TIDMETX
RNS Number : 2495B
e-Therapeutics plc
30 September 2022
e-therapeutics plc
("e-therapeutics" or "ETX" or the "Company")
Interim results for the six months to 31 July 2022
Period of focus building a pipeline of computationally driven
first-in-class RNAi medicines
Cash position further strengthened through successful fundraise
of GBP13.5million
London, UK, 30 September 2022 - e-therapeutics plc (AIM: ETX;
OTCQX; ETXPF), a company integrating computational power and
biological data to discover life-transforming RNAi medicines,
announces its unaudited interim results for the six months to 31
July 2022.
Operational Highlights
-- RNAi strategy delivering a rapidly growing in-house pipeline
of first-in-class RNAi candidates derived from the Company's
computational platform
-- In-house pipeline progress, advancing experimental evaluation
and prosecution of four novel targets in haematology,
cardiovascular disease and non-alcoholic steatohepatitis ("NASH").
Large portfolio of additional target ideas being discovered and
assessed in silico and experimentally
-- Cutting edge AI approaches that learn from experimental data,
deployed into siRNA (short interfering RNA) drug design
-- Generation of proprietary liver omics data to support disease-related target discovery
-- Ongoing validation of internal computational approaches to disease-process and target ID
-- Full deployment of cloud compute to reduce computational
analysis time from months to hours - enabling further sophisticated
analyses
-- Continued expansion of most comprehensive knowledge base of
hepatocyte-centric biology that currently exists in the world to
understand and model complex biological processes in the liver and
in tissues influenced by the liver
-- Strong progress in immuno-oncology collaboration with iTeos
Therapeutics, Inc. ("iTeos"), with Company delivering against
pre-agreed milestones
-- Successful conclusion of Ga lapagos collaboration in
idiopathic pulmonary fibrosis (" IPF") . All near-term milestones
achieved, demonstrating ETX's ability to effectively identify
potential therapeutic strategies and targets computationally
Post Period Highlights
-- Eight inventions arising from e-therapeutics' proprietary
GalNAc-siRNA technology were the subject of further independent
patent applications filed in the United States ("US") or
internationally ("PCT")
-- First milestone payment received on immune-oncology
collaboration with iTeos following successful identification of
potential targets through the application of ETX's computational
platform. On track to achieve further milestone and additional
payments in the coming weeks
-- Successful fundraise on 30 September 2022 of GBP13.5 million
by way of a conditional direct subscription by funds managed by
M&G Investment Management Limited ("M&G") who are an
institutional investor and an existing shareholder of the
Company
Financial Highlights
-- Revenue of GBP0.3 million (H1 2021: GBP0.4 million)
-- R&D spend GBP3.1 million (H1 2021: GBP2.5 million)
-- Operating loss for the period of GBP4.6 million (H1 2021 loss: GBP3.5 million)
-- Loss after tax for the period of GBP3.8 million (H1 2021 loss: GBP2.8 million)
-- Cash and cash equivalents as at 31 July 2022 GBP21.8 million
(31 January 2022: cash GBP11.6 million plus short term bank deposit
investments GBP15.1 million)
-- R&D tax credit receivable at 31 July 2022 of GBP2.2
million (31 January 2022: GBP1.5 million)
-- Headcount (excluding Non-Executive Directors) at 31 July 2022 was 39 (31 January 2022: 35)
Ali Mortazavi, Chief Executive Officer of e-therapeutics,
commented:
"Having quickly established and validated our proprietary
GalNAc-siRNA technology, the last six months of activity has
focused on execution. We have enhanced and leveraged our
computational biology platform to discover and progress a rapidly
growing set of high conviction hepatocyte targets.
"In the space of two years ETX is now uniquely positioned at the
intersection of computational approaches to drug discovery and
using RNAi as the drug modality of choice. This intersection
provides the advantage of being able to combine the target
differentiation and speed enabled by computation with the
prosecution of therapeutic hypotheses in arguably the fastest
timelines and at the lowest cost of development available in the
industry.
