REG - Aptamer Group PLC - Interim Results
11/03/2025 07:15
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RNS Number : 0887A Aptamer Group PLC 11 March 2025
11 March 2025
Aptamer Group plc
("Aptamer", the "Company" or the "Group")
Interim results for the six months ended 31 December 2024
Revenue growth, solid cash position and strong technical progress
Aptamer Group plc (AIM: APTA), the developer of novel Optimer(®) binders to
enable innovation in the life sciences industry, today announces its unaudited
interim results for the six months ended 31 December 2024 (H1 2025).
Financial highlights
· Revenue £0.7 million (H1 2024: £0.3 million).
· Adjusted EBITDA loss of £1.1 million (H1 2024: £1.8 million).
· Cash balance at 31 December 2024 of £2.0 million (H1 2024: £1.8
million).
· Successful fundraising in August 2024 of £2.6 million (net) at 0.2p
per share.
· Completed a further reduction of the fixed cost base to circa £3.0
million per annum during the period.
Operational highlights
Board changes and strategic focus
· In August 2024, the Board was restructured with Dr Adam Hargreaves
appointed as Non-Executive Chairman, Dr Arron Tolley re-appointed as Chief
Executive Officer, Andrew Rapson appointed to the Board as Chief Financial
Officer.
· In September 2024, Tim Sykes was appointed to the Board as
Non-Executive Director.
· New strategic approach launched with a focus on equity value creation
through the development of high-value Optimer assets with licensing
potential through commercial partners supplemented by short-term revenues from
fee-for-service work.
Optimer programmes
· Contract with Unilever extended in September 2024 to enable testing
of deodorant Optimers in on-person trials.
· Deodorant Optimer trials initiated on human skin with Unilever, on
schedule, in Q4 2024 with promising initial stability results.
· Binders for Neuro-Bio's novel Alzheimer's disease target have been
validated in clinical samples to the highest level of statistical significance
(1:100,000 probability of occurring by chance).
· Agreement with AstraZeneca in July 2024 to explore fibrotic liver
delivery vehicle for the targeted delivery of AstraZeneca's siRNA payload.
· In vitro portion of the AstraZeneca programme was completed in
December 2024, showing successful selective delivery of siRNA and gene
silencing.
· In-house demonstration of the fibrotic liver delivery vehicle with
specific siRNA molecules targeting the mechanism of fibrosis. Data shows
ability of system to reverse markers of liver fibrosis, suggesting a potential
therapeutic approach.
Fee-for-service development
· Contract with genetic medicines partner progressed to final stages of
development for Optimer delivery vehicles in November 2024, following customer
validation of target selectivity and demonstration of pan-species binding.
· Multiple agreements with top 20 pharmaceutical and leading
biotechnology companies for Optimer development as critical reagents to
support therapeutic development programmes.
· Extension contract signed with top 20 pharmaceutical partner in
December 2024 for the optimisation of developed binders to protein
purification.
· Successfully developed binders as part of a Eurostars grant project
for use in a medical device for improved non-invasive prenatal testing and the
diagnosis of placental disease, with significant interest from commercial
partners for potential licensing.
· Successful development of enzyme modulating Optimers for global life
science enzyme provider, with licensing discussions underway.
Commenting on the interim results, Dr Arron Tolley, Chief Executive Officer of
Aptamer Group, said: "I am pleased to report significant milestones across
each of the Group's asset development programmes. This includes the initiation
of human skin trials with Unilever for our Optimer deodorant additives. We
have also validated our binders for Alzheimer's disease diagnostics with
clinical samples with solid results. The Group's internal focus on drug
delivery is moving forward at pace with success in lab-based tests for our
fibrotic liver delivery vehicle with AstraZeneca and other internal validation
work using the same delivery vehicle, such as reversal of fibrosis markers
using a different siRNA. These advancements reinforce the power of Aptamer's
platform and the Group's ability to deliver commercially valuable molecules
across a range of different areas.
