REG - e-Therapeutics plc - Interim results for the six months to 31 July 2022
30/09/2022 07:16
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RNS Number : 2495B e-Therapeutics plc 30 September 2022
e-therapeutics plc
("e-therapeutics" or "ETX" or the "Company")
Interim results for the six months to 31 July 2022
Period of focus building a pipeline of computationally driven first-in-class
RNAi medicines
Cash position further strengthened through successful fundraise of
£13.5million
London, UK, 30 September 2022 - e-therapeutics plc (AIM: ETX; OTCQX; ETXPF), a
company integrating computational power and biological data to discover
life-transforming RNAi medicines, announces its unaudited interim results for
the six months to 31 July 2022.
Operational Highlights
· RNAi strategy delivering a rapidly growing in-house pipeline of first-in-class RNAi candidates derived from the Company's computational platform
· In-house pipeline progress, advancing experimental evaluation and
prosecution of four novel targets in haematology, cardiovascular disease and
non-alcoholic steatohepatitis ("NASH"). Large portfolio of additional target
ideas being discovered and assessed in silico and experimentally
· Cutting edge AI approaches that learn from experimental data, deployed into siRNA (short interfering RNA) drug design
· Generation of proprietary liver omics data to support disease-related target discovery
· Ongoing validation of internal computational approaches to disease-process and target ID
· Full deployment of cloud compute to reduce computational analysis
time from months to hours - enabling further sophisticated analyses
· Continued expansion of most comprehensive knowledge base of hepatocyte-centric biology that currently exists in the world to understand and model complex biological processes in the liver and in tissues influenced by the liver
· Strong progress in immuno-oncology collaboration with iTeos Therapeutics, Inc. ("iTeos"), with Company delivering against pre-agreed milestones
· Successful conclusion of Galapagos collaboration in idiopathic pulmonary fibrosis ("IPF"). All near-term milestones achieved, demonstrating ETX's ability to effectively identify potential therapeutic strategies and targets computationally
Post Period Highlights
· Eight inventions arising from e-therapeutics' proprietary
GalNAc-siRNA technology were the subject of further independent patent
applications filed in the United States ("US") or internationally ("PCT")
· First milestone payment received on immune-oncology collaboration
with iTeos following successful identification of potential targets through
the application of ETX's computational platform. On track to achieve further
milestone and additional payments in the coming weeks
· Successful fundraise on 30 September 2022 of £13.5 million by
way of a conditional direct subscription by funds managed by M&G
Investment Management Limited ("M&G") who are an institutional investor
and an existing shareholder of the Company
Financial Highlights
· Revenue of £0.3 million (H1 2021: £0.4 million)
· R&D spend £3.1 million (H1 2021: £2.5 million)
· Operating loss for the period of £4.6 million (H1 2021 loss: £3.5 million)
· Loss after tax for the period of £3.8 million (H1 2021 loss: £2.8 million)
· Cash and cash equivalents as at 31 July 2022 £21.8 million (31 January 2022: cash £11.6 million plus short term bank deposit investments £15.1 million)
· R&D tax credit receivable at 31 July 2022 of £2.2 million (31 January 2022: £1.5 million)
· Headcount (excluding Non-Executive Directors) at 31 July 2022 was 39 (31 January 2022: 35)
Ali Mortazavi, Chief Executive Officer of e-therapeutics, commented:
"Having quickly established and validated our proprietary GalNAc-siRNA
technology, the last six months of activity has focused on execution. We
have enhanced and leveraged our computational biology platform to discover and
progress a rapidly growing set of high conviction hepatocyte targets.
"In the space of two years ETX is now uniquely positioned at the intersection
of computational approaches to drug discovery and using RNAi as the drug
modality of choice. This intersection provides the advantage of being able
to combine the target differentiation and speed enabled by computation with
the prosecution of therapeutic hypotheses in arguably the fastest timelines
and at the lowest cost of development available in the industry.