"We will continue to build on this progress, further enhancing
our computational platform to advance precision discovery and
invest in our ideas to prosecute multiple high confidence novel
candidates in our in-house pipeline."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
e-therapeutics plc
Ali Mortazavi, CEO Tel: +44 (0)1993 883
James Chandler, VP IR & Communications 125
www.etherapeutics.co.uk
------------------------------------------------ -------------------------
SP Angel Corporate Finance LLP Tel: +44(0)20 3470 0470
Nominated Adviser and Broker
Matthew Johnson/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Rob Rees (Corporate Broking)
------------------------------------------------ -------------------------
About e-therapeutics plc
e-therapeutics plc ("ETX") integrates computational power and
biology information to discover life-transforming RNAi medicines.
The Company's technology uses computation to capture and model
human biology, identify novel targets and design RNAi medicines
against those targets that can be rapidly progressed to the
clinic.
ETX's proprietary Computational Biology Platform enables the
generation and analysis of biological network models, providing a
novel and mechanistic approach to drug discovery that explicitly
considers the true complexity of biology and makes more reliable
predictions from large complex data sets and ETX's proprietary
hepatocyte knowledgebase - the world's most comprehensive and
integrated hepatocyte-centric data and information resource. The
Company generates, prioritises and tests millions of hypotheses in
silico to identify better therapeutic targets with higher
confidence.
ETX's proprietary RNAi Platform enables the targeted delivery to
hepatocytes in the liver and the specific silencing of novel
disease-associated genes, identified by ETX's Computational Biology
Platform. The focus on hepatocytes offers the opportunity to work
across a wide variety of diseases. The liver is a highly
metabolically active organ which performs a key role in many
biological processes and vital functions crucial for human health.
ETX's GalNAc-siRNA constructs have demonstrated compelling in vivo
performance in terms of depth of gene silencing and duration of
action.
ETX is progressing a pipeline of first-in-class pre-clinical
RNAi candidates in several therapeutic areas including haematology,
cardiovascular disease and non-alcoholic steatohepatitis ("NASH").
ETX has also partnered with biopharma companies such as Novo
Nordisk, Galapagos NV and iTeos Therapeutics using its
computational network biology approach across a diverse range of
drug discovery projects.
The Company is based in London, UK and listed on the Alternative
Investment Market of the London Stock Exchange ("AIM"), with ticker
symbol ETX. e-therapeutics is also traded on the OTCQX Best Market
(OTCQX) in the United States, under ticker symbol ETXPF.
Chief Executive's Statement
In the 2021/22 period, ETX evolved its strategy to focus on RNA
interference ("RNAi") as a modality of choice and demonstrated
compelling in vivo performance in terms of depth of gene silencing
and duration of action for its proprietary GalNAc-siRNA constructs,
which specifically target hepatocytes in the liver.
The unique advantages of GalNAc-siRNA as a modality allow the
Company to efficiently build a differentiated in-house pipeline
disproportionate to the Company's small size, where novel target
ideas can be prosecuted beyond early discovery to maximise value
retention. The focus on RNAi, in a space with a high barrier to
entry, together with the rapid development of our proprietary
technology presents a highly unusual material opportunity.
The first six months of the new financial year saw a period of
focus in executing this strategy. The Company made significant
progress in extending its computational biology modelling pedigree
to a single cell-focus in hepatocytes in order to derive novel drug
targets from its RNAi platform.
The focus on hepatocytes offers the opportunity to work across a
large variety of diseases. The liver is a highly metabolically
active organ which performs a key role in many biological processes
and vital functions crucial for human health. Genes expressed in
hepatocytes are important potential targets for a broad set of
therapeutic areas such as cardiovascular disease, metabolic
syndromes, diabetes, haematology, obesity, NASH and rare diseases.
There are potentially thousands of accessible target genes for a
GalNAc-siRNA platform, which is hepatocyte centric and does not
suffer from druggability issues unlike traditional small molecules.
Focussing on this one cell type allows further depth and accuracy
of computational methods and increased generation of bespoke assays
and proprietary experimental datasets.
