Solvonis Therapeutic - Final Results
29/04/2026 07:00
RNS Number : 2678C
Solvonis Therapeutics PLC
29 April 2026
29 April 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Solvonis Therapeutics plc
("Solvonis" or the "Company" or the "Group")
Financial year 2025 results
FY2025 transformation complete as Board refines strategy around the SVN-001 Phase 3 value inflection point
Solvonis Therapeutics plc (LSE: SVNS), an emerging biopharmaceutical company developing novel small-molecule therapeutics for high-burden central nervous system ("CNS") disorders, announces its audited results for the year ended 31 December 2025 and a refinement to its strategy for SVN-001.
FY2025 was a defining and transformational year for Solvonis. During the year, the Company completed the acquisition of Awakn Life Sciences, changed its name to Solvonis Therapeutics plc, and was reshaped into a focused CNS biopharmaceutical business targeting addiction and psychiatry. That transformation is underpinned by a differentiated pipeline led by SVN-001, a Phase 3 programme in severe Alcohol Use Disorder ("AUD"), alongside SVN-002, a U.S.-focused programme in Phase 2 planning for moderate-to-severe AUD, and an expanding proprietary discovery portfolio across addiction and psychiatry.
The Board believes this transformation has materially strengthened the Company's strategic position and widened the range of attractive options now available to it. In recent weeks, the Board has also noted that the backdrop in the world's largest biopharmaceutical market, the United States, has changed materially. On 18 April 2026, the White House issued an executive order aimed at accelerating research, regulatory review and patient access for psychedelic drugs in serious mental illness, including Commissioner's National Priority Vouchers, Right to Try pathway development and federal support for evidence generation. Days later, the FDA had already begun awarding priority vouchers to certain qualifying companies, while the share-price performance of a number of U.S.-listed peers has been strong.
The Board also notes that strategic validation in the space has intensified, including Otsuka's agreement to acquire Transcend Therapeutics for up to US$1.225 billion. In the Board's view, these developments are particularly relevant because many of the companies seeing the strongest public-market and strategic interest are those carrying clinically advanced assets through Phase 3 in adjacent or comparable neuropsychiatric settings.
Against that backdrop, and following review of the strategic options available in respect of SVN-001, the Board has concluded that, in the current market environment, greater shareholder value may be available at or following successful completion of Phase 3 than through an earlier licensing or partnering transaction. The Board notes that the Company has had several positive discussions with potential out-licensing counterparties. However, its current view is that the more attractive route to maximising value is to prioritise advancement of SVN-001 through completion of Phase 3, while retaining flexibility around future strategic options, given the relatively short time and capital required to achieve that milestone.
In the Board's assessment, SVN-001 now offers more than a partnering proposition. It represents a differentiated, clinically grounded and comparatively near-term asset which, if advanced successfully through Phase 3, may place Solvonis in a materially stronger position from which to assess strategic options and maximise shareholder value.
Anthony Tennyson, Chief Executive Officer of Solvonis Therapeutics, commented: "Solvonis now enters its next phase with a transformed portfolio, a clinically grounded Phase 3 lead asset, a meaningful U.S. opportunity and an emerging proprietary pipeline across addiction and psychiatry.
"Following review of the strategic options available for SVN-001, the Board believes the most attractive route to maximising shareholder value is to advance the programme through completion of Phase 3. In the Board's view, the Company is now better positioned to build value into a backdrop that is becoming increasingly supportive for clinically advanced CNS assets."
Dennis Purcell, Non-Executive Chairman of Solvonis Therapeutics, added: "The Board believes Solvonis now has a stronger portfolio, a clearer strategic position and a more compelling opportunity set than at any point in its recent history.
"For SVN-001 in particular, the Board's view is that greater shareholder value may be available at or following successful completion of Phase 3 than through an earlier transaction. The Board is therefore focused on reaching that next major value inflection point while retaining flexibility around future strategic options."
The full Annual Report and Accounts for the year ended 31 December 2025 are available on the Company's website here and have been submitted to the FCA's National Storage Mechanism.
FY2025 highlights
· Cash and cash equivalents at year end were £1.720 million, based on the Company's current operating plan, the year-end cash position is expected to provide funding through to end of 2026
· Repositioned the Company as a focused CNS biopharmaceutical business targeting addiction and psychiatry
· Completion of the Awakn acquisition in May 2025 established a clinically relevant and differentiated pipeline
· Lead programme SVN-001 progressed in Phase 3 for severe Alcohol Use Disorder in the UK
· Second programme SVN-002 progressed in Phase 2 planning for moderate-to-severe AUD in the U.S.
· AI-enabled discovery platform launched, generating novel CNS candidates
· Pipeline expanded with emerging assets including SVN-114 in PTSD and SVN-015, accepted into the NIDA programme
· Strengthened scientific and leadership team, including appointment of Chief Scientific Officer
· Disciplined capital allocation maintained in a challenging biotechnology funding environment
Strategy update
· Board has reviewed the strategic options available in respect of SVN-001
· Board believes greater shareholder value may be available at or following successful completion of Phase 3 than through an earlier licensing or partnering transaction
· Company is refining strategy to prioritise advancement of SVN-001 through completion of Phase 3, while retaining flexibility around future strategic options
Chairman's statement
FY2025 was a defining year in the evolution of the Group.
