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RNS Number : 1486H Nuformix PLC 02 May 2025
2 May 2025
Nuformix plc
("Nuformix", the "Company" or the "Group")
Half Year Report
Nuformix plc (LSE: NFX), a pharmaceutical development company targeting unmet
medical needs in fibrosis and oncology via drug repurposing, announces its
unaudited results for the six months ended 31 March 2025.
Operational highlights (including post-period end)
· The Board continues to believe NXP002 offers a potentially
significant treatment of progressive fibrosing interstitial lung diseases
("ILDs"), including idiopathic pulmonary fibrosis ("IPF") and progressive
pulmonary fibrosis ("PPF"), and is focused on generating data and initiating
and further developing discussions with potential partners to support its
efforts to secure a licensing or option agreement for NXP002
· Post-period, data from previous studies of NXP002 in a precision-cut
lung slice ("PCLS") disease model using tissue explanted from lung-transplant
receiving patients with IPF and autoimmune-related ILD were reanalysed as a
consequence of on-going discussions with potential licensing and development
partners for NXP002. Positive effects were seen
· Post period, received notification from the European Medicines
Agency's ("EMA") Committee for Orphan Medicinal Products ("COMP") of its
positive opinion regarding Orphan Drug Designation ("ODD") in Idiopathic
Pulmonary Fibrosis ("IPF") for tranilast, the active drug substance enabled
for inhaled delivery in NXP002
Financial Highlights
· Loss on ordinary activities (after tax credit) of £376,668 (31 March
2024: loss of £242,529)
· Loss per share 0.03p (31 March 2024: 0.03p)
· Net assets of £807,653 (31 March 2024: £4,102,051) including
£97,911 of cash and cash equivalents at 31 March 2025 (31 March 2024:
£183,523)
· A subscription for 160,000,000 new ordinary shares at a price of 0.05
pence per share raised gross proceeds of £300,000 completed in November 2024
· A subscription for 250,000,000 new ordinary shares at a price of
0.0675 pence per share raised gross proceeds of £168,750 in February 2025
· Post period on 14 April 2025, 'broker' warrants were exercised for a
total consideration to the Company of £13,200
Dr Dan Gooding, Executive Director of Nuformix, said: "Our research efforts
and external discussions to date demonstrate that inhaled treatment of IPF and
related fibrotic lung diseases via NXP002 is a viable and attractive concept.
Post period we were delighted to receive news of the COMPs positive opinion
regarding NXP002's eligibility for Orphan Drug Designation in IPF. The EMA's
procedure for awarding ODD status involves considerable scientific scrutiny.
Therefore, the opinion serves as powerful independent third-party validation
of NXP002's underlying scientific rationale and existing data supporting its
potential efficacy in treating fibrotic lung diseases such as IPF. We remain
focused on generating data and initiating, and further developing, discussions
with potential partners that will support our efforts to secure out-license
deals on NXP002. I am excited by our future prospects and look forward to
providing further updates in due course as appropriate."
Enquiries:
Nuformix plc
Dr Dan Gooding, Executive Director Via IFC Advisory
CMC Markets
Douglas Crippen +44 (0) 20 3003 8632
IFC Advisory Limited
Tim Metcalfe +44 (0) 20 3934 6630
Zach Cohen nuformix@investor-focus.co.uk
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet medical needs
in fibrosis and oncology via drug repurposing. The Group aim use its expertise
in discovering, patenting and subsequently developing and novel drug forms
with improved physical properties, to develop new product opportunities that
are differentiated from the original product (by way of dose, delivery route
or presentation), thus creating new and attractive commercial opportunities.
Nuformix has an early-stage pipeline of preclinical assets with potential for
significant value and early licensing opportunities.
Nuformix plc shares are traded on the Main Market of the London Stock Exchange
under the ticker: NFX. For more information, please visit www.nuformix.com
(http://www.nuformix.com/) .
Chairman's statement
Operational review
NXP002 (novel proprietary forms of tranilast): Interstitial Lung Diseases
("ILDs") including Idiopathic Pulmonary Fibrosis ("IPF") and Progressive
Pulmonary Fibrosis ("PPF")
NXP002 is the Group's preclinical lead asset and a potential novel inhaled
treatment for IPF and PPF and possibly other fibrosing ILDs. NXP002 is a
proprietary, new form of the drug tranilast. NXP002's enhanced physical
property profile uniquely delivery to the lung in an inhaled, smart nebuliser
formulation.
