REG - GENinCode PLC - Half-year Report
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250930:nRSd2986Ba&default-theme=true
RNS Number : 2986B GENinCode PLC 30 September 2025
30 September 2025
GENinCode Plc
("GENinCode", the "Company" or the "Group")
Interim results statement
Strengthening revenues in US, UK and EU
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 2025.
Operational highlights
· Announcement of first ROCA commercial contract with NHS - University
College London Hospitals NHS Foundation Trust ('UCLH') and the North Central
London ('NCL') Cancer Alliance for surveillance of women at high genetic risk
of ovarian cancer
· Increasing US commercial sales of LIPID inCode(®) and CARDIO
inCode-Score(®). Over 40 US clinics and institutions now onboarded for risk
assessment and preventive testing of coronary heart disease
· While disappointing not to have received approval during the period,
CARDIO inCode-Score(®) FDA 'De Novo' Supervisory Review was completed with
agreement of outstanding deficiencies and process to submit additional
information.
· Ongoing discussions with US commercial partners for CARDIO
inCode-Score test distribution
· Inclusion of CARDIO inCode-Score(®) in 2025 US clinical lab fee
schedule
· NHS expansion of LIPID inCode(®) for FH diagnosis in North of
England however, progress has been slower than expected due to the major
strategic, organisational and funding changes across the NHS.
· Growth of LIPID inCode(®) in University Clinic Dresden, Germany for
primary care diagnosis of Familial Hypercholesterolemia (FH)
· Growth of LIPID inCode(®) and THROMBO inCode(®) in Spain and Italy.
CARDIO inCode-Score(®) pilot progressing in Extremadura and Catalonia regions
of Spain
· Presentations at American Society of Preventive Cardiology Annual
Meeting and European Society of Cardiology World Congress on genetic
modulation of cholesterol risk
Financial highlights
• First half revenues increased 15% to £1.60m (30 June 2024: £1.39m), driven
by growth in UK, EU and US
• Successful completion in March of £3.7m (Gross £4.1m) fundraising to support
scale up and expansion
• Adjusted EBITDA loss, excluding unrealised forex loss, of £2.07m (30 June
2024: loss of £2.05m)
• Cash reserves of £2.44m at 30 June 2025 (31 Dec 2024: £1.11m)
Outlook
• Although the Company expects good year-on-year revenue growth, slower than
expected growth in the NHS, due to restructuring, and the delay in FDA
approval means that revenue for the full year is likely to be lower than
expected. Full year revenue is now expected to be £3.3m with similar levels
of cost in the second half.
• Commercial expansion of LIPID inCode® and CARDIO inCode-Score® across the
US, EU and UK markets
• Continue to work on the De Novo submission with FDA of CARDIO inCode-Score
with expectation of submission in Q1.2026
• Expansion of the MVZ Uniklinikum, Germany collaborative programme
• Complete discussions with US commercial partners for CARDIO inCode-Score®
test distribution
• Expansion of CARDIO inCode® commercial pilots in Extremadura and Catalonia
and other regions
• Expand ROCA commercial programme with the NHS and European partners
Matthew Walls, Chief Executive Officer of GENinCode Plc said: "The first half
saw increased revenues across our core markets and progress with the US FDA
regulatory pathway for CARDIO inCode-Score® to accelerate future sales
growth, however funding uncertainty in the NHS and the additional information
required by FDA means that full year revenues will be lower than expected,
albeit a significant increase on the prior year. We continue to expand our
commercial relationships across Europe, whilst increasing our profile and
presence in the US and maintaining tight operational cost control. We are
delighted to announce our first ROCA commercial contract with the NHS
representing a milestone for the surveillance of women at high risk of
familial ovarian cancer."
Analyst briefing
A briefing open to equity research analysts will take place on Thursday, 2
October 2025 at 09.30am BST. To register and for more details please contact
Walbrook PR on genincode@walbrookpr.com (mailto:genincode@walbrookpr.com) .
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 Thursday, 2 October at 11:00am 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 (Corporate Finance)
Nigel Birks (Life Sciences Specialist Sales)
Harriet Ward (Corporate Broking)
Dale Bellis / Michael Johnson (Sales)
Walbrook PR Limited
Anna Dunphy / Paul McManus/ Marcus Ulker Tel: 020 7933 8780 or genincode@walbrookpr.com
(mailto:genincode@walbrookpr.com)
About GENinCode:
GENinCode Plc is a UK based company specialising in genetic risk assessment
and prevention of cardiovascular disease and risk of ovarian cancer.