During the year, the Group completed its transition into an emerging biopharmaceutical company developing innovative small-molecule therapeutics for high-burden central nervous system ("CNS") disorders, with an initial strategic focus across addiction and psychiatry. This transformation began with the change of name to Solvonis Therapeutics plc in January 2025 and was fundamentally advanced through the acquisition of Awakn Life Sciences, which completed in May 2025. Together, these steps reshaped the Group into a focused CNS therapeutics business with a clearer strategy, a more coherent pipeline and a stronger long-term platform for value creation.
The acquisition of Awakn was the defining strategic event of the year. It brought into Solvonis a clinically relevant and differentiated portfolio, including a lead Phase 3 programme in severe Alcohol Use Disorder ("AUD"), a second AUD programme being developed for the U.S. market, and a broader scientific and translational platform from which the Group has since begun to build additional pipeline depth across addiction and psychiatry. In doing so, the transaction materially changed the nature of the business and established the foundations of the Solvonis strategy as it stands today.
The Board's focus throughout the year was not only on completing this strategic transformation, but also on ensuring that the enlarged Group was appropriately governed, financed and positioned for its next phase of development. This included overseeing the integration of the acquired business, supporting management in portfolio prioritisation and capital allocation, and strengthening the Board and broader leadership structure in line with the Group's new strategic direction.
We were pleased during the year to continue to strengthen the Board and scientific profile of the Company. The appointments of Dr Renata Crome and, subsequently, Paul Carter as Non-Executive Directors added further depth across clinical, commercial and strategic leadership. In parallel, the appointment of Professor David Nutt as Chief Scientific Officer further enhanced the scientific strength and credibility of the Group in the CNS field. These appointments were made with a clear view to the Company's future needs as it seeks to advance a differentiated CNS pipeline and create long-term value through disciplined programme progression and, where appropriate, future licensing or partnering activity.
Operationally, the year saw meaningful progress across the Group's portfolio. Following completion of the acquisition, the Company continued to advance its clinical and translational programmes while also initiating an AI-enabled discovery effort designed to generate novel proprietary chemistry in high-burden CNS disorders. The Board considers this strategically important. It supports the Company's ambition not simply to advance acquired assets, but to build a broader and more sustainable pipeline across addiction and psychiatry over time.
The Board remains highly conscious of the financing environment in which development-stage biotechnology companies continue to operate. In that context, capital discipline remains central to the Group's strategy. Solvonis' model - combining later-stage clinical assets, capital-efficient development pathways, discovery-stage innovation and external validation where possible - is intended to support disciplined execution while preserving meaningful upside from pipeline progression.
While the Group remains at an early stage in its development, FY2025 marked the year in which Solvonis became a strategically coherent CNS therapeutics business. The Company exits the year with a stronger identity, a more focused and differentiated portfolio, and a clearer route to value creation than at any point in its recent history.
On behalf of the Board, I would like to thank our shareholders for their continued support during this important period of transformation, and to thank the management team, scientific advisers and employees for their commitment and execution throughout the year.
Dennis Purcell
Non-Executive Chairman
28 April 2026
CEO statement
FY2025 was a transformational year for Solvonis
During the year, the Group completed its transition into an emerging biopharmaceutical company focused on high-burden central nervous system ("CNS") disorders, with an initial strategic focus across addiction and psychiatry. This transformation was driven by the change of name to Solvonis Therapeutics plc and the completion of the acquisition of Awakn Life Sciences in May 2025.
That transaction fundamentally reshaped the Group. It brought into Solvonis a clinically relevant and differentiated pipeline, strengthened the scientific profile of the business, and gave the Company a clearer development strategy in areas of high unmet need.
A clearer strategy and a stronger portfolio
Our strategy is to build a differentiated pipeline in high-burden CNS disorders, with an initial focus across addiction and psychiatry.
This strategy is anchored by two programmes in Alcohol Use Disorder ("AUD").
SVN-001 is our lead programme and is being developed for severe AUD in the UK and EU. It combines IV ketamine with a structured, manualised relapse-prevention cognitive behavioural therapy programme, targeting both the biological and psychosocial dimensions of addiction.
SVN-002 is being developed for moderate-to-severe AUD outside the UK and EU, with an initial focus on the United States. Previously referred to as AWKN-002, the programme was integrated into the Solvonis portfolio following the Awakn acquisition. It is a sublingual/buccal esketamine oral thin-film programme, combined with psychosocial support, and is being advanced via a planned 505(b)(2) pathway.
Together, these programmes provide Solvonis with a clear and differentiated strategy in AUD: SVN-001 in severe AUD in the UK and EU, and SVN-002 in moderate-to-severe AUD in the U.S. and other ex-UK/EU markets.
Progress during the year
The first half of the year was focused on completing the Awakn acquisition and repositioning the business. Following completion, our focus turned quickly to integration, prioritisation and disciplined progression of the portfolio.
Prior to completion of the acquisition, the Company announced a positive FDA pre-IND outcome for AWKN-002 (now SVN-002), providing additional clarity on the planned U.S. development pathway for the programme.
