REG-4basebio Plc: Final Results and Notice of AGM
27/05/2025 07:02
27 May 2024
4basebio plc
("4basebio", the "Company" or the “Group”)
Final Results and Notice of AGM
The Board of 4basebio plc is pleased to report the results for the financial
year ended 31 December 2024.
The annual report and accounts together with a notice of the Company’s
annual general meeting, which is to be held on 27 June 2025 at 9:00am in the
offices of 4basebio plc are expected to be uploaded to the Company's website
and posted to shareholders shortly.
The annual general meeting will be followed by a presentation from the Company
through the Investor Meet Company platform on 30 June 2025 at 10am. Investors
can sign up to Investor Meet Company for free and register interest here:
https://www.investormeetcompany.com/4basebio-plc/register-investor.
Highlights
* Revenue Growth: The Group doubled its revenues from DNA sales against the
previous year, with overall revenues of £933k.
* Product Supply for clinical trial purposes: 4basebio supplied opDNA™ to
its client HelixNano Technologies Inc. for the manufacture of an mRNA vaccine
product for use in a first in human trial; the Group also commenced supply of
HQ and GMP grade synthetic DNA into a tier one pharma company’s vaccine
program.
* MHRA regulatory approval to manufacture GMP: The Group received its GMP
manufacturing licence from the UK regulator, the Medicines and Healthcare
products Regulatory Agency.
* Expanded Intellectual Property: The Group continues to develop its
technology platform with the intellectual property portfolio now comprising 29
patent families, reinforcing its leading position in synthetic DNA.
* Successful Equity Raise: The £40 million primary equity investment which
concluded in November 2024 underpins the Group’s continued growth plans.
* Strategic Advisory Board: The Group formed a Strategic Advisory Board during
the year to support the board in developing the strategic direction of the
business.
Overview
4basebio PLC (AIM: 4BB) is a Cambridge, UK-based AIM-quoted life sciences
service Company for the 4basebio group of companies (“the Group”), which
has commercial, manufacturing and R&D operations in the UK and Spain. It is a
market leader in the development, manufacture and commercialisation of
synthetic DNA and thermostable, non-viral delivery systems for use in cell &
gene therapy and vaccine markets, across mRNA therapeutics and vaccines, AAV,
gene editing and DNA vaccines.
4basebio’s objective is to displace incumbent plasmid DNA with its synthetic
DNA for large scale manufacture of DNA for clinical and commercial use. Its
products offer its customers application specific product and performance
benefits addressing critical customer needs in the cell & gene therapy and
vaccine markets. This also includes much quicker manufacturing turnaround
times relative to plasmid DNA.
4basebio also continues to invest in research and development activities to
further develop its platforms and expand its product offering, particularly
focussed on different nucleic acid modalities. Consequently, the Group
continues to file significant numbers of patents each year.
Dr Heikki Lanckriet, CEO and CSO for 4basebio, said: “2024 has been a
transformational year of growth for 4basebio, closing the strategic investment
by Elevage and M&G, securing MHRA certification and continuing to expand our
commercial capabilities and client base.
We are delighted to have supplied product during the year for our client
HelixNano to progress its mRNA vaccine programme, as well as the supply of DNA
for a tier one pharma vaccine programme. We anticipate continued commercial
success and strong revenue growth in the year ahead.”
For further enquiries, please contact:
4basebio PLC Dr. Heikki Lanckriet, CEO +44 (0)1223 967 943
Nominated Adviser Cairn Financial Advisers LLP Jo Tuner / Sandy Jamieson / Ed Downes +44 (0)20 7213 0880
Joint Broker RBC Capital Markets Matthew Coakes / Sandrine Cailleteau / Kathryn Deegan +44 (0)20 7653 4000
Joint Broker Cavendish Capital Markets Limited Geoff Nash / Nigel Birks +44 (0)20 7220 0500
Chairman’s statement
Performance
The 2024 financial year has been another strong year for 4basebio with a
doubling of its DNA revenues over the period, continued expansion of its
customer base and further development of its DNA platform.