There are more than 200 types of interstitial lung diseases ("ILD"), which are
characterised by varied amounts of inflammation, scarring, or both, that
damage the lung's ability to absorb oxygen. IPF is the most well-known form of
ILD, affecting approximately 100,000 patients per year in the US. Progressive
Pulmonary Fibrosis ("PPF"), previously referred to as Progressive Fibrosing
ILD ("PF-ILD"), is a larger and even more poorly served segment of the ILD
market, affecting more than 200k patients per year in the US.
IPF and PPF are devastating lung diseases associated with a higher mortality
rate than many cancers with median survival of 3-5 years. Thus, IPF and PPF
represent a high unmet medical need such that the requirement for improved
treatment options represents a significant commercial opportunity. IPF is
classified as a rare disease and presents a global commercial market that is
forecast to grow to US$8.8bn by 2027. Sales of standard-of-care ("SoC")
therapies OFEV and Esbriet (now off patent) achieved US$3.5bn and US$0.8bn
respectively in 2022.
Tranilast has a long history of safe use as an oral drug for asthma, keloids
and hypertrophic scarring, but while there is growing evidence that supports
its potential use in other fibrotic conditions, including IPF, a combination
of poor physicochemical properties, variable pharmacokinetics and challenging
pharmacodynamics following oral delivery limit its potential use in ILDs.
NXP002 is differentiated as it is a patent protected, novel form of tranilast
that has been optimised for formulation and delivery direct to the lungs by
inhalation, potentially overcoming the issues using tranilast orally as a
chronic treatment for ILDs.
Post period end we were delighted to announce on 30 April 2025 that the
Company had received notification from the European Medicines Agency's ("EMA")
Committee for Orphan Medicinal Products ("COMP") of its positive opinion
regarding Orphan Drug Designation ("ODD") in Idiopathic Pulmonary Fibrosis
("IPF") for tranilast, the active drug substance enabled for inhaled delivery
in NXP002. EMA ODD is granted to drugs intended for the treatment, diagnosis,
or prevention of life-threatening or chronically debilitating conditions
affecting no more than five in 10,000 individuals in the European Union. In
its communication, the COMP confirmed that NXP002 satisfies the criteria for
orphan designation and that the Company has established that NXP002 has the
potential to be of significant benefit to those affected by IPF. The COMP also
concluded that NXP002's additive effect in combination with anti-fibrotic
agents, as well its potential to be used in patients intolerant to these
medicines constituted a clinically relevant advantage. The Company now awaits
the European Commission's final ratification of the EMA opinion.
The inhalation route is a well-known strategy for the treatment of lung
diseases to yield greater efficacy and reduce systemic, off-target
side-effects compared to oral treatment. Discontinuation of treatment in IPF
and PPF patients is currently an issue in the treatment of these diseases with
discontinuation rates for current SoCs up to 80% in certain patient groups due
to their debilitating systemic side-effects. Effective inhalation therapies
offer the potential to overcome these limitations of oral therapies.
The positioning of NXP002 as an inhaled treatment for IPF and PPF could be
either as added to SoC treatments or administered as a monotherapy for
patients non-responsive to SoCs and those declining these therapies due to
side effects which impact quality of life.
The Group's pre-clinical inhalation development strategy has significantly
progressed NXP002 towards validation of its Target Product Profile ("TPP")
demonstrating:
• NXP002 can be delivered in-vivo by a range of nebulisers at the optimum
particle size for delivery to the deep lung;
• high doses appear to be well-tolerated; and
• an in-vivo inhalation dose response was observed for inflammatory and
fibrotic biomarkers that is consistent with ex-vivo human IPF tissue studies
to date.