Following completion of the transaction, we worked to ensure that the acquired portfolio was not simply absorbed, but integrated into a clearer and more investable CNS strategy.
Building beyond the acquired assets
A key strategic development during the year was the initiation of our AI-enabled CNS discovery programme.
This platform is designed to generate novel monoaminergic modulators targeting serotonin, dopamine and noradrenaline pathways relevant to addiction and psychiatry. It provides a source of proprietary compounds to complement the clinical portfolio and support longer-term pipeline development.
The first output from this effort was the SVN-SDN-14 programme, from which SVN-114 has subsequently emerged as the lead candidate in PTSD. We also advanced SVN-015, a novel serotonin and dopamine reuptake inhibitor, which has since been accepted into the U.S. National Institute on Drug Abuse ("NIDA") Addiction Treatment Discovery Program.
Together, these programmes reflect our broader strategy: combining later-stage clinical assets with internally generated discovery opportunities to build a broader pipeline across addiction and psychiatry.
Scientific capability and capital discipline
During the year, we also strengthened the scientific and leadership capability of the Group, including the appointment of Professor David Nutt as Chief Scientific Officer and the addition of further experience at Board level.
At the same time, capital discipline remained central. The environment for small-cap biotechnology companies continues to be challenging, and our model is designed accordingly - prioritising programmes with clear development pathways, leveraging external validation where possible, and maintaining flexibility in how value is realised.
The Company continues to consider future commercialisation and partnering options for selected later-stage assets as part of its broader portfolio strategy. In respect of SVN-001, however, the Board's current view is that the most attractive route to maximising shareholder value is to prioritise advancement through completion of Phase 3 before assessing future strategic options from that stronger position.
Outlook
We exit FY2025 as a more focused and strategically coherent business.
We now have:
· a clear identity and strategy;
· a lead Phase 3 programme in severe AUD;
· a second clinically grounded AUD programme for the U.S. opportunity;
· an expanding internal discovery platform;
· and a broader pipeline across addiction and psychiatry.
Since the year end, we have continued to build on that progress, including the expansion of SVN-015 into depression and the selection of SVN-114 as lead candidate in PTSD.
There remains significant work ahead, and we remain fully aware of both the scientific and financing challenges inherent in our sector. However, I believe FY2025 will be seen as the year in which Solvonis established the foundations of a focused and differentiated CNS therapeutics business.
I would like to thank our shareholders, Board, advisers, collaborators and wider team for their support and commitment during this important year.
Anthony Tennyson
Chief Executive Officer
28 April 2026
Enquiries:
| Solvonis Therapeutics plc | Via Walbrook | |
| Anthony Tennyson, CEO & Executive Director | ||
| Singer Capital Markets(Broker) | +44 (0) 20 7496 3000 | |
| Phil Davies | ||
| Walbrook PR (PR/IR advisers) | Tel: +44 (0)20 7933 8780 orsolvonistherapeutics@walbrookpr.com | |
| Anna Dunphy | Mob: +44 (0)7876 741 001 | |
| Lianne Applegarth | Mob:+44 (0)7584 391 303 | |
| Rachel Broad | Mob: +44 (0)7747 515 393 | |
| Audited Year ended 31 December 2025 | Audited Year ended 31 December 2024 | ||
| Note | £'000 | £'000 | |
| Continuing Operations | |||
| Revenue from continuing operations | - | - | |
| Operational costs | 4 | - | (41) |
| Administrative expenses | 4 | (3,016) | (1,150) |
| Foreign exchange gain | 98 | - | |
| Share based payments | 20 | (559) | (317) |
| Gain on deconsolidation | - | 125 | |
| Operating loss before impairment | (3,477) | (1,383) | |
| Impairment | 10 | (2,263) | - |
| Total operating loss | (5,740) | (1,383) | |
| Finance expense | 6 | - | (64) |
| Loss before taxation | (5,740) | (1,447) | |
| Taxation on loss or ordinary activities | 7 | - | - |
| Loss for the period from continuing operations | (5,740) | (1,447) | |
| Loss from discontinuing operations | - | (143) | |
| Total loss for the year attributable to equity holders of the parent | (5,740) | (1,590) | |
| Items that may be reclassified to profit or loss | |||
| Exchange differences on translation of foreign operations | 8 | (170) | 62 |
