REG - Trellus Health PLC - Half-year Report
28/09/2023 07:00
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RNS Number : 9144N Trellus Health PLC 28 September 2023
Trellus Health plc
("Trellus Health", the "Company" or the "Group")
Half-year Results
LONDON, U.K. AND NEW YORK, U.S. (28 September 2023). Trellus Health plc (AIM:
TRLS), which is commercializing a scientifically validated and clinically
proven personalized resilience-driven self-management solution for chronic
health conditions at their intersection with mental health, announces its
interim results for the period ended 30 June 2023.
Operational highlights (including post-period end)
· Launched a pilot program with a New York-based health insurance
company with more than 1.8 million members to make Trellus Elevate™ IBD
program available as a health plan benefit to certain members under its
Medicaid managed care plan.
· Launched the Trellus Elevate™ program for IBS (irritable bowel
syndrome).
· Expanded existing IBD agreement with Mount Sinai Health System to
include the newly launched Trellus Elevate™ IBS for members of a large New
York State labor union that offers health services and benefits to its members
through Mount Sinai.
· Continued focus on B2B2C contract development, with ongoing
engagement with existing DTC customers as described in detail below, and
planned partnerships with provider organisations.
· Appointed Dr Daniel Mahony, Senior Independent Non-executive
Director, as Non-executive Chairman, and Joy Bessenger as Chief Financial
Officer.
Financial highlights
· Net cash of $15.81m at 30 June 2023 (30 June 2022: $23.97m, 31
December 2022: $19.09m)
- reflecting continued effective cash management and providing an extended
runway into 2025.
· Adjusted EBITDA* loss of $3.16m, in line with expectations (30 June
2022: $4.61m loss, 31 December 2022: $8.09m).
* Earnings before interest, tax, depreciation and amortisation adjusted for
share-based payments
Dr. Marla Dubinsky, Chief Executive Officer of Trellus Health, said:
"The first six months of 2023 showed great progress for Trellus Health, with
our business-to-business-to-consumer ("B2B2C") model continuing to develop
with a new contract, and the expansion of our initial agreements. We also
expanded Trellus Elevate™ to include IBS with an existing partner. We are
actively engaged in late-stage discussions with a large national health plan
which we are confident will lead to Trellus Elevate™ being available at a
greater scale.
"We have also gained the required data from our D2C model to further validate
the Trellus Elevate™ approach. This data has enabled us to progress
discussions with prospective B2B2C partners and further validate the Trellus
Elevate™ platform.
"I would like to thank our team, shareholders and partners for their support
and collaboration during the period and look forward to updating the market in
due course."
A copy of the investor presentation is available here:
https://trellushealth.com/investors/annual-interim-reports/
(https://trellushealth.com/investors/annual-interim-reports/)
Trellus Health will be hosting a live online presentation open to all
investors on 2 October at 17.00 BST, via the Investor Meet Company
platform. Investors can sign up to Investor Meet Company for free and add to
meet Trellus Health via:
https://www.investormeetcompany.com/trellus-health-plc/register-investor
(https://www.investormeetcompany.com/trellus-health-plc/register-investor)
For further information please contact:
Trellus Health plc https://trellushealth.com/ (https://trellushealth.com/)
Dr. Marla Dubinsky, Chief Executive Officer and Co-Founder Via Walbrook PR
Dr. Daniel Mahony, Chairman
Singer Capital Markets (Nominated Adviser and Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Jen Boorer
Walbrook PR Tel: +44 (0)20 7933 8780 or trellus@walbrookpr.com
(mailto:trellus@walbrookpr.com)
Paul McManus / Sam Allen / Phillip Marriage Mob: +44 (0)7980 541 893 / 07748 651 727 / 07867 984 082
About Trellus Health plc (www.trellushealth.com
(http://www.trellushealth.com/) )
Trellus Health (LSE: TRLS) is the first resilience-focused digital health
company targeting the intersection of chronic illness and mental health.
Trellus Health integrates its proprietary resilience-based methodology with
the technology, tools, and expert coaching and educator team to deliver
Trellus Elevate™, a whole-person technology-enhanced experience that
empowers individuals to master their health and results in relieving disease
burden, building self-management skills and promoting positive health
behaviours that improves outcomes and enables thriving in the face of a
chronic condition.
