REG - Hemogenyx Pharma Plc - Half-year Report
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RNS Number : 2914B Hemogenyx Pharmaceuticals PLC 30 September 2025
30 September 2025
Hemogenyx Pharmaceuticals plc
("Hemogenyx Pharmaceuticals" or the "Company")
Half-year Report
Interim Results for the period ended 30 June 2025
Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical group
developing therapies designed to transform blood disease treatment, whose
Shares are admitted to the equity shares (transition) category of the Official
List, announces its unaudited interim results for the six-month period ended
30 June 2025.
All financial amounts are stated in GBP British pounds unless otherwise
indicated.
Key Highlights
· First-in-human treatment with HG-CT-1 successfully administered.
· Three patients treated to date in Phase I trial; all passed
initial safety evaluations with encouraging early signs of efficacy.
· FDA accepted Annual IND report for HG-CT-1.
· Pediatric expansion of the Phase I trial cleared by FDA following
protocol amendment.
· £2.24 million raised in H1 2025 to support ongoing clinical
development.
Fuller details of these developments are contained in the Interim Management
Report below.
Interim Management Report
We are pleased to present the Hemogenyx Pharmaceuticals half year report for
the period ended 30 June 2025. The first half of 2025 has been one of steady
and meaningful progress. Our principal focus remains the clinical development
of HG-CT-1, our fms-like tyrosine kinase 3 ("FLT3")-targeted autologous CAR-T
cell therapy for the treatment of relapsed or refractory acute myeloid
leukaemia ("R/R AML"). Alongside advancing this programme, we have recently
strengthened our operational and manufacturing foundations while reducing our
operating costs, secured grant and financing support, and positioned the
Company for potential early revenue generation under an innovative regulatory
framework.
Our mission remains clear: to develop and deliver transformative therapies for
patients with life-threatening blood cancers while creating sustainable value
for our shareholders.
Clinical developments
The Phase I clinical trial of HG-CT-1 in adult R/R AML patients has been our
principal focus. During the first half of the year we treated the second adult
patient and confirmed in June that both the first and second patients had
successfully passed their initial safety evaluations.
Since the close of the reporting period, we have continued to build momentum,
and with the third adult patient being treated in August, thereby completing
the first adult dose cohort. We reported that this patient had passed the
initial safety evaluation and, importantly, that early signs of clinical
efficacy were observed. Leukemic cells were no longer detectable by standard
assays, providing the first clear evidence that HG-CT-1 is beginning to
deliver therapeutic benefit.
These achievements reinforced the emerging safety profile of HG-CT-1 at the
opening dose level and provided the foundation for continued enrolment.
The safety data from the first three patients will now be submitted to the
independent Data Safety Monitoring Board ("DSMB"), which will determine
whether the trial can progress to the next dose level. Subject to DSMB
approval, we will proceed into dose escalation, a critical milestone in
defining both the safety and therapeutic potential of HG-CT-1.
During the reporting period we have also prepared to broaden the scope of the
trial. A paediatric protocol amendment was submitted in May, and in June
regulatory clearance was obtained to initiate a paediatric expansion of the
study. This development reflects our determination to address the particularly
acute unmet need in childhood AML.
Operational and manufacturing progress
Clinical progress must be matched by operational readiness. To that end, we
have entered into a strategic manufacturing partnership with Made Scientific,
a US-based contract development and manufacturing organisation, to support
technology transfer and scale-up of HG-CT-1 production. This partnership
enhances both our capacity and resilience in manufacturing.
During the reporting period we also secured a US$120,000 G-Rex® grant to
optimise and scale CAR-T production, supporting efficiency and
cost-effectiveness as the programme expands.
These steps are designed to ensure that Hemogenyx Pharmaceuticals can meet the
growing demands of its clinical trial and be well prepared for potential
commercialisation.
Potential revenue opportunity
A significant post-period corporate development has been the signing of a
letter of intent ("LOI") with Cellin Technologies OÜ ("Cellin"), a leading
Estonian cell therapy company. This agreement contemplates the
commercialisation of HG-CT-1 under Estonia's recently amended hospital
exemption pathway for advanced therapy medicinal products.
The pathway permits the clinical use of certain advanced therapy medicinal
products that have not yet received full marketing authorisation, provided
that they are manufactured for and administered within a hospital setting.