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 in vitro diagnostic molecular tests
combine clinical algorithms and AI bioinformatics to provide advanced patient
risk assessment to predict and prevent cardiovascular disease, while the
ROCA® test delivers an innovative approach for the early detection and risk
assessment of ovarian cancer.
For more information, visit www.genincode.com
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.genincode.com%2F&data=05%7C02%7Ccatherine.nestor%40nhs.net%7C7e6421d95ddd4acd150a08ddd9924a32%7C37c354b285b047f5b22207b48d774ee3%7C0%7C0%7C638905944526653045%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=DIEFicomE5hgaC49eIGIIrV%2BeGgOMEr0XnmX%2FdnjFJE%3D&reserved=0)
and for the ROCA Test, www.therocatest.co.uk
(https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.therocatest.co.uk%2F&data=05%7C02%7Ccatherine.nestor%40nhs.net%7C7e6421d95ddd4acd150a08ddd9924a32%7C37c354b285b047f5b22207b48d774ee3%7C0%7C0%7C638905944526681319%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=C%2FL5p8VYdZu0ZsllBcwWNKaLE4QcM8VDD1vmlhlNkGA%3D&reserved=0)
Chief Executive's Statement
On behalf of the Board, I am presenting the interim results statement for the
six-month period ended 30 June 2025 for GENinCode Plc. This statement provides
a summary of progress over the first half of the 2025 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 prevention of CVD which accounts for
around 18 million deaths annually, representing approximately 31 per cent. of
all deaths worldwide. CVD is the leading cause of death globally with the
disease cost estimated 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 simple 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
The first half of 2025 has seen revenues increase 15% over the prior period to
£1.60m (H1 2024: £1.39m). Sales growth, net of increased operating costs,
gave rise to an Adjusted EBITDA loss, excluding unrealised foreign exchange
movements, of (£2.07m) (H1 2024: (£2.05m)), reflecting the strengthening
revenues, improving margins and containment of operating costs. The Company
successfully completed a net fundraising of £3.70m in March 2025.
The first half saw increased test volumes with US healthcare institutions. We
now have 40 clinics and hospital institutions who have onboarded to our SITAB
system to purchase tests for the diagnosis of familial (inherited)
hypercholesterolemia and risk assessment of coronary heart disease. Over the
period we extended our onboarding programme by starting educational webinars
on the clinical value of our polygenic test portfolio. We expect continued
strengthening of US revenues over the second half as we expand our commercial
programme and release further clinical publications to advise physicians on
the importance of genetics in preventive cardiology.
The US Food and Drug Administration (FDA) completed its Supervisory Review of
the CARDIO inCode-Score® De-Novo submission and reconsideration of its April
2025 assessment. While the number of the outstanding deficiencies was reduced,
the review upheld the FDA's prior view that there remained some outstanding
areas requiring further data, primarily in relation to clinical validation.
Over the past month we have agreed the detail of these outstanding areas.
Discussions with the FDA have been productive and progressive. The Board
remains of the view that there is a clear path forward to provide the
remaining information to remove these deficiencies and obtain De-Novo
classification and hopes to submit this information in Q1 2026. Approval of
CARDIO inCode-Score® would 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.
As part of our collaboration with Kaiser Permanente, we announced further
CARDIO inCode-Score® publications on multi-ethnic patient populations with
presentations at American Society of Preventive Cardiology in July and the
European Society of Cardiology World Congress in August. These important
publications and presentations are based on real world data (US patient
medical records), providing increasing clinical support for the recent AHA
scientific statements for the inclusion of polygenic 'lifetime' risk
assessment for prevention of coronary heart disease in US ACC/AHA Preventive
Care guidelines.
In the UK, we continued to progress our NHS commercial collaboration to
improve diagnosis and turnaround time for testing of Familial
Hypercholesterolemia (FH) and prevention of heart disease at reduced cost to
the NHS. The LIPID inCode® implementation in the North-East and North-Cumbria
(Newcastle) has now resulted in GENinCode processing approximately 2,800 FH
tests during the 24 months it has been in operation enabling the region to
meet the NHS 10 Year Plan. Importantly, the region is the only region in NHS
England that is meeting the NHS 10 Year Plan for FH testing. FH genetic
testing is critically important to diagnose patients in the population who are
at high risk of heart disease and from these tests over 500 positive FH
patients have been identified and diagnosed.
https://thehealthinnovationnetwork.co.uk/case_studies/genomic-testing-for-cardiovascular-conditions/
(https://thehealthinnovationnetwork.co.uk/case_studies/genomic-testing-for-cardiovascular-conditions/)
. Whilst we have made great progress to support the NHS for FH diagnosis and
CVD prevention, future progress is now being slowed by the major strategic,
organisational and funding changes across the NHS.
