REG - Synairgen plc - Interim Results
26/09/2024 07:00
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RNS Number : 7084F Synairgen plc 26 September 2024
Synairgen plc
('Synairgen' or the 'Company')
Interim results for the six months ended 30 June 2024
Southampton, UK - 26 September 2024: Synairgen plc (LSE: SNG), the respiratory
company developing SNG001, an investigational formulation for inhalation
containing the immunomodulatory broad-spectrum antiviral protein interferon
beta, today announces its unaudited interim results for the six months ended
30 June 2024.
Highlights (including post period-end)
Operational
· Designed Phase 2 trial to assess SNG001 in the high-risk group of
mechanically ventilated patients.
· Worked with third parties to optimise aerosol delivery of SNG001 into
ventilator circuits, and to utilise diagnostic technology to select patients
with higher viral loads in clinical trials.
· Engagement with a specialised CRO to support the planned Phase 2
trial, and established a steering committee including key UK and US intensive
care experts.
· Appointment of Mark Parry-Billings as Chairman, effective post AGM on
10 October.
Financial
· Cash and deposit balances of £8.6 million at 30 June 2024 (30 June
2023: £14.6 million; 31 December 2023: £12.0 million).
· Loss before tax for the six months ended 30 June 2024 was £3.7
million (30 June 2023: £5.2 million loss).
o Research and development expenditure for the six months ended 30 June 2024
was £2.5 million (30 June 2023: £3.5 million) as expenditure on clinical
trials and manufacturing activities have reduced.
o Administrative expenses for the six months ended 30 June 2024 were £1.4
million (30 June 2023: £2.1 million), with the reduction driven by cost
control measures across all operations.
· Research and development tax credit decreased from £0.5 million in
H1 2023 to £0.4 million in H1 2024 with marginally reduced qualifying
expenditure and lower tax credit rates.
Richard Marsden, CEO of Synairgen, commented: "Today we are pleased to be able
to provide further details on our strategy for the months ahead, as we prepare
to conduct a large Phase 2 trial of SNG001 in mechanically ventilated
patients. Having closely analysed various routes forward, we are confident
that our focus on these high-risk patients is optimal from both a clinical and
commercial perspective. To initiate this sizeable trial, additional funding
will be required, and we will keep investors updated on plans as they
finalise."
For further enquiries, please contact:
Synairgen plc
Media@synairgen.com (mailto:Media@synairgen.com)
Tel: + 44 (0) 23 8051 2800
Cavendish Capital Markets Limited (NOMAD and Joint Broker)
Geoff Nash, Camilla Hume, Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (ECM)
Nigel Birks (Life Science Specialist Sales)
Tel: + 44 (0) 20 7220 0500
Deutsche Numis (Joint Broker)
Freddie Barnfield, Duncan Monteith, Euan Brown
Tel: + 44 (0) 20 7260 1000
ICR Consilium (Financial Media and Investor Relations)
Mary-Jane Elliott, Namrata Taak, Lucy Featherstone
synairgen@consilium-comms.com (mailto:synairgen@consilium-comms.com)
Tel: +44 (0) 20 3709 5700
Notes for Editors
Synairgen is a UK-based respiratory company focused on the development of
SNG001 (inhaled interferon beta) as potentially the first host-targeted,
broad-spectrum antiviral treatment delivered directly into the lungs to treat
severe viral lung infections.
Millions of people are hospitalised every year due to viral lung infections
and there are currently no approved antiviral therapies for the majority of
patients, some of whom become critically ill to the point where they require
intubation and mechanical ventilation. Synairgen is developing SNG001 to
address this need.
Founded by University of Southampton Professors Sir Stephen Holgate, Donna
Davies and Ratko Djukanovic in 2003, Synairgen is quoted on AIM (LSE: SNG).
For more information about Synairgen, please see www.synairgen.com
(http://www.synairgen.com) .
