REG - GENinCode PLC - Half-year Report
25/09/2024 07:00
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RNS Number : 5149F GENinCode PLC 25 September 2024
25 September 2024
GENinCode Plc
("GENinCode", the "Company" or the "Group")
Interim report
First US commercial sales for LIPID inCode(®) and CARDIO inCode(®) tests
Oxford, UK. GENinCode Plc (AIM: GENI), the predictive genetics company focused
on the prevention of cardiovascular disease ("CVD") and risk of ovarian cancer
announces its unaudited interim results for the six months ended 30 June 2024.
Financial and Operational highlights
• First half revenues increased 46% to £1.39m (30 June 2023: £0.95m), driven
by growth across the UK, EU and US businesses
• First US commercial sales for LIPID inCode(®) test for the diagnosis of
familial hypercholesterolemia ("FH") and CARDIO inCode(®) test for the
genetic risk of coronary artery disease ("CAD")
• FDA 'De Novo' completion of substantive review. Ongoing FDA discussions
regarding additional information
• American Journal of Preventive Cardiology publication on CARDIO inCode-Score®
[https://www.sciencedirect.com/science/article/pii/S2666667724000291
(https://www.sciencedirect.com/science/article/pii/S2666667724000291) ] and
ESC Preventive Cardiology and ESC Annual Congress presentations
• Commercial programmes with US health institutions including Atrium, IU Health
and UT South Western
• US Notice of Allowance (granted patent status) for CARDIO inCode-Score®
• NHS expansion of LIPID inCode(®) for FH diagnosis in North of England
• Growth of LIPID inCode(®) in University Clinic Dresden, Germany for primary
care diagnosis of FH
• Growth of LIPID inCode(®) and THROMBO inCode(®) in Spain and Italy for
diagnosis of FH
• CARDIO inCode(®) pilot progressing in Extremadura region, Spain
• NICE guideline recommendation for the Risk of Ovarian Cancer Algorithm (ROCA)
test
Outlook for second half of 2024
• Significant increase in year-on-year revenue growth and reduced losses
• Commercial expansion of LIPID inCode® and CARDIO inCode® across the US
market
• Progression of De Novo FDA regulatory submission for the approval of the
CARDIO inCode® medical device to accelerate US sales
• Expansion of the NHS programme for LIPID inCode®, introduction of CARDIO
inCode® and collaborative developments with pharmaceutical 'precision
medicine' partners
• Expansion of the MVZ Uniklinikum, Germany collaborative programme
• Expansion of CARDIO inCode® commercial pilots into Catalonia and introduction
to other regions
• Commence commercial programmes in the NHS following NICE guideline
recommendation for the ROCA test
• Continued strengthening of the commercial, marketing and selling teams to
support revenue growth
Financial highlights
• First half revenues increased 46% to £1.39m (30 June 2023: £0.95m)
• Successful completion of secondary placing of £3.7m (Gross £4.0m) to support
scale up and expansion
• Reduced Adjusted EBITDA loss of £2.16m (30 June 2023: loss of £3.37m)
• Reflecting Increased revenues and reduced operating costs
• Cash reserves of £2.92m at 30 June 2024 (31 Dec 2023: £2.48m)
Matthew Walls, Chief Executive Officer of GENinCode Plc said: "We have had a
very positive first half of 2024 with a solid increase in revenues of 46%
across the Group, including our first commercial sales in the US. We continue
to expand on our relationships with the NHS and across Europe, whilst
increasing our presence in the US. The NICE recommendation for the ROCA test
was a key milestone and provides a significant cost-saving benefit for the NHS
as well as giving patients with a high risk of familial ovarian cancer more
options than were previously available to them.
"We look forward to a successful remainder of 2024 with further expansion of
our products and continued collaborations with key partners. On behalf of the
Board, I would like to thank our valued shareholders for their support, and we
look forward to sharing further positive updates."
Investor presentation
Matthew Walls, Chief Executive Officer, and Paul Foulger, Chief Financial
Officer, will provide a live presentation relating to the results via the
Investor Meet Company platform on Wednesday, 25 September at 4pm BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard until 9am
the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet
GENinCode here
(https://www.investormeetcompany.com/genincode-plc/register-investor) .