Another key milestone during the year was the equity investment of £40
million from Elevage Medical Technologies and M&G Investments into the
Company, first announced in July 2024 and concluded in November 2024,
following regulatory approval. This investment was concluded at a market
valuation for the Company of £192 million and offered clear endorsement of
4basebio’s technology and future growth prospects.
The Company is delighted to welcome these highly regarded investors to the
share register. With this funding, the Group expects to be able to rapidly
scale its commercial and operational capabilities.
Following the investment, 4basebio moved quickly to strengthen its commercial
team, which included the recruitment of four staff based in the USA. As a
result of these changes, the Group anticipates an acceleration of its revenue
generation over the next year and beyond.
The Board was also restructured to offer representation to 4basebio’s two
major shareholder groups, Elevage / M&G and Deutsche Balaton. As a result,
the Board increased from five members following the Annual General Meeting in
June to eight members by the end of the year.
The synthetic DNA business continued to make excellent progress during 2024.
A significant achievement was the supply of 4basebio opDNA™ product for use
in a first-in-human mRNA vaccine trial by HelixNano Technologies in March
2024. The Group also commenced supply of HQ and GMP synthetic DNA for a Tier
1 pharmaceutical company mRNA vaccine programme. This commercial development
underscores the market’s growing acceptance of synthetic DNA in preference
to plasmid DNA.
The Group is delighted that following the year end the 4basebio also received
its GMP manufacturing licence from the UK regulator, the Medicines and
Healthcare products Regulatory Agency. This enables the Group to supply GMP
critical starting materials as well as GMP drug substance into customer
clinical trials and represents another key milestone for 4basebio on its
commercial journey.
We expect the Group’s commercial development to accelerate further with this
recent announcement as customers can be confident that 4basebio can now
support their programmes through each phase of their clinical development.
Alongside DNA, 4basebio also continues to invest into its Hermes® non-viral
delivery system. Optimising the platform for vaccine applications continued
to be funded by a grant from the Bill and Melinda Gates Foundation and the
Group continues to develop its platform through collaborative projects.
Finally, in July 2024, the Company formed a Strategic Advisory Board
(“SAB”) and welcomed senior industry executives to support the management
team and board with advice and industry insight spanning technical,
operational, commercial and strategic matters as well as supporting the Group
in the realisation of its growth goals and objectives.
Overall, the Group continues to make excellent progress and the Board believes
the Group is well placed to grow 2025 revenues strongly and to continue
innovating and providing new solutions to its clients. The Group will
continue to be loss making in 2025 as it continues to invest in its technology
and people and will draw on cash balances to fund those losses.
Strategy
4basebio’s strategy remains focussed on becoming the global leader in DNA
for cell & gene therapies and vaccine applications. Its synthetic DNA products
offer speed, safety, and application-specific benefits. The 4basebio platform
can be tailored to diverse applications from mRNA and gene editing to AAV and
DNA vaccines.
The Group’s application validation teams work with clients during their
journey with 4basebio to demonstrate the benefits and advantages of its DNA,
recognising the different characteristics of synthetic DNA relative to plasmid
DNA may mean that customer processes may not be optimised for synthetic DNA.
Through this collaborative approach, 4basebio’s objective is to become a
strategic partner for its clients as they progress from early stage research
through to pre-clinical, clinical and commercial stages. As clients
progress through these stages, both the quantity and quality of DNA required
increases, with customer revenues expected to increase significantly over
time.
Share Price
The share price opened the year at 680 pence and reached a high of 1,820 pence
in June before closing the year at 1,210 pence, a 78% uplift against the 2023
closing price. Trading volumes during the year represented approximately 4%
of shares in issue, with a typical daily trading volume of 2,440 shares.
