em>and the other is a detector antibody that can pair with Bioventix or other specific antibodies (i.e. p-tau217) as part of customer test designs<\/em>.\u201d<\/p>\n<p class=\"has-global-color-8-background-color has-background\">[gsbmba99 ADVFN October 2025] \u201c<em>I asked Peter [Harrison, BVXP chief executive] about the paper on N-terminal tau earlier this year. <\/em><strong><em>Peter said that he had antibodies for N-terminal tau ready to use but that he believed UGOT\u2019s preference remained for BD-Tau<\/em><\/strong><em>. Note that Kaj Blennow from UGOT was a co-author on the Chinese paper so UGOT would certainly be aware of the competing capabilities of the biomarkers. It could be the case that BD-Tau has more interesting additional applications like stroke or traumatic brain injury or staging<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>True, BVXP does have \u201ca<em>ntibodies for N-terminal tau ready to use\u201d, <\/em>but this H1 reiterated BVXP having only a \u2018detector\u2019 antibody using N-terminal tau:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-48b39c8d\"><img loading=\"lazy\" decoding=\"async\" width=\"1240\" height=\"700\" class=\"gb-image gb-image-48b39c8d\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01.png 1240w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-1024x578.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-768x434.png 768w\" sizes=\"auto, (max-width: 1240px) 100vw, 1240px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I am therefore not sure whether BVXP has its own version of the N-terminal tau antibody that could be employed as an alternative to brain-derived tau.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>At least the N-terminal tau \u2018detector\u2019 antibody implies BVXP is already quite familiar with the AD-indication qualities of N-terminal tau.<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-ff8d0382\"><img loading=\"lazy\" decoding=\"async\" width=\"1287\" height=\"547\" class=\"gb-image gb-image-ff8d0382\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-qtrx-n-terminal-tau.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-qtrx-n-terminal-tau.png 1287w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-qtrx-n-terminal-tau-300x128.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-qtrx-n-terminal-tau-1024x435.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-qtrx-n-terminal-tau-768x326.png 768w\" sizes=\"auto, (max-width: 1287px) 100vw, 1287px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>QTRX is a $275m Nasdaq-quoted manufacturer of \u201c<em>ultrasensitive<\/em>\u201d immunoassay analysers, which are apparently \u201c<em>up to 1000x<\/em>\u201d more powerful than conventional analysers:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-84d3ad2a\"><a href=\"https:\/\/www.youtube-nocookie.com\/embed\/iZ0yG1zGX3A\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"gb-image gb-image-84d3ad2a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-quanterix-youtube-still.png \" alt=\"\"\/><\/a><\/figure>\n<ul class=\"wp-block-list\">\n<li>QTRX used to promote BVXP\u2019s brain-derived tau at the top of its website:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-fca31b25\"><img decoding=\"async\" class=\"gb-image gb-image-fca31b25\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-quanterix-website-banner.png\" alt=\"\"\/><\/figure>\n<figure class=\"gb-block-image gb-block-image-0ef524c8\"><img decoding=\"async\" class=\"gb-image gb-image-0ef524c8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-H1-2024-QTRX-website-bd-tau.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> confirmed only \u201c<em>modest<\/em>\u201d QTRX royalties contributed to the preceding FY\u2019s \u00a3155k AD revenue.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I speculate whether <strong>Alamar Biosciences<\/strong> is now working with BVXP through a brain-derived tau assay.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Alamar manufacturers a \u201c<em>proteomics platform<\/em>\u201c, which apparently can assess thousands of proteins simultaneously in just one thousandth of a millilitre of blood:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-ec603b98\"><a href=\"https:\/\/www.youtube-nocookie.com\/embed\/9KcTXmAWCdc\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"807\" height=\"462\" class=\"gb-image gb-image-ec603b98\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-argo.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-argo.png 807w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-argo-300x172.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-argo-768x440.png 768w\" sizes=\"auto, (max-width: 807px) 100vw, 807px\"\/><\/a><figcaption class=\"gb-headline gb-headline-5e23c7ce gb-headline-text\"><em><sub>(<a href=\"https:\/\/www.youtube-nocookie.com\/embed\/9KcTXmAWCdc\" target=\"_blank\" rel=\"noreferrer noopener\">Watch on YouTube<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<figure class=\"gb-block-image gb-block-image-340bf606\"><a href=\"https:\/\/www.youtube-nocookie.com\/embed\/kMO4MgPNCYw\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"807\" height=\"453\" class=\"gb-image gb-image-340bf606\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-nulisa.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-nulisa.png 807w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-nulisa-300x168.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-nulisa-768x431.png 768w\" sizes=\"auto, (max-width: 807px) 100vw, 807px\"\/><\/a><figcaption class=\"gb-headline gb-headline-6eb17758 gb-headline-text\"><em><sub>(<a href=\"https:\/\/www.youtube-nocookie.com\/embed\/kMO4MgPNCYw\" target=\"_blank\" rel=\"noreferrer noopener\">Watch on YouTube<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Alamar presently appears more excited about brain-derived tau than QTRX. <a href=\"https:\/\/alamarbio.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Alamar\u2019s homepage<\/a> is dominated by the introduction of the NULISAqpcr BD-p-tau217 assay:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-0398b458\"><img loading=\"lazy\" decoding=\"async\" width=\"1904\" height=\"973\" class=\"gb-image gb-image-0398b458\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage.png 1904w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage-300x153.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage-1024x523.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage-768x392.png 768w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-homepage-1536x785.png 1536w\" sizes=\"auto, (max-width: 1904px) 100vw, 1904px\"\/><\/figure>\n<p class=\"has-global-color-8-background-color has-background\">[Alamar Biosciences October 2025] \u201c<strong><em>BD-p-tau217 is a brain-derived phosphorylated tau protein isoform that serves as a highly specific biomarker for neurodegenerative disease<\/em><\/strong><em>. Tau proteins are distributed throughout the body, but only a fraction found in blood originates from the brain, with the majority secreted by peripheral organs. Elevated levels of BD-p-tau217 in cerebrospinal fluid (CSF) are a hallmark of Alzheimer\u2019s Disease (AD), while increased blood p-tau217\u2014primarily from peripheral sources is associated with other neurodegenerative diseases.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This <a href=\"https:\/\/www.alzforum.org\/news\/conference-coverage\/brain-derived-versions-phospho-tau-make-better-markers\" target=\"_blank\" rel=\"noreferrer noopener\">Alzforum article<\/a> conveys encouraging comments from a trio of AD experts about Alamar\u2019s brain-derived tau assays:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzforum August 2025]<br \/>\u201c<em>At this year\u2019s Alzheimer\u2019s Association International Conference, held July 27-31 in Toronto, scientists introduced a plethora of new assays for biomarkers that could improve diagnosis and tracking of AD pathology. Topping the list were immunoassays for brain-derived (BD) phospho-tau isoforms that turn up in plasma.<\/em><\/p>\n<p><strong><em>Data hot off the bench of the lab of Jonathan Schott, University College London, indicated that these tests outperformed those for systemic p-tau fragments in identifying people who have amyloid and tau pathology. \u201cThe BD versions are just much better\u201d Schott told a small audience during a product presentation hosted by Alamar Biosciences,<\/em><\/strong><em> Fremont, California. Alamar now include BD p-tau isoforms in its human CNS panel.<br \/>\u2026<br \/>The data drew praise from people in the field. <\/em><strong><em>\u201cPlasma BD-tau isoforms are really important,\u201d Henrik Zetterberg, University of Gothenburg, M\u00f6lndal, Sweden, told Alzforum. <\/em><\/strong><em>\u201cWe can finally account for peripheral nerve damage that we might see in diabetes or ALS that can drive up plasma p-tau,\u201d he said. <\/em><\/p>\n<p><strong><em>Gil Rabinovici, University of California, San Francisco, expressed similar sentiments. \u201cIt is very exciting to have more precise ways to measure protein from the brain rather than picking up proteins in the peripheral pool as well,\u201d he told Alzforum.<\/em><\/strong><em> \u201cThis is such a fast-moving field. The blood-based markers are rapidly getting better.\u201d<\/em><\/p>\n<figure class=\"gb-block-image gb-block-image-db72a272\"><img loading=\"lazy\" decoding=\"async\" width=\"1863\" height=\"680\" class=\"gb-image gb-image-db72a272\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster.png 1863w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster-300x110.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster-1024x374.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster-768x280.png 768w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alamar-bdtau-poster-1536x561.png 1536w\" sizes=\"auto, (max-width: 1863px) 100vw, 1863px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026but I speculate the chances of Alamar using BVXP\u2019s brain-derived tau are reasonably good.