REG - LungLife AI, INC - Half-year Report
22/08/2024 07:01
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RNS Number : 3369B LungLife AI, INC 22 August 2024
LungLife AI, Inc.
(the "Company" or "LungLife")
Half-year Report
LungLife AI (AIM: LLAI), a developer of clinical diagnostic solutions for the
early detection of lung cancer, announces its unaudited half-year report for
the six months ended 30 June 2024.
Strong progress with our LungLB® product
· Successful clinical validation of the Company's LungLB® test
following conclusion of the multi-site validation trial. This completes all of
the major milestones set out at the time of the Company's admission to AIM,
including regulatory approval from Clinical Laboratory Improvement Amendments
("CLIA") / New York State Department of Health ("NYSDOH"), obtaining a
reimbursement code, and the securing of a favourable National Medicare price.
Collectively, these achievements lay important foundations for commercial
readiness.
· LungLB® test highlighted at the National Cancer Institute's ("NCI")
Early Detection Research Network meeting, and now included on their list of
biomarker tests available in CLIA-approved laboratories. The recognition from
the NCI raises the profile of the test nationally to physicians searching for
early detection solutions like LungLB®.
· Initial orders for LungLB® have been placed by physicians through
the Early Access Program ("EAP"), and test results have been provided back to
them to help with nodule evaluation and patient care.
· Two abstracts supporting evidence for analytical and clinical
validity of LungLB submitted for presentation at the Association for Molecular
Pathology annual meeting, to be held in November 2024.
· A manuscript detailing the analytical validation of LungLB®
submitted for peer review. Publication of this validation study will form an
important part of our Technical Assessment ("TA") for LungLB® insurance
coverage by public and commercial payors. It provides evidence to physicians
that LungLB® is robust and appropriate for everyday clinical use.
· Post period end, the foundational Local Coverage Determination
("LCD") for indeterminate lung nodules was published in August 2024. Following
this publication, we plan to submit a Technical Assessment for coverage under
the LCD in order to receive payment from Medicare. Having the Foundational LCD
in place provides an accelerated pathway for this process. This is a key step
towards commercialisation for LungLife, having already received a billing code
and established a price of $2,030 per LungLB® test.
Continued operational delivery
· Cost control and headcount restructuring following completion of the
clinical trial allows the Company to focus on commercialisation activities.
· Appointed an advisor with expertise in diagnostics and an extensive
network to assist with the identification of a suitable strategic partner.
· Continued the build of the required infrastructure in order to start
billing for tests.
· Created marketing collateral to engage patients, healthcare
professionals and insurance companies.
· Started the process of contacting commercial payors.
· Fifth internally generated patent application since IPO has entered
PCT phase, the path to providing international protection for the latest
advancements in the Company's technology.
Financial Highlights:
· Cash as of 30 June 2024 of $2.62m (31 December 2023: $2.83m)
· Equity funding in March raising gross proceeds of $2.28m through the
issue of 5,172,621 common shares
· Cash outflow from operating activities of $1.94m (six months to 30
June 2023: $2.70m)
· EBITDA loss of $1.77m (six months to 30 June 2023: $2.78m)
Commenting Paul Pagano, Chief Executive Officer of LungLife, said:
"The successful clinical validation of the LungLB® test and other
achievements in this period reflect our commitment to advancing early
detection of lung cancer and the team remains dedicated to making a
significant impact in this critical area of healthcare.
We are delighted with the increasing recognition for LungLB® as evidenced by
the positive clinician feedback together with the first orders being received
under our Early Access Program. Whilst we progress towards commercialisation,
we are also actively seeking opportunities for a suitable strategic partner
who aligns with our vision and has the capability to accelerate the adoption
of LungLB®."
For further information please contact:
LungLife AI, Inc. www.lunglifeai.com (https://www.lunglifeai.com/)
Paul Pagano, CEO investors@lunglifeai.com
David Anderson, CFO
Investec Bank plc (Nominated Adviser & Joint Broker) Tel: +44 (0)20 7597 5970
Virginia Bull / Lydia Zychowska/ Sara Wallace
Goodbody (Joint Broker) Tel: +44 (0) 20 3841 6202
Tom Nicholson / Cameron Duncan
About LungLife
LungLife AI is a developer of clinical diagnostic solutions designed to make a
significant impact in the early detection of lung cancer, the deadliest cancer
globally. Using a minimally invasive blood draw, the Company's LungLB® test
is designed to deliver additional information to clinicians who are evaluating
indeterminate lung nodules. For more information visit www.lunglifeai.com
(http://www.lunglifeai.com)
CHAIRMAN'S STATEMENT
I am pleased to report on the Company's results for the six months ended 30
June 2024. These demonstrate strong delivery in our mission to be a driving
force in the early detection of lung cancer.