The Group conducted studies in a new iteration of a 3D human IPF lung tissue
using a disease and species relevant model that has been advanced to
significantly reduce output variability. The results from these studies of
NXP002 alone and in combination with current SoCs, can be summarised as
follows:
• NXP002 is well tolerated in ex-vivo human lung tissue with no signs of
toxicity events;
• NXP002 alone delivers a strong, consistent anti-fibrotic and
anti-inflammatory effect as demonstrated by modulation of the release of
multiple biomarkers of fibrosis and inflammation;
• both high and low concentrations of NXP002 show an additive anti-fibrotic
and anti-inflammatory effect to SoC;
• in particular, the higher concentrations of NXP002 with SoC's deliver a
near complete ablation of fibrosis biomarker release, yet at lower
concentrations than have been seen in other preclinical models to date; and
• the clear, pronounced additive benefit of NXP002 on top of SoCs observed
suggests that NXP002 may provide additional efficacy, even in patients
responding to SoC therapy.
This raises the possibility that NXP002 targets additional disease pathways to
SoC's when increasing the combined anti-fibrotic and anti-inflammatory
response. Following success in suppressing biomarkers of fibrotic disease
progression in human IPF lung tissue, the same samples were analysed to assess
additional mechanistic and anti-inflammatory benefits on top of SoC's and the
results are summarised as follows:
• NXP002 alone delivers a strong, consistent anti-inflammatory effect as
demonstrated by suppression of the release of inflammatory cytokines by over
90% for all cytokines studied; and
• the results further suggest that NXP002 may provide additional efficacy in
combination with SoC's, even in patients not responding to SoC therapy alone.
Nuformix's TPP for NXP002 seeks twice daily inhalation administration. To
assess NXP002's duration of action, the Group initiated work in an exploratory
model in healthy human lung tissue. The model also bridges the Group's
successful preclinical work across a variety of LPS-challenge studies. The
results are summarised as follows:
• NXP002 suppresses the release of inflammatory cytokines by healthy human
lung tissue following LPS challenge; and
• an anti-inflammatory effect remains at 12 hours post drug dosing
demonstrated by continued suppression of the release of inflammatory cytokines
following LPS challenge, confirming NXP002 has a duration of action that may
support twice daily dosing.
Data from the precision-cut lung slice ("PCLS") disease model referred to
above were reanalysed as part of the on-going discussions with potential
licensing and development partners for NXP002. NXP002 had been studied in
tissue from an autoimmune ILD explanted lung (in this case from a patient
diagnosed with non-specific interstitial pneumonia or NSIP). This data was
revisited to compare key biomarker changes in tissue in response to NXP002
treatment using an 'area under the curve' (AUC) based approach, considering
total biomarker expression during the treatment period. These new results are
summarised as follows:
• a clear dose response to NXP002 was observed across both extra cellular
matrix ("ECM") biomarkers and pro-fibrotic mediators suggesting NXP002's
activity in additional pathways to standards of care;
• a consistent and significant effect of NXP002 was observed alone and in
combination with standards of care across both biomarker types in all
donors;
• when the Col1A1 gene was found to be overexpressed in tissue, representing
active fibrotic disease and tissue turner, NXP002 consistently attenuates its
expression. When Col1A1 is not overexpressed Col1A1 is maintained, which may
point towards NXP002's role in ECM homeostasis and supporting healthy tissue
repair and regeneration, consistent with the evidence base describing positive
results from clinical studies of tranilast in a range of fibrotic diseases;
and
• the autoimmune-ILD donor studied also showed a significant response across
both biomarker types alongside the seven IPF donors confirming that NXP002's
activity translates well to autoimmune-derived ILDs.
The Board continues to believe NXP002 offers a potentially significant
treatment of progressive fibrosing ILDs, including IPF and PPF, and is focused
on generating data and initiating and further developing discussions with
potential partners that may support its efforts to secure a licencing or
option agreement for NXP002.
NXP004 (novel forms of olaparib) - Oncology
The Group discovered novel forms of olaparib, a drug currently marketed by
AstraZeneca, as Lynparza(®). Lynparza(®) was first approved in December 2014
for the treatment of adults with advanced ovarian cancer and deleterious or
suspected deleterious germline BRCA mutation. Since then, it has secured
similar approvals in breast, pancreatic and prostate cancers with further
trials on-going. These approvals have propelled Lynparza(®) sales to US$2.6bn
in 2022 with industry analysts forecasting annual sales of US$9.7bn by 2028.
Subsequently, further preformulation and in-vitro studies allowed Nuformix to
identify lead cocrystals to be progressed for further development. Results
from in vitro dissolution studies demonstrated that the two lead NXP004
cocrystals out-performed Lynparza(®), both in terms of rate and extent of
dissolution and release of olaparib.