<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Beckman Coulter September 2025] \u201c<em>Beckman Coulter Diagnostic\u2026 today <\/em><strong><em>launched the industry\u2019s <\/em><\/strong><strong><em>first fully automated <\/em><\/strong><strong><em>Brain-derived Tau (BD-Tau)<\/em><\/strong><em> research use only (RUO) immunoassay test.<br \/>\u2026<br \/><\/em><strong><em>BD-Tau, an isoform of brain-derived tau, is emerging as a highly promising blood-based biomarker for neurodegenerative research<\/em><\/strong><em>\u2026 Unlike total tau (t-tau) and phosphorylated tau (p-tau), BD-Tau offers enhanced specificity; by detecting the short form of brain-derived tau directly in the blood, it accurately reflects central nervous system pathology while minimising confounding factors from peripheral tau sources. <\/em><strong><em>This makes BD-Tau a more precise and accessible indicator for neurodegeneration than prior tau markers<\/em><\/strong>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>Beckman is a major manufacturer of IVD machines and its brain-derived tau assays are presently used for research purposes on its \u201c<em>groundbreaking<\/em>\u201d <a href=\"https:\/\/www.beckmancoulter.com\/products\/immunoassay\/dxi-9000-access-immunoassay-analyzer\" target=\"_blank\" rel=\"noreferrer noopener\">DxI 9000 immunoassay analyser<\/a>:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f2e781f8\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"450\" class=\"gb-image gb-image-f2e781f8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-beckman-dxl-9000.jpeg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-beckman-dxl-9000.jpeg 800w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-beckman-dxl-9000-300x169.jpeg 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-beckman-dxl-9000-768x432.jpeg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note that Beckman\u2019s \u201c<em>groundbreaking\u201d <\/em>DxI 9000 offers \u201c<em><a href=\"https:\/\/www.beckmancoulter.com\/products\/immunoassay\/dxi-9000-access-immunoassay-analyzer\" target=\"_blank\" rel=\"noreferrer noopener\">industry-leading high throughput<\/a><\/em>\u201d of up to 450 tests per hour, which according to ADVFN contributor <em>gsbmba99 <\/em>may provide an advantage over QTRX and Alamar:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[gsbmba99 ADVFN October 2025] \u201c<em>The Beckman DxI 9000 has a capability of 450 units\/hour according to <a href=\"https:\/\/www.frontagelab.com\/resource\/comparison-of-plasma-ptau217-assays-on-different-platforms\/\" target=\"_blank\" rel=\"noreferrer noopener\">this analysis<\/a> commissioned by Quanterix. The Beckman machine will do more tests in 2 hours than a Quanterix machine will in a day.<\/em><strong><em> I suspect that if testing volumes increase, volumes will eventually shift to the high-throughput platforms that can provide similar sensitivity but vastly higher throughput and away from ultra high precision platforms with limited throughput like Quanterix or Alamar<\/em><\/strong>.\u201d<\/p>\n<h2 class=\"gb-headline gb-headline-f03792d0 gb-headline-text\" id=\"alzheimers-rnd-royalties-paid-to-researchers\"><strong>Alzheimer\u2019s R&amp;D: royalties paid to researchers<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Searching the <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/?term=bioventix&amp;sort=date\" target=\"_blank\" rel=\"noreferrer noopener\">PubMed database<\/a> reveals ten scientific papers mentioning \u2018Bioventix\u2019 beyond those published on BVXP\u2019s website or identified using the aforementioned \u2018brain derived tau\u2019 search:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Gregory noted the \u2018conflicts of interest\u2019 section of that paper contained this intriguing disclosure:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Journal of Neurochemistry July 2025] <em>\u201c[Thomas K. Karikari] has <\/em><strong><em>received royalties from Bioventix <\/em><\/strong><em>for the transfer of specific antibodies and assays to third-party organisations<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>I did not know BVXP paid royalties to AD researchers. Maybe that partly explains why this H1\u2019s cost of sales surged by the aforementioned 69%.<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[The Karikari Lab October 2025] \u201c<em>Notable achievements include the development of the first commercially available plasma p-tau181 assay, which is now widely used, along with immunoassay methods for plasma p-tau212, p-tau217, and p-tau231. Recently, <\/em><strong><em>the Karikari Laboratory introduced an innovative plasma brain-derived tau marker<\/em><\/strong><em>, specifically targeting tau protein originating from the central nervous system.<\/em>\u201c<\/p>\n<figure class=\"gb-block-image gb-block-image-6200daed\"><img loading=\"lazy\" decoding=\"async\" width=\"1040\" height=\"460\" class=\"gb-image gb-image-6200daed\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-karikari.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-karikari.png 1040w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-karikari-300x133.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-karikari-1024x453.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-karikari-768x340.png 768w\" sizes=\"auto, (max-width: 1040px) 100vw, 1040px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I am not quite sure whether Dr Karikari\u2019s disclosure of BVXP royalties is entirely accurate for each of those seven papers.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Five of the other seven papers refer to QTRX, to which BVXP supplies AD antibodies and perhaps indicates a three-way commercial relationship between Dr Karikari, BVXP and QTRX.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My <a href=\"https:\/\/maynardpaton.com\/contact\/\">contact form<\/a> is open for anyone with insight into BVXP paying royalties to AD researchers.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-151cb519 gb-headline-text\" id=\"alzheimers-rnd-amyloid-plaques-p-tau\"><strong>Alzheimer\u2019s R&amp;D: amyloid plaques and p-tau\u00a0<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>I am not convinced BVXP enjoys a favourable R&amp;D position within the amyloid plaques (A) part of the ATN framework.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>To recap, FY 2023 stated:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2023] \u201c<strong><em>A leading blood biomarker for \u201cA\u201d is a phosphorylated form of tau called p-tau217.<\/em><\/strong><em>\u00a0 <\/em><strong><em>A prototype assay from Gothenburg using an SMA has now been established which has performed wel<\/em><\/strong><em>l with frozen patient samples from a number of different cohorts.\u00a0 The \u201ceffect size\u201d (AD patients relative to controls) has been x2-4 which is similar to other leading groups and likely to be clinically useful.\u00a0 The percentage of false positives and false negatives is also relatively modest confirming potential clinical utility.\u201d\u00a0<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Detecting the early onset of AD through the build-up of amyloid plaques\u00a0in the brain can be performed by identifying the presence of phosphorylated tau through epitopes such as p-tau217, p-tau181, p-tau205, p-tau212 and p-tau231.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>However, BVXP is one of many antibody developers that has worked on a p-tau217 test. The comparable H1 even name-checked a few competitors:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-4e0477cd\"><img decoding=\"async\" class=\"gb-image gb-image-4e0477cd\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-H1-2024-slides06a-ptau217.png\" alt=\"\"\/><\/figure>\n<figure class=\"gb-block-image gb-block-image-a21ee822\"><img decoding=\"async\" class=\"gb-image gb-image-a21ee822\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-paper1.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s p-tau217 test \u2014 now named UGOT p-tau217 \u2014 was the first p-tau217 test to be developed for \u201c<em>pure academic interests<\/em>\u201d and wider research purposes:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzheimer\u2019s &amp; Dementia November 2023] \u201c<em>Even though plasma p-tau217 assays on different platforms from some biotechnology\/pharmaceutical companies are expected to become commercially available in the next few months, <\/em><strong><em>having an assay developed completely from an academic source removes restrictions such as the need to have the results cleared by the company in question<\/em><\/strong><em> before data can be published. Moreover, the companies tend to select cohorts with clinical and biomarker characterisation that align with their commercial interests, thereby limiting access to these assays. <\/em><strong><em>Getting rid of these limitations by providing access to a plasma p-tau217 assay with pure academic interests opens the possibility for assay testing and optimisation in real-life scenarios.\u201d<\/em><\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>\u201c<em>Pure academic interests<\/em>\u201d implies revenue from UGOT p-tau217 will not be significant for BVXP.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> provided additional p-tau217 insight. Attendees were told:\n<ul class=\"wp-block-list\">\n<li>\u201c<em>We are well behind a company called ALZpat<\/em>h\u201c;<\/li>\n<li>Any p-tau217 revenue is likely to be \u201c<em>modest<\/em>\u201c, and;<\/li>\n<li>\u201c<em>One or two<\/em>\u201d customers have concluded p-tau217 testing, and BVXP has not been included in their final selection (\u201c<em>Some ships have already sailed\u2026 We were too late to get in<\/em>\u201c).