TIDMTRLS
RNS Number : 9144N
Trellus Health PLC
28 September 2023
Trellus Health plc
("Trellus Health", the "Company" or the "Group")
Half-year Results
LONDON, U.K. AND NEW YORK, U.S. (28 September 2023). Trellus
Health plc (AIM: TRLS), which is commercializing a scientifically
validated and clinically proven personalized resilience-driven
self-management solution for chronic health conditions at their
intersection with mental health, announces its interim results for
the period ended 30 June 2023.
Operational highlights (including post-period end)
-- Launched a pilot program with a New York-based health
insurance company with more than 1.8 million members to make
Trellus Elevate (TM) IBD program available as a health plan benefit
to certain members under its Medicaid managed care plan.
-- Launched the Trellus Elevate (TM) program for IBS (irritable bowel syndrome).
-- Expanded existing IBD agreement with Mount Sinai Health
System to include the newly launched Trellus Elevate (TM) IBS for
members of a large New York State labor union that offers health
services and benefits to its members through Mount Sinai.
-- Continued focus on B2B2C contract development, with ongoing
engagement with existing DTC customers as described in detail
below, and planned partnerships with provider organisations.
-- Appointed Dr Daniel Mahony, Senior Independent Non-executive
Director, as Non-executive Chairman, and Joy Bessenger as Chief
Financial Officer.
Financial highlights
-- Net cash of $15.81m at 30 June 2023 (30 June 2022: $23.97m, 31 December 2022: $19.09m)
- reflecting continued effective cash management and providing
an extended runway into 2025.
-- Adjusted EBITDA* loss of $3.16m, in line with expectations
(30 June 2022: $4.61m loss, 31 December 2022: $8.09m).
* Earnings before interest, tax, depreciation and amortisation
adjusted for share-based payments
Dr. Marla Dubinsky, Chief Executive Officer of Trellus Health,
said :
"The first six months of 2023 showed great progress for Trellus
Health, with our business-to-business-to-consumer ("B2B2C") model
continuing to develop with a new contract, and the expansion of our
initial agreements. We also expanded Trellus Elevate(TM) to include
IBS with an existing partner. We are actively engaged in late-stage
discussions with a large national health plan which we are
confident will lead to Trellus Elevate(TM) being available at a
greater scale.
"We have also gained the required data from our D2C model to
further validate the Trellus Elevate(TM) approach. This data has
enabled us to progress discussions with prospective B2B2C partners
and further validate the Trellus Elevate(TM) platform.
"I would like to thank our team, shareholders and partners for
their support and collaboration during the period and look forward
to updating the market in due course."
A copy of the investor presentation is available here:
https://trellushealth.com/investors/annual-interim-reports/
Trellus Health will be hosting a live online presentation open
to all investors on 2 October at 17.00 BST, via the Investor Meet
Company platform. Investors can sign up to Investor Meet Company
for free and add to meet
Trellus Health via: https://www.investormeetcompany.com/trellus-health-plc/register-investor
For further information please contact:
Trellus Health plc https://trellushealth.com/
Dr. Marla Dubinsky, Chief Executive Via Walbrook PR
Officer and Co-Founder
Dr. Daniel Mahony, Chairman
Singer Capital Markets (Nominated Tel: +44 (0)20 7496 3000
Adviser and Broker)
Aubrey Powell / Jen Boorer
Walbrook PR Tel: +44 (0)20 7933 8780 or trellus@walbrookpr.com
Paul McManus / Sam Allen / Phillip Mob: +44 (0)7980 541 893 / 0 7748 651 727
Marriage / 07867 984 082
About Trellus Health plc ( www.trellushealth.com )
Trellus Health (LSE: TRLS) is the first resilience-focused
digital health company targeting the intersection of chronic
illness and mental health. Trellus Health integrates its
proprietary resilience-based methodology with the technology,
tools, and expert coaching and educator team to deliver Trellus
Elevate(TM), a whole-person technology-enhanced experience that
empowers individuals to master their health and results in
relieving disease burden, building self-management skills and
promoting positive health behaviours that improves outcomes and
enables thriving in the face of a chronic condition.