The Company was founded by Mount Sinai faculty members Marla C. Dubinsky, MD
and Laurie Keefer, PhD, both experts at treating and healing both the physical
and emotional impacts of IBD and IBS and have been innovators for whole person
healthcare for a combined 50 years.
The Company was initially focused on inflammatory bowel disease ("IBD"), which
includes the chronic incurable conditions of Crohn's Disease and ulcerative
colitis but has expanded its offerings to include Irritable Bowel Syndrome
("IBS"). Given the common emotional and mental health struggles often
experienced by individuals suffering from a variety of chronic conditions,
Trellus Health considers its approach to have potential utility and demand
across many conditions.
The Trellus Elevate™ program incorporates the GRITT™ methodology and
learnings on resilience from clinical research and practice conducted at the
Mount Sinai IBD Center for more than five years. This proprietary,
resilience-driven methodology has been scientifically validated to demonstrate
meaningful improvements in patient outcomes, 71% reduction in Emergency
Department (A&E) visits, and 94% reduction in unplanned hospitalisations,
which the directors of the Company believe indicates the potential for
significant cost savings for healthcare payers. Patients with IBD managed with
the proprietary resilience methodology also experienced a 49% reduction in
required opioid use and a 73% reduction in corticosteroid use 12 months
following starting the program which is a major indicator of improved health
outcomes(1).
Shares in Trellus Health were admitted to trading on AIM in May 2021, under
the ticker TRLS. For more information on Trellus Health, visit:
www.trellushealth.com (http://www.trellushealth.com)
(1) Source:
https://www.sciencedirect.com/science/article/pii/S1542356521012258
(https://www.sciencedirect.com/science/article/pii/S1542356521012258) )
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements.
The Company cautions security holders and prospective security holders not to
place undue reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to events as
of the date on which the statements are made. The Company will not undertake
any obligation to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or unanticipated
events occurring after the date of this announcement except as required by law
or by any appropriate regulatory authority.
CEO STATEMENT
The first six months of the year have represented excellent progress for
Trellus Health, delivering further business-to-business-to-consumer ("B2B2C")
progress, with the Company already reaching many more people living with
chronic conditions than at the start of the year. Our focus on cash control
has also ensured that we are well-funded to pursue commercial traction and
revenue growth.
Commercial progress
B2B2C
We have seen positive momentum in our B2B2C model during the course of H1
2023, focused on regional and national health plans, employers, health
systems, gastrointestinal ("GI") provider networks and pharmaceutical
companies. Our first two B2B2C contracts were signed with the Mount Sinai
Health System ("Mount Sinai") in late 2022. Both became active for enrollment
in early 2023.
The first contract has seen Trellus Elevate™ made available to all Mount
Sinai Health System employees, focusing initially on IBD. The second contract
was to make Trellus Elevate™ available to people living with IBD and IBS,
who are members of a large NY state labor union, which provides health
services through Mount Sinai.
In February, Trellus Health signed an agreement and launched a pilot IBD
program with a New York-based health insurer with more than 1.8 million
members, providing a significant potential opportunity to onboard more people
with IBD over time. This B2B2C partnership makes Trellus Elevate™ available
as a health plan benefit to certain members under its Medicaid managed care
plan. Running for an initial 12-month term, the agreement can be extended by
mutual agreement.
As previously disclosed in our 2022 preliminary results issued in May 2023,
Trellus Health is in advanced discussions with a major health plan for a
large-scale pilot study. Talks have continued to progress well and are now at
a late stage, and we have completed the process of enhancing the Trellus
Elevate™ platform to ensure that it can meet the requirements of the health
plan's members. While there is never complete certainty as to the timing or
outcome from such negotiations, nor as to the speed of implementation
following contractual agreement, we are optimistic that the discussions will
lead to Trellus Elevate™ being offered at a greater scale than it has been
previously. Such a contract would enable the Company to begin to demonstrate
in a real-world context, to its partner customers, the scope of patient
benefits and economic savings that the Trellus Elevate™ methodology can
deliver. Accordingly, a key focus of management is to execute larger scale
pilot agreements such as this successfully, as a primary driver of the
Company's growth.
D2C update
We launched our direct-to-consumer (D2C) model in July 2022, running alongside
the B2B2C model to enroll early adopters, with the main objective of
validating the use and outcomes of our methodology and supporting B2B2C
engagement, whilst also driving awareness and demand.