ETX enlarged and deepened its world-class hepatocyte
knowledgebase, leveraged its computational platform for hepatocyte
specificity and expanded the in-house pipeline of first-in-class
RNAi candidates to treat a wide range of complex diseases. This
period of innovation was evidenced by a continued proactive
approach to intellectual property (IP) with eight further patent
applications being filed to protect the Company's novel RNAi
platform and drug targets.
Our ambition to 'compute the future of medicine' rests on a
fundamental and difficult task - the creation of an entirely new
template for drug discovery led by computation that captures and
models disease complexity, identifies novel targets and designs
drugs against those targets that can be rapidly progressed to the
clinic.
I'm pleased to report that during the period, ETX has
demonstrated promising progress towards the delivery of that
ambition. It's a true "human plus machine" collaboration to
understand biology and nominate the best possible gene targets in
the liver to generate life-transforming RNAi medicines. The Company
is successfully identifying and testing an increasing number of
high confidence target ideas, delivered to one cell type, and
specific to one gene, and prosecuting those ideas to generate
precise gene silencing medicines across a diverse range of
liver-associated disease areas, with accelerated timelines and
lower costs compared to industry standards.
Computational Platform: Human biology modelling and novel target
identification
The Computational Platform enables generation and analysis of
biological network models, providing a novel and mechanistic
approach to drug discovery that explicitly considers the true
complexity of biology. Our computational network models represent,
as closely as possible, the biological systems ETX is seeking to
impact. The approach allows us to identify, prioritise and test
millions of hypotheses in silico to make more reliable predictions
with higher confidence and generate gene target hypotheses based on
large complex data sets.
Our computational platform was built on the Company's previously
established comprehensive proprietary network biology knowledge,
tools and algorithms to model and interrogate human biology. This
powerful modular platform was originally cell type agnostic.
Extensive work has recently been undertaken to extend its
capability and to leverage the focus on a single modality to create
the most comprehensive and integrated proprietary
hepatocyte-centric data resource.
We have invested in the generation of a range of proprietary
liver omics data resources to support disease-related process and
target discovery, particularly in the realm of cardiometabolic
disorders.
The Company's proprietary Knowledge Graph technology has been
further enhanced with additional data derived from both
experimental and natural language processing approaches and through
AI-driven predictive approaches to knowledge inference. This allows
the discovery of non-obvious and hidden relationships in data as
well as providing the capability to impute missing information.
Furthermore, the application of robust standards of validation for
all of our tools and approaches remains an important focus and this
rigor will continue to be a critical part of our development going
forward.
Our platform and data resources are now entirely cloud-based
ushering in a new era of effectively unlimited computational power
and data storage. Using cutting edge technologies we have been able
to speed up our analysis pipelines by orders of magnitude, reducing
compute times from weeks or months to a few hours. This has enabled
the development of proprietary large-scale statistical approaches
to analysis that were previously unfeasible.
We have applied, and continue to develop, cutting edge AI
approaches to address all aspects of siRNA drug design including
prediction of in vivo efficacy and pharmacokinetics directly from
in silico modelling to advance our ambition to move 'straight to in
vivo' from the computer, avoiding the need for multiple costly
large scale screens and allowing targets to be validated directly
in animal models.
RNAi Liver Platform and therapeutic progress
ETX uses its proprietary GalNAc-siRNA platform to target
hepatocytes in the liver and specifically silence novel
disease-associated genes, identified by the Company's computational
platform. ETX is able to rapidly design GalNAc-siRNA drug
candidates, leveraging the reproducible and scalable nature of this
powerful and validated modality.
Over the last six months, the Company has delivered robust
evidence and data, in addition to the extensive original
benchmarking studies previously reported, that demonstrate our
ability to join up computationally-driven target identification
with advanced bioinformatic design of siRNA sequences and
chemistries, and experimental prosecution. Importantly, this
establishes a template we can follow with all our pipeline
candidates to optimise execution and continue to maximise our
computational edge across all stages of the R&D process.
ETX is now actively generating valuable data packages on
multiple target genes . The Company is evaluating two gene targets
in vivo in haematology with a large portfolio of other prospects
being both assessed in experimental target validation studies and
considered in silico. In particular, two further targets are in
late-stage experimental and in vivo validation studies, one in
cardiovascular disease and one in NASH.
