REG - SkinBioTherapeutics - Full year results
30/11/2021 07:00
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RNS Number : 9429T SkinBioTherapeutics PLC 30 November 2021
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Group")
Full year results
Notice of AGM
30 November 2021 - SkinBioTherapeutics plc (AIM: SBTX), a life science
business focused on skin health, announces its full year audited results for
the year to 30 June 2021.
Key highlights
· Formulation blend of probiotic food supplement, AxisBiotix-Ps™,
produced ahead of schedule
· Completion of consumer study of AxisBiotix-Ps™ with strong final
results from participants who self-identified as having mild to moderate
psoriasis
· Croda-SkinBiotix® programme continued to progress to plan, with
focus on scaling up lysate manufacture to commercial volumes
· Potential additional cosmetic claims for SkinBiotix® being
investigated. Initial royalty revenues anticipated as planned in calendar year
2022
· Placing and open offer completed in November 2020 raising £4.45m
(gross)
· Cash as at 30 June 2021 of £4.6m (2020: £2.2m)
Post year end:
· Successful product launch of AxisBiotix-Ps™ 12 months earlier than
intended. Early sales in the UK and US have commenced; expansion into Europe
to occur in H1 2022
· Targeting acne as the next AxisBiotix opportunity; plans to develop a
bacterial blend and initiate a consumer study during 2022
Stuart Ashman, CEO of SkinBioTherapeutics, said:
"2021 has been a landmark year for SkinBioTherapeutics. We have transformed
ourselves from a research and product development business, to a commercial
one.
"We successfully completed the AxisBiotix-Ps™ consumer study, receiving an
overwhelmingly positive response from participants, and we continued to make
good progress on our SkinBiotix® programme with Croda despite challenges from
the global pandemic. The high point of the calendar year, post year end, has
been the launch of AxisBiotix-Ps™ and our first sales to psoriasis
sufferers."
The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 and has been arranged for release by Doug Quinn, CFO of the Company.
Upon the publication of this announcement, this inside information is now
considered to be in the public domain.
-Ends-
For more information, please contact:
SkinBioTherapeutics plc Tel: +44 (0) 161 468 2760
Stuart Ashman, CEO
Doug Quinn, CFO
Cenkos Securities Plc (Nominated Adviser & Broker) Tel: +44 (0) 20 7397 8900
Giles Balleny, Max Gould (Corporate Finance)
Michael Johnson, Dale Bellis (Sales)
Instinctif Partners (financial press) Tel: +44 (0) 20 7457 2020
Melanie Toyne-Sewell / Nathan Billis SkinBio@instinctif.com (mailto:SkinBio@instinctif.com)
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 first commercial product, AxisBiotix-Ps™, a food supplement targeting
psoriasis symptoms, was launched in October 2021.
The Company listed on AIM in April 2017 and is based in Newcastle upon Tyne,
UK. For more information, visit: www.skinbiotherapeutics.com
(http://www.skinbiotherapeutics.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 Company'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's Statement
At an incredibly challenging time for everyone, 2021 was the year
SkinBioTherapeutics demonstrated its resourcefulness by successfully executing
a consumer study for AxisBiotix, paving the way for its commercial launch.
Alongside this the Group continued to progress its core SkinBiotix technology
through its partners Croda and Sederma. The placing and open offer completed
in November 2020 provided the working capital to support the AxisBiotix
consumer study, initiate new programmes of work with the University of
Manchester and strengthen the Group's physical infrastructure.
In 2019 SkinBioTherapeutics' strategy identified five channels within which to
progress its two core elements of technology - SkinBiotix and an emerging area
of science focusing on the relationship between the gut and skin. To support
this multi-channel approach and offer greater corporate flexibility, separate
legal entities were established for each channel. With the progress made in
AxisBiotix during the course of this year, SkinBioTherapeutics is presenting
group results for the first time. Consolidated financial statements are
presented along with Company (SkinBioTherapeutics plc) statements of financial
position, cash flows and changes in equity.