Our fee-for-service pipeline has delivered success across multiple customer
projects, creating additional valuable assets within the enzyme modulating
reagent sector, where licensing discussions are currently underway.
Furthermore, a second validated therapeutic delivery vehicle is now in the
final stage of commercial development. These assets will add to Aptamer's
current portfolio, supporting downstream revenues and further demonstrating
the strength of the Group's discovery platforms. We are focusing on the
commercial exploitation of numerous assets from a licensing perspective, which
exemplifies the potential value of the Group's platform and its progression
towards generating passive income streams.
In addition to technical progress, Aptamer is beginning to deliver strong and
sustainable commercial momentum, signing multiple new contracts with global
market-leading pharmaceutical companies, many of which represent repeat
business. With a solid cash position and an advanced-stage sales pipeline, we
are well-positioned to continue executing the Group's strategy, advancing
assets towards commercialisation with partners, and delivering shareholder
value."
Investor webinar
Dr Arron Tolley (Chief Executive Officer) and Andrew Rapson (Chief Financial
Officer) will provide a live presentation relating to the Interim Results via
Investor Meet Company on Tuesday, 11 March 2025, 14:00 GMT.
The live presentation is open to all existing and potential shareholders.
Questions can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet
Aptamer Group plc via:
https://www.investormeetcompany.com/aptamer-group-plc/register-investor
(https://www.investormeetcompany.com/aptamer-group-plc/register-investor)
Investors who already follow Aptamer Group Plc on the Investor Meet Company
platform will automatically be invited.
- Ends -
For further information, please contact:
Aptamer Group plc +44 (0) 1904 217 404
Arron Tolley, Chief Executive Officer
SPARK Advisory Partners Limited - Nominated Adviser +44 (0) 20 3368 3550
Andrew Emmott / Jade Bayat
Turner Pope Investments (TPI) Limited - Broker +44 (0) 20 3657 0050
James Pope / Andrew Thacker
Northstar Communications Limited - Investor Relations +44 (0) 113 730 3896
Sarah Hollins
About Aptamer Group
Aptamer Group is a leading global developer of aptamer-based ligands that help
scientists remove the limits to discovery and innovation. Leveraging several
proprietary discovery and development platform, Aptamer delivers custom
affinity ligands, supported with a complete suite of characterisation and
validatory assays that enhance the translation of its binders and optimise
scientific outcomes for customers.
Aptamer's cutting-edge technology spans healthcare, research, personal care,
and industrial processes, delivering new affinity solutions for novel targets,
advanced diagnostics, and precision therapies. By working with industry
leaders in pharmaceutical, biotechnology, personal health, academic, and
clinical research sectors, Aptamer is accelerating science through the custom
development of tools and therapies.
To register for news alerts by email, go to
https://aptamergroup.com/investors/investor-news-email-alerts/
(https://aptamergroup.com/investors/investor-news-email-alerts/)
Chief Executive Officer's statement
Overview
As part of the Group's strategy set by the newly structured Board during the
period, Aptamer is focused on leveraging its Optimer discovery platform to
develop binders for use across the life science industry. The Group is
advancing several assets towards commercialisation with partners. These assets
target the $210bn global affinity ligand market, have high potential licensing
value and cover applications in cosmetics, diagnostics, and therapeutics.
In addition to strategic asset development, Aptamer supports a fee-for-service
pipeline through its discovery platform, which underpins short-term revenue
generation and acts as a horizon-scanning tool to determine potential areas of
best fit for the Group's platform for future asset development.
Significant technical progress has been made in advancing Aptamer's Optimer
assets during the first half of the year. Each of the Group's partnered
programmes has reached critical milestones and increased traction has been
shown with several developed Optimer binders showing positive progress in our
customers' hands.
The Group's fee-for-service development has also seen strong commercial
growth, including multiple contracts signed with global market-leading
pharmaceutical companies and additional contracts won with biopharmaceutical
partners.
