REG - CRISM Therapeutics - Half Year Report
15/09/2025 07:00
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RNS Number : 3036Z CRISM Therapeutics Corporation 15 September 2025
15 September 2025
CRISM Therapeutics Corporation
("CRISM", "CRISM Therapeutics", the "Company" or the "Group")
Half Year Report for the six month period ended 30 June 2025
CRISM Therapeutics Corporation (AIM: CRTX), a UK clinical-stage drug delivery
company focused on the localised and sustained delivery of chemotherapy drugs,
today announces its unaudited half-year results for the six months ended 30
June 2025 (the "Period").
The Company has made significant progress during the Period in advancing its
proprietary ChemoSeed™ drug delivery technology towards a Phase 2 clinical
trial. ChemoSeed is an implantable, biodegradable technology designed for
the localised and sustained delivery of chemotherapy directly into cancer
tissue thereby improving clinical performance. ChemoSeed has an attractive
risk profile owing to its use of pre-approved chemotherapy drugs such as
irinotecan.
CRISM's initial therapeutic focus is in brain tumour, owing to the very
significant unmet need and attractive market size of an estimated £1.7
billion. The Board believes ChemoSeed is a platform technology for other solid
tumours, such as prostate, pancreatic and bladder, and the Company has already
begun early work targeting prostate cancer, a major indication and the most
prevalent cancer in men.
Highlights in the year to date
· Submission of a Clinical Trial Application ("CTA") for the Company's
open label, registration grade Phase 2 clinical trial of irinotecan-ChemoSeed
in resectable glioblastoma to the Medicines & Healthcare product
Regulatory Agency ("MHRA") on 30 June 2025
· CTA approval received subsequently as announced on 1 September 2025
· Favourable ethics committee approval also announced on 1 September 2025
from a UK Research Ethics Committee to approve the start of the Phase 2
trial, which is expected to commence in early Q1 2026
· Initiated GMP ("Good Manufacturing Practice") manufacture of a clinical
batch of irinotecan-ChemoSeed for the Company's Phase 2 clinical trial
· Established Scientific Advisory Board to provide the Company with
expert guidance on its clinical trial
· Company awarded an Innovate UK Launchpad grant of £96,106 to support
the formulation and preclinical development of ChemoSeed in prostate cancer
with work commencing in May 2025
· Company raised £874,021 via a placing and retail offer in July 2025
(post period end)
· Net cash at 12 September 2025 of £906,864
Commenting on the Interim Results, CRISM CEO Andrew Webb said: "We are very
pleased with the progress made in the first six months of the financial year,
and in progress since the half-year end. Our Clinical Trial Application has
been approved, ethical approval granted and GMP manufacture of a clinical
batch of irinotecan-ChemoSeed is underway. We are now focused on commencing
set up of clinical trial centres in the UK so that patient recruitment in our
open label, registration grade Phase 2 study in glioblastoma can begin. We
continue to expect that the first patients will be dosed in Q1 2026.
"We have also made good progress in our early stage programme in prostate
cancer, the most prevalent type of cancer in men. The initial formulation of
docetaxel-ChemoSeed has been developed and the Company is seeking non-dilutive
grant funding to accelerate development of the programme.
"Key milestones in the remainder of the year include the selection and
initiation of clinical trial sites ahead of patient recruitment early next
year."
Presentation via Investor Meet Company
Andrew Webb, CEO of CRISM Therapeutics, will host a live presentation via
Investor Meet Company on Tuesday 16 September 2025 at 12.00pm BST. The
presentation will include Garth Cruickshank, Emeritus Professor of
Neurosurgery at University of Birmingham and Queen Elizabeth Hospital
Birmingham, and a member of CRISM's Scientific Advisory Board.
The Investor Meet Company presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor Meet
Company dashboard up until 9.00am BST on 15 September 2025 or at any time
during the live presentation.
