TIDMINC
RNS Number : 2646O
Incanthera PLC
02 October 2023
Incanthera plc
("Incanthera" or the "Company")
FINAL RESULTS FOR THE YEARED 31 MARCH 2023
Incanthera plc (AQSE: INC), the specialist company focused on
innovative technologies in dermatology and oncology is pleased to
announce its audited final results for the year ended 31 March
2023.
Incanthera is dedicated to identifying and commercialising
inspirational therapeutics, combined with uniquely targeted
delivery technologies that show the potential to transform the
future of healthcare.
Highlights:
-- Commercial deal discussions concentrated towards conclusion
-- Refinement of dermatological product formula range
-- Infrastructure investment:
-- Final product formula range manufactured
-- Key commercial relationships established
-- Protection of valuable IP across global territories
Financial Highlights:
-- Financial performance for the year in line with the Board's expectations
-- Total group loss for the year: GBP1,372k (2022: GBP1,008k)
-- Operating expenses: GBP811k (2022: GBP937k)
-- Year-end cash position: GBP3k (2022: GBP295k)
-- Tight cost controls remain across a lean model
Post year end events:
On 5 April 2023, warrants issued in conjunction with the
fundraising on 31 March 2021, have been amended such that they now
expire on the 12 April 2024 and have an exercise price of 10p.
On 25 July 2023, 360,000 ordinary shares of 2p were issued at a
price of 6.95p per share to Dr Simon Ward, a Director, generating
proceeds of GBP32,000.
On 19 August 2023, the Immupharma warrants Subscription period
was extended by 12 months, to the 6 September 2024.
Simon Ward, Chief Executive Officer, commented:
"Our pursuit of the right global deal for our technologies, has
positively resulted in our formulation and delivery technologies
being greater than our original blueprint, through potential
product range, and therefore global market capacity.
Our formulators have refined and perfected our product range and
our virtual infrastructure has moved up several gears to
formulation sampling, production, branding and packaging. These are
critically strong components to securing the global potential
ahead.
I thank our team, and I want to show recognition of the faith
and belief shown by our loyal shareholders, as we look forward to
providing the market with further news."
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
For further enquiries:
Incanthera plc:
www.incanthera.com
+44 (0) 7831 675747
Tim McCarthy, Chairman
tim.mccarthy@incanthera.com
+44 (0) 7747 625506
Simon Ward, Chief Executive Officer simon.ward@incanthera.com
Suzanne Brocks, Head of Communications suzanne.brocks@incanthera.com +44 (0) 7776 234600
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
Jo Turner / Liam Murray +44 (0) 20 7213 0880
Broker:
Stanford Capital Partners Ltd
Patrick Claridge / Tom Price / John Howes / Bob Pountney +44 (0) 20 3815 8880
Notes to Editors
Incanthera is dedicated to innovative technologies in
dermatology and oncology. It seeks to identify and commercialise
inspirational therapeutics combined with uniquely targeted delivery
systems, for innovative solutions to clinical, commercially
relevant unmet needs.
The Company's current focus is a range of dermatological
applications utilising its unique formulation and delivery
technologies to meet cosmetic and clinically unmet needs. This
range will include the Company's potentially innovative topical
product for the treatment of solar keratosis and the prevention of
skin cancers. The Company is currently focussed upon delivering
this range to a commercial partner.
Originating from the Institute of Cancer Therapeutics ("ICT") at
the University of Bradford, the Company has acquired and developed
a portfolio of specific cancer-targeting therapeutics, with a
strategy to develop each candidate from initial
acquisition/discovery to commercially valuable partnerships at the
earliest opportunity in its development pathway.
For more information on the Company please visit:
www.incanthera.com
@incantheraplc
Chairman's Statement
The year under review has been one of immensely focused work, as
we aim to conclude our commercialisation goals, as promised to
Shareholders.
The management team has been working with focused determination
towards the refinement and conclusion of a potential deal that will
bring our expertise to the commercial forefront, while our
formulation experts have worked with dedication to perfect our
specialist dermatological offering to meet the global stage.