At year end, approximately 73% of the Company’s shares were closely held
between the Company’s largest shareholders and Board Directors. The Board
has limited visibility on holdings below the reporting threshold of 3% as
holdings in the Company are typically held in nominee accounts. The Board
believes that a significant portion of the remaining shares is owned by long
term shareholders.
Environmental, Social and Governance
In 2024, the Company engaged with EcoVadis, a globally recognised provider of
sustainability ratings for supply chains and corporate ESG performance.
This engagement reflects the Group’s proactive approach to ESG and its
commitment to continuous improvement in these areas. The insights derived from
EcoVadis will inform the Group’s strategic planning, stakeholder engagement,
and operational practices to ensure long-term sustainability and
accountability.
People and Culture
The Group has continued to strengthen its teams across all disciplines and
remains science led with over 80% of its workforce holding scientific
degrees. The team has expanded geographically with staff now in the USA and
Dubai, alongside long standing teams in the UK and Spain. 4basebio seeks to
attract the right skills into the organisation and welcomes 22 nationalities
across its various locations.
The Group maintains a relatively flat organisational structure and strives to
maintain an open, informal and supportive culture. There is an emphasis on
staff welfare and development with resultant strong staff retention.
The Board would like to thank all staff for their commitment and dedication
over the past year which has been instrumental in 4basebio’s continued
progress.
Tim McCarthy
Chairman
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December 2024
[in £‘000] 2024 2023
Revenues 933 506
Cost of goods sold (303) (166)
Gross profit 630 340
Administration expenses (13,866) (8,813)
Other operating expenses (114) (85)
Other operating income 1,308 506
Loss from operations (12,042) (8,052)
Finance income 140 0
Finance expense (752) (302)
Financial result (612) (302)
Loss before tax (12,654) (8,354)
Income tax income 321 689
Loss for the year (12,333) (7,665)
Loss per share
* Basic and diluted (in £/share) (0.94) (0.62)
Items that may be reclassified to the income statement in subsequent periods
Exchange differences on translation of foreign operations (313) (172)
Total comprehensive income (12,646) (7,837)
Consolidated statement of financial position
31 December 2024
[in £’000] 2024 2023
Assets
Intangible assets 3,480 2,669
Property, plant and equipment 4,326 4,197
Other non-current assets 33 34
Non-current assets 7,839 6,900
Inventories 374 332
Trade receivables 283 107
Other current assets 1,627 1,514
Cash and cash equivalents 34,604 3,069
Current assets 36,888 5,022
Total assets 44,727 11,922
Liabilities
Financial liabilities (188) (392)
Trade payables (1,694) (694)
Other current liabilities (1,383) (1,191)
Current liabilities (3,265) (2,277)
Financial liabilities (15,028) (10,065)
Other liabilities (54) (72)
Non-current liabilities (15,082) (10,137)
Total liabilities (18,347) (12,414)
Net (liabilities) / assets 26,380 (492)
Share capital 13,772 11,132
Share premium 37,250 706
Merger reserve 688 688
Capital reserve 13,864 13,530
Foreign exchange reserve (471) (158)
Profit and loss reserve (38,723) (26,390)
Total Equity 26,380 (492)
Consolidated statement of changes in equity
for the year ended 31 December 2024
[in £‘000] Share capital Share premium Merger reserve Capital reserve Foreign exchange reserve Profit and loss reserve Total equity
Balance at 1 January 2024 11,132 706 688 13,530 (158) (26,390) (492)
Loss for the year - - - - - (12,333) (12,333)
Shares issued in period 2,640 36,544 - - - - 39,184
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - - - (313) - (313)
Share based payments - - - 334 - - 334
Balance at 31 December 2024 13,772 37,250 688 13,864 (471) (38,723) 26,380
[in £‘000] Share capital Share premium Merger reserve Capital reserve Foreign exchange reserve Profit and loss reserve Total equity
Balance at 1 January 2023 11,130 706 688 13,307 14 (18,725) 7,120
Loss for the year - - - - - (7,665) (7,665)
