REG - Angle PLC - Preliminary Results
28/05/2025 07:00
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RNS Number : 3090K Angle PLC 28 May 2025
For Immediate Release 28 May 2025
ANGLE plc
("ANGLE" or "the Company")
Preliminary Results for the year ended 31 December 2024
Commercialisation building with large pharma contracts secured
Further progress on next generation sequencing assays for DNA dual analysis of
CTC-DNA and ctDNA
ANGLE plc (AIM: AGL OTCQX: ANPCY), a world-leading liquid biopsy company with
innovative circulating tumour cell (CTC) solutions for use in research, drug
development and clinical oncology, today announces its audited preliminary
results for the year ending 31 December 2024.
Financial Highlights
· Revenues for the year up 31% to £2.9 million (FY23: £2.2
million)
· Business re-shaped and streamlined with major focus on large pharma
· Operating costs for the year reduced by 27% to £16.9 million (2023:
£23.3 million)
· Loss for the year reduced by 29% to £14.2 million, or 4.82 pence per
share (FY23: loss £20.1 million, or 7.73 pence per share)
· Fundraise completed in June 2024 raising £9.3 million (gross)
· Cash and cash equivalents balances of £10.4 million at 31
December 2024 (31 December 2023: £16.2 million), and R&D tax credit
receipts of £1.4 million (received Q1 2025) and £0.9 million (receipt
expected Q3 2025)
Operational Highlights
· Execution of our large pharma strategy resulted in four services
agreements
· Product sales were adversely affected by the introduction of FDA
regulation of laboratory developed tests (LDTs) coupled with a broader global
slowdown in research funding
· Progress made developing next generation sequencing (NGS) assays
using Illumina and NuProbe kits for DNA dual analysis of CTC-DNA and ctDNA
from a single blood sample, opening access to a new market opportunity
· Twelve peer-reviewed scientific papers were published in 2024, bringing
the total number of publications to 104 from 42 independent research centres
Outlook
· The three existing agreements with large pharma for Eisai and
AstraZeneca have been successfully completed, establishing a foundation for
future collaborations with large pharma:
- excellent results of ANGLE's HER2 assay in Eisai's Phase 2 breast cancer
trial demonstrating ability to reliably measure changes in HER2 patient status
over time and now in discussion with BlissBio regarding potential next steps
- successful completion of both AstraZeneca assay development contracts with
both the Androgen Receptor (AR) assay for prostate cancer and DNA damage
response (DDR) assay for multiple cancers approved by AstraZeneca for use in
its clinical trials. ANGLE is waiting on an update from AstraZeneca on next
steps for clinical trials
- the AR and DDR micronuclei assays have been added to ANGLE's menu of
validated tests for pharma customers
· Ground-breaking research has been published in Nature Medicine which
supports the development of a novel class of drugs aimed to arrest cancer
metastasis, in which the Parsortix(®) system is expected to play a pivotal
role
· Existing cash balances and tax credits provide the Company with cash
runway into Q1 2026
· Discussions are progressing with large pharma, both existing and
potential new customers, and with major medtech diagnostics companies. Demand
for ANGLE's liquid biopsy solutions from prospective customers is growing
· The recent market turbulence and uncertainty in the rapidly evolving
macro environment and further reductions to research funding across academic
and government labs has adversely impacted the Company's year to date
revenues. While underlying demand and commercial potential is building, the
current environment makes it unclear when these will convert to revenues. We
have multiple large opportunities actively under discussion. However, these
are binary in nature and their timing is uncertain. Modest growth in 2025
revenues compared to 2024 is anticipated and there is the potential, dependent
on the large opportunities under discussion, for this to be exceeded
ANGLE Chief Executive, Andrew Newland, commented:
"Having identified a key unmet demand for CTC analysis to support drug
discovery and development, ANGLE is leveraging its best-in-class liquid biopsy
solutions to meet large pharma and large diagnostic company business needs. We
entered 2025 with our large pharma contracts either successfully completed or
progressing well and are confident that these have the potential to lead to
larger scale opportunities."
Details of webcast
A meeting for analysts will be held at 11:00 am BST today at the offices of
FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. A live
webcast of the analyst meeting can be accessed via ANGLE's Investor Centre
page, https://angleplc.com/investor-relations/regulatory-news/
(https://angleplc.com/investor-relations/regulatory-news/) , with Q&A
participation reserved for analysts only. Please register in advance and log
on to the webcast approximately 5 minutes before 11:00 am on the day of the
results. A recording of the webcast will be made available on ANGLE's website
following the results meeting.
