REG - Polarean Imaging PLC - Half-year Report
25/09/2025 07:00
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RNS Number : 7166A Polarean Imaging PLC 25 September 2025
Polarean Imaging plc
("Polarean" or the "Company" or the "Group")
Half-year Report
Polarean Imaging plc (AIM: POLX), a commercial-stage medical device leader in
advanced magnetic resonance imaging ("MRI") of the lungs, announces its
unaudited interim results for the six months ended 30 June 2025 and update to
guidance for 2025.
Awareness of the benefits of Xenon MRI continues to grow within the scientific
and medical community, and Polarean expanded its commercial partnerships and
broadened its regulatory approvals. However, as noted in the Company's Final
Results announcement on 8 May 2025, reductions in United States ("US")
National Institute of Health ("NIH") grant funding created headwinds for our
customers in our target market. These challenges have since been compounded by
the passing of the US One Big Beautiful Bill Act ("OBBBA"), which introduced
significant Medicaid cuts for hospitals. Together, these two factors have
created increased levels of uncertainty in the sector and contributed to
delays in 2025 sales. However, we are starting to see potential customers
adapting to the new funding environment and finding creative ways to adopt new
technologies. Further detail relating to the pipeline is outlined below.
Financial Highlights
· Increased consumable sales for H1 2025 by 36% compared to H1
2024, reflecting greater utilization by existing customers; however, there
were no Xenon MRI system sales in H1 2025, compared with one in H1 2024
· Group revenues for H1 2025 were US$0.6m (H1 2024: US$1.1m),
reflecting the challenging US market for capital equipment in H1 2025
· Operating expenses for H1 2025 of US$5.6m (H1 2024: US$4.6m),
reflecting the increase in the non-cash share-based payment expense. Excluding
the non-cash share-based payment costs, operating expenses were US$0.1m higher
than H1-2024 as the higher selling and distribution costs for 2025 (H1 2025:
US$1.5m versus H1 2024: US$0.8m) were largely offset by strict cost controls
in other areas
· Cash and cash equivalents of US$7.3m as at 30 June 2025 (31
December 2024: US$12.1m). Management continues to expect this funding to
support operations through the end of Q2 2026
Operational Highlights
· Approval from the US Food and Drug Administration ("FDA") of the
Company's Supplemental New Drug Application ("NDA") to expand the indication
of XENOVIEW®. This approval lowered the minimum patient age from 12 to six
years old, significantly broadening access to this technology and expanding
Polarean's total addressable market by approximately one million additional
patients. The Company is still on track to launch a controlled market release
of the paediatric product at Cincinnati Children's prior to year end
· Type C meeting with the FDA in March 2025 to discuss the proposed
design of a clinical trial to expand the XENOVIEW® label to include gas
exchange indications, representing a major opportunity to increase the
clinical and commercial value of the platform. Based on FDA feedback and
de-risking from a 230+ subject proof-of-concept study, the Company now expects
the trial to be significantly smaller and completed at an estimated cost of
US$4.0m to US$4.5m, down from prior estimates of US$9.0m to US$11.0m
· Expansion of the Philips and Polarean strategic partnership
announced on 14 May 2025 which seeks to increase access to advanced,
radiation-free lung MRI for patients with obstructive lung diseases. By
expanding multi-nuclei imaging with Xenon MRI, the collaboration enables
clinicians to better detect and monitor lung conditions like asthma and cystic
fibrosis
· Expansion of a new imaging service model, in collaboration with
VIDA Diagnostics, to support pharma-sponsored research using Xenon MRI. This
announcement coincided with the Company's inclusion of their clinical trial
imaging platform in a sub-study within a global, multicentre investigational
trial for a novel lung therapy, run by a leading global pharmaceutical
company. Preparations have been ongoing for this trial, and it should begin in
the new year
· Representative agreement signed with Ascend Imaging LLC ("Ascend
Imaging"), for the promotion and sale of Polarean's products in specific US
states. Under the agreement, Ascend Imaging will act as a non-exclusive,
independent manufacturer's representative in four US states, with the
potential for this to be expanded, supporting the promotion and sale of the
Company's Xenon MRI platform. Ascend Imaging will complement Polarean's
existing commercial team by identifying new prospective customers, driving
engagement and supporting the negotiation and closure of sales opportunities
· Issuance of second Chinese patent, covering the use of the Xenon MRI
platform to visualise global and regional pulmonary gas exchange and
