REG - Physiomics PLC - Interim Results
06/03/2025 07:00
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RNS Number : 5400Z Physiomics PLC 06 March 2025
( )6 March 2025
Physiomics plc
("Physiomics" or the "Company")
Interim Results Statement
for the six-month period ended 31 December 2024
Physiomics plc (AIM: PYC), a leading mathematical modelling, data science and
biostatistics company supporting the development of new therapeutics and
personalised medicine solutions, today announces its unaudited financial
results for the six months ended 31 December 2024.
Summary financial results
· Revenue of £329k (six months ended 31 December 2023: £374k)
· Total income of £354k* (six months ended 31 December 2023:
£382k*)
· Operating loss of £249k (six months ended 31 December 2023:
£236k loss)
· In July 2024, completion of a placing and retail offer that
generated gross proceeds of £406k.
· Cash and cash equivalents of £269k at 31 December 2024 (31
December 2023: £403k)
· Shareholders' funds of £418k at 31 December 2024 (31
December 2023: £672k)
* Total income for the six months ended 31 December 2024 includes other
operating income, being grant income, of £25k (grant income for six months
ended 31 December 2023: £8k).
Total income was £28k lower than the comparable prior period, due in part to
a delay in project timelines. The Innovate UK grant, announced in November
2023, contributed to £25k of total income. Operating losses were £13k higher
than the comparable previous period partly due to a reduction in revenues. The
Company finished the half year with £269k of cash and cash equivalents. Post
the period end, on 17 February 2025, the Company completed a placing and
retail offer of £500k which added to the cash runway.
Building on the previous year's record total value of contracts won, the
Company has established a strong pipeline during the first half of the
financial year, with four new contracts won. These contracts reflect the
Company's strategy to broaden its offering, expanding into new modalities of
therapies such as Antibody Drug Conjugates, as well as supporting clients
across new phases of drug development, including Target Candidate Profiling.
Based on these signed contracts, the Board expects that total income for the
current financial year will be in line with market expectations, with
additional contracted revenue projected into next year (year ending June
2026). The Company is actively progressing a number of late-stage
opportunities, however, there is no guarantee that these contracts will be
signed within the current financial year.
Operational Highlights
Key events during the period include:
· Follow on contracts with existing clients Numab Therapeutics
and Cancer Research UK.
· Award of two additional contracts valued at £157,500 and
£65,250 respectively with a globally recognised pharmaceutical client.
· Appointment of Head of Quantitative Pharmacology and Data
Science, Dr Mark Davies, to lead the expansion of the Modelling and Simulation
service-line and improve conversion of business development pipeline.
· Official launch of its Biostatistics offering and expansion
of its Data Science and Bioinformatics services.
Key events after the period end:
· Regulatory and Ethical approval of the Innovate UK Funded
PREDICT-ONC trial to support the development of Physiomics' Personalised
Medicine Dosing Software.
· Publication of two original peer-reviewed scientific
articles. The first written in partnership with Astellas Inc and the second
with Merck KGaA, reflecting the utility and benefit of the Company's Virtual
Tumour Platform to support oncology drug development.
· In February 2025, the Company completed an oversubscribed
placing and retail offer generating gross proceeds of £500,000 primarily for
use in funding key business growth initiatives.
Chairman and CEO's Business Strategy Update
The Directors are pleased that the Company is on track to meet market
expectations, which, if achieved, would mean an increase of approximately 31%
in total income compared with the financial year ended 30 June 2024, driven by
a stronger second half of the current financial year. The Company continues to
make progress in building its Modelling and Simulation pipeline, contracting a
broadening range of projects. In addition to driving new client business,
three of our long-standing clients signed new contracts with us within the
period, reflecting the quality of work the Company provides its clients and
their desire to continue receiving our support. The last six months has seen
the launch of the Company's new Biostatistics service-line and implementation
of Personalised Medicine Dosing Software on the DoseMeRx platform.
