Solvonis Therapeutic - Unaudited interim results
30 September 2026
Solvonis Therapeutics PLC
Unaudited interim results for the six months to 30 June 2026
Solvonis Therapeutics Plc (the "Company" or "Solvonis"), a late clinical-stage biopharmaceutical company developing small-molecule therapeutics for high-burden central nervous system ("CNS") disorder presents its unaudited interim results for the six months to 30 June 2026.
Chairman's Statement
The first half of 2026 saw Solvonis advance its clinical and discovery programmes, strengthen its intellectual property portfolio and sharpen its strategy for delivering shareholder value.
SVN-001, our lead programme for severe Alcohol Use Disorder, remained central to that strategy. In April, the Board confirmed its intention to prioritise advancement through completion of Phase 3, reflecting our belief that successful results could create substantially greater value and strengthen our position in future strategic discussions. We retain flexibility over how best to realise that value.
In June, positive preclinical bridging data marked an important step forward for SVN-002, our esketamine oral thin-film programme for moderate-to-severe Alcohol Use Disorder in the United States. These results support the planned 505(b)(2) regulatory pathway and provide the basis for further FDA engagement ahead of a planned Phase 2b trial.
Our proprietary pipeline also progressed. We selected SVN-114 as the lead candidate for our PTSD programme, while two U.S. composition-of-matter patents covering distinct chemical series strengthened the programme's broader intellectual property estate. Positive preclinical findings supported SVN-015's expansion into depression, complementing its selection for U.S. National Institute on Drug Abuse-funded evaluation in stimulant use disorder.
Since the period end, we have announced a £1.3 million placing, including participation from a new UK institutional investor, and appointed Turner Pope as corporate broker. The funding is intended to support assessment of potential European sites for SVN-001's Phase 3 study, advancement of SVN-002 towards a U.S. IND submission and Phase 2b readiness, and continued development of SVN-015.
Further scientific progress followed. In August, NIDA selected SVN-015 for additional funded preclinical evaluation following encouraging initial cardiac ion-channel and off-target screening. In September, a European composition-of-matter patent allowance further strengthened the supporting chemistry estate around our PTSD programme.
Water Tower Research also initiated commissioned coverage in July, building on its appointment during the first half and supporting our efforts to broaden U.S. investor awareness.
Our priorities remain clear: advance SVN-001 towards its Phase 3 outcome, progress SVN-002 towards U.S. clinical development and build the value of our proprietary programmes through targeted investment. Disciplined capital allocation remains central to our approach.
On behalf of the Board, I thank our shareholders for their continued support and our team and research partners for their commitment.
Key Financial Indicators
· Cash and cash equivalents at period end were £659,000 (H1 2025: £1,719,000)
· Loss before taxation for the period was £1,437,000 (H1 2025: £1,621,000)
· The Group held net assets at period-end of £4,810,000 (H1 2025: £6,935,000)
· The Group held total assets at period-end of £6,427,000 (H1 2025: £9,545,000)
Risk factors
The principal risks and uncertainties for the remaining six months of the financial year remain the same as those contained within the annual report and accounts as at 31 December 2025.
