REG - Genflow Biosciences - Half-year Report
30/09/2025 07:00
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RNS Number : 3007B Genflow Biosciences PLC 30 September 2025
PRESS RELEASE
30 September 2025
Genflow Biosciences Plc
("Genflow" or "the Company")
HALF YEAR RESULTS
Genflow (LSE: GENF) (OTCQB:GENFF) is pleased to announce its half year results
for the six-month period ended 30 June 2025.
Chairman's Statement
It is my pleasure to update shareholders of Genflow Biosciences Plc ("Genflow"
or the "Company") on our performance during the first six months of 2025.
As of 30 June 2025, Genflow has made important progress across its programs in
both human health and animal health, advancing our mission to extend
healthspan through our proprietary SIRT6 centenarian-based gene therapies.
These two dimensions of our pipeline are deeply complementary: our human
programs target age-related diseases with high unmet need, while our
veterinary initiatives allow us to generate translational data, demonstrate
safety and feasibility, and explore commercial opportunities in the growing
companion animal health sector.
Human Health Pipeline
In human health, our pipeline spans MASH ("Metabolic Dysfunction-Associated
Steatohepatitis"), sarcopenia, Werner Syndrome, and exploratory programs in
ophthalmology. Collectively, these programs highlight the versatility of SIRT6
centenarian in addressing fundamental mechanisms of aging across multiple
systems.
The most notable development has been in MASH. Recent approvals of two new
therapies including GLP-1 agonists have provided effective therapies for
patients in the earlier stages of disease (approximately two-thirds of the
population). However, there remains a profound unmet need in advanced MASH
with fibrosis, where therapeutic options are extremely limited. In response,
Genflow has repositioned GF-1002 to target this high-need population (around
one-third of patients). With its antifibrotic properties and potential to
prevent progression to liver cancer, GF-1002 is uniquely suited to address
this stage of disease. While the patient population is smaller, the commercial
opportunity is significant, given the lack of alternatives beyond liver
transplantation.
In parallel, we are expanding into ophthalmology, where SIRT6-based therapies
hold promise in corneal pathologies and glaucoma. Current glaucoma treatments
focus primarily on reducing intraocular pressure, yet do not prevent
degeneration of the optic nerve. Preclinical findings suggest that SIRT6
overexpression can protect retinal ganglion cells and preserve optic nerve
integrity, opening the door to a paradigm shift in treatment - from symptom
management to true neuroprotection. With the global glaucoma market valued at
nearly USD 9 billion and projected to reach USD 12-14 billion by the early
2030s, this represents a compelling long-term growth opportunity for Genflow.
Animal Health Pipeline
Complementing our human health programs, we are pioneering applications of
SIRT6 in veterinary medicine. During the period, we initiated a Healthspan and
sarcopenia clinical trial in dogs with our partner, the independent CRO
Syngene. This comparative, randomized study involves 28 beagle dogs aged 10
years and older, testing GF-1004, our naked DNA construct, in an aging canine
population.
Early studies have already confirmed the safety and ease of administration of
GF-1004, providing confidence in broader applicability. The trial is expected
to deliver initial efficacy data within five months, with endpoints focused on
muscle function and healthspan indicators. At the same time, we have initiated
confidential discussions with several leading animal health companies under
confidential disclosure agreements, underscoring industry interest in
innovative approaches to age-related decline in companion animals.
Strategic Integration of Human and Animal Health
Our programs in human health and animal health are mutually reinforcing. The
veterinary studies provide a real-world proof-of-concept environment to
evaluate SIRT6-based therapies in aging populations, while our human programs
extend the platform into areas of high unmet need such as MASH, sarcopenia,
Werner Syndrome, and ophthalmology. Together, they expand the reach of our
SIRT6 platform and strengthen Genflow's leadership in healthspan science.
Financial Overview
As of 30 June 2025, the Group had cash reserves of £279,445 (31 December
2024: £278,682) which has been derived from equity fundraising of £868,698
(net of expenses) during H1 2025. The Company remains debt free.
Administration expenses for 30 June 2025 totalled £982,725 (30 June 2024:
£1,316,368), which primarily consisted of research and development costs of
£665,862 (30 June 2024: £938,109), legal and professional fees totalling
£156,094 (30 June 2024: £90,654) and Directors' fees of £55,272 (30 June
2024: £178,656).
