REG - Trellus Health PLC - Half-year Report
26/09/2024 07:00
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RNS Number : 7078F Trellus Health PLC 26 September 2024
Trellus Health plc
("Trellus Health", the "Company" or the "Group")
Interim results
Excellent early outcomes from B2B2C agreement with large US health plan,
expansion of business verticals
LONDON, U.K. AND NEW YORK, U.S. (26 September 2024). Trellus Health plc (AIM:
TRLS), a healthcare company delivering innovative, scientifically validated
programs and technologies designed to facilitate the management of chronic
conditions, improve health outcomes and lower the costs of care, announces its
unaudited interim results for the six months ended 30 June 2024.
Operational highlights (including post-period end)
· Business-to-business-to-consumer ("B2B2C") agreement signed with a
large US national health plan, focused on inflammatory bowel disease ("IBD")
condition management, intended to run for up to 21 months, during which time
members of the health plan with IBD receiving care in two US states will be
eligible to participate in the Trellus Elevate™ IBD program.
- Whilst the early outcomes of enrolled members are strong and supports
the value proposition of Trellus Elevate™, to date enrolment has been slower
than expected with small numbers of enrolled members and subsequently the
enrolment phase has been extended to allow continued emphasis on enrolling new
members.
· Signed content licensing agreements with two large pharmaceutical
companies, highlighting the diversification and applicability of Trellus
Health's proprietary resilience-based methodology. Increased commercial focus
on agreements with pharmaceutical companies and clinical trial research
organizations, where Trellus Elevate™ and resilience-based assessments can
provide value for partners.
· In June 2024, Kevin Murphy appointed as an independent Non-executive
Director and Chair, and in September, Brian Griffin appointed as an
independent Non-executive Director; both adding significant experience of the
US healthcare industry as the Company accelerates its commercial strategy.
· In February 2024, Christopher Mills stepped down as Non-executive
Director.
Financial
highlights
· Net cash of $8.0m at 30 June 2024 (30 June 2023: $15.8m), with the
Company's cash runway further extended into late Q3 2025.
· Adjusted EBITDA* loss of $3.62m, in line with management expectations
(30 June 2023: $3.16m loss) with revenue in the period of $50k (30 June 2023:
$14k).
* Earnings before interest, tax, depreciation and amortisation adjusted for
share-based payments
Dr. Marla Dubinsky, Chief Executive Officer of Trellus Health, said:
"Following the completion of our early pilot programs, in the first half we
signed a B2B2C contract with a large US health plan, which has made Trellus
Elevate™ more accessible to IBD patients. We continue to work closely with
the health plan and are collaborating to enrol as many eligible members as
possible onto the platform.
"Our content licensing agreements with two large pharmaceutical companies have
also shown the value of our solution and a new revenue source. Trellus
Elevate™ and our proprietary resilience-based assessments can provide
significant value to pharmaceutical companies and within clinical trials, by
enhancing medication adherence and reducing participant trial attrition and
screening failures, and we intend on pursuing further agreements in these
spaces in future.
"We remain focused on cash management with our disciplined approach extending
our cash runway into late Q3 2025."
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
Joy Bessenger, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker) Tel: +44 (0)20 7496 3000
Jen Boorer / James Todd / Jalini Kalaravy
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 (AIM: TRLS) is a healthcare company providing value-based
innovative solutions and services for chronic condition management that
prioritises improved outcomes and member experiences while managing costs of
care.
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 meets
each individual's unique needs and empowers them to master their physical and
emotional health. Trellus Elevate's™ clinically proven solutions result in
relieving disease burden, building self-management skills and promoting
positive health behaviours that improve outcomes and enables thriving in the
face of a chronic condition.
The Company's proven whole person approach recognises the interconnectedness
of various aspects of a person's life and aims to address the whole spectrum
of factors that influence behaviour, to promote comprehensive well-being and
human flourishing in a way that aligns with value-based care. Trellus Health's
approach enables better health outcomes in a member-centric, personalised and
comprehensive holistic solution.
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 have been innovators for whole-person
healthcare for a combined 50 years.
The Company is initially focusing on chronic costly GI conditions that have
high mental health burden, such as inflammatory bowel disease ("IBD") which
includes the chronic incurable conditions of Crohn's Disease and ulcerative
colitis. 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 seven 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 and health systems. 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 Company has made substantive progress in the commercial delivery of its
resilience-based methodology so far in 2024. In its core
business-to-business-to-consumer ("B2B2C") model, Trellus Health™ signed a
contract and established an active collaboration with a large US health plan;
whilst also working to expand the value proposition of Trellus Elevate™ into
areas such as pharmaceutical patient support programs ("PSPs") and clinical
trials. Our continued focus on disciplined cash management has extended our
cash runway further into late Q3 2025, and we have successfully added
significant experience of the US managed care industry to our Board,
positioning us strongly for further commercial traction.