Statement of directors' responsibilities
The directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
On behalf of the Board,
Dennis Purcell
Non-Executive Chairman
Solvonis Therapeutics Plc
Enquiries:
Solvonis Therapeutics plc
Anthony Tennyson, CEO & Executive Director
info@solvonis.com
Turner Pope Investments (TPI) Limited
Corporate Broker
Andrew Thacker / Guy McDougall
+44 (0)20 3657 0050
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2026
Note
Unaudited
Six months to
30 Jun 2026
£'000
Unaudited
Six months to
30 Jun 2025
£'000Continuing operations
Administrative expenses
4
(1,437)
(1,617)
Operating loss
(1,437)
(1,617)
Finance costs
-
(4)
Loss before taxation
(1,437)
(1,621)
Taxation
-
-
Loss after taxation for the period from continuing operations
(1,437)
(1,621)
Other comprehensive income
Foreign currency translation
30
(115)
Other comprehensive income (net of tax) for the year
(1,407)
(1,736)
Total comprehensive loss for the period attributable to equity holders of the parent
(1,407)
(1,736)
Loss per share (p)
5
(0.021)
(0.055)
The notes form an integral part of the Condensed Consolidated Interim Financial Statements
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
Note
Unaudited
30 Jun 2026
£'000
Unaudited
30 Jun 2025
£'000
Audited
31 Dec 2025
£'000Non-current assets
Intangible assets
6
5,667
7,710
5,667
Total non-current assets
5,667
7,710
5,667
Current assets
Cash and cash equivalents
659
1,719
1,720
Trade and other receivables
101
115
198
Total current assets
760
1,834
1,918
TOTAL ASSETS
6,427
9,545
7,585
Non-current liabilities
Loan note
72
77
75
Other non-current liabilities
901
981
839
Total non-current liabilities
973
1,058
914
Current liabilities
Trade and other payables
644
1,551
480
Total current liabilities
644
1,551
480
Total liabilities
1,617
2,609
1,394
NET ASSETS
4,810
6,935
6,191
Equity
Share capital
8
6,743
5,846
6,743
Share premium
8
10,870
9,143
10,870
Share based payment reserve
9
2,569
1,737
2,543
Capital reduction reserve
2,500
2,500
2,500
Foreign exchange reserve
(140)
(115)
(170)
Retained earnings
(17,732)
(12,176)
(16,295)
TOTAL EQUITY
4,810
6,935
6,191
The notes form an integral part of the Condensed Consolidated Interim Financial Statements.
The Condensed Consolidated Interim Financial Statements were approved and authorised by the Board of Directors on 30 September 2026.
Dennis Purcell - Chairman
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2026
Share capital
Share premium
Capital Reduction Reserve
Share based payments reserve
Foreign exchange reserve
Retained earnings
Total equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 31 December 2024
2,233
7,362
2,500
1,544
-
(10,555)
3,084
Loss for period
-
-
-
-
-
(1,621)
(1,621)
Other comprehensive income
-
-
-
-
(115)
-
(115)
Total comprehensive loss for period
-
-
-
-
(115)
(1,621)
(1,736)
Transactions with owners in own capacity
Shares issued in period
1,538
462
-
-
-
-
2,000
Shares issued on acquisition of subsidiary
2,075
1,348
-
-
-
-
3,423
Share issue costs
-
(29)
-
-
-
-
(29)
Release of SBP charges
-
-
-
193
-
-
193
Transactions with owners in own capacity
3,613
1,781
-
193
-
-
5,587
Balance at 30 June 2025
5,846
9,143
2,500
1,737
(115)
(12,176)
6,935
Loss for period
-
-
-
-
-
(4,119)
(4,119)
Other comprehensive income
-
-
-
-
(55)
-
(55)
Total comprehensive loss for period
-
-
-
-
(55)
(4,119)
(4,174)
Transactions with owners in own capacity
Ordinary Shares issued in the period
877
1,737
-
-
-
-
2,614
Exercise of warrants
20
-
-
-
-
-
20
Share issue costs
-
(10)
-
-
-
-
(10)
Employee options issued
-
-
-
366
-
-
366
Warrants issued on Acquisition
-
-
-
440
-
-
440
Transactions with owners in own capacity
897
1,727
-
806
-
-
3,430
Balance at 31 December 2025
6,743
10,870
2,500
2,543
(170)
(16,295)
6,191
Loss for period
-
-
-
-
-
(1,437)
(1,437)
Other comprehensive income
-
-
-
-
30
-
30
Total comprehensive loss for period
-
-
-
-
30
(1,437)
(1,407)
Transactions with owners in own capacity
Employee options charge released
-
-
-
26
-
-
26
Transactions with owners in own capacity
-
-
-
26
-
-
26
Balance at 30 June 2026
6,743
10,870
2,500
2,569
(140)
(17,732)
4,810
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR 6 MONTH PERIOD ENDING 30 JUNE 2026
Unaudited
Six months to
30 June 2026
£'000
Unaudited
Six months to
30 Jun 2025
£'000Cash flow from operating activities
Loss before tax
(1,437)
(1,621)
Adjustments for:
Finance expenses
-
4
Share based payments
26
193
Foreign exchange movements
2
(96)
Changes in working capital:
Decrease in trade and other receivables
97
5
Increase in trade and other payables
245
501