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[BVXP seminar November 2024]<em>\u201cThere\u2019s competition from people that have been in the field longer than we have. <\/em><strong><em>There\u2019s a company called ALZPath, who have got a really good p-tau217 antibody that\u2019s really difficult to compete with<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The aforementioned study of 31 p-tau tests provided some encouragement about BVXP\u2019s brain-derived tau:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzheimer\u2019s &amp; Dementia February 2025]<br \/>\u201c<strong><em>C<\/em><\/strong><strong><em>aution must be taken not to over interpret the meaning of absolute values of plasma p-tau<\/em><\/strong><em>. Peripheral factors may also come into play in increased plasma p-tau levels, and unexpectedly high plasma p-tau values can also be observed in a single timepoint in healthy individuals followed over several weeks <\/em><em>and in N-terminal assay designs. <\/em><strong><em>Other more brain-specific tau biomarkers such as brain-derived tau (BD-tau)<\/em><\/strong><em> <\/em><em>or assays that are more reflective of tau pathology <\/em><strong><em>may provide further information in this context<\/em><\/strong><em>.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>The text suggested combining tests for p-tau217 and brain-derived tau provided a more accurate assessment of the patient\u2019s AD status.<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[BRAIN February 2025] \u201c<strong><em>If blood-based biomarkers are to live up to their promise of being a more equitable form of screening for Alzheimer\u2019s disease, then prioritising mass spectrometry-based assays might not necessarily be the right call.<\/em><\/strong><em> The reality is that such assays require expensive instruments and highly trained personnel and can achieve only a relatively low throughput. These assays might not therefore be the weapon of change this biomarker revolution requires.<\/em><\/p>\n<p><strong><em>Immunoassays offer a cheaper and more scalable alternative to mass spectrometry.<\/em><\/strong><em> The MSD and SIMOA platforms have been used extensively in Alzheimer\u2019s disease research due to their lower costs and high sample processing capacity. <\/em><strong><em>While not (yet) as widespread, one of the newest kids on the block\u2014the NULISA platform\u2014has shown great promise with its fully automated pipeline, ability to analyse multiple biomarkers at the same time, high sensitivity (attomolar) and low aliquot volume needed for analysis.<\/em><\/strong>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>The research included a simple decision tree that highlighted Alamar\u2019s NULISA platform and its p-tau217 assay as the most suitable for high-volume, lower-cost testing:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-6abc8b0e\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1383\" class=\"gb-image gb-image-6abc8b0e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-scaled.jpeg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-scaled.jpeg 2560w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-300x162.jpeg 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-1024x553.jpeg 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-768x415.jpeg 768w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-1536x830.jpeg 1536w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pubmed-ptau217-decision-tree-2048x1106.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Not many p-tau217 tests have actually been approved for clinical diagnostic usage.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I speculate BVXP\u2019s only commercial involvement with p-tau217 could be through the aforementioned N-terminal tau \u2018detector\u2019 antibody, which could be paired with a third-party p-tau217 antibody:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-618d42d1\"><img loading=\"lazy\" decoding=\"async\" width=\"1240\" height=\"700\" class=\"gb-image gb-image-618d42d1\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01.png 1240w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-1024x578.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD01-768x434.png 768w\" sizes=\"auto, (max-width: 1240px) 100vw, 1240px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 said the N-terminal tau \u2018detector\u2019 antibody had moved into \u201c<em>full-scale manufacturer<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>Three of the Tau antibodies that Bioventix has created have already moved into full-scale manufacture<\/em><\/strong><em>. Two of these are aimed at brain-derived Tau for neurodegeneration testing and <\/em><strong><em>the other is a detector antibody that can pair with Bioventix or other specific antibodies (i.e. p-tau217)<\/em><\/strong><em> as part of customer test designs.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>\u201c<em>Full-scale manufacture<\/em>\u201d implies BVXP\u2019s \u2018detector\u2019 antibody will be produced in significant volumes\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>..and I speculate significant volumes are likely to mean a tie-up with a popular p-tau217 test.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I maintain BVXP has gained a scientific edge with p-tau212 and Down Syndrome, a condition that eventually develops AD.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Searching for p-tau212 on the <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/?term=tau212&amp;sort=date\" target=\"_blank\" rel=\"noreferrer noopener\">PubMed database<\/a> still reveals only two scientific papers \u2014 both of which were co-authored by BVXP and employed BVXP-developed antibodies:\n<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-14369fdb gb-headline-text\" id=\"alzheimers-rnd-tau-tangles\"><strong>Alzheimer\u2019s R&amp;D: tau tangles<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s present R&amp;D position within the tau-tangle (T) part of the ATN framework is hard to determine.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 said a \u201c<em>growing panel<\/em>\u201d of antibodies had been created to mimic the tau-tangle results of Tau PET scans:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>In addition to those Tau antibodies already created and in manufacture described above, <\/em><strong><em>we have a growing panel of new Tau antibodies aimed at assays that could correlate with the results of Tau PET brain scans<\/em><\/strong><em>. Such assays are recognised by our customers as having value in the future as the scope of neurological blood testing expands. As with previous antibodies, the validation of our new antibodies will be carried out at the University of Gothenburg.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 also revealed \u201c<em>early<\/em>\u201d tau-tangle antibodies had now been supplied to customers:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-df40d163\"><img loading=\"lazy\" decoding=\"async\" width=\"1240\" height=\"700\" class=\"gb-image gb-image-df40d163\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD02.png 1240w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD02-300x169.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD02-1024x578.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-AD02-768x434.png 768w\" sizes=\"auto, (max-width: 1240px) 100vw, 1240px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 appeared to show progress versus earlier tau-tangle commentary. Management remarks during a <a href=\"https:\/\/www.youtube-nocookie.com\/embed\/DQN9qOW-b2w\" target=\"_blank\" rel=\"noreferrer noopener\">ShareSoc seminar last year<\/a> for example were quite vague on the company\u2019s tau-tangle R&amp;D:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[BVXP seminar November 2024] \u201c<strong><em>We haven\u2019t quite worked out with our esteemed friends in Gothenburg exactly if any of the targets that we\u2019re going for in this MTBR [microtubule-binding region] are of use<\/em><\/strong><em>. And that\u2019s going to be ongoing. I can see us working on Tau well into next year, probably towards the end of next year<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13555\">2024 AGM<\/a> were similarly vague. Attendees were told \u201c<em>no one\u2019s quite sure what will work out<\/em>\u201d and the first news would come from UGOT, possibly during 2025.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>News of sorts from UGOT has emerged this year about tau-tangles and MTBR epitopes. <a href=\"https:\/\/www.alzforum.org\/news\/conference-coverage\/microtuble-binding-region-next-marker-immunoassay-platforms\" target=\"_blank\" rel=\"noreferrer noopener\">Alzforum reports<\/a>: <\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzforum August 2025] \u201c<em>Clinics may soon be able to detect these MTBR fragments on commercial immunoassay platforms. At AAIC in Toronto last month, <\/em><strong><em>scientists led by Kaj Blennowat the University of Gothenburg, M\u00f6lndal, Sweden, introduced two new immunoassays for MTBR, dubbed MTBR1 and MTBR-p262.<\/em><\/strong><em> The latter only binds to fragments containing a phospho group on amino acid 262.<\/em><\/p>\n<p><em>Both assays detect fragments containing an epitope in the first microtubule-binding repeat. Both seem to track with tau pathology.<\/em><strong><em> For now, the assays work well for cerebrospinal fluid<\/em><\/strong><em>. Blennow told Alzforum he hopes to get them working in plasma, adding that several companies are interested in developing them commercially<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>The Alzforum article also referred to BVXP:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzforum August 2025] \u201c<em>To this end, Fernando Gonzalez-Ortiz in Blennow\u2019s lab <\/em><strong><em>collaborated with scientists at Bioventix<\/em><\/strong><em>. <\/em><strong><em>This biotech company in Farnham, England, specialises in generating sheep antibodies for diagnostics<\/em><\/strong><em>. Companies then license its antibodies to create assays on their respective diagnostic platforms. Besides having generated an antibody that recognises isoforms of tau only made in the brain, <\/em><strong><em>Bioventix generated antibodies that cover many regions of tau, including those that span the MTBR<\/em><\/strong><em>.