Investors can sign up, free of charge, to Investor Meet Company and add to
meet CRISM Therapeutics via:
https://www.investormeetcompany.com/crism-therapeutics-corporation/register-investor
(https://urldefense.com/v3/__https:/www.investormeetcompany.com/crism-therapeutics-corporation/register-investor__;!!H_q-o1I4kFo!m0g5hhYxGwEivzj-oSefT-XE3-neHGcysSzlo0seYqtPGgpUC6cLqeKLHZuHw6nmh0MYjC9kjvFgcGrIwrO1UYT4JDPcuKului4IdllYqDg$)
Investors who already follow the Company on the Investor Meet Company platform
will automatically be invited.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014, as incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
-Ends
Enquiries:
Company Nomad and Broker Financial PR
CRISM Therapeutics Corporation S.P. Angel Corporate Finance LLP Burson Buchanan
Andrew Webb, CEO Richard Morrison Mark Court / Jamie Hooper
Chris McConville, CSO Vadim Alexandre CRISM@buchanancomms.co.uk
Adam Cowl
via Burson Buchanan +44 (0) 20 3470 0470 +44 (0) 20 7466 5000
About CRISM Therapeutics Corporation
CRISM Therapeutics Corporation has developed an innovative drug delivery
technology to improve the clinical performance of cancer treatments for solid
tumours through the local delivery of chemotherapy drugs.
ChemoSeed, CRISM's lead product, can be implanted directly into the tumour or
the resection margin following the removal of a tumour. This ensures that
therapeutic concentrations of chemotherapy drugs reach the deep-seated tumour
tissue or cover the entire resection margin. In the case of treating
glioblastoma, ChemoSeeds can be implanted during surgery thereby bypassing the
blood brain barrier, which prevents other treatments from being able to reach
the tumour and be effective.
CRISM is expected to dose the first patients in its registration-grade Phase 2
clinical trial of irinotecan-ChemoSeed in patients with surgically resectable
glioblastoma in Q1 2026.
For more information please visit: https://www.crismtherapeutics.com/
(https://www.crismtherapeutics.com/)
The Company's LEI is 213800XFW6MKVCHHPW88.
CEO REPORT
Introduction
I present my CEO Statement for CRISM Therapeutics for the six-month period
ended 30 June 2025.
Background
CRISM is a UK-based pharmaceutical company which has developed an innovative
drug delivery technology, ChemoSeed, to improve the clinical performance of
cancer treatments for solid tumours through the local delivery of
chemotherapy. ChemoSeed is a polymer based implant, the size of a grain of
rice, administering irinotecan, a generic drug approved to treat brain cancer
and can be implanted directly into a tumour or the resection margin following
the removal of a tumour. ChemoSeed will initially be used to treat
glioblastoma, an aggressive form of brain tumour with no satisfactory
treatment. ChemoSeeds will be implanted during surgery to bypass the blood
brain barrier, which prevents other treatments from being able to reach the
tumour and be effective.
CRISM operates in a significant market where brain tumour is the biggest
cancer killer of children and adults under the age of 40. In the UK,
approximately 12,000 new cases are diagnosed annually, with an estimated
60,000 people living with the condition. Despite this, just one per cent of
cancer research funding has been allocated to brain tumour since records began
in 2002.
ChemoSeed addresses a significant, unmet medical need in the treatment of
brain tumour. There are no current cures and present treatments merely seek to
extend life, often by just a few months, with serious adverse side effects.
Each ChemoSeed consists of the pre-approved chemotherapy drug, irinotecan, and
the biodegradable polymer PLGA, both of which have been previously
administered to the brain with no toxicity issues. The treatment's low
side-effect profile, combined with the unmet medical needs of the target
market for ChemoSeed, means CRISM could potentially receive early marketing
authorisation in the UK on the back of positive Phase 2 clinical trial data.
This could potentially be received in 2028 under the Company's Innovation
Passport and support from the Innovative Licensing and Access Pathway
(ILAP).