For Frequently Used Terms, please see the Company's website on
https://angleplc.com/investor-relations/glossary/
These Preliminary Results may contain forward-looking statements. These
statements reflect the Board's current view, are subject to a number of
material risks and uncertainties and could change in the future. Factors that
could cause or contribute to such changes include, but are not limited to, the
general economic climate and market conditions, as well as specific factors
including the success of the Group's research and development activities,
commercialisation strategies, the uncertainties related to clinical study
outcomes and regulatory clearance, obtaining reimbursement and payor coverage,
acceptance into national guidelines and the acceptance of the Group's products
and services by customers.
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
Introduction
The Company made commercial and technical progress in 2024 and has been
proactive and agile in challenging market conditions. The Company's commitment
to advancing liquid biopsy technologies with unique and innovative CTC
solutions has been unwavering, and we have made progress in assay development,
building and strengthening our partnerships, delivering on our pharma services
contracts, and refining our operational focus.
In the second half of the year, we streamlined our operations to concentrate
on collaborations with large pharma and biotechnology companies, aiming to
leverage our Parsortix system and assays to enhance drug discovery and
development. This strategic realignment has not only optimised the use of our
resources but has also positioned us for sustainable growth.
Financially, we have taken prudent measures to ensure stability and support
our strategic initiatives. The successful fundraise in June 2024, raising
£9.3 million (gross), supports the progress for existing and new large pharma
relationships.
Overview of Financial Results
Revenue of £2.9 million (2023: £2.2 million) reflects progress with large
pharma in a challenging market environment although product sales were
impacted by increased regulation of LDTs and significant reductions in
research funding. With the large pharma strategy now established, revenues
are expected to be driven by this in future periods. Gross margins in the year
averaged 62% (2023: 70%) reflecting the product-service mix, with some
introductory pricing provided to pharma customers.
As previously announced, management has implemented various cost reduction
programmes and we will continue to seek to drive costs down. Operating costs
for the year thus reduced by 27% to £16.9 million (2023: £23.3 million) and
the loss for the year reduced by 29% to £14.2 million (2023: loss £20.1
million).
In June 2024, the Company successfully completed a fundraising round, securing
£9.3 million gross (£8.6 million net). The proceeds are being utilised to
support the expansion of strategic partnerships with major pharmaceutical
companies, with the potential to generate long-term revenues.
Cash and cash equivalents were £10.4 million at 31 December 2024 (31 December
2023: £16.2 million) with R&D Tax Credits due of £2.3 million (31
December 2023: £1.5 million), with £1.4 million received in January 2025.
Executing business strategy to drive growth
Pharmaceutical companies are increasingly incorporating liquid biopsy into
oncology trials to improve efficiency, reduce costs, and enhance precision
medicine approaches. ANGLE's liquid biopsy solutions have the potential to
become an integral part of drug discovery and development, with subsequent
widespread clinical use as companion diagnostics to guide the use of drugs,
leading to better outcomes and fewer side effects.
In the second half of the year, the Company made a strategic decision to
prioritise investment in its large pharma strategy and restructured its
commercial operations to align with business objectives whilst reducing its
ongoing cost base. The new structure is now embedded and has facilitated
enhanced collaboration and improved operational efficiency across the
organisation.
While securing contracts with large pharma customers can involve long lead
times and uncertainty in clinical trial progression, these agreements have the
potential to generate long-term revenue both from progressing through the
different trial phases and from cross-selling opportunities. The Company is
focused on securing multiple large pharma customers to drive its progress
toward profitability. Advancements were made during the period, with four
agreements announced, including partnerships with large pharma companies Eisai
and AstraZeneca, and biopharma company Recursion Pharmaceuticals.
· In January 2024, ANGLE announced an agreement with the global Japanese
pharmaceutical company Eisai. Under the terms of the agreement, worth an
initial US $250,000, ANGLE provided HER2 CTC analysis in a pilot study in
breast cancer. The study commenced in May 2024 and ANGLE processed and
analysed more than 200 blood samples with consistent results obtained from two
samples from each patient at each timepoint. Whilst the study is blinded, our
analysis of the data shows that ANGLE's assay can identify patients with HER2
protein expression on the CTCs harvested by the Parsortix system and that
ANGLE's assay is capable of measuring changes in HER2 status over time. In
March 2025, ANGLE reported successful completion of the contract. Although
efficacy results from the Phase 2 study are unknown, Eisai has made the
strategic decision not to progress its option for the HER2-ADC and has
returned product development rights to BlissBio. ANGLE is now in discussions
with BlissBio on the potential for supporting the next stage of development
and with Eisai on other development projects.