Our two D2C partner channel agreements, with the Crohn's and Colitis
Foundation, the largest patient advocacy group for IBD in the US, and GI
OnDemand, a leading GI virtual integrated care platform, provided the broadest
possible reach into the US gastroenterological community. The data obtained
from our D2C early adopters has been key to our discussions with B2B2C
prospective partners, and we now have a dataset that demonstrates the value of
Trellus Elevate™ to support the establishment of scalable B2B2C agreements.
We are in discussions with these partners to expand existing agreements to
include the development of co-branded condition management tools that embody
the Trellus Elevate™ whole-person approach. This approach will allow Trellus
Health and its partners to jointly support the GI provider and patient
community and enable a broader referral funnel for users of the modules
towards the full Trellus Elevate™ platform via our higher-margin B2B2C
agreements as we continue to sign and scale them.
We are prioritizing the pursuit of additional B2B2C agreements, as we believe
this is where the most significant opportunity lies. Feedback from larger
potential B2B2C customers has led us to migrate our D2C members, who are
currently paying directly for access to Trellus Elevate™, into a community
testing group. As part of the group, this very engaged community of users will
receive access to Trellus Elevate™ free of charge, thereby negating
potential pricing issues for B2B2C customers, and will continue to provide
feedback to help us further enhance the platform, enabling us to deliver
patient-centric improvements faster for our B2B2C partners.
Expansion into Irritable Bowel Syndrome (IBS) and beyond
In February 2023, we launched the Trellus Method for IBS, ahead of schedule,
using existing resources, adding to our offering in IBD. IBS is another
chronic GI condition that has significant similarities with IBD from a symptom
burden and emotional perspective, with a much higher prevalence than IBD,
impacting c. 10% of the US population (c. 30m patients for IBS compared to c.
3m for IBD). Trellus Elevate™ for IBS is currently being delivered through
the expansion of our Mount Sinai labor union contract.
I am proud that we now offer a comprehensive GI solution covering both IBD and
IBS and have the scope to improve the lives of many more patients. We believe
our solution can be used across many other chronic conditions to deliver
meaningfully improved healthcare outcomes whilst reducing costs, and this
expansion into IBS has represented the first step.
Continued investment in Technology and User Experience
We have continued making investment to enhance the Trellus Elevate™ Platform
to further scale its functionality for our large B2B2C partners. Our goal is
to create a fully integrated and seamless workflow with a specific focus on
efficient member onboarding as well as increased member and GI provider
engagement.
Our team, led by our CTO Jamey Hancock, has built a proprietary structure that
gives Trellus Health a competitive advantage with inherent value as a health
management platform, as opposed to simply being a telehealth or behavioral
health mobile app. We are unique in this space by integrating coordination,
communication, and analytics in one end-to-end platform. This provides
expandability, flexibility, scalability and control for our team, allowing us
to integrate new features and adapt much faster than our peer group, and
enabling us to scale to other GI and non-GI conditions.
Trellus Health also importantly secured SOC 2 Type 1 designation for
TrellusElevate™, which certifies our data security and privacy protocols at
a certain point in time. We are working towards receiving the SOC 2 Type 2
designation, which assesses those protocols over a period, and is considered
the gold standard accreditation for a service organisation in relation to its
security, processing integrity and privacy controls and practices.
Board and Senior Management Team structure
In February 2023, Dr. Daniel ("Dan") Mahony, Senior Independent Non-executive
Director, was appointed Non-executive Chair, following Julian Baines'
appointment as Executive Chairman of EKF Diagnostics Holdings plc ("EKF").
Dan, who also chairs the Board of the BioIndustry Association (BIA), the
industry trade association for UK life sciences, has over 25 years of
experience within global healthcare covering biotechnology, medical
technology, and healthcare services. This wealth of experience is already
proving invaluable to Trellus Health in our commercialisation journey.
Earlier this month, we also announced the appointment of Joy Bessenger as
Chief Financial Officer, following the appointment of Steve Young, Interim
Chief Financial Officer, as full-time CFO of EKF. With over 20 years with both
privately and publicly held life sciences and healthcare companies, I am
confident that Joy will be a fantastic addition to the Trellus Health team as
we look to further execute our commercial strategy and secure additional
partnerships.
I would like to again thank Julian and Steve for their significant
contributions to Trellus Health and wish them the best in their new roles.
