REG - N4 Pharma PLC - Interim Results
12/09/2023 07:00
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RNS Number : 0639M N4 Pharma PLC 12 September 2023
12 September 2023
N4 Pharma Plc
("N4 Pharma" or the "Company")
Interim Results
N4 Pharma Plc (AIM: N4P), the specialist pharmaceutical company developing
Nuvec®, a novel delivery system for oncology, gene therapy and vaccines,
announces its unaudited interim results for the six months ended 30 June 2023.
Highlights:
• Encouraging performance demonstrated in in vitro studies evaluating Nuvec®
loaded with two different clinically relevant siRNA, epidermal growth factor
receptor (EGFR) and BCL-2, namely induction of apoptosis, similar to
commercially available small molecules
• Successful demonstration of oral delivery of Nuvec® loaded with a DNA plasmid
in an animal model into the intestine to produce transfection
• Second Nuvec® patent granted in the US bringing this territory in line with
Europe, China and Japan, resulting in strong IP protection in key territories
around the world
• Reduced operating loss for the period to £646,150 (30 June 2022: £750,102)
and R&D and general expenditure in line with budget
• Cash position remains strong which at 30 June 2023 was £1,289,769 (31
December 2022: £1,919,529), again in line with budget
Nigel Theobald, Chief Executive Officer of N4 Pharma Plc, commented:
"We have continued to make excellent progress in the period with our
pre-clinical work. In addition, our IP position has strengthened considerably
with the granting of the second US patent. Encouraging results from our
existing data package has prompted further exploratory conversations with
potential collaborators.
"We believe in being prudent with our cash resources as far as possible whilst
continually progressing our pre-clinical proof of concept data package with
ongoing refinements to meet potential collaborators' requirements. In
addition, we consider that focussing on our own product development (whether
in partnership or on our own) for the continued development of Nuvec® is the
right strategy for a company of our size. Nuvec® remains an exciting
technology with huge potential as an alternate system for the delivery of
nucleic acid-based therapies."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 which has been incorporated into UK law by the European
Union (Withdrawal) Act 2018. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to
be in the public domain.
Enquiries:
N4 Pharma Plc Via IFC Advisory
Nigel Theobald, CEO
Luke Cairns, Executive Director
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Matthew Johnson/Kasia Brzozowska (Corporate Finance)
Vadim Alexandre/Rob Rees (Corporate Broking)
Turner Pope Investments (TPI) Limited Tel: +44 (0)20 3657 0050
Joint Broker
Andy Thacker
IFC Advisory Limited Tel: +44 (0)20 3934 6630
Financial PR
Graham Herring
Zach Cohen
About N4 Pharma
N4 Pharma is a specialist pharmaceutical company developing a novel delivery
system for oncology, gene therapy and vaccines using its unique silica
nanoparticle delivery system called Nuvec®.
N4 Pharma's business model is to partner with companies developing novel
antigens in these fields to use Nuvec® as the delivery vehicle for these
antigens. As these products progress through pre-clinical and clinical
programs, N4 Pharma will seek to receive upfront payments, milestone payments
and ultimately royalty payments once products reach the market.
Chairman's Statement
Half year results
I am pleased to report that in the six months ended 30 June 2023, the
operating loss for the period has reduced to £646,150 (30 June 2022:
£750,102) and R&D and general costs are in line with planned expenditure.
Our cash balance at 30 June 2023 was £1,289,769 (31 December 2022:
£1,919,529), again in line with budget.