Results summary
Aptamer delivered a substantial increase in revenue from its fee-for-service
work in the first half of the year, which totalled £0.7 million (H1 2024:
£0.3 million). As at 31 December 2024, an additional £0.5 million of
contracted work was being delivered through the laboratory, with a strong
sales pipeline valued at £5.1 million and £3.2 million of this potential
value in advanced negotiations. Many of the newly signed contracts for the
period represent repeat business for Aptamer, indicating the improving market
acceptance and need for the Group's technology within the life science
industry.
During the period, Aptamer completed equity placings, receiving net proceeds
of £2.6 million. These funds leave the Group well-placed to execute its
strategic programmes over the near term.
Aptamer is committed to maintaining a lean cost base to allow the Group to
work towards Adjusted EBITDA break-even as revenues build. To make the
progression to positive net cashflow and EBITDA break-even more achievable,
Aptamer further reduced its fixed cost base from £3.6 million to £3.0
million during the period through a reduction of the operational headcount.
Importantly, reductions to the Group's ongoing cost base have not compromised
operational capacity or the scientific expertise within Aptamer, ensuring the
required skill base for continued technical and commercial advancement.
At the period end, Aptamer had cash reserves of £2.0 million (H1 2024: £1.8
million). This solid financial position currently supports the Group's ability
to execute its strategic plans.
Strategic Optimer programmes
Optimer as a novel ingredient in deodorant
In partnership with Unilever, Aptamer is developing Optimer binders as novel
active ingredients in deodorants. Following the successful development of the
binders' rigorous lab-based tests at both Aptamer and Unilever, the binders
have shown highly positive and reproducible results. A patent was submitted in
March 2024 to protect the developed binders. During the period, the contract
with Unilever was extended to allow progression to on-person trials, the first
phase was initiated on schedule in December 2024 with the testing of the
Optimer binders in human skin samples. In-house analysis at Aptamer has shown
the binders to be highly stable in skin samples, demonstrating their
suitability for development as part of personal care products. Stability and
safety studies are ongoing at Unilever, with further on-person trials
anticipated this financial year.
Optimer for Alzheimer's disease diagnostic
Working with Neuro-Bio, Aptamer has developed Optimer binders to a novel
Alzheimer's disease biomarker to enable a diagnostic test for early-stage
Alzheimer's disease. The developed binders have been characterised and
integrated into biosensor tests at Neuro-Bio. Validation of the tests with
clinical saliva and spinal fluid samples has shown a statistically significant
distinction between biomarker levels in Alzheimer's disease patients vs
healthy individuals (1:100,000 probability of occurring by chance). The
Optimer binder has been robustly validated and is driving the development of
two point-of-care diagnostic platforms for in-clinic and at-home use.
Therapeutic delivery vehicle for fibrotic liver
Aptamer has developed an Optimer delivery vehicle selective for activated
hepatic stellate cells "HSC" - which are the cells responsible for driving
liver fibrosis. This binder can selectively deliver therapeutic payloads to
HSC within the liver with the intention of developing new treatment approaches
to liver fibrosis. The Optimer has been successfully manufactured with several
different siRNA molecules. Analysis of the Optimer-siRNA construct in
lab-based tests has shown selective targeting and concentration-dependent gene
silencing, demonstrating effective functionality and the ability of the
Optimer to selectively deliver RNA therapies to a target cell - overcoming a
current limitation in many gene-based therapies which is delivery of the
therapy to the site of action.
Based on the positive results achieved with the delivery vehicle, a
collaboration was initiated with AstraZeneca at the start of the period to
explore the functionality of the Optimer with AstraZeneca's siRNA. Lab-based
tests have successfully demonstrated proof of principle, with conjugation of
the siRNA, selective targeting of the Optimer-siRNA to the intended cell type,
and effective gene silencing. The project will now advance to assess the
performance of the Optimer-siRNA in animal models of liver fibrosis.