There is continuing and growing demand for LIPID inCode® in Spain and Italy
and for the introduction of THROMBO inCode(®) in public hospital labs.
We are progressing the CARDIO inCode-Score® pilot studies in the Spanish
regions of Catalonia and Extremadura and have tested 900 individuals with
preliminary results under review. The Extremadura region has a population of
approx. one million, with an estimated 50,000 individuals at risk of a
cardiovascular event, e.g. heart attack. The Catalonia region has a population
of approx. 7.7 million, with an estimated 476,000 individuals at risk of a
cardiovascular event. CARDIO inCode-Score® is expected to change clinical
practice by identifying those individuals at high genetic risk and improving
preventative treatment.
Our collaboration with University Clinic Dresden for LIPID inCode® continues
to build 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
elevated levels of cholesterol and it is estimated that over a quarter of a
million of these cases relate to FH.
Following the NICE recommendation of our Risk of Ovarian Cancer Algorithm
("ROCA") test post period end, we announced a collaboration with University
College London Hospitals NHS Foundation Trust (UCLH) and the North Central
London (NCL) Cancer Alliance, which become the first hospital trust in the
country to provide the Risk of Ovarian Cancer Algorithm (ROCA) surveillance
test service as part of its Familial Cancer Clinic. The service, in line with
NICE guidance, is for women who have a high risk of ovarian cancer due to
inherited BRCA1 or BRCA2 gene alterations, who wish to defer preventative
surgery.
Women who carry a cancer-causing variant in the BRCA1 or BRCA2 gene have 44%
and 17% respectively lifetime risks of ovarian cancer ('OC') up to the age of
80 years. Around one in every 400 people carries a cancer-causing variant in
the BRCA1 or BRCA2 gene. They are advised to undergo surgical removal of their
fallopian tubes and ovaries to prevent OC. This remains the safest option for
this group of patients. NICE guidance also recommends that surveillance should
be offered to women who choose to defer surgery to be able to have children
and/or avoid early menopause. UCLH is the first trust in the country to offer
this clinical surveillance on the NHS as part of its Familial Cancer Clinic.
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 broadly by the NHS to all eligible individuals.
Financial review
Revenue for the period was £1.60m (H1 2024: £1.39m), a year-on-year increase
of 15%, with an Adjusted EBITDA loss, excluding unrealised foreign exchange
movements for the period of (£2.07m) (H1 2024: (£2.05m)).
Whilst gross margin was higher at £849k (H1 2024: £730k), administrative
expenses were slightly higher at £2.92m (H1 2024: £2.78m), reflecting
inflationary increases from our suppliers. Share based payments, a non-cash
item, were £123k higher at £266k (H1 2024: £143k).
Revenue
Spain continues to be the largest region for sales and reported a year-on-year
growth of 14%. Sales generated from the UK increased to £383k (H1 2024:
£328k), reflecting increased ROCA sales in the six-month period from £3k to
£51k.
The Group enjoyed further revenue growth in the US and recognised £88k of
LIPID inCode® sales in the period (H1 2024: £71k). The US sales growth is
being closely managed against the working capital requirements for the US
business. Whilst US sales volumes are increasing, the time taken to receive
payment is extended due to medical necessity reviews, claims denials and
appeals by insurers. We are therefore taking a cautious approach to revenue
recognition whilst we establish more secure payment arrangements with
Insurers.
LIPID inCode® continues to be the leading revenue generating product across
the Group, representing 57% of the sales, boosted by the continuing increase
in sales of the product across all territories.
Gross profit
Gross profit was £849k (H1 2024: £730k). The gross profit margin increased
to 53.0% (H1 2024: 52.6%).
Geographically, the gross profit margins generated from Spain decreased
slightly to 45% (H1 2024: 46%) as the Group experienced price increases from
the IDIBGI Girona lab; The Group is now transitioning to an alternative
laboratory test location in Barcelona and we expect margins to recover in H2
2025. The Group benefitted from 73% margins from the UK sales and 68% margins
from the US sales.