"We will continue to build on this progress, further enhancing our
computational platform to advance precision discovery and invest in our ideas
to prosecute multiple high confidence novel candidates in our in-house
pipeline."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
e-therapeutics plc
Ali Mortazavi, Tel: +44 (0)1993 883 125
CEO
www.etherapeutics.co.uk
James Chandler, VP IR & Communications
SP Angel Corporate Finance LLP Tel: +44(0)20 3470 0470
Nominated Adviser and Broker
Matthew Johnson/Caroline Rowe (Corporate Finance)
Vadim Alexandre/Rob Rees (Corporate Broking)
About e-therapeutics plc
e-therapeutics plc ("ETX") integrates computational power and biology
information to discover life-transforming RNAi medicines. The Company's
technology uses computation to capture and model human biology, identify
novel targets and design RNAi medicines against those targets that can be
rapidly progressed to the clinic.
ETX's proprietary Computational Biology Platform enables the generation and
analysis of biological network models, providing a novel and mechanistic
approach to drug discovery that explicitly considers the true complexity of
biology and makes more reliable predictions from large complex data sets and
ETX's proprietary hepatocyte knowledgebase - the world's most comprehensive
and integrated hepatocyte-centric data and information resource. The Company
generates, prioritises and tests millions of hypotheses in silico to identify
better therapeutic targets with higher confidence.
ETX's proprietary RNAi Platform enables the targeted delivery to hepatocytes
in the liver and the specific silencing of novel disease-associated genes,
identified by ETX's Computational Biology Platform. The focus on hepatocytes
offers the opportunity to work across a wide variety of diseases. The liver
is a highly metabolically active organ which performs a key role in many
biological processes and vital functions crucial for human health.
ETX's GalNAc-siRNA constructs have demonstrated compelling in vivo
performance in terms of depth of gene silencing and duration of action.
ETX is progressing a pipeline of first-in-class pre-clinical RNAi candidates
in several therapeutic areas including haematology, cardiovascular disease
and non-alcoholic steatohepatitis ("NASH"). ETX has also partnered with
biopharma companies such as Novo Nordisk, Galapagos NV and iTeos
Therapeutics using its computational network biology approach across a
diverse range of drug discovery projects.
The Company is based in London, UK and listed on the Alternative Investment
Market of the London Stock Exchange ("AIM"), with ticker symbol ETX.
e-therapeutics is also traded on the OTCQX Best Market (OTCQX) in the United
States, under ticker symbol ETXPF.
Chief Executive's Statement
In the 2021/22 period, ETX evolved its strategy to focus on RNA interference
("RNAi") as a modality of choice and demonstrated compelling in vivo
performance in terms of depth of gene silencing and duration of action for its
proprietary GalNAc-siRNA constructs, which specifically target hepatocytes in
the liver.
The unique advantages of GalNAc-siRNA as a modality allow the Company to
efficiently build a differentiated in-house pipeline disproportionate to the
Company's small size, where novel target ideas can be prosecuted beyond early
discovery to maximise value retention. The focus on RNAi, in a space with a
high barrier to entry, together with the rapid development of our proprietary
technology presents a highly unusual material opportunity.
The first six months of the new financial year saw a period of focus in
executing this strategy. The Company made significant progress in extending
its computational biology modelling pedigree to a single cell-focus in
hepatocytes in order to derive novel drug targets from its RNAi platform.
The focus on hepatocytes offers the opportunity to work across a large variety
of diseases. The liver is a highly metabolically active organ which performs
a key role in many biological processes and vital functions crucial for human
health. Genes expressed in hepatocytes are important potential targets for a
broad set of therapeutic areas such as cardiovascular disease, metabolic
syndromes, diabetes, haematology, obesity, NASH and rare diseases. There are
potentially thousands of accessible target genes for a GalNAc-siRNA platform,
which is hepatocyte centric and does not suffer from druggability issues
unlike traditional small molecules. Focussing on this one cell type allows
further depth and accuracy of computational methods and increased generation
of bespoke assays and proprietary experimental datasets.