· In April 2024, ANGLE announced an agreement worth £150,000, with
AstraZeneca for the development and validation of a DNA Damage Response (DDR)
assay based on the Company's existing pKAP1 assay. Assay development and
refinement have been successful, and the assay has been approved by
AstraZeneca as meeting its requirements for use in its clinical trials. This
assay has the potential to assess the efficacy of DDR therapeutics, and enable
longitudinal, repeat monitoring of treatment response.
· In May 2024, ANGLE announced a second contract with AstraZeneca. Under
the terms of the agreement, initially valued at £550,000, with an additional
£120,000 added through an expanded scope, the Company has developed a
CTC-based Androgen Receptor (AR) assay. There is wide applicability, both to
AstraZeneca and other pharma customers, for an AR assay to measure protein
expression in prostate cancer, which can only be undertaken on intact cancer
cells. The project commenced in June 2024 and successful completion of assay
development was reported by the Company in March 2025. The assay has been
approved by AstraZeneca as meeting its requirements for use in its clinical
trials. ANGLE is waiting on an update from AstraZeneca on next steps for
clinical trials.
ANGLE has added the AR and DDR micronuclei assays to its menu of validated
tests, which are available to pharma customers as a service from our clinical
laboratory. Both the AR and DDR markets are considerable and growing,
presenting an excellent opportunity for further pharma services contracts.
· In November 2024, ANGLE announced an agreement for a fully funded pilot
study with the biopharma company Recursion Pharmaceuticals. Whilst the
specifics of the agreement remain confidential between the parties, success in
this study may lead to further contracts supporting drug development projects
under co-development with multiple large pharma companies.
Following successful completion of the existing contracts, discussions with
existing large pharma customers are progressing as are discussions with
prospective new large pharma customers. Whilst the timing and quantum of new
contracts is outside the Company's control, there is clear demand building
from large pharma for ANGLE liquid biopsy solutions.
In parallel, discussions with large medtech diagnostic companies are also
being progressed in relation to the Parsortix sample feeding into existing
diagnostic solutions. This will allow these companies to build additional
revenues from repeat, real-time testing for patients beyond the current
single, static timepoint provided by a tissue biopsy. Contracts to develop
new Parsortix based assays for these large companies, whilst not assured, have
the potential to be significant.
ANGLE has made strides in developing cutting-edge "content" through innovative
CTC-based assays. In addition to developing further bespoke imaging assays to
investigate protein targets on CTCs, the Company has successfully created two
next-generation sequencing (NGS) workflows that enable highly sensitive DNA
dual analysis of CTC-DNA and circulating tumour DNA (ctDNA) across large gene
panels. A proof-of-concept study in lung cancer has demonstrated the
considerable potential of an Illumina workflow, which could be seamlessly
integrated into Illumina's vast customer base as a comprehensive end-to-end
solution. ANGLE's second workflow, which utilises NuProbe's assay (for which
the Company holds an option for an exclusive licence), has demonstrated high
sensitivity as a pan-cancer gene panel in internal studies. Both workflows
have demonstrated that additional cancer mutations can be identified from a
single blood sample when CTC-DNA is analysed alongside ctDNA. This DNA dual
analysis approach has the potential to revolutionise personalised cancer
treatment by expanding the actionable information available to clinicians for
targeted treatment selection.
The installed base of Parsortix systems stands at over 270 with 236,000
cumulative samples processed as of 31 December 2024. The reduction in the
installed base from 290 at 31 December 2023 reflects the closure of the US
facilities and a reduction in paid-for KOL activities.
Outlook
ANGLE's liquid biopsy solutions provide intact cancer cells from a blood
sample for repeatable, longitudinal, real-time assessment of CTCs from cancer
patient blood. This has allowed the Company to attract and secure partnerships
with major large pharma companies where CTCs are gaining recognition as a
unique liquid biopsy analyte.
Unlike other liquid biopsy analytes such as ctDNA, CTCs enable analysis of the
complete genome, transcriptome, and proteome, enabling comprehensive
multiomics. Multiomics is crucial to the pharmaceutical industry as it
provides a comprehensive, systems-level understanding of biological processes,
enabling the identification of novel drug targets, disease mechanisms, and
predictive biomarkers. The advent of AI and machine learning is enabling big
data to be efficiently distilled into actionable insights, which, when coupled
with the increasing sensitivity of molecular sequencing, means it is now
possible to analyse CTCs comprehensively, rapidly and at scale, all while the
price point is falling.