<\/em>\u201c<\/p>\n<figure class=\"gb-block-image gb-block-image-8a8b26a1\"><img loading=\"lazy\" decoding=\"async\" width=\"627\" height=\"292\" class=\"gb-image gb-image-8a8b26a1\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alzforum-MTBR-Markers.jpg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alzforum-MTBR-Markers.jpg 627w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-alzforum-MTBR-Markers-300x140.jpg 300w\" sizes=\"auto, (max-width: 627px) 100vw, 627px\"\/><figcaption class=\"gb-headline gb-headline-50869685 gb-headline-text\"><em><sub>(Source: UGOT via Alzforum)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>For now at least, UGOT\/BVXP\u2019s MTBR tau-tangle prototypes work using only spinal fluid rather than blood. The MTBR1 assay also detects Creutzfeldt-Jacob disease, which may indicate that test is best suited for identifying neurodegeneration rather than tau tangles.\u00a0 The MTBR-p262 assay meanwhile requires further studies to determine its tau-tangle qualities.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Alzforum article compares UGOT\/BVXP\u2019s tau-tangle work to that of eMTBR-tau243 developed by Washington University in St Louis.<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[Alzforum August 2025] \u201c<em>Previous work from Kanta Horie and colleagues at Washington University, St. Louis,<\/em><strong><em> indicated that MTBR-243 in the CSF, and eMTBR-tau243, a fragment of the MTBR region that can be detected in plasma, are better markers for tangles<\/em><\/strong><em> than any of the various phospho-tau fragments, which begin to climb in blood before tau PET scans turn positive. In Toronto, <\/em><strong><em>these scientists reported that eMTBR-243 specifically recognises tangles<\/em><\/strong><em> containing a mixture of three-repeat and four-repeat tau isoforms, such as those found in AD and chronic traumatic encephalopathy.\u201d<\/em><\/p>\n<p class=\"has-global-color-8-background-color has-background\">[Nature March 2025] \u201c<strong><em>We developed a new blood biomarker, plasma eMTBR-tau243, that is more strongly associated with, and more specific to, the tau tangle pathology of AD<\/em><\/strong><em> than other established AD plasma biomarkers including %p-tau217. Furthermore, plasma eMTBR-tau243 had a significantly stronger correlation with brain atrophy and cognitive measures than %p-tau217 and %p-tau205, which indicates its potential utility for stage of clinical diagnosis and clinical trials. For example, <\/em><strong><em>plasma eMTBR-tau243 could potentially serve as an alternative to tau-PET for monitoring tau pathology in clinical trials <\/em><\/strong><em>and could improve diagnostic and prognostic accuracy in clinical practice.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Further work on eMTBR-tau243 is still required. Downsides to the MTBR-tau243 assay include the requirement for a \u201c<em>relatively large volume of plasma (1.5\u2009ml)<\/em>\u201d and its development using mass spectrometry that could limit high-volume testing.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Searching for MTBR-tau on the <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/?term=mtbr-tau&amp;sort=date\" target=\"_blank\" rel=\"noreferrer noopener\">PubMed database<\/a> reveals no major tau-tangle progress with MTBR-tau other than eMTBR-tau243.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-9fbf0378 gb-headline-text\" id=\"other-rnd\"><strong>Other R&amp;D<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>The commercial potential of BVXP\u2019s other R&amp;D efforts appear increasingly immaterial versus the AD work.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note the comparable H1\u2019s pipeline grid that outlined the company\u2019s research projects and their chances of success\u2026<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-431e5bdd\"><img decoding=\"async\" class=\"gb-image gb-image-431e5bdd\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-H1-2024-slides07-FY-2024.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026was absent for the preceding FY and did not return for this H1.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s other R&amp;D efforts consist of:\n<ul class=\"wp-block-list\">\n<li>An investment in Norwegian blood-test research firm <a href=\"https:\/\/pre-diagnostics.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Pre-Diagnostics<\/strong><\/a>;<\/li>\n<li>Three industrial-biomonitoring projects, and;<\/li>\n<li>A water-quality project:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-4787dcaa\"><img loading=\"lazy\" decoding=\"async\" width=\"1240\" height=\"620\" class=\"gb-image gb-image-4787dcaa\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-pipeline.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-pipeline.png 1240w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-pipeline-300x150.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-pipeline-1024x512.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-pipeline-768x384.png 768w\" sizes=\"auto, (max-width: 1240px) 100vw, 1240px\"\/><\/figure>\n<p class=\"has-global-color-8-background-color has-background\">[Pre-Diagnostics June 2025]<br \/>\u2022 <em>ARIA data to be presented for industrial partners (2025)<\/em><br \/><em>\u2022 Proof-of-concept for saliva as screening test AD (2026)<\/em><br \/><em>\u2022 Optimisation AD-tests (EU-project tech part) (2025\/26)<\/em><br \/><em>\u2022 Parkinson test proof-of-concept (2025)<\/em><br \/><em>\u2022 Commercial service lab (fluid samples, dementia) (2025)<\/em><br \/><em>\u2022 Clinical validation in EU project (FluiDx-AD) (2026\/27)<\/em><br \/><em>\u2022 <\/em><strong><em>Partnering\/license agreement, ARIA test (2026\/27)<\/em><\/strong><em>\u201c<\/em><\/p>\n<p class=\"has-global-color-8-background-color has-background\">[Pre-Diagnostics August 2023] \u201c<em>In 2022 Pre Diagnostics was selected as a client by a top-tier global financial services firm, highly specialised in Diagnostics and Device. <\/em><strong><em>The management team is aiming at a licensing agreement by 2025, which also could create a basis for stock-listing or trade sale of shares<\/em><\/strong><em>.\u201d\u00a0<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Pre-Diagnostics won an \u20ac8m EU grant last year to work on FluiDx-AD \u2014 a trio of research projects that includes testing for early AD through saliva:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-20f5d07a\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"580\" class=\"gb-image gb-image-20f5d07a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide01.png 1200w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide01-300x145.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide01-1024x495.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide01-768x371.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The same presentation confirmed BVXP is a 5.1% Pre-Diagnostics shareholder:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-cf0b9e64\"><img loading=\"lazy\" decoding=\"async\" width=\"1210\" height=\"630\" class=\"gb-image gb-image-cf0b9e64\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide02.png 1210w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide02-300x156.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide02-1024x533.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-pre-diagnostics-slide02-768x400.png 768w\" sizes=\"auto, (max-width: 1210px) 100vw, 1210px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 showed BVXP\u2019s Pre-Diagnostics investment still valued at its \u00a3427k cost. I don\u2019t know whether Pre-Diagnostics has raised further equity following BVXP\u2019s investment.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>FY 2019 first disclosed the company\u2019s industrial-biomonitoring R&amp;D:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-7e9c3bc8\"><img decoding=\"async\" class=\"gb-image gb-image-7e9c3bc8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-H1-2024-FY-2019-slides01-biomonitoring.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>FY 2021 then outlined the kit required for an industrial-biomonitoring test:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-504b70b3\"><img decoding=\"async\" class=\"gb-image gb-image-504b70b3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/BVXP-H1-2024-FY-2021-slides-slide11-pyrene.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 confirmed the first biomonitoring project was still to conduct a firefighter trial after seemingly attracting no commercial interest from industrial employers:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>We are pleased with the continued development of our industrial pollution exposure assays. <\/em><strong><em>We are planning a field trial with firefighters using our prototype lateral flow test for pyrene, previously trialled in industrial workers\u2019 urine.<\/em><\/strong><em>\u201c<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The second and third biomonitoring projects remain in a development phase:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\"><em>\u201c<\/em><strong><em>Antibody developments <\/em><\/strong><strong><em>are in progress <\/em><\/strong><strong><em>for two additional industrial pollutant<\/em><\/strong><em>s, benzene (associated with the petrochemical industry) and isocyanates (used in the plastics and paints industry). We plan to continue our internal and external investment in these areas. <\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Whether any of the three biomonitoring tests \u2014 for pyrene, benzene and isocyanates \u2014 ever become commercial remains to be seen.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>For perspective, BVXP\u2019s AD work commenced <em><span style=\"text-decoration: underline;\">after<\/span><\/em> the start of the biomonitoring work, yet earned revenue of \u00a3155k during the preceding FY.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY announced a new water-quality project that will \u201c<em>harness [BVXP\u2019s] experience with \u2018sandwich\u2019 antibodies, lateral-flow systems, together with phone-app technology, to facilitate rapid riverside tests<\/em>\u201d:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5fd6ab12\"><img decoding=\"async\" class=\"gb-image gb-image-5fd6ab12\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-slides-water.