OPERATIONAL REVIEW
SNG001 is a broad-spectrum inhaled antiviral being developed by Synairgen to
treat patients with severe viral lung infections; it contains the active
ingredient interferon beta, an immune defence protein, which plays a vital
role in response to infection by various viruses.
Some people with viral respiratory infection mount poor interferon driven
antiviral responses due to risk factors such as older age, or certain
comorbidities. Further to this, some viruses disrupt interferon driven
antiviral response pathways, facilitating viral replication, which can result
in severe infection. SNG001 is being developed to boost or restore antiviral
defences at the site of viral infection in the lungs.
In the first six months of the year the Company has made substantial progress
in preparation for a large Phase 2 trial to investigate SNG001 in mechanically
ventilated patients infected with a range of respiratory viruses. This has
included collaboration with leading respiratory and intensive care experts to
characterise the clinical need, confirming commercial viability, designing the
trial, assessing feasibility of trial delivery, and working with external
parties on technologies that will be used in the trial.
At the same time, Synairgen has determined the financing plan, as previously
announced, and intends to raise additional funds for the trial. Any fundraise
will be structured, inter alia, to ensure existing investors are able to
participate, subject to demand. Further details will be provided in due
course.
Addressing the need for a new treatment for mechanically ventilated patients
Respiratory viruses, including influenza, respiratory syncytial virus (RSV),
rhinovirus, coronaviruses (including SARS-CoV-2), adenovirus and
parainfluenza, are the cause of some of the most common infections that affect
humans. Less than 1% of respiratory virus infections lead to hospitalization.
Patients hospitalised due to a respiratory virus infection have a ~15%(( 1 ))
risk of disease progression that requires admission to an intensive care unit
(ICU). Approximately half of the patients admitted to the ICU will require
intubation and mechanical ventilation 2 . Mortality in ventilated patients is
high (25%-40%(( 3 )) 4 ), with older age and higher viral loads associated
with higher mortality. Antiviral therapeutic options are very limited,
resulting in high medical need.
Priority patient group: Mechanically ventilated patients
The cost of treating patients with respiratory viral infections was studied
intensely during the pandemic. In the US, the average cost of
hospitalisation (among surviving patients) caused by SARS-CoV-2 and requiring
invasive mechanical ventilation was ~$60k compared with ~$21k for ICU
admission alone 5 . With limited therapeutics available today, a drug that
reduces mortality and/or shortens the duration of ventilation would fulfil a
significant unmet need in critical care.
Medium priority group: Ward based patients
Synairgen has assessed the commercial viability of SNG001 in patients recently
admitted to hospital, following its findings from the SPRINTER trial, with the
aim of using SNG001 in these patients to prevent disease progression, ICU
admission and death. A commercial precedent for treating these patients has
been established through the use of remdesivir to treat SARS-CoV-2
infections. The challenge in conducting clinical research in this population
is the size of the trials required to achieve statistically significant
results, and ultimately to gain approval from regulatory agencies. By way of
example, AstraZeneca is conducting a 2,900 patient trial of an
anti-inflammatory drug (tozorakimab), targeting patients with viral
respiratory infections(( 6 )). Synairgen believes this scale of study is
beyond its reach at this stage, but could be a natural strategic line
extension.
However, Synairgen is participating in the UNIVERSAL non interventional trial
aimed at identifying patient characteristics that would enable a future trial
to focus on patients with higher risk of disease progression. Findings from
UNIVERSAL could help enrich the Company's next ward-based clinical trial in
high-risk patients, reducing trial size and making its delivery more time- and
cost-efficient whilst also strengthening the commercial case.
Trial of SNG001 in ventilated patients
Due to the high mortality rate in ventilated patients, it is possible to
conduct a Phase 2 trial with mortality as the primary endpoint, which can be
delivered in a financially and time effective manner through the use of an
interim analysis with futility test.
The trial will recruit patients with higher virus loads, and who are either
over the age of 50 or immunocompromised; these characteristics are associated
with higher mortality risk.