| Derecognition of foreign exchange reserve | - | (109) | |
| Total comprehensive loss for the period attributable to shareholders from continuing operations | (5,910) | (1,637) | |
| Basic & dilutive earnings per share - pence | 9 | (0.12) | (0.13) |
| Audited As at 31 December 2025 | Audited As at 31 December 2024 | ||
| Note | £'000 | £'000 | |
| NON-CURRENT ASSETS | |||
| Intangibles | 10 | 5,667 | 2,088 |
| Other non-current assets | 11 | - | 300 |
| TOTAL NON-CURRENT ASSETS | 5,667 | 2,388 | |
| CURRENT ASSETS | |||
| Cash and cash equivalents | 14 | 1,720 | 757 |
| Trade and other receivables | 15 | 198 | 58 |
| TOTAL CURRENT ASSETS | 1,918 | 815 | |
| TOTAL ASSETS | 7,585 | 3,203 | |
| NON-CURRENT LIABILITIES | |||
| Borrowings | 16 | 75 | - |
| Trade and other payables | 18 | 839 | - |
| TOTAL NON-CURRENT LIABILITIES | 914 | - | |
| CURRENT LIABILITIES | |||
| Trade and other payables | 17 | 480 | 119 |
| TOTAL CURRENT LIABILITIES | 480 | 119 | |
| TOTAL LIABILITIES | 1,394 | 119 | |
| NET ASSETS | 6,191 | 3,084 | |
| EQUITY | |||
| Share capital | 19 | 6,743 | 2,233 |
| Share premium | 19 | 10,870 | 7,362 |
| Capital reduction reserve | 2,500 | 2,500 | |
| Share based payments reserve | 20 | 2,543 | 1,544 |
| Foreign exchange reserve | (170) | - | |
| Retained earnings | (16,295) | (10,555) | |
| TOTAL EQUITY | 6,191 | 3,084 |
| Audited As at 31 December 2025 | Audited As at 31 December 2024 | ||
| Note | £'000 | £'000 | |
| NON-CURRENT ASSETS | |||
| Intangibles | 10 | - | 2,088 |
| Other non-current assets | 11 | - | 300 |
| Investments | 12 | 4,164 | - |
| TOTAL NON-CURRENT ASSETS | 4,164 | 2,388 | |
| CURRENT ASSETS | |||
| Cash and cash equivalents | 14 | 1,698 | 757 |
| Trade and other receivables | 15 | 166 | 58 |
| TOTAL CURRENT ASSETS | 1,864 | 815 | |
| TOTAL ASSETS | 6,028 | 3,203 | |
| CURRENT LIABILITIES | |||
| Trade and other payables | 17 | 305 | 119 |
| TOTAL CURRENT LIABILITIES | 305 | 119 | |
| TOTAL LIABILITIES | 305 | 119 | |
| NET ASSETS | 5,723 | 3,084 | |
| EQUITY | |||
| Share capital | 19 | 6,743 | 2,233 |
| Share premium | 19 | 10,870 | 7,362 |
| Capital reduction reserve | 2,500 | 2,500 | |
| Share based payment reserve | 20 | 2,543 | 1,544 |
| Retained earnings | (16,933) | (10,555) | |
| TOTAL EQUITY | 5,723 | 3,084 |
| Share capital | Shares to be issued | Share premium | Capital Reduction Reserve | Share based payments reserve | Foreign exchange reserve | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 31 December 2023 | 41 | 175 | 7,001 | 2,500 | 1,227 | 47 | (8,965) | 2,026 |
| Loss for period | - | - | - | - | - | - | (1,590) | (1,590) |
| Other comprehensive income | - | - | - | - | - | 62 | - | 62 |
| Total comprehensive loss for period | - | - | - | - | - | 62 | (1,590) | (1,528) |
| Transactions with owners in own capacity | ||||||||
| Waiver of Director & advisor fees | 60 | - | 339 | - | - | - | - | 399 |
| Ordinary Shares issued in the year | 2,132 | (175) | 63 | - | - | - | - | 2,020 |
| Disposal of subsidiary | - | - | - | - | (109) | - | (109) | |
| Share issue costs | - | - | (41) | - | - | - | - | (41) |
| Employee options issued | - | - | - | 317 | - | - | 317 | |
| Transactions with owners in own capacity | 2,192 | (175) | 361 | - | 317 | (109) | - | 2,586 |
| Balance at 31 December 2024 | 2,233 | - | 7,362 | 2,500 | 1,544 | - | (10,555) | 3,084 |
| Loss for period | - | - | - | - | - | - | (5,740) (5,4) | (5,740) |
| Other comprehensive income | - | - | - | - | - | (170) | - | (170) |
| Total comprehensive loss for period | - | - | - | - | - | (170) | (5,740) | (5,910) |
| Transactions with owners in own capacity | ||||||||
| Ordinary Shares issued in the year | 4,490 - | - | 3,547 | - | - | - | - | 8,037 |
| Exercise of warrants | 20 | - | - | - | - | - | - | 20 |
| Share issue costs | - | - | (39) | - | - | - | - | (39) |
| Employee options issued | - | - | - | - | 559 | - | - | 559 |
| Warrants issued on acquisition | - | - | - | - | 440 | - | - | 440 |
| Transactions with owners in own capacity | 4,510 | - | 3,508 | - | 999 | - | - | 9,017 |
| Balance at 31 December 2025 | 6,743 | - | 10,870 | 2,500 | 2,543 | (170) | (16,295) | 6,191 |
| Share capital | Shares to be issued | Share premium | Capital Reduction Reserve | Share based payments reserve | Retained earnings | Total equity | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 31 December 2023 | 41 | 175 | 7,001 | 2,500 | 1,227 | (8,983) | 1,961 |
| Loss for period | (1,572) | (1,572) | |||||
| Total comprehensive loss for period | - | - | - | - | - | (1,572) | (1,572) |