Operational Update
Significant progress has been made in the current year with priority on the
development path for brain tumour with the submission of the CTA for the
Company's registration grade Phase 2 clinical trial of irinotecan-ChemoSeed in
resectable glioblastoma to the MHRA on 30 June 2025 which was subsequently
approved by the MHRA on 28 August 2025. The submission incorporated prior
Phase 1 data where irinotecan was delivered locally in brain tumour patients
and preclinical data which demonstrated the Company's ChemoSeed implantable
drug delivery technology to sustain efficacious drug concentration in the
residual tumour. CRISM has a two part trial planned; there will be a dose
escalation in patients with recurrent glioblastoma followed by efficacy
assessment based on progression free survival in newly diagnosed patients with
glioblastoma. The Company expects to treat the first patients in the Phase 2
trial in Q1 2026.
The GMP manufacturing of a clinical batch has been initiated in order to be
clinical trial ready. The implants will be produced for the Company's
upcoming open-label Phase 2 safety and efficacy trial evaluating ChemoSeed.
US-based ProMed Pharma LLC, a Contract Development and Manufacturing
Organisation ("CDMO"), will produce the clinical batch. The start of
production marks a critical step toward first patient dosing.
The Company is demonstrating ChemoSeed's potential as a platform for other
cancers with the development of a prostate cancer treatment. To this end the
Company was awarded an Innovate UK grant of £96,106 to support the
formulation and preclinical development of ChemoSeed in prostate cancer with
work commencing in May 2025. Prostate cancer is now confirmed as the most
prevalent cancer in men and the global prostate cancer therapeutics market was
valued at USD 12.6 billion in 2024. The market is expected to reach from USD
13.5 billion in 2025 to USD 29.9 billion in 2034, growing at a CAGR of 9.2%
during the forecast period (Global Market Insights Inc. Report: GMI10189:
March 2025). The Company has initiated development of a ChemoSeed loaded
with docetaxel which is current Standard of Care for patients diagnosed with
advanced prostate cancer, the opportunity for local delivery rather than
systemic treatment aims to maximise efficacy whilst minimising the side
effects of the chemotherapy.
Our contract formulation service work continues with the contract for
imphatec, announced last year, progressing to plan.
Work continues to secure grant and other non-dilutive funding. An example of
this is the Innovate UK Launchpad: life and health sciences grant award to
start our prostate programme.
Intellectual Property (IP) Development
CRISM recognises the importance of obtaining and protecting the Company's
intellectual property and the necessary intellectual property for ChemoSeed
has been assigned to CRISM. As of 30 June 2025, the Company has an EU patent
granted and IP protection is progressing in USA, China and Japan.
People and Organisation
A Scientific Advisory Board (SAB) has been established to provide the Company
with expert guidance on its clinical trial authorisation. The SAB comprises
Garth Cruickshank, Emeritus Professor of Neurosurgery at the University of
Birmingham and Dr. Vinton Cheng, Associate Clinical Professor and Honorary
Consultant in Medical Oncology at the University of Birmingham.
The Directors of CRISM are cognisant of the importance of minimising overheads
given its stage of development and as such the Group's management team
continues to outsource a number of functions including contract development,
clinical research and certain administrative functions. Consequently, the
Company only has one employee in addition to its four Directors.
Financial Review
These interim financial statements present results for the Group for the
period from 1 January to 30 June 2025 and the comparative results are that of
the Group for the period from the Company's readmission to AIM on 31 May 2024,
combined with the results of CRISM Therapeutics Limited for the period 1
January 2024 to 31 May 2024.
The Group recognised a loss for the Period of £930,000 (H1 2024: £13,000).
In the first half of 2025, administration expenses amounted to £905,000 (H1
2024: £300,000), which includes research and development of £357,000,
Directors fees of £139,000, professional fees of £160,000, insurance of
£79,000, and consulting fees of £47,000. In the first half of 2024,
administration expenses amounted to £300,000, which includes research and
development of £75,000, consulting fees of £105,000, and professional fees
of £77,000.