Strategic update
This period is significant in that it marks the start of the next phase of our
company as we look to transition from a clinical-stage company to a commercial
entity.
We started the year delighted to announce the results from our successful
validation of LungLB in our multi-site, prospective clinical study. This very
important milestone marks the completion of all major objectives set out at
the time of Company's admission to AIM in July 2021, including regulatory
approval from CLIA/NYSDOH, obtaining a reimbursement code, and confirmation of
the National Medicare price. Collectively, these achievements lay important
foundations for the Company's commercial readiness.
This shift to a commercial focus brings with it a range of strategic
opportunities which the Board are actively pursuing, including seeking a
potential strategic partner to help us commercialise the LungLB test. To
support the Board in this, we have engaged the services of an advisory firm,
known for its industry expertise and network, to explore strategic avenues for
our company's growth.
In addition, we are working towards creating a direct sales platform and have
launched an Early Access Program building on positive clinician feedback. This
will provide the Company with strategic and commercial flexibility, as well as
allowing us to demonstrate "proof of concept" during any discussions with
potential strategic partners.
Commercialisation readiness
The Company has made progress in readiness for the commercialisation phase
with key highlights in the period including:
· Launched the Early Access Programme. We have already received a small
number of samples through this programme. The response from early adopters is
encouraging and we have been able to incorporate our learnings from the
programme into our ordering and reporting processes with the goal of making
them more streamlined for full commercial launch. As a reminder we do not
currently have the resources for a full launch, and we continue to explore
options including actively seeking a strategic partner.
· To broaden the user base and enhance market penetration, we have
initiated a targeted marketing campaign aimed at smaller hospital centres.
This strategy has already generated a flow of new inquiries, which our limited
team is actively pursuing.
· Submitted our analytical validation report for peer review, which is
an important component of securing coverage from public and private payors.
· Concluded the infrastructure required by the billing provider
necessary to start billing.
· Created a range of marketing collateral to engage patients,
healthcare professionals and insurance companies.
Post period end, the finalised Local Coverage Determination titled "Molecular
Biomarkers for Risk Stratification of Indeterminate Pulmonary Nodules
Following Bronchoscopy" (L39654), was published by the Medicare Administrative
Contractor (MAC) Noridian Healthcare Solutions, LLC, which has jurisdiction
over LungLife's California laboratory. The Medicare coverage criteria are
effective for medical insurance claims with dates of service on or after
September 22, 2024. This enables LungLife to apply for coverage under the LCD
in order to receive payment from Medicare. This is a key step towards
commercialisation for LungLife, having already received a billing code
(allowing clinicians to identify the test) and established a price of $2,030
per LungLB® test.
The next step to obtain Medicare coverage is the preparation of a clinical
dossier and its submission to the Medicare Contractor for Technical Assessment
("TA"). A key part of the TA is the inclusion of peer reviewed publications
which include evidence of clinical utility. As noted above, peer-reviewed
publications have already been made covering the test's health economics and
clinical validity, and the Company also intends to publish the results of its
analytical validity and recent clinical validation study, as well as utility
data derived from the EAP. The nature and scope of the evidence required of
clinical utility is subjective and, as part of the usual process, the Company
will work with its Medicare contractor to define evidence for coverage.
One of the factors determining the nature and scope of the clinical utility
evidence required for coverage is the pathway to the award of an LCD. There
are two possible pathways, a foundational LCD (based on evidence of utility
from an existing diagnostic test) or a specific LCD for LungLB(®)(.) The
main difference between the two is the likely timeframe within which an award
could be granted, with the former (the foundational LCD) being the quicker
option. The other difference between the two pathways could be the nature
and scope of the accompanying clinical utility study required for coverage.