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 revealed water-quality field trials could occur during the second half of 2025:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\"><em>\u201cThe water quality project mentioned in [\u2026] November 2024 continues to progress. This project is based on the riverbank measurement of both caffeine and paracetamol, either individually or in combination, as markers of human-derived by-products in \u201cfresh water\u201d. <\/em><strong><em>Laboratory based tests and lateral ow devices are in development and we anticipate that field trials will be possible during the second half of 2025<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Note the preceding FY admitted the biomonitoring and water-quality projects incurred external expenditure of approximately \u00a3200k:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024]<em> \u201c<\/em><strong><em>The industrial biomonitoring and water pollution projects have required significant external expenditure during the year of approximately \u00a3200k.<\/em><\/strong><em>\u00a0 As we develop the projects, we expect this expenditure to continue and grow modestly into the future.\u00a0 Using our cash resources to support the steady internal organic growth of our business has been a consistent feature of our strategy.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>For perspective, approximately \u00a3200k was equivalent to more than 20% of the preceding FY\u2019s cost of sales of \u00a3927k.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>An unfavourable theme of BVXP\u2019s biomonitoring and water-quality projects is that no in-house blood-test work is involved.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Such in-house blood-test R&amp;D led to vitamin D transforming the company\u2019s progress ten years ago\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026and perhaps will lead to the aforementioned AD antibodies transforming the company\u2019s progress during the next ten years.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Management comments during a <a href=\"https:\/\/www.youtube-nocookie.com\/embed\/ayvgNy5XLL0\" target=\"_blank\" rel=\"noreferrer noopener\">ShareSoc seminar last year<\/a> included some rather alarming references to the relative competitiveness of BVXP\u2019s research technology: \u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[BVXP seminar March 2024] \u201c<em>Reverse engineering is increasingly easy. But also, while we have been around for 20 years, <\/em><strong><em>antibody technology has raced ahead<\/em><\/strong><em>.\u00a0<\/em><\/p>\n<p><strong><em>Twenty years ago, I think our technology was quite special, but I think that\u2019s less so now.<\/em><\/strong><\/p>\n<p><strong><em>There is a lot more antibody technology competition full stop<\/em><\/strong><em>. I think the ability of people not just to copy our antibodies, but to make ones better than our older antibodies, is much more the reality of being in 2024.\u00a0<\/em><\/p>\n<p><em>What protects our historic business is that it\u2019s still a bit of an annoyance, or more than that, for someone to change an antibody, even if it\u2019s a bit better\u2026 Because this [industry] is regulated, switching antibodies is something that people would reluctantly do.<\/em><\/p>\n<p><em>So I think our historic business is quite well protected through this immense inertia of continual use.<\/em><\/p>\n<p><strong><em>For the future and new projects like Tau and Alzheimer\u2019s, that\u2019s a bit more of a blank sheet of paper. And we\u2019re going into bat making antibodies for Tau against people with 2024 technology. And we\u2019re still a little bit 1980s.\u00a0<\/em><\/strong><\/p>\n<p><em>But we do things to improve and compete as best we can. <\/em><strong><em>Competition is an issue, particularly for new projects.\u201d<\/em><\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>I speculate the absence of in-house blood-test R&amp;D beyond AD may be due to the company utilising antiquated antibody technology.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>That earlier pipeline grid from FY 2019 still provides a sobering view on BVXP\u2019s R&amp;D:\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-57bc8357\"><img decoding=\"async\" class=\"gb-image gb-image-57bc8357\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2019-pipeline-grid.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Six years on, and nothing on that grid (including the biotin \u2018blockers\u2019) has since become an obvious money-spinner.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-87fb7130 gb-headline-text\" id=\"financials-margin-employees\"><strong>Financials: margin and employees<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Revenue earned from regular worldwide blood tests using antibodies developed by <a href=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-results-employees.png\" target=\"_blank\" rel=\"noreferrer noopener\">only 17 employees<\/a> continues to translate into some wonderful accounts.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Despite the aforementioned greater cost of sales, this H1 still enjoyed a terrific 73% operating margin:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-23c6f394\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-23c6f394\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart06.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart06.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart06-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Administrative expenses advanced at a slightly faster pace than revenue (3% versus 1%):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-60633f8f\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"580\" class=\"gb-image gb-image-60633f8f\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-admin-expenses.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-admin-expenses.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-admin-expenses-300x161.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-admin-expenses-1024x550.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-admin-expenses-768x412.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s largest cost continues to be its workforce, which typically represents approximately 50% of total expenses. H1 administration expenses up 3% therefore reflects the muted FY 2025 salary increases reported by the preceding FY: \u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>In June 2024 the Remuneration Committee <\/em><strong><em>recommended in inflationary increases of up to 5% for the Company\u2019s employees<\/em><\/strong><em>, including the directors; these increases were implemented on 1 July 2024.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Note that the preceding FY witnessed employee salaries advance a hefty 15% versus revenue gaining only 6%:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-257dca93\"><img decoding=\"async\" class=\"gb-image gb-image-257dca93\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-results-employees.png\" alt=\"\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I continue to wonder whether the 17 emploees will ever demand much greater salaries to reflect the significant economic value they have created for shareholders.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Indeed, the huge \u00a3700k-plus gap between revenue per employee and cost per employee offers substantial headroom for higher pay:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-eaff4192\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-eaff4192\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart12.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart12.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart12-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note that BVXP\u2019s per-employee ratios are not entirely accurate because not every BVXP employee works full time:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>We are very supportive of new parents and their desire to continue to work in our business and <\/em><strong><em>we have four employees who work on a part-time basis<\/em><\/strong><em> having returned to Bioventix after parental leave. In addition, <\/em><strong><em>for those long-serving employees who wish to address their work\u2013life balance <\/em><\/strong><em>and seek to reduce their time commitment to work,<\/em><strong><em> we have made adjustments to help them transition to a less than full-time role<\/em><\/strong><em> whilst still retaining valuable experience, knowledge and skill in the business.<\/em>\u201c<\/p>\n<figure class=\"gb-block-image gb-block-image-988d4603\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-988d4603\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart13.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart13.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart13-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s employees seem very content. The preceding FY disclosed extended average tenures:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Bioventix plc was established in 2003 and several of our team have been with the business for all 21 years of our existence. Across the Company <\/em><strong><em>the average length of service at 30 September 2024 was 11 years 11 months<\/em><\/strong><em>, an increase of 12 months since 30 September 2023. <\/em><strong><em>Our scientists have all been with the business for more than 5 years<\/em><\/strong><em> and our overall retention rate has been unchanged at 100% in each of the last 3 years.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>A significant proportion of employee costs are classified as R&amp;D, which is (commendably) all expensed as incurred and (presumably) generates only AD-related revenue at present.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP discloses its R&amp;D expenditure within only its FY results. At the last count the R&amp;D amounted to approximately \u00a31m per annum:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-394c8e9a\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-394c8e9a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart08.