As part of Aptamer's in-house development of the fibrotic liver delivery
vehicle, it has been successfully trialled with an siRNA molecule with the
potential to disrupt the fibrosis process. Results show that the Optimer-siRNA
reduces markers of fibrosis to healthy levels, indicating a potential
therapeutic approach. Further studies are ongoing to assess this conjugate in
functional assays.
Fee-for-service work
Aptamer's fee-for-service work delivers binders for use in customer research,
bioprocessing, diagnostic and therapeutic applications. The Group strives to
retain ownership of the intellectual property in relation to the binders
developed for customers, thus building a portfolio of assets with the
potential for royalty and licence fee income. The Group is progressing with
several potentially lucrative licensing opportunities with multiple customers
regarding developed assets for a range of applications.
During the first half of the year, five new contracts were signed with top 20
pharmaceutical companies. Four of the contracts are aimed at developing
Optimers as critical reagents to support active clinical development
programmes and facilitate the analysis of novel therapeutics. An additional
extension contract with a top 20 pharmaceutical company is to optimise
previously developed binders for use in protein purification.
Several contracts have been won with biopharmaceutical and biotechnology
customers for binder development to enable the accurate bioanalysis of
clinical trials, for immunohistochemistry reagents, for the development of
vaccine adjuvants, to progress a drug delivery vehicle, and for diagnostic
biosensor development demonstrating the wide range of potential applications
of Aptamer's technology.
Specifically, in November 2024, Aptamer's partnership with a genetics medicine
company resulted in the successful development of a targeted Optimer delivery
vehicle. Aptamer's binders showed excellent validation for specificity and
pan-species binding, resulting in the commencement of the final commercial
development phase. The delivery vehicle is intended to be used as part of a
precision therapy, which would deliver downstream licensing revenue for
Aptamer.
Further successful Optimer projects from the pipeline include binders
delivered as part of the Eurostars project to support foetal diagnostics and a
reagent for a global life science enzyme supplier. The binder delivered as
part of the Eurostars project has been delivered to a commercial partner for
in-house testing with the potential for downstream licensing. The Optimer
reagent for use in assay kits has been validated at Aptamer and within the
customer's labs, and licensing discussions are currently ongoing with multiple
commercial partners.
Board and senior management changes
In August 2024, the Board was restructured, with Dr Adam Hargreaves appointed
as Non-Executive Chairman, Dr Arron Tolley re-appointed as Chief Executive
Officer, Andrew Rapson appointed to the Board as Chief Financial Officer. In
September 2024, Tim Sykes was appointed to the Board as Non-Executive
Director.
Summary and outlook
Aptamer has made significant progress in advancing its current Optimer
binders, with new potential assets emerging from the fee-for-service
development work, many of which are currently under licensing negotiation with
relevant partners. This validates the new Board's more focused strategy with
the potential for large-scale equity value creation through licensing revenues
associated with developed assets, supplemented by a growing fee-for-service
business that acts as a strong source for future asset selection.
The Group remains committed to delivering long-term shareholder value through
strategic asset development, revenue growth and technical innovation. The
Board is pleased with the progress made during the period, which has
strengthened the Group's position for sustained growth as a leader in the
affinity ligand space for the life science market.
Financial review
Revenue
Revenue for the six months ended 31 December 2024 was £0.7 million (H1 2024:
£0.3 million) driven by a much-improved production pipeline entering into the
financial period. The Group has seen improved scientific delivery resulting
in a number of projects delivering working binders to customers for them to
test and validate.
During the period, a further £0.7 million of signed orders were received and
the Group finished the period with £0.5 million of orders to take into the
second half of the financial year. The pipeline at the period end stood at
£5.1 million, which included £3.2 million of advanced stage deals, which the
Group will be looking to convert a portion of during the second half of the
financial year.
Gross profit
Gross profit for the first half of the financial year was £0.4 million (H1
2024: £nil), representing a 56% gross profit margin and a significant
improvement over the recent full year gross margin of 29%. This improvement
has come from an increased volume of customer work utilising more laboratory
capacity in this period.