AxisBiotix has been the Group's key focus as it sought to capitalise on the
area of research exploring the relationship between the gut and skin. In the
course of 12 months, from having identified a blend of bacterial strains
aligned to the disease pathways of psoriasis, the Group designed, initiated
and completed a 'self-managed' consumer study, reporting impressive results
with c. 72% of participants who completed the study reporting improvements
against the key indications. To have made such progress in the course of the
financial year is testament to the pragmatic approach and hard work of
everyone on the team.
Since year end, the Group has reached the significant milestone of becoming a
commercial business, with the launch of the AxisBiotix product on 29 October
2021, World Psoriasis Day.
Development of the Group's core technology, SkinBiotix, has continued through
Sederma, the specialist ingredient manufacturer within Croda Plc. Sederma has
progressed the scale-up of lysate manufacture through the various stepped
increases and is currently preparing to manufacture at the commercial scale of
20,000 litres, in anticipation of sales in 2022.
In November 2020 the Group completed a placing and open offer raising a total
of £4.45m (before expenses). The fundraise provided headroom to execute the
consumer study for AxisBiotix and prepare for its subsequent
commercialisation, as well as to provide funds to initiate new scientific
development programmes with the University of Manchester and to support the
transition of the Group from a virtual operation to one with an in-house
scientific capability. The Group ended the financial year with a cash balance
of £4.6m (2020: £2.2m).
On behalf of the Board, I would like to take the opportunity to thank everyone
at SkinBioTherapeutics for the considerable progress achieved by the Group
over the course of the year.
Martin Hunt
Chairman
Chief Executive's Statement
Overview
SkinBioTherapeutics is a life sciences business focused on harnessing the
microbiome, the bacteria that live on and in the body, for human health.
The Group has two core areas of technology that form five strategic pillars
addressing opportunities in cosmetics, food supplements, medical devices and
longer term, the potential for therapeutics.
· SkinBiotix®, the Group's proprietary technology, is designed to
promote skin health by harnessing the beneficial properties of probiotic
bacteria and the active components derived from them. SkinBioTherapeutics'
approach is to use a 'lysate' of probiotic bacteria cells as a topical agent.
The use of a lysate rather than live bacteria circumvents the possible safety
considerations associated with applying live bacteria to the skin and the
potential formulation difficulties of keeping bacteria alive in a cream. This
form also stabilises the bacteria, making it easier to handle and store.
· AxisBiotix™ technology is based on the rapidly emerging area of
science that is focused on the gut-skin axis and how the constitution of the
gut microbiome plays a role in various diseases, such as psoriasis.
SkinBioTherapeutics has been exploring the relationship between the gut and
the skin and the potential to introduce probiotic bacteria into the gut and
effect a direct improvement on human skin. AxisBiotix-Ps™ is the first
product developed by the Group that leverages the gut-skin relationship and is
designed to alleviate the symptoms associated with psoriasis.
SkinBiotix® Pillar (skincare/cosmetics)
In November 2019, an agreement was signed with Croda Plc, a world leader in
the field of active skincare ingredients for the cosmetic industry, which
sells ingredients for skin and hair care products to major cosmetic brands
across the world. SkinBioTherapeutics is working directly with Sederma, part
of Croda and a specialist manufacturer of bioactive ingredients for the
cosmetic industry. Sederma is responsible for the development, manufacturing
and commercialisation of the SkinBiotix® technology.
During the course of the year Sederma updated SkinBioTherapeutics that it had
made significant progress against the key collaboration milestones. Lysate
production had been optimised and analytical sample screening and formulation
work had been completed. Manufacturing scale-up from 1 litre to 600 litres had
been completed successfully and with the formal handover of the project from
Sederma in Paris to Croda's manufacturing facility at Ditton, near Widnes, the
final scale-up to 20,000 litres is now being progressed. This is the capacity
required to mass produce the SkinBiotix® product at industrial levels to
market to Sederma's portfolio of 12,000+ global cosmetic customers.