Consulting business: Modelling & Simulation, Data Science and
Biostatistics
As noted above, the Company has continued to broaden its offering across
Modelling and Simulation, Data Science, and through the recent launch of its
Biostatistics services. Physiomics now supports its clients with new services
such as candidate selection, target identification and clinical trial design,
as well as across therapeutic areas outside oncology. Post-period, in January
2025, the Company published two peer-reviewed articles with Astellas Inc and
Merck KGaA, reflecting the impact of its consultancy services and the
Company's Virtual Tumour Platform on supporting drug development.
The Company continues to focus on building its business development pipeline
through increased investment in marketing and early client engagement,
increasing conference attendance by 75% over the last two years and strategic
sponsorship of key events such as World ADC Event 2024 and NextGen Biomed
2025. In addition to increasing lead generation, the Company has been
addressing the historical challenge of converting leads into contracts by
recruiting individuals with broader drug development expertise who can
therefore develop consulting solutions that better meet client's needs. The
Company intends to continue investing in expertise as well as explore
strategic options to accelerate growth.
Personalised Medicine Dosing Software
The Company is progressing two key initiatives to progress the development of
its Personalised Medicine Dosing Software.
1) In November 2023, the Company announced the award of a further Innovate
UK grant of £137k, to be recognised by the Company between the award date and
anticipated completion in October 2025. The total value of the project,
split between Physiomics and co-applicants Beyond Blood Diagnostics and
Blackpool Teaching Hospitals NHS Foundation Trust, is anticipated to be
£571k. The aim of the project will be to gather clinical data to enable the
Company's software to be used to support decision making on the dosing of both
chemotherapy and the expensive biological drug G-CSF. Post-period, the project
has now received regulatory and ethical approval, with approximately 10% of
the targeted number of breast cancer patients already recruited onto the
observation trial.
2) In June 2024, the Company announced its re-engagement with DoseMe, a US
company that provides clinicians across the US and Europe access to various
drug dosing decision software solutions through their DoseMeRx software
platform. As part of this re-engagement, both parties entered an agreement to
implement Physiomics' personalised dosing software onto the DoseMeRx platform,
with the initial aim to make the software available to selected DoseMe clients
on a research basis. Following this, the objective is to commercially launch
the software tool by adding paid functionality. To date, implementation of the
dosing software onto the DoseMeRx platform is undergoing its final sprint,
with minor bugs being addressed following several internal evaluation cycles.
The Company is exploring a deeper relationship with DoseMe to develop
additional models to be implemented on their platform.
Biostatistics service line
On 2 October 2024, the Company announced the official launch of its
Biostatistics offering and expansion of its Data Science and Bioinformatics
services. This launch coincided with the start of various go-to-market
activities, including refreshed marketing materials, social media campaigns,
targeted marketing, and client engagement. These activities have been
supported through recruitment of biostatistics expertise that in addition will
support project delivery. The Company is exploring strategic options to
accelerate the growth of this service line.
Board composition
Following last year's board restructuring, the Company feels that it has a
good balance of industry expertise and is aligned with good governance
principles as set out by the QCA Corporate Governance Code and will look to
update its adherence to the revised 2023 QCA Corporate Governance Code for the
Company's final results for the year ended 30 June 2025.
Outlook
The Directors believe the Company will continue to trade in line with market
expectations.
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Hybridan LLP (Corporate Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Notes to Editor
About Physiomics
Physiomics plc combines expertise across Modelling & Simulation,
Biostatistics, Data Science and Bioinformatics, together with deep biology
expertise, to help biotech and pharma companies streamline their drug
development journeys. Our approach is to help derive insight from all relevant
and often disparate data in order to de-risk decision making and optimise
research design across discovery, pre-clinical and clinical studies. Through
use of cutting-edge computational tools, bespoke models and our proprietary
Virtual Tumour technology, the Physiomics team has informed the development of
over 100 commercial projects, with over 125 targets and drugs modelled.
Clients include Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics
& CRUK.
