REG - SkinBioTherapeutics - Final Results
30/11/2023 17:30
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RNS Number : 2898V SkinBioTherapeutics PLC 30 November 2023
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Company")
Full year results
30 November 2023 - SkinBioTherapeutics plc (AIM: SBTX, or the "Company"), the
life science business focused on skin health, announces the fully consolidated
audited results for the 12 months to 30 June 2023.
Operational highlights
· The Skinbiotix™ partnership with Croda plc product development
phase continues well:
o Successful scale-up of manufacturing
o Post financial year end, contract to extend for a further 12 months to
enable exploration of potential additional claims
· AxisBiotix-Ps™
o Solid sales growth in the UK; expansion of sales distribution into Europe
during the year in Spain and post period end in Italy and France
o Monthly retention rates of subscribers remain at 80%+
o Post year end
§ Start of recruitment of participants for the consumer study with acne food
supplement; results expected in Q1 2024
§ Launch on Amazon UK
· Oral research and inflammation programmes continue at the
University of Manchester
· Management continuing to investigate potential accretive
inorganic opportunities that provide synergies and accelerated routes to
market; update on progress expected in the near term
Financial highlights
· Revenues up to £132k (2022: £75k) boosted by solid increase in
UK revenues.
· Operating at loss £2,999k (2022: loss £2,982k) with increase in
sales balancing the increase in headcount costs
· Cash and cash equivalents as at 30 June was £1.3m (2022:
£1.8m), following successful Placing and Open Offer in January 2023
o Post year end, the Company raised an additional £3.3m (gross) in a
Placing and Retail Offer in November 2023
· Change to Company's auditors due to auditors' corporate
reorganisation
Stuart Ashman, CEO of SkinBioTherapeutics said:
"In 2023, we introduced AxisBiotix-PS™ into new European territories,
beginning with Spain then moving onto France and Italy. Launching a disruptive
product into any market always takes time to establish, and given our limited
resources, we are pleased with the loyalty and the very positive testimonials
we are receiving.
"We continue to enjoy a positive relationship with the Croda/Sederma teams and
they have provided very supportive commentary on their views of the
SkinBiotix™ technology. We see their wish to extend the collaboration for a
further 12 months as very positive; it may slightly delay near-term revenue
generation, but the potential enhanced commercial opportunities could be quite
considerable. All costs for the extension and the resulting clinical grade
study are met directly by Croda."
"Next year should also see the early results from other studies, including the
consumer study around an acne product, as well as results from our oral and
inflammation programmes with Manchester University. The acne programme is
especially exciting. We saw initial positive responses to AxisBiotix-Ps in
participants of the psoriasis study who had other skin conditions, and this
has resulted in this new development programme which could have a significant
impact on a much wider population.
"Talks with potential strategic partners continue around our other pillars. We
are also pushing ahead with our inorganic acquisition programme, looking for
opportunities that are synergistic and complement our current programmes. We
have strict criteria for these opportunities; we will not overpay and they
must be accretive from day one."
-Ends-
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) No.
596/2014.
For more information please contact:
SkinBioTherapeutics plc Tel: +44 (0) 191 495 7325
Stuart J. Ashman, CEO
Manprit Randhawa, CFO
Cavendish Capital Markets Limited Tel: +44 (0) 20 7397 8900
(Nominated Adviser & Broker)
Giles Balleny, Dan Hodkinson (Corporate Finance)
Charlie Combe (Broking)
Dale Bellis, Tamar Cranford-Smith (Sales)
Instinctif Partners (financial press) Tel: +44 (0) 20 7457 2020
Melanie Toyne-Sewell / Jack Kincade SkinBioT (mailto:SkinBio@instinctif.com) herapeutics@instinctif.com
(mailto:SkinBio@instinctif.com)
Notes to Editors
About SkinBioTherapeutics plc
SkinBioTherapeutics is a life science company focused on skin health. The
Company's proprietary platform technology, SkinBiotix®, is based upon
discoveries made by Professor Catherine O'Neill and Professor Andrew McBain.
The Company is targeting a number of skin healthcare sectors, the most
advanced of which are cosmetic skincare and food supplements to modulate the
immune system by harnessing the gut-skin axis. In each area
SkinBioTherapeutics plans to exemplify its technology through human studies.
The Company's first product, AxisBiotix-Ps™, a food supplement to address
the symptoms of mild to moderate psoriasis.
The Company listed on AIM in April 2017 and is based in Newcastle, UK. For
more information, visit: www.skinbiotherapeutics.com
(http://www.skinbiotherapeutics.com) and www.axisbiotix.com
(http://www.axisbiotix.com) .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Group's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
Chairman and Chief Executive's Statement
Overview
The year for SkinBioTherapeutics has been dominated by growing the sales of
AxisBiotix-Ps™ in the UK and expanding sales and distribution channels into
Europe, starting with Spain. Beyond the commercial operations, the Company has
continued its research programmes alongside the University of Manchester, and
engaging with partners and potential strategic partners across the other
business pillars, including SkinBiotix, and MediBiotix. Management is also
pushing its inorganic acquisition strategy forward with the aim to generate
further shareholder value in the near to medium term.
Financial review
Reported sales for the full year were £132k (2022: £75k), in line with
management expectations, as UK sales continued to increase slowly but
steadily, and the introduction of new European regions.
Cost of sales were £46k (2022: £29k) and gross profits were £85k (2022:
£45k). As shipping volumes have increased, the Company is seeing a gradual
improvement in the operating margin.
Total administrative expenses were £3,085k (2022: £3,027k), comprising
research and development expenditure of £931k (2022: £861k), which includes
the ongoing cost of the inflammation programme, and in oral health and
wellbeing research programme. Selling and distribution costs were £81k (FY22
£44k) due to an increase in volumes of product being sold. Ongoing operating
expenses were £2,073k (2022: £2,122k).
The operating loss was £2,999k (2022: £2,982k).
The cash and cash equivalents balance as at 30 June 2023 was £1.3m (2022:
£1.8m) reflecting tight control on costs and was boosted by the Placing and
Open Offer which raised 2.6m of gross proceeds to fund future operations. Post
year end, the Company raised an additional £3.3m (gross) in a Placing and
Retail Offer in November 2023.