microvascular blood flow in real time. This patent strengthens the Company's
intellectual property portfolio in Asia and supports potential future entry
into the Chinese market
· Distribution agreement signed with Sumtage Enterprise Company
Limited ("Sumtage"), a Taiwanese company, to distribute Polarean's products in
Taiwan, marking the Company's first international commercial partnership. This
agreement reflects Polarean's strategic approach to expand outside the US by
engaging like-minded distributors who will lead local regulatory submissions
and manage installation and servicing, allowing the Company to minimise costs
and maintain its strategic focus on the US market
· Expanded participation in the 2025 Xenon Clinical Trials
Consortium Meeting, which featured presentations from Polarean, academic
researchers, GE Healthcare, Philips, Siemens Healthineers and representatives
from the pharmaceutical industry. The growing involvement from key
stakeholders across academia, imaging, and pharma underscores increasing
momentum and interest in Xenon MRI
· Presented at the University of Pennsylvania's 2025 International
Workshop on Pulmonary Imaging, with 12 oral presentations focused on Xenon
MRI. Also attended the International Society for Heart and Lung
Transplantation meeting, hosting a session with leading US transplant
physicians to discuss the potential of Xenon MRI for early detection of lung
rejection
· Bastiaan Driehuys, PhD, founder of Polarean, received a 2025
American Thoracic Society ("ATS") Respiratory Health Award for his
translational work in bringing Xenon MRI from the bench to the clinic. Dr.
Driehuys was presented with ATS's Research Innovation and Translation
Achievement Award for his exemplary accomplishments in respiratory health
based on his work at Duke University Medical Center. At the same meeting, over
30 presentations related to the benefits of Xenon MRI technology across
multiple disease areas were made, underscoring the growing recognition of the
technology's clinical and scientific impact
Post-period End
· New Phase III clinical trial protocol submitted to the FDA to
support an expanded indication for XENOVIEW® (xenon Xe 129 hyperpolarised).
The proposed expansion would include quantitative gas-exchange imaging in
addition to the current FDA approved ventilation imaging indication, useful in
the diagnosis of additional pulmonary diseases
· Polarean's Xenon MRI named a nominee for Best Medical Technology
in the prestigious 2025 Prix Galien USA Awards. This recognition highlights
our commitment to advancing pulmonary imaging and improving patient care. The
Prix Galien USA is widely considered the "Nobel Prize of medical innovation,"
honouring products FDA-approved within the last five years that bring
significant impact to human health
· Process initiated with Philips to approve the FDA-cleared
XENOVIEW® Chest Coil for use on Philips 3T MRI systems, further strengthening
the collaboration
· Polarean continued to build international momentum, with senior
leadership engaging clinicians and partners in China to highlight the
potential of the Xenon MRI platform to advance lung health. China is the
world's largest MRI market, making it a strategically important region for
future growth
· A growing number of important clinical papers continue to be
published on the Xenon MRI platform. Notably, Dr. Sarah Svenningsen and Dr.
Parameswaran Nair and colleagues authored "Ventilation defect burden predicts
lung cancer resection outcomes" in ERJ Open Research, showing how
pre-operative ventilation defects can be a critical warning sign in lung
cancer surgery
Outlook and Updates to Guidance
Since appointing Dr. Alan Huang as Vice President in September 2024, our
commercial efforts have generated a strong and robust pipeline of potential
opportunities for sales. The Company has outstanding quotes to potential
customers which it continues to pursue that could result in over US$21m of
future sales, an increase of over 650% from this time last year. Our backlog,
including orders delivered since 30 June 2025 and those currently in process,
totals US$1.2m.
As indicated by our backlog of outstanding quotes, we are confident that our
commercial strategy is working. However, the proposed NIH grant funding cuts,
together with the Medicaid cuts under the recently passed OBBBA, have
introduced sector-wide uncertainty, leading to delays in purchasing decisions.
These delays negatively impacted Polarean's ability to secure new system sales
during the first half of 2025 and we believe it is prudent to lower our 2025
revenue guidance from a range of US$5m to US$6m to a range of US$2.5m to
US$3.5m. We achieved revenue of US$3.1m during 2024 and are hopeful that we
can achieve a similar sales level in 2025. We believe that the Company will be
in a good position to resume a sales growth trajectory in 2026, with a revised
revenue target of US$5m to US$6m for 2026.