Intellectual Property
The Company has filed international ("PCT"), United Kingdom
("UK") and United States ("US") patent applications arising from
the Company's inventions across its enabling GalNAc-siRNA platform
and its early pipeline of pre-clinical siRNA candidates in several
therapeutic areas. These patent applications cover thirteen
inventions arising from innovation around novel target ideas and
associated disease-relevant biology identified using the Company's
Biology Platform, novel siRNA therapeutics and novel siRNA
chemistries associated with such siRNA therapeutics and novel
GalNAc-siRNA silencing construct designs.
This is a very active IP strategy and it is indicative of both
the high volume of novel innovations being generated and the
critical importance ETX attributes to protecting its inventions.
ETX's IP strategy has an added significant advantage in that it
enables the Company to leverage its computational edge. Network
biology expertise and computational tools are integrated with IP to
map and track the patent landscape, drive computational innovation
and unlock the opportunity for early filings.
Partnerships and Collaborations
As indicated in the Post Period section of this statement, the
collaboration with iTeos announced on 5 April 2022 to discover
highly differentiated immuno-oncology therapeutics, is progressing
well against the pre-defined plans and milestones. As well as
receiving near-term cash payments material to the revenue of the
Company, ETX is also eligible to receive undisclosed milestone
payments through pre-clinical and clinical development, in addition
to regulatory milestones, per programme.
The collaboration with Galapagos NV ("Galapagos") in idiopathic
pulmonary fibrosis ("IPF") has now successfully concluded and
offers further evidence and third-party validation of ETX's ability
to effectively identify potential therapeutic strategies and
targets computationally. ETX achieved all near-term milestones
resulting in several cash payments to the Company. ETX successfully
characterised the mechanism of action of hit compounds ("hits")
identified earlier in the collaboration, with the hit rate in
identification of active compounds being several orders of
magnitude higher than industry standard. The future of the
identified hits and targets will be determined by Galapagos
according to its strategic priorities. If progressed, ETX is
eligible to receive further milestones throughout development and
commercial stages.
Although our collaborations with iTeos and Galapagos focus on
small molecules as the therapeutic modality, we have consistently
demonstrated our ability to discover novel targets. These
partnerships have provided valuable learnings and validation of
ETX's proprietary computational tools, which are being used for the
discovery of novel hepatocyte targets for prosecution with the
Company's RNAi platform to build its in-house asset portfolio.
Exploring opportunities to collaborate remains a key component
of the Company's strategy. Future collaborations will be in line
with our current liver and RNAi focus, with an expectation for
later-stage partnerships that maximise value retention and reflect
the development of ETX's early in-house RNAi pipeline. A balance
will be found between pre-clinical assets to partner and assets
that the Company will progress to early clinical trials to reach a
more significant value inflection point.
Organisation
A key asset of e-therapeutics is its multi-disciplinary team.
The Company continues to drive the seamless integration of its
unique informatic and biology centric functions, from software
engineering to therapeutic discovery, to maximise synergistic
collaboration and expert knowledge transfer.
ETX continues to invest in and attract leading industry talent
adding to an existing world class multi-disciplinary team of
experts in computational biology and RNAi therapeutics. The team
has worked hard to deliver the progress highlighted in this
statement and I should like to thank them for their continued
commitment and dedication in helping ETX to deliver on its strategy
and key objectives.
At a Board level, open positions include both a permanent CFO
and an additional independent NED to broaden the Board experience
further and adhere to best practice corporate governance
guidelines.
Post Period
Reflecting the Company's ongoing commitment to proactively
protecting its inventions, on 1 August 2022, ETX announced it had
filed eight further patent applications in the US to protect
innovation arising from e-therapeutics' proprietary GalNAc-siRNA
technology.
On 25 August 2022, ETX successfully achieved a milestone in its
immune-oncology collaboration with iTeos Therapeutics, resulting in
a cash payment. The Company is on track in achieving a further
milestone and an additional payment in the coming weeks. These
milestones relate to the identification of potential targets and
compounds through the application of ETX's computational platform.
iTeos is proceeding with experimental evaluation and screening as
set forth in the research collaboration agreement.
