REG - Cardiogeni PLC - Interim Results
29/12/2025 08:15
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RNS Number : 8517M Cardiogeni PLC 29 December 2025
29(th) December 2025
Cardiogeni plc
("Cardiogeni" or the "Company")
Interim Results - Period April 1(st) 2025 to 30(th) September 2025
Cardiogeni plc (AQSE: CGNI), the listed biotech company focused
on developing first in class cell therapy medicines to treat heart failure,
announces its unaudited interim financial results for the six-month period
ended 30 September 2025, which include the previously reported audited results
for the twelve-month period ended 31 March 2025.
Copies of the Chairman and Financial Statements will be made available in the
announcements section of the Company's website (cardiogeni.com
(https://cardiogeni.com/) ).
Interim management report
The company has made significant progress versus its strategic plan in the
period to 30(th) September 2025 and the post period leading up to the
publication of these interim results.
Highlights
· Turnover in the period was Zero (Full Year to 31(st) March 2025:
£7,750,787) and the loss was £532,914 (Full Year to 31(st) March 2025:
£1,022,997 profit)*
· Cash and cash equivalents at end of period was £382,124 (Full
Year to 31(st) March 2025 £359,759).
· Incorporated Cardiogeni Limited in the United Arab Emirates (UAE)
as a joint venture (JV) with investment partners to undertake the clinical
development and commercialisation of Cardiogeni's novel heart failure
medicines in UAE and Gulf Cooperation Council region ("GCC").
· The principal terms of the JV include $25M (~£19M) in
non-dilutive license funding expected to be received in tranches in 2026 and
2027.
· Raised £650,000 via a private placement of 3,757,227 shares at
17.3p.
· Appointed SP Angel Corporate Finance LLP as the Company's
Corporate Broker.
· Announced a contingent EIS funding round including advanced
subscription agreements of £150,000
· Appointed Lord James Bethell as Non-Executive Director
* The full year turnover to March 31(st), 2025, of £7,794.587 (2024:667,027)
and profit of £1,095,796 (2024 loss: £280,606) were primarily driven by the
recognition of the remaining accrued revenue from the historical collaboration
and license agreement with Daiichi Sankyo which has now ended. This was
non-recurring revenue which should be considered as exceptional and as such no
dividend was declared. For the period covered by these interim results trading
has returned to more normal quanta and cadence.
Post Period-End Highlights
· Advanced discussions for a funding agreement of $25M (~£19M) for
Cardiogeni (UAE) Limited expected to complete by the end of January 2026 where
upon first tranche of funding is anticipated
· Key regulatory filings expected to be submitted to gain approval
for a Phase IIb / 3 study in the GCC region in Q1, 2026.
· Formed relationships with key clinical trial centres in the UAE
where first patients will be treated.
Principal risks and uncertainties for the remaining six months (to March
31(st) 2026)
· Availability of further funding:
The Company remains confident that it will obtain sufficient resources to
complete its CLXR-001 programme. However, due to the inherent uncertainties of
bringing new products to market, there can be no absolute guarantee that the
Company will not need to undertake further rounds of equity financing in the
future and no guarantee that, should this be necessary, such funding would be
forthcoming. Nevertheless, the Directors believe that significant value could
be obtained from further licensing of CLXR-001 to a third-party pharmaceutical
company and that the ongoing potential to do so in the future provides some
mitigation against potential future funding constraints. Therefore, the
principal risk is the completion of the UAE JV funding agreement of $25M
(~£19M) for Cardiogeni (UAE) Limited, which is expected to complete by the
end of January 2026.
· New technology development may fail
The principal uncertainties are those associated with and normal to the
development of new innovative medicines. Drug development and clinical trials
carry significant risk with most candidate drugs failing in clinical trials.
Investors should be aware that any failure in these efforts could have a
material adverse effect on the Group's financial condition, operations, and
prospects. Key regulatory filings are expected to be submitted to gain
approval for a Phase IIb / 3 study in the GCC region in Q1, 2026.
