REG-4basebio Plc: Half-year Report
27/09/2024 07:00
4basebio PLC
("4basebio", the "Company" or the “Group”)
Half-year Report
for the six months ended 30 June 2024
4basebio PLC (AIM: 4BB), Cambridge, UK, 27 September 2024 – 4basebio PLC, an
innovation driven biotechnology company enabling and accelerating development
of advanced therapy medicinal products (ATMPs) through its high performant
synthetic DNA products and non-viral, thermostable nucleic acid delivery
platform, announces its unaudited half-year results for the six months ended
30 June 2024.
Operational Highlights (including post period end)
* Revenues of more than £300k for the half year
* Order book above £600k at 30 June 2024
* Strong growth in higher value HQ and GMP opportunities
* Supply Agreement signed for provision of DNA for tier 1 pharma
* Supply of DNA for manufacture of mRNA used in first in human clinical trial
* Five additional patent filings during 2024
Financial Highlights
* £40m cash investment announced 29 July 2024
* Cash balances of £2.7 million at period end
* Loss for the period of £5.7 million (H1 2023 loss: £3.6 million)
* Net cash outflow from operating activities of £5.1 million (H1 2023: £3.0
million)
Commenting on the interim results, Dr Heikki Lanckriet, CEO and CSO, said
“We are pleased with our progress to date with the achievement of notable
milestones in our commercial development, including the agreement to supply HQ
and GMP synthetic DNA to a tier one pharma as well as the supply of DNA for
the production of mRNA for use in a first in human vaccine program. We
continue to see strong and growing interest in synthetic DNA and expect 2024
revenues to represent a significant step change to 2023.
We believe there is continued significant value creation potential through
ongoing investment in our synthetic DNA platform, with the opportunity to
develop additional novel nucleic acid products to further reinforce
4basebio’s unique market position and highlighting the flexibility of the
technology platform. Our Hermes™ delivery platform is also progressing
well with considerable promise both in the delivery of DNA and mRNA payloads.
We are delighted to have reached agreement with Elevage Medical Technologies,
a Patient Square Capital platform and Prudential Assurance Company
Limited acting by its investment manager M&G Investment Management Limited
for an investment of £40 million, subject to regulatory approval. The
funding will underpin the commercial growth of the Company and the continued
investment in the platforms. We see this step as further validation of our
stated ambition to become the leading player in the supply of DNA for cell &
gene therapies and vaccines.”
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
For further enquiries, please contact:
4basebio PLC +44 (0)12 2396 7943
Heikki Lanckriet, CEO and CSO
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0)20 7213 0880
Jo Turner / Sandy Jamieson
Cavendish Capital Markets Limited (Broker)
Geoff Nash / Charlie Beeson / Nigel Birks +44 (0)20 7220 0500
Lionsgate Communications (Media Enquiries) +44 (0)77 91892509
Jonathan Charles
Notes to Editors
4basebio (AIM: 4BB) is an innovation driven life biotechnology company
focussed on accelerating the development of advanced therapy medicinal
products (ATMPs) through its high performant synthetic DNA products and
non-viral, cell targeting nucleic acid delivery platform. The Company’s
objective is to become a market leader in the manufacture and supply of high
quality synthetic DNA products for research, therapeutic and pharmacological
use as well as development of target specific non-viral vectors for the
efficient delivery of payloads in patients.
Chairman’s Statement
Introduction
The Board is pleased to report on the Group’s continued progress during the
first half of the year and the exciting developments over these past several
months. It is pleasing to note 4basebio’s accelerating commercial
traction, highlighted through a combination of half year revenue and confirmed
order book, which together represents in excess of £900k. As indicated
previously, 4basebio expects to make significant revenue progress this
financial year.
At the same time, the Group continues to invest in its commercial and
operational capabilities, underscored by headcount increasing to 101 at 30
June 2024, an increase of 23 against 30 June 2023. As a result and as
expected, the Group incurred a net loss for the first half of 2024. 4basebio
continues to implement its strategy requiring ongoing investment in technology
and product commercialisation, which it expects will generate significant
revenues and profitability over time.