Investors who already follow GENinCode on the Investor Meet Company platform
will automatically be invited.
For more information visit www.genincode.com (http://www.genincode.com)
Enquiries:
GENinCode Plc www.genincode.com (http://www.genincode.com) or via Walbrook PR
Matthew Walls, CEO
Paul Foulger, CFO
Cavendish Capital Markets Limited Tel: +44 (0)20 7397 8900
Giles Balleny / Dan Hodkinson (Corporate Finance)
Nigel Birks (Life Sciences Specialist Sales)
Ondraya Swanson (Corporate Broking)
Dale Bellis / Michael Johnson (Sales)
Walbrook PR Limited
Anna Dunphy / Louis Ashe-Jepson / Phillip Marriage Tel: 020 7933 8780 or genincode@walbrookpr.com
About GENinCode:
GENinCode Plc is a UK based company specialising in genetic risk assessment
and prevention of cardiovascular disease. Cardiovascular disease is the
leading cause of death and disability worldwide.
GENinCode operates business units in the UK, Europe through GENinCode S.L.U,
and in the United States through GENinCode U.S. Inc.
GENinCode predictive technology provides patients and physicians with globally
leading preventive care and treatment strategies. GENinCode CE marked
invitro-diagnostic molecular tests combine clinical algorithms and
bioinformatics to provide advanced patient risk assessment to predict and
prevent cardiovascular disease.
Chief Executive's Statement
On behalf of the Board, I am pleased to present the interim report for the
six-month period ended 30 June 2024 for GENinCode Plc. This statement provides
a summary of progress over the first half of the 2024 financial year and the
outlook over the next reporting period.
Introduction
GENinCode is engaged in the prevention of cardiovascular disease (CVD) and
ovarian cancer. GENinCode polygenic (multiple gene) tests and technology are
novel and proprietary and focused on CVD which accounts for around 18 million
deaths annually, representing approximately 31 per cent. of all deaths
worldwide. The estimated global cost of CVD is forecast to reach approximately
$1.04 trillion by 2030.
The Company's portfolio comprises advanced genomic precision tests using
molecular genotyping, sequencing, and AI bioinformatics to risk assess
patients' DNA from a blood or saliva sample. DNA is analysed for the presence
of genetic variants to determine a patient's Polygenic Risk Score (PRS) and
assess their cardiovascular 'lifetime' genetic risk.
Business review
On 10 January 2024, the Company successfully completed a net fundraising of
£3.74m. Following the fundraise the first half saw revenues increase 46% over
the prior period to £1.39m (H1 2023: £0.95m). Sales growth, net of increased
operating costs, gave rise to a reduced Adjusted EBITDA loss of (£2.16m) (H1
2023: (£3.37m)), reflecting the strengthening revenues, improving margins and
reduced operating costs across the Group.
The first half included engagement of our first commercial testing in US
healthcare institutions following the introduction of last year's Early Access
Program. We now have 20 clinics and hospital institutions who are onboarding
and are beginning to purchase tests for the diagnosis of familial (inherited)
hypercholesterolemia and risk assessment of coronary heart disease. Over the
period we completed commercial agreements with Wake Forest University Baptist
Medical Center/Atrium Health, University of California Irvine (UCI), Indiana
University Health (IU Health) and University of Texas South Western, (UT South
Western). We expect to see continued strengthening in our US revenues over the
second half as we roll-out our commercial programme and educate physicians on
our preventive cardiology tests.
The US Food and Drug Administration (FDA) De-Novo submission for CARDIO
inCode-Score was filed in November 2023 and the FDA has recently completed its
substantive review. Whilst the FDA submission and review process has been
protracted and longer than expected, discussions remain progressive and
constructive. The FDA have requested additional information as part of their
review of the CARDIO inCode-Score medical device and we anticipate this should
finalise the review process. We expect to provide this information over the
coming months and give a further update towards the end of this year. Approval
of CARDIO inCode-Score will extend our US commercial offering enabling
laboratory testing across the US.