This collaboration with Cellin represents Hemogenyx Pharmaceutical's first
potential near-term revenue opportunity for HG-CT-1, while also offering the
prospect of gathering valuable real-world patient data alongside our ongoing
clinical trial.
The Board views this agreement as an important strategic complement to our
Phase I programme; it provides a pathway to early commercial uptake in Europe,
strengthens international partnerships, and demonstrates the versatility of
HG-CT-1 as both a clinical and potentially commercial asset.
Financial Results
During the six months ended 30 June 2025, the Group recorded a loss before
taxation of £5,006,415 (2024: £2,815,604 loss), including operating costs of
£4,819,980 (2024: £2,691,140). For further comparison, the operating costs
for the twelve months to 31 December 2024 were £6,465,846. The increase in
costs for the period ended 30 June 2025 compared to the same period in 2024 is
primarily due to an unfavourable movement in the UK sterling and US dollar
exchange rate, which accounted for a variance of approximately £2,241,905.
Research and development expenditure was broadly consistent year-on-year, with
continued investment in the Phase I clinical trial of HEMO-CAR-T and related
development activities.
The outsourcing of manufacture is now more economical than in-house
manufacturing and the steps we have taken are now having a significant impact
on our operating costs.
The Company had cash and cash equivalents totalling £226,727 as of 30 June
2025.
The Company raised £2.24 million (before expenses) during H1 and has raised a
further £2.2 million post period end.
Path forward
Our priorities for the remainder of 2025 are clear:
1. DSMB review and dose escalation; submit the combined data from the
first three patients to the DSMB and, subject to its approval, advance into
the next dose cohort.
2. Paediatric expansion; operationalise the regulatory clearance to
initiate enrolment of paediatric patients with AML.
3. Manufacturing scale-up; progress technology transfer with Made
Scientific and deploy the G-Rex® grant to strengthen manufacturing efficiency
and scalability.
4. Revenue optionality; finalise discussions with Cellin to define and
implement a framework for HG-CT-1 supply under the Estonian hospital exemption
pathway, balancing patient access with early revenue generation.
5. Financial discipline; continue to manage resources prudently, aligning
financing decisions with clinical and corporate milestones.
Conclusion
The first half of 2025 has confirmed both the safety and the promise of
HG-CT-1. The successful treatment of three adult patients at the lowest dose
level, together with the first signals of clinical efficacy, mark a pivotal
stage in the Company's development. With DSMB review and dose escalation
moving ahead, and with preparations for paediatric expansion under way, the
clinical pathway is well defined.
At the same time, the Company has built resilience through strengthened
manufacturing partnerships, secured targeted grant support, and taken a
pragmatic approach to financing. Importantly, the LOI with Cellin opens the
possibility of early revenue generation in Europe, alongside the collection of
meaningful patient data in a real-world setting.
We enter the second half of 2025 with momentum and with confidence. Our
mission remains to deliver life-changing therapies to patients with acute
unmet needs, while building long-term value for our shareholders.
On behalf of the Board, I wish to thank our staff, directors, collaborators,
and shareholders for their continued support.
Marc Feldmann
Chairman
30 September 2025
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.