As technology and the market continues to advance at pace, the importance of
the quality of the sample becomes paramount with CTCs well placed for wider
adoption.
ANGLE is establishing relationships with large pharma companies, presenting
the potential for growth. Success in any of these programmes could deliver
significant value to pharmaceutical partners across clinical trials,
regulatory clearance, pricing and competitive positioning of their drugs.
ANGLE is working to secure multiple services agreements to maximise the number
of revenue opportunities. By prioritising investment towards growth of pharma
services, ANGLE will maximise the commercial opportunity. The Company is
funded into Q1 2026.
Dr. Jan Groen
Andrew D W Newland
Chairman
Chief Executive
27 May 2025
Operational Update
Commercial strategy
ANGLE's commercial strategy focuses on securing widespread adoption of the
Parsortix system by providing CTCs as the "best sample" for analysis, coupled
with state-of-the-art molecular and imaging assays to provide high-throughput,
low cost, highly sensitive, downstream analysis. As intact cancer cells, ANGLE
believes CTCs are the best sample for liquid biopsy analysis.
The primary commercialisation route for the Parsortix system, assays and
workflows is through partnership with large pharma, where liquid biopsy assays
can support drug discovery and development with a view to adoption as a
companion diagnostic to support optimal use of their cancer drugs. ANGLE has
developed bespoke imaging assays to meet our customers' needs and can now also
offer state-of-the art molecular assays which leverage the rapid technical
advancements made in sequencing technologies. This is enabling the analysis of
CTCs like never before, with ever increasing speed, throughput and
sensitivity.
Furthermore, ANGLE's sales of the Parsortix system, assays and consumables to
independent cancer centres and research institutes continues to drive
breakthrough research and first-in-class discoveries which will flow through
into commercial drug development. Examples of how research published in the
period translates into tangible value includes the identification of novel
drug targets, new insight into the metastatic process and novel drugs which
could stop the spread of cancer, and demonstrating how the Parsortix system
can be used to select the best patients for drug trials.
Parsortix content (applications)
ANGLE has developed multiple downstream assays which are available to
customers as a service from our clinical laboratory. These include:
· Portrait Flex assay, designed to allow the detection of CTCs
regardless of their physical traits (phenotype). Combining the use of the
Parsortix system and the Portrait Flex assay provides a validated assay which
can be customised to add a bespoke biomarker, providing a solution which is
specific to customer needs.
· DDR assays have been developed to identify markers on CTCs enriched
using the Parsortix system. The increased focus by industry in the development
of drugs targeting the DDR pathway broadens the customer base for our assays,
providing our customers with the ability to undertake rapid, repeatable
assessments of the mode of action and clinical effectiveness of drugs.
· Portrait PD-L1 assay has been developed to allow the detection of
CTCs and determine their PD-L1 status, which may enable better identification
of suitable candidates for immunotherapy studies and provide longitudinal
monitoring of patient response to therapy.
Pharma services
The pharma services business utilising the Parsortix system offers the
potential for substantial revenues in the large cancer drug trials market,
followed by adoption as a companion diagnostic to support the optimal use of
targeted treatments. The use of CTC biomarkers in clinical trials is a growing
field.
CTCs are increasingly being recognised in literature for the additional and
complementary information they can provide, with multi-analyte assessment
having the potential to unlock the full clinical capabilities of liquid
biopsy. A recent high impact review article summarising the evidence concludes
that "CTCs represent a transformative biomarker in precision oncology,
offering extraordinary opportunities to translate scientific discoveries into
tangible improvements in patient care".
The Company has focused its business development on large pharma customers
where there is a large unmet market and significant funding. This resulted in
the announcement of four service agreements, with two large pharma customers,
Eisai and AstraZeneca, and one large biopharma customer, Recursion
Pharmaceuticals, in the year ending 31 December 2024.
The Company has successfully developed bespoke assays for all its existing
pharma customers, targeting pathways which are undergoing significant
commercial growth. This offers considerable potential for further business
both with existing customers across their oncology pipelines, and with other
pharma companies developing oncology therapeutics which target the same or
similar biomarkers.
Corporate partnerships
Medical diagnostic companies
ANGLE is proactively engaging with a range of large medical diagnostic
companies with a view to working with them to convert existing tissue-based
assays to a liquid biopsy-based workflow. Similar to large pharma contracts,
this has the potential to deliver substantial services revenues followed by
larger scale sales once the customer implements the solution. From the
customer's perspective, a liquid biopsy offering will enable them to move from
one time use tests to repeat longitudinal monitoring of patient status,
delivering repeat revenue potential from the same patient.