Our Business
Incanthera's mission and purpose is to provide ever better
options for more targeted, holistic care utilising its portfolio of
targeted technologies, formulation expertise and delivery systems
that now transcends across dermatology and oncology.
The primary focus of our team remains the completion of our
combined formulation and delivery technology in a product that we
aim to be the subject of a commercial deal.
Our team and partnerships of highly skilled experts have worked
to produce formulation offerings to meet effective solutions to
target disease in areas demanding solutions, delivering products
that will uniquely address clinically and commercially unmet needs.
In refining that global market-ready product, we believe we can
address identified demand within a multi-billion-dollar market.
In support of that, we have continued to utilise our
in-laboratory facilities, whilst securing and building our
professional working relationships, to support our commercial
ambitions.
The team has worked to ensure financial controls are kept
tightly controlled through a lean business model, keeping operating
costs low as we continue to preserve our cash runway, while
ensuring protection of our valuable intellectual property across
global territories, which continues to be expertly applied and
reviewed.
We continue to work with the Institute of Cancer Therapeutics
('ICT') at the University of Bradford, whose excellence in
discovering innovative oncology IP continues to introduce exciting
new developmental technologies in the global fight towards treating
and defeating cancer. Incanthera's oncology portfolio is regularly
reviewed and evaluated for commercial opportunity and partnerships.
This reflects and honours both our heritage and our future.
Our advisers continue their invaluable support in this process
and we thank them for their contribution and enhancement of our
team's work.
Our team, as always, has performed with loyalty, dedication and
sacrifice throughout this year, as we all work to deliver the
essential news that will be transformative for our company.
Outlook
It has been an important, progressive year for Incanthera, in
which we have concentrated our expertise on our product offering,
evolved existing commercial opportunities and worked hard as a team
to progress our core business for the potential ahead of us.
I would like to thank the team. Their commitment and
resourcefulness have allowed our progression towards this pivotal
moment for ongoing success.
I would also like to thank our Shareholders for their loyalty,
support, and belief in our company.
Tim McCarthy
Chairman
30 September 2023
Chief Executive's Review
Overview of Progression
Our effort towards achieving the right global deal for our
technologies has matured the direction and ambition of everyone
involved, resulting in the potential for our formulation and
delivery technologies being greater than our original
blueprint.
We are very pleased with our various discussions to enter the
global markets for our unique formulation and delivery
expertise.
The long road to that point has been a test of everyone's faith
and patience, but the team has remained true to its promise and
commitment and I thank them for their resilience.
The Year in Review
The management team has matched energy and experience with an
ability to adapt and resolve along the road towards
commercialisation.
We remain resolutely firm in successfully concluding a deal in
the short term.
While the team is firmly focused forward, the great engine of
the team that makes our products the subject of such potential
continues to deliver.
Our formulators have refined and perfected our products to meet
the market demand for currently unmet dermatology indications.
Our virtual infrastructure has also improved across this period,
and we now have in place the personnel, facilities, and
relationships to produce formulation sampling, production, branding
and packaging.
These are critical components to securing the global potential
ahead of us and I thank the individuals involved for their
advancements this year.
Alongside all of this is the essential guidance of our teams of
advisers, whose invaluable input continues to steer and protect us
as we navigate the path towards success.
We also continue to work closely with the Institute of Cancer
Therapeutics (ICT), at The University of Bradford, with a peer
reviewed paper currently on track for publication.
The Team
I am so fortunate that the core of Incanthera is a small team of
like-minded, forward-thinking individuals who have committed to
seeing the vision we set out become reality, no matter the
challenges.
They have risen to meet them head on and their individual
skillsets and personalities are the forces that ensures we remain
aligned with out ambitions, maintain the Company and prioritise the
Company's delivery.
I thank them for their strength and passion in our business.
Summary
I wish to acknowledge the limited and extended duration between
news updates at the conclusion of this year's reporting.
The actuality reflects a substantial level of activity and
progress behind the scenes, resulting in notable improvements and
refinements across our operations. I am very proud of that and the
promise it holds for our future.
I want to show recognition of the faith and belief shown by our
loyal shareholders. This does not leave us, and we strive to
deliver in everything we achieve along this journey.
We look forward to reaching our end goals and rewarding our
shareholders, supporters, and the market with further news.
