REG - Oncimmune Hldgs PLC - Corrected unaudited interim results to 31 May 2022
14/07/2023 14:00
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RNS Number : 1067G Oncimmune Holdings PLC 14 July 2023
14 July 2023
Oncimmune Holdings plc
("Oncimmune" or the "Company" or the "Group")
Corrected unaudited interim results for the 12 months to 31 May 2022
Oncimmune Holdings plc (AIM: ONC.L), the leading autoantibody profiling company to the pharmaceutical and biotechnology industry, today announces its corrected unaudited interim results for the 12 months to 31 May 2022, which were originally announced on 21 September 2022.
These results were unaudited as the Company had previously announced its
intention to change the date of its year end, from 31 May to 31 August, and
were required to maintain continuity of financial reporting as the Company was
not due to report its subsequent audited results for the 15 months ended 31
August 2022 until early 2023.
As stated in the announcement on 15 June 2023, the financial results of one of
the Company's subsidiaries had been incorrectly consolidated into those of the
Group, resulting in an overstatement of approximately £0.7 million for both
revenue and cost of sales at the consolidated Group level. This error had no
effect on the gross profit, or the operating loss as previously reported, nor
has it had any effect on the reported cash position. Furthermore, this one-off
error had no effect on the audited final results for the 15-month period to 31
August 2022, which were announced on 27 February 2023. The unaudited interim
results for the six months ended 28 February 2023, as announced on 31 May
2023, were similarly unaffected save for the comparative data for the 12
months to May 2022 in the consolidated income statement.
The corrected unaudited interim results for the 12 months to 31 May 2022 are
included in this announcement.
For further information:
Oncimmune Holdings plc
Ron Kirschner, Chief Executive Officer
contact@oncimmune.co.uk (mailto:contact@oncimmune.co.uk)
Singer Capital Markets (Nominated Adviser and Broker)
Phil Davies, Harry Gooden, George Tzimas, James Fischer
+44 (0)20 7496 3000
Zeus (Joint Broker)
Dominic King, Victoria Ayton, Dan Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a specialist pharmaceutical services company, primarily focused
on the growing fields of immuno-oncology, autoimmune disease and infectious
diseases. Oncimmune has a contract discovery and development service business
whose ImmunoINSIGHTS platform delivers actionable insights into therapies to
the Company's pharmaceutical and biotech partners.
Our understanding of the immune system enables us to harness its sophisticated
response to disease to detect cancer earlier and to support the development of
better therapies. The key to improving cancer survival is early detection and
better selection for therapy. As a company, we are driven by our passion to
improve cancer survival and to give people extra time.
Oncimmune's ImmunoINSIGHTS platform enables life science organisations to
optimise drug development and delivery, leading to more effectively targeted
and safer treatments for patients. Oncimmune's ImmunoINSIGHTS service business
at its discovery research centre in Dortmund, Germany. The ImmunoINSIGHTS
business development team are based in the US and Europe.