Update on the Company's auditors
Jeffreys Henry LLP has indicated that it will resign as the Company's Auditor
as the firm will provide audit services to clients from another company in the
group, Gravita Audit Limited. This is following a business reorganisation at
the auditors. As announced in the FY22 Annual Report, Gravita Audit Limited
has been appointed as the Company's auditor for the financial year ending 30
June 2023.
Jeffreys Henry LLP has confirmed to the Company that, in accordance with
Section 519 of the Companies Act 2006, there are no circumstances in
connection with its resignation which it considers need to be brought to the
attention of the Company's members or creditors.
Current trading and outlook
Revenues of AxisBiotix-Ps™ have continued to increase following the year
end, with an increase in the monthly run rate hitting £20k+, with revenues on
course to double to c£250k for the year ending 30 June 2024.
Retention rates for subscribers continue to be at least 80% with retention
rates being measured as the number of subscribers who are remaining as a
subscriber at the end of each month, compared to the same cohort that were in
existence at the start of the previous month.
The Group also successfully completed a fundraise in November 2023, raising
gross proceeds of £3.3m which will allow it to continue its R&D
programmes, continue marketing of AxisBiotix-PS in the UK and Europe, and fund
operating expenditure.
Acquisition strategy
The Group is in advanced discussions to acquire two private companies that
either manufacture or sell a variety of branded topical products for common
dermatological conditions to NHS hospitals, dispensing practices and national
pharmacy chains. The proposed targets are profitable and the Group sees a
number of synergies to improve this. However, there is no certainty of
timing or execution as the Company would need to agree additional funding
using debt and/or equity and any acquisition would be conditional on
satisfactory diligence.
In addition, the Group has a pipeline of further acquisitions where active
discussions are taking place. Any targets which the Group is interested in
purchasing will be accretive from a revenue and earnings perspective, and thus
reduce the operating cash burn, with the goal of the Group in the next 12-18
months to becoming a cash generating entity.
Operational review
SkinBiotix(™) Pillar (skincare/cosmetics)
In November 2019, SkinBioTherapeutics signed a commercial and manufacturing
agreement with Croda's Consumer Care division, Sederma, which is a specialist
in bioactive ingredients for the cosmetic industry. Croda has a global
portfolio of personal care customers which comprise many of the major
international cosmetics and FMCG brands.
During this financial year, Sederma has been focused on developing quality
formulations with their customers, which has seen scaling-up manufacture of
SkinBiotix™ from 600 litres to 2,000 litres which is expected to ultimately
lead to the 20,000 litres vessel required to service the global market. 4
pilot batches have been manufactured which identified significant, unexpected
technical benefits which Sederma believes may lead to a justifiable increase
in price based on clinical evidence. To this end, the company extended its
development agreement with Croda plc to allow a clinical trial to be carried
out to evidence the additional activity. This study is fully funded by Sederma
/Croda and is expected to be completed early 2024.
Post year end, in November, Sederma extended its contract with
SkinBioTherapeutics for a further 12 months to conduct these studies which are
due to run from late 2023 into early 2024.
AxisBiotix™ Pillar (gut/skin axis)
The AxisBiotix pillar has challenged management time in the year, as efforts
to grow the UK market and expanding sales and distribution channels into
Europe, as well as driving the Acne programme forward.
- AxisBiotix™ (Psoriasis)
Management has continued to grow the sales of the AxisBiotix-Ps™ food
supplement designed to alleviate the symptoms associated with irritable skin
conditions like psoriasis in the UK and Europe.
The primary focus has been growing the UK market, whilst keeping a strong
control on costs, which has led to a reduction in marketing expenditure with
the completion of the influencer programme. The response from customers
continues to be extremely positive with the retention rates of
AxisBioTix-Ps™ in the UK staying at 80% or above, which is encouraging. The
retention rate is measured as the number of subscribers who remain a
subscriber at the end of each monthly period, compared to the same cohort that
were in existence at the start of a month period. This is an important
statistic for the product, along with the increasing number of positive
testimonials from customers describing the impact that this product has had on
their lives.
This year was marked by the expansion into Europe, initially in Spain in
February 2023. Spain was management's first country target since the market
for psoriasis is similar to the UK with incidence rates of psoriasis of
between 1%-3% of the population. Post period end, the Company opened new
markets in Italy and France. The Company also announced today that
AxisBiotix-Ps™ will be sold on Amazon's UK platform; the aim will be to
expand this into other countries, starting with European countries where the
product already has regulatory approval - Spain, Italy and France.
Work continues with Winclove, our formulation partner, to investigate other
delivery vehicles for SkinBiotix, for example capsules, tablets etc which we
hope to announce in 2024. These will bring with them economic benefits to the
Group.
Discussions with potential multinational partners are on-going and are
supported by our current activities. Partnering discussions can take time and
difficult to predict. Management will provide further information as and when
they are able to.
- AxisBiotix for Acne
The original consumer study with AxisBiotix-Ps™ involved participants who
had a mix of symptoms from psoriasis, rosacea, and acne. The theory behind the
use of a probiotic supplement was to calm and therefore reduce the
inflammatory pathways associated with irritable skin conditions. The data
showed that as well as alleviating symptoms of psoriasis, the product had an
impact on other skin conditions; customer testimonials made reference to its
positive effect on eczema, dandruff and acne. As a result of this, management
has chosen acne as the next market to address with an adapted form of
AxisBiotix™.
During the year, the team has been working on a stabilised bacterial blend
from which to choose final formulations for a consumer study in acne. The
benefit of undertaking another consumer study is the relatively short time and
cost compared to a clinical study and the classification as a food supplement
rather than a heavily regulated medical device.
Post year end, in October 2023, SkinBioTherapeutics announced that two
separate blends, formulated by Winclove Probiotics BV, had been finalised to
be studied side-by-side. A consumer volunteer study is commencing to determine
which has better efficacy. The aim is to supply participants with the blends
in powder form, just like AxisBiotix-PS™.
The study involves 300 UK-based participants with acne-prone skin, 150
randomly selected participants will receive product 1, the other half of the
group will receive product 2. Online recruitment of participants will start
via a pre-qualification questionnaire form.