ETX enlarged and deepened its world-class hepatocyte knowledgebase, leveraged
its computational platform for hepatocyte specificity and expanded the
in-house pipeline of first-in-class RNAi candidates to treat a wide range of
complex diseases. This period of innovation was evidenced by a continued
proactive approach to intellectual property (IP) with eight further patent
applications being filed to protect the Company's novel RNAi platform and drug
targets.
Our ambition to 'compute the future of medicine' rests on a fundamental and
difficult task - the creation of an entirely new template for drug discovery
led by computation that captures and models disease complexity, identifies
novel targets and designs drugs against those targets that can be rapidly
progressed to the clinic.
I'm pleased to report that during the period, ETX has demonstrated promising
progress towards the delivery of that ambition. It's a true "human plus
machine" collaboration to understand biology and nominate the best possible
gene targets in the liver to generate life-transforming RNAi medicines. The
Company is successfully identifying and testing an increasing number of high
confidence target ideas, delivered to one cell type, and specific to one gene,
and prosecuting those ideas to generate precise gene silencing medicines
across a diverse range of liver-associated disease areas, with accelerated
timelines and lower costs compared to industry standards.
Computational Platform: Human biology modelling and novel target
identification
The Computational Platform enables generation and analysis of biological
network models, providing a novel and mechanistic approach to drug discovery
that explicitly considers the true complexity of biology. Our computational
network models represent, as closely as possible, the biological systems ETX
is seeking to impact. The approach allows us to identify, prioritise and
test millions of hypotheses in silico to make more reliable predictions with
higher confidence and generate gene target hypotheses based on large complex
data sets.
Our computational platform was built on the Company's previously established
comprehensive proprietary network biology knowledge, tools and algorithms to
model and interrogate human biology. This powerful modular platform was
originally cell type agnostic. Extensive work has recently been undertaken
to extend its capability and to leverage the focus on a single modality to
create the most comprehensive and integrated proprietary hepatocyte-centric
data resource.
We have invested in the generation of a range of proprietary liver omics data
resources to support disease-related process and target discovery,
particularly in the realm of cardiometabolic disorders.
The Company's proprietary Knowledge Graph technology has been further enhanced
with additional data derived from both experimental and natural language
processing approaches and through AI-driven predictive approaches to knowledge
inference. This allows the discovery of non-obvious and hidden relationships
in data as well as providing the capability to impute missing information.
Furthermore, the application of robust standards of validation for all of
our tools and approaches remains an important focus and this rigor will
continue to be a critical part of our development going forward.
Our platform and data resources are now entirely cloud-based ushering in a new
era of effectively unlimited computational power and data storage. Using
cutting edge technologies we have been able to speed up our analysis pipelines
by orders of magnitude, reducing compute times from weeks or months to a few
hours. This has enabled the development of proprietary large-scale
statistical approaches to analysis that were previously unfeasible.
We have applied, and continue to develop, cutting edge AI approaches to
address all aspects of siRNA drug design including prediction of in vivo
efficacy and pharmacokinetics directly from in silico modelling to advance our
ambition to move 'straight to in vivo' from the computer, avoiding the need
for multiple costly large scale screens and allowing targets to be validated
directly in animal models.
RNAi Liver Platform and therapeutic progress
ETX uses its proprietary GalNAc-siRNA platform to target hepatocytes in the
liver and specifically silence novel disease-associated genes, identified by
the Company's computational platform. ETX is able to rapidly design
GalNAc-siRNA drug candidates, leveraging the reproducible and scalable nature
of this powerful and validated modality.
Over the last six months, the Company has delivered robust evidence and data,
in addition to the extensive original benchmarking studies previously
reported, that demonstrate our ability to join up computationally-driven
target identification with advanced bioinformatic design of siRNA sequences
and chemistries, and experimental prosecution. Importantly, this establishes a
template we can follow with all our pipeline candidates to optimise execution
and continue to maximise our computational edge across all stages of the
R&D process.