Today, on 30 September 2022, ETX announced it had successfully
completed a Fundraise of GBP13.5 million before expenses, by by way
of a subscription for new ordinary shares of 0.1p each ("Ordinary
Shares") in the Company (the "Subscription") at a price of 20p per
Ordinary Share by funds managed by M&G an institutional
investor and an existing shareholder of the Company.
The net proceeds of the Subscription will be utilised by the
Company to facilitate a number of initiatives with a focus on
expanding the Company's platform capabilities; executing
pre-clinical and clinical development of its in-house pipeline of
first-in-class RNAi candidates derived from ETX's computational
platform; and general working capital including additional
headcount.
Outlook
While being cognisant of the macro challenges associated with
the global economy and biotech sector, ETX remains confident in its
strategy, business model and investment proposition. ETX expects to
continue its rapid progress throughout the financial year and
execute its business plan effectively and efficiently while
maintaining a pragmatic balance between execution and cash
preservation.
Despite the extremely challenging backdrop of the last twelve
months, as a validated new class of therapeutic, RNAi has been a
clear positive outlier in the biotechnology sector. This has been
corroborated by significant data as well as corporate transactions
in the field. As a result, we are seeing significant interest in
our differentiated computational biology approach and liver RNAi
chemistry platform. Consequently, we look forward to the future
with confidence.
Ali Mortazavi
Chief Executive Officer
Financial Review
Period end cash of GBP21.8m and an operating loss of GBP4.6m in
H1 FY2023.
The Company continues to manage the underlying cash burn
carefully whilst focusing on expanding its RNAi and computational
platform capabilities, as well as generating income and achieving
external commercial validation with our partners.
Revenue
The Company reached a final milestone in its initial
identification and validation of hit compounds under the Galapagos
collaboration, resulting in the recognition of GBP0.2 million of
revenue (H1 2021: GBP0.5m). In addition, the Company successfully
entered into a new collaboration agreement with iTeos during April
2022 which has generated H1 revenues of GBP0.1 million. The
collaboration will focus on the discovery of novel therapeutic
approaches and targets in immuno-oncology. The Company is eligible
to receive undisclosed milestone payments through pre-clinical and
clinical development, as well as on first regulatory approval for
commercial sale.
Research and Development
Research and development expenditure in H1 2022 increased to
GBP3.1 million (H1 2021: GBP2.5m). The increase reflects an
increase in scientific headcount and in outsourced CRO costs in
relation to our computational and RNAi platforms, as well as a
continued focus on patent applications and related IP
expenditure.
We are expecting the R&D in H2 2023 to increase as we
continue to accelerate investment in our RNAi platform.
General & Administrative expenses
General and administrative expenses in the first half of the
financial year amounted to GBP1.7m (H1 2021: GBP1.5m). The small
increase mainly reflects higher office lease rental expenditure
following the move to the new London office in late 2021 in line
with our growth strategy.
R&D tax credits and loss for the half year
The consolidated income statement includes an R&D tax credit
of GBP0.7m ( H1 2021: GBP0.7m) to be received in relation to the
current year, bringing down the loss after tax for the half year to
GBP3.9m (H1 2021: GBP2.8m).
Cash flow
Cash as at 31 July 2022 stood at GBP21.8m, which is GBP4.9m
lower than the start of the year (cash plus short term bank deposit
investments as at 31 January 2022: GBP26.7m). The reduction
reflects an operating cash out flow of GBP4.1m, net of non -cash
share based employee option charges and depreciation and
amortisation, coupled with working capital outflows of GBP0.6m and
purchase additions of GBP0.2m to fixed and intangible assets. Cash
balances are expected to benefit by a cash receipt of GBP1.5m in
the last quarter of the current financial year in respect of the
R&D tax credit relating to FY2022.
Financial outlook
Our current expectations for underlying cash burn in the second
half of the financial year will be higher than that incurred in H1
2022 as we further progress our R&D activities and build
infrastructure capable of supporting the scaling of the
business.