With the exception of New York State, we have state licensure for testing in
all US states. We expect to receive New York State licensure over the coming
months.
In March 2024, Kaiser Permanente published a milestone publication in the
American Journal of Preventive Cardiology
https://www.sciencedirect.com/science/article/pii/S2666667724000291
(https://www.sciencedirect.com/science/article/pii/S2666667724000291) on the
clinical utility of CARDIO inCode-Score for the prevention of coronary heart
disease. This important publication based on real world data (US patient
medical records) provides growing clinical evidence for the inclusion of
polygenic 'lifetime' risk assessment for prevention of coronary heart disease
in the US ACC/AHA Preventive Care guidelines. The March 2024 publication has
been followed by further presentations at the European Society of Cardiology
(ESC) Preventive Cardiology conference in Athens and the recent ESC Annual
Congress in London. We expect to see growing numbers of publications and
continued favourable revision of the ACC/AHA guidelines for the use of
polygenic testing as we educate and advance testing in the US market.
In the UK, we are progressing our NHS commercial collaboration to improve
diagnosis and turnaround time for testing of Familial Hypercholesterolemia
(FH) at reduced cost to the NHS. The LIPID inCode® implementation in the
North-East and North-Cumbria (Newcastle) has now extended to include Leeds and
Sheffield. We are in discussions to cross-apply this model to the North-West
Coast (including Liverpool and Manchester) and other NHS England trusts to
reduce the FH test backlog and advance risk assessment for the prevention of
coronary heart disease. We are also expanding our commercial discussions with
pharmaceutical companies as part of the NHS program to identify patients at
the highest risk of cardiovascular disease and align with advances in
therapeutic treatment (precision medicine).
There is continuing and growing demand for LIPID inCode® in Spain and Italy
and for the introduction of THROMBO inCode(®) in public hospital pathology
labs.
We are well progressed with the first CARDIO inCode-Score® pilot
implementation study in the Spanish region of Extremadura with preliminary
results under review with Extremadura Health. The Extremadura region has a
population of ~ 1 million, with an estimated 50,000 individuals at risk of a
cardiovascular event, e.g. heart attack. CARDIO inCode-Score® is expected to
change clinical practice by identifying those individuals at high genetic risk
and improve preventative treatment.
Negotiations for the introduction of CARDIO inCode-Score® are also underway
in other Spanish regions including Catalonia, Basque region, Madrid and
Andalucia. The Catalonia region has a population of ~ 7.7 million, with an
estimated 476,000 individuals at risk of a cardiovascular event.
Our collaboration with University Clinic Dresden for LIPID inCode® continues
to build with expansion across the Saxony region. The University Clinic lipid
centre treats over 6,000 patients with lipid disorders and constitutes the
largest academic lipid apheresis centre globally. In Germany, 60% of the
population suffer from high levels of cholesterol and it is estimated that
over a quarter of a million of these cases relate to FH.
In March 2024, the Risk of Ovarian Cancer Algorithm ("ROCA") test received
NICE recommendation as the preferred test for ovarian cancer surveillance in
individuals at high risk of ovarian cancer who do not undertake risk reducing
surgery. The new NICE guidance is focused on identifying and managing familial
and genetic risk of ovarian cancer.
Publication of NICE guidance is a major breakthrough for the ROCA test. After
many years of academic and corporate investment, the ROCA test has been
comprehensively assessed by NICE as the surveillance technology of choice
where patients at high risk of familial ovarian cancer decide to defer
preventive surgery. Surveillance using the ROCA test will help individuals
feel more supported while they start or grow their families or until they
reach menopause, whilst also providing a cost-saving benefit for the NHS. We
are now assisting the NHS to establish appropriate call and recall systems
that will enable the ROCA test to be offered by the NHS to all eligible
individuals.
Financial review
Revenue for the period was £1.39m (H1 2023: £0.95m), a year-on-year increase
of 46%, with a reduced Adjusted EBITDA loss of (£2.16m) (H1 2023: (£3.37m)),
the decreased loss resulting from improving revenues and profit margins
coupled with lower operational costs across the Group.