Throughout this collaboration, Sederma has identified additional potential
scientific and marketing claims for the end ingredient. The eventual claims
will be an important component of the launch and long-term commercial success
of the ingredient. To this end, Sederma is continuing its lab work to
further substantiate these additional potential claims. This work is not
impacting the manufacturing scale-up. The Group continues to anticipate 2022
as the period for initial royalty revenues.
Sales and distribution rights are for the cosmetic sector in "active skincare"
alone, leaving SkinBioTherapeutics to focus on further applications of its
technology in other sectors. A key component of the Croda agreement is to
provide access to a reliable supply of material to SkinBioTherapeutics,
whereby Croda will supply SkinBiotix® for the Company to be able to use in
other sectors outside of those covered by this agreement.
AxisBiotix Pillar (gut/skin axis)
In February 2020 SkinBioTherapeutics signed an agreement with Winclove
Probiotics B.V. for the development of a probiotic blend of 'good' bacterial
strains based on the modifying properties of specific bacterial species in
known psoriasis pathways.
Psoriasis is a chronic relapsing inflammatory condition of the skin with a
prevalence of c.2-3% in the western world. The worldwide market for psoriasis
treatments was valued at approximately $30bn in 2018 and is expected to grow
to $47bn in 2022 with a CAGR of 11.5%. Current treatments include moisturising
treatments or emollients to soothe and hydrate the skin for relatively mild
disease, through to biologic therapies in severe cases.
For the group with mild-to-moderate psoriasis, the mainstay therapies tend to
be steroid-based, which cannot be used long term and have side effects. In the
management's opinion, there is a clear unmet clinical need for new, safer ways
of treating patients with mild to moderate psoriasis. In addition, anecdotal
evidence from sufferers suggests that many have turned to oral probiotics as
an 'alternative' therapy as a result of preferring more 'natural' treatments
and have reported success in control of their disease. To date, scientific
evidence is scarce; the effects of probiotics on psoriasis have been
investigated in only two studies which did not make the choice of probiotic
organisms based on known disease pathways.
Having successfully formulated a bacterial blend as a probiotic food
supplement, branded as AxisBiotix-Ps™, the Group intended to initiate a
study in a clinical environment. Prevented from doing so by the COVID-19
pandemic, the Group redesigned the study as a 'self-managed' consumer study
that could be managed remotely, without the need for participants to attend
clinics.
Of the 265 participants that enrolled onto the study, 177 identified
themselves as suffering from mild to moderate psoriasis. The participants that
self-identified as suffering from psoriasis and completed the study reported
the following results:
· 76% reported that their skin felt less itchy;
· 75% reported that their skin appeared less red;
· 73% reported that their skin felt less irritable; and
· 65% reported that they had fewer 'flaky patches' of skin.
Participants who responded positively about their skin health, also reported
positive changes to their lifestyle. On average, at day 56:
· 62% reported having more energy;
· 64% reported better sleep; and
· 66% reported positive changes to their general mood.
In addition, participants in the study who self-identified as suffering from
psoriasis and at least one other condition - 80% reported a reduction in
itchiness and 85% reported their skin felt less irritable. Benefits were also
experienced by participants who self-identified as having either eczema, acne
or rosacea.
The Group is pursuing a 'direct to consumer' commercialisation model for
AxisBiotix-Ps™, selling the product through the website AxisBiotix.com
(https://axisbiotix.com/) . The psoriatic community is highly communicative
regarding the condition and its treatment, therefore, management considers
that engagement with sufferers both directly through social media and via the
national psoriasis associations in the target country markets is an efficient
and cost-effective way of penetrating the market.
Post year end, SkinBioTherapeutics launched AxisBiotix-Ps™ on 29 October
2021 - World Psoriasis Day. AxisBiotix-Ps™ is targeted to be sold on a
subscription basis with sufferers subscribing on a four or eight-week cycle.
The product is sold in boxes containing 28 daily sachets and is priced per
sachet at £1.50 in the UK and $2.00 in the US and in due course in Europe at
€1.80 (prices include sales tax and exclude duty and shipping costs). As
demonstrated in the consumer study, it can take three to four weeks for the
benefits of AxisBiotix-Ps to be achieved and consequently new customers
receive their second month's supply of the product free. Management therefore
expects it to be 3-4 months post launch for an indication of customer
retention levels and will update the market on initial product sales in March
2022 when the Company releases its half year financial results.
