F-STAR THERAPEUTICS LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

  -59.3%

  £11,145,948 → £4,532,865

• Cash

  +1,591.1%

  £330,794 → £5,594,179

• Net assets

  +469.1%

  -£4,101,325 → £15,137,200

• Employees

  -31.4%

  35 → 24

• Operating profit

  -235.3%

  £3,984,739 → -£5,392,435

• Profit before tax

  +195.8%

  £3,538,383 → £10,465,531

• Wages

  +25.8%

  £3,370,360 → £4,241,256

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

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

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Ensors

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“For the financial year ended December 31, 2025, the Company reported an operating loss of 5.4 million GBP. Following the successful transition to a standalone entity independent of its former parent, management have conducted a rigorous assessment of the Company's liquidity and capital structure. This assessment included a comprehensive review of the 2026-2027 Budgeted Forecasts, which incorporate projected R&D expenditure, intellectual property maintenance, and anticipated milestone inflows from pharmaceutical partners. Based on these projections and the Company's current cash position, the Directors have a reasonable expectation that F-star Therapeutics Ltd has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going-concern basis in preparing the financial statements.”

Significant events

• “In April 2025, F-star Therapeutics Limited was acquired by Keystone Capital 814, LLC, a U.S based investment company.”
• “Following the acquisition, the company has severed its ties from its immediate parent company FTI (F-star Therapeutics, Inc), and is also no longer linked to invoX Pharma Limited ('invoX'), a U.K. based wholly-owned subsidiary of Sino Biopharmaceutical Limited ('Sino') (HKEK 1177 HK).”
• “In the final quarter for 2025, the F-star Board made the strategic decision to stop all in-house drug discovery, close the Cambridge facility and concentrate on managing existing relationships with pharmaceutical partners and focused business development with potential new partners.”
• “The company has terminated its office lease in December 2025.”
• “All amounts owed to parent undertaking are settled on March 25, 2025 ahead of sale of shares to Keystone Capital 814 LLC.”
• “On June 22, 2022, the company's immediate and ultimate parent FTI announced a proposed acquisition by invoX... The transaction completed on March 8, 2023... Following the acquisition by invoX, the net assets relating to F-star's clinical business were transferred to invoX. F-star's clinical operations transferred to invoX on June 1, 2023. The final phase of the clinical transfer took place on February 1, 2024.”

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

Filings

12

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

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