Enquiries:
Hemogenyx Pharmaceuticals plc https://hemogenyx.com (https://hemogenyx.com/)
Dr Vladislav Sandler, Chief Executive Officer & Co-Founder headquarters@hemogenyx.com (mailto:headquarters@hemogenyx.com)
Peter Redmond, Director peter.redmond@hemogenyx.com (mailto:peter.redmond@hemogenyx.com)
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Matthew Johnson, Vadim Alexandre, Adam Cowl
Peterhouse Capital Limited Tel: +44 (0)20 7469 0930
Lucy Williams, Duncan Vasey, Charles Goodfellow
Condensed Consolidated Interim Statement of Comprehensive Loss for the six
months ended 30 June 2025
6 months to 6 months to
Continuing Operations Note 30 June 2025 Unaudited 30 June 2024 Unaudited
£ £
Revenue - -
Administrative Expenses (2,264,292) (2,487,975)
Foreign Exchange Gain/(Loss) (2,241,905) 118,520
Depreciation (313,783) (321,685)
Other Losses (66,552) -
8
Operating Loss (4,886,532) (2,691,140)
Finance Income 6 17,328
Finance Costs (119,889) (141,792)
Loss before Taxation (5,006,415) (2,815,604)
Loss attributable to:
- Equity owners (5,004,171) (2,812,832)
- Non-controlling interests (2,244) (2,772)
Loss for the period (5,006,415) (2,815,604)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation of foreign operations 2,057,106 (102,482)
Total comprehensive income for the period (2,949,309) (2,918,086)
Total comprehensive income attributable to:
- Equity owners (2,947,065) (2,915,314)
- Non-controlling interests (2,244) (2,772)
Basic and diluted earnings (per share) 5 (0.833) (0.951)
Condensed Consolidated Interim Statement of Financial Position as at 30 June 2025
As at As at
30 June 2025 31 December 2024
Note Unaudited Audited
Assets £ £
Non-current assets
Property, plant and equipment 6 588,209 759,408
Security deposit 156,773 167,888
Right of use asset 10 1,604,440 1,967,813
Intangible asset 182,025 477,403
Total non-current assets 2,531,447 3,372,512
Current assets
Trade and other receivables 343,086 679,783
Cash and cash equivalents 226,727 159,265
Total current assets 569,813 839,048
Total assets 3,101,260 4,211,560
Equity and Liabilities
Equity attributable to shareholders
Paid-in Capital
Called up share capital 7 45,935 35,045
Share premium 7 22,927,060 21,388,546
Deferred share capital 7 13,983,115 13,983,115
Warrants reserve 9 - -
Other reserves 1,508,572 1,508,572
Reverse asset acquisition reserve (6,157,894) (6,157,894)
Foreign currency translation reserve 1,621,151 (435,955)
Retained Earnings (34,428,086) (29,423,915)
Equity attributable to owners of the Company 897,514
(500,147)
Non-controlling interests (46,264) (44,020)
Total Equity (546,411) 853,494
Liabilities
Non-current liabilities
Lease liabilities 1,789,831 2,199,413
10
Derivative financial instruments 535,046 -
8
Current liabilities 2,324,877 2,199,413
Trade and other 909,279 734,980
payables
Lease 413,515 423,673
liabilities
10
Total Current Liabilities 1,322,794 1,158,653
3,647,671 3,358,066
Total Liabilities
Total equity and liabilities 3,101,260 4,211,560
The 2025 comparatives are the audited consolidated group accounts for the year
ended 31 December 2024 as published on 25 April 2025.
Condensed Consolidated Interim Statement of Changes in Equity for the six months ended 30 June 2025 and 30 June 2024
Called up Share Capital Share Premium Foreign currency translation reserve Retained earnings Total Equity
Deferred Reverse acquisition reserve Non-
Share Other reserves Controlling interests
capital
£ £ £ £
£ £ £ £ £
As at 1 January 2024 19,938,556 (6,157,894)
11,755,660 - 1,164,637 (77,496) (23,804,734) (37,723) 2,781,006
Loss in period - - (2,812,832) (2,815,604)
- - - - (2,772)
Other Comprehensive Income - - -
- - - (102,482) - (102,482)
Total comprehensive income for the period - - (26,617,566)
(2,918,086)
- - - (179,978) (2,772)
Issue of shares 1,662,500 1,662,500 - - - - - - 3,325,000
Cost of capital - (164,510) - - - - - - (164,510)
Issue of options - - - - - - - - -
As at 30 June 2024 13,418,160 21,436,546 (26,617,566) 3,023,410
(Unaudited) - 1,164,637 (6,157,894) (179,978) (40,495)
As at 1 January 2025 35,045 21,388,546 (29,423,915) 853,494
13,983,115 1,508,572 (6,157,894) (435,955) (44,020)
Loss in period - - (5,004,171) (5,006,415)
- - - - (2,244)
Other Comprehensive Income - - -
- - - 2,057,106 - 2,057,106
Total comprehensive income for the period - - (5,004,171) (2,949,309)
- - - 2,057,106 (2,244)
Issue of shares 9,940 1,473,267 - - - - - - 1,767,257
Cost of capital - (218,803 - - - - - (218,803)
-
Issuance of convertible loan notes - 284,050 - - - - - 950
950
Conversion of convertible loan notes 950 - - - - - - -
(950)
As at 30 June 2025 45,935 22,927,060 (34,428,086) (546,411)
13,983,115 1,508,572 (6,157,894) 1,621,151 (46,264)
Condensed Consolidated Interim Statement of Cash Flows for the six months
ended 30 June 2025
6 months to 6 months to
30 June 2025 30 June 2024
Group Note Unaudited Unaudited
£ £
Cash flows generated from operating activities
Loss for the period (5,006,415) (2,815,604)
Depreciation 6, 10 313,783 321,685
Foreign exchange gain 3,464 (14,630)
Interest income (6) (17,328)
Interest expense 10 119,889 141,792