Administrative expenses
In H1 2025, administrative expenses increased slightly to £2.92m (H1 2024:
£2.78m). This increase reflects inflationary increases from our suppliers.
Administrative expenses exclude the accounting adjustment for unrealised
currency gains/(losses) from translation of intercompany loans arising from
the US and Spain operations. This non-cash item saw a significant increase
over the period and distorts the overheads line compared to previous periods.
All other operational foreign exchange on day-to-day transactions are included
in the administrative expenses line in the accounts.
Operating loss and adjusted earnings before interest tax and depreciation
The Group generated an operating loss of £2.97m (H1 2024: (£2.48m)).
Depreciation and amortisation decreased slightly to £162k (H1 2024: £172k)
and share based payments increased to £266k (H1 2024: £143k) as a result of
new share options having been granted in March 2025 as highlighted below.
As also highlighted above, unrealised foreign exchange movements on
translation of intercompany loans increased significantly in the period, from
(£106k) to (£473k); the loss was mainly due to the strengthening of GBP
against the US Dollar. This charge is a non-cash item and largely reverses in
the 'Exchange difference on translation of foreign operations' line towards
the bottom of the Income Statement.
Tax
The first half included a tax credit of £4k (H1 2024: credit of £8k).
Total comprehensive loss
Total comprehensive loss for the period increased to £2.46m (H1 2024:
(£2.36m)).
Favourable exchange differences arising on translating foreign operations
increased to £500k (H1 2024: £68k); this represents the retranslation of the
rest of the balance sheet (excluding the intercompany balances which are
included in the admin costs as highlighted above).
Non-current assets
The Company has a capitalised property plant and equipment total, net of
depreciation of £120k (31 December 2024: £234k), 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 £108k (31 December 2024: £118k). 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 £166k at 30 June 2025 (31 December 2024: £207k).
IFRS 16 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 reduced from £149k at 30 June 2024 to £0k at 30 June 2025 (31
December 2024: £0k), representing the full impairment of the Abcodia Limited
acquisition 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 £813k at 31 December 2024 to
£1,229k at 30 June 2025; reflecting greater than usual debtor balances in
Spain and the US, partly as a result of higher revenues in the period.
Non-Current Liabilities
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 was recorded at 30 June 2024, representing
the present value of the likely consideration at that time. However, based on
current EBIT projections, the consideration is now likely to be £0k.
Lease liability was £191k at 30 June 2025 (31 December 2024: £147k),
relating to IFRS 16 requiring Right of Use lease liability being recognised.
Current Liabilities
Trade and Other Payables increased from £1.29m at 31 December 2024 to £1.36m
at 30 June 2025, in line with operational growth.
Lease liability was £0k at 30 June 2025 (31 December 2024: £87k), relating
to IFRS 16 requiring Right of Use lease liability being recognised.
Cash flow and working capital
Operating cash outflow decreased from (£3.39m) in H1 2024 to (£3.22m) in H1
2025. The decrease is largely explained by the change in net working capital.
Net cash flows used in investing activities decreased from £60k in H1 2024
to £25k in H1 2025, reflecting decreased expenditure on laboratory equipment
in the UK and US, offset by bank interest income.
Net cash flows from financing activities was £3.68m in the period (H1 2024:
£3.70m). On 3 March 2025, the Company allotted a total of 109,917,666 new
ordinary shares in connection with a fundraising of 3.7 pence per share; a net
amount of £3.68m was raised (gross: £4.1m).
As a result of the above activities there was an overall increase in cash and
cash equivalents of £1.33m from £1.11m at 31 December 2024 to £2.44m at 30
June 2025.
Capital structure
On 3 March 2025 the Company issued 109,917,616 shares at a price of 3.7 pence
per share as a result of a fund raising of £4.1m in capital for the Group. A
total of 4,662,162 shares were issued to the Directors of the Group under the
same terms. Following the issue of the shares, the Group had 286,882,042
shares in issue at 30 June 2025.
On 26 March 2025, the Company announced that it had approved and granted (on
21 March 2025) new options over an aggregate of 14,028,305 new ordinary shares
of 1 pence each in the Company to certain directors and employees of the
Company, representing 4.89 per cent. of the Company's existing share capital;
the new options have an exercise price of 3.7 pence per share and are
exercisable on the second anniversary of the date of grant. Following the
grant of the new options, there are options over a total of 32,915,560
ordinary shares in the Company representing 11.5 per cent. of the Company's
existing share capital.