The products will be mailed to participants who are expected to record their
experience of using the product in a weekly questionnaire over eight weeks,
over which they are expected to take the product daily. A follow-up
questionnaire will be provided one month after the participants stop taking
their allocated product. The study is expected to be completed and results
reported by the end of Q1 2024.
MediBiotix™ Pillar (MedTech applications e.g. woundcare)
Management is looking at using Skinbiotix™ technology in medical device
applications, such as woundcare since early data showed that it encourages
wound healing. In a similar way to the AxisBiotix-Ps™ supplement, management
is exploring how SkinBiotix could be developed to alleviate the symptoms of
eczema via the gut-skin axis.
The advanced woundcare sector is significant but extremely complex and heavily
regulated, therefore, management believes the optimal strategy is to seek a
partner with an extensive product portfolio and significant experience in the
space to develop this pillar further. Management continues to have advanced
conversations with global players in this sector.
CleanBiotix™ Pillar (anti-infection)
In early studies of SkinBiotix™, data also suggested that the lysate
prevented the most common skin pathogen, Staphylococcus aureus, from sticking
to and growing on skin surfaces. Increased use of antibiotics has led to
resistance to this infection (MRSA) and incidences are growing more common in
hospital settings. Development of SkinBiotix as an anti-infection agent is an
exciting opportunity, but, again, management believes it would require taking
forward only as part of a wider outlicensed programme with a bigger
organisation.
Other Research Programmes
The Group has continued with its two research programmes with the University
of Manchester; an oral programme and an inflammation study.
In August 2022, the first phase of the oral programme was completed and
results strongly supported the use of probiotic strains or lysates in the
prevention of gum (periodontal) disease. By mixing bacteria and lysates
together with oral cells, data suggested that the cells were protected from
the pathogens connected with gum disease and reduced inflammation. By changing
the type and mix of bacteria to lysate created different levels and elements
of protection, therefore, further study is required to optimise the mix. The
research and development programme with the University of Manchester continues
to uncover novel mechanism by which bacterially derived actives are protective
in oral care applications.
Three different actives, and a number of components have been investigated
with differentiated activities that offer a route to oral care products with
different protective actions on the hard and soft tissues of the oral cavity.
This current phase of the programme ends in January 2024 and the company will
work with the University to publish relevant findings in H1 2024, and the
remainder of the details of the next phase programme through to
commercialisation. This lysate is different to that of SkinBiotix.
The inflammation study is still underway. It is looking at how the microbiome
can influence and balance the body's response to inflammation specifically
related to harmful UVR (sunlight) light. Several first-in-class findings have
been made on the effects of bacterially derived components and their ability
to regulate the cytokine mediated inflammatory response associated with
exposure to UVR. These results strongly support the use of bacterial actives
in protecting the skin from sun exposure and a breakout patent filing has been
made by the company on a lead active.
The company continues to work with the University of Manchester in further
validating these and other findings and in advancing the technology toward
human trials. The programme has delivered very encouraging results and has
been expanded and extended to allow for the actives identified to be validated
in propriety human skin models. The programme will run until June 2025.
Conclusion
In 2023, the majority of the Company's focus has been on growing sales of
AxisBiotix-PS™ in the UK and starting to push into new European territories,
beginning with Spain. Launching a disruptive product into any market always
takes time to establish, and given our limited resources, we are pleased with
the loyalty and the very positive testimonials we are receiving. The launch
into new European markets is very exciting and marks a new chapter.
We continue to enjoy a positive relationship with the Croda/Sederma teams and
they have provided very supportive commentary on their views of the
SkinBiotix™ technology. We see their wish to extend the collaboration for a
further 12 months as positive overall; it may delay near-term revenue
generation, but the potential enhanced commercial opportunities could be
considerable.
Next year should also see the early results from other studies, including the
consumer study around an acne product, as well as results from our oral and
inflammation programmes with Manchester University. The acne programme is
especially exciting. We saw initial positive responses to AxisBiotix-Ps in
participants of the psoriasis study who had other skin conditions, and this
has resulted in this new development programme which could have a significant
impact on a much wider population.
We were very pleased to complete and announce our recent fundraise of £3.3m
of gross proceeds in November 2023, which allow the Group to continue to
progress its R&D programmes, namely the oral and inflammation programmes.
Talks with potential strategic partners continue around our other pillars. We
are also pushing ahead with our inorganic acquisition programme, looking for
opportunities that are synergistic and complement our current programmes. We
have strict criteria for these opportunities; we will not overpay and they
must be accretive from day one.
Martin Hunt (Non-executive Chairman)
Stuart J. Ashman (Chief Executive Officer)
30 November 2023
Consolidated Statement of Comprehensive Income
For the Year Ended 30 June 2023
Notes 2023 2022
Continuing Operations £ £
Revenue 3 132,057 74,761
Cost of Sales (46,867) (29,424)
Gross Profit 85,190 45,337
Selling and distribution costs (81,294) (43,804)
Research and development (930,636) (861,383)
Operating expenses (2,072,612) (2,122,238)
Total administrative expenses (3,084,542) (3,027,425)
Loss from operations 4 (2,999,352) (2,982,088)
Finance costs 5 (8,886) (10,135)
Loss before taxation (3,008,238) (2,992,223)
Taxation 173,089 199,622
Loss for the year 7 (2,835,149) (2,792,601)