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart08.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/03\/BVXP-FY-2024-spreadsheet-chart08-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-f90adfab gb-headline-text\" id=\"financials-balance-sheet-cash-flow\"><strong>Financials: balance sheet and cash flow<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Every year between FYs 2017 and 2023, BVXP stated a desire to maintain a \u00a35m cash balance:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2023] \u201c<strong><em>Our view continues to be that maintaining a cash balance of approximately \u00a35 million<\/em><\/strong><em> is sufficient to facilitate operational and strategic agility both with respect to possible corporate or technological opportunities that might arise in the foreseeable future.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY did not include that text, and its deliberate removal seems with hindsight a forewarning of cash perhaps declining below \u00a35m as external R&amp;D becomes supported by \u201c<em>drawing on some cash reserves<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Costs: <\/em><strong><em>increased investment in external R&amp;D<\/em><\/strong><em> (Tau, industrial pollution, water quality) <\/em><strong><em>drawing on some cash reserves<\/em><\/strong><em> are included in cost of sales reducing headline margin.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Although cash finished this H1 in excess of \u00a35m at \u00a35.1m, I suspect the aforementioned forecast FY 2025 dividend cover declining below 1x \u2014 which implies further cash reserves being drawn upon for external R&amp;D \u2014 could easily leave FY 2025 cash below \u00a35m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Mind you, this H1\u2019s broker forecasts indicate FY 2025 cash at \u00a35.2m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d0adeb74\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"470\" class=\"gb-image gb-image-d0adeb74\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts03.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts03-300x132.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts03-1024x450.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts03-768x337.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>At least this H1\u2019s \u00a35.1m cash position is not troubled by significant liabilities; the balance sheet carries no bank debt and no pension complications.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The aforementioned \u00a319k H1 capex compares to H1 depreciation of \u00a354k, and both figures were tiny versus H1 earnings of \u00a33.8m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-3ac2c1ed\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"900\" class=\"gb-image gb-image-3ac2c1ed\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cash-flow.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cash-flow.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cash-flow-300x250.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cash-flow-1024x853.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-cash-flow-768x640.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note the taxation charge within the income statement was \u00a31,274k but was reported (possibly incorrectly) as \u00a31,125k within the cash flow statement.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The various cash movements allowed earnings of \u00a33.8m to convert into free cash of \u00a33.7m, which was not enough to fund the preceding FY\u2019s H2 dividend of \u00a34.5m\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026which explained why the cash position reduced from \u00a36.0m from the preceding FY to \u00a35.1m for this H1.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP has reported net cash of at least \u00a35m since FY 2016:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d4f7f5c4\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-d4f7f5c4\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart07.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart07.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart07-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>H1 cash of \u00a35.1m is equivalent to 38% of trailing twelve-month revenue, which is reassuringly high compared to most quoted companies but relatively low for BVXP.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Bank interest earned during this H1 came to \u00a3107k, implying a useful c3.9% interest rate on the average \u00a35.6m H1 cash balance:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-9e50f68e\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"350\" class=\"gb-image gb-image-9e50f68e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-interest.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-interest.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-interest-300x97.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-interest-1024x332.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-interest-768x249.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s balance sheet still implies the business remains an inherently capital-light operation.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Net assets of \u00a311.3m less cash of \u00a35.1m leaves \u00a36.1m, represented by debtors (\u00a36.4m), stock (\u00a30.6m), tangible assets (\u00a30.4m) (which include a company car for visiting the sheep (<a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13556\" target=\"_blank\" rel=\"noreferrer noopener\">point 6a<\/a>)), the Pre-Diagnostics investment (\u00a30.4m) and creditors (\u00a31.7m):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-e1272b9b\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"900\" class=\"gb-image gb-image-e1272b9b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-balance-sheet.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-balance-sheet.png 1080w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-balance-sheet-300x250.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-balance-sheet-1024x853.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-results-balance-sheet-768x640.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Debtors mostly reflect \u2018accrued income\u2019, which in BVXP\u2019s case are royalties recognised as revenue but have not been invoiced to the customer at the balance-sheet date. By the time BVXP publishes its accounts to shareholders, the royalties will have been paid and the accrued income already converted into cash in the bank.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The \u00a36.1m of aggregate debtors, stock, tangible assets, investments and creditors compares to trailing twelve-month earnings of \u00a37.8m, and confirms BVXP can operate very profitably without retaining significant capital within the business.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Since FY 2015, BVXP has in fact declared aggregate earnings of \u00a312.44 per share, of which \u00a312.35 were distributed as ordinary or special dividends and the remaining 9p per share retained within the business:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1f7545a6\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1f7545a6\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart08.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart08.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart08-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-81f50205 gb-headline-text\" id=\"boardroom\"><strong>Boardroom<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Chief executive Peter Harrison established BVXP during 2003 after leading a management buyout of <strong>KS Biomedix<\/strong> and its sheep monoclonal antibody technology:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5276ac15\"><img loading=\"lazy\" decoding=\"async\" width=\"1230\" height=\"610\" class=\"gb-image gb-image-5276ac15\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-directors.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-directors.png 1230w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-directors-300x149.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-directors-1024x508.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-directors-768x381.png 768w\" sizes=\"auto, (max-width: 1230px) 100vw, 1230px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP went public during 2010 at 200p per share and \u00a310m market cap, at which point Mr Harrison owned a 20%\/\u00a32m shareholding. Various disposals have since left Mr Harrison with a 6%\/\u00a37m stake:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-84a70f76\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1040\" height=\"350\" class=\"gb-image gb-image-84a70f76\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-sharescope-dd.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-sharescope-dd.png 1040w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-sharescope-dd-300x101.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-sharescope-dd-1024x345.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-sharescope-dd-768x258.png 768w\" sizes=\"auto, (max-width: 1040px) 100vw, 1040px\"\/><\/a><figcaption class=\"gb-headline gb-headline-af376d70 gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s long-term, upward dividend record \u2014 that includes seven specials \u2014 suggests Mr Harrison is \u2018owner orientated\u2019:\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d9ea7437\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-d9ea7437\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart09.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart09.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-spreadsheet-chart09-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>With BVXP employing only 17 people, I get the impression Mr Harrison is very much a hands-on leader. The preceding FY in fact stated:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Bioventix has a very flat management structure. <\/em><strong><em>Interaction between the Executive Directors and staff is a daily event<\/em><\/strong><em> and very much part of the culture of the Company.