ETX is now actively generating valuable data packages on multiple target
genes. The Company is evaluating two gene targets in vivo in haematology
with a large portfolio of other prospects being both assessed in experimental
target validation studies and considered in silico. In particular, two further
targets are in late-stage experimental and in vivo validation studies, one in
cardiovascular disease and one in NASH.
Intellectual Property
The Company has filed international ("PCT"), United Kingdom ("UK") and United
States ("US") patent applications arising from the Company's inventions across
its enabling GalNAc-siRNA platform and its early pipeline of pre-clinical
siRNA candidates in several therapeutic areas. These patent applications
cover thirteen inventions arising from innovation around novel target ideas
and associated disease-relevant biology identified using the Company's Biology
Platform, novel siRNA therapeutics and novel siRNA chemistries associated with
such siRNA therapeutics and novel GalNAc-siRNA silencing construct designs.
This is a very active IP strategy and it is indicative of both the high volume
of novel innovations being generated and the critical importance ETX
attributes to protecting its inventions. ETX's IP strategy has an added
significant advantage in that it enables the Company to leverage its
computational edge. Network biology expertise and computational tools are
integrated with IP to map and track the patent landscape, drive computational
innovation and unlock the opportunity for early filings.
Partnerships and Collaborations
As indicated in the Post Period section of this statement, the collaboration
with iTeos announced on 5 April 2022 to discover highly differentiated
immuno-oncology therapeutics, is progressing well against the pre-defined
plans and milestones. As well as receiving near-term cash payments material
to the revenue of the Company, ETX is also eligible to receive undisclosed
milestone payments through pre-clinical and clinical development, in addition
to regulatory milestones, per programme.
The collaboration with Galapagos NV ("Galapagos") in idiopathic pulmonary
fibrosis ("IPF") has now successfully concluded and offers further evidence
and third-party validation of ETX's ability to effectively identify potential
therapeutic strategies and targets computationally. ETX achieved all
near-term milestones resulting in several cash payments to the Company. ETX
successfully characterised the mechanism of action of hit compounds ("hits")
identified earlier in the collaboration, with the hit rate in identification
of active compounds being several orders of magnitude higher than industry
standard. The future of the identified hits and targets will be determined
by Galapagos according to its strategic priorities. If progressed, ETX is
eligible to receive further milestones throughout development and commercial
stages.
Although our collaborations with iTeos and Galapagos focus on small molecules
as the therapeutic modality, we have consistently demonstrated our ability to
discover novel targets. These partnerships have provided valuable learnings
and validation of ETX's proprietary computational tools, which are being used
for the discovery of novel hepatocyte targets for prosecution with the
Company's RNAi platform to build its in-house asset portfolio.
Exploring opportunities to collaborate remains a key component of the
Company's strategy. Future collaborations will be in line with our current
liver and RNAi focus, with an expectation for later-stage partnerships that
maximise value retention and reflect the development of ETX's early in-house
RNAi pipeline. A balance will be found between pre-clinical assets to
partner and assets that the Company will progress to early clinical trials to
reach a more significant value inflection point.
Organisation
A key asset of e-therapeutics is its multi-disciplinary team. The Company
continues to drive the seamless integration of its unique informatic and
biology centric functions, from software engineering to therapeutic discovery,
to maximise synergistic collaboration and expert knowledge transfer.
ETX continues to invest in and attract leading industry talent adding to an
existing world class multi-disciplinary team of experts in computational
biology and RNAi therapeutics. The team has worked hard to deliver the
progress highlighted in this statement and I should like to thank them for
their continued commitment and dedication in helping ETX to deliver on its
strategy and key objectives.
At a Board level, open positions include both a permanent CFO and an
additional independent NED to broaden the Board experience further and adhere
to best practice corporate governance guidelines.