Other comprehensive income - -
Total comprehensive loss for the year (2,835,149) (2,792,601)
Basis and diluted loss per share (pence) 8 (1.72) (1.78)
Consolidated Statement of Financial Position
As at 30 June 2023
Notes 2023 2022
Assets £ £
Non-current assets
Property, plant and equipment 10 78,658 -
Right-of-use assets 11 94,502 126,903
Intangible assets 12 700,331 625,504
Total non-current assets 873,491 752,407
Current assets
Inventories 14 33,497 122,571
Trade and other receivables 15 192,885 138,150
Corporation tax receivable 15 182,545 266,916
Cash and cash equivalents 1,311,834 1,804,923
Total current assets 1,720,761 2,332,560
Total assets 2,594,252 3,084,967
Equity and liabilities
Equity
Capital and reserves
Called up share capital 19 1,731,390 1,567,802
Share premium 19 10,947,874 8,758,037
Other reserves 438,589 437,316
Accumulated deficit (11,122,943) (8,287,794)
Total equity 1,994,910 2,475,361
Liabilities
Non-current liabilities
Lease liabilities 17 69,601 100,647
Total non-current liabilities 69,601 100,647
Current liabilities
Trade and other payables 16 498,696 481,742
Lease liabilities 17 31,045 27,217
Total current liabilities 529,741 508,959
Total liabilities 599,342 609,606
Total equity and liabilities 2,594,252 3,084,967
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2023
2023 2022
£ £
Cash flows from operating activities
Loss before tax for the period (3,008,238) (2,992,223)
Depreciation of property, plant and equipment 11,136 -
Right-of-use assets depreciation and interest 41,287 39,557
Amortisation of IP 656 250
Share-based payments charge 1,273 52,704
(2,953,886) (2,889,712)
Changes in working capital
Decrease/(increase) in inventories 89,074 (122,571)
(lncrease)/decrease in trade and other receivables (54,735) 130,796
Increase in trade and other payables 16,954 101,922
Cash generated by operations 51,293 110,147
Taxation received 257,458 116,534
Net cash used in operating activities (2,645,135) (2,673,031)
Investing activities
Purchase of property, plant and equipment (89,794) -
Purchase of IP (75,483) (96,813)
Net cash used in investing activities (165,277) (96,813)
Cash flows from financing activities
Net proceeds from issue of shares 2,353,425 -
Lease payments made (36,102) (35,122)
Net cash generated by/(used in) financing activities 2,317,323 (35,122)
Net decrease in cash and cash equivalents (493,089) (2,804,966)
Cash and cash equivalents at the beginning of the period 1,804,923 4,609,889
Cash and cash equivalents at the end of the period 1,311,834 1,804,923
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2023
Share Share Premium Other reserves Retained earnings
Capital Total
£ £ £ £ £
As at 1 July 2021 1,567,802 8,758,037 384,612 (5,495,193) 5,215,258
Loss for the period - - - (2,792,601) (2,792,601)
Share-based payments - - 52,704 - 52,704
As at 30 June 2022 1,567,802 8,758,037 437,316 (8,287,794) 2,475,361
Loss for the period - - - (2,835,149) (2,835,149)
Issue of shares 163,588 2,453,793 - - 2,617,381
Cost of share issue - (263,956) - - (263,956)
Share-based payments - - 1,273 - 1,273
As at 30 June 2023 1,731,390 10,947,874 438,589 (11,122,943) 1,994,910
Company Statement of Financial Position
As at 30 June 2023
Notes 2023 2022
Assets £ £
Non-current assets
Property, plant and equipment 10 78,658 -
Right-of-use assets 11 94,502 126,903
Intangible assets 12 694,402 624,255
Investments 13 482,434 423,072
Other receivables 15 1,445,801 1,142,891
Total non-current assets 2,795,797 2,317,121
Current assets
Trade and other receivables 15 149,157 91,427
Corporation tax receivable 15 182,545 230,391
Cash and cash equivalents 1,124,961 1,561,402
Total current assets 1,456,663 1,883,220
Total assets 4,252,460 4,200,341
Equity and liabilities
Equity
Capital and reserves
Called up share capital 19 1,731,390 1,567,802
Share premium 19 10,947,874 8,758,037
Other reserves 438,589 437,316
Accumulated deficit (9,441,596) (7,151,781)
Total equity 3,676,257 3,611,374
Liabilities
Non-current liabilities
Lease liabilities 17 69,601 100,647
Total non-current liabilities 69,601 100,647
Current liabilities
Trade and other payables 16 475,557 461,103
Lease liabilities 17 31,045 27,217
Total current liabilities 506,602 488,320
Total liabilities 576,203 588,967
Total equity and liabilities 4,252,460 4,200,341
Company Statement of Cash Flows
For the Year Ended 30 June 2023
2023 2022
£ £
Cash flows from operating activities
Loss before tax for the period (2,471,551) (2,029,989)
Depreciation of property, plant and equipment 11,136 -
Right-of-use assets depreciation and interest 41,287 39,557
Impairment of financial assets 16,573 28,407
Share-based payments charge 1,273 52,704
(2,401,282) (1,909,321)
Changes in working capital
(lncrease)/decrease in trade and other receivables (57,731) (31,539)
Increase in trade and other payables 14,454 108,423
Cash (used)/generated by operations (43,277) 76,884
Taxation received 229,583 116,534
Net cash used in operating activities (2,214,976) (1,715,903)
Investing activities
Purchase of property, plant and equipment (89,794) -
Purchase of IP (70,147) (95,314)
Investment in subsidiaries (378,847) (856,949)
Net cash used in investing activities (538,788) (952,263)
Cash flows from financing activities
Net proceeds from issue of shares 2,353,425 -
Lease payments made (36,102) (35,122)
Net cash generated by/(used in) financing activities 2,317,323 (35,122)
Net decrease in cash and cash equivalents (436,441) (2,703,288)
Cash and cash equivalents at the beginning of the period 1,561,402 4,264,690
Cash and cash equivalents at the end of the period 1,124,961 1,561,402
Company Statement of Changes in Equity
For the Year Ended 30 June 2023
Share Share Premium Other reserves Retained earnings
Capital Total
£ £ £ £ £
As at 1 July 2021 1,567,802 8,758,037 384,612 (5,284,889) 5,425,562
Loss for the period - - - (1,866,892) (1,866,892)
Share-based payments - - 52,704 - 52,704
As at 30 June 2022 1,567,802 8,758,037 437,316 (7,151,781) 3,611,374
Loss for the period - - - (2,289,815) (2,289,815)
Issue of shares 163,588 2,453,793 - - 2,617,381
Cost of share issue - (263,956) - - (263,956)
Share-based payments - - 1,273 - 1,273
As at 30 June 2023 1,731,390 10,947,874 438,589 (9,441,596) 3,676,257
Notes to the Financial Statements
For the Year Ended 30 June 2023
1. General information
SkinBioTherapeutics plc ('the Company') is a public limited company
incorporated in England under the Companies Act and quoted on the AIM market
of the London Stock Exchange (AIM: SBTX).
The principal activity of the Group is the identification and development of
technology that harnesses the human microbiome to improve health.
