As 2025 draws to a close, I’m reflecting on a year of progress and meaningful impact for Axol Bioscience. We committed to making iPSC technology more accessible, expanding capabilities in ophthalmology and dermatology through the acquisition of Phenocell, and integrating our iPSC-derived cells into microphysiological systems (MPS). I’m proud to say we’ve delivered on those commitments and built momentum that will carry into 2026. 

This year, we achieved a greater than 45% revenue growth compared to last year, reflecting both our business success and the growing demand for iPSC-based solutions for drug discovery, toxicology, and dermocosmetics, marking two consecutive years of growth in challenging macroeconomic conditions.

For over a decade, we’ve pioneered iPSC-derived cells and advanced in vitro systems to help researchers generate physiologically relevant, reproducible data. In 2025, the industry took a major step forward with government commitments accelerating the adoption of New Approach Methodologies (NAMs). Lord Vallance, Science Minister, announced the UK Roadmap to Reduce Animal Testing in Drug Development. And in the US, the Senate passed the FDA Modernization Act 3.0 by unanimous consent, further validating the federal government’s shift away from animal testing. To support researchers and clarify the landscape of human biology-based models, two useful new resources have been introduced: BimmoH and the NATworks Database.

Q1 2025: a strong start with innovation 

We began the year by heading to San Diego for SLAS 2025, where we introduced Sensory Neurons 2.0 XF Bundle Kits and presented two posters on using iPSC-derived cells for drug discovery. From there, it was on to COMET 2025, where we discussed the use of human iPSC-derived skin cells for monitoring the effectiveness and safety of cosmetic products. 

We launched our Dry AMD eBook and hosted a webinar with Dr Florian Régent, our Head of Ophthalmology, highlighting how iPSC-derived RPE cells are advancing AMD research. This quarter’s key conference was the Annual CHDI conference, where our team presented two new posters highlighting some of our ongoing work in Huntington’s disease. Our CENSOi019-B cell line and expertise in modeling CAG expansion instability in culture have opened new avenues for evaluating new therapeutics for Huntington’s disease.

March saw the addition of innovative new products to our portfolio: the launch of MyoMax™, a specialist media to mature cardiomyocytes, and the release of our sporadic Alzheimer’s disease line collection, developed in collaboration with StrataStem. We also announced a collaboration with the Babraham Institute and Francis Crick Institute to accelerate cellular reprogramming, a project that promises to improve and scale up the production of cells and tissues in drug discovery and healthcare medicine. 

Q2 2025: growth, global engagement, and sustainability 

Spring brought a busy season for Axol. Our team was out in full force at major conferences, including In-Cosmetics, ADPD, the New York Stem Cell Foundation meeting, and the Stanford Drug Discovery Summit. We also hosted a webinar with Hélène Leménager, our Head of Dermo-Cosmetics, discussing how iPSC technology enables more physiologically relevant skin models for dermatology research. 

In this quarter, we announced our Carbon Reduction Plan, which features a commitment to reach Net Zero by 2045. This reflects our commitment to minimizing environmental impact while advancing scientific progress. We also celebrated reaching 10,000 LinkedIn followers, a reflection of our growing global community. 

The momentum was maintained, and our teams were busy meeting customers and collaborators at the Membrane Physiology Symposium, ARVO, and ALS Drug Development Summit, where we presented data from our MND/ALS motor neuron models. These iPSC-derived models of motor neuron disease (ALS) are providing researchers with new tools to develop human-relevant models of this devastating disease to accelerate the evolution of new therapeutic candidates and improve understanding of basic biology and disease progression.  

June’s focus was microphysiological systems, including organ-on-a-chip, MEA, and automated high-content imaging. We attended the MPS World Summit in Brussels and launched the MPS Technology Journal, where we collated application notes and insights from collaborations with twelve leading platform partners to  where we integrated Axol iPSC cells into MPS systems organoid platforms, and advanced analysis tools. We closed the quarter at BIO International and the Ion Channel Modulation Symposium, reinforcing our thought-leadership in innovating in human iPSC models for drug discovery. 