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>I have attended two BVXP AGMs, during which Mr Harrison has encouragingly reiterated he is \u201c<em>a scientist<\/em>\u201d and \u201c<em>not an accountant<\/em>\u201c. I recall Mr Harrison saying after one AGM that he was \u201c<em>returning to the lab to check on some new data\u201d.<\/em><\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Mr Harrison is accompanied on the board by two non-executives (<a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13556\">point 7<\/a>).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s non-exec chairman has served in his current role for more than 20 years, which is way beyond the \u2018best practice\u2019 of nine years. But BVXP\u2019s long-term progress does not seem to have been too hindered by what corporate-governance sticklers may view as a \u2018cosy\u2019 board.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>BVXP\u2019s other non-exec was appointed during 2023 and appears very qualified on AD matters:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Jo was appointed as a Non-Executive Director of Bioventix in May 2023. She is a Chartered Engineer with a distinguished background in the Pharmaceutical, Life Sciences and Biotech sectors\u2026 <\/em><strong><em>Jo is a passionate supporter of critical public health issues, such as tackling dementia<\/em><\/strong><em>, rare diseases and anti-microbial resistance\u2026 <\/em><strong><em>Jo also serves on the boards of the UK Dementia Research Institute<\/em><\/strong><em>, LifeArc, The RSA Group, London and Partners and Beacon.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY implied a third non-exec would be invited to join the board this year:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] <em>\u201cThe Committee met twice during the year to consider the composition of the Board and, following Nick McCooke\u2019s decision to retire from the Board at the end of the year, to review and initiate the process to appoint an additional Non-Executive Director to the Board.<\/em><\/p>\n<p><strong><em>The Committee has met with a range of suitable candidates and believes it will be in a position to invite one of them to join the Board from 1 January 2025<\/em><\/strong><em>.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The third non-exec has yet to be appointed, which feels disappointing in light of the \u201c<em>range of suitable candidates<\/em>\u201d previously identified.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Given the preceding FY reported earnings of \u00a38m, I do not have any real quibbles with board pay:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-8bf26224\"><img loading=\"lazy\" decoding=\"async\" width=\"1093\" height=\"578\" class=\"gb-image gb-image-8bf26224\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AR-2024-snaptshot01-H1-2025.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AR-2024-snaptshot01-H1-2025.png 1093w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AR-2024-snaptshot01-H1-2025-300x159.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AR-2024-snaptshot01-H1-2025-1024x542.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-AR-2024-snaptshot01-H1-2025-768x406.png 768w\" sizes=\"auto, (max-width: 1093px) 100vw, 1093px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I note Mr Harrison\u2019s pension remuneration represents more than half of BVXP\u2019s entire \u00a392k employee pension payment (<a href=\"https:\/\/maynardpaton.com\/2025\/03\/04\/bioventix-155k-rd-revenue-and-commencement-of-large-scale-production-signals-increasing-alzheimers-success-after-troponin-error-creates-below-expectations-fy-2024-and-leaves-dividend-yield\/#comment-13556\">point 17<\/a>).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Total options granted are equivalent to an acceptable 1.5% of the share count, and all the remaining board options are priced at \u00a338.50 and seem unlikely to be exercised anytime soon with the shares at \u00a324.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Mr Harrison is 66 years old and I trust he would first want to complete the AD R&amp;D before contemplating retirement. However, I am pretty sure royalties from the company\u2019s commercial antibodies would still roll in should Mr Harrison suddenly decide to call it a day.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-ecbc8f84 gb-headline-text\" id=\"valuation\"><strong>Valuation<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>This H1 supplied a positive outlook for the AD research:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Increased sales of Tau antibodies for Alzheimer\u2019s disease have been a highlight and <\/em><strong><em>we continue to remain excited about the future for these antibodies<\/em><\/strong><em> as the scientific output of our collaboration with University of Gothenburg <\/em><strong><em>increasingly translates into commercial success<\/em><\/strong><em>.\u201d\u00a0<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 also indicated a \u201c<em>return to growth<\/em>\u201d for FY 2026:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>We also remain excited about the antibodies we have developed with potential applications outside of our core business and <\/em><strong><em>anticipate a return to growth in 2026 and beyond as troponin and Tau revenues become more significant<\/em><\/strong><em>.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>While expecting troponin and AD revenues to \u201c<em>become more significant<\/em>\u201d is very welcome, the wording does imply revenue from vitamin D and the other antibodies will remain flat.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1\u2019s broker forecasts indicated possible FY 2025 earnings of 151p per share:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-41e43b23\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"470\" class=\"gb-image gb-image-41e43b23\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts02.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts02-300x132.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts02-1024x450.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/10\/BVXP-H1-2025-slides-forecasts02-768x337.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The \u00a324 share price therefore trades at a possible 16x P\/E, which is the lowest multiple since 2016:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The market presumably reckons:\n<ul class=\"wp-block-list\">\n<li>Troponin revenue from the secondary application will not be significant;<\/li>\n<li>A commercial launch of any BVXP AD antibody will be some years away, and;<\/li>\n<li>Revenue from vitamin D and all the other antibodies will collectively stagnate.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The \u00a324 shares currently trade at a level first achieved during 2017:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I continue to assess BVXP\u2019s valuation through a sum-of-the-parts calculation, with the three parts being:\n<ul class=\"wp-block-list\">\n<li>Troponin;<\/li>\n<li>Vitamin D and the other core antibodies, and;<\/li>\n<li>The R&amp;D.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Due to licensing agreements, the bulk (if not all) of the troponin revenue will cease during mid-2032.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY showed troponin revenue of \u00a31.5m, which if repeated until mid-2032 would lead to aggregate troponin earnings of \u00a37m assuming no associated costs except standard 25% UK tax.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The table below derives possible earnings from BVXP\u2019s vitamin D and other core antibodies by:\n<ul class=\"wp-block-list\">\n<li>Estimating calendar-year 2024 revenue without the (assumed \u00a31.5m) troponin income;<\/li>\n<li>Then subtracting all cost of sales and administration expenses;<\/li>\n<li>Then adding back (estimated) R&amp;D costs, and;<\/li>\n<li>Then subtracting 25% standard UK tax:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"gb-container gb-container-238a7f06\">\n<table id=\"tablepress-1013\" class=\"tablepress tablepress-id-1013\">\n<tbody>\n<tr class=\"row-1\">\n<td class=\"column-1\"><strong>Estimated CY 2024 for vitamin D and other antibodies<\/strong><\/td>\n<td class=\"column-2\"><strong>(\u00a3k)<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n<td class=\"column-1\">Revenue <\/td>\n<td class=\"column-2\">13,664<\/td>\n<\/tr>\n<tr class=\"row-3\">\n<td class=\"column-1\">Less troponin revenue<\/td>\n<td class=\"column-2\">(1,450)<\/td>\n<\/tr>\n<tr class=\"row-4\">\n<td class=\"column-1\">Less cost of sales<\/td>\n<td class=\"column-2\">(1,237)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n<td class=\"column-1\">Less admin expenses<\/td>\n<td class=\"column-2\">(2,030)<\/td>\n<\/tr>\n<tr class=\"row-6\">\n<td class=\"column-1\">Add back R&amp;D expense<\/td>\n<td class=\"column-2\">1,254<\/td>\n<\/tr>\n<tr class=\"row-7\">\n<td class=\"column-1\">Operating profit<\/td>\n<td class=\"column-2\">10,200<\/td>\n<\/tr>\n<tr class=\"row-8\">\n<td class=\"column-1\">Less tax at 25%<\/td>\n<td class=\"column-2\">(2,550)<\/td>\n<\/tr>\n<tr class=\"row-9\">\n<td class=\"column-1\">Earnings<\/td>\n<td class=\"column-2\">7,650<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1013 from cache -->\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Assume the R&amp;D work has a value of zero, and my implied valuation of vitamin D and the other core antibodies is the current \u00a3125m market cap less \u00a37m for troponin = \u00a3118m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u00a3118m versus my \u00a37.7m earnings estimate for vitamin D and the other core antibodies leads to a 15x multiple, which does not seem completely outrageous given BVXP\u2019s antibodies enjoy:\n<ul class=\"wp-block-list\">\n<li>A competitive \u2018moat\u2019, due in part to the time\/cost\/upheaval of replacing established antibodies with upgraded versions;<\/li>\n<li>Recurring royalty income that can run into decades, and;<\/li>\n<li>Minimal overheads leading to superb margins and cash generation.