Enhancement of dissolution in the currently marketed formulation of
Lynparza(®) resulted in improved bioavailability versus the initial marketed
product. Therefore, NXP004 may offer potential to further increase olaparib's
bioavailability. In addition, the potential simplicity of NXP004-based
formulations may offer improvements in product cost-of-goods versus the
currently marketed product, which requires complex manufacturing methods.
These attributes position NXP004 for applications in line-extensions for the
currently marketed product.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is currently
marketed as a product in the oncology supportive care setting (chemotherapy
induced nausea and vomiting) initially exclusively licensed to Oxilio Limited
("Oxilio") for oncology indications. Oxilio has now acquired ownership of
Nuformix's NXP001 patent estate. Nuformix retained rights to receive further
development milestones and royalties capped at £2 million per year under the
terms of the acquisition.
Outlook
The Company continues to advance and exploit the current assets within the
portfolio through the R&D and business development activities as set out
above.
The strategy of the Group is to continue to increase the value of its existing
assets while maintaining tight control of costs, including conducting business
development/licensing activities using a structured and data-driven approach,
with the goal of seeking global licensing deals.
Financial Review
In the first half of the financial year, the Board has focused its expenditure
on R&D activities, such as the application for Orphan Drug Designation,
that add value to the current assets while optimising the operation to
minimise administrative expenditure and the operational cost-base.
Dr Julian Gilbert
Non-Executive Chairman
1 May 2025
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been prepared
in accordance with UK adopted IAS 34 'Interim Financial Reporting';
2. the condensed set of financial statements has been prepared in
accordance with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and fair view
of the asset, liabilities, financial position and loss of the group and the
undertakings included in the consolidation as a whole as required by DTR
4.2.4R; and
4. the interim management report includes a fair review of the
information required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
The directors of Nuformix plc are listed in the Group's 2024 Annual Report and
Accounts and the current board are set out on the Investors Information
section of Nuformix's website at: Investors Information - Nuformix
(https://nuformix.com/investors/investors-information/)
Dr Julian Gilbert
Non-Executive Chairman
1 May 2025
Further copies of this document are available from the company's registered
address and will be available on the company's website later today.
Nuformix plc
Registration number: 09632100
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive Income for the
six months ended 31 March 2025
6 months ending 31 March 6 months ending 31 March 12 months ending 30 September
2025 2024 2024
Unaudited Unaudited Audited
Note £ £ £
Revenue - - -
Cost of sales - - -
Gross profit - - -
Total administrative expenses (376,668) (242,529) (506,353)
Impairment of Goodwill - - (3,140,700)
Other operating income - - -
Operating loss (376,668) (242,529) (3,647,053)
Finance costs - - -
Loss before tax (376,668) (242,529) (3,647,053)
Income tax receipt - - 5,566
Loss for the period and total comprehensive income for the period (376,668) (242,529) (3,641,487)
Loss per share - basic and diluted 4 0.03p 0.03p 0.46p
Nuformix plc Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 31 March 2025
31 March 31 March 30 September
2025 2024 2024
Note Unaudited Unaudited Audited
£ £ £
Assets
Non-current assets
Property, plant and equipment 5 - - -
Intangible assets 6 896,828 4,072,770 911,411
896,828 4,072,770 911,411
Current assets
Trade and other receivables 36,867 31,136 33,351
Income tax asset 5,566 67,342 5,566
Cash and cash equivalents 97,911 183,522 20,210
140,344 282,000 59,127
Total assets 1,037,172 4,354,770 970,538
Equity and liabilities
Equity
Share capital 7 1,244,309 819,309 819,309
Share premium 6,775,097 6,731,348 6,731,347
Merger relief reserve 10,950,000 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195) (8,005,195)
Share option reserve 64,361 2,058,518 64,361