| Transactions with owners in own capacity | |||||||
| Waiver of Director & advisor fees | 60 | - | 339 | - | - | - | 399 |
| Ordinary Shares issued in the year | 2,132 | (175) | 63 | - | - | - | 2,020 |
| Share issue costs | - | - | (41) | - | - | - | (41) |
| Employee options issued | - | - | - | - | 317 | - | 317 |
| Transactions with owners in own capacity | 2,192 | (175) | 361 | - | 317 | - | 2,695 |
| Balance at 31 December 2024 | 2,233 | - | 7,362 | 2,500 | 1,544 | (10,555) | 3,084 |
| Loss for period | - | - | - | - | - | (6,378) | (6,378) |
| Total comprehensive loss for period | - | - | - | - | - | (6,378) | (6,378) |
| Transactions with owners in own capacity | |||||||
| Ordinary Shares issued in the year | 4,490 | - | 3,547 | - | - | - | 8,037 |
| Exercise of warrants | 20 | - | - | - | - | - | 20 |
| Share issue costs | - | - | (39) | - | - | - | (39) |
| Employee options issued | - | - | - | - | 559 | - | 559 |
| Warrants issued on acquisition | - | - | - | - | 440 | - | 440 |
| Transactions with owners in own capacity | 4,510 | - | 3,508 | - | 999 | - | 9,017 |
| Balance at 31 December 2025 | 6,743 | - | 10,870 | 2,500 | 2,543 | (16,933) | 5,723 |
| Year ended 31 December 2025 | Year ended 31 December 2024 | ||
| Note | £'000 | £'000 | |
| Cash flow from operating activities | |||
| Loss for the financial year | (5,740) | (1,590) | |
| Adjustments for: | |||
| Share based payments | 20 | 559 | 317 |
| Settlement of fees through issue of equity | 365 | 231 | |
| Impairment of intangible assets | 10 | 2,263 | - |
| Gain on deconsolidation | - | (125) | |
| Finance expenses | - | 64 | |
| Foreign exchange movements | (131) | - | |
| Changes in working capital: | |||
| (Increase) / decrease in trade and other receivables | (88) | 31 | |
| (Decrease) in trade and other payables | (501) | (58) | |
| Net cash outflow from operating activities | (3,273) | (1,130) | |
| Cash flows from investing activities | |||
| Investment in non-current asset | - | (320) | |
| Repayments on right-of-use assets | - | (4) | |
| Disposal of subsidiary, net of cash disposed | - | (13) | |
| Net cash flow from investing activities | - | (337) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 19 | 4,270 | 1,924 |
| Share Issue Costs | 19 | (39) | (41) |
| Proceeds from issue of convertible notes | - | 200 | |
| Net cash flow from financing activities | 4,231 | 2,083 | |
| Net increase in cash and cash equivalents | 958 | 616 | |
| Cash and cash equivalents at beginning of the period | 14 | 757 | 155 |
| Foreign exchange effect on cash balance | 5 | (14) | |
| Cash and cash equivalents at end of the period | 14 | 1,720 | 757 |
| Year ended 31 December 2025 | Year ended 31 December 2024 | ||
| Note | £'000 | £'000 | |
| Cash flow from operating activities | |||
| Loss for the financial year | (6,378) | (1,572) | |
| Adjustments for: | |||
| Share based payments | 20 | 559 | 317 |
| Settlement of fees through issue of equity | 365 | 231 | |
| Impairment of intangible assets | 2,971 | - | |
| Finance expenses | - | 64 | |
| Foreign exchange movements | - | - | |
| Changes in working capital: | |||
| (Increase) in trade and other receivables | (109) | (1) | |
| Increase / (decrease) in trade and other payables | 185 | (57) | |
| Net cash outflow from operating activities | (2,407) | (1,018) | |
| Cash flows from investing activities | |||
| Loans to subsidiaries | 13 | (883) | - |
| Investment in non-current asset | - | (320) | |
| Net cash flow from investing activities | (883) | (320) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 19 | 4,270 | 1,924 |
| Share Issue Costs | 19 | (39) | (41) |
| Proceeds from issue of convertible notes | - | 200 | |
| Net cash flow from financing activities | 4,231 | 2,083 | |
| Net increase in cash and cash equivalents | 941 | 745 | |
| Cash and cash equivalents at beginning of the period | 14 | 757 | 12 |
| Foreign exchange effect on cash balance | - | - | |
| Cash and cash equivalents at end of the period | 14 | 1,698 | 757 |
| Standard | Effective date | Overview |
| Amendment to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments | 1 January 2026 (early adoption permitted) | These amendments: · clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; · clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; · add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and · make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). |