For more information, visit www.oncimmune.com (http://www.oncimmune.com)
Consolidated statement of comprehensive income
Unaudited Audited
12 months to Year to
31 May 31 May
2022 2021
£'000 £'000
Total Total
Revenue 3,206 3,722
Cost of sales (1,749) (865)
Gross profit/(loss) 1,457 2,857
Research and development expenses (1,517) (1,615)
Administrative expenses (7,052) (5,652)
Share-based payment (1,800) (1,046)
(10,369) (8,313)
Other income 326 311
Operating loss (8,586) (5,145)
Finance income - 403
Finance costs (943) (954)
Finance costs - net (943) (551)
Loss before taxation (9,529) (5,696)
Taxation 17 1,068
Loss after tax from continuing operations the financial year (9,512) (4,628)
Other comprehensive income
Exchange translation differences (384) (91)
Loss after tax and total comprehensive income for the year attributable to (9,896) (4,719)
equity holders
Basic and diluted loss per share (13.7)p (7.17)p
Consolidated statement of financial position
Unaudited Audited
31 May 31 May
2022 2021
£'000 £'000
Assets
Non-current assets
Goodwill 1,578 1,578
Intangible assets 3,237 4,116
Property, plant and equipment 918 664
Right-of-use assets 627 930
Deferred tax asset 927 937
7,287 8,225
Current assets
Inventories 413 143
Trade and other receivables 6,219 7,079
Contract assets 808 200
Cash and cash equivalents 2,530 8,631
9,970 16,063
Total assets 17,257 24,278
Equity
Capital and reserves attributable to the equity holders
Share capital 695 691
Share premium 40,635 40,497
Other reserves 5,894 4,094
Merger reserve 31,882 31,882
Foreign currency translation reserve (296) 88
Own shares (1,926) (1,926)
Retained earnings (79,611) (70,099)
Total equity (2,727) 5227
Liabilities
Non-current liabilities
Deferred tax 115 374
Lease liability 352 671
Other liabilities 2,000 2000
Borrowings 2,420 6,239
4,887 9,284
Current liabilities
Trade and other payables 1,963 1,979
Contract liabilities 5,180 5,175
Other statutory liabilities 40 55
Lease liability 443 310
Other liabilities - -
Borrowings 7,471 2,248
15,097 9,767
Total liabilities 19,984 19,051
Total equity and liabilities 17,257 24,278
Consolidated statement of changes in equity
Share Share Other Merger Foreign currency translation reserve Own shares Retained earnings Total
reserves
capital premium reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 June 2020 635 31,459 3,048 31,882 179 (1,926) (65,471) (194)
Loss for the year - - - - - - (4,628) (4,628)
Other comprehensive income:
Currency translation differences - - - - (91) - - (91)
Total comprehensive expense for the period - - - - (91) - (4,628) (4,719)
Transactions with owners:
Shares issued in year 50 8,331 - - - - - 8,381
Options exercised 2 106 - - - - - 108
Shares issued in relation to prior year acquisition 4 601 - - - - - 605
Share-based option charge - - 1,046 - - - - 1,046
As at 31 May 2021 691 40,497 4,094 31,882 88 (1,926) (70,099) 5,227
Loss for the year - - - - - - (9,512) (9,512)
Other comprehensive income:
Currency translation differences - - - - (384) - - (384)
Total comprehensive income - - - - (384) - (9,512) (9,896)
Transactions with owners:
Shares issued in year - - - - - - -
Exercise of options and warrants 4 138 - - - - - 142
Shares issued in relation to prior year acquisition - - - - - - - -
Share option charge - - 1,800 - - - - 1,800
As at 31 May 2022 695 40,635 5,894 31,882 (296) (1,926) (79,611) (2,727)
Consolidated statement of cash flows
Unaudited Audited
12 months to Year to
31 May 31 May
2022 2021
£'000 £'000
Cash flows from operating activities
Loss before income tax (9,529) (5,696)
Adjusted by:
Depreciation and amortisation 1429 740
Share-based payment charge 1,800 1,046
Interest received - (403)
Interest expense 943 954
Gain on disposal of assets - -
Fair value gain - 176
Exchange rate movement 3 -
Changes in working capital:
(Increase)/decrease in inventories (270) 31
Increase in trade and other receivables 253 (5,837)
Increase / (decrease) in trade and other payables (428) 4,841
Cash used in operating activities (5,799) (4,148)
Interest paid (169) (885)
Interest received - 3
Income tax received (243) 503
Net cash used by operating activities (6,211) (4,527)
Cash flows from investing activities
Purchase of property, plant and equipment (504) (446)
Purchase of intangible assets - (625)
Proceeds from sale of assets - 215
Net cash (used in)/ generated from investing activities (504) (856)
Cash flows from financing activities
Net funds raised through share issue 142 8,489
Loan advances 3,345 2,728
Loan repayments (2,347) (1,135)
Principal elements of lease repayments (153) (303)
Net cash generated from financing activities 987 9,779
Movement in cash attributable to foreign exchange (375) (5)
Net change in cash and cash equivalents (6,103) 4,391
Cash and cash equivalents at the beginning of the year 8,631 4,240
Cash and cash equivalents at the end of the year 2,528 8,631
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