Net cash outflow from operating activities
(1,067)
(1,014)
Cash flow from investing activities
Cash acquired on acquisition of subsidiary
-
8
Net cash inflow from investing activities
-
8
Cash flows from financing activities
Proceeds from issue of shares
-
2,000
Share Issue Costs
-
(29)
Net cash inflow from financing activities
-
1,971
Net (decrease)/increase in cash and cash equivalents
(1,067)
965
Cash and cash equivalents at beginning of period
1,720
757
Foreign exchange impact on cash
6
(3)
Cash and cash equivalents at the end of the period
659
1,719
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2026
1. GENERAL INFORMATION
Solvonis Therapeutics Plc ("the Company" or "Solvonis") was incorporated in England and Wales as a limited company on 18 May 2017 under the name Graft Polymer (UK) Plc and was re-registered as a public limited company on 1 July 2021. On 10 January 2025 the Company changed its name to Solvonis Therapeutics Plc. The Company is domiciled in England and Wales with its registered office at Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. The Company's registered number is 10776788.
The principal activities of the Company and all of its subsidiaries collectively referred to as "the Group" are the development of novel small-molecule therapeutics for high-burden central nervous system ("CNS") disorders.
The condensed consolidated interim financial statements ("interim financial statements") were approved for issue by the Board of Directors on 30 September 2026.
2. ACCOUNTING POLICIES
IAS 8 requires that management shall use its judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity.
3. BASIS OF PREPARATION
The interim financial statements of Solvonis Therapeutics Plc for the six-month period ended 30 June 2026 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2025, which was prepared in accordance with UK adopted International Accounting Standards (IFRS) and the Companies Act 2006, and any public announcements made by Solvonis during the interim reporting period and since.
These interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2025 prepared under IFRS have been filed with the Registrar of Companies at Companies House and the same policies adopted in these accounts have been applied in the preparation of these interim financial statements. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.
The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. The presentational currency of the Group is Pounds Sterling as this is the currency in which equity fundraising has been facilitated. The functional and presentational currency of the Company is Pounds Sterling. The subsidiary functional currencies are the Euro, the Canadian Dollar and the United States Dollar depending on which jurisdiction the respective companies are domiciled in.
The interim financial statements have been rounded to the nearest £'000.
The interim financial statements have not been audited.
The business is not considered to be seasonal in nature.
3.1 GOING CONCERN
These interim financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.
As disclosed in the interim financial statements, the consolidated entity incurred a net loss before taxation for the period ended 30 June 2026 from continuing operations of approximately £1,437,000 (30 June 2025: approximately £1,621,000) and had net cash outflows of approximately £1,067,000 for the period ended 30 June 2026 (30 June 2025: inflows of approximately £966,000). As at period end, the consolidated entity had net current assets of approximately £116,000 (30 June 2025: net current assets of approximately £234,000) and had cash and cash equivalents equal to approximately £659,000 (30 June 2025: approximately £1,719,000).
The Directors note that the auditors included a material uncertainty related to going concern for the year ending 31 December 2025 however post period end the Company completed a fundraise, raising £1.3m for the Company allowing it sufficient runway to continuing advancing its primary programs and meet its other financial obligations. As a result, the Directors have assessed that the Group now has sufficient working capital to execute its operations over the next 12 months. Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the interim financial statements.
3.2 PRINCIPAL RISK AND UNCERTAINTIES
There has been no material change in the principal risks and uncertainties of the Group since the publication of the Group's last audited annual report for the year ending 31 December 2025 and the Directors do not expect them to change over the remaining 6 months to the next reporting date.