As of 30 June 2025, the Company held £349,000 in cash (December 31, 2024:
£1,282,000). In June and July 2025, the Company completed a placing (the
"Placing") and retail offer to raise £874,021 (before expenses). These cash
balances are anticipated to provide the Company with sufficient resources to
fund the ongoing costs of its clinical trial submission and working capital
requirements.
Post Period-End Events
On 3 July 2025 the Company allotted 6,666,668 new Ordinary Shares in respect
of the Placing. The Company issued participants of the Placing with one
warrant for every two placing shares, and as a result, 3,333,330 warrants were
issued to the placees. Both the issuance of new ordinary shares and warrants
were approved by the Board on 30 June 2025.
On 2 July 2025 the Company raised gross proceeds of £54,021 (before expenses)
by way of a subscription of 450,176 new ordinary shares in the Company at a
price of 12 pence per share. The Company also raised £20,000 by way of an
additional placing, issuing 166,666 placing shares..
On 26 August 2025 the Company adopted an Enterprise Management Incentives
Option Plan to recruit, retain and incentivise key talent, the terms of which
were approved by shareholders at the Company's annual general meeting.
Outlook
As we look ahead the Company is actively preparing for the commencement of its
open label, registration grade, Phase 2 clinical trial in glioblastoma.
Following the CTA approval from the MHRA announced earlier this month, plans
are now being finalised to commence set up of the clinical trial centres with
the expectation of patient recruitment early in 2026 with the goal of dosing
the first patients in Q1 2026. The first part of the trial is focusing on
patients who have been diagnosed as recurrent, meaning those whose brain
tumour has returned, and the second part of the trial will also include newly
diagnosed patients.
The costs of running a clinical trial of this scope are significant and the
Directors have taken steps to maximise the Company's cash runway. These
steps include the negotiation of more favourable terms and payment schedules
from key partners and suppliers. We are grateful for the support and
flexibility that these partners and suppliers have shown.
In addition, the Executive and Non-Executive Directors have agreed to a 50%
reduction in their remuneration for the six months commencing September 2025.
Further, with effect from 1 October 2025, Andrew Webb will assume the role of
Executive Chairman and Dr Nermeen Varawalla, currently Chair, will step back
from the Board and be unpaid. Dr Varawalla will return to the role of Chair
during early 2026.
The Company stated at the time of its fundraising in July 2025 that the
proceeds of the placing and retail offer would support the GMP manufacture of
a clinical trial batch of irinotecan-ChemoSeed, the CTA approval process
through to first patients dosed in the Phase 2 clinical trial. The Group
continues to seek further grant funding, and other Government support.
The Directors are also seeking non-dilutive financial support for the
development programme in prostate cancer, the most prevalent type of cancer in
men. This programme is progressing well, with the successful initial
formulation of docetaxel-ChemoSeed.
The Board views the future with confidence as we continue to advance ChemoSeed
in glioblastoma and prostate cancer indications, leveraging the Company's
proprietary drug delivery technology.