Operational update
The Company has continued to add further pre-clinical proof of concept data to
the significant data accumulated in the preceding periods in respect of the
potential for the use of Nuvec®. The Company's focus for 2023 was
threefold:
•to continue to expand its knowledge around Nuvec® in oncology and gene
therapy using siRNA to silence genes;
•to further explore the oral delivery of Nuvec® to the intestine to effect
both local and systemic responses;
and
•to investigate the use of Nuvec® to improve the performance of
established, commercially-used viral vectors
siRNA
Having previously demonstrated the successful loading and gene silencing of
Nuvec® loaded with two different generic siRNA, GFP (Green Fluorescent
protein) and EHMT-2 (Euchromatic Histone Lysine Methyltransferase 2), we have
progressed in this period to show how Nuvec® can load two clinically-relevant
siRNA, epidermal growth factor receptor (EGFR) and BCL-2. We have demonstrated
in vitro how each of these can be loaded onto Nuvec® and silence their
respective genes producing similar apoptosis results to two commercially
available small molecule drugs, Gefitinib for EGFR and Venetoclax for BCL-2.
The Company is continuing to investigate these siRNA along with other
potential candidates to continue to build the knowledge base that best
showcases the potential of Nuvec® as a multiple loading nanoparticle that can
deliver its dual or multiple payloads into individual cells.
Oral Studies at the University of Queensland ("UQ")
During the period, utilising the grant funding, UQ has made considerable
progress in the longer-term study on oral applications for Nuvec®. We have
demonstrated via in vivo pre-clinical studies that Nuvec®, loaded with
McCherry DNA and formulated and administered in capsules, is able to pass into
the small intestine and successfully transfect cells in the small intestine.
We are now investigating the optimum dosage and timing to assess the duration
of the effect in the intestinal mucosa.
The data emerging from the oral studies clearly shows the potential for
Nuvec® in this space which will make the development of a product for the
appropriate commercial market that much clearer. For example, for oral use
conventional capsule technology will allow targeted release in the colon to
provide local administration of SiRNA against key factors involved in
Inflammatory Bowel Disease ("IBD"). We are looking at models to test this
proof of concept in IBD currently. Similarly, there are animal models
available to explore the treatment of colon cancer. We look forward to making
further announcements on our oral studies as soon as they are available.
Viral Vectors
The market for manufacturing viral vectors, in terms of revenue, was estimated
to be worth $5.5 billion in 2023 and is poised to reach $12.8 billion by 2028,
growing at a CAGR of 18.2% from 2023 to 2028 according to a report by Markets
and Markets. This is being fuelled by major investment in the gene therapy
market.
Viral Vectors remain the "go to" delivery vehicle for use in gene therapy but
they remain fraught with problems, including the high cost of goods and the
risk of side effects due to their inflammatory nature. As a result, companies
operating in this space are increasingly looking at non-viral delivery systems
that can be used to replace viral vectors.
The Company believes that Nuvec® is able to address this area and it has
taken a novel approach as to how Nuvec® might initially be used. Whilst
Nuvec® has the potential to replace viral vectors as a delivery vehicle, the
Company has shown that Nuvec® can be combined with the viral vector to
significantly improve its efficiency. The Company has shown that Nuvec®
loaded with an adenovirus viral vector can increase performance of the viral
vector by 20-30 fold. This preliminary data suggests that products formulated
with viral vectors could achieve the same efficacy using a reduced amount of
viral vector, thereby significantly reducing the cost of manufacture and
potentially reducing the unwanted side effects from the viral vector.
The Company is continuing to investigate this in collaboration with Brunel
University and is now investigating the improvement of Adeno Associated
Viruses (AAV).
Intellectual Property
During this period UQ informed the Company that it had been notified by the US
Patent Attorney of the granting of its second patent application in relation
to Nuvec® in the United States. This patent is for the matter of composition
of the nanoparticle and follows the previous grant on how Nuvec® is made.
This now brings the US alongside Europe, China and Japan. The granting of
patents in these large markets gives the Company strong intellectual property
protection in key territories around the world - a vital component for
potential licensing deals.
New opportunities
The Company is continuing to investigate new opportunities to compliment
Nuvec® and expand its portfolio of IP and further its strategy to bring a
product into clinical development. Progress continues and we will announce as
and when further developments are made.