Alongside this core focus, 4basebio is delighted to report the agreements
entered into with Elevage Medical Technologies (“Elevage”), a Patient
Square Capital platform and Prudential Assurance Company Limited acting by
its investment manager M&G Investment Management Limited (“M&G”) to
facilitate an investment of £40 million to further accelerate the Group’s
commercial ambitions. As noted in the announcements of 29 July 2024 and 9
September 2024, the completion of this investment is subject to regulatory
clearance.
The investment represents strong validation of the Group’s technology
platform and commercial aims and we are looking forward to welcoming Elevage
and M&G to our shareholder register. It is also anticipated that our new
shareholders will make valuable contributions to the future strategic
direction of the Group.
This investment coincides with the formation of a Strategic Advisory Board, as
noted in the announcement of 8 August 2024 as well as the appointment of Dr
Amy Walker to the Company’s Chief Operating Officer and we welcome her to
the Board.
Operational Review
Over the first half of the year, the Group has continued its focus on
commercial activities, increasing its client base as well as continued
product platform development underpinned by multiple patent filings. On
these two points, the ambitions of the Group remain consistent with previous
periods; accelerating commercial traction and continued innovation.
As the Group’s commercial and GMP activities mature, 4basebio is
increasingly focussed on attracting customers at the late pre-clinical stage,
with a particular emphasis on DNA production for IND-enabling clinical
studies. Depending on each customer’s application area, this variously
requires high quality (“HQ”) and GMP batches of DNA. Of particular
highlight in this area is the commitment from a tier one pharma company,
announced on 10 April 2024, to both high quality and GMP batches to be used in
its manufacture of mRNA vaccines.
In addition, the use of 4basebio’s synthetic DNA for the manufacture of mRNA
for a first in human clinical trial announced on 21 March 2024 is yet another
substantial milestone for the Company. These developments corroborate and
validate management’s view that synthetic DNA is poised to take a
significant market share of the wider DNA market due to the many benefits it
offers over plasmid DNA.
The Group continues to consider how it can further accelerate its commercial
success and with the investment highlighted above, further significant
expansion in this area is planned in the near term. While the Group’s
customer base is primarily comprised of US clients, there has been increasing
interest in GMP opportunities across both Europe and APAC, demonstrating the
accelerating momentum around 4basebio’s activities.
While the Group’s core focus remains its synthetic DNA offering, 4basebio
continues to make good progress in validating its Hermes™ platform in
several collaborative studies which offer promising evidence of commercial
potential for the platform, particularly in nucleic acid vaccine applications,
supported by the Bill and Melinda Gates Foundation grant, announced on 1
August 2023.
Throughout the half year, the Group has continued to innovate across both
technology platforms; the unique flexibility of its synthetic DNA platform
facilitating the generation of novel DNA products with multi-application uses.
The board is pleased with the continued progress which has been made during
the first half of 2024 and remains very positive about the future prospects
for the Group. The Group continues to validate its commercial proposition
and synthetic DNA more generally through customer revenues, while at the same
time continuing to strengthen its market position through additional patent
filings around its products and technologies.
Business outlook
Over the second half of the financial year, the Group expects to continue to
secure new clients and increase revenues from the sale of DNA and Hermes™.
As previously indicated, the Group will also continue investing in its
technologies and capabilities, so that ongoing expenditure will continue to
significantly exceed revenues, with the Group reporting a loss for the full
year. The equity investment as noted above will strengthen the Group’s
financial position and ensures 4basebio remains well-resourced to deliver on
its ambitions and commercial targets.
Financial Review
The results for the period ended 30 June 2024 and the consolidated balance
sheet at that date reflect the consolidated performance and position of
4basebio PLC and all its subsidiary companies.
Revenue
The timing of revenue recognition is dependent on the mutually agreed
scheduling of customer projects. Revenue in the first six months of 2024
(“H1 2024”) was £0.33 million (H1 2023: £0.24 million), while the order
book for DNA and Hermes™ projects exceeded £0.6 million.
