REG - Physiomics PLC - Interim Results
07/03/2022 07:00
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RNS Number : 7609D Physiomics PLC 07 March 2022
7 March 2022
Physiomics Plc
("Physiomics") or (the "Company")
Interim Results Statement
for the six-month period ended 31 December 2021
Physiomics plc (AIM: PYC), the oncology consultancy using mathematical models
to support the development of cancer treatment regimens and personalised
medicine solutions, today announces its unaudited financial results for the
six months ended 31 December 2021.
Summary financial results
· Revenue of £366k (six months ended 31 December 2020: £363k)
· Total income of £395k* (six months ended 31 December 2020:
£386k*)
· Operating loss of £170k (six months ended 31 December 2020:
£132k)
· Cash and cash equivalents of £794k at 31 December 2021 (31
December 2020: £1.15m)
· Shareholders' funds of £1.08m at 31 December 2021 (31
December 2020: £1.29m)
* Total income for the six months ended 31 December 2021 includes other
operating income, being grant income, of £29k (grant income for six months
ended 31 December 2020: £23k).
Total income was the highest first half income ever recorded by Physiomics and
slightly ahead of the six-month comparable prior period ended 31 December
2020. Operating losses of £170k were just £38k greater than those of the
comparable prior period despite a significant increase in marketing
activities, including the hiring of the Company's first Head of Business
Development. The Company finished the half with a strong balance sheet
showing shareholder funds of £1.08m at 31 December 2021 (compared with
£1.29m at 31 December 2020) of which £794k were cash and cash equivalents.
The Company is pleased to announce that, as a result of its recent marketing
activities, it already has contracted revenues of approximately £460k for the
current half year ended 30 June 2022 (assuming no slippage in anticipated
project timelines). In addition, the Company has a strong pipeline of
projects in advanced discussion, including one with a potential new large
pharmaceutical client.
Operational highlights
Key events in the period include:
· Contracts awarded by Merck KGaA in December 2021 with an
aggregate value of £300k expected to be completed during the first six months
of calendar 2022 with further contracts expected in the second half of
calendar 2022
· Contracted revenues of approximately £460k already booked
for the six months ending 30 June 2022 (highest recorded at this point in any
financial year)
· Well positioned to meet market expectations for the full year
to 30 June 2022
· Second contract entered into with Swiss biotech Numab
Therapeutics
· Continued work with key client Bicycle Therapeutics focused
on its most advanced clinical compounds
· Recruitment of the first patient in the PARTNER study at
Portsmouth Hospitals University NHS Trust to generate data to further evaluate
the Company's personalised dosing software tool
· Completion of the initial evaluation by Tabula Rasa
Healthcare® of the Company's personalised dosing tool for prostate cancer
treatment in the established DoseMeRx® software platform, leading to
potential extension of the collaboration into other related cancer treatments
· Expansion of the Company's technical team through the
recruitment of an additional Biosimulation Scientist
· Creation of the new role of Head of Business Development to
support and accelerate lead generation
Key event after the period end:
· Signing of first contract with new Boston-based biotech
client Ankyra Therapeutics
Chairman and CEO's business strategy update
The Directors are pleased with the Company's progress in developing its
consulting pipeline, as well as its success in getting its PARTNER study
started despite COVID related headwinds. The Company has continued to invest
in building its team both on the technical side, through the addition of a
highly qualified new Biosimulation Scientist, and on the commercial side,
through the hiring of an experienced Head of Business Development.
Consulting business based on modelling & simulation using Virtual
Tumour™ and other tools
The Company was delighted to welcome Boston-based biotech Ankyra Therapeutics
as a new client and continues to maintain strong relationships with existing
repeat-clients, including Bicycle Therapeutics, Numab Therapeutics, as well as
its long-term client Merck KGaA.
Continued investment in marketing, including in social media and other
marketing channels, together with the increased business development capacity
resulting from the hire of a dedicated professional have helped the Company to
minimise the time between first contact with a potential new client and
signing of contracts. In addition, significant new clients have been
attracted as a result of the Company's positive reputation and/or by personal
recommendation by existing or past clients. In the six months ended 31
December 2021 alone, the Company signed eleven agreements of various sizes
with existing and new clients (including three with Merck KGaA which were the
subject of an RNS on 13 December 2021).