Dr. Simon Ward
Chief Executive Officer
30 September 2023
Financial Review
I am pleased to present our full year results for the year to 31
March 2023.
The year has been one of strict financial control in the face of
limited financial resources as we progress towards our first
commercial deal.
The financial performance for the year ended 31 March 2023 was
in line with expectations.
Lo sses
T h e total group loss for the year was GBP1,372k (31 March
2022: GBP1,008k) including a charge for share-based compensation of
GBP149k (2022: GBP148k). Operating expenses excluding share-based
compensation reduced to GBP811k (2022: GBP937k).
Sh ar e -b a sed c om pe n sa ti o n
Accounting standards require a charge to be made against the
grant of share options and recognised in the Consolidated Statement
of Comprehensive Income. This amounted to GBP149k (2022: GBP148k)
and has no impact on cash flows.
Hea dc o u nt
Average headcount of the Group for the year was eight (2022:
six).
T a x a t i o n
T h e G r oup has ele c t e d to c l aim r e s e a r ch a nd d
ev el o pme nt tax c r e dits u n d er the s m all or m e d i um e
n t e r pr ise r e s e a r ch a nd d ev el o pme nt sc h eme of
GBP75k ( 2 0 22: GBP77k ).
Cas h fl o ws and fi n ancial po si ti on
The cash position at 31 March 2023 decreased to GBP3k (31 March
2022: GBP295k). Expenditure on development costs and recurring
general and administrative costs were offset to some extent by the
receipt of the 2022 tax credit (GBP77k). There was no further
investment income during the year and the group remains in a
pre-revenue phase.
Div i d e n d s
No dividend is recommended (2022: nil) due to the early stage of
the development of the Group.
Lo ss P er Sh ar e
The basic and diluted loss per share was 1.18p (before
exceptional costs) (2022: 1.36p).
K e y pe r fo r ma n ce ind ica tors
Key Performance Indicators include a range of financial and
non-financial measures (such as development progress). Details
about the progress of our development programmes (non- financial
measures) are included elsewhere in this Strategic Report, and
below are the other indicators (financial measures) considered
pertinent to the business.
Laur a Br odgen
Chi e f Financ ial O f ficer
30 September 2023
Consolidated Statement of Comprehensive Income
for the year ended 31 March 2023
Operating expenses Year ended Year ended
31 March 2023 31 March 2022
GBP'000 GBP'000
Operating expenses (811) (937)
Share-based compensation (149) (148)
---------------------------------------------------------------------------------------- ------------- -------------
Total operating expenses (960) (1,085)
---------------------------------------------------------------------------------------- ------------- -------------
Operating loss (pre exceptional items) (960) (1,085)
---------------------------------------------------------------------------------------- ------------- -------------
Loss on ordinary activities before taxation (960) (1,085)
---------------------------------------------------------------------------------------- ------------- -------------
Exceptional costs
---------------------------------------------------------------------------------------- ------------- -------------
Costs of issue of shares to service providers (78) -
Impairment of Intellectual Property (409) -
---------------------------------------------------------------------------------------- ------------- -------------
Operating loss (post exceptional items) (1,447) (1,085)
---------------------------------------------------------------------------------------- ------------- -------------
Loss before taxation (1,447) (1,085)
Taxation 75 77
---------------------------------------------------------------------------------------- ------------- -------------
Loss and total comprehensive expense attributable to equity holders of the parent for
the
year (1,372) (1,008)
---------------------------------------------------------------------------------------- ------------- -------------
Loss per share attributable to equity holders of the parent (pence)
Basic loss per share (pence) (1.82) (1.36)
Diluted loss per share (pence) (1.82) (1.36)
Loss per share before exceptional costs (pence) (1.18) (1.36)
---------------------------------------------------------------------------------------- ------------- -------------
Consolidated and Company Statements of Financial Position