HER2 assay kit (product solution)
ANGLE has made good progress in its collaboration with BioView to develop a
CTC HER2 (human epidermal growth factor receptor 2) assay kit for breast
cancer using a combination of ANGLE's Parsortix system and BioView's automated
imaging systems and software. Results presented at the American Association
for Cancer Research (AACR) conferences in November 2024 and May 2025
demonstrated that the assay could identify cases where HER2 status had changed
over time.
The HER2 assay kit will detect and assess the level of HER2 expression and/or
gene amplification in CTCs and is an important development for the Company
following the introduction of new drugs targeting HER2-low and HER2-ultralow
cancers, creating an unmet need for a quantitative HER2 assay. ANGLE's HER2
assay could allow for longitudinal, repeat assessment of HER2 CTC status to
identify patients whose HER2 status has changed and could therefore benefit
from treatment with anti-HER2 therapy.
Development of cutting-edge molecular solutions
During 2024 and in the post reporting period, ANGLE has made progress with its
next generation sequencing (NGS) tests and workflows. These enable highly
sensitive and specific analysis of cancer-related mutations, with many of
these key targets for pharma drug development. Furthermore, ANGLE's workflows
enable the DNA dual analysis of CTC-DNA and ctDNA from a single blood sample
for comprehensive molecular analysis.
CTCs and ctDNA provide additional and complementary information which has the
potential to expand clinically actionable information for personalised therapy
when the two are analysed together. This has been validated in multiple
independent studies where CTCs and ctDNA have been assessed in parallel, in
all cases finding additional mutations in CTCs not identified in ctDNA. These
findings have resulted in leading Key Opinion Leaders recognising that a
multi-analyte approach will be critical to unlock the full potential of liquid
biopsies.
· In September 2024, the Company signed an agreement with NuProbe, a
cutting-edge genomics and molecular diagnostics company, for the use of their
proprietary pan-cancer NGS panel. The agreement grants ANGLE an option to
take an exclusive global license (outside of China) to the NGS panel for DNA
dual analysis of CTCs and ctDNA. The NGS panel, which has been demonstrated
on the Illumina sequencers, enables highly sensitive and specific detection of
over 6,500 DNA mutations in 61 clinically relevant genes, and is being offered
as a service to customers for dual analysis of CTC-DNA and ctDNA from a single
blood sample for comprehensive molecular analysis.
· In January 2025, ANGLE released the preliminary results from an
in-house study in lung cancer using an end-to-end Illumina workflow for the
analysis of CTCs harvested using the Parsortix system. Results were presented
in a webinar hosted by Illumina as part of a co-marketing initiative. These
workflows could be used by Illumina's customers to introduce NGS sequencing of
CTCs harvested by the Parsortix system, alone or in combination with ctDNA,
for the analysis of large gene panels and cancer specific mutations. Illumina
is the world's largest provider of NGS systems and assays and has built an
installed base of more than 23,000 sequencing systems across more than 9,500
customers in 155 countries.
Clinical studies
ANGLE is conducting clinical studies to establish a substantial biobank of
clinical samples which it is using for assay development and to generate
comprehensive data packs to support business development activities with
prospective sales customers and partners.
INFORM is ANGLE's largest clinical study enrolling patients with advanced
cancer over a five-year period. The study is in four cancer types, breast,
prostate, ovarian and lung, which globally account for 40% of solid cancer
cases. Participants will have blood drawn longitudinally at up to six time
points during their diagnosis, treatment, and follow-up.
As of 31 December 2024, 543 patients had been enrolled into the INFORM study,
with a total of 1,962 blood draws performed and 5,426 tubes of blood received
for processing using the Parsortix system. Cells harvested by the system are
being utilised for immunofluorescence and molecular assay development or are
being stored for future analysis.
The cell harvest from more than 400 blood samples collected for the Company's
prostate cancer study (DOMINO) and 1,200 blood samples collected for its
ovarian cancer study (EMBER2) remain stored for future analysis whilst the
Company continues to develop and refine its RNA sequencing workflows. RNA
sequencing technologies, particularly in the context of CTCs, have seen
significant advancements in recent years. Improvements of specific relevance
to CTCs include Single Cell RNA Sequencing, improved sensitivity and
throughput and enhanced data quality and processing. These advancements are
opening a new market for CTC analysis.
