REG - C4X Discovery - Half Year Results
26/04/2023 07:00
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RNS Number : 4509X C4X Discovery Holdings PLC 26 April 2023
This announcement contains inside information
C4X Discovery Holdings plc
("C4XD", "C4X Discovery" or the "Company")
Half-year results for the six months ended 31 January 2023
Up to $402 million AstraZeneca deal for NRF2 Activator programme; Third global
out-licensing deal executed
Future strategic focus to deliver high value small molecules to treat
immuno-inflammatory diseases
Launched PatientSeek, a Precision Medicine platform for optimised patient
selection based on its Taxonomy3® genetic analysis technology
26 April 2023 - C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug
Discovery company, today announces its half-year results for the six months
ended 31 January 2023.
Dr Clive Dix, CEO of C4X Discovery, said:
"C4XD has continued to make significant strides across our portfolio during
the period, culminating in our third global out-licensing deal, this time with
AstraZeneca for our NRF2 Activator programme worth up to $402 million. This
external validation of our ability to generate high-quality small molecule
discovery programmes builds on previous deals with globally recognised
partners Sanofi and Indivior and brings our total potential deal value to $1.2
billion(1).
"I'm excited that following a review of our expertise and previous successes,
our strategy is now focused on treatments for immuno-inflammatory diseases.
With our proven expertise in drug discovery and our rigorous approach to
programme development, we believe that a more focused approach on
immuno-inflammatory diseases will allow us to harness our skillset and take
the development of our programmes further, providing greater value for
shareholders."
Operational Highlights (including post-period events)
• Indivior's Phase 1 multiple ascending dose clinical trial of C4XD's oral
Orexin-1 receptor antagonist, C4X_3256 (INDV-2000), for substance use disorder
is ongoing.
• Sanofi is progressing C4XD's IL-17A inhibitor programme for inflammatory
diseases towards the next milestone
• C4XD signed an exclusive worldwide licensing agreement with AstraZeneca in
November 2022, worth up to $402 million, for its NRF2 Activator programme.
• α4β7 integrin inhibitor programme for inflammatory bowel disease delivered
compounds showing improved activity at a lower dose compared to example
competitor clinical compounds in a pharmacodynamic model after oral dosing.
• MALT-1 inhibitor programme for cancer examined a lead compound in a mouse
xenograft study that showed equivalent efficacy at equivalent dose to the
Johnson & Johnson clinical compound JnJ-67856633 (in Phase 1) and the
project is moving forward to identification of candidate shortlist molecules.
• C4XD internal portfolio expanded in inflammatory diseases and new programmes
identified to progress into Lead Optimisation and beyond.
• C4XD launched PatientSeek, a Precision Medicine platform for optimised patient
selection based on its Taxonomy3® genetic analysis technology, following key
results from a collaboration with Australia's Garvan Institute of Medical
Research ("Garvan Institute").
• Dr Nick Ray has been appointed as Chief Scientific Officer.
Financial Highlights
• Revenue was £1.7 million (January 2022: £0.1 million)
• Total loss after tax of £3.9 million or 1.55 pence per share (January 2022:
£4.5m or 1.98 pence per share)
• R&D expenses was £5.2 million (January 2022: £3.9m), reflecting focused
investment in key Drug Discovery programmes
• Net assets of £13.6 million (January 2022: £15.2m)
• Net cash as at 31 January 2023: £9.6 million (31 January 2022: £11.7m)
Analyst webcast and conference call today
Dr Clive Dix, Chief Executive Officer, and members of the management team will
host a webcast for analysts at 9:30am BST today. The webcast can be accessed
online at:
https://www.lsegissuerservices.com/spark/C4xDiscoveryHolding/events/d062ff53-5db5-4b93-a428-089daeee0030
(https://www.lsegissuerservices.com/spark/C4xDiscoveryHolding/events/d062ff53-5db5-4b93-a428-089daeee0030)
A copy of the final results presentation will be released later this morning
on the Company website at www.c4xdiscovery.com (http://www.c4xdiscovery.com) .
1. Total deal value calculation based on exchange rates at the time of
each deal.