Administrative expenses
Administrative expenses were £1.5 million for the first six months of the
year compared with £1.7 million for the same period last year. This decrease
in costs has been achieved through a reduction in headcount. Headcount
reduced from 34 at 30 June 2024 to 28 at 31 December 2024.
Research and development costs
During the first half of the financial year the Group expensed £0.2 million
(H1 2024: £0.2 million) within Administrative Expenses on research and
development costs (employee costs and raw materials), related to building a
body of data for Optimer-based gene therapy and precision chemotherapy and
process improvements to streamline the production process.
Adjusted EBITDA*
Adjusted EBITDA was a loss of £1.1 million for the six months ended 31
December 2024 (H1 2024: £1.8 million). The decrease in loss was a result of
improved revenue and gross margin, lower administrative costs and an increase
in other operating income from sub-letting available office space and a
Eurostars grant.
*Adjusted EBITDA is defined as Operating Loss before Share-based payment
expense, Amortisation and Depreciation and a reconciliation to Operating Loss
is shown within the Consolidated Statement of Profit and Loss and
Comprehensive Income.
Tax
The Group claims research and development ("R&D") tax credits. Since it is
loss making, the Group elects to surrender these tax credits for a cash
rebate. The benefit to the Group is included within the taxation line of the
income statement and amounts to £0.1 million for the first half of the year.
Within current assets is a corporation tax debtor of £0.3 million, which
relates to anticipated R&D tax credits in respect of claims not yet
received/submitted for the 2024 and 2025 financial years. The claim for the
year to 30 June 2024 amounted to £0.2 million and was received in February
2025. Tax losses carried forward totalled £12.0 million (June 2024: £11.4
million). The Group has not recognised any deferred tax assets in respect of
trading losses arising in the current period or accumulated losses in previous
periods.
Loss for the period
The loss for the period was £1.1 million (H1 2024: £1.8 million). The basic
and diluted loss per ordinary share decreased to 0.07 pence per share (H1
2024: 0.5 pence per share) based upon an average number of shares in issue
during the period of 1,583,220,709 (H1 2024: 359,338,261).
Cash flow
The Group had £2.0 million of cash at 31 December 2024 (H1 2024: £1.8
million, FY24: £0.9 million). The cash inflow for the six-month period to 31
December 2024 was £1.1 million. During the period proceeds of £2.6m, net of
costs, were received from placings. Net cash used in operations totalled £1.3
million, which is slightly higher than the Adjusted EBITDA loss of £1.1
million due to a build up of trade debtors at the period end which were
cleared in January and February 2025.
Going concern
For the reasons set out in note 3, the Directors believe that it remains
appropriate to prepare the financial statements on a going concern basis.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME
For the six-month period ended 31 December 2024
Unaudited Unaudited Audited
6 months ended 31 December 2024 6 months year
ended 31 December 2023 ended
30 June
2024
Note £'000 £'000 £'000
Revenue 4 653 298 860
Cost of sales (286) (324) (610)
Gross profit/(loss) 367 (26) 250
Administrative (1,519) (1,735) (3,167)
expenses
Other operating income 79 2 127
Adjusted EBITDA (1,073) (1,759) (2,790)
Depreciation (including loss on disposal) (104) (107) (232)
Amortisation of intangible assets (11) (5) (13)
Share-based payment expense 6 (1) (49)
Operating loss 5 (1,182) (1,872) (3,084)
Finance income 13 11 24
Finance costs (31) (42) (81)
Loss before taxation (1,200) (1,903) (3,141)
Taxation 6 88 96 183
Loss and total comprehensive loss for the (1,112) (1,807) (2,958)
period/year
Basic loss per share 7 0.07p 0.50p 0.71p
Diluted loss per share 7 0.07p 0.50p 0.71p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2024
Unaudited
Unaudited 31 December Audited
31 December 2023 30 June
2024 £'000 2024
