TIDMPSYC
RNS Number : 0129L
Clarify Pharma PLC
31 August 2023
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014, as retained as part of
the law of England and Wales. Upon the publication of this
announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.
Press Release
31 August 2023
Clarify Pharma PLC
("Clarify Pharma" or "The Company")
Interim results
Clarify Pharma (AQSE: PSYC), an investment vehicle specialising
in biotech and life sciences companies seeking to prove the safety
and efficacy of psychedelic-based substances, announces its
unaudited financial results for the six months ended 31 May
2023.
Executive Director's Statement Introduction
I am pleased to report the Company's interim set of results for
the six months ended 31 May 2023.
The Company held cash and cash equivalents of GBP212,000 as at
31 May 2023. Cash and cash equivalents amounted to GBP183,000as at
31 August 2023.
The potential benefits of psychedelic drugs have been recognised
in both the UK and the US and the medical use of psychedelics is
progressively emerging as an alternative candidate to conventional
therapies for individuals suffering from elusive maladies like
PTSD, addiction, Alzheimer's and depression.
We see opportunities for investing in companies with the
required expertise and potential to become pioneers in the market.
Psychedelic assisted therapy is in its earliest days of
development, particularly in the UK. There is a new window of
opportunity as the industry continues to gain more traction and
credibility as a result of new scientific research and evidence. We
look forward to capitalising on these promising long-term trends in
this cutting-edge medical frontier.
So as to maximise the Company's runway the Directors have, since
the end of March 2023, deferred being paid any Director fees.
I would also like to take this opportunity to thank all our
shareholders for their support.
Jonathan Bixby, Executive Director
Principal risks and uncertainties
The directors have assessed the operational environment of the
Company and concluded that the principal risks and uncertainties
have not materially changed since the most recent annual reporting
date.
Responsibility Statement
We confirm that to the best of our knowledge
-- the Interim Report has been prepared in accordance with International
Accounting Standards 34,
Interim Financial Reporting, as adopted by the EU; and
-- gives a true and fair view of the assets, liabilities, financial
position and profit/loss of the Company; and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Discland Transparency Rules,
being an indication of important events that have occurred
during the first six months of the financial year and their
impact on the set of interim financial
statements; and a description of the principal risks and
uncertainties for the remaining six months of the year.
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R of the
Disclosureand Transparency Rules, being the information required
on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on 31 August
2023.
For further information please contact:
Clarify Pharma
Jon Bixby via First Sentinel
Executive Chairman
-------------------
First Sentinel
-------------------
Corporate Adviser
Brian Stockbridge +44 7876 888 011
-------------------
About Clarify Pharma PLC:
Listed on the Aquis Stock Exchange in London, Clarify Pharma is
an investment vehicle focusing on investing in biotech and life
sciences companies seeking to prove the safety and efficacy of
psychedelic-based substances. The Company looks to identify
investment opportunities in the life sciences sector within the UK,
Canada and other growing markets, with the objective of generating
long-term capital growth and building investments in an R&D
pipeline of companies which are discovering, developing, or
deploying safe and evidence-based psychedelic inspired medicines
and experiential therapies that alleviate mental health problems
and enhance wellbeing.
The Company's Directors have an established track record,
experience and networks in the psychedelic , cannabinoid and media
industries, to drive value creation
. https://www.clarifypharma.com/
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIODING 31 MAY 2023
Unaudited Unaudited Audited
Period ending Period ending Year ending
31 May 31 May 30 November
2023 2022 2022
Note GBP'000 GBP'000 GBP'000
------------------------------------------ ----- --------- ------------- -----------------
Continuing Operations
Administrative expenses (313) (297) (914)
Capital loss on investments - - (97)
------------------------------------------------- --------- ------------- -----------------
Operating loss (313) (297) (1,011)
Finance Income - - -
Loss before taxation (313) (297) (1,011)
------------------------------------------------- --------- ------------- -----------------
Taxation on loss of ordinary - - -
activities
------------------------------------------ ----- --------- ------------- -----------------
Loss for the year from continuing
operations (313) (297) (1,011)
Other comprehensive income - 26 5
------------------------------------------------- --------- ------------- -----------------
Total comprehensive loss for
the year attributable to shareholders
from continuing operations (313) (271) (1,006)
------------------------------------------------- --------- ------------- -----------------
Basic & dilutive earnings per
share - pence (0.11) (0.09) (0.34)
------------------------------------------------- --------- ------------- -----------------
The notes on page 8-11 form an integral part of the condensed
interim financial statements.
STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2023
Unaudited Unaudited Audited
As At 31 As At 31 As At 30
May May November
2023 2022 2022
Note GBP'000 GBP'000 GBP'000
-------------------------- -------- ------------------------- -------------------------- -------------------------
NON-CURRENT ASSETS
Investments 6 921 555 946
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL NON-CURRENT ASSETS 921 555 946
-------------------------- -------- ------------------------- -------------------------- -------------------------
CURRENT ASSETS
Cash and cash
equivalents 212 1,214 435
Trade and other
receivables 47 508 90
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL CURRENT ASSETS 259 1,722 525
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL ASSETS 1,180 2,277 1,471
-------------------------- -------- ------------------------- -------------------------- -------------------------
EQUITY
Share capital 4 297 297 297
Share Premium 4 2,810 2,859 2,810
Share Based Payment
Reserve 5 575 575 575
Other Reserves 2 - 2
Retained Earnings (2,589) (1,503) (2,275)
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL EQUITY 1,096 2,228 1,409
-------------------------- -------- ------------------------- -------------------------- -------------------------
CURRENT LIABILITIES
Trade and other payables 84 49 62
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL CURRENT
LIABILITIES 84 49 62
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL LIABILITIES 84 49 62
-------------------------- -------- ------------------------- -------------------------- -------------------------
TOTAL EQUITY AND
LIABILITIES 1,180 2,277 1,471
========================== ======== ========================= ========================== =========================
The notes on page 8-11 form an integral part of the condensed
interim financial statements.
The condensed interim financial statements were approved and
authorised by the Board of Directors on 31 August 2023 and were
signed on its behalf by:
Nicholas Lyth Director
STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIODING 31 MAY 2023
Share Capital Share Premium Share Other Retained Total
GBP'000 GBP'000 based payment Reserves Earnings Equity
reserve GBP'000 GBP'000 GBP'000
GBP'000
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Loss for period - - - - (234) (234)
Other - - - - - -
comprehensive
income
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Total
comprehensive
income
for year - - - - (234) (234)
-
Transactions -
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Ordinary shares - - - - - -
issued
Advisor warrants - - - - - -
issued
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Transactions - - - - - -
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Balance at 31
May 2022 297 2,810 575 - (1,503) 2,179
================== ================== ================= ================= ========== ============= =============
Loss for
period - - - - (772) (772)
Other
comprehensive
income - - - 2 - 2
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Total
comprehensive
income
for year - - - 2 (772) (770)
Transactions
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Ordinary shares - - - - - -
issued
Advisor warrants - - - - - -
issued
Share issue - - - - - -
costs
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Transactions - - - - - -
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Balance at 30
November
2022 297 2,810 575 2 (2,275) 1,409
================== ================== ================= ================= ========== ============= =============
Loss for
period - - - - (313) (313)
Other - - - - - -
comprehensive
income
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Total
comprehensive
income
for year - - - - (313) (313)
Transactions
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Ordinary shares - - - - - -
issued
Advisor warrants - - - - - -
issued
Share issue - - - - - -
costs
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Transactions - - - - - -
with owners
in own capacity
------------------ ------------------ ----------------- ----------------- ---------- ------------- -------------
Balance at 31
May 2023 297 2,810 575 2 (2,589) 1,096
================== ================== ================= ================= ========== ============= =============
STATEMENT OF CASHFLOWS
FOR THE 6 MONTH PERIODING 31 MAY 2023
Unaudited Unaudited Audited
6 month 6 month 12 month
period period period ended
ended 31 ended 30 November
May 31 2022
2023 May
2022
Note GBP'000 GBP'000 GBP'000
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Cash flow from operating activities
Cash used by operations (233) (310) (581)
Net cash outflow from operating activities (233) (310) (581)
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Cash flows from investing activities
Investments - Additions - - (650)
Investments - Disposals - - 142
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Net cash flow from investing activities - - (508)
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Cash flows from financing activities
Proceeds from Issue of Shares - - -
Share Issue Costs - - -
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Net cash flow from financing activities - - -
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
Net (decrease) in cash and cash equivalents (233) (310) (1,089)
Cash and cash equivalents at beginning
of the period 435 1,524 1,524
Foreign exchange impact on cash - - -
Cash and cash equivalents at end of
the period 212 1,214 435
------------------------------------------------------------------------ ------------------------------------ --------------------- ----------------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIODING 31 MAY 2023
1 General information
Clarify Pharma Plc was incorporated on 1 November 2019 in
England and Wales and remains domiciled there with Registered
Number 12294271 under the Companies Act 2006. The company was
originally incorporated under the name Mena Esports Plc and
subsequently changed its name to Clarify Pharma Plc on 4 February
2021.