Financial position and current trading
During the period, we continued our focus on ensuring careful cash management
and the reduction of cash burn, without impeding our growth strategy. As of 30
June 2023, Trellus Health's net cash position was $15.81m (30 June 2022:
$23.97m, 31 December 2022: $19.09m), providing a runway into 2025 on
conservative growth assumptions. Our adjusted EBITDA loss for the period was
$3.16m, which compared to the corresponding period last year ($4.61m loss),
further emphasises the importance that we have been placing on prioritising
cash management in line with the pursuit of our near-term objectives.
With early revenue generation having begun, we are confident that we are well
funded to deliver further commercial progress and revenue growth through
larger B2B2C contracts, with our current resources.
Summary and outlook
I have been pleased with the progress that we have made in the first half of
this year, which has seen the launch our first B2B2C contracts and our first
generated revenues, driven by our original D2C model and the data obtained
from it. This progress, coupled with the differences that we can see being
made to our users' lives through our methodology, strengthens my belief that
we are well-positioned to drive further adoption of Trellus Elevate™.
Whilst our resilience-based solution for chronic conditions has been
scientifically validated, given the early stage of commercialisation, B2B2C
partners need to see the return on investment ("ROI") through smaller pilot
studies first, before expanding our agreements. Therefore, our current active
B2B2C projects, though expected to provide modest users and revenues at this
stage, are critical to our ability to secure larger scale agreements in
future. Initial data from our early user base has been highly encouraging, and
we are confident that the full data from our users will demonstrate a clear
and substantial ROI to our B2B2C partners and lead to the expansion of our
agreements.
We are in late-stage negotiations with one major health plan for a large-scale
pilot study which we are optimistic will lead to TrellusElevate™ being
offered on a larger scale than it has been previously, and we will also
continue discussions with other potential large B2B2C partners. We look
forward to updating the market on the outcomes of these discussions in due
course.
I firmly believe that with a cash runway extending into 2025, we have the
resources to achieve further commercial milestones and demonstrate the ability
of Trellus Elevate™ to change the lives of the many people living with
chronic conditions. I would like to thank our shareholders for their continued
support and look forward to providing further updates on our progress.
Dr. Marla Dubinsky
Chief Executive Officer and Co-Founder
28 September 2023
CONSOLIDATED CONDENSED STATEMENT OF COMPRENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2023
6 months ended 30 June 2023 6 months ended 30 June 2022 Year ended 31 December 2022
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Continuing operations
Revenue 14 10 18
Administrative expenses (3,763) (4,850) (8,828)
Operating loss (3,749) (4,840) (8,810)
Share based payments 19 9 62
Depreciation and amortisation 575 222 659
EBITDA before share-based payment (3,155) (4,609) (8,089)
Interest received 182 - -
Loss before taxation (3,567) (4,840) (8,810)
Income tax charge 3 - - -
Loss for the period (3,567) (4,840) (8,810)
Loss per ordinary share attributable to the owners of the parent during the $ $ $
period
Basic and diluted 4 (0.02) (0.03) (0.05)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2023
6 months ended 30 June 2023 6 months ended 31 30 June 2022 Year ended 31 December 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss for the period (3,567) (4,840) (8,810)
Other comprehensive expense:
Currency translation differences 830 (1,433) (1,434)
Total comprehensive loss for the period (2,737) (6,273) (10,244)
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
As at 30 June 2023 As at 30 June 2022 As at 31 December 2022
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Assets
Non-current assets
Property, plant and equipment 46 70 58
Intangible assets 5 6,792 5,920 6,488
Total non-current assets 6,838 5,990 6,546
Current Assets
Trade and other receivables 187 481 283
Cash and cash equivalents 15,811 23,968 19,085
Total current assets 15,998 24,449 19,368
Total assets 22,836 30,439 25,914
Equity attributable to owners of the parent
Share capital 137 137 137
Share premium 43,387 43,387 43,387
Other reserve 220 148 201
Foreign currency reserves (2,329) (3,158) (3,159)
Retained earnings (19,041) (11,504) (15,474)
Total equity 22,374 29,010 25,092
Current liabilities
Trade and other payables 462 1,429 822
Total liabilities 462 1,429 822
Total equity and liabilities 22,836 30,439 25,914
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2023
Share Capital Share Premium Foreign Currency Reserve Other reserves Retained earnings
Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
At 1 January 2022 137 43,387 (1,725) 139 (6,664) 35,274
Comprehensive income
Loss for the period - - - (4,840) (4,840)
Other comprehensive income
Currency translation differences - - (1,433) - - (1,433)