- Ends -
Contacts
C4X Discovery Holdings
Mo Noonan, Communications +44 (0)787 6444977
Panmure Gordon (UK) Limited (NOMAD and Broker)
Freddy Crossley, Emma Earl (Corporate Finance) +44 (0)20 7886 2500
Rupert Dearden (Corporate Broking)
C4X Discovery Media - Consilium Strategic Communications
Mary-Jane Elliott, Chris Gardner, Matthew Neal +44 (0)203 709 5700
Notes to Editors:
About C4X Discovery
C4X Discovery ("C4XD") is a pioneering Drug Discovery company, combining
scientific expertise with cutting-edge Drug Discovery technologies to
efficiently deliver world‑leading medicines. We have a highly valuable and
differentiated approach to Drug Discovery through our enhanced candidate
molecule design and patient stratification capabilities, generating small
molecule drug candidates across multiple disease areas focused on
immuno-inflammation. Our commercially attractive portfolio ranges from
early-stage target opportunities to late-stage Drug Discovery programmes and
we have three commercially partnered programmes with one candidate in clinical
development.
For more information visit us at www.c4xdiscovery.com
(http://www.c4xdiscovery.com) or follow us on twitter @C4XDiscovery.
Corporate Overview
We have continued to make strong progress across the entire portfolio, both
during the period and into the beginning of 2023. Our most significant news
was announced in November with the out-licensing of our NRF2 Activator
programme to AstraZeneca for up to $402 million, including $2 million upfront,
and up to $16 million in potential pre-clinical milestone payments, plus the
potential for tiered single-digit royalties.
Our portfolio of partnered programmes continues to advance. Indivior's Phase I
multiple-ascending dose clinical trial of C4XD's Orexin 1 Antagonist candidate
C4X_3256/INDV-2000 is underway and, following the first milestone received
from Sanofi, our IL-17A Inhibitor programme is advancing through pre-clinical
studies towards the next milestone. We look forward to hearing how these
programmes progress throughout the year.
Following a review of our expertise and previous successes, C4XD is evolving
its strategy to become a company focused on treatments for immuno-inflammatory
diseases. With the majority of our portfolio already focused on
immuno-inflammatory diseases, a proven drug discovery expertise and an expert
team of scientists who understand this disease area, we believe that with this
approach we can harness our skillset and take the development of our
programmes further, providing greater value for shareholders.
Our internal portfolio will now focus on the discovery and development of
novel small molecule medicines with Best-in-Class and First-in-Class potential
to treat patients across a range of immuno-inflammatory diseases. Our lead
internal programme, focused on oral small molecule inhibitors of α4β7, has
the potential to expand patient access to α4β7 inhibitor therapy for the
treatment of inflammatory bowel disease ("IBD"). This programme is making
significant headway through late-stage discovery and progressing towards
pre-clinical studies. We have further immuno-inflammatory programmes in
early discovery and we anticipate moving the two most promising of these into
Lead Optimisation within the next 18 months.
In line with our new focus on immuno-inflammatory diseases, the decision has
been taken to streamline our portfolio and prioritise resources, and we
therefore plan to out-license our pre-clinical MALT-1 inhibitor programme for
oncology.
In January 2023, we were delighted to appoint Nick Ray as our Chief Scientific
Officer. Nick has been with C4XD for seven years, most recently as SVP Drug
Discovery and also leading the medicinal chemistry, structural analysis and
computational chemistry/cheminformatics teams. He has played a key role in
the growth of C4XD and his in-depth scientific expertise has enabled C4XD to
develop a growing portfolio of high-quality small molecule programmes.
Nick's leadership will be invaluable as we look to take these programmes
further into development.
In February 2023, following a successful research collaboration with Garvan
Institute, we announced the launch of C4XD's new platform for patient
stratification, PatientSeek (powered by Taxonomy3®) - see study details in
the Portfolio Review. The results of the study demonstrate PatientSeek's
ability to optimise patient selection and its potential to match the most
effective treatments with groups of patients who are most likely to benefit
thereby ensuring the right drug is given to the right patient, based on their
genetics. C4XD has already identified subgroups in a number of
immuno-inflammatory diseases using PatientSeek and we will be exploring their
application in bringing precision medicine approaches to these patient
populations.
The Company has a sufficient cash position and manageable fixed cost base.
Cash, cash equivalents, short-term investments and deposits were £9.6 million
at 31 January 2023 (31 January 2022: £11.7 million). R&D investment of
£5.2 million in the six months ending 31 January 2023 (January 2022: £3.9
million), reflecting focused investment in key Drug Discovery programmes.
Administrative Expenses remained steady at £1.6 million for the six months
ended January 2023 (January 2022: £1.6 million).