3.3 CRITICAL ACCOUNTING ESTIMATES
The preparation of these interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period.
In preparing these interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were similar to those that applied to the financial statements for the period ended 31 December 2025 (unless specifically detailed below) with the nature and amounts of such estimates have not changed significantly during the interim period. New critical accounting estimates considered by management for the interim period were:
Recoverability of investments in subsidiary & intangible assets
During the prior year the Company acquired the Awakn Life Sciences Group ("Awakn") and has subsequently recorded an intangible asset in relation to the acquisition. This asset was assessed for impairment as part of the year end impairment review. There has been no material change in the recoverability or underlying value of the asset since the year end consequently the Directors do not consider the asset to be impaired. The recent fundraise supports the underlying value and gives the Directors confidence however the assets will be regularly monitored for signs of impairment.
Share based payments - (Note 9)
The Group issues options and warrants to its employees, directors, investors and advisors. These are valued in accordance with IFRS 2 "Share-based payments". In calculating the related charge on issuing shares and warrants the Group will use a variety of estimates and judgements in respect of inputs used including share price volatility, risk free rate, and expected life. Changes to these inputs may impact the related charge. In the period the Group did not perform any new valuations but released expenses over the vesting period to the statement of other comprehensive income from valuations in prior periods.
4. ADMINISTRATIVE EXPENSES
Unaudited
Period to
30 Jun 2026
£'000
Unaudited
Period to
30 Jun 2025
£'000
Research & Development
426
26
Directors' fees
181
85
Professional fees
134
586
Consultants
83
663
Administrative Expenses
613
257
1,437
1,617
5. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares in issue during the period.
Unaudited
Period to
30 Jun 2026
Unaudited
Period to
30 Jun 2025
Loss for the period from continuing operations - £ '000s
(1,437)
(1,621)
Weighted number of ordinary shares in issue
6,806,403,493
3,010,558,337
Loss per share from continuing operations - p
(0.021)
(0.055)
Share options and warrants could potentially dilute basic earnings per share in the future. These were not included in the calculation and no diluted earnings per share presented as the Group is loss making and additional equity instruments are anti-dilutive for the periods presented.
6. INTANGIBLE ASSETS
Note
£'000
Cost and carrying value - 30 June 2025
7,710
Impairment - FVLCD
(175)
Impairment
(2,088)
Year-end audited adjustment
223
Foreign exchange movement
(3)
Cost and carrying value - 31 December 2025
5,667
Movement
-
Cost and carrying value - 30 June 2026
5,667
7. INVESTMENTS
Company subsidiary undertakings
The Group owned interests in the following subsidiary undertakings, which are included in the financial statements:
Name
Business Activity
Country of Incorporation
Registered Address
Percentage Holding
Awakn Life Sciences Corp
Holding company
Canada
217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada
100%
Awakn Life Sciences Inc
Holding company
Canada
217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada
100%
Solvonis Therapeutics UK R&D Limited
Holding company
UK
Eccleston Yards. 25 Eccleston Place, London, SW1W 9NF
100%
Solvonis Therapeutics US R&D Limited
Holding company
US
838 Walker Rd, Suite 21-2, 19904
100%
1233705. Ltd
Dormant company
Canada
217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada
100%
Solvonis Therapeutics Ireland Holdings Limited
Holding company
Ireland
90 Leinster Rd. Dublin, Ireland D06F3P4
100%
Solvonis Therapeutics Ireland R&D Ltd
Holding company
Ireland
90 Leinster Rd. Dublin, Ireland D06F3P4
100%
Awakn LS Partnerships Limited
Holding company
Ireland
90 Leinster Rd. Dublin, Ireland D06F3P4
100%
8. SHARE CAPITAL
Number of shares
Share capital
Share premium
Total
Ordinary shares
£'000
£'000
£'000
Opening balance - 30 June 2025
5,908,770,690
5,846
9,143
14,989
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)
Opening balance - 31 December 2025
6,806,403,493
6,743
10,870
17,613
-
-
-
-
Closing balance - 30 June 2026
6,806,403,493
6,743
10,870
17,613
Issued and fully paid ordinary shares with a nominal value of £0.001 (2025: £0.001)
9. SHARE BASED PAYMENT RESERVE
Group
£'000
At 30 June 2025
1,737
Issue of LTIP Options
537
Issue of warrants to Awakn shareholders
247
Release of prior year LTIP charge
22
At 31 December 2025
2,543
Employee options released1
26
At 30 June 2026
2,569
1Charge relates to options issued in prior period with a vesting period spanning multiple periods. Consequently, the share-based payment charge is released to the profit and loss over the course of the vesting period.