Cost of sales
Cost of sales in H1 2024 was £92k (H1 2023: £77k), relating to the direct
cost of products sold in the period.
Selling and administration expenses
Selling, general and administrative expenses were a combined £2.6 million in
H1 2024 (H1 2023: £1.9 million), representing an increase of £0.7 million.
Expenditure includes non-cash items relating to amortisation and depreciation
of £383k (H1 2023: £190k) and share options charges of £348k (H1 2023:
£87k). Other expenditure excluding these non-cash items rose by £311k,
relating primarily to increases in Sales and marketing expenditure.
Operations expense
Operations expense was £1.4 million (H1 2023: £0.6 million) This reflects
the scaling of the manufacturing and quality assurance teams between the
periods.
Research and development
Overall research and development expenditure for H1 2024 was £2.5 million (H1
2023: £1.8 million), of which £0.2 million was capitalised in the period (H1
2023: £0.3 million). Overall expenditure increased as the UK team and
capabilities continued to expand.
Tax
Tax represents R&D tax credits expected to be recovered in due course in
relation to expenditure during the first half of the year.
Balance sheet
Non-current assets increased to £7.0 million at 30 June 2024 from £6.9
million at 31 December 2023; this related to additions of tangible fixed
assets in the UK, capitalised R&D expenditure in Spain and capitalised patent
spend as shown in notes 6 and 7 to the half year results. Current assets
fell to £4.9 million at 30 June 2024 from £5.0 million at 31 December 2023,
due to cash outflows during the first half of 2024. As a result, closing
cash balances at 30 June 2024 stood at £2.7 million (31 December 2023: £3.1
million).
Current liabilities reduced to £1.8 million at 30 June 2024 (31 December
2023: £2.3 million) with a modest decline in short term financial liabilities
and seasonal timing differences in the build-up of certain accruals. The
increase in long term financial liabilities reflects the drawdown on the
2Invest AG loan facility, with overall long term liabilities at £15.3 million
as at 30 June 2024 (31 December 2023: £10.1 million). Other long term
liabilities represent deferred grant income in Spain.
Share Capital increased following the exercise of share options (as reported
on 2 and 6 February 2024), giving rise to an increase in share capital of
£415k to £11.5 million and share premium of £327k to £1.0 million, as
shown in the Consolidated statement of changes in equity.
Cash flow
Net cash outflows from operations were £5.1 million for the period ended 30
June 2024 (period ended 30 June 2023: outflows of £3.0 million). This
reflects an increase in operating cashflows directly arising from the growth
in operations between the periods as presented in the Consolidated statement
of profit and loss.
Cash outflows from investing activities were static with a decline in the
investment in tangible fixed assets of £0.2 million for the period ended 30
June 2024 (period ended 30 June 2023: £0.4 million) relating to both
operations and R&D equipment. In addition, intangible assets investment
included capitalised development expenditure in 4basebio S.L.U. representing a
cash outflow of £0.2 million (H1 2023: £0.3 million), with additions of
£0.3 million relating to capitalised patent expenditure (H1 2023: 0.1
million).
Cashflows from financing for the period ended 30 June 2024 reflect the
drawdowns from 2Invest AG under the loan facility of £5.1 million, partially
offset by repayments of Spanish softloans.
Exchange differences for the period represent changes in the British pound
value of cash balances held in foreign currency.
Tim McCarthy
Chairman
26 September 2024
Consolidated statement of profit or loss and other comprehensive income
for the six months ended 30 June 2024
in £‘000 Note Six months ended 30 June 2024 (unaudited) Six months ended 30 June 2023 (unaudited) Year ended 31 December 2023 (audited)
Revenues 328 238 506
Cost of goods sold (92) (77) (166)
Gross profit 236 161 340
Sales and marketing expenses (418) (248) (586)
Administration expenses (2,198) (1,603) (3,250)
Operations expense (1,390) (596) (1,417)
Research and non-capitalised development expenses (2,269) (1,596) (3,560)
Other operating expenses (6) (18) (85)
Other operating income 246 136 506
Loss from operations (5,799) (3,764) (8,052)
Finance expense (343) (98) (302)
Loss before tax (6,142) (3,862) (8,354)
Income tax credit / expense 4 414 307 689
Loss for the period (5,728) (3,555) (7,665)
Loss per share
* Basic and diluted (in £/share) 5 (0.45) (0.29) (0.62)
Items that may be reclassified to the income statement in subsequent periods
Exchange rate adjustments (88) (243) (172)
Total comprehensive income (5,816) (3,798) (7,837)
All of the loss for each period is from continuing operations.