Portfolio Review
Addictive disorders (Orexin-1 Antagonist) - out-licensed to Indivior
Phase 1 multiple ascending dose study ongoing
Under C4XD's milestone and royalties agreement with Indivior worth up to
US$284 million for C4XD's oral Orexin-1 receptor antagonist C4X_3256
(INDV-2000) for the treatment of substance use disorders, Indivior has
completed the Single Ascending Dose (SAD) Phase 1 study with no events of
clinical concern. The Multiple ascending dose (MAD) study is progressing with
Last Subject Last Visit (LSLV) scheduled for July 2023, and with other
clinical, non-clinical and chemical/formulation development activities
proceeding to plan.
Opioid addiction is an increasing burden on the healthcare system,
particularly in the US but is a growing global issue. According to the U.S.
Center for Disease Control & Prevention (CDC), more than 107,937 people
are predicted to have died from drug overdose, up 56% in the 12-month period
ending August 2022, with 73,369 of these deaths attributed to synthetic
opioids, up 115%(1).
Inflammation (IL-17A Inhibitor) - out-licensed to Sanofi
Sanofi-led programme making significant progress
Under the exclusive worldwide licensing agreement worth up to €414 million,
Sanofi continues to make strong pre-clinical progress towards the second
milestone; C4XD received the first milestone payment of €3 million in July
2022. The small molecules in C4XD's oral IL-17A inhibitor programme can
selectively block IL-17 activity whilst maintaining molecular size of the
molecule in the traditional "drug-like" range. A novel, potent oral series
of IL-17A inhibitors that significantly reduce IL-17 induced inflammation in
vivo is being optimised. Sanofi has development and commercial rights to the
programme and is continuing to work with C4XD in the next discovery phase,
utilising our Conformetrix technology, interpretation and application to
compound design as the programme progresses towards the clinic.
Inflammation (NRF2 Activator) - out-licensed to AstraZeneca
Programme continues to move forward under AstraZeneca's ownership
C4XD signed an exclusive worldwide licensing agreement with AstraZeneca in
November 2022, worth up to $402 million, for its NRF2 Activator programme.
AstraZeneca will develop and commercialise an oral therapy for the treatment
of inflammatory and respiratory diseases with a lead focus on chronic
obstructive pulmonary disease (COPD). Under the terms of the agreement, C4XD
will receive pre-clinical milestone payments worth up to $16 million including
$2 million upfront, ahead of the first clinical trial. In addition, C4XD
will receive a further potential $385.8 million in clinical development and
commercial milestones and tiered mid-single digit royalties upon
commercialisation.
Inflammation is a key driver in many pathological conditions. NRF2 plays a
pivotal role in controlling the expression of antioxidant genes that
ultimately exert anti-inflammatory functions. Targeting the NRF2 pathway to
reduce inflammatory damage offers the potential for a new approach to treat a
variety of inflammatory diseases. Interest in this therapeutic approach
covers multiple therapeutic areas including chronic obstructive pulmonary
disease, atopic dermatitis, IBD, pulmonary arterial hypertension and sickle
cell disease.
Inflammation (α4β7 Integrin Inhibitor)
Programme transitioned into Lead Optimisation
C4XD's oral α4β7 integrin inhibitor programme has identified multiple series
of novel, potent and selective α4β7 integrin inhibitors for the treatment of
IBD. Effective antibody therapy against this target is already approved,
removing the clinical target risk, but an effective oral therapy remains
highly sought after. During 2021, Morphic Therapeutic's Phase 1 clinical
study demonstrated high target occupancy in blood at developable doses but
with a twice daily profile. C4XD's programme is targeting a much desired
once-a-day profile.
Oral bioavailability has been demonstrated and there is particular focus on
improving PK properties to achieve a good oral half-life. C4XD has compounds
that match or exceed both whole blood potency and selectivity values when
compared to examples from current clinical patent estates, with
correspondingly improved activity at a lower dose when profiled in a T-cell
gut-homing pharmacodynamic model.
Haematological Cancer (MALT1 Inhibitor)
Moving towards identification of pre-clinical candidate shortlist
MALT1 is one of the key regulators of B-cell receptor (BCR) and T-cell
receptor (TCR) signalling. Mutations that lead to constitutive activation of
MALT1 are associated with aggressive forms of non-Hodgkin B-cell lymphoma and
inhibition of MALT1 has potential therapeutic applicability as a mono therapy
for MALT1-driven cancers such as activated B-cell diffuse large B-cell
lymphoma (ABC-DLBCL) and in combination with BTK and Bcl inhibitors across
multiple haematological indications, as well as broader potential in solid
tumours and inflammation.