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31
December 2024
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-24 31-Dec-23 30-Jun-24
£'000 £'000 £'000
Revenue 329 374 543
Other operating income 25 8 27
Total income 354 382 570
Operating expenses (603) (618) (1,241)
Operating loss (249) (236) (671)
Finance Income - 1 2
Loss before taxation (249) (235) (669)
Income tax income 18 29 59
Loss for the period attributable to equity shareholders (231) (206) (610)
Loss per share (shown in pence)
Basic and diluted (0.12)p (0.15)p (0.45)p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2024
Unaudited Unaudited Audited
As at As at As at
31-Dec-24 31-Dec-23 30-Jun-24
£'000 £'000 £'000
Non-current assets
Intangible assets 4 5 4
Property, plant and equipment 14 5 17
18 10 21
Current assets
Trade and other receivables 237 380 210
Cash and cash equivalents 269 403 191
506 783 401
Total assets 524 793 422
Current liabilities
Trade and other payables (75) (105) (106)
Deferred revenue (31) (16) (34)
Total liabilities (106) (121) (140)
Net assets 418 672 282
Capital and reserves
Share capital 1,706 1,435 1,435
Capital reserves 6,369 6,278 6,273
Profit & loss account (7,657) (7,041) (7,426)
Equity shareholders' funds 418 672 282
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December
2024
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
£'000 £'000 £'000 £'000 £'000
At 1 July 2023 1,283 5,936 148 (6,835) 532
Issue of Share Capital 152 186 - - 338
Transfer to other reserves - - 8 - 8
Loss for the period - - - (206) (206)
At 31 December 2023 1,435 6,122 156 (7,041) 672
Transfer to other reserves - - 14 - 14
Other Movements - - (19) 19 -
Loss for the period - - - (404) (404)
At 30 June 2024 1,435 6,122 151 (7,426) 282
Issue of Share Capital 271 92 - - 363
Transfer to other reserves - - 4 - 4
Other Movements - - - - -
Loss for the period - - - (231) (231)
At 31 December 2024 1,706 6,214 155 (7,657) 418
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2024
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-24 31-Dec-23 30-Jun-24
£'000 £'000 £'000
Cash flows from operating activities:
Operating loss (249) (236) (671)
Amortisation and depreciation 4 4 9
Share-based compensation 4 9 22
(Increase) decrease in receivables (8) (107) (1)
Increase / (decrease) in payables (31) (18) (16)
Increase / (decrease) in deferred revenue (4) (4) 14
Net cash generated from / (used in) operations (284) (352) (643)
UK corporation tax received - - 95
Net cash generated from / (used in) operating activities (284) (352) (548)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (1) (1) (18)
Interest received - 1 2
Net cash used in investing activities (1) - (16)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) 363 338 338
Net cash generated from financing activities 363 338 338
Net (decrease) / increase in cash and cash equivalents 78 (14) (226)
Cash and cash equivalents at beginning of period 191 417 417
Cash and cash equivalents at end of period 269 403 191
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics plc is a public limited company ("Physiomics" or the "Company")
incorporated in England & Wales (registration number 4225086). The Company
is domiciled in the United Kingdom and its registered address is Bee House,
140 Eastern Avenue, Milton Park, Abingdon, Oxfordshire, OX14 4SB. 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.co.uk.
Physiomics is engaged in providing consulting services to pharmaceutical
companies in the areas of outsourced quantitative system pharmacology, PK/PD
modelling and biostatistics using a combination of industry standard
methodologies, technologies and its own proprietary technology platform,
Virtual Tumour™. In simple terms, this means helping biopharma and
research institutes make better use of the data available in order to derive
insights that accelerate and de-risk their drug development programmes.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 31
December 2024, 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 2024, 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 2024. Those statutory accounts, upon which
the auditors, Shipleys LLP, issued a report which was unqualified, 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" and 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 where otherwise
indicated.
3. Loss per share
Basic loss per share is 0.12p (six months ended 31 December 2023: loss per
share 0.15p). The basic loss per ordinary share is calculated by dividing the
loss of £230,833 (six months ended 31 December 2023: loss £206,118) by
200,263,664 (six months ended 31 December 2023: 135,056,656), 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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