Consolidated statement of financial position
30 June 2024
in £’000 Note 30 June 2024(unaudited) 31 December 2023 (audited)
Assets
Intangible assets 6 2,972 2,669
Property, plant and equipment 7 4,001 4,197
Other non-current assets 33 34
Non-current assets 7,006 6,900
Inventories 362 332
Trade receivables 52 107
Other current assets 1,790 1,514
Cash and cash equivalents 8 2,718 3,069
Current assets 4,922 5,022
Total assets 11,928 11,922
Liabilities
Financial liabilities (220) (392)
Trade payables (795) (694)
Other current liabilities (790) (1,191)
Current liabilities (1,805) (2,277)
Financial liabilities (15,274) (10,065)
Other liabilities (67) (72)
Non-current liabilities (15,341) (10,137)
Total liabilities (17,146) (12,414)
Net liabilities (5,218) (492)
Share capital 11,547 11,132
Share premium 1,033 706
Merger reserve 688 688
Capital reserve 13,878 13,530
Foreign exchange reserve (246) (158)
Profit and loss reserve (32,118) (26,390)
Total Equity 9 (5,218) (492)
Consolidated statement of changes in equity
for the six months ended 30 June 2024
in £‘000 Share capital Share premium Merger reserve Capital reserve Foreign exchange Profit and loss reserve Total equity
Balance at 1 January 2023 (audited) 11,130 706 688 13,307 14 (18,725) 7,120
Loss for the year - - - - - (7,665) (7,665)
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - (172) - (172)
Share based payments - - - 223 - - 223
Shares issued in period 2 - - - - - 2
Balance at 31 December 2023 (audited) 11,132 706 688 13,530 (158) (26,390) (492)
[in £‘000] Share capital Share premium Merger reserve Capital reserve Foreign exchange Profit and loss reserve Total equity
Balance at 1 January 2024 (audited) 11,132 706 688 13,530 (158) (26,390) (492)
Loss for the year - - - - - (5,728) (5,728)
Foreign Exchange difference arising on translation of 4basebio S.L.U. - - (88) - (88)
Share option charge - - - 348 - - 348
Shares issued in period 415 327 - - - - 742
Balance at 30 June 2024 (unaudited) 11,547 1,033 688 13,878 (246) (32,118) (5,218)
Consolidated statement of cash flows
for the six months ended 30 June 2023
in £’000 30 June 2024(unaudited) 30 June 2023(unaudited) 31 December 2023 (audited)
Net loss for the period (5,728) (3,555) (7,665)
Adjustments to reconcile net loss for the period to net cashflows
Income taxes (414) (307) (689)
Interest charge 343 98 302
Depreciation of property, plant and equipment 376 315 676
Amortisation and impairment of intangible assets 137 16 33
Other non-cash items 296 87 220
Tax receipt 118 561 561
Working capital changes:
(Increase)/decrease in trade receivables and other current assets (55) (104) (109)
Increase/(decrease) in trade payables and other current liabilities (180) (28) 695
(Increase)/decrease in inventories (34) (70) (202)
Net Cash flows from operating activities (5,141) (2,987) (6,178)
Investments in property, plant and equipment and intangible assets (188) (406) (871)
Investments in capitalised development and intangible assets (507) (330) (619)
Cash flows from investing activities (695) (736) (1,490)
Net receipt/(payment) of loans 4,845 3,187 6,584
Interest paid (53) (26) (67)
Capital lease payments (37) (49) (94)
Proceeds of shares issue 742 2 2
Cash flows from financing activities 5,497 3,114 6,425
Net change in cash and cash equivalents (339) (609) (1,243)
Exchange differences (12) (184) (39)
Cash and cash equivalents at the beginning of the period 3,069 4,351 4,351
Cash and cash equivalents at the end of the period 2,718 3,558 3,069
Notes to the financial statements
For the six months ended 30 June 20241. General information
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 cell &
gene therapies and vaccines.