Warrants
As at 30 June 2026
Weighted average exercise price
Number of warrants
Brought forward at 1 January 2026
0.1p
274,500,000
1p
703,465,432
977,965,432
Granted in period
-
-
Outstanding at 30 June 2026
0.77p
977,965,432
Exercisable at 30 June 2026
0.77p
977,965,432
Options
As at 30 June 2026
Weighted average exercise price
Number of options
Brought forward at 1 January 2026
0.1p
235,000,000
0.34p
42,000,000
0.16p
21,000,000
298,000,000
Granted in period
-
-
Outstanding at 30 June 2026
0.138p
298,000,000
Exercisable at 30 June 2026
0.138p
237,666,667
10. ASSET ACQUISITION
Acquisition of awakn life sciences group
On 27 May 2025, Solvonis acquired 100% of the common shares of Awakn Life Sciences Corp ("Awakn"), restricted share units of Awakn and deferred share units of Awakn pursuant to a plan of arrangement under section 288 of the Business Corporations Act (British Columbia).
In accounting for the acquisition, the directors must ascertain whether Awakn satisfies the criteria to be classified as a business. Under IFRS 3, a business must have three elements: inputs, processes and outputs to constitute a business combination.
At acquisition Awakn and all of its subsidiaries ("collectively referred to as the "Group") were largely inactive with only a small number of underlying assets. Whilst entities within the Group did hold patents any exploitation of these patents had been halted and there the Group did not satisfy the 3 elements above to be considered a business.
Therefore, the Directors conclusion was that the transactions were asset acquisitions and not business combinations.
The details of Solvonis' acquisition of the Awakn Group are as follows:
Unaudited
Period to
30 Jun 2026
Unaudited
Period to
30 Jun 2025
Audited
Period to
31 Dec 2025
Net assets acquired
£'000
£'000
£'000
Trade and other receivables
65
56
65
Cash and cash equivalents
8
8
8
Other current assets
(73)
14
(73)
Other current liabilities
(1,680)
(1,965)
(1,680)
Total
(1,680)
(1,887)
(1,680)
Total purchase price
Amount settled in shares
3,422
3,422
3,422
Value of warrants issued as part of acquisition
440
-
440
Write off loans
300
300
300
Total
4,162
3,722
4,162
Total intangible asset acquired
5,842
5,609
5,842
11. RELATED PARTY TRANSACTIONS
Payments to Directors
In the period Directors accrued fees as per below which were outstanding at period end:
Fees accrued in the period
(£)
Outstanding Fees as at 30.06.26
(£)
Anthony Tennyson
125,000
29,917
Renata Crome
12,000
2,000
Dennis Purcell
20,000
3,333
Nicholas Nelson
12,000
2,000
Paul Carter
12,000
2,000
12. EVENTS SUBSEQUENT TO PERIOD END
Equity fundraise and placing
On 25th August 2026, the Company completed an equity fundraise, raising £1.3 million through the issue of 1,083,333,333 new ordinary shares at a placing price of £0.0012. Alongside the placement, 10,000,000 shares were also issued in lieu of fees. In connection with the placement the Company also granted warrants over a total of 133,333,333 new ordinary shares at a price of £0.0012, exercisable at any time five years from Admission with an exercise price equal to the placing price.
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