The Company was founded by Mount Sinai faculty members Marla C.
Dubinsky, MD and Laurie Keefer, PhD, both experts at treating and
healing both the physical and emotional impacts of IBD and IBS and
have been innovators for whole person healthcare for a combined 50
years.
The Company was initially focused on inflammatory bowel disease
("IBD"), which includes the chronic incurable conditions of Crohn's
Disease and ulcerative colitis but has expanded its offerings to
include Irritable Bowel Syndrome ("IBS"). Given the common
emotional and mental health struggles often experienced by
individuals suffering from a variety of chronic conditions, Trellus
Health considers its approach to have potential utility and demand
across many conditions.
The Trellus Elevate(TM) program incorporates the GRITT(TM)
methodology and learnings on resilience from clinical research and
practice conducted at the Mount Sinai IBD Center for more than five
years. This proprietary, resilience-driven methodology has been
scientifically validated to demonstrate meaningful improvements in
patient outcomes, 71% reduction in Emergency Department (A&E)
visits, and 94% reduction in unplanned hospitalisations, which the
directors of the Company believe indicates the potential for
significant cost savings for healthcare payers. Patients with IBD
managed with the proprietary resilience methodology also
experienced a 49% reduction in required opioid use and a 73%
reduction in corticosteroid use 12 months following starting the
program which is a major indicator of improved health outcomes(1)
.
Shares in Trellus Health were admitted to trading on AIM in May
2021, under the ticker TRLS. For more information on Trellus
Health, visit: www.trellushealth.com
(1) Source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
)
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
CEO STATEMENT
The first six months of the year have represented excellent
progress for Trellus Health, delivering further
business-to-business-to-consumer ("B2B2C") progress, with the
Company already reaching many more people living with chronic
conditions than at the start of the year. Our focus on cash control
has also ensured that we are well-funded to pursue commercial
traction and revenue growth.
Commercial progress
B2B2C
We have seen positive momentum in our B2B2C model during the
course of H1 2023, focused on regional and national health plans,
employers, health systems, gastrointestinal ("GI") provider
networks and pharmaceutical companies . Our first two B2B2C
contracts were signed with the Mount Sinai Health System ("Mount
Sinai") in late 2022. Both became active for enrollment in early
2023.
The first contract has seen Trellus Elevate(TM) made available
to all Mount Sinai Health System employees, focusing initially on
IBD. The second contract was to make Trellus Elevate(TM) available
to people living with IBD and IBS, who are members of a large NY
state labor union, which provides health services through Mount
Sinai.
In February, Trellus Health signed an agreement and launched a
pilot IBD program with a New York-based health insurer with more
than 1.8 million members, providing a significant potential
opportunity to onboard more people with IBD over time. This B2B2C
partnership makes Trellus Elevate(TM) available as a health plan
benefit to certain members under its Medicaid managed care plan.
Running for an initial 12-month term, the agreement can be extended
by mutual agreement.
As previously disclosed in our 2022 preliminary results issued
in May 2023, Trellus Health is in advanced discussions with a major
health plan for a large-scale pilot study. Talks have continued to
progress well and are now at a late stage, and we have completed
the process of enhancing the Trellus Elevate(TM) platform to ensure
that it can meet the requirements of the health plan's members.
While there is never complete certainty as to the timing or outcome
from such negotiations, nor as to the speed of implementation
following contractual agreement, we are optimistic that the
discussions will lead to Trellus Elevate(TM) being offered at a
greater scale than it has been previously . Such a contract would
enable the Company to begin to demonstrate in a real-world context,
to its partner customers, the scope of patient benefits and
economic savings that the Trellus Elevate(TM) methodology can
deliver. Accordingly, a key focus of management is to execute
larger scale pilot agreements such as this successfully, as a
primary driver of the Company's growth.
D2C update
We launched our direct-to-consumer (D2C) model in July 2022,
running alongside the B2B2C model to enroll early adopters, with
the main objective of validating the use and outcomes of our
methodology and supporting B2B2C engagement, whilst also driving
awareness and demand.