£'000 £'000
Note
Assets
Non-current
Intangible assets 183 99 165
Property, plant, and equipment 8 358 494 424
Right-of-use assets 154 233 187
Other receivables 373 373 373
1,068 1,199 1,149
Current
Inventories 107 132 119
Trade and other receivables 9 924 313 439
Tax receivable 280 568 192
Cash and cash equivalents 1,967 1,756 870
3,278 2,769 1,620
Total assets 4,346 3,968 2,769
Current liabilities
Trade and other payables 10 (1,104) (882) (1,027)
Borrowings (10) (99) (38)
Leases (228) (313) (215)
(1,342) (1,294) (1,280)
Net current assets 1,936 1,475 340
Non-current liabilities
Trade and other payables (2) (5) (3)
Borrowings (4) (14) (9)
Leases (401) (630) (555)
Provisions for liabilities (35) (35) (35)
(442) (684) (602)
Net assets 2,562 1,990 887
Equity
Issued share capital 1,988 467 467
Share premium 13,627 12,672 12,672
Group reorganisation reserve 185 185 185
Share based payments reserve 785 460 504
Accumulated losses (14,023) (11,794) (12,941)
Equity attributable to shareholders 2,562 1,990 887
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 31 December 2024
Issued share Share premium Group reorganisation reserve Share-based payment reserve Retained earnings Total equity
capital
£'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2023 (audited) 69 9,578 185 544 (10,072) 304
Loss for the period - - - - (1,807) (1,807)
Issue of share capital 398 3,613 - - - 3,492
Share issue costs (519)
Share based payments - - - 1 - 1
Exercise & forfeited equity-settled share-based payments - - - (85) 85 -
Total transactions with owners, recognised directly in equity 398 3,094 - (84) 85 3,493
At 31 December 2023 (unaudited) 467 12,672 185 460 (11,794) 1,990
Loss for the period - - - - (1,151) (1,151)
Share based payments - - - 48 - 48
Exercise & forfeited equity-settled share-based payments - - - (4) 4 -
Total transactions with owners, recognised directly in equity - - - 44 4 48
At 30 June 2024 (audited) 467 12,672 185 504 (12,941) 887
Loss for the period - - - - (1,112) (1,112)
Issue of share capital 1,453 1,453 - - - 2,935
Share issue costs - (312) - - - (312)
Issue of broker warrants - (317) - 317 - -
Shares issued in lieu of cash 68 131 - - - 199
Share-based payments - - - (6) - (6)
Exercise & forfeited equity-settled share-based payments - - - (30) 30 -
Total transactions with owners, recognised directly in equity 1,521 955 - 281 30 2,787
At 31 December 2024 (unaudited) 1,988 13,627 185 785 (14,023) 2,562
On 24 July 2024 the Directors announced a significant new fundraising event
which resulted in a firm placing of 116,835,918 ordinary shares for total
proceeds of £0.2 million, a conditional placing of 1,272,164,082 ordinary
shares for total proceeds of £2.5 million and a subscription of 26,000,000
ordinary shares for total proceeds of £0.1 million, all before expenses. On 1
August 2024, a supplementary placing of 30,000,000 ordinary shares was
announced for total proceeds of £0.1 million. The conditional placing, the
supplementary placing and subscription shares were approved at a General
Meeting on 13 August 2024, and total net proceeds were £2.6 million.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six-month period ended 31 December 2023
Unaudited
Unaudited 6 months ended 31 December 2023 Audited
6 months ended 31 December 2024 £'000 year
£'000 ended 30 June
2024
£'000
Cash flows from operating activities
Loss for the period/year (1,112) (1,807) (2,958)
Adjustments for:
Taxation (88) (96) (183)
Finance costs 31 42 81
Amortisation 11 5 13
Depreciation 104 107 232
Fees paid in shares in lieu of cash 111 - -
Share-based payment (credit)/expense (6) 1 49
Operating cash outflow before changes in working capital (949) (1,748) (2,766)
Decrease in inventory 13 72 85
(Increase)/decrease in debtors (426) 365 239
Decrease/(increase) in creditors 74 (446) (306)
Cash outflow from operations (1,288) (1,757) (2,748)
Income taxes received - - 464
Net cash used in operating activities (1,288) (1,757) (2,284)
Cash flows from investing activities
Purchase of property, plant, and equipment (6) (6) (14)
Purchase of intangible assets (28) (34) (108)