Commercial progress
B2B2C
Our B2B2C model continues to focus on executing agreements with regional and
national health plans, employers, health systems, gastrointestinal ("GI")
provider networks and pharmaceutical manufacturers to make Trellus Elevate™
available to individuals diagnosed with inflammatory bowel disease ("IBD").
In February 2024, Trellus Health signed an agreement with a large US health
plan, focused on IBD condition management, making Trellus Elevate™ more
accessible to patients with IBD. The agreement is intended to run for up to
21 months, during which time certain members of the health plan with IBD that
are receiving care in two US states will be eligible for participation in the
Trellus Elevate™ IBD program. In March 2024, the health plan sent out its
first of multiple marketing materials to its providers and members,
highlighting Trellus Elevate™ as a complimentary health benefit resource.
Concurrently, we are directing our own digital marketing efforts towards the
two states covered by the agreement, with engagement and other key milestones
reviewed during joint steering committee calls.
Despite the small enrollment number, the early key performance indicator
outcomes directly linked to our program from the agreement have been highly
positive, including:
· 90% of those members who complete the assessment and meet an Elevate
Navigator enroll in the program.
· 89% of members improved their resilience scores after completing
their Elevate program.
· 78% of members reported greater confidence in managing their
condition, engaging with their physician. treatment plan and adhering to their
medication plan within three months of starting their personalized program.
· Members were active on the platform for an average of 10 weeks with
3.5x average weekly platform engagement.
Increasing the resilience and self-confidence of members, and consequently
their adherence to treatment plans and ability to self-manage their condition,
can significantly improve health outcomes and lower total costs of care
through lower healthcare utilisation. These early outcomes, directly linked to
our program, have therefore been greatly encouraging to see.
With our partner, we have expanded the enrolment phase of the agreement beyond
the initial 6 months where we are prioritizing the onboarding of eligible
members onto the platform while also fostering sustained engagement from
enrolled members. I am confident that we will be able to demonstrate a clear
and substantial return for our partner, and further validate the value of
Trellus Elevate™ to prospective partners.
Expansion of verticals
Trellus Health also made significant progress during the period in working to
expand the value of Trellus Elevate™ and its resilience-based methodology
into the pharmaceutical sector.
For pharmaceutical companies, patients with higher resilience and greater
self-efficacy have demonstrated improved medication adherence. Patient Support
Programs (PSPs) are services provided by pharmaceutical companies designed to
help patients manage their medical conditions more effectively in conjunction
with prescription medications or therapies, to improve health outcomes by
offering resources and support tailored to the needs of individual patients.
By integrating our curated resilience and self-efficacy educational modules
within the PSPs, or by integrating the full Trellus Elevate™ program with
coaching and resilience curriculum into the PSP, pharmaceutical companies can
enhance value by enabling better adherence to medication, increased and more
consistent prescription refills.
In clinical trials, screening for resilience and delivering resilience
training ahead of a trial can optimise the inclusion criteria, reducing
clinical screen failures (and associated costs), reducing trial attrition
attributed to low resilience, and potentially resulting in a faster trial
completion. In addition, a resilience assessment could be used as part of a
trial's patient-reported outcome measure, exploring whether Trellus Elevate™
resilience scores can impact trial outcomes.
During the period, we signed our first two licensing agreements with
pharmaceutical industry partners for elements of our resilience-based
methodology. One agreement is for the use of resilience-based assessments in
the setting of a clinical trial and the other is for the use of customized
self-efficacy educational content. Both agreements generated revenue during
the period and show the increasing value that B2B2C partners are placing on
our scientifically validated methodology to assess resilience, which can be
applied to many areas beyond chronic condition management.
We are in discussions with other potential partners for further agreements
utilising our methodology and whilst no certainty can be given as to the
timing or outcome from negotiations we will update the market as appropriate
regarding these.
Enhancing the user and partner experience
We secured SOC 2 Type 2 designation for Trellus Elevate™, which is
considered the gold standard accreditation for a service organisation in
relation to its security, processing integrity and privacy controls and
practices.
In 2024, we have enhanced our technological capabilities further, enabling us
to scale more efficiently through structuring and tailoring our solution for
specific populations. Given our previous investment in developing an agile
platform, coupled with our flexible methodology that can be applied to many
chronic indications, this can be done effectively at minimal spend, broadening
our appeal to a wider range of potential B2B2C clients.
