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hVIVO PLC (AIM:HVO) chief executive Yamin ‘Mo’ Khan said the company has secured a new contract with a European biotech client to run an influenza human challenge trial, with the study expected to start almost immediately.
Khan said most of the revenue from the agreement is expected to be recognised in 2026, with additional contributions extending into 2027. He described the deal as the third human challenge trial contract hVIVO has announced in recent months, pointing to improving market conditions after a slowdown in 2025.
Khan said the trial will begin “almost immediately.” He added that the majority of the revenue will be recognised in 2026, while some revenue will flow into 2027.
He also said the agreement is being announced as a full clinical trial contract rather than an earlier-stage startup agreement, which he said reduces cancellation risk and shortens the time to revenue recognition.
Khan said the company has seen a “significant uptick” in both pipeline opportunities and contract conversions, supported by strengthened sales efforts.
He noted that hVIVO has previously reported a rise in pipeline opportunities and that recent wins—including contracts referenced as Iliad and Traws, alongside the new influenza trial—have translated those opportunities into full agreements.
Khan said hVIVO’s diversification efforts in 2025 resulted in four core business pillars: consulting, clinical trials, laboratory services, and human challenge trials.
He added that the company has continued to expand its challenge model portfolio, including new influenza and human metapneumovirus (HMPV) challenge models. Khan said the new client has signed using one of hVIVO’s newer influenza models.
Khan said hVIVO entered 2026 with an order book of around £30 million, with approximately £25 million expected to be recognised in 2026. He said the signing of three human challenge trial contracts, along with additional smaller deals, has improved visibility for 2026.
He reiterated that the company is targeting high single-digit growth from 2025 to 2026 and said it remains on track. Khan added that the new contract also helps “cement” revenue visibility into 2027.
“We are on target for that. But this contract also helped us to cement some of the revenue visibility going into 2027,” Khan said.
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