Outlook and strategy
As we are a small company, we are mindful how we spend our resources. Our
focus is predominantly in conducting in vitro proof of concept work and we
have made huge progress, most recently with our siRNA programme. In addition,
we have generated excellent data for the use of Nuvec® to enhance viral
vectors to support our ongoing patent application in this area. Our in vivo
work is continuing to make progress, albeit slower than we anticipated, but it
is important to get this work right and we will be patient and diligent in
doing this.
In Nuvec®, we undoubtedly have an exciting technology that we have proven is
easy to load with any nucleic acid, protects its payload and efficiently
delivers it intracellularly. We have also shown how we can formulate potential
products with Nuvec® and store it lyophilised for up to six months (to date)
without any loss in performance of the payload.
Our business development outreach is ongoing, sharing the data we have with
potential collaborators yet we realise the quickest way to get Nuvec® into
clinic may be to do this ourselves in a step-by-step manner. We are
considering how we might formulate an siRNA product for a combination therapy
using multiple loaded siRNA, thereby utilising the direct competitive
advantages Nuvec® has ourselves. We are also looking at the prospect of using
our oral delivery work for a potential IBD product and we will also continue
our acquisition search for new opportunities that might enable us to get into
clinic as soon as possible.
Post period end, John Chiplin retired from the Board as Non-Executive Chairman
and I assumed the role as Chairman. On behalf of myself and fellow directors,
we thank John for his contributions over the years and wish him and his family
all the very best for the future. As per our corporate governance policy, we
are in the process of finding a new non-executive director to bring the
appropriate skills to the Company and will advise when this is completed.
Finally, on behalf of the Board, I would like to thank all of our shareholders
for their continued support and look forward to providing further updates on
our progress.
Chris Britten
Chairman
12 September 2023
N4 Pharma Plc and its controlled entities
Condensed Consolidated Interim Statement of Comprehensive Income (unaudited)
for the six months ended 30 June 2023
Six months to 30 June 2023 Six months to 30 June 2022 Twelve months to 31 December 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
Expenses
Research and development costs (192,630) (411,417) (577,525)
General and administration costs (452,276) (338,019) (615,735)
Operating loss for the period (644,906) (749,436) (1,193,260)
Finance (expenditure)/income (1,244) (666) 1
Loss for the period before tax (646,150) (750,102) (1,193,259)
Taxation - - 163,998
Loss for the period after tax (646,150) (750,102) (1,029,261)
Other comprehensive income net of tax - - -
Total comprehensive loss for the period attributable to equity owners of N4 (646,150) (750,102) (1,029,261)
Pharma Plc
Loss per share attributable to owners of the parent
Weighted average number of shares:
Basic 233,780,349 181,080,349 186,422,541
Diluted 233,780,349 181,080,349 186,422,541
Basic loss per share (0.28p) (0.41p) (0.55p)
Diluted loss per share (0.28p) (0.41p) (0.55p)
All activities derive from continuing operations.
The notes below form an integral part of these financial statements.