Board and Senior Management Team
In June, we announced the appointment of Kevin L. Murphy Jr. as our new Chair,
following the resignation of Dr. Daniel Mahony after his acceptance of a new
role which required him to relinquish his pre-existing Board roles. Kevin is
an experienced healthcare executive, having worked in senior roles for both
large and small organisations in the healthcare, insurance and pharmacy
industries. Kevin recently retired from CVS Health Corporation, a Fortune 500
healthcare company providing advanced health care from pharmacy services and
health plans to health and wellness.
In February, we announced that Christopher Mills had stepped down from his
role on the Board as a Non-Executive Director. Following this, a key focus for
us was to appoint a new director to the Board with significant experience of
the US managed care industry.
Post-period end, we announced the appointment of Brian Griffin, as a
Non-Executive Director. Brian's experience includes serving as Chairman and
Chief Executive Officer at Diplomat Pharmacy Inc. (NYSE: DPLO), the largest
independent specialty pharmacy and pharmacy benefit manager in the United
States. Brian also spent over five years at Anthem, Inc. (now called Elevance
Health), an American health insurance provider, where he led their $40bn+
revenue Commercial and Speciality businesses, including Anthem's 14 national
Blue Cross and Blue Shield Plans.
Both Kevin and Brian have brought in a wealth of expertise across the US
healthcare industry and the pharmaceutical sector, greatly expanding our
connectivity within the US healthcare ecosystem, with their expertise in
strategy, care delivery and managed care, already proving hugely valuable to
the Company.
I would like to again thank Daniel and Christopher for their contributions to
the Company and welcome Kevin and Brian to the Board.
Financial review
During the period, we continued our focus on cash discipline, without impeding
upon our execution of commercial strategy. Our adjusted EBITDA loss for the
period was $3.62m (30 June $3.16m loss), was in line with management
expectations. Administrative costs for the first half were $4.1m (30 June
23: $3.8m.)
As of 30 June 2024, the Company's net cash position was $8.0m (30 June 2023:
$15.8m; 31 December 2023: $12.2m). We have extended our cash runway into late
Q3 2025, assuming only current levels of revenue.
Outlook
Signing the B2B2C agreement with a large US health plan and establishing an
active collaboration demonstrated positive commercial progress. The focus is
now to enrol patients on the platform as the positive early outcomes from the
small number of enrolled patients, have been encouraging to see. Our team and
our partner will continue to work hard to ensure further success and the
engagement and improvement in health outcomes for people with IBD.
Also encouraging has been the exploration of new ways to leverage our
methodology and provide value for partners. This has been underlined by our
first two licensing agreements with pharmaceutical companies, but securing
further partnerships, by enhancing pharmaceutical PSPs, or incorporating
resilience assessments within clinical trials, will also be a key focus for
the business going forward. A key benefit for us that our methodology is
condition-agnostic - whilst IBD is our initial use case, it can be utilised in
management of many more chronic conditions, and we are able to adapt quickly
to client specifications, and customizing programs at little-to-no additional
spend, maximising the opportunity ahead of us.
Whilst no certainty can be given as to the timing or outcome from
negotiations, we are in discussions with potential partners across all our
commercial models, including two later-stage discussions and we look forward
to updating the market as appropriate.
I would like to thank the entire Trellus Health® team for their hard work so
far in 2024, and our shareholders for their continued support.
Dr. Marla Dubinsky
Chief Executive Officer and Co-Founder
26 September 2024
CONSOLIDATED CONDENSED STATEMENT OF COMPRENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2024
6 months ended 30 June 2024 6 months ended 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Continuing operations
Revenue 50 14 19
Administrative expenses (4,104) (3,763) (6,822)
Operating loss (4,054) (3,749) (6,803)
Share based payments 7 19 24
Depreciation and amortisation 428 575 957
EBITDA before share-based payment (3,619) (3,155) (5,822)
Interest received 163 182 464
Loss before taxation (3,891) (3,567) (6,339)
Income tax charge 3 - - -
Loss for the period (3,891) (3,567) (6,339)
Loss per ordinary share attributable to the owners of the parent during the $ $ $
period
Basic and diluted 4 (0.02) (0.02) (0.04)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2024
6 months ended 30 June 2024 6 months ended 31 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss for the period (3,891) (3,567) (6,339)
Other comprehensive expense:
Currency translation differences (6) 830 724
Total comprehensive loss for the period (3,897) (2,737) (5,615)
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
As at 30 June 2024 As at 30 June 2023 As at 31 December 2023
Unaudited Unaudited Audited
Notes US$'000 US$'000 US$'000
Assets
Non-current assets
Property, plant and equipment 23 46 35
Intangible assets 5 7,926 6,792 7,923