Revenue
Spain continues to be the largest region for sales and enjoyed a year-on-year
growth of 21%. Sales in the UK increased to £328k (H1 2023: £131k),
reflecting the full six-month revenue benefit of LIPID inCode® sales to the
NHS effective from May 2023.
The Group enjoyed its first revenues in the US and recognised £71k of LIPID
inCode® sales in the period. LIPID inCode® continues to be the leading
revenue generating product in the Company, representing over 60% of the sales,
boosted by the significant increase in UK sales to the NHS as highlighted
above.
Gross profit
Gross profit was £730k (H1 2023: £467k). The gross profit margin increased
to 52.6% (H1 2023: 49.2%). Geographically, the gross profit margins generated
from Spain remained the same at the sub 50% level, however the Group
benefitted from 55%+ margins from the UK sales and 70%+ margins from the US
sales.
Administrative expenses
In H1 2024, administrative expenses decreased to £2.89m (H1 2023: £3.84m).
The decrease was due to a concerted effort to reduce and contain expenditure
across a number of areas, notably salaries, consultancy fees, marketing, and
development costs. Of particular note are the fees payable to our US
commercialisation partner, Eversana which reduced by £265k in the period.
Operating loss and adjusted earnings before interest tax and depreciation
The Group generated an operating loss of £2.48m (H1 2023: (£3.59m)). We
consider a more meaningful measure of underlying performance is reflected in
the Adjusted EBITDA, which for H1 2024 showed a loss of £2.16m (H1 2023:
(£3.37m)). The Adjusted EBITDA excludes the effects of share-based payments
of £143k (H1 2023: £51k), and depreciation and amortisation costs of £172k
(H1 2023: £174k).
On 26 April 2024, the Company announced that it had approved and granted (on
14 April 2024) new share options over an aggregate of 19,380,630 new ordinary
shares at an exercise price of 5 pence and 10 pence each in the Company to
certain directors and employees. Additionally, on 8 April 2024, 6,984,500 of
the options previously granted were surrendered for nil consideration.
Following the grant of the new options and the options surrender, there are
options over a total of 19,580,630 ordinary shares in the Company. This is
reflected in the increase in share-based payments in the period.
Tax
The first half included a tax credit of (£8k) (H1 2023: credit of (£6k)).
Non-current assets
The Company has a capitalised property plant and equipment total, net of
depreciation of £305k (31 December 2023: £425k), reflecting investment in
equipment required to commission the UK laboratory in the latter part of 2022.
Additionally, the Company has a capitalised intangible assets total, net of
amortisation of £128k (31 December 2023: £138k). This related to the
application of new patents in various geographical regions.
The 'right-of-use' asset representing the impact of leasing the new lab in
Hammersmith, London was £242k at 30 June 2024 (31 December 2023: £282k).
IFRS16 introduces a single lessee accounting model and requires a lessee to
recognise assets and liabilities for all leases with a term of more than 12
months unless the underlying asset is of low value. A lessee is required to
recognise a right-of-use asset representing its right to use the underlying
leased asset and a lease liability representing its obligation to make lease
payments.
Goodwill was £149k at 30 June 2024 (31 December 2023: £149k), representing
the impact of acquiring the entire issued share capital of Abcodia Limited in
the second half of 2022.
Current Assets
The Group holds very little finished goods and work in progress, largely
because approximately 60% of its revenues originate from service-based testing
with test kits 'made to order' and then delivered directly from the kit
manufacturer/supplier to the customer.
Trade and Other Receivables increased from £582k at 31 December 2023 to
£805k at 30 June 2024; reflecting the higher revenues across the Group in the
period.
Non-Current Liabilities
Trade and Other Payables remained at £0k at 30 June 2024 (31 December 2023:
£0k). In the previous period at 30 June 2023, this was £940k mainly
representing payments to our US commercialisation partner.
In September 2022, the Company acquired Abcodia Limited and its algorithmic
technology, the Risk Assessment of Ovarian Cancer Algorithm (ROCA) test. A
contingent consideration of £191k has been recorded (31 December 2023:
£178k), representing the present value of the likely consideration.
