Eden Research (LON: EDEN), the AIM-listed biopesticides developer, fell 4.26% in early trade today after reporting a wider operating loss and a sharply reduced cash balance in preliminary results covering a transitional 15-month period to 31 March 2026.
Shares dropped to 2.25p from a previous close of 2.35p, within a 52-week range of 1.96p to 5.00p, valuing the company at £18.9m. The results were published before the London market opened today.
Eden changed its accounting reference date from 31 December to 31 March during the period, aligning reporting with the agricultural selling season and producing an unusual 15-month set of figures rather than a standard 12-month year, so the numbers below are not directly comparable to a normal annual comparison. Within that period, the company also completed a fundraise of £10.8m gross, most of it received after the period ended in April 2026, which it said would let it accelerate its insecticide and second-generation fungicide programmes by up to three years.
Revenue for the 15 months rose to £4.852m from £4.303m in the prior 12-month year, and gross profit increased to £2.2m. But the operating loss widened to £2.860m from £2.186m, while cash and cash equivalents fell to £1.518m at 31 March 2026 from £3.675m at the end of 2024 — before the company received the bulk of its £10.8m fundraise, worth £7.6m gross, in April. Loss per share came in at 0.45p against 0.36p a year earlier. The company said part of the new funding would cover late blight and septoria field trials, work aimed at widening its fungicide portfolio.
Chief executive Sean Smith said: “We enter the new financial year as the only UK-listed company dedicated to biopesticides for sustainable agriculture, with the strongest balance sheet, the deepest pipeline, and the clearest line of sight to commercial scale in our history.” The period also brought approvals for Mevalone in California and France, Novellus+ in Chile, and temporary approval for Ecovelex in Italy as a bird repellent seed treatment, alongside a first distribution deal with Syngenta Crop Protection AG for ornamentals in the EU and UK.
Eden said it is negotiating with two lead candidates over a partnership for its insecticide product, with an agreement expected by the end of 2026, with further dilution risk still live given how far cash had fallen by the balance sheet date.