QUELL THERAPEUTICS LIMITED
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Cash
£58M
-3.7% lowest in 3 filed years
Net assets
£70M
-11.3% lowest in 3 filed years
Employees
150
+2.7% highest in 3 filed years
Profit before tax
-£33M
-567.5% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
Under the severe but plausible downside scenario, the Company becomes reliant on the successful receipt of a milestone payment from AstraZeneca within the going concern assessment period to have sufficient funds to meet its liabilities. Notably, neither the base case nor downside scenario projects any further fundraising during the going concern assessment period. These dependencies represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern for at least twelve months from the date of approval of the financial statements.
-
Going-concern uncertainty disclosed
Net assets
3-year trend · vs Health Care median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £9,159,923 | £43,826,699 | £25,334,465 | -42.2% | |
| Operating profit | -£40,019,645 | -£8,109,055 | -£35,200,016 | -334.1% | |
| Profit before tax | -£37,259,282 | -£4,936,564 | -£32,953,373 | -567.5% | |
| Net profit | -£33,269,738 | -£2,505,629 | -£26,653,346 | -963.7% | |
| Cash | £106,723,692 | £60,473,632 | £58,261,163 | -3.7% | |
| Total assets less current liabilities | £100,336,259 | £78,623,604 | £69,694,730 | -11.4% | |
| Net assets | £77,814,077 | £78,585,429 | £69,694,730 | -11.3% | |
| Equity | £77,814,077 | £78,585,429 | £69,694,730 | -11.3% | |
| Average employees | 138 | 146 | 150 | +2.7% | |
| Wages | £9,248,824 | £9,055,424 | £11,316,850 | +25% | |
| Directors' remuneration | £528,702 | £3,018,102 | £2,965,147 | -1.8% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | — | -18.5% | -138.9% | |
| Net margin | — | -5.7% | -105.2% | |
| Return on capital employed | -39.9% | -10.3% | -50.5% | |
| Current ratio | 5.25x | 7.11x | 10.14x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“Under the severe but plausible downside scenario, the Company becomes reliant on the successful receipt of a milestone payment from AstraZeneca within the going concern assessment period to have sufficient funds to meet its liabilities. Notably, neither the base case nor downside scenario projects any further fundraising during the going concern assessment period. These dependencies represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern for at least twelve months from the date of approval of the financial statements.”
Group structure
- QUELL THERAPEUTICS LIMITED · parent
- Quell Therapeutics Inc
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
9 active · 6 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BESHAR, Luke Matthew | Director | 2024-07-24 | May 1958 | American |
| BINGHAM, Catherine Elizabeth, Dame | Director | 2023-07-28 | Oct 1965 | British |
| CLANCY, Annette | Director | 2025-06-13 | Nov 1954 | British |
| LECHLER, Robert Ian, Sir | Director | 2020-06-02 | Dec 1951 | British |
| LONG-MCGIE, Jeffrey Stephen | Director | 2021-11-24 | Feb 1976 | American |
| MCGILL, Iain Robert | Director | 2020-01-01 | May 1972 | British |
| PATEL, Dhavalkumar D, Dr | Director | 2020-06-02 | Aug 1961 | American |
| PETRIS, Elisa Michela, Dr | Director | 2019-03-19 | Jan 1979 | Italian,Canadian |
| RIVERS, Tyrell Jermaine | Director | 2023-06-02 | Nov 1972 | American |
Show 6 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| MITRE SECRETARIES LIMITED | Corporate Secretary | 2019-03-19 | 2024-03-08 |
| ASHRAFIAN, Houman, Professor | Director | 2021-11-24 | 2023-08-15 |
| FUEYO, Alberto Sanchez, Professor | Director | 2019-03-29 | 2021-11-24 |
| MEARS, Rachel Brooke | Director | 2021-11-24 | 2025-05-31 |
| MURPHY, Martin Patrick, Dr | Director | 2019-03-19 | 2023-12-31 |
| RHIND, Stephen Keith | Director | 2019-03-29 | 2021-02-28 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Syncona Portfolio Limited | Corporate entity | Shares 50–75%, Voting 50–75% | 2019-03-29 | Ceased 2019-03-29 |
| Syncona Limited | Corporate entity | Shares 25–50%, Voting 25–50% | 2019-03-29 | Active |
Filing timeline
Last 20 of 88 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-09 | AA | accounts | Accounts with accounts type full | |
| 2026-05-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-05-13 | CH01 | officers | Change person director company with change date | |
| 2026-05-13 | CH01 | officers | Change person director company with change date | |
| 2026-05-11 | CH01 | officers | Change person director company with change date | |
| 2026-05-11 | CH01 | officers | Change person director company with change date | |
| 2026-04-21 | SH01 | capital | Capital allotment shares | |
| 2025-12-15 | SH06 | capital | Capital cancellation shares | |
| 2025-12-15 | SH03 | capital | Capital return purchase own shares | |
| 2025-12-15 | SH03 | capital | Capital return purchase own shares | |
| 2025-11-19 | SH06 | capital | Capital cancellation shares | |
| 2025-10-01 | SH08 | capital | Capital name of class of shares | |
| 2025-09-30 | SH10 | capital | Capital variation of rights attached to shares | |
| 2025-09-01 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-08-29 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-23 | AA | accounts | Accounts with accounts type full | |
| 2025-06-27 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-26 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-06 | SH01 | capital | Capital allotment shares | |
| 2025-06-02 | CS01 | confirmation-statement | Confirmation statement with updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 16
- Capital events
- 8
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.