The product has initially been launched in the UK and US with Europe expected
to follow in the first half of 2022. There are country specific requirements
for food supplements in Europe, including labelling instructions and
languages. The product is manufactured in the Netherlands by Winclove, and
finished goods are held at a third party logistics company, also in the
Netherlands, from where they are onward shipped directly to consumers. Longer
term and subject to demand, SkinBioTherapeutics will consider bulk shipping
finished goods to the US and UK and then onward shipping locally to consumers.
Outside of these markets, for example, Asia, the Group is considering
partnering opportunities for distribution and, having begun engagement with
potential partners, will look to make progress in this regard in 2022.
Having initially targeted psoriasis as the first opportunity to leverage the
gut-skin axis, the Group is now assessing other skin conditions that may
benefit from a food supplement. As demonstrated in the consumer study, suffers
of eczema, rosacea and acne benefited from taking AxisBiotix-Ps™. The Group
believes that a number of the bacterial strains within AxisBiotix-Ps™ could
form the basis of a core blend to target symptoms of other skin conditions
beyond psoriasis.
SkinBioTherapeutics is now targeting acne as the next opportunity and
anticipates being able to develop a bacterial blend and initiate a consumer
study during the course of 2022.
MediBiotix Pillar (medtech applications e.g. woundcare)
The MediBiotix channel is focused on medical device applications incorporating
the SkinBiotix® technology. To date, the initial target has been eczema and
generating a data pack to support the mode of action claims for a medical
device application. Work is continuing in this regard and in parallel,
recognising the progress made with AxisBiotix, management is considering
developing a food supplement that addresses the symptoms of eczema through the
gut-skin axis.
Management also believes there is significant utility for the technology in
the treatment of various classes of skin wounds and is in discussion with a
number of global advanced woundcare companies in this regard. The Group is
targeting a commercial agreement to develop and test the SkinBiotix®
technology in these advanced indications.
CleanBiotix Pillar (anti-infection)
The area of healthcare acquired infections (HAI) and bacterial resistance
remains an area of critical concern for healthcare providers and has been
brought into sharp focus through the pandemic. The growing resistance of
certain infection strains, the lack of new antibiotics, and the rise of the
"superbug" is driving the need to discover and develop new methods of
controlling bacterial growth and infection.
Staphylococcus aureus (SA) is the most common and one of the most aggressive
skin pathogens and is one of the major causes of HAI. The Group's SkinBiotix®
technology has been shown to have significant capabilities in preventing SA
from adhering to and growing on the skin and thus offers a potential route of
protection from SA-induced healthcare acquired infections. The Group has been
in discussions with leading companies in the domestic and commercial hygiene
sectors as to the utility of the SkinBiotix® technology within these
environments.
This is a challenging area both from a technology and regulatory perspective
but equally offers significant opportunities. SkinBioTherapeutics will
continue discussions targeted at identifying a partner to work with to develop
all aspects of this market channel.
Other Research Programmes
In April 2021 SkinBioTherapeutics extended its collaboration with the
University of Manchester for two new research programmes. The first programme,
which will run for two years, will focus on how the microbiome can influence
and rebalance the body's response to inflammation in skin health and skin
disease. The aim is for SkinBioTherapeutics to develop immune-supporting
microbiome formulations to market through everyday products such as skin
lotions and creams where there is an increasing consumer preference for
natural ingredients.
The second programme addresses oral health and will explore the use of
different bacteria, including SkinBioTherapeutics' proprietary lysate
SkinBiotix, for oral health and wellbeing. The 12-month programme will
develop, and test formulations designed to support the health of skin surfaces
in the oral cavity targeting disease prevention, oral care and hygiene. These
formulations could be positioned as standalone products or work alongside
traditional oral health and wellbeing products.