Our two D2C partner channel agreements, with the Crohn's and
Colitis Foundation, the largest patient advocacy group for IBD in
the US, and GI OnDemand, a leading GI virtual integrated care
platform, provided the broadest possible reach into the US
gastroenterological community. The data obtained from our D2C early
adopters has been key to our discussions with B2B2C prospective
partners, and we now have a dataset that demonstrates the value of
Trellus Elevate(TM) to support the establishment of scalable B2B2C
agreements.
W e are in discussions with these partners to expand existing
agreements to include the development of co-branded condition
management tools that embody the Trellus Elevate(TM) whole-person
approach. This approach will allow Trellus Health and its partners
to jointly support the GI provider and patient community and enable
a broader referral funnel for users of the modules towards the full
Trellus Elevate(TM) platform via our higher-margin B2B2C agreements
as we continue to sign and scale them.
We are prioritizing the pursuit of additional B2B2C agreements,
as we believe this is where the most significant opportunity lies .
Feedback from larger potential B2B2C customers has led us to
migrate our D2C members, who are currently paying directly for
access to Trellus Elevate(TM), into a community testing group. As
part of the group, this very engaged community of users will
receive access to Trellus Elevate(TM) free of charge, thereby
negating potential pricing issues for B2B2C customers, and will
continue to provide feedback to help us further enhance the
platform, enabling us to deliver patient-centric improvements
faster for our B2B2C partners.
Expansion into Irritable Bowel Syndrome (IBS) and beyond
In February 2023, we launched the Trellus Method for IBS, ahead
of schedule, using existing resources, adding to our offering in
IBD. IBS is another chronic GI condition that has significant
similarities with IBD from a symptom burden and emotional
perspective, with a much higher prevalence than IBD, impacting c.
10% of the US population (c. 30m patients for IBS compared to c. 3m
for IBD). Trellus Elevate(TM) for IBS is currently being delivered
through the expansion of our Mount Sinai labor union contract.
I am proud that we now offer a comprehensive GI solution
covering both IBD and IBS and have the scope to improve the lives
of many more patients. We believe our solution can be used across
many other chronic conditions to deliver meaningfully improved
healthcare outcomes whilst reducing costs, and this expansion into
IBS has represented the first step.
Continued investment in Technology and User Experience
We have continued making investment to enhance the Trellus
Elevate(TM) Platform to further scale its functionality for our
large B2B2C partners. Our goal is to create a fully integrated and
seamless workflow with a specific focus on efficient member
onboarding as well as increased member and GI provider
engagement.
Our team, led by our CTO Jamey Hancock, has built a proprietary
structure that gives Trellus Health a competitive advantage with
inherent value as a health management platform, as opposed to
simply being a telehealth or behavioral health mobile app. We are
unique in this space by integrating coordination, communication,
and analytics in one end-to-end platform. This provides
expandability, flexibility, scalability and control for our team,
allowing us to integrate new features and adapt much faster than
our peer group, and enabling us to scale to other GI and non-GI
conditions.
Trellus Health also importantly secured SOC 2 Type 1 designation
for TrellusElevate(TM), which certifies our data security and
privacy protocols at a certain point in time. We are working
towards receiving the SOC 2 Type 2 designation, which assesses
those protocols over a period, and is considered the gold standard
accreditation for a service organisation in relation to its
security, processing integrity and privacy controls and
practices.
Board and Senior Management Team structure
In February 2023, Dr. Daniel ("Dan") Mahony, Senior Independent
Non-executive Director, was appointed Non-executive Chair,
following Julian Baines' appointment as Executive Chairman of EKF
Diagnostics Holdings plc ("EKF").
Dan, who also chairs the Board of the BioIndustry Association
(BIA), the industry trade association for UK life sciences, has
over 25 years of experience within global healthcare covering
biotechnology, medical technology, and healthcare services. This
wealth of experience is already proving invaluable to Trellus
Health in our commercialisation journey.