Outlook for second half of 2025
Over the second half of 2025, the Company anticipates strengthening revenues
across its UK, EU and US business primarily from the expansion of LIPID
inCode(®), CARDIO inCode-Score(®) and THROMBO inCode(®). However, slower
than expected growth in the NHS, due to restructuring, and the delay in FDA
approval means that revenue for the full year is likely to be lower than
expected. Full year revenue is now expected to be £3.3m with similar levels
of cost in the second half. We are maintaining tight operational cost control.
With US commercial revenues complementing UK and EU revenues, we remain
focused on educating physicians on the clinical value of our tests and
advancing international revenue growth. Cardiovascular disease (CVD) remains
the leading cause of death globally. With increasing market awareness of
genetic 'lifetime risk' for CVD and healthcare systems focus on 'CVD
prevention' we continue to see growing demand for our tests.
Over the remainder of this financial year, the Company expects to complete the
following key deliverables:
· Build on the year-on-year revenue growth and contain losses
· Commercial expansion of LIPID inCode® and CARDIO inCode® across the
US, EU and UK markets
· Continue to work on the De Novo submission with FDA of CARDIO
inCode-Score with expectation of submission in Q1 2026.
· Complete discussions with US commercial partners for CARDIO
inCode-Score test distribution
· Expansion of the MVZ Uniklinikum, Germany collaborative programme
· Expansion of CARDIO inCode® commercial pilots into Catalonia and
introduction to other regions
· Expand ROCA commercial programme with the NHS and European partners
· Continued strengthening of the commercial, marketing and selling
teams to support revenue growth
We continue to build and strengthen the 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
30 September 2025
GENinCode Plc
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months to 6 months to Year ended
Notes 30-Jun 30-Jun 31-Dec-24
2025 2024
£'000 £'000 £'000
Continuing operations
Revenue 3 1,602 1,389 2,701
Cost of sales (753) (659) (1,275)
Gross profit 849 730 1,426
-
Administrative expenses (2,918) (2,784) (5,657)
(excluding unrealised currency gains/(losses) from translation)
ADJUSTED EBITDA (2,069) (2,054) (4,231)
Depreciation (110) (122) (240)
Amortisation (52) (50) (107)
Share based payment expense (266) (143) (397)
Unrealised currency gain/(loss) from translation (473) (106) (216)
Impairment profit/(loss) - - (149)
Reversal of contingent consideration provision - - 206
Operating Loss (2,970) (2,475) (5,134)
Other Income 25 61 99
Finance charge (22) (23) (48)
Loss on ordinary activities before taxation (2,967) (2,437) (5,083)
Income tax 4 4 8 649
Loss after taxation (2,963) (2,429) (4,434)
Other comprehensive (expense) / income
Items that will not be reclassified to profit or loss:
Exchange differences arising on translating foreign operations 500 68 132
Other comprehensive (expense) / income for the period/year, net of income tax 500 68 132
-
Total comprehensive loss for the period/year (2,463) (2,361) (4,302)
Loss per ordinary share attributable to
the owners of the parent during the period/year 6 Pence Pence Pence
Basic (1.19) (1.37) (2.53)
Diluted (1.19) (1.37) (2.53)
GENinCode Plc
Consolidated Statement of Financial Position
As at 30 June 2025
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
Notes 2025 2024 2024
£'000 £'000 £'000
Non-current assets
Intangible assets 108 128 118
Property, plant & equipment 120 305 234
Right of use asset 166 242 207
Goodwill - 149 -
Total non-current assets 394 824 559
Current assets
Inventories 95 79 126
Trade and other receivables 1,229 805 813
Financial assets 65 38 55
Cash and cash equivalents 2,438 2,915 1,110
Total current assets 3,827 3,837 2,104
Total Assets 4,221 4,661 2,663
Equity
Share capital 5 2,869 1,770 1,770
Share premium 21,126 18,482 18,483
Foreign currency translation reserve 677 113 177
Share based payment reserve 899 389 643
Retained earnings (22,908) (17,940) (19,946)
2,663 2,814 1,127
Liabilities
Non-current liabilities
Lease liability 191 180 147
Contingent consideration - 191 -
Current liabilities
Trade and other payables 1,360 1,378 1,290