Financial review
In support of its strategy to develop its technology in a number of channels,
SkinBioTherapeutics established separate legal entities for each channel.
Activity commenced in AxisBiotix Limited during the course of the year and
consequently SkinBioTherapeutics is presenting group results for the financial
year. Separately presented are Company (SkinBioTherapeutics plc) statements of
financial position, cash flows and changes in equity.
Expenditure for the financial year was lower than management's expectations as
a consequence of pivoting to a self-managed consumer study for AxisBiotix-Ps
and reduced activity at the University of Manchester due to COVID-19. Research
and development expenditure was £506k (2020: £635k) and other operating
expenses were £989k (2020: £985k). Overall, the Group made a loss before tax
of £1,498k (2020: £1,620k).
In November 2020, SkinBioTherapeutics completed a placing and open offer
raising a total of £4.45m gross proceeds. The funding enabled the Group to
expand its technology pipeline with two additional programmes of work with the
University of Manchester and secure lab space at the Biosphere complex in
Newcastle. Cash used in operating activities was £1,555k (2020: £892k) and
the Group had a cash balance of £4,607k (2020: £2,159k) at year-end.
Outlook
In the space of 12 months, SkinBioTherapeutics has managed to conduct and
report on a 'self-managed' consumer study and prepare for the launch of its
first product for sale.
A key focus for the Group during the financial year 2022 will be raising
awareness of AxisBiotix-Ps™ amongst the psoriatic communities and building
market share, following its launch at the end of October. With the initial
focus on the UK & US markets, attention will then turn to Europe and Asian
markets, such as China and India.
Building on the gut-skin axis research, the Group will look to finalise a
similarly blended bacterial formulation to address acne, generate human data
and push towards the commercial launch of a second AxisBiotix product.
With the Croda/Sederma partnership, the focus for 2022 will be to confirm the
cosmetic claims for the SkinBiotix® technology as a cosmetic active
ingredient and generate traction with Sederma's key clients, with the aim of
future potential revenue streams for SkinBioTherapeutics.
2021 has been a transformational year for SkinBioTherapeutics despite a
challenging environment, which is very much down to the expertise and
dedication of the Group's team and partners. We look forward to another
exciting year in 2022.
Stuart J. Ashman
CEO
Consolidated income statement
For the year ended 30 June 2021
Notes 2021 2020
Continuing operations £ £
Research and development (505,627) (635,226)
Operating expenses (991,481) (984,816)
Loss from operations 2 (1,497,108) (1,620,042)
Finance costs (926) -
Loss before taxation (1,498,034) (1,620,042)
Taxation 65,065 119,956
Loss for the year (1,432,969) (1,500,086)
Other comprehensive income - -
Total comprehensive loss for the year (1,432,969) (1,500,086)
Basic and diluted loss per share (pence) 3 (0.98) (1.17)
Consolidated statement of financial position
As at 30 June 2021
Notes 2021 2020
£ £
Assets
Non-current assets
Property, plant and equipment - 1,700
Right-of-use assets 143,328 -
Intangible assets 528,941 420,538
Total non-current assets 672,269 422,238
Current assets
Other receivables 268,946 70,622
Corporation tax receivable 183,828 118,763
Cash and cash equivalents 4,609,889 2,159,054
Total current assets 5,062,663 2,348,439
Total assets 5,734,932 2,770,677
Equity and liabilities
Equity
Capital and reserves
Called up share capital 1,567,802 1,280,835
Share premium 8,758,037 4,923,890
Other reserves 384,612 403,483
Accumulated deficit (5,495,193) (4,142,352)
Total equity 5,215,258 2,465,856
Liabilities
Non-current liabilities
Lease liabilities 114,780 -
Total non-current liabilities 114,780 -
Current liabilities
Trade and other payables 379,820 304,821
Lease liabilities 25,074 -
Total current liabilities 404,894 304,821
Total liabilities 519,674 304,821
Total equity and liabilities 5,734,932 2,770,677
Consolidated statement of cash flows
For the year ended 30 June 2021
2021 2020
£ £