The trial will use mortality as its primary endpoint, while assessing a
variety of other important clinical, virological and biomarker endpoints.
Use of technology in SNG001
Effective drug delivery to the lungs in the complex clinical setting of
critically ill patients can be challenging. In close collaboration with
Aerogen, whose vibrating mesh nebuliser (the Aerogen Solo(®)) has been used
in previous clinical trials of SNG001, Synairgen has assessed various aerosol
delivery parameters and settings to optimise aerosol delivery of SNG001 in
ventilator circuits.
The Company has also worked closely with a diagnostic company to enable
selection of patients with higher virus loads. Many patients may only have
trace amounts of virus in their lungs which, although detectable, may not be
the primary cause of their need to be ventilated. Such patients would be less
likely to benefit from treatment with SNG001 and hence will be excluded from
the study. Novel use of this available technology will allow real-time virus
load assessment and help focus the study on patients who may benefit the most
from the treatment.
Trial delivery
Synairgen's interactions with many academic experts in the field of
respiratory diseases and intensive care medicine show that there is
significant interest amongst investigators both in the UK and the US to assess
SNG001 in ventilated patients as there are very limited treatment options for
viral pneumonia and a high mortality rate. During the period Synairgen has
initiated the essential trial set-up activities, including engagement with a
specialised global clinical research organisation (CRO) to work alongside
Synairgen's in-house development team. This has included a robust
identification process of appropriately experienced clinical sites to support
study delivery, as well as the necessary protocol and study documentation
preparation and planning of key regulatory agency interactions.
Additionally, Synairgen has also established a steering committee including
key UK and US intensive care experts to help optimize study design and
delivery, as well as an independent data review committee that will perform
data reviews throughout the study, including the interim analysis.
Board updates
As announced on 18 September, Simon Shaw will retire as Chairman at the
conclusion of the forthcoming Annual General Meeting on 10 October, and will
be succeeded by Mark Parry-Billings, latterly Global Head of Drug Development
at Chiesi Farmaceutici S.p.A.
Outlook
Synairgen is now able to capitalise on a wealth of data that it has generated
to date, including the safety data from more than 750 patients, and the data
from the patients we have treated who were most ill, or at highest risk, due
to respiratory viral infection. Our priority population, which is ICU patients
receiving mechanical ventilation, face high mortality rates and an extremely
limited range of antiviral therapies. Therefore, the Board and management team
of Synairgen, who have stress tested this plan over a significant time, are
excited to pursue this strategy for the potential benefit of patients, which,
if successful, will provide significant value for our shareholders.
FINANCIAL REVIEW
Statement of Comprehensive Income
The loss from operations for the six months ended 30 June 2024 (H1 2024) was
£3.9 million (six months ended 30 June 2023 (H1 2023): £5.5 million loss;
year ended 31 December 2023 (FY 2023): £10.3 million loss) with research and
development expenditure amounting to £2.5 million (H1 2023: £3.5 million; FY
2023: £6.5 million) and other administrative expenses £1.4 million (H1 2023:
£2.1 million; FY 2023: £3.8 million).
The £1.0 million reduction in research and development expenditure in H1 is
attributable to the lower expenditure on clinical trials and manufacturing
activities.
The £0.7 million reduction in other administrative expenditure in H1 2024 is
driven predominantly by reduced activity in commercialisation, medical affairs
and corporate communications, alongside cost control measures across all
operations.
The research and development tax credit decreased from £0.5 million in H1
2023 to £0.4 million in H1 2024 on account of the reduced qualifying
expenditure and the reduction in the small or medium enterprises (SME) R&D
scheme rates effective as of 1 April 2024.
The loss after tax for H1 2024 was £3.3 million (H1 2023: £4.7 million; FY
2023: £8.4 million) and the basic loss per share was 1.62p (H1 2023: 2.36p
loss; FY 2023: 4.18p loss).