The Board is actively assessing and implementing strategies to reduce costs to
ensure that our cash runway is sufficient for us to explore all financing and
strategic options. We reconfirm that, even with the lowering of our sales
guidance, our current cash will support operations through the end of Q2 2026.
With the anticipated lower costs for the gas exchange trial and other cost
savings measures offsetting the slower commercial ramp, we believe that we can
still achieve profitability post-gas exchange approval with an incremental
investment of approximately US$20m.
Christopher von Jako, Ph.D., CEO of Polarean, commented: "The first half of
2025 has been challenging in the US, with reductions in NIH grant funding now
compounded by the impact of the OBBBA and its cuts to hospital Medicaid
funding. These headwinds have delayed purchasing decisions and affected sales
traction. Our goal is not merely to participate in this field, but to redefine
it. Transforming pulmonary medicine is a complex challenge, particularly
within a changing funding landscape.
"However, with our expanded FDA label, strategic partnerships and increasing
adoption, we are building the foundation to realise that vision. I remain
confident that our disciplined strategy, combined with the dedication of the
Polarean team, positions us to overcome these challenges and deliver long-term
success. On behalf of the Board, I would like to thank our shareholders for
their ongoing support, and we look forward to providing positive updates in
due course."
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Enquiries:
Polarean Imaging plc www.polarean.com
(https://walbrookpr.sharepoint.com/sites/Polarean-WalbrookPR/Shared%20Documents/RNS%20announcements/www.polarean.com)
/ www.polarean-ir.com
(https://walbrookpr.sharepoint.com/sites/Polarean-WalbrookPR/Shared%20Documents/RNS%20announcements/www.polarean-ir.com)
Christopher von Jako, Ph.D., Chief Executive Officer Via Walbrook PR
Charles Osborne, Chief Financial Officer
Stifel (NOMAD and Sole Corporate Broker) +44 (0)20 7710 7600
Nicholas Moore / Fred Walsh / Brough Ransom / Ben Good
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
(mailto:polarean@walbrookpr.com)
Anna Dunphy / Paul McManus / Marcus Ulker Mob: +44 (0)7876 741 001 / +44 (0) 7980 541 893 / +44 (0)7867 984 082
About Polarean
Polarean is a revenue-generating medical imaging technology company
revolutionising pulmonary medicine through direct visualisation of lung
function by introducing the power and safety of MRI to the respiratory
healthcare community. This community is in desperate need of modern solutions
to accurately assess lung function. The Company strives to optimise lung
health and prevent avoidable loss by illuminating hidden disease, addressing
the global unmet medical needs of more than 500 million patients worldwide
suffering from chronic respiratory disease. Polarean is a leader in the field
of hyperpolarisation science and has successfully developed the first and only
hyperpolarised Xenon MRI inhaled contrast agent, XENOVIEW®, which is now
FDA-approved in the United States. Polarean is dedicated to researching,
developing, and commercialising innovative imaging solutions with its
non-invasive and radiation-free pulmonary functional MRI platform. This
comprehensive drug-device platform encompasses the proprietary Xenon gas
blend, gas hyperpolarisation system, as well as software and accessories,
facilitating fully integrated modern respiratory imaging operations. Founded
in 2012, with offices in Durham, NC, and London, United Kingdom, Polarean is
committed to increasing global awareness of and broad access to its XENOVIEW
MRI technology platform.
For the latest news and information about Polarean, please visit
www.polarean.com (http://www.polarean.com/) .
XENOVIEW® IMPORTANT SAFETY INFORMATION
Indication
XENOVIEW, prepared from the Xenon Xe 129 Gas Blend, is a hyperpolarised
contrast agent indicated for use with magnetic resonance imaging (MRI) for
evaluation of lung ventilation in adults and pediatric patients aged 6 years
and older.
Limitations of Use
XENOVIEW has not been evaluated for use with lung perfusion imaging.
CONTRAINDICATIONS
None.
Warnings and Precautions
Risk of Decreased Image Quality from Supplemental Oxygen: Supplemental oxygen
administered simultaneously with XENOVIEW inhalation can cause degradation of
image quality. For patients on supplemental oxygen, withhold oxygen inhalation
for two breaths prior to XENOVIEW inhalation, and resume oxygen inhalation
immediately following the imaging breath hold.