Earlier this month, we also announced the appointment of Joy
Bessenger as Chief Financial Officer, following the appointment of
Steve Young, Interim Chief Financial Officer, as full-time CFO of
EKF. With over 20 years with both privately and publicly held life
sciences and healthcare companies, I am confident that Joy will be
a fantastic addition to the Trellus Health team as we look to
further execute our commercial strategy and secure additional
partnerships.
I would like to again thank Julian and Steve for their
significant contributions to Trellus Health and wish them the best
in their new roles.
Financial position and current trading
During the period, we continued our focus on ensuring careful
cash management and the reduction of cash burn, without impeding
our growth strategy . As of 30 June 2023, Trellus Health's net cash
position was $15.81m (30 June 2022: $23.97m, 31 December 2022:
$19.09m) , providing a runway into 2025 on conservative growth
assumptions. Our adjusted EBITDA loss for the period was $3.16m,
which compared to the corresponding period last year ($4.61m loss),
further emphasises the importance that we have been placing on
prioritising cash management in line with the pursuit of our
near-term objectives.
With early revenue generation having begun, we are confident
that we are well funded to deliver further commercial progress and
revenue growth through larger B2B2C contracts, with our current
resources.
Summary and outlook
I have been pleased with the progress that we have made in the
first half of this year, which has seen the launch our first B2B2C
contracts and our first generated revenues, driven by our original
D2C model and the data obtained from it. This progress, coupled
with the differences that we can see being made to our users' lives
through our methodology, strengthens my belief that we are
well-positioned to drive further adoption of Trellus
Elevate(TM).
Whilst our resilience-based solution for chronic conditions has
been scientifically validated, given the early stage of
commercialisation, B2B2C partners need to see the return on
investment ("ROI") through smaller pilot studies first, before
expanding our agreements. Therefore, our current active B2B2C
projects, though expected to provide modest users and revenues at
this stage, are critical to our ability to secure larger scale
agreements in future. Initial data from our early user base has
been highly encouraging, and we are confident that the full data
from our users will demonstrate a clear and substantial ROI to our
B2B2C partners and lead to the expansion of our agreements.
We are in late-stage negotiations with one major health plan for
a large-scale pilot study which we are optimistic will lead to
TrellusElevate(TM) being offered on a larger scale than it has been
previously , and we will also continue discussions with other
potential large B2B2C partners. We look forward to updating the
market on the outcomes of these discussions in due course.
I firmly believe that with a cash runway extending into 2025, we
have the resources to achieve further commercial milestones and
demonstrate the ability of Trellus Elevate(TM) to change the lives
of the many people living with chronic conditions. I would like to
thank our shareholders for their continued support and look forward
to providing further updates on our progress.
Dr. Marla Dubinsky
Chief Executive Officer and Co-Founder
28 September 2023
CONSOLIDATED CONDENSED STATEMENT
OF COMPRENSIVE INCOME
FOR THE 6 MONTHSED 30 JUNE
2023
6 months 6 months Year ended
ended 30 ended 30 31 December
June 2023 June 2022 2022
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Continuing operations
Revenue 14 10 18
Administrative
expenses (3,763) (4,850) (8,828)
--------------- -------------------- -------------------
Operating loss (3,749) (4,840) (8,810)
Share based payments 19 9 62
Depreciation and
amortisation 575 222 659
--------------- -------------------- -------------------
EBITDA before
share-based
payment (3,155) (4,609) (8,089)
--------------------------- ---------- --------------- -------------------- --- -------------------
Interest received 182 - -
--------------- -------------------- -------------------
Loss before taxation (3,567) (4,840) (8,810)
Income tax charge 3 - - -
--------------- -------------------- -------------------
Loss for the period (3,567) (4,840) (8,810)
=============== ==================== ===================
Loss per ordinary $ $ $
share
attributable to the
owners
of the parent during
the
period
Basic and diluted 4 (0.02) (0.03) (0.05)
=============== ==================== ===================
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHSED 30 JUNE 2023
6 months 6 months Year ended
ended 30 ended 31 31 December
June 2023 30 June 2022 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss for the period (3,567) (4,840) (8,810)
Other comprehensive expense:
Currency translation differences 830 (1,433) (1,434)
-------------------
Total comprehensive loss
for the period (2,737) (6,273) (10,244)
=============== ================== ===================
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE 2023
As at 31
As at 30 As at 30 December
June 2023 June 2022 2022
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Assets
Non-current assets
Property, plant
and equipment 46 70 58
Intangible assets 5 6,792 5,920 6,488
------------------
Total non-current
assets 6,838 5,990 6,546
---------------- ------------------ -------------
Current Assets
Trade and other
receivables 187 481 283
Cash and cash
equivalents 15,811 23,968 19,085
------------------
Total current
assets 15,998 24,449 19,368
---------------- ------------------ -------------
Total assets 22,836 30,439 25,914
================ ================== =============
Equity
attributable
to owners of the
parent
Share capital 137 137 137
Share premium 43,387 43,387 43,387
Other reserve 220 148 201
Foreign currency
reserves (2,329) (3,158) (3,159)
Retained earnings (19,041) (11,504) (15,474)
---------------- ------------------ -------------
Total equity 22,374 29,010 25,092
---------------- ------------------ -------------
Current
liabilities
Trade and other
payables 462 1,429 822
------------------
Total liabilities 462 1,429 822
---------------- ------------------ -------------
Total equity and
liabilities 22,836 30,439 25,914
================ ================== =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHSED 30 JUNE 2023
Foreign
Share Share Currency Other Retained
Capital Premium Reserve reserves earnings Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
At 1 January
2022 137 43,387 (1,725) 139 (6,664) 35,274
------------- ------------- -------------- -------------- -------------- ------------
Comprehensive
income
Loss for the
period - - - (4,840) (4,840)
Other
comprehensive
income
Currency
translation
differences - - (1,433) - - (1,433)
------------- ------------- -------------- -------------- -------------- ------------
Total
comprehensive
expense - - (1,433) - (4,840) (6,273)
------------- ------------- -------------- -------------- -------------- ------------
Transactions
with owners
Share based
payments - - - 9 - 9
Total
contributions
by and
distributions
to owners - - - 9 - 9
------------- ------------- -------------- -------------- -------------- ------------
At 30 June 2022 137 43,387 (3,158) 148 (11,504) 29,010
------------- ------------- -------------- -------------- -------------- ------------
Comprehensive
income
Loss for the
period - - - - (3,970) (3,970)
Other
comprehensive
expenses
Currency
translation
differences - - (1) - - (1)
------------- ------------- -------------- -------------- -------------- ------------
Total
comprehensive
expense - - (1) - (3,970) (3,971)
------------- ------------- -------------- -------------- -------------- ------------
Transactions
with owners
Share based
payments - - - 53 - 53
Total
contributions
by and
distributions
to owners - - - 53 - 53
------------- ------------- -------------- -------------- -------------- ------------
At 31 December
2022 137 43,387 (3,159) 201 (15,474) 25,092
------------- ------------- -------------- -------------- -------------- ------------
Comprehensive
income
Loss for the
period - - - - (3,567) (3,567)
Other
comprehensive
expenses
Currency
translation
differences - - 830 - - 830
------------- ------------- -------------- -------------- -------------- ------------
Total
comprehensive
expense - - 830 - (3,567) (2,737)
------------- ------------- -------------- -------------- -------------- ------------
Transactions
with owners
Share based
payments - - - 19 - 19
Total
contributions
by and
distributions
to owners - - - 19 - 19
------------- ------------- -------------- -------------- -------------- ------------
At 30 June 2023 137 43,387 (2,329) 220 (19,041) 22,374
============= ============= ============== ============== ============== ============
CONSOLIDATED CONDENSED STATEMENT OF
CASH FLOWS
FOR THE 6 MONTHSED 30 JUNE 2023
6 months 6 months Year ended
ended 30 June ended 30 to 31 December
2023 June 2022 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Cash flow from operating activities
Loss before income tax (3,567) (4,840) (8,810)
Adjustments for
- Depreciation, amortisation
and impairment 575 222 659
- Share-based payments 19 9 62
- Foreign exchange 113 - -
Changes in working capital
- Trade and other receivables 98 (30) 168
- Trade and other payables (353) (92) (699)
----------------------- ------------------- ----------------------
Net cash used in operating
activities (3,115) (4,731) (8,620)
-------------------
Cash flow from investing activities
Internally generated intangible
assets (847) (1,850) (2,908)
----------------------- ------------------- ----------------------
Net cash used in investing
activities (847) (1,850) (2,908)