Total comprehensive expense - - (1,433) - (4,840) (6,273)
Transactions with owners
Share based payments - - - 9 - 9
Total contributions by and distributions to owners - - - 9 - 9
At 30 June 2022 137 43,387 (3,158) 148 (11,504) 29,010
Comprehensive income
Loss for the period - - - - (3,970) (3,970)
Other comprehensive expenses
Currency translation differences - - (1) - - (1)
Total comprehensive expense - - (1) - (3,970) (3,971)
Transactions with owners
Share based payments - - - 53 - 53
Total contributions by and distributions to owners - - - 53 - 53
At 31 December 2022 137 43,387 (3,159) 201 (15,474) 25,092
Comprehensive income
Loss for the period - - - - (3,567) (3,567)
Other comprehensive expenses
Currency translation differences - - 830 - - 830
Total comprehensive expense - - 830 - (3,567) (2,737)
Transactions with owners
Share based payments - - - 19 - 19
Total contributions by and distributions to owners - - - 19 - 19
At 30 June 2023 137 43,387 (2,329) 220 (19,041) 22,374
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2023
6 months ended 30 June 2023 6 months ended 30 June 2022 Year ended to 31 December 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Cash flow from operating activities
Loss before income tax (3,567) (4,840) (8,810)
Adjustments for
- Depreciation, amortisation and impairment 575 222 659
- Share-based payments 19 9 62
- Foreign exchange 113 - -
Changes in working capital
- Trade and other receivables 98 (30) 168
- Trade and other payables (353) (92) (699)
Net cash used in operating activities (3,115) (4,731) (8,620)
Cash flow from investing activities
Internally generated intangible assets (847) (1,850) (2,908)
Net cash used in investing activities (847) (1,850) (2,908)
Cash flow from financing activities
Net proceeds from issue of ordinary shares - - -
Net cash generated from financing activities - - -
Net decrease in cash and cash equivalents (3,962) (6,581) (11,528)
Cash and cash equivalents at beginning of period 19,085 31,982 31,982
Exchange gain/(loss) on cash and cash equivalents 688 (1,433) (1,369)
Cash and cash equivalents at end of period 15,811 23,968 19,085
NOTES FORMING PART OF THE INTERIM FINANCIAL STATEMENTS
1. General information and basis of presentation
Trellus Health plc is a public limited company incorporated in the United
Kingdom (Registration Number 12743489). The address of the registered office
is Avon House, 19 Stanwell Road, Penarth, CF64 2EZ.
The principal activity of Trellus Health PLC (the "Company") is the delivery
of resilience-driven care for complex chronic conditions.
The Group's principal activity is that of delivery of resilience-driven care
for complex chronic conditions.
Basis of preparation
The financial information in these interim results is that of the holding
company and all of its subsidiaries and are unaudited. It has been prepared in
accordance with the recognition and measurement requirements of International
Financial Reporting Standards as adopted for use in the United Kingdom, IFRS
IC interpretations, and the Companies Act 2006 applicable to companies
reporting under IFRS.
The presentation currency of the Group is United States Dollars ("USD" or
"US$") and this is the currency of the primary economic environment that the
main business operates in.
Certain statements in this announcement constitute forward-looking statements.
Any statement in this announcement that is not a statement of historical fact
including, without limitation, those regarding the Company's future
expectations, operations, financial performance, financial condition and
business is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially. These risks and uncertainties include, amongst other factors,
changing economic, financial, business or other market conditions. These and
other factors could adversely affect the outcome and financial effects of the
plans and events described in this announcement and the Company undertakes no
obligation to update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this announcement
should be construed as a profit forecast.
The financial information presented herein does not constitute full statutory
accounts under Section 434 of the Companies Act 2006 and was not subject to a
formal review by the auditors. Comparative figures in the Interim Report for
the year ended 31 December 2022 have been taken from the Group's audited
statutory financial statements on which the Group's auditors, Crowe U.K. LLP,
expressed an unqualified opinion. The comparative figures to 30 June 2022 are
unaudited.
These interim accounts have not been prepared in accordance with IAS 34,
'Interim financial reporting'. They have been prepared under AIM Rules of UK
companies and have been authorised for issue by the Company's Board of
directors on 26 September 2023.
2. Summary of significant accounting policies
The accounting policies applied by the Group in this financial information are
the same as those applied by the Group in its financial statements for the
year ended 31 December 2022 and which will form the basis of the 2023
financial statements except for a number of new and amended standards which
have become effective since the beginning of the previous financial year.