Q3 2025: collaboration and scientific leadership 

Collaboration has been at the heart of everything we’ve done in 2025. We advanced the AMD-HALT project with Amarna Therapeutics, combining their Nimvec™ gene delivery platform with our 3D iPSC-derived retinal model to explore new gene therapy approaches for Dry AMD. This work, supported by a Eurostars grant, highlights our mission to accelerate innovation through partnerships. We also welcomed Dr Catherine Elton as our Chief Business Officer. Her background in life sciences manufacturing and commercial strategy strengthens our leadership team for the next phase of growth. 

We conducted our first Environmental Impact Report, part of our commitment to sustainability, quantifying the carbon and water footprint of our conference activities and committing to tangible changes, like reducing printed literature and optimizing travel to minimize our impact. 

September was a month of scientific progress and community engagement. We expanded our iPSC library for ophthalmology research, adding donor lines for AMD and retinopathy, and published a review on Ceglu™, a chemically defined, animal-free extracellular matrix for cell culture. At the UK Stem Cell Network meeting, we reconnected with peers and showcased our latest work in Huntington’s disease and cardiac pharmacology. Personally, attending the inaugural Sir Ian Wilmut Lecture and meeting Dr. Shinya Yamanaka was a profound reminder of the scientific legacies that underpin our mission. Axol exists because of breakthroughs like Dolly the Sheep and the Yamanaka factors, moments that changed the course of biomedical research forever. 

Q4 2025: conference season and finale 

We began the quarter marking one year since acquiring Phenocell, a milestone that has transformed our organisation. Throughout November, we launched a suite of Huntington’s disease resources, including a whitepaper on genomic instability and an eBook detailing our patient-derived iPSC lines, striatal neurons, and services. These resources encouraged collaborative engagement at the ELRIG Drug Discovery and the Society for Neuroscience (SfN) global conference, where we presented data from our long-term Huntington’s disease striatal neuron study, performed in collaboration with Harness Therapeutics.

At SfN, we released an extended edition of the Neuroscience Technology Journal, focused on neuroscience applications of iPSC-derived models primarily for drug discovery, and introduced our Neuroscience Toolboxes for Huntington’s, Alzheimer’s, and ALS to drive progress in neurodegenerative disease research. Our partners at Nanion Technologies and Sygnature Discovery showcased our axoCells™ motor neurons on high-throughput platforms, reinforcing the reproducibility and scalability of our models.

We closed the conference year at the ALS/MND Symposium in San Diego, where we presented characterization data for our ALS Toolbox, that includes motor neurons derived from six donor lines carrying key genetic risk factors, including mutations in SOD1, C9orf72, or TDP43 genes. We also presented new data at the Dry AMD and Geographic Atrophy Therapeutics Summit, showcasing our commitment to ophthalmology research.  Whilst our cardiovascular science team contributed to new publications on cardiomyocytes in collaboration with BiomimiX and innoVitro, and took a leading role in the HESI Atrial Fibrillation Working Group, with more exciting developments coming next year.

Meanwhile, our manufacturing site in Roslin completed the ISO 9001:2015 LRQA Focus Audit, passing with flying colours and we ended the year on a high by receiving the Scientist.com Supplier Recognition Award, a fantastic acknowledgment of our responsiveness and customer focus. 

Looking back, what made 2025 exceptional was not only the science we delivered but the values that guided us: performance, accountability, transparency, integrity, diversity, inclusivity, and collaboration. 

Looking ahead to 2026 

As we enter 2026, we reaffirm our commitment to supporting an industry rapidly advancing toward the adoption of NAMs. These innovative tools are reshaping safety and efficacy assessment in drug development, reducing reliance on traditional animal testing, and enabling more physiologically relevant human disease models.

Our priorities reflect this shift: accelerate ophthalmology programs like AMD-HALT, industrialize cardiac maturation solutions, advance research on Huntington’s, Alzheimer’s, and MND/ALS, and increase access to functional and psychologically relevant human models, and champion sustainability commitments. We will continue to develop human disease models that reduce translational risk, improve predictive accuracy, and ultimately help deliver safer, more effective therapies. 

To our customers, collaborators, and the entire Axol team: thank you. Your trust, passion, and shared purpose have made this year extraordinary. On behalf of the leadership team, I wish you a joyful holiday season and a bright, impactful New Year.