| Amendment to IFRS 9 and IFRS 7 Power Purchase Agreements (PPAs) | 1 January 2026 (early adoption permitted) | These amendments address power purchase agreements, commonly referred to as 'PPAs'. These too are pending adoption by the UK Endorsement Board. · The amendments outline the factors that an entity must consider when applying the 'own-use' exception under IFRS 9 to contracts for purchasing and taking delivery of renewable electricity. This is particularly relevant when the electricity source is dependent on natural factors and the purchaser faces significant volume risk. |
| IFRS 18 Presentation and Disclosure in Financial Statements | 1 January 2027 (early adoption permitted) | This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: · the structure of the statement of profit or loss; · required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and · enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. |
| IFRS 19 Subsidiaries without Public Accountability: Disclosures | 1 January 2027 (early adoption permitted) | This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: · it does not have public accountability; and · it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. IFRS 19 can be applied as soon as it is issued. |
| Standard | Effective date | Overview |
| Amendments to IAS 21 Lack of Exchangeability | 1 January 2025 (early adoption permitted) | An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. |
| 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | |||
| Operational costs | - | (41) | ||
| Directors' fees | (294) | (354) | ||
| Professional fees | (872) | (704) | ||
| Consultants | (1,129) | - | ||
| Administrative expenses | (721) | (92) | ||
| (3,016) | (1,150) | |||
| 2025 | 2024 | |
| Management | 6 | 4 |
| Non-management | - | - |
| 6 | 4 |
| Year ended 31 Dec 2025 £'000 | Year ended 31 Dec 2024 £'000 | |
| Fees payable to the Group's auditor for the audit of parent company and consolidated financial statements | (36) | (35) |
| (36) | (35) |
| Year ended 31 Dec 2025 £'000 | Year ended 31 Dec 2024 £'000 | |
| Finance charge on leased assets | - | - |
| Interest on convertible loan | - | (64) |
| Finance costs | - | (64) |
| Year ended 31 Dec 2025 £'000 | Year ended 31 Dec 2024 £'000 | ||
| The charge for year is made up as follows: | |||
| Corporation tax on the results for the year | - | - | |
| A reconciliation of the tax charge appearing in the income statement to the tax that would result from applying the standard rate of tax to the results for the year is: | |||
| Loss per the financial statements | (5,740) | (1,447) | |
| Tax credit at the weighted average of the standard rate of corporation tax in UK of 25% - (31 Dec 2024: 25%) | (1,435) | (362) | |
| Non-deductible expenses | 709 | 79 | |
| Current year losses for which no deferred tax asset is recognised | 726 | 283 | |
| Income tax charge for the year | - | - |
| Year ended 30 September 2025 | Period ended 30 September 2024 | |
| £'000 | £'000 | |
| Foreign currency movements | (170) | 62 |
| (170) | 62 |
| Year ended 31 Dec 2025 | Year ended 31 Dec 2024 | |
| Loss for the year from continuing operations - £'000 | (5,740) | (1,447) |
| Weighted number of ordinary shares in issue | 4,864,719,811 | 1,156,732,090 |
| Basic earnings per share from continuing operations - pence | (0.12) | (0.125) |
| Note | Company £'000 | Group £'000 | ||
| Cost and carrying value - 1 January 2024 | 2,068 | 2,068 | ||
| Additions | 20 | 20 | ||
| Impairment | - | - | ||
| At 31 December 2024 | 2,088 | 2,088 | ||
| Additions: | ||||
| Acquisition of intellectual property1 | 21 | - | 5,842 | |
| Impairment2 | - | (175) | ||
| Impairment | (2,088) | (2,088) | ||
| At 31 December 2025 | - | 5,667 | ||
| Note | Company £'000 | Group £'000 | ||
| Cost and carrying value - 1 January 2024 | - | 13 | ||
| Additions | 300 | 300 | ||
| Impairment | - | (13) | ||
| At 31 December 2024 | 300 | 300 | ||
| Additions | - | - | ||
| Consideration for acquisition on Awakn Group | 21 | (300) | (300) | |
| At 31 December 2025 | - | - | ||
| Note | £'000 | |
| Cost and carrying value - 1 January 2024 | - | |
| At 31 December 2024 | - | |
| Additions: | ||
| Awakn Life Sciences Corp | 21 | 4,162 |
| Incorporation of subsidiaries1 | 2 | |
| At 31 December 2025 | 4,164 |
| Name | Business Activity | Country of Incorporation | Registered Address | Percentage Holding |
| Awakn Life Sciences Corp | Holding Co | Canada | 301-217 Queen St, Toronto, Ontario M5V 0R2 | 100% |
| Awakn Life Sciences Inc | Holding Co | Canada | 301-217 Queen St, Toronto, Ontario M5V 0R2 | 100% |
| Solvonis Therapeutics UK R&D Limited | Holding Co | UK | Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF | 100% |