N4 Pharma Plc and its controlled entities
Condensed Consolidated Interim Statement of Financial Position (unaudited) for
the six months ended 30 June 2023
Notes 30 June 2023 30 June 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
Assets
Current assets
Trade and other receivables 209,447 27,804 246,518
Cash and cash equivalents 1,289,769 1,579,948 1,919,529
1,499,216 1,607,752 2,166,047
Total Assets 1,499,216 1,607,752 2,166,047
Liabilities
Current liabilities
Trade and other payables (14,856) (158,157) (40,722)
Accruals and deferred income (38,921) (62,612) (37,167)
Total assets less current liabilities 1,445,439 1,386,983 2,088,158
Net Assets 1,445,439 1,386,983 2,088,158
Equity
Share capital 4 9,205,946 8,995,146 9,205,946
Share premium 5 14,698,569 13,945,602 14,698,569
Share option reserve 6 107,385 87,387 103,954
Reverse acquisition reserve 5 (14,138,244) (14,138,244) (14,138,244)
Merger relief reserve 5 279,347 279,347 279,347
Retained earnings (8,707,564) (7,782,255) (8,061,414)
Total Equity 1,445,439 1,386,983
2,088,158
N4 Pharma Plc and its controlled entities
Condensed Consolidated Interim Statement of Changes in Equity (unaudited) for
the six months ended 30 June 2023
(i) Six months ended 30 June 2023 - Unaudited
Share Capital Share Premium Share Option Reserve Reverse Acquisition Reserve Merger Relief Reserve Retained Earnings Total Equity
£ £ £ £ £ £ £
Balance at 1 January 2023 9,205,946 14,698,569 103,954 (14,138,244) 279,347 (8,061,414) 2,088,158
Total comprehensive loss for the period - - - - - (646,150) (646,150)
Share option reserve - - 3,431 - - - 3,431
At 30 June 2023 9,205,946 14,698,569 107,385 (14,138,244) 279,347 (8,707,564) 1,445,439
(ii) Six months ended 30 June 2022 - Unaudited
Share Capital Share Premium Share Option Reserve Reverse Acquisition Reserve Merger Relief Reserve Retained Earnings Total Equity
£ £ £ £ £ £ £
Balance at 1 January 2022 8,995,146 13,945,602 79,955 (14,138,244) 279,347 (7,032,153) 2,129,653
Total comprehensive loss for the period - - - - - (750,102) (750,102)
Share option reserve - - 7,432 - - - 7,432
At 30 June 2022 8,995,146 13,945,602 87,387 (14,138,244) 279,347 (7,782,255) 1,386,983
N4 Pharma Plc and its controlled entities
Condensed Consolidated Interim Statement of Changes in Equity (unaudited) for
the six months ended 30 June 2023 (continued)
(iii) Twelve months ended 31 December 2022 - Audited
Share Capital Share Premium Share Option Reserve Reverse Acquisition Reserve Merger Relief Reserve Retained Earnings Total Equity
£ £ £ £ £ £ £
Balance at 1 January 2022 8,995,146 13,945,602 79,955 (14,138,244) 279,347 (7,032,153) 2,129,653
Total comprehensive loss for the year - - - - - (1,029,261) (1,029,261)
Share issue 210,800 843,200 - - - - 1,054,000
Share issue cost (90,233) - - - - (90,233)
Share option reserve - - 23,999 - - - 23,999
At 31 December 2022 9,205,946 14,698,569 103,954 (14,138,244) 279,347 (8,061,414) 2,088,158
The notes below form an integral part of these financial statements.
N4 Pharma Plc and its controlled entities
Condensed Consolidated Interim Statement of Cash Flows (unaudited) for the six
months ended 30 June 2023
Six months to 30 June 2023 Six months to 30 June 2022 Twelve months to 31 December 2022
(Unaudited) (Unaudited) (Audited)
£ £ £
Operating activities
Loss after tax (646,150) (750,102) (1,029,261)
Finance expenditure 1,244 666 (1)
Share based payments to employees 3,431 7,432 23,999
Taxation credit - - (163,998)
Operating loss before changes in working capital (641,475) (742,004) (1,169,261)
Movements in working capital:
Decrease/ (increase) in trade and other receivables 37,070 530,555 (37,312)
(Decrease)/increase in trade payables and accruals (24,111) 8,039 (134,841)
Cash used in operations (628,516) (203,410) (1,341,414)
Taxation credit received - - 513,151
Net cash flows used in operating activities (628,516) (203,410) (828,263)
Financing activities
Finance (expenditure)/income (1,244) (666) 1
Proceeds of ordinary share issue - - 1,054,000
Costs of share issue - - (90,233)
Net cash flows (used in)/from financing activities (1,244) (666) 963,768
(629,760) (204,076)
135,505
Net decrease/increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period/ year 1,919,529 1,784,024
1,784,024
1,289,769 1,579,948 1,919,529
Cash and cash equivalents at 30 June/ 31 December
The notes below form an integral part of these financial statements.