Risk of Transient Hypoxia: Inhalation of an anoxic gas such as XENOVIEW may
cause transient hypoxemia in susceptible patients. Monitor all patients for
oxygen desaturation and symptoms of hypoxemia and treat as clinically
indicated.
Adverse Reactions
Adverse Reactions in Adult Patients: The adverse reactions (> one patient)
in efficacy trials were oropharyngeal pain, headache, and dizziness. Adverse
Reactions in Pediatric and Adolescent Patients: In published literature in
pediatric patients aged 6 to 18, transient adverse reactions were reported:
blood oxygen desaturation, heart rate elevation, numbness, tingling,
dizziness, and euphoria. In at least one published study of pediatric patients
aged 6 to 18 years, transient decrease in SpO2% and transient increase in
heart rate was reported following hyperpolarized xenon Xe 129 administration.
Please see full prescribing information at www.xenoview.net
(http://www.xenoview.net/) .
CEO Statement
Introduction
2025 is proving to be a very challenging year for US-based healthcare
companies.
We are proud of the growing awareness of our Xenon MRI platform and
FDA-approved inhaled contrast agent, XENOVIEW®, and their potential to
transform pulmonary medicine. At the same time, we have been disappointed by
the limited commercial traction achieved in the first half of the year.
When I joined Polarean just over two years ago, I began refining our strategy
to ensure the successful commercialisation of our innovative technology. I
remain confident that this strategy will deliver long-term success, despite
near-term challenges arising first from reductions in US National Institutes
of Health ("NIH") grant funding, and now further by the Medicaid cuts under
the recently enacted US One Big Beautiful Bill Act ("OBBBA"). However, we are
beginning to see potential customers adapt to the evolving funding environment
and exploring innovative approaches to adopting new technologies.
Results overview
Our results for the first half of 2025 reflect these challenging US market
dynamics.
Group revenues for H1 2025 were US$0.6m, down from US$1.1m in H1 2024. This
decline reflects the absence of Xenon MRI system sales (versus one in H1
2024), partially offset by a 36% increase in gas and consumables sales
(US$349k vs. US$256k) and stable service and repair revenue (US$243k vs.
US$193k).
Operating expenses for H1 2025 were US$5.6m, compared with US$4.6m in H1 2024.
The increase was driven primarily by US$0.9m of additional non-cash
share-based payment expense from new stock option grants issued in July 2024.
Selling and distribution expenses rose by US$0.7m as we invested in our
commercial efforts, partially offset by decreases in research and development
(US$0.3m) and administrative costs (US$0.1m).
The overall loss before tax increased to US$5.1m (H1 2024: US$4.0m),
reflecting lower revenue and higher operating expenses. The Company held
US$7.3m in net cash and cash equivalents as of 30 June 2025.
Commercial progress
The first half of 2025 was extremely challenging for capital sales into US
academic hospitals, given both NIH grant funding cuts and Medicaid cuts under
the OBBBA. These headwinds delayed purchasing decisions, resulting in lower
sales traction than expected.
Subsequently, customer engagement has increased significantly, as demonstrated
by the sharp rise in outstanding quotes compared with the same period last
year. This provides us with confidence in the underlying demand.
As we outlined in this interim results announcement, we have lowered our 2025
revenue guidance to US$2.5-3.5m, from the previous US$5-6m. However, with our
robust pipeline of active quotes and opportunities, we expect to resume sales
growth in 2026.
We have made strong progress in advancing collaborations with both MedTech and
pharmaceutical partners. Our long-standing partnership with Philips continues
to strengthen, with the next phase focused on their approval of our
FDA-cleared XENOVIEW® Chest Coil for use with Philips 3T MRI systems. This
step will make Philips' robust multi-nuclei imaging platform even more
impactful in the clinical environment, increasing access to radiation-free
lung MRI for patients with obstructive lung diseases. We also continue
constructive engagement with both GE HealthCare and Siemens Healthineers.
In addition, our partnership with VIDA Diagnostics is enabling us to support
pharma-sponsored clinical research using Xenon MRI. These collaborations are
critical for raising awareness of our technology, validating its clinical
impact, and expanding our commercial reach. We are also actively growing our
pipeline of potential pharma-sponsored trials, engaging both emerging
respiratory biopharma companies and larger industry leaders.