Other Comprehensive Income was charged with a translation loss of £31,075 (30
June 2024: £8,652) upon converting the Subsidiary's results for the period to
GBP.
Future
Looking ahead, 2026 is expected to be a pivotal year as we move closer to
clinical readiness in late-stage MASH, advance our ophthalmology programs in
cornea and glaucoma, and deliver first efficacy data from our canine trial. By
integrating progress across both human and veterinary health, Genflow is
building a comprehensive platform capable of delivering meaningful innovations
in longevity and age-related disease.
The Company is also working hard to secure further non-dilutive funding and
has received support from the Wallonia Region to advance GF-1002 through the
next stage of development. We look forward to updating shareholders further
when the grant process has been finalised and payment has been received.
On behalf of the Board, I would like to thank our shareholders, partners, and
dedicated team for their continued support as we work to translate the science
of SIRT6 into therapies that improve lives.
Tamara Joseph
Chairman
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation ("MAR")
(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
Contacts
Genflow Biosciences Harbor Access
Dr Eric Leire, CEO Jonathan Paterson, Investor Relations
+32-477-495-881 +1 475 477 9401
Jonathan.Paterson@Harbor-access.com
Corporate Brokers
Capital Plus Partners Ltd
Jon Critchley, +44 207 432 0501
About Genflow Biosciences
Founded in 2020, Genflow Biosciences Plc. (LSE:GENF) (OTCQB:GENFF), a
biotechnology company headquartered in the UK with R&D facilities in
Belgium, is pioneering gene therapies to decelerate the aging process, with
the goal of promoting longer and healthier lives while mitigating the
financial, emotional, and social impacts of a fast-growing aging global
population. Genflow's lead compound, GF-1002, works through the delivery of a
centenarian variant of the SIRT6 gene which has yielded promising preclinical
results. Genflow's 12-month proof-of-concept clinical trial evaluating their
SIRT6-centenarian gene therapy in aged dogs began in March 2025. Other
programs planned for 2025, include a clinical trial that will explore the
potential benefits of GF-1002 in treating MASH (Metabolic
Dysfunction-Associated Steatohepatitis), the most prevalent chronic liver
disease for which there is no effective treatments. Please
visit www.genflowbio.com (http://www.genflowbio.com) and follow the
Company on LinkedIn
(https://www.linkedin.com/company/genflow-biosciences/?viewAsMember=true)
and X (https://x.com/genflowbio) .
Consolidated Statement of Financial Position
As at 30 June 2025
Note
Unaudited Audited Unaudited
30 June 2025 31 December 2024 30 June 2024 Restated
Non-current assets
Property, plant & equipment 1,528 2,067 3,456
Total non-current assets 1,528 2,067 3,456
Current assets
Trade and other receivables 6 187,408 105,159 207,791
Cash and cash equivalents 279,445 278,682 1,139,859
Total current assets 466,853 383,841 1,347,650
Total assets 468,381 385,908 1,351,106
Current liabilities
Trade and other payables 7 771,384 788,916 718,983
Total current liabilities 771,384 788,916 718,983
Total liabilities 771,384 788,916 718,983
Net Assets/(Liabilities) (303,003) (403,008) 632,123
Equity
Share capital 8 136,064 104,912 104,912
Share premium 8 5,667,921 4,830,375 4,837,340
Other reserves 9 221,730 252,805 217,995
Retained earnings (6,328,718) (5,591,100) (4,528,124)
Total equity (303,003) (403,008) 632,123
The financial statements were approved and authorised for issue by the Board
of Directors on 29 September 2025 and were signed on its behalf by:
Eric Leire
Chief Executive Officer
Consolidated Statement of Comprehensive Income
For The Six Months Ended 30 June 2025
Notes Unaudited Audited Unaudited
6 Months ended 12 Months 6 Months ended
30 June ended 30 June
2025 31 December 2024 2024
245,107 320,471 792,109
Other operating income
Administrative expenses 4 (982,725) (1,907,706) (1,316,368)
Operating loss (737,618) (1,587,235) (524,259)
Finance costs - - -