· Additional risk factors
Additional risk factors are described in the Company's Aquis Admission
document:
https://cardiogeni.com/wp-content/uploads/2025/01/Cardiogeni-Admission-Document.pdf
(https://cardiogeni.com/wp-content/uploads/2025/01/Cardiogeni-Admission-Document.pdf)
Outlook
During the period Cardiogeni has solidified its short-term funding position
via the close of a £650,000 funding round. This funding has allowed the
Company to make progress against its primary objective which is the
development and commercialisation of the Company's lead product CLXR-001, an
innovative heart regeneration medicine for the treatment of heart failure that
is administered during coronary artery bypass surgery (CABG).
Subject to completion of the binding funding agreement that is expected to
deliver $25M (~£19M) of operating capital for Cardiogeni (UAE) Ltd, the
Company is expected to be in a strong position undertake the manufacturing,
the Phase IIb / III clinical trials required for the approval, registration
and commercialisation of CLXR-001 in the Gulf Cooperation Council (GCC)
states. The Company intends to finalise its clinical trial plans including
filing for regulatory approval and will provide market updates on this plan
and progress against it through 2026 and 2027.
During the period Cardiogeni was happy to announce that Lord James Bethell was
appointed to the Board as a non-executive Director (NED) joining Professor Jo
Martin as the Company's two independent NED's.
Lord Bethell is an entrepreneur, former health minister and champion for
public health. He has a twenty-year track record working across government,
media and industry and as a minister at the Department for Health and Social
Care, he helped lead the UK national response to the COVID-19 pandemic.
The Company is very excited by the progress made in the period and would like
to thank its existing shareholders and new investors for their support as we
execute on our mission to become the world-leader in the development and
commercialisation of novel cell therapies targeting early and mid-stage heart
failure"
Dr Darrin M Disley OBE
Executive Chairman
Cardiogeni Plc
Responsibility Statement
The following statement is given by each of the Directors.
We confirm that, to the best of our knowledge:
· the interim report has been prepared in accordance with
International Accounting Standard 34, Interim Financial Reporting, as
contained in UK-adopted IFRS;
· the interim report gives a true and fair view of the assets,
liabilities, financial position and loss of the Company;
· the interim report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the financial period
and their impact on the set of interim financial statements, together with a
description of the principal risks and uncertainties; and
· the interim report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the
information required on related party transactions.
The interim report was approved by the Board of Directors, and the above
responsibility statement was signed on its behalf by:
Dr Darrin Disley
Executive Chairman
29 December 2025
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are
not based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive advantages,
business prospects and opportunities. Such forward looking statements
reflect the Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
and reading this announcement should not place undue reliance on
forward-looking statements. Unless otherwise required by applicable law,
regulation or accounting standard, the Company does not undertake to update or
revise any forward-looking statements, whether as a result of new information,
future developments or otherwise.
Consolidated Profit and Loss Account For the Period Ended 30 September 2025
30 September 2025
31 March 2025
£ £
FIXED ASSETS
Intangible Assets 605,040 605,042
Tangible Assets 446,770 426,452
Investments 0 (1)
1,051,811 1,031,493
CURRENT ASSETS
Debtors 232,734 274,947
Cash at bank and in hand 149,390 84,759
382,124 359,759
Creditors: Amounts Falling Due Within One Year 598,804 562,463
NET CURRENT ASSETS (LIABILITIES) (216,680) (202,757)
TOTAL ASSETS LESS CURRENT LIABILITIES 835,131 828,736
Creditors: Amounts Falling Due After More Than One Year (247,209) (43,200)
PROVISIONS FOR LIABILITIES
Provisions For Charges (25,000) (25,000)
NET ASSETS / (LIABILITIES) 562,922 760,536
CAPITAL AND RESERVES
Called up share capital 891,038 853,465
Share premium account 4,291,131 4,034,523
Treasury Shares (145,134) (145,134)
Merger Reserve 2,059,843 2,059,843
Profit and Loss Account (6,530,254) (6,038,458)
566,624 764,239
Equity attributable to owners of the parent
Non-controlling interest (3,703) (3,703)
562,921 760,536
Consolidated Profit and Loss Account For the Period Ended 30 September 2025