Net cash used in investing activities (34) (40) (122)
Cash flows from financing activities
Issue of share capital, net of issue costs 2,623 3,492 3,492
Proceeds from borrowings - 89 -
Repayment of borrowings (33) (45) (22)
Payment of lease liabilities (140) (175) (347)
Interest paid (31) (42) (81)
Net cash generated from financing activities 2,419 3,319 3,042
Net increase/(decrease) in cash and cash equivalents 1,097 1,522 636
Cash and cash equivalents at beginning of the period/year 870 234 234
Cash and cash equivalents at end of the period/year 1,967 1,756 870
NOTES TO THE FINANCIAL STATEMENTS
For the six-month period ended 31 December 2024
1. GENERAL INFORMATION
Aptamer Group plc ('the Company') is a public limited company domiciled and
incorporated in England and Wales. These interim consolidated financial
statements of the Company for the six-month period ended 31 December 2024
comprise the Company and its subsidiaries (together referred to as 'the
Group').
The address of the Company's registered office is Windmill House, Innovation
Way, Heslington, York, YO10 5BR.
This interim report was authorised for issue in accordance with a resolution
of the Directors on 10 March 2025.
2. BASIS OF PREPARATION
The results for the 6 month periods to 31 December 2024 and 31 December 2023
are unaudited. The disclosed figures are not statutory accounts in terms of
Section 435 of the Companies Act 2006. Statutory accounts for the year ended
30 June 2024 on which the auditors gave an audit report which was unqualified,
have been filed with the Registrar of Companies. The auditor has reported on
those accounts; their report was unqualified and did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006; though it did include a
reference to a matter to which the auditor drew attention by way of emphasis
without qualifying their report in relation to going concern. The annual
financial statements of the Group are prepared in accordance with UK adopted
International Financial Reporting Standards (IFRS) and, as regards the Company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
This interim report has been prepared on a basis consistent with the
accounting policies expected to be applied for the year ending 30 June 2025,
and uses the same accounting policies and methods of computation applied for
the year ended 30 June 2024.
3. GOING CONCERN
The Group has reported a loss after tax for the six months ended 31 December
2024 of £1.1 million (six months ended 31 December 2023: £1.8 million).
The Group had a cash balance of £2.0 million at 31 December 2024 (31 December
2023: £1.8 million). Since that date, the Group has received R&D tax
credits of £0.2 million and at 28 February 2025 still had a cash balance of
£2.0 million.
The Directors have considered the suitability of the going concern basis in
the preparation of these interim results, which includes assessing an internal
forecast extending out to June 2026. The Directors consider that this
forecast represents a reasonable best estimate of the performance of the Group
over the period to June 2026. In the forecast, revenue is forecast to grow
based on a risk adjusted review of the current sales pipeline. Should these
sales materialise then the cash runway extends more than 12 months from the
date of these interim results.
The Directors have also considered a plausible downside scenario where revenue
growth is slower than expected. Should this downside materialise, then the
Group would need to seek additional funding. The Directors have a reasonable
expectation that the Group will be able to access further funding, which could
come from a variety of dilutive and non-dilutive sources, the latter including
the licensing of intellectual property it has developed to commercial
partners, several of which it is in discussions with for such a licensing
deal.
However, there can be no guarantee that the Group would be able to raise
additional funding from an equity fundraise to new and existing investors, nor
that the Group will successfully complete any licensing of its intellectual
property assets in the near term.