Post Period
Reflecting the Company's ongoing commitment to proactively protecting its
inventions, on 1 August 2022, ETX announced it had filed eight further patent
applications in the US to protect innovation arising from e-therapeutics'
proprietary GalNAc-siRNA technology.
On 25 August 2022, ETX successfully achieved a milestone in its
immune-oncology collaboration with iTeos Therapeutics, resulting in a cash
payment. The Company is on track in achieving a further milestone and an
additional payment in the coming weeks. These milestones relate to the
identification of potential targets and compounds through the application of
ETX's computational platform. iTeos is proceeding with experimental evaluation
and screening as set forth in the research collaboration agreement.
Today, on 30 September 2022, ETX announced it had successfully completed a
Fundraise of £13.5 million before expenses, by by way of a subscription for
new ordinary shares of 0.1p each ("Ordinary Shares") in the Company (the
"Subscription") at a price of 20p per Ordinary Share by funds managed by
M&G an institutional investor and an existing shareholder of the Company.
The net proceeds of the Subscription will be utilised by the Company to facilitate a number of initiatives with a focus on expanding the Company's platform capabilities; executing pre-clinical and clinical development of its in-house pipeline of first-in-class RNAi candidates derived from ETX's computational platform; and general working capital including additional headcount.
Outlook
While being cognisant of the macro challenges associated with the global
economy and biotech sector, ETX remains confident in its strategy, business
model and investment proposition. ETX expects to continue its rapid progress
throughout the financial year and execute its business plan effectively and
efficiently while maintaining a pragmatic balance between execution and cash
preservation.
Despite the extremely challenging backdrop of the last twelve months, as a
validated new class of therapeutic, RNAi has been a clear positive outlier in
the biotechnology sector. This has been corroborated by significant data as
well as corporate transactions in the field. As a result, we are seeing
significant interest in our differentiated computational biology approach and
liver RNAi chemistry platform. Consequently, we look forward to the future
with confidence.
Ali Mortazavi
Chief Executive Officer
Financial Review
Period end cash of £21.8m and an operating loss of £4.6m in H1 FY2023.
The Company continues to manage the underlying cash burn carefully whilst focusing on expanding its RNAi and computational platform capabilities, as well as generating income and achieving external commercial validation with our partners.
Revenue
The Company reached a final milestone in its initial identification and
validation of hit compounds under the Galapagos collaboration, resulting in
the recognition of £0.2 million of revenue (H1 2021: £0.5m). In addition,
the Company successfully entered into a new collaboration agreement with iTeos
during April 2022 which has generated H1 revenues of £0.1 million. The
collaboration will focus on the discovery of novel therapeutic approaches and
targets in immuno-oncology. The Company is eligible to receive undisclosed
milestone payments through pre-clinical and clinical development, as well as
on first regulatory approval for commercial sale.
Research and Development
Research and development expenditure in H1 2022 increased to £3.1 million (H1
2021: £2.5m). The increase reflects an increase in scientific headcount and
in outsourced CRO costs in relation to our computational and RNAi platforms,
as well as a continued focus on patent applications and related IP
expenditure.
We are expecting the R&D in H2 2023 to increase as we continue to
accelerate investment in our RNAi platform.
General & Administrative expenses
General and administrative expenses in the first half of the financial year
amounted to £1.7m (H1 2021: £1.5m). The small increase mainly reflects
higher office lease rental expenditure following the move to the new London
office in late 2021 in line with our growth strategy.
R&D tax credits and loss for the half year
The consolidated income statement includes an R&D tax credit of £0.7m (H1
2021: £0.7m) to be received in relation to the current year, bringing down
the loss after tax for the half year to £3.9m (H1 2021: £2.8m).
Cash flow
Cash as at 31 July 2022 stood at £21.8m, which is £4.9m lower than the start
of the year (cash plus short term bank deposit investments as at 31 January
2022: £26.7m). The reduction reflects an operating cash out flow of £4.1m,
net of non -cash share based employee option charges and depreciation and
amortisation, coupled with working capital outflows of £0.6m and purchase
additions of £0.2m to fixed and intangible assets. Cash balances are
expected to benefit by a cash receipt of £1.5m in the last quarter of the
current financial year in respect of the R&D tax credit relating to
FY2022.