2. Significant accounting policies and basis of preparation
a) Statement of compliance
The consolidated and company financial statements of SkinBioTherapeutics plc
have been prepared in accordance with UK-adopted International Accounting
Standards ('IFRS') and the Companies Act 2006 applicable to companies
reporting under IFRS.
b) Basis of preparation
The consolidated and company financial statements have been prepared under the
historical cost convention modified by the revaluation of certain financial
instruments. The accounting policies have been applied consistently in all
material respects.
The consolidated and company financial statements are presented in Sterling
(£) as this is the predominant functional currency of the Group and Company,
and is the currency of the primary economic environment in which it operates.
Foreign transactions are accounted in accordance with the policies set out
below.
c) Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up
to 30 June each year. Control is achieved where the Company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities. All intra-group transactions, balances,
income and expenses are eliminated on consolidation.
d) Going concern
These financial statements have been prepared on a going concern basis. In
considering the appropriateness of this assumption, the Board has considered
the Group's projections for the twelve months from the date of approval of
this financial information, including cash flow forecasts. The directors are
confident that based on the Group's forecasts and the recently completed
capital raise of approximately £3.3 million (before costs) the Group will
have enough funds to continue in operation for at least 12 months from the
date of signing these financial statements. The Directors believe that the
Group has adequate resources to continue in operational existence for the
foreseeable future and therefore adopt the going concern basis of accounting
in preparing these financial statements.
e) Estimates and judgements
The preparation of financial statements requires the Board to make judgements,
estimates and assumptions that may affect the application of accounting
policies and reported amounts of assets and liabilities as at each balance
sheet date and the reported amounts of revenues and expenses during each
reporting period. Any estimates and assumptions are based on experience and
any other factors that are believed to be relevant under the circumstances and
which the Board considers to be reasonable. Actual outcomes may differ from
these estimates. Any revisions to accounting estimates will be recognised in
the period in which the estimate is revised if the revision affects only that
period. If the revision affects both current and future periods, the change
will be recognised over those periods.
The following are the critical judgements that the Directors have made in the
process of applying the Group's accounting policies and that have the most
significant effect on the amounts recognised in the consolidated financial
statements.
Estimation of the lifetime of intangible assets
Intangible assets acquired separately from a business are recognised at cost
and are subsequently measured at cost less accumulated amortization and
accumulated impairment losses.
Intangible assets recognised are reviewed against the criteria for
capitalisation with useful life determined by reference to the underlying
product being developed. Management believes that the assigned values and
useful lives, as well as the underlying assumptions, are reasonable, though
different assumptions and assigned lives could have a significant impact on
the reported amounts.
Useful lives are also examined on an annual basis and adjustments, where
applicable are made on a prospective basis. The Group does not have any
intangible assets with indefinite lives.
Amortisation is calculated so as to write off the cost of an asset, less its
estimated residual value, over the useful life of that asset as follows:
Intellectual property - 20% straight
line
Capitalisation of development costs
During the year £75,483 (2022: £96,813) of development costs were
capitalised, bringing the total amount of development costs capitalised, as
intangible assets, as at 30 June 2023, to £700,331 (2022: £625,504), net of
amortisation. Management has reviewed the balances by project, compared the
carrying amount to expected future revenues and is satisfied that no
impairment exists and that the costs capitalised will be fully recovered as
the products are launched to market. New product projects are monitored
regularly and should the technical or market feasibility of a new product be
in question, the project would be cancelled and capitalised costs to date will
be removed from the balance sheet and charged to the statement of
comprehensive income.
Inventory valuation
Inventory is carried at the lower of cost and net realisable value, using the
first in first out method. Appropriate provisions for estimated irrecoverable
amounts due to slow-moving or obsolete inventory are recognised in the income
statement where there is objective evidence that the assets are impaired.
The provision is £35,386 at 30 June 2023 (2022: £265,966).
Refund accruals
Accruals for sales returns are estimated on the basis of historical returns
and are recorded so as to allocate them to the same period in which the
original revenue is recorded. These accruals are reviewed regularly and
updated to reflect The Boards's latest best estimates. The Board do not
believe that the difference between the accrual estimate and actual returns
will be material.
The accrual for net refunds totalled £82 at 30 June 2023 (2022: £267). The
expected returns rate would need to differ to actual returns by 10% to have an
impact of +/- £1,014 on reported revenue and on operating profit. The choice
of a 10% change for the determination of sensitivity represents an extreme
variation in the return rate.
Share-based payments
The Group measures the cost of equity-settled transactions with employees by
reference to the fair value of the equity instruments at the date at which
they are granted. The fair value is determined by using the Black-Scholes
model taking into account the terms and conditions upon which the instruments
were granted. The accounting estimates and assumptions relating to
equity-settled share-based payments would have no impact on the carrying
amounts of assets and liabilities within the next annual reporting period but
may impact profit or loss and equity. The judgments made and the model used
are further specified in note 20.
Estimation of incremental borrowing rate in accounting for leases under IFRS16
In recognising a lease liability and right-of-use asset under IFRS 16 the
Group has used an estimated incremental borrowing rate of 8%. The Group does
not have any borrowings, so in order to apply IFRS 16 it was necessary to
estimate the incremental borrowing rate that would be faced by the Group. The
rate of 8% was determined by looking at a range of loans available on the
market. If the interest rate used in the calculation were higher, this would
have the effect of reducing the size of both the lease liability and
right-of-use asset, reducing the depreciation charge and increasing the
interest charge in the consolidated income statement. The overall change to
the Company Income Statement and the Company Statement of Financial Position
would be immaterial. There would be no change to operating cash flows or lease
payments as a result of a change in the estimate of the incremental interest
rate.
f) Application of new and re vised International Financial Reporting
Standards (IFRSs)
The Group has adopted all of the new or amended Accounting Standards and
interpretations issued by the International Accounting Standards Board
('IASB') or the IFRS Interpretations Committee ('IFRIC') that are mandatory
and relevant to The Group's activities for the current reporting period.
No new standards or interpretations issued by the IASB or the IFRIC have led
to any material changes in the Group's accounting policies or disclosures
during each reporting period.