Statement of Financial Position and Cash Flows
At 30 June 2024, net assets amounted to £9.6 million (30 June 2023: £16.0
million; 31 December 2023: £12.7 million), including cash and deposit
balances of £8.6 million (30 June 2023: £14.6 million; 31 December 2023:
£12.0 million).
The principal elements of the £3.4 million reduction in cash and deposit
balances during H1 2024 (H1 2023: £5.1 million reduction; FY 2023: £7.7
million reduction) were:
· Net cash used in operations £3.7 million (H1 2023: £5.3 million
outflow; FY 2023: £8.2 million outflow);
· Research and development tax credits received of £nil (H1 2023:
£nil; FY 2023: £2.4 million); and
· Interest received £0.3 million (H1 2023: £0.3 million; FY 2023:
£0.6 million).
· Bank deposits of £1.5 million matured in the period to 30 June 2024,
resulting in an equivalent cash inflow (H1 2023: net cash outflow from
deposits of £0.25m; FY 2023: net cash inflow from deposits of £2.25m)
The other significant changes in the statement of financial position were:
· Current tax receivable at 30 June 2024 of £1.7 million (30 June
2023: £2.9 million; 31 December 2023: £1.3 million) on account of the lower
research and development tax credit receivable.
· Trade and other receivables at 30 June 2024 of £0.3 million (30 June
2023: £1.1 million; 31 December 2023: £0.8 million), due to lower levels of
prepayments and recoverable VAT, in-line with reduced operating expenditure.
· Trade and other payables at 30 June 2024 of £1.1 million (30 June
2023: £2.7 million; 31 December 2023: £1.6 million) in line with the
reduction in the level of operating expenditure.
Going Concern
As disclosed in Note 1, the Company has indicated its intention to raise
finance for a Phase 2 clinical trial in mechanically ventilated patients as a
result of a respiratory viral infection. If this finance is not raised and the
Phase 2 clinical trial does not commence, a fundraise will still be required
by Q1 2026. Regardless of the outcome of these activities, which are
uncertain, the Company's available resources are sufficient to cover existing
committed costs to at least 31 December 2025, being a period of at least
twelve months from the date of this report and, for this reason, the financial
statements have been prepared on a going concern basis.
Consolidated Statement of Comprehensive Income
for the 6 months ended 30 June 2024
Unaudited Unaudited Audited
Six months Six months Year
ended 30 ended 30 ended 31
June June December
2024 2023 2023
Notes £000 £000 £000
Research and development expenditure (2,538) (3,463) (6,531)
Other administrative expenses (1,369) (2,051) (3,761)
Total administrative expenses and loss from operations (3,907) (5,514) (10,292)
Finance income 244 300 635
Loss before tax (3,663) (5,214) (9,627)
Tax credit 2 400 466 1,249
Loss and total comprehensive loss for the period (3,263) (4,748) (8,408)
Loss per ordinary share 3
Basic and diluted loss per ordinary share (pence) (1.62)p (2.36)p (4.18)p
Consolidated Statement of Changes in Equity
for the 6 months ended 30 June 2024
Share Share Merger Retained Total
Capital premium reserve deficit
£000 £000 £000 £000 £000
At 1 January 2023 2,014 125,245 483 (107,467) 20,275
Loss and total comprehensive loss for the period - - - (4,748) (4,748)
Transactions with equity holders of the Group
Recognition of share-based payments - - - 437 437
At 30 June 2023 2,014 125,245 483 (111,778) 15,964
Loss and total comprehensive loss for the period - - - (3,660) (3,660)
Transactions with equity holders of the Group Recognition of share-based - - - 353 353
payments
At 31 December 2023 2,014 125,245 483 (115,085) 12,657
Loss and total comprehensive loss for the period - - - (3,263) (3,263)
Transactions with equity holders of the Group Recognition of share-based - - - 168 168
payments
At 30 June 2024 2,014 125,245 483 (118,180) 9,562
Consolidated Statement of Financial Position
as at 30 June 2024
Unaudited Unaudited Audited
30 30 31
June June December
2024 2023 2023
£000 £000 £000
Assets
Non-current assets
Intangible assets 99 92 102
Property, plant and equipment 18 42 26
117 134 128
Current assets
Current tax receivable 1,649 2,881 1,249