Outlook
A key milestone in 2025 was the submission of a new Phase III clinical trial
protocol to the FDA to support an expanded indication for XENOVIEW in gas
exchange. This submission, following our earlier Type C meeting with the FDA,
represents a major opportunity to enhance both the clinical and commercial
value of the Xenon MRI platform. Based on FDA feedback and a 230+ subject
proof-of-concept study, we now expect the trial to be significantly smaller,
with an estimated cost of US$4.0-4.5m, compared with prior estimates of
US$9.0-11.0m.
Looking ahead, we remain focused on executing our five-pillar growth strategy:
driving utilisation, expanding our user base, broadening reimbursement,
growing our total addressable market, and strengthening industry partnerships.
While 2025 has been a very challenging year, I remain confident in our ability
to commercialise our Xenon MRI platform and drive significant advancements in
care for patients with chronic lung disease. I look forward to updating you on
our progress as we continue to pursue these milestones.
Christopher von Jako, Ph.D.
Chief Executive Officer
25 September 2025
POLAREAN IMAGING PLC
Unaudited consolidated statement of comprehensive income
for the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2025 30 June 2024 31 December 2024
US$ US$ US$
Note
Revenue 3 594,910 1,119,937 3,089,957
Cost of sales (275,660) (536,889) (1,666,667)
Gross profit 319,250 583,048 1,423,290
Administrative expenses (1,545,695) (1,622,400) (3,102,331)
Research, development and regulatory expenses (1,486,722) (1,827,770) (3,440,590)
Depreciation (56,704) (103,423) (254,993)
Amortisation (172,074) (350,468) (710,058)
Selling and distribution expenses (1,530,793) (832,221) (1,950,755)
Share based payment expense (816,830) 132,164 (713,895)
Total operating expenses (5,608,818) (4,604,118) (10,172,622)
Loss from operations (5,289,568) (4,021,070) (8,749,332)
Finance income 107,411 51,937 274,838
Finance expense (13,137) (5,172) (16,178)
Other gains/(losses)-net 126,636 (38,324) (49,300)
Loss on ordinary activities before taxation 4 (5,068,658) (4,012,629) (8,539,972)
Taxation - -
Loss and total other comprehensive expense (5,068,658) (4,012,629) (8,539,972)
Basic and fully diluted loss per share (US$) 4 (0.004) (0.014) (0.011)
POLAREAN IMAGING PLC
Unaudited consolidated statement of financial position
at 30 June 2025
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December 2024
2025 2024 US$
US$
US$
Assets Note
Non-current assets
Property, plant and equipment 213,405 190,182 231,268
Intangible assets 268,142 671,580 373,822
Right-of-use asset 398,359 105,420 464,752
Trade and other receivables 315,961 363,961 339,961
1,195,867 1,331,143 1,409,803
Current assets
Inventories 2,251,236 1,977,581 1,428,633
Trade and other receivables 348,772 529,536 842,162
Cash and cash equivalents 7,277,619 15,215,775 12,111,708
9,877,627 17,722,892 14,382,503
Total assets 11,073,494 19,054,035 15,792,306
Equity
Share capital 5 570,336 570,336 570,336
Share premium 70,509,842 70,503,443 70,509,842
Group reorganisation reserve 7,813,337 7,813,337 7,813,337
Share-based payment reserve 7,256,499 5,593,610 6,439,669
Accumulated losses (78,259,237) (68,663,236) (73,190,579)
Total equity 7,890,777 15,817,490 12,142,605
Liabilities
Non-current liabilities
Contract liabilities 38,773 54,451 56,771
Lease liability 6 305,806 - 374,265
Trade and other payables 60,000 180,000 120,000
404,579 234,451 551,036
Current liabilities
Trade and other payables 2,494,814 2,627,568 2,702,879
Lease liability 6 135,065 147,667 129,521
Contract liabilities 148,259 226,859 266,265
2,778,138 3,002,094 3,098,665
Total equity and liabilities 11,073,494 19,054,035 15,792,306
POLAREAN IMAGING PLC
Unaudited consolidated statement of changes in equity
at 30 June 2025
Share premium Group re-organisation
Share capital Share-based payment reserve Accumulated losses Total equity
Balance as at 31 December 2023 (audited)
104,780 59,305,160 7,813,337 5,725,774 (64,650,607) 8,298,444
Loss and total comprehensive income for the period
- - - - (4,012,629) (4,012,629)
Transactions with owners
Issue of shares 465,556 12,112,876 - - - 12,578,432
Share issue costs (914,593) (914,593)
Share-based payments - - - (132,164) - (132,164)
Balance as at 30 June 2024 (unaudited)
570,336 70,503,443 7,813,337 5,593,610 (68,663,236) 15,817,490
Comprehensive income