The recently finalized foundational LCD covering indeterminate lung nodules
following non-diagnostic bronchoscopy represents a solid entry point for
LungLB(®) testing, as it further demonstrates an area where clinicians have
limited diagnostic testing options. Medicare is currently examining evidence
that may lead to expansion of coverage criteria, demonstrating the ability of
current Medicare policies and LCDs to be broadened. Additional data, from
LungLife and other test manufacturers, may serve to further expand coverage in
the future.
Clinical validation
The successful validation of LungLB® in our multi-site, prospective clinical
study at the start of the year demonstrated that we have a test with stronger
performance in the most challenging case of smaller nodules detected by CT
scan. This underlines our goal of inverting the current unsatisfactory 20:80
ratio such that in years to come at least 80% of lung cancer is detected
early.
The clinical study enrolled 425 patients across 17 hospital study sites who
were scheduled to receive a lung nodule biopsy, of which 347 provided data
that could be analysed. These results were driven by a 98-patient small
nodules (<15 mm) group, which represent a major challenge to physicians
practicing in lung cancer detection and treatment. When developing a precision
medicine test it is common practice to identify a specific indicated use in
order to maximise the impact on a given patient population, which in turn
helps physicians to know exactly when to use the test. The small nodules group
is the most important indication for LungLB®.
In the study LungLB demonstrated:
· A strong positive predictive value (PPV) of 80% in discriminating
benign from cancerous lung nodules in patients with smaller nodules (<15
mm). Smaller nodules are the most problematic area for early detection and
represent the greatest challenge for physicians. Current clinical standards of
care generate a ~60% PPV, leading to material delays in diagnosis of deadly
cancers.
· This performance in smaller nodules, similarly demonstrated in
LungLife AI's lead-in study published in June 2023, typically represents
earlier detection capability and improved patient outcomes and highlights the
test's consistency.
· The small nodule group in this study is of utmost importance because
it is comprised of ~87% "intermediate" risk nodules, which are the most
challenging to evaluate and diagnose. Previous studies lack sufficient numbers
of intermediate-risk nodules and is the reason why existing diagnostic tools
perform poorly in this group. We believe this will also be of significant
value to physicians.
· In-line with a high percentage of intermediate risk nodules, the test
also outperformed the highly-validated Mayo Risk Model nodule evaluation tool,
which is a commonly used baseline comparator, with an area under the curve
(AUC) of 72% for LungLB® compared to 62% for Mayo.
· The results were also compared to Positron Emission Tomography (PET)
scan, another tool often employed in nodule evaluation clinics. LungLB®
outperformed PET by ~21% (80% vs 67% PPV) in the small nodule group, providing
physicians with a more robust diagnostic tool in this area.
These positive results have been met with favourable clinician reaction as the
team engages with sites regarding participation in our Early Access Program.
Funding
In March 2024, the Company issued 5,172,621 new common shares at a price of 35
pence per share, raising gross proceeds of US$2.28m. This allows us to
establish the commercial proof of concept of the Company's LungLB® test, as
detailed below:
· Funding of evidence generating activities, including the Early Access
Program dependent on the factors noted below, to support reimbursement and
test adoption;
· Increasing expenditure to support engagement with payors and
clinicians, and support the wider need to raise clinical awareness via key
opinion leaders, publications and conferences; and
· Accelerating the commercial pathway by pursuing licensing or other
similar agreements.
In addition to the above, the Company undertook to consider all its strategic
options in order to maximise shareholder value.
Outlook
Following the successful validation of our LungLB test at the start of the
year, we are now actively transitioning into the commercial phase. This is an
exciting time for the Company as we strive to transform the early detection of
lung cancer and continue to deliver on our strategy.
At the time of the fundraise, we set out three priorities: evidence generating
activities, increasing engagement and awareness, and accelerating the
commercial pathway. In keeping with our strong financial discipline, and
reflecting the amount raised, we have significantly reduced our expenditure to
reflect the shift of focus from research towards commercialisation and
reiterate our previous guidance regarding the cash runway into Q2 2025.
On behalf of the Board, I would like to thank our employees, clinical
partners, study participants, professional advisors, suppliers and
shareholders for their continuing support, and we look forward to providing
further updates on progress throughout the current year.