Our Conformetrix technology has yielded multiple structurally distinct series,
two of which have progressed into Lead Optimisation. Profiling of a Lead
compound in a mouse xenograft study has shown equivalent efficacy at
equivalent dose to the Johnson & Johnson clinical compound JnJ-67856633
(in Phase 1) and the programme is moving forward to identification of
candidate shortlist molecules. C4XD has initiated partnering discussions for
this programme.
Expansion of Pipeline
As we look to scale our portfolio, early-phase programmes targeting a number
of targets across a range of immuno-inflammatory diseases are being resourced
to identify those with the highest potential to warrant increased spend and
prosecution to and through Lead Optimisation and eventually into the clinic.
These programmes target clear unmet medical need, combined with significant
commercial potential and a unique opportunity to produce valuable chemical
equity through interpretation of conformational insight via C4XD's
Conformetrix technology. Additionally, we are using our PatientSeek platform
(vide infra) to inform our target selection choices, based on identification
of patient stratification opportunities and improved trial design. Details of
each programme will be provided once they have matured to Lead Optimisation
stage.
PatientSeek
C4XD has launched a precision medicine platform, PatientSeek, based on its
Taxonomy3® technology, following insights from a successful research
collaboration with Garvan Institute of Medical Research. In the collaboration,
C4XD provided Garvan Institute with the genetic signatures for its PatientSeek
sub-groups in Parkinson's disease. Garvan researchers then applied this as
part of a retrospective analysis of a failed Phase 3 Parkinson's clinical
trial that had not reached its primary endpoint, to assess if a genetic
subgroup of participants showed a benefit from the therapeutic. Very
encouragingly, PatientSeek identified a subgroup that responded to the trial
drug. These results provide the first validation of PatientSeek's ability to
identify patient subgroups to optimise patient selection, which in turn could
lead to enhanced probability of targeted success in clinical trials. The
results from this study will be submitted for publication in a peer reviewed
journal. Whilst this study was focused on Parkinson's disease, the
PatientSeek platform is disease agnostic and can be applied to any complex
genetic disease and we will look to expand and explore the immuno-inflammatory
diseases subgroups for application in our own portfolio.
Outlook
C4XD has continued to make huge strides across our portfolio during the
period, including our third global out-licensing deal, this time with
AstraZeneca for our NRF2 Activator programme worth up to $402 million. This
brings our deal value to a total of $1.2 billion with large pharmaceutical
companies, further validating our reputation for generating high-quality small
molecules. Following a review of our expertise and previous successes, C4XD
is evolving its strategy to become a company focused on treatments for
immuno-inflammatory diseases. With our proven expertise in drug discovery
and our rigorous approach to programme development, we believe that a more
focused approach on immuno-inflammatory diseases will allow us to harness our
skillset and take the development of our programmes further, providing greater
value for shareholders.
1.
https://www.indivior.com/resources/dam/id/1147/Annual%20Report%20and%20Accounts%202022.pdf
2. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4530463/
3. Plaque Psoriasis: Global Drug Forecast and Market Analysis to 2027,
GlobalData, December 2018
Interim consolidated statement of comprehensive income
For the six months ended 31 January 2023
Six months Six months Year
to to to
31 January 2023 31 January 2022 31 July
2022
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Notes
Revenue 3 1,676 66 2,699
Cost of sales (22) (59) (130)
Gross profit 1,654 7 2,569
Research and development expenses (5,194) (3,942) (9,426)
Administrative expenses (1,638) (1,595) (3,665)
Operating loss (5,178) (5,530) (10,522)
Finance income 15 - -
Finance costs (12) (7) (12)
Loss before taxation (5,175) (5,537) (10,534)
Taxation 4 1,296 1,020 2,374
Loss for the period and total comprehensive loss for the period (3,879) (4,517) (8,160)
Loss per share:
Basic loss for the period 5 (1.55)p (1.98)p (3.57)p
Diluted loss for the period 5 (1.55)p (1.98)p (3.57)p
Interim consolidated statement of changes in equity
For the six months ended 31 January 2023
Issued equity Share Warrant Share based payment Merger Capital contribution Revenue
capital premium reserve reserve reserve reserve reserve Total
£000 £000 £000 £000 £000 £000 £000 £000
At 01 August 2021 4,302 53,043 979 1,191 920 195 (41,344) 19,286
Loss for the six months to - - - - - - (4,517) (4,517)
31 January 2022
Issue of share capital - - - - - - - -
Expenses of options - - - - - - - -
Exercise of warrants 11 297 (11) - - - 11 308
Share-based payments - - - 114 - - - 114
At 31 January 2022 4,313 53,340 968 1,305 920 195 (45,850) 15,191
Loss for the six months to - - - - - - (3,643) (3,643)
31 July 2022
Issue of share capital - - - - - - - -
Exercise of options 3 15 - - - - - 18
Exercise of warrants - - - - - - - -
Share-based payments - - - 238 - - - 238
At 31 July 2022 4,316 53,355 968 1,543 920 195 (49,493) 11,804
Loss for the six months to - - - - - - (3,879) (3,879)
31 January 2023
Issue of share capital 228 5,467 - - - - - 5,695
Expenses of placing - (287) - - - - - (287)
Exercise of options 1 5 - - - - - 6
Exercise of warrants - - - - - - - -
Share-based payments - - - 214 - - - 214
At 31 January 2023 4,545 58,540 968 1,757 920 195 (53,372) 13,553
Interim consolidated statement of financial position
As at 31 January 2023
31 January 2023 31 January 2022 31 July 2022
(Unaudited) (Unaudited) (Audited)
Notes £000 £000 £000
Assets
Non-current assets
Property, plant and equipment 43 30 47
Intangible assets 59 67 61
Goodwill 1,192 1,192 1,192
Right-of-use assets 563 266 707
1,857 1,555 2,007
Current assets
Trade and other receivables 567 571 3,069
Income tax asset 3,661 3,073 4,427
Cash and cash equivalents 9,642 11,679 5,079
13,870 15,323 12,575
Total assets 15,727 16,878 14,582
Liabilities
Current liabilities
Trade and other payables (1,587) (1,390) (2,049)
Lease liabilities (329) (171) (305)
(1,916) (1,561) (2,354)
Non-current liabilities
Trade and other payables - - -
Lease liabilities (258) (126) (424)
(258) (126) (424)
Total liabilities (2,174) (1,687) (2,778)
Net assets 13,553 15,191 11,804
Capital and reserves
Issued equity capital 6 4,545 4,314 4,316
Share premium 6 58,540 53,339 53,355
Share-based payment reserve 1,757 1,305 1,543
Warrant reserve 968 968 968
Merger reserve 920 920 920
Capital contribution reserve 195 195 195
Revenue reserve (53,372) (45,850) (49,493)
Total equity 13,553 15,191 11,804
Approved by the Board and authorised for issue on 25 April 2023
Brad Hoy
Chief Financial Officer
25 April 2023
Interim consolidated cash flow statement
For the six months ended 31 January 2023
Six months Six months Year
to to to
31 January 31 January 31 July
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
Loss after tax and interest (3,879) (4,517) (8,160)
Adjustments for:
Depreciation of property, plant and equipment 12 12 23
Depreciation of right-of-use assets 143 111 212
Amortisation of intangible assets 3 3 8
Share-based payments 214 114 352
Finance income (15) - -
Finance costs 12 7 12
Taxation (1,296) (1,020) (2,374)
Changes in working capital:
Decrease/(increase) in trade and other receivables 2,502 3 (2,496)
(Decrease)/increase in trade and other payables (462) (321) 338
Cash outflow from operating activities (2,766) (5,608) (12,085)
Research and development tax credit received 2,063 - -
Net cash outflow from operating activities (703) (5,608) (12,085)
Cash flows from investing activities:
Purchases of property, plant and equipment (8) (10) (36)
Finance income 15 - -
Net cash outflow from investing activities 7 (10) (36)
Cash flows from financing activities:
Payment of lease liabilities (155) (114) (229)
Proceeds from the issue of ordinary share capital 5,701 308 326
Expenses of placing (287) - -
Net cash inflow from financing activities 5,259 194 97
Increase/(decrease) in cash and cash equivalents 4,563 (5,424) (12,024)
Cash and cash equivalents at the start of the period 5,079 17,103 17,103
Cash, cash equivalents and deposits at the end of the period 9,642 11,679 5,079
Notes to the interim financial report
For the six months ended 31 January 2023
1. Corporate information
The principal activity of the C4X Discovery Holdings plc is research and
development, a review of which is included in the Chairman's and CEO's
Statement.