30 September 2025 31 March 2025
£ £
TURNOVER 0 7,750,787
GROSS PROFIT 0 7,750,787
Administrative expenses (619,841) (4,905,093)
Other operating income 86,936 100,608
OPERATING PROFIT / (LOSS) (532,906) 2,946,302
Other interest receivable and similar income 0 2,297
Interest payable and similar charges (8) (1,925,602)
PROFIT / (LOSS) BEFORE TAXATION (532,914) 1,022,997
Tax on Profit/(loss) 0 -
PROFIT / (LOSS) AFTER TAXATION BEING (532,914) 1,022,997
PROFIT / (LOSS) FOR THE FINANCIAL YEAR
Cardiogeni PLC (AQSE: CGNI)
Notes to the Interim Financial Statements for the Six Months Ended 30 Sept 2025
1. General Information
Cardiogeni PLC is a public company, limited by shares, incorporated in England
& Wales, registered number 105410911. The registered office is Celixir
House, Stratford-upon-Avon, Business & Technology Park, Innovation Way,
Stratford-upon-Avon, Warwickshire, CV37 7GZ2.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial information contained in the interim financial statements is
unaudited and does not constitute statutory accounts within the meaning of
section 434 of the Companies Act 2006. The accounting policies are unchanged
from those disclosed in the previously filed audited financial statements for
the period ended 30 September 2023.
These interim financial statements cover the six-month period following
Cardiogeni's PLC's previous audited financial year end of 31 March 2025.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements
of the company and all of its subsidiary undertakings together with the
group's share of the results of associates made up to 30 September 2025. A
subsidiary is an entity controlled by the group. Control is the power to
govern the financial and operating policies of an entity so as to obtain
benefits from its activities.
2.3. Business Combinations
All business combinations are accounted for using the acquisition method. The
consideration for each acquisition is measured at the aggregate of the fair
values (at the date of exchange) of assets given, liabilities incurred or
assumed in exchange for control of the acquiree.
2.4. Going Concern Disclosure
The financial statements are prepared on a going concern basis. The directors
acknowledge the accumulated group losses brought forward. The Company has been
equity-funded since incorporation by its shareholders. The company and group
have reduced activity significantly until further investment can be obtained.
Cardiogeni PLC has entered a new joint venture, Cardiogeni (UAE) Limited,
which has secured sufficient funding to complete clinical development and
commercialisation. This will enable the company and group to continue for a
minimum of 12 months from the date of approval of these financial statements.
2.5. Turnover
Revenue for goods and services provided in the normal course of business is
measured at the fair value of the consideration received or receivable, net of
discounts, VAT and other sales-related taxes. Licence and royalty revenues are
recognised on an accrual basis, in line with performance conditions.
2.6. Research and Development
Expenditure on research and development is written off in the year in which it
is incurred.
2.7. Tangible Fixed Assets and Depreciation
Property, plant and equipment is stated at cost less accumulated depreciation
and accumulated impairment losses. Depreciation is charged on a straight-line
basis.
· Leasehold Improvements: 2 - 5 years
· Fixtures & Fittings: 3 years
· Office and Laboratory Equipment: 2 - 5 years
2.8. Investments
Investments in subsidiary undertakings are recognised at cost less any
provisions for impairment
2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets.
Rentals applicable to operating leases are charged to the profit and loss
account as incurred.
2.10. Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with
banks, and other short-term highly liquid investments maturing in no more than
three months from acquisition.
2.11. Financial Instruments
Financial instruments issued by the Company are treated as equity only to the
extent that they meet the conditions of having no contractual obligation to
deliver cash or financial assets, and are settled in the Company's own equity
instruments.
2.12. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into
sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated at the rate ruling on the
date of the transaction.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and
deferred tax28. Deferred tax is recognised on timing differences between the
carrying amounts of assets and liabilities and the corresponding tax bases.
2.14. Pensions
The group operates a defined pension contribution scheme. Contributions are
charged to the profit and loss account as they become payable.