Roy Davis
Chairman
FINANCIAL REVIEW
In March we raised gross proceeds of $2.28m from the issue of 5,172,621
shares. We have implemented significant cost reductions, predominantly through
headcount reductions and are now a smaller team focussed on the key
commercialisation activities. This reflects the Company entering its initial
pre-commercial phase whilst still allowing us the ability to identify a
strategic partner that will help LungLB reach meaningful revenues. In the six
months to 30 June 2024 our cash outflow from operating activities was $1.94m,
down from $2.70m in the comparable period, resulting in a period end total
cash balance of $2.62m.
Our EBITDA loss for the period was $1.77m, down from $2.78m in the comparable
period. Our largest cost continues to be wages and salaries. We started the
year with 15 people in the business, and we are now a team of 8 having reduced
headcount in March, in part driven by the completion of the clinical research
for the LungLB validation study. In addition to this cost saving all directors
reduced their salaries from March, with the difference being accrued until
such times as affordability allows it to be paid. Wages and salaries,
excluding share-based payments charge, amounted to $1.06m in the period, down
from $1.34m in the comparable period. With the conclusion of our clinical
trial our research and development costs continue to fall, and amounted to
$0.22m in the period, down from $0.81m in the comparable period.
As previously communicated, following our March 2024 fundraise we projected
our cash runway to extend into Q2 2025, and our current financial position
remains consistent with these expectations.
David Anderson
Chief Financial Officer
STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2024
Note 6 months ended 30 June 2024 6 months ended 30 June 2023 Year ended 31 December
US$'000 US$'000 2023
Unaudited Unaudited US$'000
Audited
Revenue (3) 6 23 46
Cost of sales - - -
Gross profit 6 23 46
Administrative expenses (1,707) (2,687) (5,238)
Share-based payments (67) (120) (186)
Depreciation (132) (125) (254)
Operating loss (1,900) (2,909) (5,632)
Other operating income - - 44
Finance income 53 127 223
Finance charges (14) (22) (41)
Loss before taxation (1,861) (2,804) (5,406)
Taxation - (3) (7)
Loss for the period / year (1,861) (2,807) (5,413)
Other comprehensive income - - -
Total comprehensive loss for the period / year (1,861) (2,807) (5,413)
Loss per share from continuing activities attributable to the ordinary equity holders of the Company
Basic and diluted (US Dollars per share) (4) (0.06) (0.11) (21.2)
STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
Note 30 June 30 June 31 December
2024 2023 2023
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Assets
Current assets
Trade and other receivables (5) 347 484 474
Short term deposits - 2,772 104
Cash and cash equivalents 2,619 2,589 2,724
Total non-current assets 2,966 5,845 3,302
Non-current assets
Property, plant and equipment 262 445 389
Intangible assets 5,818 5,818 5,818
Other receivables (5) 13 13 13
Total current assets 6,093 6,276 6,220
Total assets 9,059 12,121 9,522
Current liabilities
Trade and other payables (7) (865) (970) (1,213)
Lease liabilities (8) (182) (290) (233)
Discontinued operations - (174) -
Total current liabilities (1,047) (1,434) (1,446)
Non-current liabilities
Lease liabilities (8) (29) (184) (113)
Provisions (50) (50) (50)
Total liabilities (1,126) (1,668) (1,609)
Net assets 7,933 10,453 7,913
Issued share capital and reserves attributable to owners to the parent
Called up share capital 3 3 3
Share premium 93,080 91,266 91,266
Share based payment reserve 1,827 1,694 1,760
Accumulated losses (86,977) (82,510) (85,116)
Total equity 7,933 10,453 7,913
STATEMENT OF CHANGES IN EQUITY
As at 30 June 2024
Share based payment reserve
US$'000
Share capital Share premium US$'000 Accumulated losses Total equity
US$'000 US$'000 US$'000
Balance at 1 January 2023
3 91,266 1,574 (79,703) 13,140
Comprehensive income:
Loss for the period - - - (2,807) (2,807)
Transactions with owners:
Share based payments
- - 120 - 120
Balance at 30 June 2023
3 91,266 1,694 (82,510) 10,453
Balance at 1 July 2023
3 91,266 1,694 (82,510) 10,453
Comprehensive income:
Loss for the period - - - (2,606) (2,606)
Transactions with owners:
Share based payments - - 66 - 66
Balance at 31 December 2023
3 91,266 1,760 (85,116) 7,913
Balance at 1 January 2024 3 91,266 1,760 (85,116) 7,913
Comprehensive income:
Loss for the period - - - (1,861) (1,861)
Transactions with owners:
Issue of shares - 2,281 - - 2,281
Cost of share issue - (467) - - (467)
Share based payments - - 67 - 67
Balance at 30 June 2024
3 93,080 1,827 (86,977) 7,933
STATEMENT OF CASH FLOWS
For the period ended 30 June 2024
6 months ended 30 June 6 months ended 30 June Year ended 31 December 2023
2024 2023 US$'000
US$'000 US$'000 Audited
Unaudited Unaudited
Cash flows from operating activities
Loss for the period / year (1,861) (2,807) (5,413)
Adjustments for non-cash/non-operating items:
Depreciation
132 125 254
Foreign exchange (gain) / loss on short term deposits - (100) -
Finance income (53) (127) (223)
Finance expense 14 22 41
Taxation - 3 7
Share based compensation 67 120 186
(1,701) (2,764) (5,148)
Changes in working capital
Decrease in trade and other receivables 105 150 151
(Decrease)/increase in trade and other payables
(348) (83) (16)
Cash outflow from operations (1,944) (2,697)
Taxation paid - (3) (7)
Net cash outflow from operating activities (1,944) (2,700) (5,020)
Cash inflow / (outflows) from investing activities
Interest received 75 105 212
Purchase of tangible assets (5) (5) (77)
Short term deposits 104 2,250 4,817
Net cash inflows from investing activities 174 2,350 5,164
Cash flows from financing activities
Issue of common stock, net of expenses 1,814 - -
Interest paid (14) (22) (41)
Repayment of lease liabilities (135) (127) (255)
Net cash inflow / (outflow) from financing activities 1,665 (149) (508)
Net decrease in cash and cash equivalents (105) (499) (364)
Cash and cash equivalents brought forward 2,724 3,088 3,088
Cash and cash equivalents carried forward 2,619 2,589 2,724
1. GENERAL INFORMATION
LungLife AI, Inc, (the "Company") is a company based in Thousand Oaks,
California which is developing a diagnostic test for the early detection
of lung cancer. The Company was incorporated under the laws of the state of
Delaware on 30 December 2009.
Basis of preparation
The accounting policies adopted in the preparation of the interim consolidated
financial information are consistent with those of the preparation of the
Group's annual consolidated financial statements for the period ended 31
December 2023. No new IFRS standards, amendments or interpretations became
effective in the six months to 30 June 2024.
Statement of compliance
This interim consolidated financial information for the six months ended 30
June 2023 has been prepared in accordance with UK adopted International
Accounting Standards (UK IFRS) IAS 34, 'Interim financial reporting' as
adopted by the European Union and the AIM Rules for UK Companies. This interim
consolidated financial information is not the Group's statutory financial
statements and should be read in conjunction with the annual financial
statements for the period ended 31 December 2023, which have been prepared in
accordance with UK IFRS and have been delivered to the Registrar of Companies.
The auditors have reported on those accounts; their report was unqualified,
did include references to matters to which the auditors drew attention by way
of emphasis of matter without qualifying their report and did not contain any
statements of emphasis or other matters.
The interim consolidated financial information for the six months ended 30
June 2024 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2023 are unaudited.
Measurement convention
The financial information has been prepared under the historical cost
convention. Historical cost is generally based on the fair value of the
consideration given in exchange for assets.
The preparation of the financial information in compliance with UK IFRS
requires the use of certain critical accounting estimates and management
judgements in applying the accounting policies. The significant estimates
and judgements that have been made and their effect is disclosed in note 2.
2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the Company's historical financial information under UK
IFRS requires the directors to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities. Estimates and judgements are continually evaluated and
are based on historical experience and other factors including expectations of
future events that are believed to be reasonable under the circumstances.
Actual results may differ from these estimates.
The directors consider that the following estimates and judgements are likely
to have the most significant effect on the amounts recognised in the financial
information.