The address of its registered office is 9th Floor 16, Great
Queen Street, London, England, WC2B5DG.
The principal activity of the company during the period under
review was that of the incubation of and investment in companies
that are developing therapeutic remedies using compounds with
certain psychedelic properties.
2 Accounting policies
IAS 8 requires that management shall use its judgement in
developing and applying accounting policies that result in
information which is relevant to the economic decision-making needs
of users, that are reliable, free from bias, prudent, complete and
represent faithfully the financial position, financial performance
and cash flows of the entity.
2.1 Basis of preparation
The condensed interim financial statements ("interim financial
statements") have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" (IAS 34) as
adopted by the European Union (EU). The interim financial
statements have been prepared on the historical cost basis, except
for assets and liabilities measured at fair value through profit
and loss, and are presented in pounds sterling (GBP). All amounts
have been rounded to the nearest pound, unless otherwise
stated.
The interim financial statements have not been audited. The
interim financial statements do not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006. The
figures have been prepared using applicable accounting policies and
practices consistent with those adopted in the audited annual
financial statements ("annual financial statements") for the year
ended 30 November 2021.
The interim financial statements are for the six months to 31
May 2023, being six months from the financial year end for the
Company being 30 November 2022. The interim financial statements do
not include all the information and disclosures required in the
annual financial statements and should be read in conjunction with
the Company's annual financial statements for the period ended 30
November 2022. The Company has disclosed comparative data for the
period from 1 December 2021 to 31 May 2022 as required for
disclosure by accounting standards as well audited figures from the
annual financial statements.
The functional currency for the Company is determined as the
currency of the primary economic environment in which it operates.
Both the function and presentational currency of the Company Pounds
Sterling (GBP).
The business is not considered to be seasonal in nature.
New standards, amendments and interpretations adopted by the
Company
During the current period the Company adopted all the new and
revised standards, amendments and interpretations that are relevant
to its operations and are effective for accounting periods
beginning on 1 December 2021. This adoption did not have a material
effect on the accounting policies of the Company.
New standards, amendments and interpretations not yet adopted by
the Company
The standards and interpretations that are relevant to the
Company, issued, but not yet effective, up to the date of these
interim financial statements have been evaluated by the directors
and they do not consider that there will be a material impact of
transition on the financial statements.
2.2 Going concern
The directors have assessed the Company's ability to adopt the
going concern basis of accounting and consider the adoption to be
appropriate in the preparation of the interim financial statements.
As the Company exists currently it operates as a cash shell looking
for potential opportunities in the life sciences sector. As a
result of these limited operations the Company's monthly cash burn
has historically been around
GBP75,000 per year. At period end the Company had cash and cash
equivalents of GBP212,000 which at current cash burn rate is more
than sufficient to last for at least 12 months and supports the
adoption of the going concern.
2.3 Risks and uncertainties
The principal risks and uncertainties relevant to the Company
have not changed materially since the release of the annual
financial statements for the period ending 30 November 2022. These
risks can be referenced in the strategic report contained within
the annual financial statements.