C4XD is incorporated and domiciled in the United Kingdom and its registered
number is 09134041. The address of the registered office is Manchester One, 53
Portland Street, Manchester, M1 3LD.
The interim financial information was approved for issue on 25 April 2023.
2. Accounting policies
Basis of preparation
The accounting policies adopted in this interim financial report are
consistent with those followed in the preparation of the Group's annual report
and accounts for the year to 31 July 2022.
The interim financial information for the six months ended 31 January 2023 and
31 January 2022 is unaudited and does not constitute statutory accounts as
defined in the Companies Act 2006. This interim financial report includes
audited comparatives for the year to 31 July 2022. The 2022 annual report
and accounts received an unqualified audit opinion and have been filed with
the Registrar of Companies.
These interim financial statements have been prepared in accordance with IAS34
Interim Financial Reporting. They do not include all the information
required for a complete set of IFRS financial statements. However, selected
explanatory notes are included to explain events and transactions that are
significant to an understanding of the changes in the Group's financial
position and performance since the last annual consolidated financial
statements as at and for the year ended 31 July 2022.
Basis of consolidation
This interim financial report consolidates the financial statements of C4X
Discovery Holdings plc and the entities it controls (its subsidiaries).
3. Revenue
Six months to Six months to Year to
31 January 31 January 31 July
2023 2022 2022
£000 £000 £000
Revenue recognised at a point in time
- Right-to-use licence revenue 1,652 - -
- Milestone revenue - - 2,555
Revenue recognised over time
- Research services revenue 24 66 144
- Consultancy services - - -
Total Revenue 1,676 66 2,699
Revenue in the current period has been generated from contracts with two
customers.
In the current period a new contract was signed with a new customer which has
been determined to have three performance obligations - the transfer of
intellectual property which has been recognised as right-to-use licence
revenue at a single point in time; the provision of consultancy and technical
support which will be recognised over time in line with the level of
consultancy provided; and the facility of on-going research which will be
reimbursed on a pass-through cost basis.
The revenue attributed to the delivery of research services was generated from
one customer and is recognised over time. The progress is measured based on
costs incurred to date as compared with the total projected costs for both the
current and prior periods.
Revenue In the prior periods was generated from a contract with a single
customer. In the prior period, the milestone revenue was determined to have
one performance obligation and was recognised at a point in time. The revenue
attributed to the delivery of research services was recognised on the same
basis as in the current period.
4. Taxation
Six months to Six months to Year to
31 January 31 January 31 July
2023 2022 2022
£000 £000 £000
UK corporation tax losses in the period - - -
Research and development income tax credit receivable (1,296) (1,020) (2,365)
Adjustment in respect of prior periods - - (9)
(1,296) (1,020) (2,374)
5. Loss per share
31 January 31 January 31 July
2023 2022 2022
£000 £000 £000
Loss for the financial period attributable to equity shareholders (3,879) (4,517) (8,160)
Weighted average number of shares: No. No. No.
Ordinary shares in issue 250,048,502 228,177,371 228,675,845
Number of exercisable share options and warrants 305,197 22,005,021 12,231,972
Ordinary shares in issue for purposes of diluted EPS 250,353,700 250,182,392 240,907,817
Basic and diluted loss per share (pence) (1.55)p (1.98)p (3.57)p
The number of exercisable share options and warrants above are those deemed to
be potentially dilutive in nature as their exercise price is less than the
average share price for the period. As the group made a loss in the current
and comparative period the effects of these potential ordinary shares are not
dilutive.
6. Issued share capital and share premium
Deferred shares Ordinary shares Share capital Deferred shares Warrant reserve Share premium Total
Number Number £000 £000 £000 £000 £000
Ordinary and deferred shares as at 31 January 2022 2,025,000 228,912,697 2,289 2,025 968 53,339 58,621
Issue of share capital on exercise of options - 319,275 3 - - 15 18
Ordinary and deferred shares as at 31 July 2022 2,025,000 229,231,972 2,292 2,025 968 53,354 58,639
Issue of share capital on placing - 22,781,200 228 - - 5,467 5,695
Issue of share capital on exercise of options - 106,425 1 - - 5 6
Expenses of placing - - - - - (287) (287)
Ordinary and deferred shares as at 31 January 2023 2,025,000 252,119,597 2,521 2,025 968 58,539 64,053
7. Interim financial report
A copy of this interim condensed financial report is available on C4XD's
website at www.c4xdiscovery.com (http://www.c4xdiscovery.com) .
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