The Company’s shares are traded on London Stock Exchange’s AIM market.
The international securities number (ISIN) number for its AIM traded shares is
GB00BLD8ZL39; its ticker symbol is 4bb.l.
The interim report was approved by the board of directors on 26 September
2024.
1. Significant accounting policies
Basis of preparation
This half year report, which is not audited, has been prepared in accordance
with the measurement and recognition criteria of UK adopted International
Accounting Standards. It does not include all the information required for
full annual financial statements and should be read in conjunction with the
financial statements of the Company and the Group for the year ended 31
December 2023.
The accounting policies applied in this half year report are consistent with
those in the financial statements for the year ended 31 December 2023, as
described in those financial statements.
Significant judgments
In the application of the Group’s accounting policies, management is
required to make judgments, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other
sources. The significant judgments made in relation to the financial
statements are further set out below.
Going concern
The directors have at the time of approving the half year report a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. Thus, they continue to adopt the going
concern basis of accounting in preparing the financial statements.
Internally-generated intangible assets – research and development
expenditure
Development expenditure is capitalised when the conditions referred to in Note
4 of the Company's 2023 annual report are met. 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.
1. Foreign currencies
The functional currency of the Group is British Pounds.
The principal currency rate of the Group other than the British Pounds is the
euro which has developed as follows in relation to the equivalent of one pound
(GBP/£):
in GBP Closing exchange rate Average exchange rate
30 June 2024 31 December 2023 Six months ended 30 June 2024 Six months ended 30 June 2023 Year ended 31 December 2023
Euro 0.8464 0.8691 0.8547 0.8764 0.8698
1. Income taxes
The Group anticipates claiming R&D tax credits in both the UK and Spain in
relation to the year ended 31 December 2023. The quantum of such claims for
the first half of 2024 is estimated at £0.4 million (period ending 30 June
2023: £0.3 million).
1. Loss per share
Six months ended 30 June 2024 Six months ended 30 June 2023 Year ended 31 December 2023
Numerator in £‘000
Loss for the period (5,728) (3,555) (7,665)
Denominator number of shares
Weighted average number of registered shares in circulation (ordinary shares) for calculating the undiluted earnings per share 12,709,129 12,318,987 12,319,270
Diluted and Undiluted earnings per share (£/share) (0.45) (0.29) (0.62)
1. Intangible assets
in £‘000 Development costs Patents and licences Total
Cost or acquisition value
01 January 2023 3,040 504 3,544
Additions 446 173 619
Exchange differences (62) (8) (70)
31 December 2023 3,424 669 4,093
01 January 2024 3,424 669 4,093
Additions 246 261 507
Exchange differences (91) (14) (105)
30 June 2024 3,579 916 4,495
Cumulative amortisation and impairment
01 January 2023 1,367 53 1,420
Amortisation 4 29 33
Exchange differences (28) (1) (29)
31 December 2023 1,343 81 1,424
01 January 2024 1,343 81 1,424
Amortisation 116 21 137
Exchange differences (36) (2) (38)
30 June 2024 1,423 100 1,523
Net book value
31 December 2023 2,081 588 2,669
30 June 2024 2,156 816 2,972
1. Property, plant and equipment
[in £‘000] Operating equipment Land and buildings Right of use assets Total
Cost or acquisition value
01 January 2023 2,803 1,040 643 4,486
Additions 895 - 372 1,267
Disposals (24) - - (24)
Exchange differences (8) - (3) (11)
31 December 2023 3,666 1,040 1,012 5,718
01 January 2024 3,666 1,040 1,012 5,718
Additions 190 - - 190
Exchange differences (14) (3) (3) (20)
30 June 2024 3,842 1,037 1,009 5,888
Cumulative amortisation and impairment
01 January 2023 670 140 43 853
Depreciation 493 47 137 677
Disposals (4) - - (4)
Exchange differences (5) - - (5)
31 December 2023 1,154 187 180 1,521
01 January 2024 1,154 187 180 1,521
Depreciation 285 25 66 376