3 Critical accounting estimates and judgements
In the application of the Company's accounting policies, the
directors are required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities
that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised, if the revision
affects only that period, or in the period of the revision and
future periods if the revision affects both current and future
periods. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed below:
Share Based Payments
The Company measures the cost of equity-settled transactions by
reference to the fair value of the equity instruments at the date
at which they are granted. The fair value is determined by using
the Black-Scholes model taking into account the terms and
conditions upon which the instruments were granted. The accounting
estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may impact
profit or loss and equity. There have been no dilutive instruments
issued in the period and the value remains equal to that in the
annual financial statements as at the last reporting period.
Investments
Investments are classified as listed or unlisted. The valuation
of listed investments is determined with reference to published
share prices. The valuation of unlisted investments is assessed by
the directors at each reporting date using any available financial
information or reports available to them at that time. The
directors' assessment of these valuations is subjective and may
therefore impact profit and loss and equity in future period. The
directors do not assess that the underlying value of the
investments have fluctuated relative to the last reporting date
however they have been re-valued to reflect the most recent foreign
exchange rate fluctuations.
4 Share capital and share premium
Ordinary Share Share
Shares Capital Premium Total
# GBP GBP GBP
---------------------- ----------- -------- --------- ---------
At 30 November 2021 297,196,000 297,195 2,859,005 3,156,200
---------------------- ----------- -------- --------- ---------
At 31 May 2022 297,196,000 297,195 2,859,005 3,156,200
---------------------- ----------- -------- --------- ---------
There were no shares issued in the 6 months ending 31 May
2023.
5 Share based payments and Other reserves
As at 31 As at 31
May 2023 May 2023
GBP GBP
Share based payments Reserve 575,024 575,024
Fair value adjustments on investments 2,209 2,209
-------------------------------------- ------------------------------------------------------------ ---------
Total 577,233 577,233
6 Investments
Unlisted Investments Listed Investments Total
GBP'000 GBP'000 GBP'000
--------------------------- --------------------- ------------------- ---------
Opening Balance - 31 May
22 555 - 555
--------------------------- --------------------- ------------------- ---------
Additions - 366 366
Foreign Exchange movement 25 - 25
--------------------------- --------------------- ------------------- ---------
Opening Balance - 30 Nov
22 579 366 946
--------------------------- --------------------- ------------------- ---------
Additions - - -
Foreign Exchange movement (15) (9) (24)
--------------------------- --------------------- ------------------- ---------
Closing Balance - 31 May
23 565 357 921
--------------------------- --------------------- ------------------- ---------
The following warrants over ordinary shares have been granted by
the Company and are outstanding at 31 May 2023:
Number of Warrants Exercise Price Expiry date
------------------------- ------------------ -------------- -----------
On incorporation - - -
Issued on 19 March 2021 20,500,000 GBP0.01 18 Mar 2024
Issued on 11 June 2021 6,187,950 GBP0.025 10 Jun 2026
Issued on 11 June 2021 10,000,000 GBP0.01 10 Jun 2024
Issued on 11 June 2021 5,000,000 GBP0.025 10 Jun 2024
Issued on 11 June 2021 39,210,000 GBP0.025 10 Jun 2023
------------------ --------------
At 31 May 2022 80,897,950
------------------ --------------
There were no dilutive instruments issued in the 6 month period
ending 31 May 2023.
The fair value of the share warrant rights granted are valued
using the Black-Scholes option pricing model. The option pricing
model assumptions can be referenced in the annual financial
statements.
7 Financial commitments & contingent liabilities
There were no capital commitments or contingent liabilities
pertaining to the Company at 31 May 2023.
8 Related party transactions
The company made payments to the following companies in relation
to directors' fees:
Period 1 Dec to Year ended
31 May 2023 30 Nov 2022
GBP GBP
Toro Consulting Ltd - J Bixby 48,000 96,000
Dark Peak Services Ltd - NJ Lyth 12,000 36,000
Marallo Holdings Inc - MS Edwards 30,000 60,000
Patrick McBride 30,000 60,000
120,000 252,000
9 Events subsequent to period end
There were no material events subsequent to period end that
require disclosure.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXSDWFIFEDSEIA
(END) Dow Jones Newswires
August 31, 2023 12:02 ET (16:02 GMT)
Clarify Pharma (AQSE:PSYC)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Clarify Pharma (AQSE:PSYC)
Gráfica de Acción Histórica
De May 2023 a May 2024