| Solvonis Therapeutics US R&D Limited | Holding Co | USA | 838 Walker Rd, Suite 21-2, 19904 | 100% |
| 1233705. Ltd | Holding Co | Canada | 301-217 Queen St, Toronto, Ontario M5V 0R2 | 100% |
| Solvonis Therapeutics Ireland Holdings Limited | Holding Co | Ireland | 90 Leinster Rd, Dublin, D06F3P4 | 100% |
| Solvonis Therapeutics Ireland R&D Ltd | Holding Co | Ireland | 90 Leinster Rd, Dublin, D06F3P4 | 100% |
| Awakn LS Partnerships Limited | Holding Co | Ireland | 90 Leinster Rd, Dublin, D06F3P4 | 100% |
| Company £'000 | |
| Cost and carrying value - 1 January 2024 | - |
| At 31 December 2024 | - |
| Additions | 883 |
| Impairment of intercompany receivables | (883) |
| At 31 December 2025 | - |
| Company | Group | |||||
| 31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Cash and cash equivalents | 1,698 | 757 | 1,720 | 757 | ||
| Company | Group | |||||
| 31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Prepayments | 21 | 22 | 47 | 22 | ||
| VAT receivable | 45 | 30 | 51 | 30 | ||
| Other current assets | 100 | 6 | 100 | 6 | ||
| 166 | 58 | 198 | 58 | |||
| £'000 | |
| Cost and carrying value - 1 January 2024 | - |
| At 31 December 2024 | - |
| Additions: | |
| Liabilities acquired on Awakn Acquisition | 75 |
| At 31 December 2025 | 75 |
| Company | Group | |||||
| 31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Trade creditors | 238 | 83 | 406 | 83 | ||
| Accruals | 54 | 36 | 54 | 36 | ||
| Payroll liabilities | 13 | - | 13 | - | ||
| Other current liabilities | - | - | 7 | - | ||
| 305 | 119 | 480 | 119 | |||
| Company | Group | |||||
| 31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Other non-current liabilities | - | - | 839 | - | ||
| Number of shares | Share capital | Share premium | Total | |
| Ordinary shares | £'000 | £'000 | £'000 | |
| Balance at 1 January 2024 | 104,097,299 | 41 | 7,001 | 7,042 |
| Share issue at placing price of 0.6 pence | 20,666,667 | 21 | 103 | 124 |
| Share issue at placing price of 0.1 pence | 1,800,000,000 | 1,800 | - | 1,800 |
| Share issue on conversion of loan | 264,000,000 | 264 | - | 264 |
| Share issue to settle outstanding fees | 59,666,667 | 60 | 299 | 359 |
| Share issue to settle outstanding fees | 47,500,000 | 47 | - | 47 |
| Share issue costs | - | - | (41) | (41) |
| Balance at 31 December 2024 | 2,295,930,633 | 2,233 | 7,362 | 9,595 |
| Shares issued on acquisition of Awakn Group | 2,074,378,528 | 2,074 | 1,348 | 3,422 |
| Fundraise shares issued alongside acquisition | 1,538,461,529 | 1,538 | 462 | 2,000 |
| Fundraising shares | 712,121,210 | 712 | 1,538 | 2,250 |
| Shares in Lieu of fees | 165,511,593 | 166 | 199 | 365 |
| Exercise of warrants | 20,000,000 | 20 | - | 20 |
| Share issue costs | - | - | (39) | (39) |
| Balance at 31 December 2025 | 6,806,403,493 | 6,743 | 10,870 | 17,613 |
| Company £'000 | Group £'000 | ||||
| At 31 December 2023 | 1,227 | 1,227 | |||
| LTIP options | 22 | 22 | |||
| Director warrants issued | 295 | 295 | |||
| At 31 December 2024 | 1,544 | 1,544 | |||
| Issue of LTIP options | 537 | 537 | |||
| Issue of warrants to Awakn shareholders | 440 | 440 | |||
| Release of prior year LTIP charge | 22 | 22 | |||
| At 31 December 2025 | 2,543 | 2,543 | |||
| 0.34p options | 0.16p options | 0.1p options | |||||
| Grant date | 31/10/25 | 31/10/25 | 31/10/25 | ||||
| Number | 42,000,000 | 21,000,000 | 180,000,000 | ||||
| Vesting | Time conditions1 | Time conditions1 | Immediate | ||||
| Dividend yield (%) | 0% | 0% | 0% | ||||
| Expected volatility (%) | 143% | 143% | 143% | ||||
| Risk-free interest rate (%) | 3.784% | 3.784% | 3.784% | ||||
| Time to maturity | 3 years | 3 years | 5 years | ||||
| Exercise price (£) | 0.0034 | 0.0016 | 0.001 | ||||
| Share price at grant date (£) | 0.0031 | 0.0031 | 0.0031 | ||||
| As at 31 December 2025 | ||
| Weighted average exercise price | Number of options | |
| Brought forward at 1 January 2025 | 0.1p | 55,000,000 |
| Granted in period | 0.1p | 180,000,000 |
| Granted in period | 0.34p | 42,000,000 |
| Granted in period | 0.16p | 21,000,000 |
| Outstanding at 31 December 2025 | 298,000,000 | |
| Exercisable at 31 December 2025 | 237,666,667 | |
| 1p warrants1 | 1.1p warrants2 | |
| Grant date | 27/05/25 | 27/05/25 |
| Number | 441,603,804 | 261,861,628 |
| Vesting | Immediate | Immediate |
| Dividend yield (%) | 0% | 0% |
| Expected volatility (%) | 143% | 143% |
| Risk-free interest rate (%) | 3.975% | 3.6% |
| Time to maturity | 2 - 4 years | 2-4 years |
| Exercise price (£) | 0.01 | 0.011 |
| Share price at grant date (£) | 0.0013 | 0.0013 |
| As at 31 December 2025 | ||