Lease liability was £180k at 30 June 2024 (31 December 2023: £221k),
relating to IFRS 16 requiring Right of Use lease liability being recognised.
Current Liabilities
Trade and Other Payables decreased from £2.40m at 31 December 2023 to £1.38m
at 30 June 2024. This decrease was due to, a) In December 2023, £616k of
funds was collected from investors in advance of the closure of the fundraise
which completed on 10(th) January 2024; this inflated the 'Other payables'
line on the balance sheet at 31 December 2023, and b) In the first half of
2024, over £400k of deferred liabilities was paid to our US commercial
partner, reducing the balance to just £30k at 30 June 2024.
Lease liability was £81k at 30 June 2024 (31 December 2023: £78k), relating
to IFRS 16 requiring Right of Use lease liability being recognised.
Cash flow and working capital
Operating cash outflow decreased from (£4.82m) in H1 2023 to (£3.39m) in H1
2024. The decrease is largely explained by the drop-through of decreased
operating losses, coupled with the change in net working capital, mainly as a
result of decreased payments during the period.
Net cash flows used in investing activities decreased from (£38k) in H1 2023
to £60k in H1 2024, reflecting decreased expenditure on laboratory equipment
in the UK and US, offset by bank interest income.
Net cash flows from financing activities was £3.70m in the period (H1 2023:
(£35k)). On 10 January 2024, the Company allotted a total of 81,147,560 new
ordinary shares in connection with a fundraising of 5 pence per share; a net
amount of £3.74m was raised (gross: £4.06m).
As a result of the above activities there was an overall increase in cash and
cash equivalents of £431k from £2.48m at 31 December 2023 to £2.92m at 30
June 2024.
Capital structure
Following the issue of 81,147,560 new ordinary shares on 10 January 2024, the
Group had 176,964,426 shares in issue at 30 June 2024.
Outlook for second half of 2024
Over the second half of 2024, the Company expects to strengthen its revenues
across its UK, EU and US business primarily through expansion of LIPID
inCode(®), CARDIO inCode-Score(®) and THROMBO inCode(®).
With US commercial revenues now beginning to complement UK and EU revenues, we
are focused on educating physicians on the clinical utility of our tests and
international revenue growth. Driven by increasing market awareness of genetic
'CVD lifetime risk' and healthcare systems focus on 'disease prevention' we
expect to see increasing demand for our tests. We will maintain tight control
over operational costs to target a breakeven position over the medium term and
de-risk our business model whilst delivering sales growth across our core
markets.
Over the remainder of this financial year, the Company expects to complete the
following key deliverables:
• Significant increase in year-on-year revenue growth and reduced losses
• Commercial expansion of LIPID inCode(®) and CARDIO inCode(®) in the US
market
• Progression of the De Novo FDA regulatory submission for the approval of the
CARDIO inCode(®) medical device to accelerate US sales
• Expansion of the NHS programme for LIPID inCode(®), introduction of CARDIO
inCode(®) and collaborative development with pharmaceutical 'precision
medicine' partners
• Expansion of the MVZ Uniklinikum, Germany collaborative programme
• Commercial expansion of LIPID inCode® and THROMBO inCode® in Spanish public
hospitals
• Expansion of CARDIO inCode® commercial pilots in Catalonia and other Spanish
regions
• Following NICE guideline approval for the ROCA test, commencement of first
commercial programs in the NHS and EU
• Continued strengthening of the commercial, marketing and selling teams to
support revenue growth
Commensurate with this growth we will build investment in our manpower
resources and expertise as well as explore acquisition opportunities to take
advantage of the opportunities open to the Company.
We continue to build our business and believe our tests are industry leading
and will deliver significant investor returns. We would like to thank our
investors, Board, management and employees for their strength and
determination in helping support and drive our business growth.
We look forward to updating our investors on our progress.