Andrew Webb
Chief Executive Officer
12 September 2025
CRISM THERAPEUTICS CORPORATION
consolidated STATEMENT OF FINANCIAL POSITION
AS AT 30 June 2025
(Amounts in thousands of GBP)
Note
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Restated
Non-current assets
Property, plant & equipment 44 60 52
Intangible assets 141 53 74
Deferred tax assets - - 6 -
185 119 126
Current assets
Other receivables 1,201 440 408
Cash and cash equivalents 349 1,862 1,282
1,550 2,302 1,690
Total assets 1,735 2,421 1,816
Current liabilities
Trade and other payables 6 425 351 341
425 351 341
Total liabilities 425 351 341
1,310 2,070 1,475
Net assets
Equity
Share capital 7 66,225 66,225 66,225
Share premium 7 3,360 3,360 3,360
Shares to be issued 7 762 - -
Reverse acquisition reserve (57,575) (57,575) - (57,575)
Foreign currency translation reserve (9,322) (9,324) ( (9,325)
Share options reserve (2) (2) (2)
Accumulated deficit (2,138) (614) (1,208)
Total equity 1,310 2,070 1,475
Approved on behalf of the Board on 12 September 2025
Andrew Webb
Chief Executive Officer
CRISM THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENT of COMPREHENSIVE INCOME
FOR THE six months ENDED 30 June 2025
(Amounts in thousands of GBP)
Note Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Revenue - - -
Other income - - 25
Cost of sales (3) - (4)
Gross profit/(loss) (3) - 21
Administrative expenses (905) (300) (901)
Forgiveness of loans - 298 298
Operating loss (908) (2) (582)
Net finance costs - (11) (11)
Loss from continuing operations before taxation (908) (13) (593)
Loss from continuing operations (908) (13) (593)
Discontinued operations:
Loss from discontinued operations (22) - (14)
Loss for the year (930) (13) (607)
Loss for the period / year attributable to owners of the parent (930) (13) (607)
Other Comprehensive loss:
Items that could be reclassified to profit or loss
Exchange differences on translation of foreign operations 3 (45) -
Total comprehensive loss for the period / year attributable to owners of the (927) (58) (607)
parent
Loss per share attributable to owners of the Parent - Basic & Diluted 5 £(0.028) £(0.002) £(0.018)
CRISM THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENT of CASH FLOWS
FOR THE six months ENDED 30 June 2025
(Amounts in thousands of GBP)
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Cash flows used in operating activities:
Loss before taxation (930) (13) (607)
Adjusted for:
Depreciation 8 8 16
Forgiveness of loans - (298) (298)
Finance costs - 11 11
Increase in trade and other receivables (31) (416) (367)
Increase in trade and other payables 84 285 312
Other non-cash adjustments - (45) -
Net cash outflow from operating activities (869) (468) (933)
Cash flow used in investing activities:
Purchase of intangible assets (67) (7) (28)
Cash acquired through reverse acquisition - 2,356 2,356
Net cash used in investing activities (67) 2,349 2,328
Cash flow from financing activities:
Proceeds from the issue of ordinary shares - 102 102
Cost of borrowings - - (122)
Dividends paid - - (47)
Net cash generated from financing activities - 102 (67)
Net (decrease)/increase in cash and cash equivalents (936) (1,983) 1,328
Cash and cash equivalents at beginning of period / year 1,282 1 1
Effect of foreign exchange rates 3 (122) (47)
Cash and cash equivalents at end of period / year 349 1,862 1,282
CRISM THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENT of CHANGES IN EQUITY
FOR THE six months ENDED 30 June 2025
(Amounts in thousands of GBP)
Share Capital Share Shares to be issued Reverse Acquisition Reserve Share Foreign Currency Translation Reserve Accumulated Deficit Total
Premium Options Reserve
At 1 January 2025 66,225 3,360 - (57,575) (2) (9,325) (1,208) 1,475
Loss for the period - - - - - - (930) (930)
Other comprehensive loss:
Exchange differences of translation of foreign operations - - - - - 3 - 3
Total comprehensive income for the period - - - - - 3 (930) (927)
Transaction with owners:
Shares issued during the period - - 800 - - - - 800
Cost of capital - - (38) - - - - (38)
At 30 June 2025 (unaudited) 66,225 3,360 762 (57,575) (2) (9,322) (2,138) 1,310
At 1 January 2024 - - - - - - (601) (601)
Loss for the period - - - - - - (13) (13)
Other comprehensive loss:
Exchange differences of translation of foreign operations - - - - - (45) - (45)
Total comprehensive income for the period - - - - - (45) (13) (58)
Transactions with owners:
Shares issued during the period - 497 - - - - - 497
Transfer to reverse acquisition reserve - (497) - 497 - - - -