Financial outlook
Our current expectations for underlying cash burn in the second half of the
financial year will be higher than that incurred in H1 2022 as we further
progress our R&D activities and build infrastructure capable of supporting
the scaling of the business.
CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED 31 JULY 2022
6 months
6 months ended ended 31 July 2021 Year ended 31 January 2022
31 July 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 295 477 477
Cost of sales - - -
Gross profit 295 477 477
Research and development expenditure (3,123) (2,512) (6,109)
Administrative expenses (1,727) (1,470) (3,938)
Operating loss (4,555) (3,505) (9,570)
Interest income 46 44 61
Interest expense (12) - (10)
Loss before tax (4,521) (3,461) (9,519)
Taxation 709 673 1,449
Loss for the period/year attributable to equity holders of the Company
(3,812) (2,788) (8,070)
Loss per share: basic and diluted (0.74)p (0.54)p (1.65)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31
JULY 2022
Year ended 31 January
6 months ended 6 months ended 2022
31 July 2022 31 July 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss for the period (3,812) (2,788) (8,070)
Other comprehensive income - - -
Total comprehensive income for the period/year attributable to equity
holders of the Company
(3,812) (2,788) (8,070)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JULY
2022
Share capital Share premium Retained earnings
Total
£'000 £'000 £'000 £'000
As at 1 February 2021 421 77,668 (64,205) 13,884
Total comprehensive income for the period
Loss for the period - - (2,788) (2,788)
Total comprehensive income for the period - - (2,788) (2,788)
Transactions with owners, recorded directly in equity
Issue of ordinary shares 94 21,562 - 21,656
Equity-settled share-based payment transactions
- - 251 251
Total contributions by and distribution to owners 94 21,562 251 21,907
As at 31 July 2021 515 99,230 (66,742) 33,003
Total comprehensive income for the period
Loss for the period - - (5,282) (5,282)
Total comprehensive income for the period - - (5,282) (5,282)
Transactions with owners, recorded directly in equity
Issue of ordinary shares - 13 - 13
Equity-settled share-based payment transactions
- - 239 239
Total contributions by and distribution to owners - 13 239 252
As at 31 January 2022 515 99,243 (71,785) 27,973
Total comprehensive income for the period
Loss for the period - - (3,812) (3,812)
Total comprehensive income for the period - - (3,812) (3,812)
Transactions with owners, recorded directly in equity
Issue of ordinary shares - 8 - 8
Equity-settled share-based payment
transactions - - 196 196
Total contributions by and distribution to owners - 8 196 204
As at 31 July 2022 515 99,251 (75,401) 24,365
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022
(*Restated)
31 July 31 July 31 January
2022 2021 2022
Note (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Intangible assets 182 88 102
Property, plant and equipment 617 74 805
799 162 907
Current assets
Tax receivable 2,184 1,442 1,474
Trade and other receivables 188 229 231
Prepayments 563 416 501
Cash and cash equivalents 21,813 25,568 11,598
Short term investments - 6,037 15,051
24,748 33,692 28,855
Total assets 25,547 33,854 29,762
Current liabilities
Trade and other payables 688 851 1,103
Lease Liability 405 - 391
Contract liabilities - - -
1,093 851 1,494
Non-current liabilities
Lease Liability 89 - 295
Total liabilities 1,182 851 1,789
Net assets 24,365 33,003 27,973
Equity
Share capital 2 515 515 515
Share premium 99,251 99,230 99,243
Retained earnings (75,401) (66,742) (71,785)
Total equity attributable to equity
holders of the Company 24,365 33,003 27,973
CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JULY
2022
(*Restated)
6 months ended 6 months ended Year ended 31 January
31 July 31 July 2022
2022 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss for the period/year (3,812) (2,788) (8,070)
Adjustments for:
Depreciation, amortisation and impairment 242 44 218
Interest income (46) (44) (61)
Interest expense 12 - 10