Loss and total comprehensive income for the period - - - - (4,527,343) (4,527,343)
Transactions with owners
Issue of shares - - - - - -
Share issue costs 6,399 6,399
Share-based payments - - - 846,059 - 846,059
Balance as at 31 December 2024 (audited)
570,336 70,509,842 7,813,337 6,439,669 (73,190,579) 12,142,605
Loss and total comprehensive income for the period
- - - - (5,068,658) (5,068,658)
Transactions with owners
Issue of shares - - - - - -
Share issue costs - - -
Share-based payments - - - 816,830 - 816,830
Balance as at 30 June 2025 (unaudited)
570,336 70,509,842 7,813,337 7,256,499 (78,259,237) 7,890,777
POLAREAN IMAGING PLC
Unaudited consolidated cash flow statement
for the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2025 30 June 2024 31 December 2024
US$ US$ US$
Cash flows from operating activities
Loss for the period before taxation (5,068,658) (4,012,629) (8,539,972)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 56,704 103,423 254,993
Amortisation of intangible and right-of-use assets 172,074 350,468 710,058
Share based payment expense 816,830 (132,164) 713,895
Net foreign exchange (gains)/losses (126,636) 38,324 49,300
Finance expense 13,137 5,172 16,178
Finance income (107,411) (51,937) (274,838)
(4,243,960) (3,699,343) (7,070,386)
Changes in working capital:
Decrease/(increase) in inventories (822,603) 244,242 793,189
Decrease/(increase) in trade and other receivables 517,389 179,581 (109,044)
Increase/(decrease) in trade and other payables (268,065) 393,191 751,292
Increase/(decrease) in contract liabilities (136,005) 328,191 27,126
Net cash flows used in operating activities (4,953,244) (2,554,138) (5,607,823)
Cash flows from investing activities
Purchase of property, plant and equipment (38,841) (4,979) (197,634)
Interest received 107,411 51,937 274,838
Net cash generated from (used in) investing activities 68,570 46,958 77,204
Cash flows from financing activities
Issue of shares - 12,578,432 12,578,433
Cost of issue - (914,593) (908,195)
Interest paid on lease liabilities (13,137) (5,172) (16,178)
Principal elements of lease payments (62,914) (69,024) (134,069)
Net cash generated from (used in) financing activities (76,051) 11,589,643 11,519,991
Net increase(decrease) in cash and equivalents (4,960,725) 9,082,463 5,989,372
Cash and equivalents at beginning of period 12,111,708 6,171,636 6,171,636
Effect of foreign exchange rate changes on cash
and cash equivalents 126,636 (38,324) (49,300)
Cash and equivalents at end of period 7,277,619 15,215,775 12,111,708
NOTES TO THE INTERIM ACCOUNTS
1. Basis of presentation
This interim consolidated financial information for the six months ended 30
June 2025 has been prepared in accordance with AIM Rule 18, 'Half yearly
reports and accounts'. This interim consolidated financial information is not
the Group's statutory financial statements within the meaning of section 434
of the Companies Act 2006 (and information as required by section 435 of the
Companies Act 2006) and should be read in conjunction with the annual
financial statements for the year ended 31 December 2024, which have been
prepared in accordance with UK-adopted International Accounting Standards (UK
IFRS) and have been delivered to the Registrar of Companies. The auditors have
reported on those accounts; their report was unqualified but drew attention to
a material uncertainty related to going concern. It did not contain
statements under section 498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information has been prepared in accordance
with the accounting policies adopted in the Group's most recent annual
financial statements for the year ended 31 December 2024. A number of
amendments to IFRS accounting standards have become applicable for the current
reporting period. The Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these amended
standards.
The judgements, estimates and assumptions applied in the interim condensed
consolidated financial information, including the key sources of estimation
uncertainty, were the same as those applied in the Group's last annual
financial statements for the year ended 31 December 2024.
The interim consolidated financial information for the six months ended 30
June 2025 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2024 are also unaudited.
This interim consolidated financial information is presented in US Dollars
(US$).