Loss before tax (737,618) (1,587,235) (524,259)
Tax - - -
expense
Loss for the period / year attributable to owners of the parent (737,618) (1,587,235) (524,259)
Other Comprehensive loss:
Items that could be reclassified to profit or loss
Exchange differences on translation of foreign operations (31,075) 20,934 (8,652)
Total comprehensive loss for the period / year attributable to owners of the (768,693) (1,566,301) (532,911)
parent
Loss per share (pence) from continuing operations attributable to owners of 5 (0.192) (0.475) (0.165)
the Parent - Basic & Diluted
Consolidated Statement of Cash Flows
For The Six Months Ended 30 June 2025
Unaudited Audited Unaudited
6 Months ended 12 Months ended 6 Months ended
30 June 2025 31 December 2024 30 June 2024
Cash flows used in operating activities:
Loss after taxation (737,618) (1,587,235) (524,259)
Adjustments for:
Depreciation & amortisation 597 1,179 605
Share based payments - - 1,741
(Increase)/decrease in trade and other receivables (82,249) 264,524 168,964
Increase/(decrease) in trade and other payables (17,532) 239,259 154,185
Net cash outflow from operating activities (836,802) (1,082,273) (198,764)
Cash flow used in investing activities:
Purchase of property, plant & equipment - - (743)
Net cash used in investing activities - - (743)
Cash flow from financing activities:
Proceeds from issue of shares net of issue costs 868,698 656,635 663,600
Net cash generated from financing activities 868,698 656,635 663,600
Net increase/(decrease) in cash and cash equivalents 31,896 (425,638) 464,093
Cash and cash equivalents at beginning of period / year 278,682 683,974 683,974
FX on cash (31,133) 20,346 (8,208)
Cash and cash equivalents at end of period 279,445 278,682 1,139,859
Consolidated Statement of Changes In Equity
For The Six Months Ended 30 June 2025
Share capital Share
premium Other reserves Retained earnings/loss
Total
Unaudited- 30 June 2025
At 1 January 2025 104,912 4,830,375 252,805 (5,591,100) (403,008)
Loss of the period - - - (737,618) (737,618)
Exchange differences on translation of foreign operations - - (31,075) - (31,075)
Total comprehensive loss for the period - - (31,075) (737,618) (768,693)
Transactions with owners
Issue of ordinary shares 31,152 902,932 - - 934,084
Cost of capital - share issue costs - (65,386) - - (65,386)
Total Transactions with owners 31,152 837,546 - - 868,698
At 30 June 2025 (unaudited) 136,064 5,667,921 221,730 (6,328,718) (303,003)
Unaudited- 30 June 2024
At 1 January 2024 - Restated 87,752 4,190,900 224,906 (4,003,865) 499,693
Loss of the period - - - (524,259) (524,259)
Exchange differences on translation of foreign operations - - (8,652) - (8,652)
Total comprehensive loss for the period - - (8,652) (524,259) (532,911)
Transactions with owners
Issue of ordinary shares 17,160 697,840 - - 715,000
Cost of capital - share issue costs - (51,400) - - (51,400)
Share based payments - - 1,741 - 1,741
Total Transactions with owners 17,160 646,440 1,741 - 665,341
At 30 June 2024 (unaudited) 104,912 4,837,340 217,995 (4,528,124) 632,123
Audited- 31 December 2024
At 1 January 2024 - Restated 87,752 4,190,900 224,906 (4,003,865) 499,693
Loss for the year - - - (1,587,235) (1,587,235)
Other comprehensive income
Exchange differences on translating foreign operations - - 20,934 - 20,934
Total comprehensive loss for the period - - 20,934 (1,587,235) (1,566,301)
Transactions with owners
Issue of ordinary shares 17,160 697,840 - - 715,000
Cost of capital - share issue costs - (58,365) - - (58,365)
Options granted during the year - - 6,965 - 6,965
Total Transactions with owners 17,160 639,475 6,965 - 663,600
At 31 December 2024 (audited) 104,912 4,830,375 252,805 (5,591,100) (403,008)
1. Reporting Entity
Genflow Biosciences Plc (the "Company") is a company domiciled in the United
Kingdom. 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 consolidated financial statements of the Group as at, and for the year
ended, 31 December 2024 are available upon request from the Company's
registered office at 6 Heddon Street, London, W1B 4BT or at genflowbio.com
(http://genflowbio.com/) .