2.15. Intangible Assets
Intangible assets represent costs relating to the Company's patent and
trademark applications and specialist software. Costs associated with patent
applications are carried at cost until the grant of the first patent in the
family, then amortised on a straight-line basis over the period to expiry.
2.16. Share Based Payments
The Company issues equity settled share options to certain employees. The
Black-Scholes option model is used to estimate the fair value of each option
at the date of grant. The fair value is expensed on a straight-line basis over
the vesting period.
2.17. Significant Judgements and Estimations
In application of the Group's accounting policies, directors make judgements,
estimates, and assumptions about the carrying amount of assets and
liabilities, particularly regarding the impairment of intangible assets,
revenue recognition, and share options.
3. Other Operating Income
30 Sep 2025 31 Mar 2025
£ £
Other operating income 86,936 100,608
4. Operating Profit/(loss)
The operating loss is stated after charging administrative expenses of
£619,8413939
30 Sep 2025 31 Mar 2025
£ £
Operating Profit / (Loss) (532,906) 2,946,302
5. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the
period was as follows:
Audit Services 30 Sep 2025 (£) 31 Mar 2025 (£)
Audit of the company's financial statements - 29,513
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
30 Sep 2025 (£) 31 Mar 2025 (£)
Wages and salaries 23,116 54,980
Social security costs 8,295 7,242
7. Average Number of Employees
Average number of employees, including directors, during the period was as
follows:
30 Sep 2025 31 Mar 2025
Office and administration 3 3
8. Directors' remuneration
The number of directors who exercised share options or received shares under
long term incentive schemes, was as follows:
· 30 Sep 2025:
· 31 Mar 2025: 4
9. Interest Receivable and Similar Income
30 Sep 2025 31 Mar 2025
£ £
Other interest receivable 0 2,297
10. Interest Payable and Similar Charges
30 Sep 2025 31 Mar 2025
£ £
Interest payable and similar charges (8) (1,925,602)
11. Tax on Profit
The tax charge/credit on the profit/(loss) for the period was as follows:
30 Sep 2025 31 Mar 2025
£ £
Tax on Profit/(loss) 0 (45)
12. Intangible Assets
30 Sep 2025 31 Mar 2025
£ £
Net Book Value 605,040 605,042
13. Tangible Assets
30 Sep 2025 31 Mar 2025
£ £
Net Book Value 446,770 426,452
14. Investments
30 Sep 2025 31 Mar 2025
£ £
Net Book Value 0 (1)
15. Debtors
30 Sep 2025 31 Mar 2025
£ £
Debtors 232,734 274,947
16. Creditors: Amounts Falling Due Within One Year
30 Sep 2025 31 Mar 2025
£ £
Creditors: Amounts Falling Due Within One Year 598,804 562,463
17. Creditors: Amounts Falling Due After More Than One Year
30 Sep 2025 31 Mar 2025
£ £
Creditors: Amounts Falling Due After More Than One Year 247,209 43,200
18. Provisions for Liabilities
30 Sep 2025 31 Mar 2025
£ £
Provisions For Charges 25,000 25,000
19. Share Capital
30 Sep 2025 31 Mar 2025
£ £
Called up share capital 891,038 853,465
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating
leases are as follows:
30 Sep 2025 31 Mar 2025
£ £
Not later than one year 180,000 180,000
Later than one year and not later than five years 270,000 450,000
21. Reserves
30 Sep 2025 31 Mar 2025
Share premium account 4,291,131 4,034,523
Merger Reserve 2,059,843 2,059,843
Profit and Loss Account (6,530,254) (6,038,458)
Treasury Shares (145,134) (145,134)
22. Non-Controlling Interest
Non-controlling interests exists for a subsidiary undertakings included within
the group.
30 Sep 2025 31 Mar 2025
£ £
Non-controlling interest (3,703) (3,703)
23. Post Balance Sheet Events
Cardiogeni PLC have formed a joint venture company in the United Arab
Emirates, Cardiogeni (UAE) Limited, to undertake the clinical development and
commercialisation of Cardiogeni's medicines in the UAE and Gulf Cooperation
Council region ("GCC"). The principal terms of the JV include £20m in
non-dilutive license funding to be received in tranches in Q4 2025, H1 2026,
and H2 2026.
