Full Year Results
30/05/2023 07:00
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RNS Number : 9141A Clarify Pharma PLC 30 May 2023
Press Release
30 May 2023
Clarify Pharma PLC
("Clarify Pharma" or "The Company")
Full Year Results
Clarify Pharma (AQSE: PSYC), an investment vehicle specialising in biotech and
life sciences companies seeking to prove the safety and efficacy of
psychedelic-based substances, announces its audited financial results for the
twelve months ended 30 November 2022.
The Company is an Investment Company and has not divested any of its
investments since IPO and continues to hold its one private investment:
Beckley Psytech Ltd.
During the year the Company invested further into the sector by taking equity
positions in two NASDAQ-listed companies; Atai Life Sciences (ATAI) and
Compass Pathways (CMPS) which the Directors feel represent opportunities to
increase the Company's exposure to the sector.
Outlook:
Whilst the psychedelic-focused biotech and life sciences sector has not
generated attractive returns in the period, the Directors believe that the
market fundamentals suggest the sector will develop significantly along with
the regulatory environment.
Commenting on the results, Jonathan Bixby, Executive Director of Clarify
Pharma, said: "Within the twelve months prior to 30 November 2022, Clarify
Pharma increased exposure to the sector by investing in listed companies. We
remain confident that our early-stage investment in Beckley Psytech Ltd will
generate attractive returns. We look forward to the continued growth of
confidence among investors in this nascent sector."
The directors of Clarify Pharma plc accept responsibility for this
announcement.
The Company's audited financial results for the 12-month period to 30 November
2022 can be found at https://www.clarifypharma.com/investors
(https://www.clarifypharma.com/investors)
This announcement may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except as
required by law.
This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
For further information please contact:
Clarify Pharma
Jon Bixby via First Sentinel
Executive Chairman
First Sentinel
Corporate Adviser +44 7876 888 011
Brian Stockbridge
About Clarify Pharma PLC:
Listed on the Aquis Stock Exchange in London, Clarify Pharma is an investment
vehicle focusing on investing in biotech and life sciences companies seeking
to prove the safety and efficacy of psychedelic based substances. The Company
looks to identify investment opportunities in the life sciences sector within
the UK, Canada and other growing markets, with the objective of generating
long-term capital growth and building investments in an R&D pipeline of
companies which are discovering, developing, or deploying safe and
evidence-based psychedelic inspired medicines and experiential therapies that
alleviate mental health problems and enhance wellbeing. The Company's
Directors have an established track record, experience and networks in the
psychedelic, cannabinoid and media industries, to drive value creation.
www.clarifypharma.com (http://www.clarifypharma.com/)
STATEMENT OF COMPREHENSIVE INCOME
Audited Restated
Year ended
Year ended
30 November
30 November
2022
2021
£'000 £'000
Continuing Operations
Revenue - -
Administrative expenses (914) (1,293)
Capital loss on investments (97) -
Operating loss (1,011) (1,293)
Loss before taxation (1,011) (1,293)
Taxation - -
Loss after taxation (1,011) (1,293)
Other comprehensive income 5 24
Total comprehensive loss for the year attributable to shareholders from (1,006) (1,269)
continuing operations
Basic earnings per share - pence (0.34) (0.59)
Dilutive earnings per share - pence (0.34) (0.59)
FINANCIAL STATEMENTS
Audited Restated
As at As at
30 November 2022
30 November 2021
£'000 £'000
NON-CURRENT ASSETS
Investments 946 528
TOTAL NON-CURRENT ASSETS 946 528
CURRENT ASSETS
Cash and cash equivalents 435 1,524
Trade and other receivables 90 508
TOTAL CURRENT ASSETS 525 2,032
TOTAL ASSETS 1,471 2,560
CURRENT LIABILITIES
Trade and other payables 62 147
TOTAL CURRENT LIABILITIES 62 147
TOTAL LIABILITIES 62 147
NET ASSETS 1,409 2,413
EQUITY
Share capital 297 297
Share premium 2,810 2,810
Share based payment reserve 575 575
Fair value reserve 2 -
Retained earnings (2,275) (1,269)
TOTAL EQUITY 1,409 2,413
Share Capital Share Premium Share based payment reserve Fair value reserve Retained Earnings Total Equity
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 30 November 2020 - - - - - -
Loss for period - - - - (1,293) (1,293)
Other comprehensive income - - - - 24 24
Total comprehensive income for year - - - - (1,269) (1,269)
Transactions with owners
Ordinary shares issued 297 2,951 - - - 3,248
Broker warrants issued - 61 575 - - 636
Share Issue Costs - (202) - - - (202)
Transactions with owners 297 2,810 575 - - 3,682
Balance at 30 November 2021 297 2,810 575 - (1,269) 2,413
Loss for period - - - - (1,011) (1,011)
Other comprehensive income - - - - 5 5
Total comprehensive income for year - - - - (1,006) (1,006)
Transactions with owners
Fair value adjustment on investments - - - 2 - 2
Transactions with owners - - - 2 - 2
Balance at 30 November 2022 297 2,810 575 2 (2,275) 1,409
Audited Restated
Year ended
Year ended
30 November 2022
30 November 2021
£'000 £'000
Cash flow from operating activities
Loss for the financial year (1,006) (1,269)
Adjustments for:
Share based payments - 636
Settlement of fees through issue of equity 204
Foreign exchange movements (5) (24)
Capital loss on investments 97 -
Changes in working capital:
(Increase) / decrease in trade and other receivables 166 (508)
Increase / (decrease) in trade and other payables (37) 147
Net cash outflow from operating activities (581) (1,018)
Cash flows from investing activities
Investments - additions (650) (504)
Investments - disposals 142 -
Net cash flow from investing activities (508) (504)
Cash flows from financing activities
Proceeds from issue of shares - 3,248
Share issue costs - (202)
Net cash flow from financing activities - 3,046
Net increase in cash and cash equivalents (1,089) 1,524
Cash and cash equivalents at beginning of the period 1,524 -
Cash and cash equivalents at end of the period 435 1,524
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