New and revised IFRSs in issue but not yet effective
There are a number of new and revised IFRSs that have been issued but are not
yet effective that the Group has decided not to adopt early. The most
significant of these are as follows:
Reference Title Summary Application date of standard (Periods commencing on or after)
IFRS17 Insurance Contracts Principles for the recognition, measurement, presentation and disclosure of 1 January 2023
insurance contracts
Amendments to address concerns and implementation challenges that were
identified after IFRS 17 was published
1 January 2023
IAS1 Presentation of Financial Statements Amendments regarding the classification of liabilities as current or 1 January 2023
non-current
IAS8 Accounting Policies, Changes in Accounting Estimates Amendments regarding the definition of accounting estimates 1 January 2023
IAS12 Income taxes Deferred Tax related to Assets and Liabilities arising from a Single 1 January 2023
Transaction
IAS37 Amendments to IAS1 and IFRS Practice Statement 2 Amendments regarding disclosure of material accounting policies 1 January 2023
The adoption of these Standards and Interpretations is not expected to have a
material impact on the financial information of the Group in the period of
initial application when they come into effect.
3. Segmental information
IFRS 8 'Operating Segments' requires operating segments to be determined based
on The Group's internal reporting to the Chief Operating Decision Maker. The
Chief Operating Decision Maker has been determined to be The Board of
Directors which receives information on the basis of the Group's operations in
key geographical territories, based on the Group's management and internal
reporting structure. Based on this assessment the Group consider there to be 3
operating segments. Despite there being 3 operating segments, it is not
currently feasible to allocate assets and liabilities to the operating
segments. As these operating segments grow, we expect that allocation of
assets and liabilities will be possible. Administrative expenses are not
segmented for accounting purposes as the Board do not review these by segment
currently.
Year ended 30 June 2023
UK US EU Total
£ £ £ £
Retail sales 118,921 9,275 3,861 132,057
Cost of sales (42,205) (3,292) (1,370) (46,867)
Gross profit 76,716 5,983 2,491 85,190
Year ended 30 June 2022
UK US EU Total
£ £ £ £
Retail sales 57,687 17,074 - 74,761
Cost of sales (23,264) (6,160) - (29,424)
Gross profit 34,423 10,914 - 45,337
Due to the nature of its activities, the Group is not reliant on any
individual major customers.
4. Expenses - analysis by nature
Group Group
2023 2022
£ £
Other income (3,292) (1,032)
Selling and distribution costs 81,294 43,804
Depreciation of right-of-use asset 32,401 29,422
Depreciation of plant and equipment 11,136 -
Research and development 930,636 861,383
Directors remuneration (including share-based compensation) 778,639 624,564
Staff costs 214,606 142,342
Foreign exchange differences (51) 1,127
Auditors remuneration
- audit fees 34,450 26,250
- other services 3,000 2,260
Inventory write down 35,386 265,966
Other operating costs 966,337 1,031,339
Total operating expenses 3,084,542 3,027,425
5. Finance costs
Group Group
2023 2022
£ £
Interest payable 8,886 10,135
8,886 10,135
Interest payable represents amounts arising on leases accounted for under IFRS
16.
6. Employees and Directors
Group and company 2023 2022
The average monthly number of employees and senior management was: Number Number
Executive directors 2 2
Non-executive directors 3 2
Employees 7 4
Average total persons employed 12 8
As at 30 June 2023 the Company had 11 employees (2022: 7).
Group and company 2023 2022
Staff costs in respect of these employees were: £ £
Wages and salaries 1,012,909 631,789
Social security costs 137,531 68,816
Defined contribution pensions 19,733 16,883
Share-based payments (see note 20) 1,273 52,704
Total remuneration 1,171,446 770,192
All staff were directly employed by SkinBioTherapeutics Plc.
Some of these staff costs are included within research and development and
some in share issue costs.
All the directors above can be considered to be key management and have the
responsibility for planning, directing and controlling, directly or
indirectly, the activities of the Company.
The remuneration of directors and key executives is determined by the
remuneration committee having regard to the performance of individuals and
market trends.
The Company operates a defined contribution pension scheme for employees and
directors. The assets of the scheme are held separately from those of the
Company in independently administered funds. The amounts outstanding at 30
June 2023 are £3,326 (2022: £2,633).
Group and company 2023 2022
Directors remuneration: £ £
Stuart J. Ashman 382,478 368,449
Manprit Randhawa 261,480 14,951
Doug Quinn - 140,414
Martin Hunt 68,670 63,000
Dr Cathy Prescott 41,011 31,500
Danielle Bekker 25,000 6,250
Total remuneration 778,639 624,564
Which is made up of:
Remuneration 755,258 572,151
Amounts receivable under long term incentive schemes 11,375 42,603
Company contributions to pension schemes 12,006 9,810
Total remuneration 778,639 624,564
The number of directors to whom retirement benefits are accruing in respect of
qualifying services under defined contribution pension schemes is 2 (2022: 2).
The highest paid director received total emoluments of £382,478 (2022:
£368,449) during the year.
7. Taxation
Income taxes recognised in profit or loss 2023 2022
£ £
Current tax
Current period - UK corporation tax - -
R&D tax credit 182,547 173,729
R&D tax credit - prior year (8,458) 25,893
Tax credit for the year 173,089 199,622
The tax charge for each period can be reconciled to the loss per the statement
of comprehensive income as follows:
Taxable losses (3,008,238) (2,992,223)
Normal applicable rate of tax 19.00% 19.00%
Loss on ordinary activities multiplied by normal rate of tax (571,565) (568,522)
Effects of:
Depreciation 2,116 -
Disallowables 3,752 12,525
Capital allowances (17,061) -
R&D enhanced deductions (137,215) (128,668)
R&D tax credit (173,089) (199,622)
Losses surrendered 248,189 227,644
Unused tax losses carried forward 471,784 457,021
UK tax charge/(credit) (173,089) (199,622)
The Group has an unrecognised deferred tax asset of £1,637,470 (2022:
£1,132,844) at the period end, which has not been recognised in the financial
statements due to uncertainty of future profits. The Group has an estimated
tax loss of £8,618,261 (2022: £5,962,339) available to be carried forward
against future profits.
8. Loss per share
2023 2022
£ £
Basic and diluted loss per share
Total comprehensive loss for the year (2,835,149) (2,792,601)
Weighted average number of shares 164,713,045 156,780,236
Basic and diluted loss per share (pence) (1.72) (1.78)
As the Group and Company are reporting a loss from continuing operations for
the year then, in accordance with IAS 33, the share options are not considered
dilutive because the exercise of the share options would have an anti-dilutive
effect. The basic and diluted earnings per share as presented on the face of
the income statement are therefore identical.