2. Going concern
The interim consolidated financial information for the six months ended 30
June 2025 have been prepared on the going concern basis.
In considering the appropriateness of this basis of preparation, the Directors
have reviewed the Group's working capital forecasts. It is anticipated that
additional capital will need to be raised by the end of the second quarter of
2026 in order to continue to fund the Group's activities at their planned
levels beyond this date. As this funding has not been secured, this represents
a material uncertainty that may cast significant doubt about the Group's and
Company's ability to continue as a going concern. However, based on the
history of raising funding the Directors have a reasonable expectation that
this uncertainty can be managed to a successful outcome, and based on that
assessment, the Group has adequate resources to continue for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting in
preparing these financial statements.
3. Segmental information - Revenue
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
US$ US$ US$
Hyperpolariser systems and components 3,450 671,250 2,163,325
Gas and consumables 348,769 256,127 512,345
Service and repairs 242,691 192,560 414,287
594,910 1,119,937 3,089,957
4. Loss per share
The basic and diluted loss per share for the period ended 30 June 2025 was
US$0.004 (2024: US$0.014) as the warrant and options have an anti-dilutive
effect in the current and prior period. The calculation of loss per share is
based on the loss of US$5,068,658 for the period ended 30 June 2025 (2024:
loss of US$4,012,629) and the weighted average number of shares in issue
during the period for calculating the basic loss per share of 1,207,032,781
shares (2024: 282,847,717).
5. Called up share capital
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
US$ US$ US$
Allotted, issued and fully paid
Ordinary Shares 570,336 570,336 570,336
The number of shares in issue was as follows: Number of shares
Balance at 1 January 2024 215,848,593
Issued during the period 990,768,532
Exercised options 267,200
Exercised warrants 148,456
Balance at 30 June 2024 1,207,032,781
Issued during the period -
Exercised options -
Exercised warrants -
Balance at 31 Dec 2024 1,207,032,781
Issued during the period -
Exercised options -
Exercised warrants -
Balance at 30 June 2025 1,207,032,781
6. Borrowings
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
US$ US$ US$
Non-current
Lease liability 305,806 - 374,265
Current
Lease Liability 135,065 147,667 129,521
Total 440,871 147,667 503,786
7. Share based payments
Share Options
The Company grants share options at its discretion to Directors, management
and employees. These are accounted for as equity settled transactions. Should
the options remain unexercised after a period of ten years from the date of
grant the options will expire unless an extension is agreed to by the Board.
Options are exercisable at a price equal to the Company's quoted market price
on the date of grant or an exercise price to be determined by the Board.
Details of share options granted, exercised, forfeited and outstanding in the
period ended 30 June 2024 are as follows:
Number of share options Weighted average exercise price
(US$)
Outstanding at 1 January 2025 146,685,270 0.0235
Granted during period 3,450,000 0.0224
Exercised during period - -
Forfeited during period (562,667) 0.0235
Outstanding at 30 June 2025 149,572,603 0.0235
Exercisable at 30 June 2025 16,517,312 0.0238
There were 3,450,000 options granted and 562,227 options forfeited in the
period to 30 June 2025. There were no options exercised in the period.
The weighted average contractual life of the share options outstanding at the
reporting date is 9.57 years.
Share Warrants
The Company grants share warrants at its discretion to Directors, management,
employees, advisors and lenders. These are accounted for as equity settled
transactions. Terms of warrants vary from agreement to agreement.
Details of warrants granted, exercised, forfeited and outstanding in the
period ended 30 June 2025 are as follows:
Number of Weighted average exercise price (US$)
share warrants
Outstanding at 1 January 2025 101,189 7.9220
Exercised during the period - -
Forfeited during the period - -
Outstanding at 30 June 2025 101,189 7.9220
Exercisable at 30 June 2025 101,189 7.9220
There were no warrants granted, exercised or forfeited in the six months
ending 30 June 2025.
The weighted average contractual life of the share warrants outstanding at the
reporting date is 1 years and 280 days.
8. Related party transactions
In the first half of 2025, the Company purchased $103,636 of Xenon-129 gas
from NUKEM Isotopes ("NUKEM"), a substantial shareholder. As of 30 June 2025,
the Company owed NUKEM $75,396.
9. Events after the reporting period
On 27 August 2025, the Company granted options over 400,000 ordinary shares of
0.037 pence each in the capital of the Company to a new employee of the
Company.
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