SPYBIOTECH LIMITED

• ⚠

  Material uncertainty over going concern

  The directors acknowledge that: i) the requirement for additional funding to be obtained by the end of October 2026; and ii) that the Company would not have sufficient funds to repay the £7m loan notes in the unlikely event repayment was requested subsequent to July 2026 represents material uncertainties which may cast doubt over the ability of the Group and the Company to continue as a going concern for the period to 31 October 2026. However, the Directors expect to obtain additional funding and do not expect the loan notes to be recalled based on the significant interest from multiple investors and the ongoing conversations with the current investors. Therefore, the Directors have a reasonable expectation that the Group and Company will be able to continue in operation for the going concern period.

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

• Turnover

  —

  Not reported

• Cash

  -52.2%

  £12,166,160 → £5,818,092

• Net assets

  -58.1%

  £10,782,886 → £4,516,073

  lowest in 5 filed years

• Employees

  +5%

  20 → 21

  highest in 6 filed years

• Operating profit

  -16.3%

  -£6,828,870 → -£7,941,341

• Profit before tax

  -18.9%

  -£6,486,732 → -£7,714,628

• Wages

  +9.7%

  £1,654,632 → £1,814,830

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

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors acknowledge that: i) the requirement for additional funding to be obtained by the end of October 2026; and ii) that the Company would not have sufficient funds to repay the £7m loan notes in the unlikely event repayment was requested subsequent to July 2026 represents material uncertainties which may cast doubt over the ability of the Group and the Company to continue as a going concern for the period to 31 October 2026. However, the Directors expect to obtain additional funding and do not expect the loan notes to be recalled based on the significant interest from multiple investors and the ongoing conversations with the current investors. Therefore, the Directors have a reasonable expectation that the Group and Company will be able to continue in operation for the going concern period.”

Group structure

1. SPYBIOTECH LIMITED · parent
   1. Spybiotech Inc 100% · DE 19801

Significant events

• “On 4th July 2025, the Company secured an extra £7 million of funding through the issuance of convertible loan notes to existing shareholders.”

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

Filings

9

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

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