as at 31 March 2023
Gr oup C om pa ny
-------------------------------- -------------------------------
As a t A s at As a t As a t
3 1 March 3 1 M a r ch 3 1 March 3 1 March
2023 20 22 2023 2022
GBP ' 000 GBP ' 000 GBP ' 000 GBP ' 000
------------------------------------------------ ----------------- ------------- ----------------- ------------
A ssets
N o n-cu rrent assets
P r o p e r t y , pl a nt a nd eq u ip m e nt 1 2 - -
I n t a ngib l e a s s e ts 58 538 - -
I nv estme n t s in and loans to s u bs idi a
ries - - 241 6,254
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l non-cu rrent assets 59 540 241 6,254
C u rren t assets
T rad e a nd o the r r ec e i v ab les 62 118 4 31
C u r r e n t tax r ec e i v ab le 73 75 - -
Cash a nd c ash eq u i vale n t s 3 295 1 212
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l cu rrent assets 138 488 5 243
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l assets 197 1,028 246 6,497
------------------------------------------------- ----------------- ------------- ----------------- ------------
Li ab il i ti es a n d eq u i ty
C u rren t li ab il i ties
T rad e a nd o the r p a y ab les 280 196 77 34
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l cu rrent li ab il i ties 280 196 77 34
------------------------------------------------- ----------------- ------------- ----------------- ------------
Non-current Liabilities
Convertible loan 131 - - -
Total Liabilities 411 196 77 34
E q u i t y
O r d i n a r y s h a r e s 1,528 1,482 1,528 1,482
Sh a r e p r e m i u m 5,169 5,055 5,169 5,055
R eo r g a n i s ati o n r ese r v e 2,715 2,715 - -
Warrant reserve 1,129 1,054 543 468
Other reserves 19 - - -
Sh a r e b as ed c o m p en s a t i o n 259 185 259 185
R e t ain e d ( d e fi c i t ) / p r o fi t (11,033) (9,659) (7,330) ( 727 )
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l eq u i ty a t t r ibutable to eq u i ty
ho lders of t he pa rent (214) 832 169 6,463
------------------------------------------------- ----------------- ------------- ----------------- ------------
T ot a l li ab il i ties a nd eq u i ty 197 1,028 246 6,497
------------------------------------------------- ----------------- ------------- ----------------- ------------
As permitted by s408 of the Companies Act 2006, Incanthera Plc
has not presented its own income statement. The loss for the
financial year within the financial statements of the parent
company was GBP6,603k, operating loss GBP311k (2022: GBP339k).
Consolidated Statement of Changes in Equity
for the year ended 31 March 2023
Ordinary shares Share Reorganisation Warrant Other Share based Retained Total
GBP'000 premium reserve reserveGBP'000s reservesGBP'000s compensation deficit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
Bala n ce a
t 31 M a
rch 2 0 21 1,482 5,055 2,715 1,054 - 37 (8,651) 1,691
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
T o t a l c
omp r ehens
i v e e xp
ense f or
the p e r i
od - - - - - - (1,008) (1,008)
T ra ns a c
tio n s wit
h o w n ers
Sh a r e b
as ed c om
p en s ati
o n - s h a
re o p t i
o ns - - - - - 148 - 148
T ot a l t
ra ns a c
tio ns with
o w n ers - - - - - 148 - 148
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
Bala n ce a
t 31 M a
rch 2 0 22 1,482 5,055 2,715 1,054 - 185 (9,659) 832
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
T o t a l c
omp r ehens
i v e e xp
ense f or
the p e r i
od - - - - - - (1,372) (1,372)
T ra ns a c
tio n s wit
h o w n ers
Equity
component
on
convertible
loan notes - - - - 19 - - 19
Share issue
Advisor
agreements 46 114 - - - - - 160
Sh a r e b
as ed c om
p en s ati
o n - s h a
re o p t i
o ns - - - 75 - 74 - 149
T ot a l t
ra ns a c
tio ns with
o w n ers 46 114 - 75 19 74 - 328
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
Bala n ce a
t 31 M a
rch 2 0 23 1,528 5,169 2,715 1,129 19 259 (11,033) (214)
------------ --------------- ------- -------------- --------------- ---------------- ------------ ----------- --------
Consolidated and Company Statements of Cash Flows
For the year ended 31 March 2023
Gr oup C om pa ny
-------------------------------------------- ----------------------------- ---------------------------------
Y ear Y ear Y ear Y ear
--------------------------------------------
E nded en ded e nded en ded
3 1 March 3 1 M a 3 1 March 3 1 M a
r ch r ch
2023 20 22 2023 20 22
GBP ' GBP ' 000 GBP ' GBP ' 000