Shares issued in period 2 - - - - - 2
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - - - (172) - (172)
Share based payments - - - 223 - - 223
Balance at 31 December 2023 11,132 706 688 13,530 (158) (26,390) (492)
Consolidated statement of cash flows
for the year ended 31 December 2024
[in £’000] 2024 2023
Net loss for the period (12,333) (7,665)
Adjustments to reconcile net loss for the period to net cashflows
Income taxes (321) (689)
Interest income (140) 0
Interest expense 752 302
Depreciation of property, plant and equipment 800 676
Amortisation and impairment of intangible assets 4 133 33
Other non-cash items 11 (375) 220
Working capital changes:
(Increase)/decrease in trade receivables and other current assets (76) (109)
Increase/(decrease) in trade payables and other current liabilities 748 695
(Increase)/decrease in inventories (49) (202)
Tax receipt 117 561
Net Cash flows from operating activities (10,744) (6,178)
Investments in property, plant and equipment (697) (871)
Investments in capitalised development and intangible assets (874) (619)
Cash flows from investing activities (1,571) (1,490)
Net receipt/(payment) of loans 4,812 6,584
Shares issued 39,184 2
Interest received 72 0
Interest paid (86) (67)
Capital lease payments (115) (94)
Cash flows from financing activities 43,867 6,425
Net change in cash and cash equivalents 31,552 (1,243)
Exchange differences (17) (39)
Cash and cash equivalents at the beginning of the period 3,069 4,351
Cash and cash equivalents at the end of the period 34,604 3,069
Notes to the financial statements
1. General
4basebio PLC (the “Company” or “4basebio”) is registered in England
and Wales with company number 13519889.
The Company is domiciled in England and the registered office of the Company
is 25 Norman Way, Over, Cambridge CB24 5QE. 4basebio PLC is the parent of a
group of companies (together, “the Group”). The Group focusses on life
sciences and in particular the development of synthetic DNA and nanoparticles
suitable for inclusion in, or delivery of, therapeutic payloads for gene
therapies and gene vaccines.
The Company trades on London Stock Exchange’s AIM market. The
international securities number (ISIN) number for its AIM traded shares is
GB00BMCLYF79; its ticker symbol is 4bb.l.
The consolidated financial statements of 4basebio PLC and its subsidiaries for
the year ended 31 December 2024 were authorised for issue in accordance with a
resolution of the directors on 23 May 2025.
2. Basis of preparation
The consolidated financial statements of 4basebio UK PLC (or “the Group”)
for the financial year ending 31 December 2024 have been prepared using UK
adopted international accounting standards.
The consolidated financial statements comprise the results of 4basebio PLC,
4basebio S.L.U., 4basebio UK Limited and 4basebio Discovery Limited for the
whole year.
The above summary has been extracted from the report and financial statements
and, accordingly, references to notes and page numbers may be incorrect.
Shareholders are advised to read the full version of the report and financial
statements which will be available from the Company’s website shortly.
3. Earnings per share
2024 2023
Numerator [in £‘000]
Result for the period (12,333) (7,665)
Denominator [number of shares]
Weighted average number of registered shares in circulation (ordinary shares) for calculating the undiluted earnings per share 13,116,570 12,319.270
Basic and diluted earnings per share (£) (0.94) (0.62)
The calculation of the basic and diluted earnings per share for continuing
operations was based on the weighted average number of shares as determined
above. The numerator is defined as result after tax from continuing
operations. The average number of share options outstanding during the period
was 404,973 (2023: 653,771) which have not been included in the calculation of
the diluted Earnings per share because they would be anti-dilutive since the
business is loss making.
4. Approval of the financial statements
The financial statements were approved by the Board of directors and
authorised for issue on 23 May 2025.
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