----------------------- ------------------- ----------------------
Cash flow from financing activities
Net proceeds from issue of ordinary
shares - - -
-------------------
Net cash generated from financing
activities - - -
----------------------- ------------------- ----------------------
Net decrease in cash and cash
equivalents (3,962) (6,581) (11,528)
Cash and cash equivalents at
beginning of period 19,085 31,982 31,982
Exchange gain/(loss) on cash
and cash equivalents 688 (1,433) (1,369)
----------------------- ------------------- ----------------------
Cash and cash equivalents at
end of period 15,811 23,968 19,085
======================= =================== ======================
NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. General information and basis of presentation
Trellus Health plc is a public limited company incorporated in
the United Kingdom (Registration Number 12743489). The address of
the registered office is Avon House, 19 Stanwell Road, Penarth,
CF64 2EZ.
The principal activity of Trellus Health PLC (the "Company") is
the delivery of resilience-driven care for complex chronic
conditions.
The Group's principal activity is that of delivery of
resilience-driven care for complex chronic conditions.
Basis of preparation
The financial information in these interim results is that of
the holding company and all of its subsidiaries and are unaudited.
It has been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting
Standards as adopted for use in the United Kingdom, IFRS IC
interpretations, and the Companies Act 2006 applicable to companies
reporting under IFRS.
The presentation currency of the Group is United States Dollars
("USD" or "US$") and this is the currency of the primary economic
environment that the main business operates in.
Certain statements in this announcement constitute
forward-looking statements. Any statement in this announcement that
is not a statement of historical fact including, without
limitation, those regarding the Company's future expectations,
operations, financial performance, financial condition and business
is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially. These risks and uncertainties include, amongst
other factors, changing economic, financial, business or other
market conditions. These and other factors could adversely affect
the outcome and financial effects of the plans and events described
in this announcement and the Company undertakes no obligation to
update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this
announcement should be construed as a profit forecast.
The financial information presented herein does not constitute
full statutory accounts under Section 434 of the Companies Act 2006
and was not subject to a formal review by the auditors. Comparative
figures in the Interim Report for the year ended 31 December 2022
have been taken from the Group's audited statutory financial
statements on which the Group's auditors, Crowe U.K. LLP, expressed
an unqualified opinion. The comparative figures to 30 June 2022 are
unaudited.
These interim accounts have not been prepared in accordance with
IAS 34, 'Interim financial reporting'. They have been prepared
under AIM Rules of UK companies and have been authorised for issue
by the Company's Board of directors on 26 September 2023.
2. Summary of significant accounting policies
The accounting policies applied by the Group in this financial
information are the same as those applied by the Group in its
financial statements for the year ended 31 December 2022 and which
will form the basis of the 2023 financial statements except for a
number of new and amended standards which have become effective
since the beginning of the previous financial year. These new and
amended standards are not expected to materially affect the
Group.
The principal accounting policies adopted in the preparation of
the historical financial information of the Company, have been
applied consistently to the period presented.
Going concern
The Group is in the development phase of its business and has
only generated revenues related to implementation services and
early patients in pilot scheme. At 30 June 2023 the Group has
available cash resources of $16m. The company has been continuing
developing its platform and methodology for delivery of
resilience-driven management for complex chronic conditions. The
Directors have prepared cash flow forecasts for the Group for a
review period of over 12 months from the date of approval of this
historical financial information. These forecasts reflect an
assessment of current and future market conditions and their impact
on the Group's future cash flow performance. The forecasts have
been sensitised for additional costs which may be incurred in the
review period. In the sensitised scenario, the forecasts indicate
the Group would still have sufficient cash to continue as a going
concern.