000 000
-------------------------------------------- -------------- ------------- ------------------- ------------
Cas h fl o ws fr om ope r a ting a c
t i v i ties
L o s s b e f o re ta x ati on (1,447) (1,085) ( 6,603) ( 339)
D ep r eci ati o n a nd a m o r t i s
a t i on 71 118 - -
Impairment 409 - 6,400
Sh a r e b as ed c o m p en s a t i o
n 149 148 149 148
-------------------------------------------- -------------- ------------- ------------------- ------------
(818) (819) (54) ( 191 )
Chang es i n w or k ing capit al
( I nc r e as e ) / dec r e as e i n
t rade a nd o ther r ec e i v ab les 56 18 (360) (481)
I nc r e as e / ( dec r e as e ) i n
t rade a nd o ther p a y ab les 234 31 43 (26)
Cas h used i n ope r a tio ns 290 49 (371) (507)
T a x ati o n r ec e i v e d 75 110 - -
N et cash used in ope r a ting a c t
i v i ties (453) (660) (371) (698)
-------------------------------------------- -------------- ------------- ------------------- ------------
Cash flows (used in)/generated from
investing activities
Acquisition of tangible fixed assets - (2) - -
-------------------------------------------- -------------- ------------- ------------------- ------------
Net cash (used in)/generated from investing
activities - (2) - -
Cas h fl o ws fr om fina ncing a c t
i v i ties
P r o ceed s f r o m i s s ue of s h
a r es 160 - 160 -
Is s u e c os ts - - - -
-------------------------------------------- -------------- ------------- ------------------- ------------
N et cash g e n e r a ted fr om fina
ncing a c t i v i ties 160 - 160 -
-------------------------------------------- -------------- ------------- ------------------- ------------
M o v e m en ts in cash a nd cash eq
u i v a lents in t he pe ri od (292) (662) (211) (698)
-------------------------------------------- -------------- ------------- ------------------- ------------
Cash a nd c ash eq u i vale n t s at
s t a rt of p e r i od 295 957 212 910
-------------------------------------------- -------------- ------------- ------------------- ------------
Cas h a n d cash eq u i v a lents at
end of pe ri od 3 295 1 212
-------------------------------------------- -------------- ------------- ------------------- ------------
Notes to the Financial Statements
1. Basis of Preparation
The consolidated financial statements have been prepared in
accordance with UK adopted International Financial Accounting
Standards ('IFRS'), IFRIC interpretations and the Companies Act
2006 applicable to companies operating under IFRS.
The consolidated financial statements are presented in Sterling
(GBP) and rounded to the nearest GBP000. This is the predominant
functional currency of the Group and is the currency of the primary
economic environment in which it operates. Foreign transactions are
accounted in accordance with the policies set out below.
2. B a sis o f c o nsol i d a ti on
The financial statements incorporate the financial statements of
the Company and entities controlled by the Company. Control is
achieved when the Company has the power over the investee; is
exposed, or has rights, to variable return from its involvement
with the investee; and, has the ability to use its power to affect
its returns. The Company reassesses whether it controls an investee
if facts and circumstances indicate that there are changes to one
or more of the three elements of control listed above.
Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses
control of the subsidiary. Specifically, the results of
subsidiaries acquired or disposed of during the period are included
in the Consolidated Statement of Comprehensive Income from the date
the Company gains control until the date when the Company ceases to
control the subsidiary.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used
into line with the Group's accounting policies.
All intra-Group assets and liabilities, equity, income, expenses
and cash flows relating to transactions between the members of the
Group are eliminated on consolidation.
3. Going concern
As part of their going concern review the directors have
prepared detailed financial forecasts and cash flows looking beyond
12 months from the date of the approval of these financial
statements. In preparing these forecasts, the Directors have made
certain assumptions based upon their view of the current and future
economic conditions that will prevail over the forecast period.