These new and amended standards are not expected to materially affect the
Group.
The principal accounting policies adopted in the preparation of the historical
financial information of the Company, have been applied consistently to the
period presented.
Going concern
The Group is in the development phase of its business and has only generated
revenues related to implementation services and early patients in pilot
scheme. At 30 June 2023 the Group has available cash resources of $16m. The
company has been continuing developing its platform and methodology for
delivery of resilience-driven management for complex chronic conditions. The
Directors have prepared cash flow forecasts for the Group for a review period
of over 12 months from the date of approval of this historical financial
information. These forecasts reflect an assessment of current and future
market conditions and their impact on the Group's future cash flow
performance. The forecasts have been sensitised for additional costs which may
be incurred in the review period. In the sensitised scenario, the forecasts
indicate the Group would still have sufficient cash to continue as a going
concern.
Having considered the points above, the Directors remain confident in the
long-term future prospects for the Group, and their ability to continue as a
going concern for the foreseeable future. They therefore adopt the going
concern basis in preparing the historical financial information of the Group.
3. Income tax
The Group has no provision for corporation tax due to tax losses incurred
since incorporation. The Group has incurred indefinitely available tax losses
of approximately US$23m (December 2022 - US$19m) to carry forward against
future taxable income at the end of 30 June 2023. No deferred tax asset has
been recognised in respect of such losses and temporary differences due to the
unpredictability of future profit streams. Such losses may be carried forward
indefinitely.
4. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the parent by the weighted average number of ordinary shares in
issue during the period.
Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares outstanding assuming conversion of all dilutive potential
ordinary shares. The Company has one category of dilutive potential ordinary
share, being share options. Currently the share options are anti- dilutive.
6 months ended 30 June 2023 6 months ended 30 June 2022 Year ended 31 December 2022
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss attributable to owners of the parent (3,567) (4,840) (8,810)
Number Number Number
Weighted average number of ordinary shares in issue 161,508,333 161,508,333 161,508,333
US$ US$ US$
Basic loss per share (0.02) (0.03) (0.05)
5. Intangible Fixed Assets
Software Development costs
US$'000 Licence costs Total
US$'000 US$'000
Cost
On 1 January 2022 3,802 500 4,302
Additions 1,850 - 1,850
At 30 June 2022 5,652 500 6,152
Additions 1,058 - 1,058
Foreign currency difference - (65) (65)
At 31 December 2022 6,710 435 4,302
Additions 847 - 847
Foreign currency difference - 20 20
At 30 June 2023 7,557 455 8,012
Amortisation
On 1 January 2022 (22) - (22)
Charge for the period (210) - (210)
At 30 June 2022 (232) - (232)
Charge for the period (261) (42) (303)
Impairment charges (122) - (122)
At 31 December 2022 (615) (42) (657)
Charge for the period (301) (21) (322)
Impairment charges (241) - (241)
At 31 June 2023 (1,157) (63) (1,220)
Net book value
30 June 2022 5,420 500 5,920
31 December 2022 6,095 393 6,488
30 June 2023 6,400 392 6,792
6. Dividends
No dividends to shareholders of the holding company were provided or paid
during the six months to 30 June 2023 (31 December 2022: £Nil).
7. Events after the reporting date
There have been no events subsequent to the period end that require disclosure
in these financial statements.
8. Related party transactions
The Group received $1k (31 December 2022 - $10k) revenue from Mount Sinai
during the period for the services provided to their members in respect of two
contracts (the first contract making the Trellus IBD program available to all
Mount Sinai Health System employees and the second contract making the Trellus
IBD and IBS programs available to eligible members of a large NY state labor
union that provides health services to its members through Mount Sinai) as
previously announced. The amount owed as at 30 June 2023 is $1k (31 December
2022 $Nil). The Group also paid a $Nil (31 December 2022 - $100k) management
fee to Mount Sinai Hospital during the period, the amount outstanding at 30
June 2023 is $Nil.
9. Availability of this announcement
This announcement is available from the Company's website,
https://trellushealth.com/. If you would like to receive a hard copy of the
interim report, please contact the Trellus Health plc's investor relation team
(Walbrook PR) on +44 (0)20 7933 8780 or trellus@walbrookpr.com
(mailto:trellus@walbrookpr.com) to request a copy.
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