Based on the above factors, the Directors believe that it remains appropriate
to prepare the interim results on a going concern basis. However, the above
factors give rise to a material uncertainty which may cast significant doubt
over the Group's ability to continue as a going concern and to continue
realising its assets and discharging its liabilities in the normal course of
business. The financial statements do not include any adjustments that would
result from the basis of preparation being inappropriate.
4. REVENUE
An analysis of revenue, all of which relates to the sale of services, by
geographical location of the customer is given below:
6 months ended 31 December 2024 6 months ended 31 December 2023 Year ended
£'000 £'000 30 June
2024
£'000
United Kingdom 168 64 143
Europe 101 38 14
Rest of the World 384 196 703
653 298 860
All assets are located in, and services delivered from, the United Kingdom.
5. OPERATING LOSS
The operating loss for the period/year is stated after charging:
Year ended 30 June
6 months ended 31 December 6 months ended 31 December 2024
2024 2023
£'000 £'000 £'000
Employee remuneration 964 1,147 2,059
Share-based payments (credit)/expense (6) 1 49
Research and development raw materials 120 170 317
Depreciation of property, plant, and equipment 72 73 151
Depreciation of right-of-use assets 32 34 81
Amortisation of intangible assets 11 5 13
Raw materials and consumables used 89 104 169
6. TAXATION
The Group's tax credit for the six months ended 31 December 2024 was £88,000
(six months ended 31 December 2023: £96,000; year ended 30 June 2024:
£183,000).
Within current assets is a corporation tax debtor of £280,000, which relates
to anticipated R&D tax credits in respect of claims not yet received /
submitted for the 2024 and 2025 financial years. The claim for the year to 30
June 2024 amounted to £187,000 and was received in February 2025.
At 31 December 2024 the Group had unrelieved tax losses of approximately
£12,020,000 (30 June 2024 - £11,384,000). A deferred tax asset has not been
recognised in respect of these losses due to the uncertain timing of future
profits, except for losses recognised against deferred tax liabilities against
which the losses will automatically unwind (and which are accordingly offset).
7. LOSS PER SHARE
6 months 6 months ended 31 December 2023
ended 31 December Year ended 30 June
2024 2024
Basic loss per share 0.07p 0.50p 0.71p
Diluted loss per share 0.07p 0.50p 0.71p
Loss for the period/year £1,112,000 £1,807,000 £2,958,000
Weighted average number of ordinary shares used 1,583,220,709 359,338,261 415,107,581
as the denominator in calculating the basic/diluted loss
per share
8. PROPERTY, PLANT AND EQUIPMENT
Leasehold improvements Other property, plant and equipment
£'000 £'000 Fixtures, fittings and equipment
£'000
Total
£'000
Cost
At 1 July 2023 1,603 1,457 44 3,104
Additions 4 8 2 14
Disposals - - (10) (10)
At 30 June 2024 (audited) 1,607 1,465 36 3,108
Additions - 2 4 6
At 31 December 2024 (unaudited) 1,607 1,467 40 3,114
Accumulated depreciation
At 1 July 2023 1,258 1,247 38 2,543
Charge for the year 99 52 - 151
Disposals - - (10) (10)
At 30 June 2024 (audited) 1,357 1,299 28 2,684
Charge for the period 48 23 1 72
At 31 December 2024 (unaudited) 1,405 1,322 29 2,756
Net book values
31 December 2024 (unaudited) 202 145 11 358
30 June 2024 (audited) 250 166 8 424
9. TRADE AND OTHER RECEIVABLES
31 December 31 December 30 June
2024 2023 2024
£'000 £'000 £'000
Trade receivables 657 23 211
Other receivables 53 120 66
Prepayments 214 170 162
924 313 439
10. CURRENT LIABILITIES
31 December 31 December 30 June
2024 2023 2024
£'000 £'000 £'000
Trade payables 466 287 452
Other taxation and social security 53 63 56
Other payables - - 79
Accruals 312 319 304
Deferred income 273 213 136
1,104 882 1,027
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