CONSOLIDATED INCOME STATEMENT FOR THE PERIODED 31 JULY 2022
---------------------------------------------------------------------------------------------------
6 months
6 months ended ended 31 Year ended
31 July 2022 July 2021 31 January
2022
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 295 477 477
Cost of sales - - -
-------------------------------------- ---------------- -------------------- -------------------
Gross profit 295 477 477
Research and development expenditure (3,123) (2,512) (6,109)
Administrative expenses (1,727) (1,470) (3,938)
-------------------------------------- ---------------- -------------------- -------------------
Operating loss (4,555) (3,505) (9,570)
Interest income 46 44 61
Interest expense (12) - (10)
-------------------------------------- ---------------- -------------------- -------------------
Loss before tax (4,521) (3,461) (9,519)
Taxation 709 673 1,449
-------------------------------------- ---------------- -------------------- -------------------
Loss for the period/year attributable
to equity holders of the Company (3,812) (2,788) (8,070)
-------------------------------------- ---------------- -------------------- -------------------
Loss per share: basic and diluted (0.74)p (0.54)p (1.65)p
-------------------------------------- ---------------- -------------------- -------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31
JULY 2022
-----------------------------------------------------------------------------------
Year ended
6 months ended 6 months ended 31 January
31 July 2022 31 July 2021 2022
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Loss for the period (3,812) (2,788) (8,070)
Other comprehensive income - - -
--------------------------------- ---------------- ---------------- ------------
Total comprehensive income for
the period/year attributable to
equity
holders of the Company (3,812) (2,788) (8,070)
--------------------------------- ---------------- ---------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED
31 JULY
2022
----------------------------------------------------------------------------------------------
Share capital Share Retained
premium earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
As at 1 February 2021 421 77,668 (64,205) 13,884
Total comprehensive income for
the period
Loss for the period - - (2,788) (2,788)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period - - (2,788) (2,788)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares 94 21,562 - 21,656
Equity-settled share-based payment
transactions - - 251 251
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners 94 21,562 251 21,907
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 July 2021 515 99,230 (66,742) 33,003
Total comprehensive income for
the period
Loss for the period - - (5,282) (5,282)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period - - (5,282) (5,282)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 13 - 13
Equity-settled share-based payment
transactions - - 239 239
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners - 13 239 252
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 January 2022 515 99,243 (71,785) 27,973
Total comprehensive income for
the period
Loss for the period - - (3,812) (3,812)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period - - (3,812) (3,812)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 8 - 8
Equity-settled share-based payment
transactions - - 196 196
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners - 8 196 204
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 July 2022 515 99,251 (75,401) 24,365
---------------------------------------- ---------------- ------------- ---------- -------
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022
---------------------------------------------------------------------------------
(*Restated)
31 July 31 July 31 January
2022 2021 2022
Note (un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 182 88 102
Property, plant and equipment 617 74 805
------------------------------ --- ----------------- ------------ -----------
799 162 907
------------------------------ --- ----------------- ------------ -----------
Current assets
Tax receivable 2,184 1,442 1,474
Trade and other receivables 188 229 231
Prepayments 563 416 501
Cash and cash equivalents 21,813 25,568 11,598
Short term investments - 6,037 15,051
------------------------------ --- ----------------- ------------ -----------
24,748 33,692 28,855
------------------------------ --- ----------------- ------------ -----------
Total assets 25,547 33,854 29,762
------------------------------ --- ----------------- ------------ -----------
Current liabilities
Trade and other payables 688 851 1,103
Lease Liability 405 - 391
Contract liabilities - - -
------------------------------ --- ----------------- ------------ -----------
1,093 851 1,494
------------------------------ --- ----------------- ------------ -----------
Non-current liabilities
Lease Liability 89 - 295
------------------------------ --- ----------------- ------------ -----------
Total liabilities 1,182 851 1,789
------------------------------ --- ----------------- ------------ -----------
Net assets 24,365 33,003 27,973
------------------------------ --- ----------------- ------------ -----------
Equity