Change in fair value of derivative liabilities 66,552 -
Changes in right of use asset and lease liability, net 136,773 -
(Decrease)/increase in trade and other payables 305,011 (65,400)
Decrease/(increase) in trade and other receivables 97,799 (17)
Decrease/(Increase) in prepaid and deposits 179,941 98,682
Net cash outflow used in operating activities (3,783,209) (2,350,820)
Cash flows generated from financing activities
Proceeds from issuance of shares, net of direct costs 7 2,017,898 3,160,490
Payment of lease liabilities 10 (345,832) (317,872)
Net cash flow generated from/(used in) financing activities 1,672,066 2,842,618
Cash flows generated from investing activities
Interest income 6 17,328
Security deposit (4,007) -
Intangible assets 267,969 -
Purchase of property, plant & equipment 6 (3,921) -
Net cash flow generated from investing activities 260,047 17,328
Net increase (decrease) in cash and cash equivalents (1,851,096) 509,126
Effect of exchange rates on cash and cash equivalents 1,918,558 (113,965)
Cash and cash equivalents at the beginning of the period 159,265 1,247,601
Cash and cash equivalents at the end of the period 226,727 1,642,762
Notes to the Condensed Consolidated Interim Financial Statements
1. General Information
The Group's business is preclinical-stage biotechnology focused on the
discovery, development and commercialisation of new medicines and treatments
to treat blood and autoimmune diseases as well as certain viral infections.
The products under development are designed to address a range of problems
that occur with the current standard of care treatments.
The Company's registered office is located at 6 Heddon Street, London, W1B
4BT, and the Company's shares are listed on the main market of the London
Stock Exchange.
2. Interim financial information
The condensed consolidated interim financial statements are for the six-month
period ended 30 June 2025. The condensed consolidated interim financial
statements do not include all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December 2024, which
were prepared under International Financial Reporting Standards (IFRS).
The condensed consolidated interim financial statements have not been audited,
nor have they been reviewed by the Group's auditors under ISRE 2410 of the
Auditing Practices Board. These condensed consolidated interim financial
statements do not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The Group's statutory financial statements for the
year ended 31 December 2024 prepared under IFRS have been filed with the
Registrar of Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under Section 498(2) of the
Companies Act 2006.
3. Basis of preparation and changes to the Group's Accounting Policies
The principal accounting policies applied in the preparation of these
consolidated interim condensed financial statements are set out below. These
policies have been consistently applied to all the periods presented, unless
otherwise stated.
Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting'. The accounting policies
adopted in this report are consistent with those of the annual financial
statements for the year to 31 December 2024 as described in those financial
statements. Several new or amended standards became applicable for the current
reporting period, but they did not have any impact on the group's accounting
policies and did not require retrospective adjustments.
Going Concern
The preparation of interim financial statements requires an assessment on the
validity of the going concern assumption.
During the period to 30 June 2025, the Company raised additional funds through
a series of equity financings, including the allotment of new ordinary shares
and the issuance of convertible loan notes and warrants, providing gross
proceeds of approximately £2,236,700. The proceeds raised were used to enable
the Company to progress towards the testing of HEMO-CAR-T in patients in Phase
I clinical trials and to provide continuing working capital for the Company's
operations. A small portion of the funds were used for the development of the
Company's other product candidates, including the necessary maintenance and
prosecution of the Company's patent applications.
Despite raising further funding of £2,215,799 post period end, the Directors
expect that the Group will have a funding shortfall to enable it to complete
its Phase I trials of HEMO-CAR-T and will require additional working capital
within the next 12 months in order to be able to continue its product
development activities, focusing on HEMO-CAR-T. There can be no assurance that
either the funding shortfall will be addressed in whole or in part, neither is
there an assurance that the Group will have access to any financing on terms
which are acceptable, or at all, in which case the Group's product development
activities would have to cease and the Company would no longer be adequately
capitalised. In those circumstances the Directors would have to consider an
orderly wind down of the Company which may include, in the absence of any
other alternative, a liquidation of the Company.