9. Company's result for the period
The Group has elected to take the exemption under section 408 of the Companies
Act 2006 not to present the Parent Company income statement account.
The loss for the Parent Company for the period was £2,289,815 (2022:
£1,866,892).
10. Property, plant and equipment
Group and Company
Plant & Machinery
£
Cost
At 1 July 2021 10,200
Additions -
At 30 June 2022 10,200
Additions 89,794
At 30 June 2023 99,994
Accumulated depreciation
At 1 July 2021 10,200
Charge for the year -
At 30 June 2022 10,200
Charge for the year 11,136
At 30 June 2023 21,336
Net book value
At 1 July 2021 -
At 30 June 2022 -
At 30 June 2023 78,658
11. Right-of-use assets
Group and Company
Total
£
Cost
At 1 July 2021 145,757
Additions 12,997
At 30 June 2022 158,754
At 30 June 2023 158,754
Accumulated amortisation
At 1 July 2021 2,429
Charge for the year 29,422
At 30 June 2022 31,851
Charge for the year 32,401
At 30 June 2023 64,252
Net book value
At 1 July 2021 143,328
At 30 June 2022 126,903
At 30 June 2023 94,502
12. Intangible assets
Patents & trademarks Patents & trademarks
Group Company
£ £
Cost
At 1 July 2021 528,941 528,941
Additions 96,813 95,314
At 30 June 2022 625,754 624,255
Additions 75,483 70,147
At 30 June 2023 701,237 694,402
Accumulated amortisation
At 1 July 2021 - -
Charge for the year 250 -
At 30 June 2022 250 -
Charge for the year 656 -
At 30 June 2023 906 -
Net book value
At 1 July 2021 528,941 528,941
At 30 June 2022 625,504 624,255
At 30 June 2023 700,331 694,402
Intellectual property is to be amortised over the expected period that the
asset generates income. A small part of the IP belonging to the active
subsidiary, AxisBiotix Limited, commenced amortisation in the year ending 30
June 2022. Other IP amortisation is expected to commence in the year ending 30
June 2024.
13. Investments
Company: Investments in subsidiary undertakings £
Cost
At 1 July 2021 113,733
Additions 309,339
At 30 June 2022 423,072
Additions 59,362
At 30 June 2023 482,434
As at 30 June 2023, the Company directly owned the following subsidiaries:
Name of company Country of incorporation Proportion of equity interest
SkinBiotix Limited United Kingdom 100% of ordinary shares
AxisBiotix Limited United Kingdom 100% of ordinary shares
MediBiotix Limited United Kingdom 100% of ordinary shares
CleanBiotix Limited United Kingdom 100% of ordinary shares
PharmaBiotix Limited United Kingdom 100% of ordinary shares
14. Inventories
2023 2022
£ £
Inventories 33,497 122,571
33,497 122,571
The cost of inventories recognised as an expense during the year was £82,252
(2022: £295,390).
The cost of inventories recognised as an expense includes £35,386 (2022:
£265,966) in respect of write-downs of inventory to net realisable value.
15. Trade and other receivables
2023 2022 2023 2022
£ £ £ £
Current
Trade debtors 816 1,800 - -
Corporation tax 182,545 266,916 182,545 230,391
Sales taxes recoverable 108,720 48,669 96,240 13,560
Other receivables 12,693 11,101 12,891 11,101
Prepayments 70,656 76,580 40,026 66,766
375,430 405,066 331,702 321,818
Non-current
Amounts due from group undertakings - - 1,445,801 1,142,891
- - 1,445,801 1,142,891
The fair values of the Company's current trade and other receivables are
considered to equate to their carrying amounts. The maximum exposure to credit
risk for trade receivables is represented by their carrying amount. There are
no financial assets which are past due but not impaired. No current financial
assets are impaired.
The amounts owed by subsidiary undertakings include a loan to AxisBiotix
Limited for £1,788,549 (2022:£1,531,177) which was discounted to £1,524,909
and then impaired by £16,573, in addition to earlier years impairment of
£62,531 to give a current value of £1,445,801 (2022: £1,142,891) under IFRS
9, as set out in note 2. Although the loan has no repayment terms, it is
anticipated to be repaid in 3 years from the date of these financial
statements.
16. Trade and other payables
2023 2022 2023 2022
£ £ £ £
Current
Trade creditors 194,274 72,610 176,176 66,277
Accruals 236,837 366,784 233,839 353,534
Sales taxes payable 505 85 - -
Other taxes 62,815 31,812 61,636 31,059
Other payables 4,265 10,451 3,906 10,233
498,696 481,742 475,557 461,103
Trade and other payables principally consist of amounts outstanding for trade
purchases and ongoing costs. They are non-interest bearing and are normally
settled on 30-day terms. The directors consider that the carrying value of
trade and other payables approximates to their fair value. All trade and other
payables are denominated in Sterling. The Company has financial risk
management policies in place to ensure that all payables are paid within the
credit timeframe and no interest has been charged by any suppliers as a result
of late payment of invoices during the period.
The fair value of trade and other payables approximates their current book
values.
17. Lease liabilities
Group and Company
2023 2022
£ £
Maturity analysis
Year 1 37,770 36,102
Year 2 39,029 37,770
Year 3 35,777 39,029
Year 4 - 35,778
Year 5 - -
112,576 148,679
Less future interest charges (11,930) (20,815)
100,646 127,864
Analysed as
Current 31,045 27,217
Non-current 69,601 100,647
100,646 127,864
18. Financial instruments
Maturity analysis
A summary table with maturity of financial assets and liabilities presented
below is used by management to manage liquidity risks. The amounts disclosed
in the following tables are the contractual undiscounted cash flows.
Undiscounted cash flows in respect of balances due within 12 months generally
equal their carrying amounts in the statement of financial position, as the
impact of discounting is not material.