Cash flows from operating activities
Loss before tax for the period (1,498,034) (1,620,042)
Depreciation of property, plant and equipment 1,700 5,100
Right-of-use assets depreciation and interest 3,355 -
Share based payments charge 61,257 155,811
(1,431,722) (1,459,131)
Changes in working capital
(lncrease)/decrease in trade and other receivables (198,324) 171,958
Increase in trade and other payables 74,999 183,487
Cash generated by/(used in) operations (123,325) 355,445
Taxation received - 211,544
Net cash used in operating activities (1,555,047) (892,142)
Investing activities
Purchase of IP (108,403) (73,668)
Purchase of Right-of-Use Assets (3,902) -
Net cash used in investing activities (112,305) (73,668)
Cash flows from financing activities
Net proceeds from issue of shares 4,121,114 -
Lease payments made (2,927) -
Net cash generated by financing activities 4,118,187 -
Net (decrease)/increase in cash and cash equivalents 2,450,835 (965,810)
Cash and cash equivalents at the beginning of the period 2,159,054 3,124,864
Cash and cash equivalents at the end of the period 4,609,889 2,159,054
Consolidated statement of changes in equity
For the year ended 30 June 2021
Share capital Share premium Other reserves Retained earnings Total
£ £ £ £ £
As at 1 July 2019 1,280,835 4,923,890 247,672 (2,642,266) 3,810,131
Loss for the period - - - (1,500,086) (1,500,086)
Share-based payments - - 155,811 - 155,811
As at 30 June 2020 1,280,835 4,923,890 403,483 (4,142,352) 2,465,856
Loss for the period - - - (1,432,969) (1,432,969)
Issue of shares 286,967 4,242,189 - - 4,529,156
Costs of share issue - (408,042) - - (408,042)
Exercise of share warrants - - (80,128) 80,128 -
Share-based payments - - 61,257 - 61,257
As at 30 June 2021 1,567,802 8,758,037 384,612 (5,495,193) 5,215,258
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess of nominal
value.
Other reserves arise from the equity element of a convertible loan issued and
converted in the period
to 30 June 2017, and from share options granted.
Retained earnings represents accumulated profit or losses to date.
Company statement of financial position
As at 30 June 2021
Notes 2021 2020
£ £
Assets
Non-current assets
Property, plant and equipment - 1,700
Right-of-use assets 143,328 -
Intangible assets 528,941 420,538
Investments 113,733 5
Other receivables 623,688 -
Total non-current assets 1,409,690 422,243
Current assets
Other receivables 59,888 70,622
Corporation tax receivable 183,828 118,763
Cash and cash equivalents 4,264,690 2,159,054
Total current assets 4,508,406 2,348,439
Total assets 5,918,096 2,770,682
Equity and liabilities
Equity
Capital and reserves
Called up share capital 1,567,802 1,280,835
Share premium 8,758,037 4,923,890
Other reserves 384,612 403,483
Accumulated deficit (5,284,889) (4,142,352)
Total equity 5,425,562 2,465,856
Liabilities
Non-current liabilities
Lease liabilities 114,780 -
Total non-current liabilities 114,780 -
Current liabilities
Trade and other payables 352,680 304,826
Lease liabilities 25,074 -
Total current liabilities 377,754 304,826
Total liabilities 492,534 304,826
Total equity and liabilities 5,918,096 2,770,682
Company statement of cash flows
For the year ended 30 June 2021
2021 2020
£ £
Cash flows from operating activities
Loss before tax for the period (1,287,730) (1,620,042)
Depreciation of property, plant and equipment 1,700 5,100
Right-of-use assets depreciation and interest 3,355 -
Impairment of financial assets 34,124 -
Share based payments charge 61,257 155,811
(1,187,294) (1,459,131)
Changes in working capital
Decrease in trade and other receivables 10,734 171,958
Increase in trade and other payables 47,859 183,492
Cash generated by operations 58,593 355,450
Taxation received - 211,544
Net cash used in operating activities (1,128,701) (892,137)
Investing activities
Purchase of IP (108,403) (73,668)
Investment in subsidiaries (771,545) (5)
Purchase of Right-of-Use Assets (3,902) -
Net cash used in investing activities (883,850) (73,673)
Financing activities
Net proceeds from issue of shares 4,121,114 -
Lease payments made (2,927) -
Net cash generated by financing activities 4,118,187 -
Net (decrease)/increase in cash and cash equivalents 2,105,636 (965,810)