Having considered the points above, the Directors remain
confident in the long-term future prospects for the Group, and
their ability to continue as a going concern for the foreseeable
future. They therefore adopt the going concern basis in preparing
the historical financial information of the Group.
3. Income tax
The Group has no provision for corporation tax due to tax losses
incurred since incorporation. The Group has incurred indefinitely
available tax losses of approximately US$23m (December 2022 -
US$19m) to carry forward against future taxable income at the end
of 30 June 2023. No deferred tax asset has been recognised in
respect of such losses and temporary differences due to the
unpredictability of future profit streams. Such losses may be
carried forward indefinitely.
4. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding assuming conversion
of all dilutive potential ordinary shares. The Company has one
category of dilutive potential ordinary share, being share options.
Currently the share options are anti- dilutive.
6 months 6 months Year ended
ended 30 June ended 30 31 December
2023 June 2022 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss attributable
to owners of the
parent (3,567) (4,840) (8,810)
=================== ================== =====================
Number Number Number
Weighted average
number of ordinary
shares in issue 161,508,333 161,508,333 161,508,333
=================== ================== =====================
US$ US$ US$
Basic loss per
share (0.02) (0.03) (0.05)
=================== ================== =====================
5. Intangible Fixed Assets
Software Development costs
US$'000 Licence costs Total
US$'000 US$'000
--------------------------------- -------------------- --------------
Cost
On 1 January 2022 3,802 500 4,302
Additions 1,850 - 1,850
At 30 June 2022 5,652 500 6,152
Additions 1,058 - 1,058
Foreign currency difference - (65) (65)
--------------------------------- -------------------- --------------
At 31 December 2022 6,710 435 4,302
Additions 847 - 847
Foreign currency difference - 20 20
At 30 June 2023 7,557 455 8,012
--------------------------------- -------------------- --------------
Amortisation
On 1 January 2022 (22) - (22)
Charge for the period (210) - (210)
--------------------------------- -------------------- --------------
At 30 June 2022 (232) - (232)
Charge for the period (261) (42) (303)
Impairment charges (122) - (122)
--------------------------------- -------------------- --------------
At 31 December 2022 (615) (42) (657)
Charge for the period (301) (21) (322)
Impairment charges (241) - (241)
--------------------------------- -------------------- --------------
At 31 June 2023 (1,157) (63) (1,220)
--------------------------------- -------------------- --------------
Net book value
30 June 2022 5,420 500 5,920
------------ ------------- ------------
31 December 2022 6,095 393 6,488
------------ ------------- ------------
30 June 2023 6,400 392 6,792
------------ ------------- ------------
6. Dividends
No dividends to shareholders of the holding company were
provided or paid during the six months to 30 June 2023 (31 December
2022: GBPNil).
7. Events after the reporting date
There have been no events subsequent to the period end that
require disclosure in these financial statements.
8. Related party transactions
The Group received $1k (31 December 2022 - $10k) revenue from
Mount Sinai during the period for the services provided to their
members in respect of two contracts (the first contract making the
Trellus IBD program available to all Mount Sinai Health System
employees and the second contract making the Trellus IBD and IBS
programs available to eligible members of a large NY state labor
union that provides health services to its members through Mount
Sinai) as previously announced. The amount owed as at 30 June 2023
is $1k (31 December 2022 $Nil). The Group also paid a $Nil (31
December 2022 - $100k) management fee to Mount Sinai Hospital
during the period, the amount outstanding at 30 June 2023 is
$Nil.
9. Availability of this announcement
This announcement is available from the Company's website,
https://trellushealth.com/. If you would like to receive a hard
copy of the interim report, please contact the Trellus Health plc's
investor relation team (Walbrook PR) on +44 (0)20 7933 8780 or
trellus@walbrookpr.com to request a copy.
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END
IR FFFILAAIDFIV
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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