Carrying value of intangible assets, property, plant and equipment
In determining whether there are indicators of impairment of the Company's
intangible assets, the directors take into consideration various factors
including the economic viability and expected future financial performance of
the asset and when it relates to the intangible assets arising on a business
combination, the expected future performance of the business acquired.
Classification of the Mount Sinai License as an intangible asset
On 18 June 2021, the Company entered into the Mount Sinai License Agreement,
pursuant to which Mount Sinai granted an option to the Company to obtain a
licence, on a non-exclusive basis, to use certain information held by Mount
Sinai. After considering the criteria in IAS38 the directors have judged that
the recognition criteria therein have been met and classified the Mount Sinai
license as an intangible asset.
3. SEGMENT ANALYSIS
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Company that are regularly reviewed by the
chief operating decision maker (which takes the form of the Board of
Directors) as defined in IFRS 8, in order to allocate resources to the segment
and to assess its performance.
The chief operating decision maker has determined that LungLife AI, Inc has
one operating segment, the development and commercialisation of its lung
cancer early detection test. Revenues are reviewed based on the products and
services provided.
The Company operates in the United States of America. Revenue by origin of
geographical segment is as follows:
Revenue 6 months ended 30 June 6 months ended 30 June 2023 Year ended 31 December 2023
2024 US$'000 US$'000
US$'000 Unaudited Audited
Unaudited
People's Republic of China 6 23 46
6 23 46
Non-current assets 30 June 30 June 31 December 2023
2024 2023 US$'000
US$'000 US$'000 Audited
Unaudited Unaudited
United States of America 6,093 6,276 6,220
6,093 6,276 6,220
Product and service revenue 6 months ended 30 June 2024 6 months ended 30 June 2023 Year ended 31 December
US$'000 US$'000 2023
Unaudited Unaudited US$'000
Audited
Royalty income 6 23 46
6 23 46
4. LOSS PER SHARE
The basic loss per share from continuing activities is based on a loss for the
year attributable to equity holders of the Parent Company of $1,861,293 for
the 6 months ended 30 June 2024 (six months ended 30 June 2023 loss
$2,807,760; year ended 31 December 2023: loss $5,413,213) and the weighted
average number of shares in issue for the 6 months to 30 June 2024 of
28,373,362 (six months to 30 June 2023: 25,485,982 and year to 31 December
2023: 25,485,982).
The Company has one category of dilutive potential ordinary share, being share
options. The potential shares were not dilutive in the period as the Company
made a loss per share in line with IAS 33.
5. TRADE AND OTHER RECEIVABLES
Amounts falling due within one year 30 June 30 June 31 December 2023
2024 2023 US$'000
US$'000 US$'000 Audited
Unaudited Unaudited
Trade receivables - 20 -
Other receivables 179 194 174
Prepayments 168 270 299
347 484 474
Amounts falling due after one year
Rent deposit 13 13 13
13 13 13
All receivables are denominated in US dollars.
6. SHARE BASED PAYMENTS
The following is an analysis of movement in options issued and outstanding to
purchase shares in the Company:
Total options Weighted average exercise price
Number US$
Outstanding at 30 June and 31 December 2023 2,116,979 1.76
Granted 53,872
Outstanding at 30 June 2024 - unaudited 2,170,851 1.72
7. TRADE AND OTHER PAYABLES
30 June 30 June 31 December
2024 2023 2023
US$'000 US$'000 US$'000
Unaudited Unaudited Audited
Trade payables 284 369 439
Other payables - tax and social security 8 15 15
Accruals and other payables 573 586 759
865 970 1,213
Trade and other payables comprise amounts outstanding for trade purchases and
on-going costs. All trade and other payables are due in less than a year.
8 LEASE LIABILITIES
Land and Plant and
buildings machinery Total
US$'000 US$'000 US$'000
At 1 January 2023 407 194 601
Interest expense 15 5 20
Repayments (82) (65) (147)
________ ________ ________
At 30 June 2023 - unaudited 340 134 474
Repayments (84) (60) (144)
Interest expense 12 4 16
________ ________ ________
At 31 December 2023 - audited 268 78 346
Repayments (84) (62) (146)
Interest expense 9 2 11
At 30 June 2024 - unaudited 193 18 211
9. SUBSEQUENT EVENTS
There have been no events which require disclosure in these unaudited interim
financial statements.
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