N4 Pharma Plc and its controlled entities
Notes to the condensed interim financial statements for the six months ended
30 June 2023
1. Corporate Information
N4 Pharma Plc (the "Company") is the holding company for N4 Pharma UK Limited
("N4 UK"), and together form the group (the "Group"). N4 UK is a specialist
pharmaceutical company engaged in the development of mesoparticulate silica
delivery systems to improve the cellular delivery and potency of vaccines. The
nature of the business is not deemed to be impacted by seasonal fluctuations
and as such performance is expected to be consistent.
The Company is domiciled in England and Wales and was incorporated and
registered in England and Wales on 6 July 1979 as a public limited company and
its shares are admitted to trading on AIM (LSE: N4P). The Company's registered
office is located at 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.
2. Accounting Policies
Adoption of New and Revised International Financial Reporting Standards
The standards and interpretations that are issued, but not yet effective, up
to the date of the issuance of the consolidated interim financial statements
are disclosed below. The Group intends to adopt these standards, if
applicable, when they become effective.
Title As Issued by the IASB, mandatory for accounting periods starting
Amendments to IAS 1: Classification of Liabilities as Current or Non-Current Accounting periods beginning on or after 1 January 2024
Basis of Preparation:
The Group's condensed consolidated interim financial statements have been
prepared in accordance with International Accounting Standard ("IAS") 34,
"Interim Financial Reporting".
The annual consolidated financial statements for the year ended 31 December
2022 were prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the European Union.
The condensed consolidated interim financial information for the six months
ended 30 June 2023 are unaudited. In the opinion of the Directors, the
condensed consolidated interim financial information presents fairly the
financial position, and results from operations and cash flows for the period.
These condensed consolidated interim financial statements been prepared on the
basis of accounting principles applicable to a going concern. The Directors
consider that the Group will have access to adequate resources, to meet the
operational requirements for at least 12 months from the date of approval of
these condensed consolidated interim financial statements. For this reason,
they continue to adopt the going concern basis in preparing the condensed
consolidated interim financial statements.
The financial statements are presented in Sterling, which is the Group's
functional currency as the UK is the primary environment in which it operates.
Basis of Consolidation:
These condensed consolidated interim financial statements have been prepared
in accordance with IFRS 2, as a result of the consolidation of the Company and
N4 UK, constituting a reverse takeover transaction, for the comparative six
month period ended 30 June 2022 and the comparative twelve month period to 31
December 2022 and the current six month period ended 30 June 2023.
Significant Accounting Policies:
The condensed consolidated interim financial statements have been prepared
under the historical cost convention, as modified for the following items, in
accordance with International Financial Reporting Standards ('IFRS') as
adopted by the European Union:
• Share-based payments related to investment acquisition are
measured at fair value shown in the Merger Reserve.
• Share-based payments related to employee costs are measured at
fair value shown in the Statement of Comprehensive Income.
• The associated Share Options are measured at fair value using
the Black Scholes model (see note 9).
All accounting policies are consistent with those applied in the Annual Report
and there have been no amendments or changes in accounting policies during the
period.
Segmental reporting:
The Group operated in one business segment, that of the development and
commercialisation of medicines via its delivery system called Nuvec®. No
revenue has yet been generated by any of the work undertaken by the Group.
The Directors consider that there are no identifiable business segments that
are subject to risks and returns different to the core business. The
information reported to the Directors, for the purposes of resource allocation
and assessment of performance, is based wholly on the overall activities of
the Group.
Seasonality
The nature of the business is not deemed to be impacted by seasonal
fluctuations and as such performance is expected to be consistent.
3. Critical Accounting Judgements and Estimates
The preparation of the condensed consolidated interim financial statements in
conformity with IFRS requires management to make certain estimates,
assumptions and judgements that affect the application of accounting policies
and the reported amounts of assets and liabilities and the reported amounts of
income and expenses during the reporting period.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimates are revised and in any future periods affected.