2. BASIS OF PREPARATION
The financial information of the Group for the 6 months ended 30 June 2025 was
approved and authorised for issue by the Board of the Company on 29 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 the Company for the year ended 31
December 2025 and are consistent with the recognition and measurement
requirements of IFRS as adopted by the United Kingdom. The comparative
information for the full year ended 31 December 2024 is not the Group's full
annual accounts for that period but has been derived from the annual financial
statements for that period.
The consolidated financial information incorporates the results of the Group
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.
The Group financial information is presented in Pound Sterling and values are
rounded to the nearest pound.
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 audited financial statements except for those that
relate to new standards and interpretations effective for the first time for
periods beginning on (or after) 1 January 2025 and will be adopted in the 2025
annual financial statements.
A number of new standards and amendments became effective on 1 January 2025
and have been adopted by the Group. None of these standards have materially
affected the Group.
3. GOING CONCERN
The preparation of financial information requires an assessment on the
validity of the going concern assumption. The Company successfully raised
£0.9 million (before expenses) through the allotment and issue of new
ordinary shares during the period. Further funding will be required by the
Company in order to execute the Group's research and development strategy and
to continue to meet its financial commitments. The Company has various funding
options currently available to it and is assessing their terms in order to
select the option which is most favourable to the Company and its
shareholders. At 30 June 2025, the Group is in a net liability position
totalling £303,003.
The Directors are of the opinion that the Company has adequate working capital
to execute its operations for the present time and expected to cover working
capital for a period which will allow for further fundraising. It is confident
in its ability to access additional financing over the next 12 months. The
Directors, therefore, have made an informed judgement, at the time of
approving these financial statements, that there is a reasonable expectation
that the Company has adequate resources to continue in operational existence
for the foreseeable future. As a result, the Directors have continued to adopt
the going concern basis of accounting in preparing the annual financial
statements, however, notes that, due to the timing of securing additional
funding, a material uncertainty related to going concern exists. This is not
uncommon with companies in the biotech sector in a similar stage of its
development to the Company.
4. EXPENSES BY NATURE
Unaudited Audited Unaudited
6 Months ended Year ended 6 Months ended
30 June 2025 31 December 2024 30 June 2024
£ £ £
Directors' fees 55,272 325,793 178,656
Directors' pensions - 1,306 713
Directors' social security contributions 27,059 19,653 5,069
Fees payable to the Company's auditors for the audit of the Parent Company and - 57,500 5,000
group financial statements
Professional, legal and consulting fees 156,094 188,522 90,654
PR and marketing 40,779 97,049 48,535
Accounting related services 14,713 6,551 3,780
Insurance 10,829 22,347 19,595
Office and administrative expenses 5,027 16,310 10,777
IT and software services 2,385 7,893 7,377
Travel and entertainment 2,038 6,403 927
Research and development costs 665,862 1,151,461 938,109
Share based payments - - 1,741
Finance costs 51 - -
Depreciation 597 5,714 610
Other expenses 2,019 1,204 4,825
Total administrative expenses 982,725 1,907,706 1,316,368
5. LOSS PER SHARE
Unaudited Audited Unaudited
6 Months ended Year ended 6 Months ended
30 June 31 December 2024 30 June
2025 £ 2024
£ £
Net loss for the year from continued operations attributable to equity 737,618 1,587,235 524,259
shareholders
Weighted average number of shares for the period/year 384,282,436 334,460,024 318,085,714
Basic loss per share for continued operations (expressed in pence) (0.192) (0.475) (0.165)
6. TRADE AND OTHER RECEIVABLES
Unaudited Audited Unaudited
6 Months ended Year ended 6 Months ended
30 June 31 December 2024 30 June
2025 £ 2024
£ £
VAT receivable 65,606 31,757 46,011
Prepayments 38,708 68,653 158,748
Other receivables 83,094 4,749 3,032
187,408 105,159 207,791
Trade and other receivables are all due within one year. The fair value of all
receivables is the same as their carrying values stated above. These assets,
excluding prepayments, are the only form of financial asset within the Group,
together with cash and cash equivalents. There are no trade receivables
therefore an aging analysis has not been provided.
7. TRADE AND OTHER PAYABLES
Unaudited Audited Unaudited
6 Months ended Year ended 6 Months ended
30 June 31 December 2024 30 June
2025 £ 2024 - Restated
£ £
Trade payables 573,297 368,897 668,443
Accruals 12,646 72,302 32,841
Other payables 185,441 347,717 17,699
771,384 788,916 718,983
All trade and other payables are due for payment within twelve months. Trade
payables are settled within normal commercial terms, usually between 30-60
days.