Cash and cash equivalents at the beginning of the period 2,159,054 3,124,864
Cash and cash equivalents at the end of the period 4,264,690 2,159,054
Company statement of changes in equity
For the year ended 30 June 2021
Share capital Share premium Other reserves Retained earnings Total
£ £ £ £ £
As at 1 July 2019 1,280,835 4,923,890 247,672 (2,642,266) 3,810,131
Loss for the period - - - (1,500,086) (1,500,086)
Share-based payments - - 155,811 - 155,811
As at 30 June 2020 1,280,835 4,923,890 403,483 (4,142,352) 2,465,856
Loss for the period - - - (1,222,665) (1,222,665)
Issue of shares 286,967 4,242,189 - - 4,529,156
Costs of share issue - (408,042) - - (408,042)
Exercise of share warrants - - (80,128) 80,128 -
Share-based payments - - 61,257 - 61,257
As at 30 June 2021 1,567,802 8,758,037 384,612 (5,284,889) 5,425,562
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess of nominal
value.
Other reserves arise from the equity element of a convertible loan issued and
converted in the period
to 30 June 2017, and from share options granted.
Retained earnings represents accumulated profit or losses to date.
Extracts of the notes to accounts
1. General information
SkinBioTherapeutics plc 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. Operating loss
Group
2021 2020
£ £
An analysis of the Company's operating loss has been arrived at
after charging/(crediting):
Other income (137) (52)
Research and development 505,627 635,226
Directors remuneration (including share-based compensation) 577,216 507,467
Auditors remuneration
- audit fees 17,000 11,100
- other services 3,200 1,850
Foreign exchange differences 2,755 (3)
Other operating costs 391,447 464,454
Total operating expenses 1,497,108 1,620,042
The Company has one reportable segment, namely that of identifying and
developing formulations that harness the human microbiome, all within the
United Kingdom.
3. Loss per share
Group
2021 2020
£ £
Basic and diluted loss per share
Loss after tax (£) (1,432,969) (1,500,086)
Weighted average number of shares 146,697,033 128,083,494
Basic and diluted loss per share (pence) (0.98) (1.17)
As the Group is 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.
4. Events after the reporting date
The Group has evaluated all events and transactions that occurred after 30
June 2021 up to the date of signing of the financial statements. No material
subsequent events have occurred that would require adjustment to or disclosure
in the financial statements.
5. Posting of the Annual Report and notice of AGM
A copy of this announcement may be found on the Company's website today and is
included in the Annual Report and Accounts which will be published and sent to
shareholders later today.
The Company's Annual General Meeting will be held on 23 December 2021 at 11am
at The Core, Bath Lane, Newcastle Helix, Newcastle upon Tyne, NE4 5TF.
The financial information set out in this announcement does not constitute the
Group's statutory accounts for the years ended 30 June 2020 or 30 June 2021.
The financial information for the year ended 30 June 2020 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts: their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under s498(2) or (3) of the Companies Act 2006.
The financial information for the year ended 30 June 2021 is derived from
Company's financial statements for the year ended 30 June 2021 which were
approved by the directors on 29 November 2021. The auditors reported on those
accounts: their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain a statement under s498(2) or (3) of the
Companies Act 2006. These accounts will be delivered to the registrar in due
course.
Whilst the financial information included in this announcement has been
computed in accordance with International Financial Reporting Standards
(IFRS), this announcement does not in itself contain sufficient information to
comply with IFRS. The accounting policies used in preparation of this
announcement are consistent with those in the full financial statements that
have yet to be published.
Full notes to this statement are contained in the Company's Annual Report and
Accounts.
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