Peer-reviewed publications
Academic research plays a crucial role in pharmaceutical drug development by
uncovering fundamental disease mechanisms, identifying novel drug targets, and
developing innovative therapeutic approaches. Early-stage discoveries from
universities and research institutions are often validated through preclinical
studies and then licensed or partnered with biotech or pharmaceutical
companies for further development. Collaborations between academia and
industry accelerate the translation of cutting-edge research into new
treatments that can address unmet medical needs. As such, peer-reviewed
publications from independent research groups are a key performance metric for
the Company.
As of 31 December 2024, there were 104 peer-reviewed publications from 42
independent cancer centres in 24 cancer types, with 12 new journal articles
published during the reporting period in seven cancer types from research
teams in eight countries. The publications have seen Parsortix-based CTC
analysis evolve from simple enumeration to highly sensitive, multigene, next
generation sequencing panels. Researchers are increasingly exploring the
integration of the Parsortix system with multiple downstream analysis
techniques such as next generation sequencing (NGS) to provide insight into
the molecular basis of cancer (including druggable targets) and cancer
evolution and spread. These allow for analysis of hundreds of cancer-related
mutations, enabling targeted drug discovery and personalised
medicine.
After the reporting period, independent first-in-class research was published
in January 2025 by Prof. Nicola Aceto's team at ETH Zurich on a novel approach
aimed at preventing the spread of cancer, which is responsible for
approximately 90% of cancer-related deaths. The Phase 1 study used the
Parsortix system to stratify patients for inclusion in the trial by
identifying patients with CTC clusters who could benefit from the targeted
treatment to block cancer metastasis. This breakthrough research has the
potential to contain the progression of cancer using the Parsortix system to
both identify CTC clusters and provide systemic treatment to dissociate the
CTC clusters blocking metastasis.
Andrew D W Newland
Chief Executive
27 May 2025
ANGLE PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
Note £'000 £'000
Revenue 2,862 2,186
Cost of sales (1,083) (658)
Gross profit 1,779 1,528
Operating costs (16,875) (23,287)
Operating profit/(loss) (15,096) (21,759)
Finance income 396 463
Finance costs (329) (336)
Profit/(loss) before tax (15,029) (21,632)
Tax (charge)/credit 5 804 1,500
Profit/(loss) for the year (14,225) (20,132)
Other comprehensive income/(loss)
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations (376) 1,114
Other comprehensive income/(loss) (376) 1,114
Total comprehensive income/(loss) for the year (19,018)
(14,601)
Earnings/(loss) per share attributable to owners of the parent 6 (4.82) (7.73)
Basic and Diluted (pence per share)
All activity arose from continuing operations.
ANGLE PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024 2023
Note £'000 £'000
Assets
Non-current assets
Intangible assets 2,648 2,741
Property, plant and equipment 2,475 2,922
Right-of-use assets 3,927 4,304
Total non-current assets 9,050 9,967
Current assets
Inventories 1,579 1,679
Trade and other receivables 2,087 1,807
Taxation 2,317 1,512
Cash and cash equivalents 10,425 16,218
Total current assets ` 16,408 21,216
Total assets 25,458 31,183
Liabilities
Non-current liabilities
Lease liabilities (3,348) (3,905)
Provisions (362) (370)
Trade and other payables (49) (26)
Total non-current liabilities (3,759) (4,301)
Current liabilities
Lease liabilities (862) (649)
Provisions (179) (544)
Trade and other payables (2,217) (2,750)
Total current liabilities (3,258) (3,943)
Total liabilities (7,017) (8,244)
Net assets 18,441 22,939
Equity
Share capital 7 32,264 26,058
Share premium 118,362 115,918
Share-based payments reserve 3,754 5,709
Other reserve 2,553 2,553
Translation reserve (5,245) (4,869)
Accumulated losses (133,145) (122,328)
ESOT shares (102) (102)
Total equity 18,441 22,939
ANGLE PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£'000 £'000
Operating activities
Profit/(loss) before tax (15,029) (21,632)
Adjustments for:
Depreciation and impairment of property, plant and equipment 813 1,093
Depreciation and impairment of right-of-use assets 751 1,147
(Profit)/loss on disposal of property, plant and equipment 11 84
Amortisation and impairment of intangible assets 134 68
Share-based payment charge 1,453 1,894
Exchange differences (382) 1,183
Net finance (income)/costs (67) (127)
Operating cash flows before movements in working capital (12,316) (16,290)
(Increase)/decrease in inventories 153 90
(Increase)/decrease in trade and other receivables (304) (74)
Increase/(decrease) in trade and other payables (585) (1,011)
Increase/(decrease) in provisions (396) (36)
Operating cash flows (13,448) (17,321)
Research and development tax credits received - 2,863