8. Share capital AND SHARE PREMIUM
Company Number of shares Ordinary shares Share premium Total
£ £ £
Issued and fully paid
At 1 January 2024 292,506,618 87,752 4,190,900 4,278,652
Issue of new shares - 9 April 2024 57,200,000 17,160 697,840 715,000
Cost of Capital - 9 April 2024 - - (58,365) (58,365)
At 30 December 2024 349,706,618 104,912 4,830,375 4,935,287
At 1 January 2025 349,706,618 104,912 4,830,375 4,935,287
Issue of new shares 103,841,324 31,152 902,932 934,084
Cost of Capital - - (65,386) (65,386)
At 30 June 2025 453,547,942 136,064 5,667,921 5,803,985
On 10 April 2025, the Company issued and allotted 41,341,324 new Ordinary
Shares at a price of 0.0105 pence per share for gross proceeds of £434,084
(excluding expenses).
On 15 May 2025, the Company issued and allotted 62,500,000 new Ordinary Shares
at a price of 0.008 pence per share for gross proceeds of £500,000 (excluding
expenses).
9. Share WARRANT reserve
The balance held in the share options reserve relates to the fair value of the
share warrants that have been charged to the profit or loss since adoption of
IFRS 2 'Share-based payment'.
Warrants:
At 30 June 2025, 90,360,000 warrants over shares were exercisable (31 December
2024: 27,860,000 warrants over shares were exercisable).
62,500,000 warrants were granted during the year (31 December 2024:
27,860,000) pursuant to the terms of a placing of shares.
During the period ended 30 June 2025, no warrants were exercised (year ended
31 December 2024: No warrants were exercised) and no warrants expired in the
period (year ended 31 December 2024: No warrants expired).
£Nil was charge to loss for the year in respect of outstanding warrants
(2024: Nil).
10. COMMITMENTS
The commitments stated in the Group's Annual Financial Statements for the year
ended 31 December 2024 remain in place.
11. EVENTS AFTER THE REPORTING DATE
There were no events after the reporting period.
DISCLAIMER
The contents of this announcement have been prepared by, and are the sole
responsibility of, the Company.
This announcement may contain forward-looking statements. The forward-looking
statements include, but are not limited to, statements regarding the Company's
or the Directors' expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statement that refers to projections,
forecasts or other characterisations of future events or circumstances,
including any underlying assumptions, is a forward-looking statement. The
words "anticipate", "believe", "continue", "could", "estimate", "expect",
"intend", "may", "might", "plan", "possible", "potential", "predict",
"project", "seek", "should", "would" and similar expressions, or in each case
their negatives, may identify forward-looking statements, but the absence of
these words does not mean that a statement is not forward-looking.
Forward-looking statements include all matters that are not historical facts.
Forward-looking statements are based on the current expectations and
assumptions regarding the Company, the business, the economy and other future
conditions. Because forward-looking statements relate to the future, by their
nature, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Forward-looking statements are
not guarantees of future performance and the Company's actual financial
condition, actual results of operations and financial performance, and the
development of the industries in which it operates or will operate, may differ
materially from those made in or suggested by the forward-looking statements
contained in this announcement. In addition, even if the Company's financial
condition, results of operations and the development of the industries in
which it operates or will operate, are consistent with the forward-looking
statements contained in this announcement, those results or developments may
not be indicative of financial condition, results of operations or
developments in subsequent periods. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include regional, national or global, political, economic, social, business,
technological, competitive, market and regulatory conditions.
Any forward-looking statement contained in this announcement applies only as
of the date of this announcement and is expressly qualified in its entirety by
these cautionary statements. Factors or events that could cause the Company's
actual plans or results to differ may emerge from time to time, and it is not
possible for the Company to predict all of them. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this announcement to
reflect any change in its expectations or any change in events, conditions or
circumstances on which any forward-looking statement contained in this
announcement is based, unless required to do so by applicable law, the
Prospectus Regulation Rules, the Listing Rules, the Disclosure Guidance and
Transparency Rules of the FCA or the UK Market Abuse Regulation.
-Ends-
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