Trade and other receivables 283 1,060 828
Other financial assets - bank deposits - 4,000 1,500
Cash and cash equivalents 8,591 10,631 10,516
10,523 18,572 14,093
Total assets 10,640 18,706 14,221
Liabilities
Current liabilities
Trade and other payables (1,078) (2,742) (1,564)
Total liabilities (1,078) (2,742) (1,564)
Total net assets 9,562 15,964 12,657
Equity
Capital and reserves attributable to equity holders of the parent
Share capital 2,014 2,014 2,014
Share premium 125,245 125,245 125,245
Merger reserve 483 483 483
Retained deficit (118,180) (111,778) (115,085)
Total equity 9,562 15,964 12,657
Consolidated Statement of Cash Flows
for the 6 months ended 30 June 2024
Unaudited Unaudited Audited
Six months Six months Year
ended 30 ended 30 ended 31
June June December
2024 2023 2023
£000 £000 £000
Cash flows from operating activities
Loss before tax (3,663) (5,214) (9,657)
Adjustments for:
Finance income (244) (300) (635)
Depreciation of property, plant & equipment 8 45 73
Amortisation 6 5 11
Share-based payment charge 168 437 790
Cash flows used in operations before changes in working capital (3,725) (5,027) (9,418)
Decrease in trade and other receivables 521 242 473
Decrease in trade and other payables (485) (512) (1,690)
Cash used in operations (3,689) (5,297) (10,635)
Tax credit received - - 2,415
Net cash used in operating activities (3,689) (5,297) (8,220)
Cash flows from investing activities
Interest received 268 307 642
Purchase of intangible assets (4) (54) (69)
Purchase of property, plant and equipment - (1) (13)
Other financial assets - bank deposits
New deposits - (4,000) (1,500)
Deposit maturities 1,500 3,750 3,750
Net cash generated from investing activities 1,764 2 2,810
Cash flows from financing activities
Proceeds from issuance of ordinary shares - - -
Net cash generated from financing activities - - -
Decrease in cash and cash equivalents (1,925) (5,295) (5,410)
Cash and cash equivalents at beginning of period 10,516 15,926 15,926
Cash and cash equivalents at end of period 8,591 10,631 10,516
Notes to the Interim Financial Information
for the six months ended 30 June 2024
1. Basis of preparation
Basis of accounting
The condensed financial statements have been prepared using accounting
policies consistent with international accounting standards. While the
financial figures included in this half-yearly report have been computed in
accordance with international accounting standards applicable to interim
periods, this half-yearly report does not contain sufficient information to
constitute an interim financial report as that term is defined in IAS 34.
They do not include all disclosures that would otherwise be required in a
complete set of financial statements and should be read in conjunction with
the 31 December 2023 Annual Report and Financial Statements. The financial
information for the half years ended 30 June 2024 and 30 June 2023 does not
constitute full financial statements and both periods are unaudited.
The accounting policies applied in the preparation of this interim financial
information are consistent with those used in the financial statements for the
year ended 31 December 2023 and those expected to apply for the financial year
to 31 December 2024. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
Financial information
The financial information for the year ended 31 December 2023 does not
constitute the full statutory accounts for that period. The Annual Report and
Financial Statements for the year ended 31 December 2023 have been filed with
the Registrar of Companies. The Independent Auditor's Report on the Annual
Report and Financial Statements for the year ended 31 December 2023 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Financial information is published on the Company's website in accordance with
legislation in the United Kingdom governing the preparation and dissemination
of financial information, which may vary from legislation in other
jurisdictions. The maintenance and integrity of the Company's website is the
responsibility of the directors. The directors' responsibility also extends to
the ongoing integrity of the financial information contained therein.