In the process of applying the Group's accounting policies, management has
decided the following estimates and assumptions are material to the carrying
amounts of assets and liabilities recognised in the condensed consolidated
interim financial statements.
Critical judgements
Research and development expenditure
The key judgements surrounding the Research & Development expenditure is
whether the expenditure meets the criteria for capitalisation. Expenditure
will only be capitalised when the recognition criteria is met and is otherwise
written off to the Consolidated Statement of Comprehensive Income. The
recognition criteria include the identification of a clearly defined project
with separately identifiable expenditure where the outcome of the project, in
terms of its technical feasibility and commercial viability, can be measured
or assessed with reasonable certainty and that sufficient resources exist to
complete a profitable project. In the event that these criteria are met, and
it is probable that future economic benefit attributable to the product will
flow to the Group, then the expenditure will be capitalised.
Impairment of investments and intercompany debtors
N4 UK has sustained losses and the Statement of Financial position is in
deficit. The recoverability of the intercompany debtor and the cost of
investment is dependent on the future profitability and success of the entity,
which is in a research phase and has not therefore generated any revenue to
date. Having considered research progress during the period and future
prospects of N4 UK, the Directors do not consider that there are indicators of
impairment in respect of these balances. This is a significant judgement.
4. Share Capital
Allotted, called up and fully paid 30 June 2023 (Unaudited) 30 June 2022 (Unaudited) 31 Dec 2022 (Audited)
£ £ £
233,780,349 Ordinary Shares of 0.4p each (30 June 2022: 181,080,379 and 31 935,121 724,321 935,121
December 2022: 233,780,379 Ordinary shares of 0.4p each)
137,674,431 Deferred Shares of 4p each (30 June 2022 and 31 December 2022: 5,506,977 5,506,977 5,506,977
137,674,431 Deferred shares of 4p each)
279,176,540 Deferred Shares of 0.099p each (30 June 2022 and 31 December 2022: 2,763,848 2,763,848 2,763,848
279,176,540 Deferred shares of 0.099p each)
9,205,946 8,995,146 9,205,946
All ordinary shares rank equally in all respects, including for dividends,
shareholder attendance and voting rights at meetings, on a return of capital
and in a winding-up.
The 137,674,431 deferred shares of 4p, have no right to dividends nor do the
holders thereof have the right to receive notice of or to attend or vote at
any general meeting of the Company. On a return of capital or on a winding up
of the Company, the holders of the deferred shares shall only be entitled to
receive the amount paid up on such shares after the holders of the ordinary
shares have received the sum of £1,000,000 for each ordinary share held by
them.
The 279,176,540 deferred shares of 0.99p shall be entitled to receive a
special dividend, which is payable upon the repayment to the Company of any
amount owed under certain loan agreements, after which the Company shall, in
priority to any distribution to any other class of share, pay to the holders
of the Special Deferred Shares an aggregate amount equal to the amount repaid
pro rata according to the number of such shares paid up as to their nominal
value held by each shareholder. They shall be entitled to no other
distribution save for a special dividend and shall not be entitled to receive
notice of or attend or vote at a general meeting of the Company. On a return
of capital on a winding up of the Company, they shall only be entitled to
receive the amount paid up on such shares up to a maximum of 0.9 pence per
share after the holders of the Ordinary Shares and the Deferred Shares have
received their return on capital.
5. Reserves
The share premium account represents the amount received on the issue of
ordinary shares by the Company in excess
of their nominal value and issue costs and is non-distributable.
The merger relief reserve arose on the Company's acquisition of N4 UK and
consists of both the consideration shares and deferred consideration amounting
to £279,347. There is no legal share premium on the shares issued as
consideration as section 612 of the Companies Act 2006, which deals with
merger relief, applies in respect of the acquisition.
The reverse acquisition reserve arises due to the elimination of the Company's
investment in N4 UK. Since the shareholder in N4 UK became a shareholder of
the Company, the acquisition is accounted for as though the legal acquiree (N4
UK) is the accounting acquirer.