24. Related Party Disclosures
Directors carried out consultancy work in the period and a spouse of a
director is employed by the Company.
25. Share-Based Payment Transactions
The Group had no granted share options in existence at the balance sheet date
of 31 March 2025. No new options have been disclosed as granted in the interim
period.
Cardiogeni PLC (AQSE: CGNI)
Notes to the Interim Financial Statements for the Six Months Ended 30 Sept 2025
26. Reconciliation of profit/(loss) for the financial period to cash used in
operations
Period Ended 30 Sept 2025 Year Ended 31 March 2025
£ £
Profit / (Loss) for the financial period (532,914) 1,022,997
Adjustments for:
Tax on profit/(loss) - (45)
Interest expense 8 1,925,602
Interest income - (2,297)
Amortisation of intangible assets 2 65,079
Impairment of intangible assets - 16,079
Depreciation of tangible assets 15,862 31,724
Impairment of tangible assets - 402
Foreign exchange (gains)/losses - (6,040)
Movements in working capital:
(Increase)/decrease in trade and other debtors (25,253) (7,533,737)
Increase/(decrease) in trade and other creditors (22,463) 1,353,987
Net cash used in operations (564,758) (3,027,980)
27. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates
to the following items in the Balance Sheet:
30 Sept 2025 31 March 2025
£ £
Cash and cash equivalents at bank and in hand 200,001 84,759
28. Analysis of changes in net funds
As at 1 April 2025 Cash flows As at 30 Sept 2025
£ £ £
Cash at bank and in hand 84,759 115,242 200,001
ENDS
The directors of Cardiogeni accept responsibility for this announcement.
For further information please contact:
Cardiogeni PLC
Dr Darrin M Disley, Executive Chairman Via First Sentinel
Ajan Reginald, Executive Officer
First Sentinel Corporate Finance Limited, Corporate Adviser
Brian Stockbridge +44 (0) 7858 888007
SP Angel Corporate Finance LLP, Corporate Broker
David Hignell +44 20 3470 0470
Vadim Alexandre
Devik Mehta
About Cardiogeni
Founded by Nobel Laureate, Professor Sir Martin Evans, the Cardiogeni Group is
developing a new class of life-saving cellular medicines. The Group's platform
technology enables the creation of unique (living) cells that are engineered
with a specific therapeutic function.
The Group's lead product, CLXR-001, is a patented engineered cellular medicine
to treat heart failure patients which is administered during coronary artery
bypass grafting surgery. The Group's novel epigenetic cellular reprogramming
technology was developed in-house by Professor Sir Martin Evans and the
platform along with the pipeline of medicines in development are protected by
a portfolio of ~100 international patents and trademarks.
CLXR-001 targets heart failure which will affect 1 in 4 people in their
lifetime and is not reversible or curable. CLXR-001 consists of a novel
allogeneic (off-the-shelf) cell type, iMP cells, engineered for cardiac
regeneration whose mechanism of action is to regenerate damaged heart tissue
and restoration of improved heart function improving both the life expectancy
and quality of life of patients.
CLXR-001 targets the cardiac market niche of CABG surgery with ~400,000
patients per year in the US alone. The Group's two follow-on products target
larger cardiac market segments of stent treatment (over two million patients
per year) and myocardial infarction (heart attack, over one million patients
per year). Each of the products has the potential to become a first or
best-in-class blockbuster ($1B in annual sales) medicine.
CLXR-001 has successfully completed an EU Phase II investigator sponsored
clinical trial in which patients showed a statistically significant
(P<0.05) improvement in all end-point targets including heart function,
reduction in heart scarring and an improvement in quality of life.
CLXR-001 has received regulatory approval to begin a randomized controlled
trial from the national regulatory authority of a European Union member
country, and this trial has begun dosing patients with interim data expected
to read-out within 24 months of Admission.
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