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In contrast, assuming an R&amp;D value of zero might be very pessimistic given:\n<ul class=\"wp-block-list\">\n<li>The AD research has already created some revenue, and;<\/li>\n<li>The \u201c<em>large-scale production for commercial supply<\/em>\u201d of three AD antibodies\u2026 <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026all of which has favourable implications for future AD success given the similarities with the early vitamin D sales.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I continue to speculate a commercially popular AD antibody in a \u201c<em>new blockbuster era<\/em>\u201d for neurology diagnostics could become extremely valuable\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026and I would not be surprised to see BVXP\u2019s brain-derived tau \u2014 assuming of course it proves popular with IVD customers \u2014 one day earning revenue far exceeding the \u00a36m currently received from vitamin D.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>While further AD progress is keenly awaited, the predicted 155p per share annual dividend for FY 2025 supports a 6%-plus income for the very first time:\u00a0<\/li>\n<\/ul>\n<p><strong>Maynard Paton<\/strong><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP\u2019s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent. 26 October 2025By Maynard Paton H1 2025 results summary for Bioventix (BVXP): A very unspectacular six [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[74559,57654,63034,57652,60186,11224,2481,3426,8605,11715,14062,31178,57651,49794,3461,166512,32296,14371,75708],"dealstore":[],"offerexpiration":[],"class_list":["post-343185","post","type-post","status-publish","format-standard","hentry","category-investing","tag-6plus","tag-alzheimers","tag-arrangements","tag-bioventix","tag-dependent","tag-due","tag-future","tag-growth","tag-leaves","tag-markets","tag-mature","tag-maynard","tag-paton","tag-promising","tag-revenue","tag-royaltysupply","tag-seemingly","tag-shares","tag-yielding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&amp;D And Associated Royalty\/Supply Arrangements - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=343185\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&amp;D And Associated Royalty\/Supply Arrangements - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP\u2019s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent. 26 October 2025By Maynard Paton H1 2025 results summary for Bioventix (BVXP): A very unspectacular six [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=343185\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-14T04:41:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"59 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=343185#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&#038;D And Associated Royalty\/Supply Arrangements\",\"datePublished\":\"2025-12-14T04:41:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185\"},\"wordCount\":11812,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185#primaryimage\"},\"thumbnailUrl\":\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\",\"keywords\":[\"6Plus\",\"Alzheimers\",\"Arrangements\",\"BIOVENTIX\",\"Dependent\",\"Due\",\"Future\",\"Growth\",\"Leaves\",\"Markets\",\"Mature\",\"Maynard\",\"Paton\",\"Promising\",\"Revenue\",\"RoyaltySupply\",\"Seemingly\",\"shares\",\"Yielding\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fivemor.com\/?p=343185#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fivemor.com\/?p=343185\",\"url\":\"https:\/\/fivemor.com\/?p=343185\",\"name\":\"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&D And Associated Royalty\/Supply Arrangements - Som2ny Network\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185#primaryimage\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185#primaryimage\"},\"thumbnailUrl\":\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\",\"datePublished\":\"2025-12-14T04:41:59+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/fivemor.com\/?p=343185#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fivemor.com\/?p=343185\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/?p=343185#primaryimage\",\"url\":\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\",\"contentUrl\":\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fivemor.com\/?p=343185#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fivemor.com\/?bp_activities=1\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&#038;D And Associated Royalty\/Supply Arrangements\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fivemor.com\/#website\",\"url\":\"https:\/\/fivemor.com\/\",\"name\":\"Som2ny Network\",\"description\":\"Daily Deals\",\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fivemor.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/fivemor.com\/#organization\",\"name\":\"Som2ny Network\",\"url\":\"https:\/\/fivemor.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png\",\"contentUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png\",\"width\":300,\"height\":86,\"caption\":\"Som2ny Network\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/fivemor.com\"],\"url\":\"https:\/\/fivemor.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&D And Associated Royalty\/Supply Arrangements - Som2ny Network","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fivemor.com\/?p=343185","og_locale":"en_US","og_type":"article","og_title":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&D And Associated Royalty\/Supply Arrangements - Som2ny Network","og_description":"Apologies! This BVXP H1 2025 review has taken somewhat longer than expected to produce. BVXP\u2019s FY 2025 results are due tomorrow (27 October) and to avoid any reader confusion in the morning, an email alert has not been sent. 26 October 2025By Maynard Paton H1 2025 results summary for Bioventix (BVXP): A very unspectacular six [&hellip;]","og_url":"https:\/\/fivemor.com\/?p=343185","og_site_name":"Som2ny Network","article_published_time":"2025-12-14T04:41:59+00:00","og_image":[{"url":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg","type":"","width":"","height":""}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"59 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fivemor.com\/?p=343185#article","isPartOf":{"@id":"https:\/\/fivemor.com\/?p=343185"},"author":{"name":"admin","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371"},"headline":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&#038;D And Associated Royalty\/Supply Arrangements","datePublished":"2025-12-14T04:41:59+00:00","mainEntityOfPage":{"@id":"https:\/\/fivemor.com\/?p=343185"},"wordCount":11812,"commentCount":0,"publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"image":{"@id":"https:\/\/fivemor.com\/?p=343185#primaryimage"},"thumbnailUrl":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg","keywords":["6Plus","Alzheimers","Arrangements","BIOVENTIX","Dependent","Due","Future","Growth","Leaves","Markets","Mature","Maynard","Paton","Promising","Revenue","RoyaltySupply","Seemingly","shares","Yielding"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fivemor.com\/?p=343185#respond"]}]},{"@type":"WebPage","@id":"https:\/\/fivemor.com\/?p=343185","url":"https:\/\/fivemor.com\/?p=343185","name":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&D And Associated Royalty\/Supply Arrangements - Som2ny Network","isPartOf":{"@id":"https:\/\/fivemor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fivemor.com\/?p=343185#primaryimage"},"image":{"@id":"https:\/\/fivemor.com\/?p=343185#primaryimage"},"thumbnailUrl":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg","datePublished":"2025-12-14T04:41:59+00:00","breadcrumb":{"@id":"https:\/\/fivemor.com\/?p=343185#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fivemor.com\/?p=343185"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/?p=343185#primaryimage","url":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg","contentUrl":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2022\/08\/BVXP-gothenburg-henrik-zetterberg.jpeg"},{"@type":"BreadcrumbList","@id":"https:\/\/fivemor.com\/?p=343185#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fivemor.com\/?bp_activities=1"},{"@type":"ListItem","position":2,"name":"Maynard Paton | BIOVENTIX: H1 2025 Revenue Up Just 1% Due To \u2018Mature\u2019 Markets Leaves \u00a324 Shares Yielding 6%-Plus And Future Growth Seemingly Dependent On Promising Alzheimer\u2019s R&#038;D And Associated Royalty\/Supply Arrangements"}]},{"@type":"WebSite","@id":"https:\/\/fivemor.com\/#website","url":"https:\/\/fivemor.com\/","name":"Som2ny Network","description":"Daily Deals","publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fivemor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/fivemor.com\/#organization","name":"Som2ny Network","url":"https:\/\/fivemor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/#\/schema\/logo\/image\/","url":"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png","contentUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png","width":300,"height":86,"caption":"Som2ny Network"},"image":{"@id":"https:\/\/fivemor.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png","caption":"admin"},"sameAs":["https:\/\/fivemor.com"],"url":"https:\/\/fivemor.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts\/343185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=343185"}],"version-history":[{"count":0,"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts\/343185\/revisions"}],"wp:attachment":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=343185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=343185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=343185"},{"taxonomy":"dealstore","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fdealstore&post=343185"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fofferexpiration&post=343185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}