Exchange differences (7) (1) (2) (10)
30 June 2024 1,432 211 244 1,887
Net book value
31 December 2023 2,512 853 832 4,197
30 June 2024 2,410 826 765 4,001
1. Cash and cash equivalents
[in £‘000] 30 June 2024 31 December 2023
Bank balances and cash in hand 2,718 3,069
Cash and cash equivalents 2,718 3,069
1. Equity
On 6 February 2024, 485,735 shares were issued pursuant to exercises of
employee share options on 1 and 6 February 2024. As a result, the share
capital of 4basebio PLC as of 30 June 2024 amounts to a total of €12,805,208
divided into 12,805,208 shares of €1 (31 December 2023: €12,319,473 shares
of €1). These are all registered ordinary shares. There are no shares with
special rights or other restrictions on voting rights. Subsequent to the
half year, on 13 August 2024, a further 5,520 shares were issued in relation
to an employee share incentive plan.
Share-based payments
During H1 2024, 78,996 share options to subscribe for shares in the Company
were granted to employees with an average weighted exercise price of £0.85
per share. As reported on 2 February 2024, these unapproved options were
awarded to compensate staff for the loss of EMI qualification over
pre-existing share options. These options vest in line with those
pre-existing options.
In addition, 20,000 and 4,000 options were awarded at a market price of £6.70
and £7.25 respectively. These share options vest one quarter on the
anniversary of the grant, over four years. Consistent with previous awards
as explained in note 24 to the 2023 financial statements, the awards were
valued using a Black Scholes valuation model.
An overall share-based payments charge of £348k (H1 2023: £87k) has been
expensed in the period with a corresponding amount recognised in equity based
on fair values calculated per option, as at the dates of grant. The charge
for the half year is high due to the unique pricing and vesting conditions
associated with the compensation options, with the full year charge expected
to be proportionately lower.
1. Legal matters
As disclosed in note 26 of the 2023 financial statements, 4basebio S.L.U., the
Company’s Spanish subsidiary, is engaged in legal proceedings in Spanish
Courts with Tyris Tx. The matter remains ongoing.1. Approval of the half
year report
The half year report was approved by the board of directors and authorised for
publication on 26 September 2024.
1. Events after the reporting period
On 29 July 2024, the Company announced a binding term sheet with Elevage
Medical Technologies (“Elevage”), a Patient Square Capital platform
and Prudential Assurance Company Limited acting by its investment
manager M&G Investment Management Limited (“M&G”) for a combined equity
investment of £40 million at a price of £15.00 per ordinary share,
conditional on regulatory approval of the transaction. In addition, Elevage
and M&G have between them agreed to purchase ordinary shares from entities
belonging to the Deutsche Balaton Group and certain management and directors
of the Company, at a purchase price equal to the Issue Price for an aggregate
purchase price of £29.4 million.
The Company then announced on 9 September 2024 that final documents had been
entered into in relation to the transaction. The announcement further
specified the number of shares to be sold by 2Invest AG and certain directors
and confirmed that on 7 September 2024, the Company entered into a new
relationship agreement with Elevage, M&G, 2Invest AG (on behalf of the
Deutsche Balaton Group) and Cairn Financial Advisers LLP as well as a deed of
termination in respect of its existing relationship agreement, which was
entered into at the time of its admission to AIM, both with effect from
admission of the Issuance Shares to trading on AIM.
On 13 August 2024, the company issued 5,520 shares in relation to an employee
share incentive plan.
Forward-looking statements
This announcement may contain certain statements about the future outlook for
the 4basebio. Although the directors believe their expectations are based on
reasonable assumptions, any statements about future outlook may be influenced
by factors that could cause actual outcomes and results to be materially
different.
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