The maturity analysis of financial instruments at 30 June 2023 is as follows:
Group
Carrying amount On demand and less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years
Assets
Cash and cash equivalents 1,311,834 1,311,834 - - -
Trade and other receivables 13,509 13,509 - - -
1,325,343 1,325,343 - - -
Liabilities
Trade and other payables 435,881 435,881 - - -
Lease liabilities 112,576 8,498 29,272 39,029 35,777
548,457 444,379 29,272 39,029 35,777
Company
Carrying amount On demand and less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years
Assets
Cash and cash equivalents 1,124,961 1,124,961 - - -
Trade and other receivables 12,892 12,892 - - -
1,137,853 1,137,853 - - -
Liabilities
Trade and other payables 413,923 413,923 - - -
Lease liabilities 112,576 8,498 29,272 39,029 35,777
526,499 422,421 29,272 39,029 35,777
The maturity analysis of financial instruments at 30 June 2022 is as follows:
Group
Carrying amount On demand and less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years
Assets
Cash and cash equivalents 1,804,923 1,804,923 - - -
Trade and other receivables 12,901 12,901 - - -
1,817,824 1,817,824 - - -
Liabilities
Trade and other payables 449,930 449,930 - - -
Lease liabilities 133,501 5,854 26,341 33,989 67,317
583,431 455,784 26,341 33,989 67,317
Company
Carrying amount On demand and less than 3 months 3 to 12 months 1 to 2 years 2 to 5 years
Assets
Cash and cash equivalents 1,561,402 1561,402 - - -
Trade and other receivables 1,542,278 11,101 - - 1,531,177
3,103,680 1,572,503 - - 1,531,177
Liabilities
Trade and other payables 430,044 430,044 - - -
Lease liabilities 133,501 5,584 26,341 33,989 67,317
563,545 435,898 26,341 33,989 67,317
18. Share capital
Number of shares Share Share
capital premium
As at 1 July 2021 156,780,236 1,567,802 8,758,037
As at 30 June 2022 156,780,236 1,567,802 8,758,037
Ordinary share issued at 1p per share 16,358,618 163,588 2,453,793
Costs related to shares issued - - (263,956)
As at 30 June 2023 173,138,854 1,731,390 10,947,874
On 5 January 2023 16,358,618 ordinary shares were issued by way of a placing
at a price of 16p per share to raise funding for the Group.
Share capital is the amount subscribed for shares at nominal value, issued and
fully paid.
Share premium is the amount subscribed for share capital in excess of nominal
value.
19. Share-based payments
Share options
The Group operates share-based payment arrangements to remunerate directors
and others providing similar services in the form of a share option scheme.
The exercise price of the option is normally equal to the market price of an
ordinary share in the Group at the date of grant. Each share option converts
into one ordinary share of the Group on exercise. No amounts are paid or
payable by the recipient on receipt of the option. The options carry neither
rights to dividends nor voting rights.
Movements in the number of share options outstanding and their related
weighted average exercise prices are as follows:
Group and company
2023 2022
Number of options Weighted average exercise price Number of options Weighted average exercise price
£ £
Outstanding at 1 July 17,379,343 0.12 16,729,343 0.11
Granted during the year - - 650,000 0.38
Forfeited/cancelled during the year (650,000) 0.38 - -
Outstanding at 30 June 16,729,343 0.11 17,379,343 0.12
On 9 May 2023, 650,000 options were forfeited, which were previously granted
at an exercise price of £0.376 per share.
The total credit recognised for the year ended 30 June 2023 for these share
options is -£10,102, whereas in 2022 this was a charge of £10,102.
The fair values of the share options issued in the year were derived using the
Black Scholes model. The charge recognised for the year ended 30 June 2023 for
share options is £11,375 (2022: £52,704) amounting to a total net charge of
£1,273 being recognised in the profit and loss account. The following
assumptions were used in the calculations:
Deed pool 1 2 3a 3b 3c
Grant date 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17
Exercise price 9p 9p 9p 9p 9p
Share price at grant date 9p 9p 9p 9p 9p
Risk-free rate 0.24% 0.24% 0.16% 0.16% 0.16%
Volatility 60% 60% 60% 60% 60%
Expected life 3.5 years 3.5 years 2.75 years 2.75 years 2.75 years
Fair value 2.58p 1.85p 2.30p 2.30p 2.30p
Deed pool 4 5 6 7 8
Grant date 18/04/19 18/04/19 18/04/19 03/03/20 08/04/20
Exercise price 18p 18p 18p 9.5p 9p
Share price at grant date 18p 18p 18p 9.5p 7p
Risk-free rate 0.75% 0.75% 0.75% 0.29% 0.12%
Volatility 60% 60% 60% 80% 80%
Expected life 3.5 years 3.5 years 3.5 years 0 years 2 years
Fair value 2.85p 3.99p 3.48p 9.50p 0.87p
The closing share price per share at 30 June 2023 was 12.5p (30 June 2022:
20.25p).
Expected volatility is based on a conservative estimate for an AIM listed
entity. The expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability, exercise
restrictions and behavioural considerations.
20. Related party transactions
Group and company
Key management personnel compensation 2023 2022
£ £
Short-term employee benefits including social security costs 934,467 694,844
Post-employment benefits 13,218 11,239
Share-based payments 11,375 42,603
959,060 748,686
Compensation figures above include directors and key management personnel.
Transactions with other related parties
During the period ended 30 June 2023, the Company was charged fees of £55,440
(2022: £50,400) by Invictus Management Ltd, a company in which Martin Hunt, a
director of the Company, is also a director. These fees relate to Martin
Hunt's consultancy services to the Company. As at 30 June 2023 £5,292 (2022:
£5,040) was outstanding.
During the period ended 30 June 2023, the Company was charged fees of £28,096
(2022: £25,200) by Biolatris Ltd, a company in which Dr Cathy Prescott, a
director of the Company, is also a director. These fees relate to Dr Cathy
Prescott's consultancy services to the Company. As at 30 June 2023 £nil
(2022: £nil) was outstanding.
21. Ultimate controlling party
No one shareholder has control of the Company.
22. Events after the reporting date
The Company has evaluated all events and transactions that occurred after 30
June 2023 up to the date of signing of the financial statements.
On 22 November 2023 the Company completed a fundraise through a Placing and
Retail Offer, raising £3.3m of gross proceeds.
No other material subsequent events have occurred that would require
adjustment to or disclosure in the financial statements.
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. END FR NKKBBOBDDNDNRecent news on Skinbiotherapeutics
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