The Company currently has contracted revenues of around £460k for the current
half year ended 30 June 2022. This is the highest level of contracted
revenue for H2 ever recorded by the Company at this point in any financial
year and does not account for any further projects that may be signed and
commenced during the remainder of this current financial year.
In addition to currently contracted projects, the Company has a strong
pipeline of potential new projects that could start in calendar 2022,
including ongoing discussions with a large pharmaceutical company relating to
a specific significant project. As a result of the high volume of contracted
and potential future work, the Company is considering how it can best expand
its technical capacity through the use of consultants and/or of potential new
project team hires.
Personalised oncology
The Company has made significant progress with two major initiatives in the
field of personalised dosing. Firstly, in the recruitment of the first
patient in its PARTNER study, being conducted at Portsmouth Hospitals
University NHS Trust. Although this study was delayed in starting, it has
since recruited a significant number of patients and an interim analysis of
the data generated to date is currently underway. It is still hoped the
study can be completed and the data from all patients can be analysed during
this calendar year and it is unlikely that the Company will comment further on
the outcomes of the study until it has been completed.
Secondly, on 21 February 2022, the Company announced it successfully completed
the integration of its first personalised dosing tool for docetaxel in
prostate cancer into the DoseMeRx software platform owned by US corporation
Tabula Rasa Healthcare Inc ("TRHC"). TRHC recently announced that it intends
to sell its DoseMeRx business, however, Physiomics continues to work with
DoseMeRx during the sale process and looks forward to further developing the
collaboration with DoseMeRx's new owners as and when the transaction is
completed. In the meantime, following positive feedback on the initial
integration, Physiomics and DoseMeRx are exploring further development of the
personalised dosing tool in other cancer indications where the two companies
believe there may be more significant commercial potential.
Other areas
In addition to the areas noted above, the Company is actively considering how
it could use its extensive capabilities in modelling, simulation, data
analysis and AI techniques, to develop further innovative assets in
collaboration with other partners. The Company is particularly focused on
fields such as AI-enabled drug discovery/development and cancer diagnostics.
Further information on this initiative will be provided as progress is made.
Board composition
As announced on 23 February 2022, Dr Paul Harper stood down from the role of
Non-Executive Chairman and as a Director of the Company. Dr Jim Millen has
been appointed as the Company's interim Executive Chairman and is anticipated
to hold the position alongside his role of Chief Executive Officer on an
interim basis. The Company is seeking to appoint at least one independent
Non-Executive Director as soon as possible and a further announcement in this
regard will be made in due course.
Outlook
The Directors believe the Company is in a very strong position to meet market
expectations for this year as it continues to make good progress in each of
its key business areas.
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Notes to Editor
About Physiomics
Physiomics plc (AIM: PYC) is an oncology consultancy using mathematical models
to support the development of cancer treatment regimens and personalised
medicine solutions. The Company's Virtual Tumour™ technology uses computer
modelling to predict the effects of cancer drugs and treatments to improve the
success rate of drug discovery and development projects while reducing time
and cost. The predictive capability of Physiomics' technologies have been
confirmed by over 90 projects, involving over 40 targets and 70 drugs, and has
worked with clients such as Merck KGaA, Astellas, Merck & Co and Bicycle
Therapeutics.