Recognition of Company equity at acquisition of subsidiary - restated 63,464 3,360 - (55,319) (2) (9,279) - 2,224
Issue of shares for the acquisition of subsidiary 2,753 - - (2,753) - - - -
Issue of bonus shares 8 - - - - - - 8
At 30 June 2024 (unaudited) - restated 66,225 3,360 - (57,575) (2) (9,324) (614) 2,070
At 1 January 2024 - - - - - - (601) (601)
Loss for the period - - - - - - (607) (607)
Total comprehensive income for the period - - - - - - (607) (607)
Transactions with owners:
Shares issued during the period - 497 - - - - - 497
Transfer to reverse acquisition reserve - (497) - 497 - - - -
Recognition of Company equity at acquisition of subsidiary 63,464 3,360 - (55,319) (2) (9,325) - 2,178
Issue of shares for the acquisition of subsidiary 2,753 - - (2,753) - - - -
Issue of bonus shares 8 - - - - - - 8
At 31 December 2024 (audited) 66,225 3,360 - (57,575) (2) (9,325) (1,208) 1,475
CRISM THERAPEUTICS CORPORATION
NOTES TO THE FINANCIAL INFORMATION
FOR THE six months ENDED 30 June 2025
(Amounts in thousands of GBP)
1. Reporting Entity
CRISM Therapeutics Corporation (the "Company") is a company domiciled in the
British Virgin Islands. The consolidated interim financial information as at
and for the six months ended 30 June 2025 comprise the results of the Company
and its subsidiaries (together referred to as the "Group").
The Group has a principal activity being a biotechnology company, focused on
the development of innovative drug delivery technology to improve the clinical
performance of cancer treatments for solid tumours through the local delivery
of chemotherapy drugs.
2. BASIS OF PREPARATION
The financial information set out in this report is based on the consolidated
financial information of CRISM Therapeutics Corporation and its subsidiary
companies. The financial information of the Group for the 6 months ended 30
June 2025 was approved and authorised for issue by the Board on 12 September
2025. The interim results have not been audited. This financial information
has been prepared in accordance with the accounting policies that are expected
to be applied in the Report and Accounts of CRISM Therapeutics Corporation for
the year ended 31 December 2025 and are consistent with the recognition and
measurement requirements of IFRS as issued by the International Accounting
Standards Board ("IASB") and interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC").
The Group financial information is presented in GBP and values are rounded to
the nearest thousand Pounds.
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial information as were applied in
the Group's latest annual financial statements.
New standards and interpretations effective for the first time for periods
beginning on (or after) 1 January 2025 have been determined by management to
have no impact on these interim financial statements.
The consolidated financial information incorporates the results of CRISM
Therapeutics Corporation and its subsidiaries undertakings as at 30 June
2025. The corresponding amounts are for the year ended 31 December 2024 and
for the 6 month period ended 30 June 2024, and accounts for the acquisition of
CRISM Therapeutics Ltd by the Company via the reverse acquisition. This
resulted in CRISM Therapeutics Ltd becoming the accounting acquirer despite
the Company becoming the ultimate holding company of the Group.
Accordingly:
• The consolidated statement of financial position at 30 June 2024
and 31 December 2024 shows the share capital and share premium of the Company,
and the remaining balances are that of the Group.
• The consolidated statement of comprehensive income for the
period to 30 June 2024 and the year to 31 December 2024 represents the results
of both the Company from the RTO date and CRISM Therapeutics Ltd for the full
reporting period.
3. SHARE BASED PAYMENTS
The Company has issued a number of warrants over its shares in exchange to
investors who have participated in equity placings.
When the warrants are exercised, the Group issues new shares. The proceeds
received, net of any directly attributable transaction costs, are credited to
share capital (nominal value) and share premium when the warrants are
exercised.
4. GOING CONCERN
The Group's business activities, together with the factors likely to affect
its future development, performance and position, are set out in the CEO's
Report on page 3.
Whilst the Group is generating commercial revenues and has received grant
funding, an operating loss has been reported for the 6 months to 30 June 2025.