To the extent that the Company raises additional funds by issuing equity
securities, the Company's shareholders may experience dilution. Any debt
financing, if available, may involve restrictive covenants.
At present, and as mentioned above, the Company has insufficient working
capital for its foreseeable requirements over the 12 months from the date of
these interim results. However, the Directors believe that the Company will be
able to access additional financing. The Directors, therefore, have made an
informed judgment, at the time of approving these financial statements that
the Company will be able to raise sufficient funds to continue in operation
for the foreseeable future. As a result, the Directors have continued to adopt
the going concern basis of accounting in preparing these interim financial
statements.
Segmental Reporting
The Group's operations are located in New York, USA, the parent company is a
public company which is administered in the United Kingdom. The main assets of
the Group, cash and cash equivalents, are held primarily in the United Kingdom
and the United States, while the fixed assets and right of use assets are held
in the United States. The Board ensures that adequate amounts are transferred
internally to allow all companies to carry out their operations on a timely
basis.
The Group currently has one reportable segment: a biotechnology business
focused on the discovery, development and commercialisation of blood diseases
such as AML and autoimmune diseases, and certain viral infections.
Accounting Policies
The accounting policies, presentation and methods of computation applied by
the Group in these condensed interim financial statements are the same as
those applied by the Group in its consolidated financial information in its
2024 Annual Report and Accounts, with the exception of the following policies;
Equity instruments
Share warrants issued to third parties for their participation in equity
fundraises meet the equity classification under IAS 32. Such warrants are
recognised within equity together with the related share proceeds, and are not
subsequently remeasured.
Derivative financial instruments
Derivatives embedded in hybrid contracts with hosts that are not financial
assets within the scope of IFRS 9 (e.g. financial liabilities) are treated as
separate derivatives when they meet the definition of a derivative, their
risks and characteristics are not closely related to those of the host
contracts and the host contracts are not measured at FVTPL. If the hybrid
contract is a quoted financial liability, instead of separating the embedded
derivative, the Company generally designates the whole hybrid contract at
FVTPL.
New and amended accounting standards and interpretations
The new standards, described below, will be adopted by the Group when
effective, and have had no impact on these half yearly results.
On 12 February 2021 the IASB issued an amendment to IAS 1 concerning
accounting policy disclosures, and an amendment to IAS 8 concerning the
definition of accounting estimates. On 7 May 2021 the IASB issued an amendment
to IAS 12 concerning deferred tax related to assets and liabilities arising
from a single transaction. The Company does not expect a material impact from
the application of these two amendments, which are effective for annual
reporting periods beginning on or after 1 January 2024. The Company adopted
these amendments as required, and the impact was not material.
4. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in conformity with International
Financial Reporting Standards requires the use of certain critical accounting
estimates. It also requires management to exercise its judgement in the
process of applying the Company's accounting policies. Actual results may
differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Group's accounting policies and
the key sources of estimation uncertainty were the same as those applied to
the consolidated financial statements for the year ended 31 December 2024,
with the exception of the following;
(a) Valuation of derivative liabilities
In May and June 2025 the Company issued a combined total of 500,000 warrants
to an investor as part of a fundraise exercise. The warrants are exercisable
for a period of 36 months (the "Exercise Period") were issued with an exercise
price of £2.70 (the "Exercise Price") which is subject to adjustment in
certain circumstances, including a reset of the Exercise Price if the Company
completes a share issuance (or other transaction granting rights to subscribe
for equity securities) during the Exercise Period at a price lower than the
Exercise Price.
The method of exercise has been deemed to contain derivative elements due to
the adjustment feature. As such the directors have designated warrants on
inception as a derivative instrument that is fair valued through profit or
loss.
The fair value of the warrants at inception and as at the reporting date of 30
June 2025 have been established using the Monte Carlo valuation method.
5. Earnings per share
Basic and fully diluted earnings per share are calculated by dividing the loss
for the six months from continuing operations of £2,949,309
(six months to 30 June 2024: £2,918,086 loss) attributable to equity owners
of the Group by the weighted average number of ordinary shares in issue during
those periods of 3,535,918 and 3,067,252 respectively.
