ANGLE's Collaboration with Myriad Genetics: A Game-Changer in Liquid Biopsy and Precision Oncology

In the rapidly evolving landscape of precision oncology, the collaboration between ANGLE plc and Myriad Genetics represents a pivotal moment for liquid biopsy technology. By combining ANGLE's Parsortix® system with Myriad's tissue-based diagnostic expertise, the partnership aims to validate the use of circulating tumor cells (CTCs) for non-invasive genomic analysis. This strategic innovation not only addresses a critical unmet need in cancer care but also positions ANGLE as a key player in a market projected to grow at a 28.7% CAGR, reaching $20.3 billion by 2031.

Strategic Innovation: Bridging Tissue and Liquid Biopsy

The collaboration's core objective is to compare CTC-derived DNA from ANGLE's Parsortix system with Myriad's tissue-based assays. This approach could democratize access to genomic testing, replacing invasive tissue biopsies with a simple blood draw. For investors, the implications are profound: if successful, this partnership could accelerate the adoption of liquid biopsy in mainstream oncology, driving revenue growth for both companies.

ANGLE's Parsortix system is already FDA-cleared for breast cancer detection, a unique position in the market. Unlike competitors that focus on circulating tumor DNA (ctDNA), Parsortix isolates whole CTCs, enabling multi-omics analysis (genomic, transcriptomic, and proteomic). This differentiation is critical in an industry where ctDNA-based tests dominate but lack the comprehensive insights offered by intact cells.

Market Dynamics and ANGLE's Competitive Position

The liquid biopsy market is highly competitive, with players like Guardant Health, Roche, and Natera dominating the ctDNA space. However, ANGLE's focus on CTCs creates a niche that aligns with the growing demand for longitudinal monitoring of cancer progression. The Parsortix system's ability to capture CTC clusters—shown in Nature Genetics to be 100x more metastatic than single CTCs—adds a layer of clinical relevance that competitors cannot replicate.

Financially, ANGLE has made strides in recent years. Despite a net loss of £14.2 million in 2024, the company reduced operating costs by 27% and secured £9.3 million in fundraising. Its pharma services segment, which includes partnerships with Eisai and AstraZeneca, is a growth engine. For instance, the HER2 CTC assay developed for Eisai demonstrated the system's ability to track biomarker changes over time—a critical feature for ADC (antibody-drug conjugate) trials.

Analyst Sentiment and Valuation Implications

Analyst ratings for ANGLE remain cautiously optimistic. As of August 2025, 9 out of 10 analysts rate the stock as a “Buy” or “Strong Buy,” with an average one-year price target of 23.97 GBX—over 300% above its current price of 5.75 GBX. This optimism is fueled by the company's expanding pharma partnerships and the broader tailwinds of the liquid biopsy market.

However, risks persist. ANGLE's cash runway extends into Q1 2026, but profitability remains elusive. The company's gross margin dipped to 62% in 2024, partly due to introductory pricing for pharma clients. Investors must weigh these short-term challenges against the long-term potential of liquid biopsy adoption.

Investment Thesis: A High-Risk, High-Reward Play

For long-term investors, ANGLE's collaboration with Myriad represents a strategic inflection point. If the partnership successfully validates CTC-based diagnostics, it could unlock new revenue streams in both pharma services and direct patient testing. The company's recent R&D tax credits (£1.4 million in Q1 2025) and pending £0.9 million in Q3 2025 further bolster its financial flexibility.

The key question is whether ANGLE can scale its pharma services business while maintaining margins. The company's focus on large pharma contracts—such as its DDR and AR assays for AstraZeneca—suggests a path to sustainable growth. Additionally, the potential to convert tissue-based assays into liquid biopsy workflows for medtech giants could amplify its market share.

Conclusion: A Bet on the Future of Oncology

ANGLE's collaboration with Myriad is more than a partnership—it's a vote of confidence in the future of non-invasive diagnostics. While the stock remains speculative, the alignment of technological innovation, market tailwinds, and strategic partnerships makes it an intriguing long-term play. Investors willing to tolerate near-term volatility may find ANGLE's journey from niche innovator to industry leader well worth the risk.