Share capital 2 515 515 515
Share premium 99,251 99,230 99,243
Retained earnings (75,401) (66,742) (71,785)
------------------------------ --- ----------------- ------------ -----------
Total equity attributable to
equity
holders of the Company 24,365 33,003 27,973
------------------------------ --- ----------------- ------------ -----------
CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIODED 31 JULY 2022
(*Restated)
6 months ended 6 months ended Year ended
31 January
31 July 31 July 2022
2022 2021
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Loss for the period/year (3,812) (2,788) (8,070)
Adjustments for:
Depreciation, amortisation and impairment 242 44 218
Interest income (46) (44) (61)
Interest expense 12 - 10
Equity-settled share-based payment
expenses 196 251 490
Taxation (709) (673) (1,484)
-------------------------------------------- ------------ ---------------- ------------
Operating cash flows before movements
in working capital (4,117) (3,210) (8,897)
(Increase)/Decrease in trade and
other receivables (19) (292) (379)
Increase/(Decrease) in trade and
other payables (608) 425 699
Tax received - - 779
-------------------------------------------- ------------ ---------------- ------------
Net cash from operating activities (4,744) (3,077) (7,798)
-------------------------------------------- ------------ ---------------- ------------
Interest received 46 44 61
Interest paid (12) - (10)
Acquisition of property, plant and
equipment (51) (30) (908)
Acquisition of other intangible
assets (83) (15) (55)
Movement in short term investments 15,051 (15) (9,029)
-------------------------------------------- ------------ ---------------- ------------
Net cash from investing activities 14,951 (16) (9,941)
-------------------------------------------- ------------ ---------------- ------------
Net proceeds from issue of share
capital 8 21,656 21,669
Payments under lease liabilities - - 793
Repayment of lease liability - - (130)
-------------------------------------------- ------------ ---------------- ------------
Net cash from financing activities 8 21,656 22,332
-------------------------------------------- ------------ ---------------- ------------
Net decrease in cash and cash equivalents 10,215 18,563 4,593
Cash and cash equivalents at the
beginning of the period/year 11,598 7,005 7,005
-------------------------------------------- ------------ ---------------- ------------
Cash and cash equivalents at the
end of the period/year 21,813 25,568 11,598
-------------------------------------------- ------------ ---------------- ------------
*Restatements reflect a simple reclassification of bank deposits
on 95 days' notice as short-term investments
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise
statutory accounts as defined within section 434 of the Companies
Act 2006. The Company is a public limited company; it is listed on
the London Stock Exchange's AIM market and is incorporated and
domiciled in the United Kingdom. The address of its registered
office is 4 Kingdom Street, Paddington, London, W2 6BD, UK.
Statutory accounts for the year ended 31 January 2022 were
approved by the Board of Directors on 4 May 2022 and delivered to
the Registrar of Companies. The report of the Auditor on the
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006.
While this interim statement, which is neither audited nor
reviewed, has been prepared in accordance with the recognition and
measurement criteria of international accounting standards in
conformity with the requirements of the Companies Act 2006 this
announcement does not in itself contain sufficient information to
comply with IFRS. It does not include all the information required
for the full annual financial statements and should be read in
conjunction with the financial statements of the Group as at, and
for the year ended, 31 January 2022. It does not comply with
International Accounting Standard ("IAS") 34 'Interim Financial
Reporting' as is permissible under the rules of AIM.
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 January 2022 (as defined therein) other than standards,
amendments and interpretations which became effective after
1 February 2022 and were adopted by the Group.
New standards, amendments and interpretations not adopted in the
current financial year have not been disclosed as they are not
expected to have a material impact on the Group's financial
statements.
2. Share Capital
31 July 2022 31 July 2021 31 January
2022
(unaudited) (un audited) (audited)
------------------ -------------- ------------
In issue - fully paid
Ordinary shares of GBP0.001
each (number) 514,614,982 514,553,598 514,571,069
-------------------------------- ------------------ -------------- ------------
Allotted, called up and fully
paid
Ordinary shares of GBP0.001
each (GBP'000) 515 515 515
-------------------------------- ------------------ -------------- ------------
During the six month period to 31 July 2022, 43,913 new ordinary
shares of 0.1p each were issued at a price of 17.22p each in lieu
of fees payable to a non-executive director in accordance with his
service agreement.
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END
IR PPUQABUPPGMB
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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