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31
December 2021
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-21 31-Dec-20 30-Jun-21
£'000 £'000 £'000
Revenue 366 363 702
Other operating income 29 23 29
Total income 395 386 731
Operating expenses (565) (518) (1,068)
Operating loss and loss before taxation (170) (132) (337)
UK corporation tax 50 59 121
Loss for the period attributable to equity shareholders (120) (73) (216)
Loss per share (pence)
(0.12) p (0.08) p (0.22) p
Basic and diluted
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2021
Unaudited Unaudited Audited
As at As at As at
31-Dec-21 31-Dec-20 30-Jun-21
£'000 £'000 £'000
Non-current assets
Intangible assets 3 4 3
Property, plant and equipment 17 19 16
20 23 19
Current assets
Trade and other receivables 485 236 261
Cash and cash equivalents 794 1,149 1,043
1,279 1,385 1,304
Total assets 1,299 1,408 1,323
Current liabilities
Trade and other payables (82) (119) (114)
Deferred revenue (137) (3) (43)
Total liabilities (219) (122) (157)
Net assets 1,080 1,286 1,166
Capital and reserves
Share capital 1,283 1,283 1,283
Capital reserves 6,190 6,134 6,156
Profit & loss account (6,393) (6,131) (6,273)
Equity shareholders' funds 1,080 1,286 1,166
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December
2021
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
£'000 £'000 £'000 £'000 £'000
At 1 July 2020 1,276 5,897 200 (6,058) 1,315
Issue of share capital 7 37 - - 44
Profit for the period - - - (73) (73)
At 31 December 2020 1,283 5,934 200 (6,131) 1,286
Transfer to other reserves - - 22 - 22
Loss for the period - - - (142) (142)
At 30 June 2021 1,283 5,934 222 (6,273) 1,166
Transfer to other reserves - - 34 - 34
Loss for the period - - - (120) (120)
At 31 December 2021 1,283 5,934 256 (6,393) 1,080
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2021
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-21 31-Dec-20 30-Jun-21
£'000 £'000 £'000
Cash flows from operating activities:
Operating loss (170) (132) (337)
Amortisation and depreciation 6 6 12
Share-based compensation 34 - 22
(Increase) decrease in receivables (174) 205 160
Increase / (decrease) in payables (32) (5) (10)
Increase / (decrease) in deferred revenue 94 (4) 36
Net cash generated from / (used in) operations (242) 70 (117)
UK corporation tax received - - 84
Net cash generated from / (used in) operating activities (242) 70 (33)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (7) (13) (16)
Net cash used in investing activities (7) (13) (16)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) - 44 44
Net cash generated from financing activities - 44 44
Net (decrease) / increase in cash and cash equivalents (249) 101 (5)
Cash and cash equivalents at beginning of period 1,043 1,048 1,048
Cash and cash equivalents at end of period 794 1,149 1,043
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics Plc is a public limited company ("the Company") incorporated in
England & Wales (registration number 4225086). The Company is domiciled in
the United Kingdom and its registered address is The Magdalen Centre, Robert
Robinson Avenue, The Oxford Science Park, Oxford, OX4 4GA. The Company's
ordinary shares are traded on the AIM Market of the London Stock Exchange
("AIM"). Copies of the interim report are available from the Company's
website, www.physiomics-plc.com. Further copies of the Interim Report and
Annual Report and Accounts may be obtained from the address above.
The Company's principal activity is the provision of services to
pharmaceutical companies in the area of outsourced systems and computational
biology.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 31
December 2021, which are unaudited, have been prepared in accordance with the
accounting policies set out in the annual report and accounts for the year
ended 30 June 2021, which were prepared under International Financial
Reporting Standards ("IFRS").
The financial information contained in the interim report does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006. The
financial information for the full preceding year is based on the statutory
accounts for the year ended 30 June 2021. Those accounts, upon which the
auditors, Shipleys LLP, issued a report which was unqualified but contained an
emphasis of matter paragraph, have been delivered to the Registrar of
Companies.
As permitted, this interim report has been prepared in accordance with the AIM
Rules for Companies and not in accordance with IAS 34 "Interim Financial
Reporting" therefore it is not fully compliant with IFRS.
The interim financial statements are presented in sterling and all values are
rounded to the nearest thousand pounds (£'000) except when otherwise
indicated.
3. Loss per share
Basic loss per share is 0.12p (H1 2020: loss per share 0.08p). The basic loss
per ordinary share is calculated by dividing the loss of £120,382 (H1 2020:
loss £73,443) by 97,334,778 (H1 2020: 96,923,365), the weighted average
number of shares in issue during the period.
The loss attributable to equity holders (holders of ordinary shares) of the
Company for calculating the fully diluted loss per share is identical to that
used for calculating the loss per share. The exercise of share options would
have the effect of reducing the loss per share and is therefore anti-
dilutive.
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