Net cash from/(used in) operating activities (13,448) (14,458)
Investing activities
Purchase of property, plant and equipment (396) (611)
Purchase of right-of-use assets (15) -
Purchase of intangible assets (33) (49)
Proceeds from disposal of property, plant and equipment - 2
Interest received 396 457
Net cash from/(used in) investing activities (48) (201)
Financing activities
Net proceeds from issue of share capital - placing 8,631 -
Proceeds from issue of share capital - share option exercises - 14
Principal elements of lease payments (805) (959)
Interest elements of lease payments (158) (182)
Net cash from/(used in) financing activities 7,668 (1,127)
Net increase/(decrease) in cash and cash equivalents
(5,828) (15,786)
Cash and cash equivalents at 1 January 16,218 31,896
Effect of exchange rate fluctuations 35 108
Cash and cash equivalents at 31 December 10,425 16,218
ANGLE PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024 (continued below)
Equity attributable to owners of the parent
Share Share Share-based payments Other
capital premium reserve reserve
£'000 £'000 £'000 £'000
At 1 January 2023 26,058 115,918 5,321 2,553
For the year to 31 December 2023
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences on translating foreign operations
Total comprehensive income/(loss)
Share-based payment charge 1,894
Released on forfeiture/lapse (1,506)
At 31 December 2023 26,058 115,918 5,709 2,553
For the year to 31 December 2024
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences on translating foreign operations
Total comprehensive income/(loss)
Issue of shares (net of costs) 6,206 2,444
Share-based payment charge 1,453
Released on forfeiture/lapse (3,408)
At 31 December 2024 32,264 118,362 3,754 2,553
ANGLE PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)
Equity attributable to owners of the parent
Translation Accumulated ESOT
Total
reserve losses shares equity
£'000 £'000 £'000 £'000
At 1 January 2023 (5,983) (103,702) (102) 40,063
For the year to 31 December 2023
Consolidated profit/(loss) (20,132) (20,132)
Other comprehensive income/(loss): 1,114 1,114
Exchange differences on translating foreign operations
Total comprehensive income/(loss) 1,114 (20,132) (19,018)
Share-based payment charge 1,894
Released on forfeiture/lapse 1,506 -
At 31 December 2023 (4,869) (122,328) (102) 22,939
For the year to 31 December 2024
Consolidated profit/(loss) (14,225) (14,225)
Other comprehensive income/(loss): (376) (376)
Exchange differences on translating foreign operations
Total comprehensive income/(loss) (376) (14,225) (14,601)
Issue of shares (net of costs) 8,650
Share-based payment charge 1,453
Released on forfeiture/lapse 3,408 -
At 31 December 2024 (5,245) (133,145) (102) 18,441
ANGLE PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Preliminary announcement
The preliminary results for the year ended 31 December 2024 were approved by
the Board of Directors on 27 May 2025.
The preliminary announcement set out above does not constitute ANGLE plc's
statutory Financial Statements for the years ended 31 December 2024 or 31
December 2023 within the meaning of section 434 of the Companies Act 2006 but
is derived from those audited Financial Statements. The Financial Statements
for the year ended 31 December 2024 have not yet been delivered to the
registrar and include the auditor's report which, whilst unmodified, contains
reference to the material uncertainty disclosed in Note 3.
The auditor's report on the Consolidated Financial Statements for the years
ended 31 December 2024 and 31 December 2023 is unqualified and does not
contain statements under s498(2) or (3) of the Companies Act 2006.
The accounting policies used for the year ended 31 December 2024 are unchanged
from those used for the statutory Financial Statements for the year ended 31
December 2023.
2 Compliance with accounting standards
While the financial information included in this preliminary announcement has
been computed in accordance with the measurement principles of UK-adopted
international accounting standards, this announcement does not itself contain
sufficient information to comply with these accounting standards.
Accounting standards adopted in the year
No new accounting standards that have become effective and adopted in the year
have had a significant effect on the Group's Financial Statements.
Accounting standards issued but not yet effective
At the date of authorisation of the Financial Statements, there were a number
of other Standards and Interpretations (International Financial Reporting
Interpretation Committee - IFRIC) which were in issue but not yet effective,
and therefore have not been applied in these Financial Statements. The
Directors have not yet assessed the impact of the adoption of these standards
and interpretations for future periods.
3 Going concern
The Financial Statements have been prepared on a going concern basis which
assumes that the Group and Company will be able to continue its operations for
the foreseeable future.