Matthew Walls
Chief Executive Officer
25 September 2024
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
Unaudited Unaudited Audited
6 months to 6 months to Year ended
Notes 30-Jun 30-Jun 31-Dec-23
2024 2023
£'000 £'000 £'000
Continuing operations
Revenue 3 1,389 950 2,160
Cost of sales (659) (483) (1,138)
Gross profit 730 467 1,022
Administrative expenses (2,890) (3,836) (7,751)
ADJUSTED EBITDA (2,160) (3,369) (6,729)
Depreciation (122) (124) (246)
Amortisation (50) (50) (105)
Share based payment expense (143) (51) (71)
Operating Loss (2,475) (3,594) (7,151)
Other Income 61 110 176
Finance charge (23) (23) (48)
Loss on ordinary activities before taxation (2,437) (3,507) (7.023)
Income tax 4 8 6 7
Loss after taxation (2,429) (3,501) (7,016)
Other comprehensive (expense) / income
Items that will not be reclassified to profit or loss:
Exchange differences arising on translating foreign operations 68 312 334
Other comprehensive (expense) / income for the period/year, net of income tax 68 312 334
Total comprehensive loss for the period/year (2,361) (3,189) (6,682)
Loss per ordinary share attributable to
the owners of the parent during the period/year 6 Pence Pence Pence
Basic (1.37) (3.33) (6.97)
Diluted (1.37) (3.33) (6.97)
Consolidated Statement of Financial Position
As at 30 June 2024
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
Notes 2024 2023 2023
£'000 £'000 £'000
Non-current assets
Intangible assets 128 149 138
Property, plant & equipment 305 545 425
Right of use asset 242 310 282
Goodwill 149 149 149
Total non-current assets 824 1,153 994
Current assets
Inventories 79 76 84
Trade and other receivables 805 689 582
Financial assets 38 22 42
Cash and cash equivalents 2,915 5,183 2,484
Total current assets 3,837 5,970 3,192
Total Assets 4,661 7,123 4,186
Equity
Share capital 5 1,770 958 958
Share premium 18,482 15,551 15,551
Foreign currency translation reserve 113 23 45
Share based payment reserve 389 226 246
Retained earnings (17,940) (11,996) (15,511)
2,814 4,762 1,289
Liabilities
Non-current liabilities
Trade and other payables - 938 -
Lease liability 180 249 221
Contingent consideration 191 166 178
Current liabilities
Trade and other payables 1,378 911 2,395
Lease liability 81 72 78
Deferred tax 17 25 25
Total liabilities 1,847 2,361 2,897
Total equity and liabilities 4,661 7,123 4,186
Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30-Jun 30-Jun 31-Dec
2023
2024 2023
Notes £'000 £'000 £'000
Cash flows from operating activities
Loss before taxation (2,437) (3,507) (7,023)
Adjustments for:
Depreciation and amortisation 172 174 351
Share based payment charge 143 51 71
Finance charge 23 22 48
Bank interest income (61) - (174)
Operating loss before working capital changes (2,160) (3,260) (6,727)
Cash used in operations
Decrease / (Increase) in trade and other receivables (231) (184) 383
(Decrease) / Increase in trade and other payables (1,005) (1,531) (1,071)
Decrease/(Increase) in inventory 4 (55) (65)
Decrease/(Increase) in financial assets 3 (5) (26)
Income taxes received - 212 -
Net cash outflow from operating activities (3,389) (4,823) (7,506)
Investing activities
Purchase of property, plant and equipment (1) (38) (38)
Bank interest income 61 - 174
Net cash flows used in investing activities 60 (38) 136
Financing activities
Movement in lease liability (48) (35) (94)
Issue of ordinary shares 3,744 - -
Net cash flows from financing activities 3,696 (35) (94)
Net change in cash and cash equivalents 367 (4,896) (7,464)
Cash and cash equivalents at the beginning of the period/year 2,484 9,732 9,732
Movement in retranslation 64 347 216
Cash and cash equivalents at the end of the period/year 2,915 5,183 2,484
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2024
Called up share capital Share premium account Foreign Currency Translation reserve Share based payment reserve Retained earnings Total
Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 958 15,551 (289) 175 (8,495) 7,900
Other comprehensive expense - - 312 - - 312
Loss for the period ended 30 June 2023 - - - - (3,501) (3,501)
Share based payments - - - 51 - 51
Balance at 30 June 2023 958 15,551 23 226 (11,996) 4,762
Share based payments - - - 20 - 20
Other comprehensive expense - - 22 - 22
Loss for the period ended 31 December 2023 - - - - (3,515) (3,515)
Balance at 31 December 2023 958 15,551 45 246 (15,511) 1,289
Share based payments - - - 143 - 143
Other comprehensive income - - 68 - - 68
Loss for the six months ended 30 June 2024 - - - - (2,429) (2,429)
Issue of ordinary shares 812 2,931 - - - 3,743
Balance at 30 June 2024 1,770 18,482 113 389 (17,940) 2,814
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess of nominal
value less share issue costs.