Equity-settled share-based payment expenses
196 251 490
Taxation (709) (673) (1,484)
Operating cash flows before movements in working capital
(4,117) (3,210) (8,897)
(Increase)/Decrease in trade and other receivables
(19) (292) (379)
Increase/(Decrease) in trade and other payables
(608) 425 699
Tax received - - 779
Net cash from operating activities (4,744) (3,077) (7,798)
Interest received 46 44 61
Interest paid (12) - (10)
Acquisition of property, plant and equipment (51) (30) (908)
Acquisition of other intangible assets (83) (15) (55)
Movement in short term investments 15,051 (15) (9,029)
Net cash from investing activities 14,951 (16) (9,941)
Net proceeds from issue of share capital 8 21,656 21,669
Payments under lease liabilities - - 793
Repayment of lease liability - - (130)
Net cash from financing activities 8 21,656 22,332
Net decrease in cash and cash equivalents 10,215 18,563 4,593
Cash and cash equivalents at the beginning of the period/year
11,598 7,005 7,005
Cash and cash equivalents at the end of the period/year
21,813 25,568 11,598
*Restatements reflect a simple reclassification of bank deposits on 95 days' notice as short-term investments
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise statutory
accounts as defined within section 434 of the Companies Act 2006. The
Company is a public limited company; it is listed on the London Stock
Exchange's AIM market and is incorporated and domiciled in the United Kingdom.
The address of its registered office is 4 Kingdom Street, Paddington,
London, W2 6BD, UK.
Statutory accounts for the year ended 31 January 2022 were approved by the
Board of Directors on 4 May 2022 and delivered to the Registrar of Companies.
The report of the Auditor on the accounts was unqualified, did not contain
an emphasis of matter paragraph and did not contain any statement under
section 498 of the Companies Act 2006.
While this interim statement, which is neither audited nor reviewed, has been
prepared in accordance with the recognition and measurement criteria of
international accounting standards in conformity with the requirements of the
Companies Act 2006 this announcement does not in itself contain sufficient
information to comply with IFRS. It does not include all the information
required for the full annual financial statements and should be read in
conjunction with the financial statements of the Group as at, and for the year
ended, 31 January 2022. It does not comply with International Accounting
Standard ("IAS") 34 'Interim Financial Reporting' as is permissible under the
rules of AIM.
The accounting policies applied in preparing these interim financial
statements are the same as those applied in the preparation of the annual
financial statements for the year ended 31 January 2022 (as defined therein)
other than standards, amendments and interpretations which became effective
after
1 February 2022 and were adopted by the Group.
New standards, amendments and interpretations not adopted in the current
financial year have not been disclosed as they are not expected to have a
material impact on the Group's financial statements.
2. Share Capital
31 July 2022 31 July 2021 31 January 2022
(unaudited) (unaudited) (audited)
In issue - fully paid
Ordinary shares of £0.001 each (number) 514,614,982 514,553,598 514,571,069
Allotted, called up and fully paid
Ordinary shares of £0.001 each (£'000) 515 515 515
During the six month period to 31 July 2022, 43,913 new ordinary shares of
0.1p each were issued at a price of 17.22p each in lieu of fees payable to a
non-executive director in accordance with his service agreement.
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See all newsREG - AIM e-Therapeutics plc - Cancellation - e-Therapeutics Plc
AnnouncementREG - e-Therapeutics plc - Last Day of Dealings on AIM
AnnouncementREG - FTSE Russell e-Therapeutics plc - e-therapeutics
AnnouncementREG - e-Therapeutics plc - Result of General Meeting
AnnouncementREG - e-Therapeutics plc - Proposed Fundraise of £28.9m and Cancellation
Announcement