Going Concern
The directors have prepared financial forecasts to estimate the likely cash
requirements of the Company over the period to 31 December 2025, given its
stage of development and lack of recurring revenues. In preparing these
financial forecasts, the directors have made certain assumptions with regards
to the timing and amount of future expenditure over which they have control.
The directors have taken a prudent view in preparing these forecasts.
The directors have identified that the Company will need to raise further
funds during 2024 in order to conduct the planned Phase 2 clinical trial in
mechanically ventilated patients. The ability of the Company to secure a fund
raise in 2024 cannot be guaranteed, therefore the directors have prepared an
alternative forecast which maintains a budget for further pre-clinical
preparatory work that would produce data to support a fund raise, whilst
significantly reducing research and development, and administrative spend.
Should this alternative forecast be required, the directors are confident of
achieving savings in expenditure within their control, resulting in the
Company having sufficient resources until 31 December 2025 ahead of requiring
a further fund raise by Q1 2026, whilst maintaining the principal activity of
the Company.
In addition, the directors have considered the sensitivity of the financial
forecasts to changes in key assumptions, including, among others, potential
cost overruns within anticipated spend. After due consideration of these
forecasts and current cash resources, the directors consider that the Company
has adequate financial resources to continue in operational existence for the
foreseeable future (being a period of at least twelve months from the date of
this report) and, for this reason, the financial statements have been prepared
on a going concern basis.
Notes to the Interim Financial Information
for the six months ended 30 June 2024 (continued)
1. Basis of preparation (continued)
Approval of financial information
The 30 June 2024 interim financial information was approved by a committee of
the Board of Directors on 25 September 2024.
2. Tax credit
The tax credit of £400,000 (six months ended 30 June 2023: £466,000; year
ended 31 December 2023: £1,249,000) comprises an estimate of the research and
development tax credit receivable in respect of the current period.
The deferred tax assets have not been recognized as there is uncertainty
regarding when suitable future profits against which to offset the
accumulated tax losses will arise. There is no expiration date for the
accumulated tax losses.
3. Loss per ordinary share
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 30 31
June June December
2024 2023 2023
(3,263) (4,748) (8,408)
Loss attributable to equity holders of the Company (£000)
Weighted average number of ordinary shares in issue (000) 201,375 201,345 201,375
Basic and diluted loss per share (pence) (1.62) (2.36) (4.18)
The loss attributable to shareholders and the weighted average number of
ordinary shares for the purposes of calculating the diluted loss per ordinary
share are identical to those used for basic loss per share. This is because
the exercise of share options would have the effect of reducing the loss per
ordinary share and is therefore antidilutive. At 30 June 2024 there were
15,977,102 options outstanding (30 June 2023: 18,119,156 options outstanding;
31 December 2023: 18,940,446 options outstanding).
INDEPENDENT REVIEW REPORT TO SYNAIRGEN PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2024 is not prepared, in all
material respects, in accordance with the London Stock Exchange AIM Rules for
Companies.
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2024 which comprises the Consolidated Statement of Comprehensive Income,
the Consolidated Statement of Changes in Equity, the Consolidated Statement of
Financial Position, the Consolidated Statement of Cash Flows and the related
notes 1 to 3.
Basis for conclusion
We conducted our review in accordance with Revised International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410
(Revised)"). A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has not been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the London Stock Exchange AIM Rules for Companies which
require that the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual accounts
having regard to the accounting standards applicable to such annual accounts.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the rules of the London
Stock Exchange AIM Rules for Companies for no other purpose. No person is
entitled to rely on this report unless such a person is a person entitled to
rely upon this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior written
consent. Save as above, we do not accept responsibility for this report to
any other person or for any other purpose and we hereby expressly disclaim any
and all such liability.
BDO LLP
Chartered Accountants
Southampton, UK
Date: 25 September 2024
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
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6
https://clinicaltrials.gov/study/NCT05624450?cond=Virus&term=il-33&rank=10
(https://clinicaltrials.gov/study/NCT05624450?cond=Virus&term=il-33&rank=10)
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