Lease liability - 81 87
Deferred tax 7 17 12
Total liabilities 1,558 1,847 1,536
Total equity and liabilities 4,221 4,661 2,663
GENinCode Plc
Consolidated Statement of Cash Flows
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30-Jun 30-Jun 31-Dec
2025 2024 2024
Notes £'000 £'000 £'000
Cash flows from operating activities
Loss before taxation (2,968) (2,437) (5,083)
Adjustments for: -
Impairment loss - - 149
Reversal of contingent consideration provision - - (206)
Depreciation and amortisation 162 172 347
Share based payment charge 254 143 397
Finance charge 22 23 48
Bank interest income (25) (61) (99)
Operating loss before working capital changes (2,555) (2,160) (4,447)
Cash used in operations
Decrease / (Increase) in trade and other receivables (959) (231) (231)
(Decrease) / Increase in trade and other payables 272 (1,005) (1,077)
Decrease/(Increase) in inventory 35 4 (42)
Decrease/(Increase) in financial assets (8) 3 (13)
Income taxes received - - 637
Net cash outflow from operating activities (3,215) (3,389) (5,173)
Investing activities
Purchase of property, plant and equipment - (1) (49)
Bank interest income 25 61 99
Net cash flows used in investing activities 25 60 50
Financing activities
Movement in lease liability (65) (48) (98)
Proceeds from share issue 3,743 3,744 3,743
Net cash flows from financing activities 3,678 3,696 3,645
Net change in cash and cash equivalents 488 367 (1,478)
Cash and cash equivalents at the beginning of the period/year 1,110 2,484 2,484
Movement in retranslation 840 64 104
Cash and cash equivalents at the end of the period/year 2,438 2,915 1,110
GENinCode Plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
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 2024 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 2025 - - - - (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 based payments - - - 254 - 254
Other comprehensive income - - 64 - - 64
Loss for the six months ended 30 June 2025 - - - - (2,005) (2,005)
Issue of ordinary shares -
Balance at 31 December 2024 1,770 18,482 177 643 (19,945) 1,127
Share based payments - - - 256 - 256
Other comprehensive income - - 500 - - 500
Loss for the six months ended 30 June 2025 - - - - (2,963) (2,963)
Issue of ordinary shares 1,099 2,644 - - - 3,743
Balance at 30 June 2025 2,869 21,126 677 899 (22,908) 2,663
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.
GENinCode Plc
Notes to the Consolidated Financial Statements
For the six months ended 30 June 2025
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 2024,
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 2025.
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-25 30-Jun-24 31-Dec-24
£'000 £'000 £'000
Spain 1,049 912 1,897
UK 346 304 588
Italy 78 71 0
US 88 71 143
Germany 37 24 73
France - 1 -
Rest of World 4 6 -
1,602 1,389 2,701
GENinCode Plc
Notes to the Consolidated Financial Statements (cont.)
For the six months ended 30 June 2025
4 Taxation
6 months to 6 months to 12 months to
Income taxes recognised in profit or loss 30-Jun-25 30-Jun-24 31-Dec-24
£'000 £'000 £'000
Deferred tax
Accelerated capital 5 8 12
allowances
Total tax (charge)/credit 5 8 12
5 Share capital
Issued share capital comprises 30-Jun-25 30-Jun-24 31-Dec-24
£'000 £'000 £'000
286,882,042 Ordinary shares of £0.01 each 2,869 1,770 1,770
As at 4(th) March 2025 the company issued 109,917,616 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-25 30-Jun-24 31-Dec-24
£'000 £'000 £'000
Basic and diluted loss per share
Loss after tax (£) (2,963) (2,361) (4,434)
Weighted average number of shares 249,022 172,929 175,023
Basic and diluted loss per share (pence) (1.19) (1.37) (2.53)
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 2025 up to the date of signing of the financial statements.
The Company believes there are no reportable events post reporting date.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR EAPNNAFSSEFARecent news on Genincode
See all newsREG - GENinCode PLC - Half-year Report
AnnouncementREG - GENinCode PLC - NHS (UCLH) Risk of Ovarian Cancer (ROCA) launch
AnnouncementREG - GENinCode PLC - Holding(s) in Company
AnnouncementREG - GENinCode PLC - Stmnt re Share Price Movement
AnnouncementREG - GENinCode PLC - Notice of Results
Announcement