Other reserves arise from the share options issued by the company during the
period.
Retained earnings represents accumulated profit or losses to date.
Notes to the Consolidated Financial Statements
For the six months ended 30 June 2024
1. General information
GENinCode plc (the "Company") is a public limited company admitted to trading
on the AIM market of the London Stock Exchange on 22 July 2021. The Company is
incorporated and domiciled in England and Wales. The registered office of the
Company is One, St. Peters Square, England, M2 3DE. The registered company
number is 11556598.
The Company was incorporated on 6 September 2018.
The Company's principal activity is the development and commercialisation of
clinical genetic tests, to provide predictive analysis of risk to a patient's
health based on their genes.
The financial information set out in this half yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The statutory financial statements for the year ended 31 December 2023,
prepared under UK adopted International Financial Reporting Standards
("IFRS"), have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not contain
statements under Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Interim Report can be found on
the Company's website at www.genincode.com.
2. Significant accounting policies and basis of preparation
2.1 Statement of compliance
This half yearly report has been prepared using the historical cost
convention, on a going concern basis and in accordance with UK adopted
International Financial Reporting Standards ("IFRS") and the Companies Act
2006 applicable to companies reporting under IFRS, using accounting policies
which are consistent with those set out in the financial statements for the
year ended 31 December 2023.
2.2 Application of new and revised UK adopted
International Financial Reporting Standards (IFRSs)
There are no IFRSs or IFRIC interpretations that are effective for the first
time in this financial period that would be expected to have a material impact
on the Company.
3. Segmental reporting
The Company has one reportable segment, namely that is the development and
commercialisation of clinical genetic tests, to provide predictive analysis of
risk to a patient's health based on their genes, the geographical split of
revenue generation is below.
6 months to 6 months to 12 months to
Turnover by geographical generation 30-Jun-24 30-Jun-23 31-Dec-23
£'000 £'000 £'000
Spain 912 795 1,644
UK 304 118 364
Italy 71 - 74
US 71 - -
Germany 24 13 34
France 1 15 26
Rest of World 6 9 18
1,389 950 2,160
4 Taxation
6 months to 6 months to 12 months to
Income taxes recognised in profit or loss 30-Jun-24 30-Jun-23 31-Dec-23
£'000 £'000 £'000
Deferred tax
Accelerated capital 8 6 7
allowances
Total tax (charge)/credit 8 6 7
5 Share capital
Issued share capital comprises 30-Jun-24 30-Jun-23 31-Dec-23
£'000 £'000 £'000
176,964,426 Ordinary shares of £0.01 each 1,770 958 958
As at 10(th) January 2024 the company issued 81m shares at a nominal value of
0.01 per share, no shares were allotted other than those for cash.
6 Loss per share
6 months to 6 months to 12 months to
30-Jun-24 30-Jun-23 31-Dec-22
£'000 £'000 £'000
Basic and diluted loss per share
Loss after tax (£) (2,361) (3,189) (6,682)
Weighted average number of shares 172,929 95,817 95,817
Basic and diluted loss per share (pence) (1.37) (3.33) (6.97)
As the Company is reporting a loss from continuing operations for the period,
in accordance with IAS 33, the share options are not considered dilutive
because the exercise of the share options would have an anti-dilutive effect.
The basic and diluted earnings per share as presented on the face of the
income statement are therefore identical.
7 Events after the reporting date
The Company has evaluated all events and transactions that occurred after 30
June 2024 up to the date of signing of the financial statements.
The Company believes there are no reportable events post reporting date.
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