| Weighted average exercise price | Number of warrants | |
| Brought forward at 1 January 2025 | 307,589,147 | |
| Lapsed in period | 1p | (13,089,147) |
| Granted in period1 | 1p | 441,603,804 |
| Granted in period2 | 1.1p | 261,861,628 |
| Outstanding at 31 December 2025 | 977,965,432 | |
| Exercisable at 31 December 2025 | 977,965,432 | |
| Fair value of consideration transferred | £'000 |
| Consideration (2,074,378,528 million shares in Solvonis @ £0.00165) | 3,422 |
| Value of warrants issued as part of acquisition | 440 |
| Extinguishment of Awakn debtor | 300 |
| Total | 4,162 |
| Recognised amounts of identifiable net assets / (liabilities) at book value | |
| Cash and cash equivalents | 8 |
| Trade and other receivables | 65 |
| Trade and other payables | (1,680) |
| Loans and other borrowings | (73) |
| Total | (1,680) |
| Intangible asset on acquisition | 5,842 |
| Gain on deconsolidation of Graft Polymer D.O.O | |
| 2 May 2024 £'000 | |
| Consideration received | |
| Cash | - |
| Carrying amount of net liabilities sold | 16 |
| 16 | |
| Reclassification of foreign exchange reserve | 109 |
| Gain on deconsolidation | 125 |
| Financial Performance for Graft Polymer D.O.O | ||
| Four months to 2 May 2024 £'000 | 31 December 2023 £'000 | |
| Revenue | 221 | 587 |
| Cost of sales | (148) | (329) |
| Gross profit | 73 | 258 |
| Operational costs | (17) | (66) |
| Depreciation | (58) | (179) |
| Administrative expenses | (140) | (518) |
| Asset write down | - | (838) |
| Operating loss | (142) | (1,343) |
| Finance costs | (1) | (3) |
| Loss before taxation | (143) | (1,346) |
| Income tax | - | - |
| Loss for the period from discontinuing operations | (143) | (1,346) |
| Assets and liabilities of Graft Polymer D.O.O | ||
| 2 May 2024 £'000 | 31 December 2023 £'000 | |
| Non-current assets | ||
| Right of use assets | 38 | 39 |
| Other non-current assets | 13 | 13 |
| Total non-current assets | 51 | 52 |
| Current assets | ||
| Cash and cash equivalents | 13 | 143 |
| Trade and other receivables | 44 | 78 |
| Inventory | 11 | 50 |
| Total current assets | 68 | 271 |
| TOTAL ASSETS | 119 | 323 |
| Non-current liabilities | ||
| Lease liability | - | 22 |
| Total non-current liabilities | - | 22 |
| Current liabilities | ||
| Trade and other payables | 71 | 132 |
| Deferred income | 36 | 93 |
| Lease liability | 28 | 12 |
| Total current liabilities | 135 | 237 |
| Total liabilities | 135 | 259 |
| NET ASSETS | (16) | 64 |
| Cashflow of Graft Polymer D.O.O | ||
| 2 May 2024 £'000 | 31 December 2023 £'000 | |
| Cash flow from operating activities | ||
| Loss before tax | (143) | (1,346) |
| Adjustments for: | ||
| Depreciation | 58 | 165 |
| Finance expenses | - | 3 |
| Amortisation of right of use assets | - | 12 |
| Fixed asset write off | (58) | 736 |
| Inventory write off | - | 117 |
| Changes in working capital: | ||
| Decrease/(Increase) in trade and other receivables | 33 | (26) |
| (Decrease)/Increase is trade and other payables | (54) | 234 |
| Movements in inventory | 39 | 14 |
| Net cash outflow from operating activities | (125) | (91) |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment | - | (216) |
| Repayment on right of use assets | (4) | (16) |
| Loans to subsidiary | - | 393 |
| Net cash flow from investing activities | (4) | 161 |
| Net increase in cash and cash equivalents | (129) | 70 |
| Cash and cash equivalents at beginning of period | 142 | 89 |
| Foreign exchange effect on cash balance | - | (26) |
| Cash and cash equivalents at end of period | 13 | 133 |
| 31 Dec 2025 £'000 | 31 Dec 2024 £'000 | ||
| Cash and cash equivalents | |||
| Sterling | 1,372 | 757 | |
| USD | 325 | - | |
| CAD | 23 | - | |
| 1,720 | 757 |
| 31 Dec 2025 £'000 | 31 Dec 2024 £'000 | ||
| Cash and cash equivalents | 1,720 | 757 | |
| 1,720 | 757 |
| 31 Dec 2025 £'000 | 31 Dec 2024 £'000 | ||
| Due in less than one month | (104) | (50) | |
| Due between one and three months | (127) | (9) | |
| Due between three months and one year | (175) | (24) | |
| (406) | (83) |
| Company | Group | |||||
| 31-Dec-25 | 31-Dec-24 | 31-Dec-25 | 31-Dec-24 | |||
| £'000 | £'000 | £'000 | £'000 | |||
| Cash and cash equivalents | 1,698 | 757 | 1,720 | 757 | ||
| Trade and other receivables | 147 | 35 | 151 | 36 | ||
| Trade and other payables | (251) | (83) | (426) | (83) | ||
| 1,594 | 709 | 1,445 | 710 | |||
| Director | Base salary £'000 | Service fees £'000 | Total £'000 |
| Anthony Tennyson | 175 | 20 | 195 |
| Nicholas Nelson | 35 | - | 35 |
| Dennis Purcell | 40 | - | 40 |
| Renata Crome | 20 | - | 20 |
| Paul Carter | 4 | - | 4 |
| 274 | 20 | 294 |