6. Share-based Payments and Share Option Reserve
Options
The Company has the ability to issue options to Directors to compensate them
for services rendered and incentivise them to add value to the Group's
longer-term share value. Equity settled share-based payments are measured at
fair value at the date of grant. The fair value determined is charged to the
Comprehensive Income Statement on a straight-line basis over the vesting
period based on the Group's estimate of the number of shares that will vest.
Cancellations of equity instruments are treated as an acceleration of the
vesting period and any outstanding charge is recognised in full immediately.
Fair value is measured using a Black Scholes pricing model. The key
assumptions used in the model have been adjusted based on management's best
estimate for the effects of non-transferability, exercise restrictions and
behavioral considerations. The inputs into the model were as follows:
2017 Options 2018 Options 2019 Options 2020 Options
Share price 6.375p 6.6p 3.55p 4.8p
Exercise price 7p 6.6p 3.55p 4.8p
Expected volatility 27.2% 45.2% 37.4% 29.9%
Expected option life 3 years 6.5 years 6.5 years 6.5 years
Risk free rate 4.75% 5.00% 5.00% 5.00%
As at 30 June 2023, there were 7,046,513 (30 June 2022: 7,046,513, 31 December
2022: 7,046,513) options in existence over ordinary shares of the Company.
Options in existence during the current and previous periods and year are as
follows:
Ordinary shares under option
Name Date of Grant Expiry Date Exercise Price £
2015 Options
Gavin Burnell 14.10.15 1,351,210 14.10.25 0.0280
Luke Cairns 14.10.15 675,302 14.10.25 0.0280
2017 Options
Luke Cairns 03.05.17 717,143 03.05.27 0.0700
David Templeton 03.05.17 717,143 03.05.27 0.0700
Paul Titley 03.05.17 717,143 03.05.27 0.0700
2019 Options
John Chiplin 21.05.19 717,143 21.05.29 0.0355
Christopher Britten 21.05.19 717,143 21.05.29 0.0355
2020 Options
David Templeton 18.05.20 717,143 18.05.30 0.0480
Luke Cairns 18.05.20 717,143 18.05.30 0.0480
Total options 7,046,513
Each option entitles the holder to subscribe for one ordinary share in N4
Pharma Plc. Options do not confer any voting rights on the holder.
The aggregate fair value of the share options issued is as follows:
30 June 2023 (Unaudited) 30 June 2022 (Unaudited) 31 Dec 2022 (Audited)
£ £ £
2015 Options 18,492 18,492 18,492
2017 Options 26,884 26,884 26,884
2019 Options 22,793 22,793 22,793
2020 Options 27,223 19,218 23,792
95,392 87,387 91,691
Warrants
Warrants in existence during the current and previous year are the follows:
Exercise Price £
Date of Grant Ordinary shares under option Expiry Date Fair value at 30 June 2023 £
25.11.22 3,162,000 24.11.25 0.02 11,993
The warrants entitle holders to subscribe for new ordinary shares at any time
in the period of three years following the grant of the warrants. The expiry
date for the warrants is 23 November 2025.
Fair value is measured using a Black Scholes pricing model.
An amount of £11,993 has been recognised in the Share Premium and in the
Share Option Reserve in relation to the warrants (30 June 2022: £nil).
7. Earnings per Share
Basic earnings per share is calculated by dividing the loss after tax
attributable (excluding the deemed cost of acquisition) to the equity holders
of the Company by the weighted average number of shares in issue during the
period.
Diluted earnings per share is calculated by adjusting the weighted average
number of shares outstanding to assume conversion of all potential dilutive
shares, namely share options.
8. Related Party Transactions
During the period to 30 June 2023, the non-executive directors' fees amounted
to £24,000 (6 months to 30 June 2022: £24,000.00, 12 months to 31 December
2022: £48,000.00).
9. Subsequent Events
There are no significant subsequent events that require adjustment or
disclosure in these condensed consolidated interim financial statements.
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