The Group's business activities, together with the factors likely to affect
its future development, performance and financial position are set out in the
Chairman's and Chief Executive's Statement and Operational Update.
The Directors have considered the uncertainties, risks and potential impact on
the business associated with potential negative trading scenarios. In these
circumstances discretionary expenditure within the business provides some
flexibility to scale back operations to partially address adverse events if
required. In assessing the appropriateness of preparing the Financial
Statements on a going concern basis, the Group and Company have prepared a
detailed monthly budget ("the budget") for the periods ending 31 December 2025
and 31 December 2026, including considering severe but plausible downside
scenarios. The Board considers that the budget represents a reasonable
estimate of the Group's expected performance over the period to 31 December
2026 with current cash resources extending to Q1 2026.
The Directors believe there are a variety of sources of funding that may be
available to the Group and Company including but not limited to revenues,
commercial milestones, licensing and other income from collaboration with
customers and industry partners, and debt and equity funding. Based on the
current budget, the Directors note that the Group and Company will need to
raise additional funding through one or a combination of such sources to
ensure the Group and Company remain a going concern. There is no assurance
that the Group and Company will be successful in obtaining funding that may be
required. Accordingly, these conditions indicate the existence of a material
uncertainty that may cast significant doubt about the Group and Company's
ability to continue as a going concern for the foreseeable future. However,
the Directors believe there are a variety of sources of funding that may be
available and have determined that the going concern basis in the preparation
of the Financial Statements is still appropriate. The Financial Statements do
not include any adjustments that would result if the Group and Company were
unable to continue as a going concern.
4 Critical accounting estimates and judgements
The preparation of the Financial Statements requires the use of estimates,
assumptions and judgements that affect the reported amounts of assets and
liabilities at the date of the Financial Statements and the reported amounts
of revenues and expenses during the reporting year. Although these estimates,
assumptions and judgements are based on the Directors' best knowledge of the
amounts, events or actions, and are believed to be reasonable, actual results
ultimately may differ from those estimates.
There are no estimates that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities in the reporting
period.
5 Tax
The Group undertakes research and development (R&D) activities. In the UK
these activities qualify for tax relief and result in R&D tax credits.
6 Earnings/(loss) per share attributable to owners of the parent
The basic and diluted earnings/(loss) per share is calculated by dividing the
after tax loss for the year attributable to the owners of the parent of £14.2
million (2023: loss £20.1 million) by the weighted average number of shares
in the year.
In accordance with IAS 33 Earnings per share, 1) the "basic" weighted average
number of Ordinary shares calculation excludes shares held by the Employee
Share Ownership Trust (ESOT) as these are treated as treasury shares and 2)
the "diluted" weighted average number of Ordinary shares calculation considers
potentially dilutive Ordinary shares from instruments that could be converted.
Share options are potentially dilutive where the exercise price is less than
the average market price during the year. Due to losses in the 2024 and 2023
reporting years, share options are non-dilutive for those years as adding them
would have the effect of reducing the loss per share and therefore the diluted
loss per share is equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on 294,932,245
weighted average ordinary £0.10 shares for the year (2023: 260,467,288).
7 Share capital
The Company has one class of Ordinary shares which carry no right to fixed
income and at 31 December 2024 had 322,641,668 Ordinary shares of £0.10 each
allotted, called up and fully paid (2023: 260,580,547).
During the year the Company issued 62,061,121 new Ordinary shares with a
nominal value of £0.10 at an issue price of £0.15 per share in a placing of
shares realising gross proceeds of £9.3 million. Associated costs of £0.7
million were incurred. Shares were admitted to trading on AIM in June 2024.
8 Shareholder communications
Copies of this announcement are posted on the Company's website
www.ANGLEplc.com (http://www.ANGLEplc.com) .
The Annual General Meeting (AGM) of the Company will be held at 2:00 pm on 30
June 2025 at the Surrey Technology Centre, 40 Occam Road, Guildford, Surrey,
GU2 7YG. The Board is looking forward to welcoming shareholders to the AGM in
person. Details will be included in the notice of AGM.
Notice of the AGM will be enclosed with the audited statutory Financial
Statements.
The audited statutory Financial Statements for the year ended 31 December 2024
are expected to be distributed to shareholders no later than 6 June 2025 and
will subsequently be available on the Company's website or from the registered
office, 10 Nugent Road, Surrey Research Park, Guildford, GU2 7AF.
This preliminary announcement was approved by the Board of Directors on 27 May
2025.
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