Retained earnings (10,220,919) (8,451,929) (9,844,251)
Total equity 807,653 4,102,051 715,571
Current liabilities
Trade and other payables 229,519 252,719 254,967
229,519 252,719 254,967
Total equity and liabilities 1,037,172 4,354,770 970,538
Consolidated Statement of Changes in Equity for the six months ended 31 March 2025
Share Share Merger Relief Reverse acquisition Share option Retained earnings Total
capital premium Reserve reserve reserve £ £
£ £ £ £ £
At 30 September 2023 * 744,309 6,656,802 10,950,000 (8,005,195) 60,018 (6,210,900) 4,195,034
Loss for the half-year and total comprehensive income - - - - - (242,529) (242,529)
Issue of share capital 75,000 74,545 - - - - 149,545
Share and warrant based payment - - - - - - -
As at 31 March 2024 * 819,309 6,731,347 10,950,000 (8,005,195) 60,018 (6,453,429) 4,102,050
Loss for the half-year and total comprehensive loss - - - - - (3,398,958) (3,398,958)
Issue of share capital - - - - - - -
Share issue costs - - - - - - -
Share and warrant based payment - - - - 12,479 - 12,479
Transfer of expired share options - - - - (8,136) 8,136 -
At 30 September 2024 819,309 6,731,347 10,950,000 (8,005,195) 64,361 (9,844,251) 715,571
Loss for the half-year and total comprehensive income - - - - - (376,668) (376,668)
Issue of share capital 425,000 43,750 - - - - 468,750
Share and warrant based payment - - - - - - -
As at 31 March 2024 1,244,309 6,775,097 10,950,000 (8,005,195) 64,361 (10,220,919) 807,653
* Figures as at 30 September 2023 and 31 March 2024 have been restated in line
with the disclosures detailed in the 2024 Annual Report (Note 22)
Nuformix plc Unaudited Interim Results
Consolidated Statement of Cash Flows for the six months ended 31 March 2025
6 months ending 31 March 6 months ending 31 March 12 months ending 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Cash flows from operating activities
Loss for the year (376,668) (242,529) (3,641,487)
Adjustments to cash flows from non-cash items:
Profit on sale of intangibles - - -
Depreciation and amortisation 14,583 8,507 29,166
Impairment charge - - 3,140,700
Income tax expense - - (5,566)
Share and warrant based payment - - 12,479
(362,085) (234,022) (464,708)
Working capital adjustments
(Increase) decrease in trade and other receivables (3,516) 35,721 33,506
Increase (decrease) in trade and other payables (25,448) 29,729 31,977
Cash generated from operations (391,049) (168,572) (399,225)
Income taxes (paid)/received - - 67,342
Net cash flow from operating activities (391,049) (168,572) (331,883)
Cash flows from investing activities
Proceeds from sale of intangibles - - -
Net cash flows from investing activities - - -
Cash flows from financing activities
Proceeds of share issue 468,750 149,546 149,545
Net cash flows from financing activities 468,750 149,546 149,545
Net (decrease)/increase in cash and cash equivalents 77,701 (19,026) (182,338)
Cash and cash equivalents at start of period 20,210 202,548 202,548
Cash and cash equivalents at end of period 97,911 183,522 20,210
Nuformix plc Unaudited Interim Results
Notes to the Consolidated Financial Statements for the six months ended 31
March 2025
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared in accordance
with the recognition and measurement principles of International Accounting
Standards as endorsed by the UK Endorsement Board ("IAS"), and are compliant
with IAS34 "Interim Financial Reporting."
The Group prepares its accounts in accordance with applicable UK Adopted
International Accounting Standards.
The accounting policies and methods of computation followed in the condensed
consolidated interim financial statements are the same as those applied in the
most recent annual report
The consolidated interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. Statutory accounts for the year ended 30 September 2024,
prepared in accordance with IAS, have been filed with the Registrar of
Companies. The Auditors' Report on these accounts was unqualified and included
a reference to which the Auditors drew attention by way of an emphasis of
matter, without qualifying their report, that a material uncertainty existed
that might cast significant doubt on the Group's ability to continue as a
going concern at that time. The Auditors' Report did not contain any
statements under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements are for the 6 months
to 31 March 2025.