As of 30 June 2025, the Group has cash resources amounting to £349,000 and in
July 2025, the Company completed a placing and retail offer to raise £874,021
(before expenses). An operating loss is expected during the year to 30 June
2026 whilst the Group progresses through clinical trials. Consequently,
further funding will need to be raised in order for the Group to continue fund
the clinical trial, prostate cancer treatment, operations and continue as a
going concern. Any fundraising will be undertaken in conjunction with the
Company's professional advisers and in such a way as to minimise dilution,
taking into account the prevailing market conditions and the share price at
the time. Whilst the Board remains confident that necessary funds will be
available as and when required, as at the date of this report the future
funding requirement is not secured and, accordingly, there is material
uncertainty that casts doubt over the Group's ability to continue as a going
concern. Whilst the financial statements have been prepared on a going
concern basis, they do not include the adjustments that would result if the
Group was unable to continue as a going concern.
5. LOSS PER SHARE
Basic and diluted loss per share is calculated and set out below. The effects
of warrants and share options outstanding at the period end are anti-dilutive
as they will serve to reduce the loss per share.
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Net loss for the year attributable to equity shareholders (expressed in (908) (13) (593)
£'000)
Weighted average number of shares for the period/year 32,678,150 6,075,521 32,181,418
Basic loss per share £ (0.028) £ (0.002) £ (0.018)
6. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
6 Months ended 6 Months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Trade payables 105 151 29
Accruals 152 79 144
Other payables 168 121 168
Total trade and other payables 425 351 341
Other payables as at 30 June 2025 included £39,000 of unclaimed dividends.
7. share Capital and share premium
Number of shares Ordinary shares Share premium Shares to be issued Total
£ £ £ £
At 1 January 2024 100 - - - -
Issue of new shares - 9 February 2024 527 - 102 - 102
Conversion of convertible loan notes - 23 April 2024 1,031 - 395 - 395
Reallocation to reverse acquisition reserve (1,658) - (497) - (497)
Recognition of Company equity at acquisition of subsidiary - 31 May 2024 8,705,289 63,464 3,360 - 66,824
(restated)
Issue of new shares - 31 May 2024 23,939,986 2,753 - - 2,753
Issue of bonus shares - 31 May 2024 32,875 8 - - 8
At 30 June 2024 32,678,150 66,225 3,360 - 69,585
At 31 December 2024 32,678,150 66,225 3,360 - 69,585
At 1 January 2025 32,678,150 66,225 3,360 - 69,585
Issue of new shares - 30 June 2025 6,666,668 - - 800 800
At 30 June 2025 39,344,818 66,225 3,360 800 70,385
8. Share-based payment transactions
3,333,350 warrants were granted during the period (31 December 2024: Nil)
pursuant to the terms of a placing of shares. The warrants are exercisable at
a price of 24 pence per share, expiring 24 months after the date of issue
being 2 July 2027. These warrants are not deemed to have a value which is
separable to the ordinary shares purchased and are therefore not valued.
During the period ended 30 June 2025 no warrants were exercised (year ended 31
December 2024: no warrants exercised) and no warrants expired in the period.
As at 30 June 2025, 3,333,350 warrants over shares were exercisable (31
December 2024: Nil).
9. EVENTS AFTER THE REPORTING DATE
On 3 July 2025 the Company allotted 6,666,668 new Ordinary Shares in respect
of the Placing. The Company issued participants of the placing with one
warrant for every two Placing Shares, and as a result, 3,333,350 warrants were
issued to the placees. Both the issuance of new ordinary shares and warrants
were approved by the Board on 30 June 2025.
On 2 July 2025 the Company raised gross proceeds of £54,021 (before expenses)
by way of a subscription of 450,176 new ordinary shares in the Company at a
price of 12 pence per share. The Company also raised an additional £20,000 by
way of an additional placing issuing 166,666 placing shares.
On 26 August 2025 the Company adopted an Enterprise Management Incentives
Option Plan, the terms of which were approved by shareholders at the Company's
annual general meeting.
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