Diluted loss per Ordinary Share equals basic loss per Ordinary Share as, due
to the losses incurred in the six months to 30 June 2025 and six months to 30
June 2024, there is no dilutive effect from the subsisting share options and
warrants.
On 9 December 2024 the Company undertook a capital restructure. As such, the
weighted average number of ordinary shares outstanding as at 30 June 2024 has
been adjusted for the proportionate change in the number of ordinary shares
outstanding as if the event had occurred at the beginning of the earliest
period presented.
6. Property, Plant and Equipment
During the six months ended 30 June 2025, the Group acquired assets with a
cost of £3,921 (six months ended 30 June 2024: £nil) and incurred
depreciation expense of £113,869 (six months ended 30 June 2024: £116,804).
7. Issued capital
Deferred Shares Ordinary Shares Deferred share capital Called up share capital Share premium
£
£ £
As at 31 December 2024 1,401,815,988 3,504,540 13,983,115 35,045 21,388,546
Issue of shares - 994,000 - 9,940 1,941,761
Derivative liability - - - - (468,494)
Conversion of convertible loan notes - 95,000 - 950 284,050
Share issuance costs - - - - (218,803)
As at 30 June 2025 1,401,815,988 4,593,540 13,983,115 45,935 22,927,060
During the six months ended 30 June 2025, the Company issued 994,000 new
ordinary shares through subscription agreements and a further 95,000 ordinary
shares upon the automatic conversion of convertible loan notes. In connection
with these financings, the Company also issued warrants (see Note 9).
8. Derivative financial instruments
During the six months ended 30 June 2025, the Company issued warrants in
connection with equity placings completed in May and June 2025. These warrants
include reset features that preclude equity classification under IAS 32 and
have therefore been recognised as derivative financial instruments at fair
value through profit or loss.
Warrants Warrant liability
£
As at 31 December 2024 - -
Issue of warrants 500,000 468,494
Change in fair value - 66,552
As at 30 June 2025 500,000 535,046
At 30 June 2025, 500,000 derivative-classified warrants were outstanding.
These include 250,000 warrants issued with the May 2025 placing, exercisable
at £1.80 per share and expiring in May 2028, and 250,000 warrants issued with
the June 2025 placing, exercisable at £1.80 per share and expiring in June
2028. The warrants are remeasured to fair value at each reporting date, with
changes in value recognised within profit or loss.
The following assumptions and inputs were included in the fair value
calculation;
Stock price £1.53
Annual equity volatility 87.8%
Risk-free rate 3.7%
Term to maturity 2.85 years
Discount rate 15%
9. Share-based payments
Options
During the six months to 30 June 2025, no options were issued to directors or
employees and 15,002 options lapsed during the six months to 30 June 2025.
A schedule of options granted since inception for all plans as at 30 June 2025
is shown below:
Number of options
Members of the Scientific Advisory Board 31,205
Employees, including directors 260,817
Total 292,022
For the six months ended 30 June 2025, the Company did not recognise
share-based payment expense in the statement of profit or loss (30 June 2024:
£343,134).
Warrants
During the six months ended 30 June 2025, the Company issued warrants in
connection with equity subscriptions, placings, and the conversion of
convertible loan notes. These warrants were recognised directly in equity
within the warrant reserve.
Warrants
As at 31 December 2024 -
Issue of warrants 247,000
Issuance of warrants on conversion of convertible loan notes 95,000
As at 30 June 2025 342,000
At 30 June 2025, a total of 342,000 warrants were outstanding. These include
warrants issued with equity subscriptions, placings, and upon conversion of
convertible loan notes during the period. Exercise prices range from £3.50 to
£5.00 per share and expiry dates range from February 2026 to May 2026.
10. Right of use assets and leases
The Group follows IFRS 16 with respect to its leases, whereby the Group
recognises right-of-use assets and lease liabilities for all leases on its
balance sheet. One of the US subsidiaries has an agreement for the lease of
laboratory facilities to which IFRS 16 has been applied.
During the six months ended 30 June 2025, the Group incurred a right of use
asset depreciation expense of £199,914 (six months ended 30 June 2024:
£204,881), incurred lease liability interest expense of £119,889 (six months
ended 30 June 2024: £141,689 ) and made lease payments in the amount of
£345,832 (six months ended 30 June 2024: £369,982 ).
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