Total non-current assets 7,949 6,838 7,958
Current Assets
Trade and other receivables 200 187 163
Cash and cash equivalents 8,045 15,811 12,166
Total current assets 8,245 15,998 12,329
Total assets 16,194 22,836 20,287
Equity attributable to owners of the parent
Share capital 137 137 137
Share premium 43,387 43,387 43,387
Other reserve 232 220 225
Foreign currency reserves (2,441) (2,329) (2,435)
Retained earnings (25,704) (19,041) (21,813)
Total equity 15,611 22,374 19,501
Current liabilities
Trade and other payables 583 462 786
Total liabilities 583 462 786
Total equity and liabilities 16,194 22,836 20,287
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2024
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 2023 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
Comprehensive income
Loss for the period - - - - (2,772) (2,772)
Other comprehensive expenses
Currency translation differences - - (106) - - (106)
Total comprehensive expense - - (106) - (2,772) (2,878)
Transactions with owners
Share based payments - - - 5 - 5
Total contributions by and distributions to owners - - - 5 - 5
At 31 December 2023 137 43,387 (2,435) 225 (21,813) 19,501
Comprehensive income
Loss for the period - - - - (3,891) (3,891)
Other comprehensive expenses
Currency translation differences - - (6) - - (6)
Total comprehensive expense - - (6) - (3,891) (3,897)
Transactions with owners
Share based payments - - - 7 - 7
Total contributions by and distributions to owners - - - 7 - 7
At 30 June 2024 137 43,387 (2,441) 232 (25,704) 15,611
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2024
6 months ended 30 June 2024 6 months ended 30 June 2023 Year ended to 31 December 2023
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Cash flow from operating activities
Loss before income tax (4,054) (3,567) (6,803)
Adjustments for
- Depreciation, amortisation and impairment 428 575 957
- Share-based payments 7 19 24
- Foreign exchange (1) 113 -
Changes in working capital
- Trade and other receivables (37) 98 120
- Trade and other payables (203) (353) (36)
Interest received 163 464
Net cash used in operating activities (3,697) (3,115) (5,274)
Cash flow from investing activities
Internally generated intangible assets (419) (847) (2,351)
Net cash used in investing activities (419) (847) (2,351)
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 (4,116) (3,962) (7,625)
Cash and cash equivalents at beginning of period 12,166 19,085 19,085
Exchange gain/(loss) on cash and cash equivalents (5) 688 706
Cash and cash equivalents at end of period 8,045 15,811 12,166
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 2023 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 2023 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 2024.
2. Summary of Material 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 2023 and which will form the basis of the 2024
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.
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$29m (December 2023 - US$25m) to carry forward against
future taxable income at the end of 30 June 2024. No deferred tax asset has
been recognised in respect of such losses and temporary differences due to the
unpredictability of future profit streams. Such losses may be carried forward
indefinitely.
4. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the parent by the weighted average number of ordinary shares in
issue during the period.
Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares outstanding assuming conversion of all dilutive potential
ordinary shares. The Company has one category of dilutive potential ordinary
share, being share options. Currently the share options are anti- dilutive.
6 months ended 30 June 2024 6 months ended 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
US$'000 US$'000 US$'000
Loss attributable to owners of the parent (3,891) (3,567) (6,339)
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) (0.02) (0.04)
5. Intangible Fixed Assets
Software Development costs
US$'000 Licence costs Total
US$'000 US$'000
Cost
On 1 January 2023 6,710 435 7,145
Additions 847 - 847
Foreign currency difference - 20 20
At 30 June 2023 7,557 455 8,012
Additions 1,504 - 1,504
Foreign currency difference - (2) (3)
At 31 December 2023 9,061 453 9,513
Additions 419 - 419
At 30 June 2024 9,480 453 9,932
Amortisation
On 1 January 2023 (615) (42) (657)
Charge for the period (301) (21) (322)
Impairment Charges (241) - (241)
At 30 June 2023 (1157) (63) (1,220)
Charge for the period (350) (21) (371)
At 31 December 2023 (1,507) (84) (1,591)
Charge for the period (395) (21) (416)
At 31 June 2024 (1,902) (105) (2,007)
Net book value
30 June 2023 6,400 392 6,792
31 December 2023 7,554 369 7,923
30 June 2024 7,578 348 7,926
6. Dividends
No dividends to shareholders of the holding company were provided or paid
during the six months to 30 June 2024 (31 December 2023: £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 2024 is $Nil (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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AnnouncementREG - Trellus Health PLC - Business update
AnnouncementREG - Trellus Health PLC - Agreement with Johnson & Johnson
AnnouncementREG - Trellus Health PLC - Change of Registered Office
AnnouncementREG - Trellus Health PLC - Holding(s) in Company
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