Vertical Aerospace (NYSE: EVTL) completed its prototype aircraft flight test campaign, becoming the first electric vertical takeoff and landing aircraft to achieve a two-way piloted transition under UK Civil Aviation Authority oversight, according to a company statement.

The London-based aerospace company completed the fourth and final phase of its prototype flight testing, which involved switching from helicopter mode to airplane mode and back again with a pilot aboard. The milestone represents a transition from technology demonstration to certification-focused development.

Vertical secured a financing package of up to $850 million, with $50 million in equity raised and $30 million accessed to date. The company ended the first quarter with approximately $96 million in cash and cash equivalents.

The company expects net cash outflows of between $180 million and $200 million over the next 12 months as it continues investment in flight demonstrations and certification activities. Short-term liquidity, combined with available facilities, is expected to provide at least 12 months of runway.

Vertical is progressing toward its Critical Design Review, which will establish the certifiable design baseline and enable construction of certification-conforming aircraft. The review represents a milestone before full-scale certification testing and will lock aircraft design elements and supply chain configuration.

"The successful completion of two-way piloted transition flight demonstrates our aircraft's performance in real-world conditions and validates the core architecture required for certification," said CEO Stuart Simpson.

The company plans to commence flight testing of its third prototype aircraft shortly to support further validation and certification activities. Vertical also announced plans for upcoming public flight demonstrations.

Vertical hosted a business update call and filed its quarterly financial results, which are available on its investor relations website.