The condensed consolidated interim financial information does not include all
the information and disclosures required in the annual financial statements,
and should be read in conjunction with the group's annual financial statements
for the year ended 30 September 2024, which were prepared in accordance with
UK adopted International Accounting Standards ("IFRSs"). As explained above,
although this was a different accounting framework, there is no impact on
recognition, measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued ordinary share
capital of Nuformix Technologies Limited and became the legal parent of
Nuformix Technologies Limited. The accounting policy adopted by the Directors
applies the principles of IFRS 3 (Revised) "Business Combinations" in
identifying the accounting parent as Nuformix Technologies Limited and the
presentation of the Group consolidated statements of the Company (the legal
parent) as a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared on the going
concern basis of preparation which, inter alia, is based on the directors'
reasonable expectation that the Group has adequate resources to continue to
operate as a going concern for at least twelve months from the date of their
approval. In forming this assessment, the directors have prepared cashflow
forecasts covering the period ending 31 December 2026 which take into account
the likely run rate on overheads and planned research expenditure and the
expectations of a further fundraise to be completed in H2 2025.
Whilst there can be no guarantee of the successful outcome of future studies,
in compiling the cashflow forecasts the directors have made cautious estimates
of the likely outcome of such studies, when a fundraise may complete and have
considered alternative strategies should projected funding be delayed or fail
to materialise. These strategies include postponing non-committed research
expenditure, securing alternative licensing arrangements from those currently
planned and additional corporate activity to support the business.
These circumstances indicate the existence of a material uncertainty which may
cast significant doubt on the Group's ability to continue as a going
concern. The consolidated interim financial statements do not include any
adjustments that would result if the company or Group was unable to continue
as a going concern.
After careful consideration, the directors consider that they have reasonable
grounds to believe that the Group can be regarded as a going concern and, for
this reason, they continue to adopt the going concern basis in preparing the
consolidated interim financial statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax attributable to
the equity holders of the Group by the weighted average number of shares in
issue during the period.
The basic earnings per share for each comparative period is calculated by
dividing the loss in each of those periods by the legal entity's historical
weighted average number of shares outstanding.
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Loss after tax (376,668) (242,529) (3,641,487)
Weighted average number of shares 1,374,360,518 756,945,238 786,932,319
Basic and diluted loss per share (0.03)p (0.03)p (0.46)p
5 Intangible Assets
Goodwill Patents Total
£ £ £
Cost
At 30 September 2023 4,023,484 291,661 4,315,145
At 31 March 2024 4,023,484 291,661 4,315,145
Disposals - - -
At 30 September 2024 4,023,484 291,661 4,315,145
At 31 March 2025 4,023,484 291,661 4,315,145
Amortisation
At 30 September 2023 - 233,868 233,868
Amortisation charge - 8,507 8,507
At 31 March 2024 - 242,375 242,375
Amortisation charge - 20,659 20,659
Impairment 3,140,700 - 3,140,700
At 30 September 2024 3,140,700 263,034 3,403,734
Amortisation charge - 14,583 14,583
At 31 March 2025 3,140,700 277,617 3,418,317
Net book value
At 31 March 2024 4,023,484 49,286 4,072,770
At 30 September 2024 882,784 28,627 911,411
At 31 March 2025 882,784 14,044 896,828
For impairment testing purposes, management consider the operations of the
Group to represent a single cash-generating unit ("CGU") focused on research
and development. Consequently, the goodwill is effectively allocated and
considered for impairment against the business as a whole being the single
CGU.
6 Share Capital
Allotted, called up and fully paid shares
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
No. £ No. £ No. £
Ordinary shares of £0.001 each - - 819,309,368 819,309 819,309,368 819,309
Ordinary shares of £0.0005 each 1,669,309,368 834,654 - - - -
Deferred shares of £0.0005 each 819,309,368 409,655 - - - -
On 5 November 2024, the company completed a capital increase through the issue
of 600,000,000 shares of £0.0005 each in a share placement at a price of
£0.0005 per share. As part of this exercise, each existing share of £0.001
was subdivided into one ordinary share of £0.0005 and one deferred share of
£0.0005.
Subsequently, on 11 February 2025, the company completed a capital increase
through the issue of 250,000,000 shares of £0.0005 each in a share placement
at a price of £0.000675 per share.
7 Share Options and Warrants
The Group operates share-based payments arrangements to remunerate directors
and key employees in the form of a share option scheme. Equity-settled
share-based payments are measured at fair value (excluding the effect of
non-market-based vesting conditions) at the date of grant. The fair value
determined at the grant date of the equity-settled, share-based payments and
is expensed on a straight-line basis over the vesting period, based on the
Group's estimate of shares that will eventually vest and adjusted for the
effect of non-market based vesting conditions.
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