Whilst the global economic environment continues to be
turbulent, the impact on the Group is not considered to be
substantial and the assumptions used in the forecasts are not
dependent on revenues but focused on controlled, considered spend
to meet its development and commercial objectives.
The Directors are aware of the risks and uncertainties facing
the business and the assumptions used in the forecasts are the
Directors' best estimate of the future development of the
business.
At 31 March 2023, the group had cash and cash equivalents of
GBP3k. The directors acknowledge there is a material
uncertainty.
The directors and senior management continue to be fully
supportive of the group and are mindful that cash liquidity is a
constrain, they are validating their support by deferring their
salaries for at least twelve (12) months from the date of this
report. Directors are also confirming they will not demand a
repayment of directors' loan until the business becomes
economically viable. The team is also prepared to support by
providing additional funding as when needed for the group &
companies to meet its liabilities when they fall due.
The Directors have also obtained confirmation from the loan note
holder that is their firm intention to convert.
Although the Directors are confident of entering into commercial
deal(s) in the next 12 months which will generate revenues, there
is no assumption in the forecasts of revenue income. The Directors
continue to closely control expenditure, and should the company
require additional funding prior to the receipt of revenues, then
appropriate measures will be taken, which could include a
fundraise. For these reasons, the Directors continue to adopt the
going concern basis of accounting in preparing the annual financial
statements. The financial statements do not include any adjustments
that would result from the going concern basis of preparation being
inappropriate.
Independent auditor's report to the members of Incanthera
PLC
Qualified Opinion
We have audited the financial statements of Incanthera PLC (the
'parent company') and its subsidiaries (the 'group') for the year
ended 31 March 2023 which comprise the consolidated statement of
comprehensive income, consolidated statement of financial position,
consolidated statement of changes in equity, company statement of
changes in equity, company statement of financial position,
consolidated statement of cash flows, company statement of cash
flows and notes to the financial statements, including a summary of
significant accounting policies. The financial reporting framework
that has been applied in the preparation of the group financial
statements is applicable law and UK International Financial
Reporting Standards (IFRSs). The financial reporting framework that
has been applied in the preparation of the parent company financial
statements is applicable law and UK International Financial
Reporting Standards (IFRSs), as applied in accordance with the
provision of the Companies House Act 2006.
In our opinion, except for the possible effects of the matter
described in the basis for qualified opinion section of our
report:
-- the financial statements give a true and fair view of the
state of the group's and of the parent company's affairs as at 31
March 2023 and of the group's loss for the year then ended;
-- the group financial statements have been properly prepared in
accordance with IFRSs as adopted by the United Kingdom;
-- the parent company financial statements have been properly
prepared in accordance with IFRSs as adopted by the United Kingdom
as applied in accordance with the provisions of the Companies Act
2006; and
-- the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
Basis for qualified opinion
As explained in note 3, whilst the directors have prepared the
financial statements on the going concern basis, there are material
uncertainties which may cast significant doubt over the group and
parent company's ability to continue as a going concern. Our
evaluation of the directors' assessment of the group and parent
company's ability to continue to adopt the going concern basis of
accounting included a detailed review of the Group's forecasts in
comparison to available management accounts at the date of these
financial statements to assess the reasonability of the estimates
made. We were unable to obtain sufficient evidence to support the
directors' representations about the proposed future actions
described in note 2 to provide funding or support to the group.
Consequently, we are unable to confirm whether the going concern
basis of preparation is appropriate. In addition if the going
concern basis of preparation was inappropriate, the strategic
report would also need to be amended.
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the company
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard as applied to listed entities, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
qualified opinion.
4. Loss Per Share
Basic loss per share is calculated by dividing the loss for the
period attributable to equity holders by the weighted average
number of ordinary shares outstanding during the year.
For diluted loss per share, the loss for the year attributable
to equity holders and the weighted average number of ordinary
shares outstanding during the year is adjusted to assume conversion
of all dilutive potential ordinary shares.
As at 31 March 2023, the Group had 32,219,684 (2022: 25,966,380)
share options, warrants and subscriptions outstanding which are
potentially dilutive.
T h e c a lc u l at ion o f the G r ou p 's b a s ic a nd d il u
t ed loss p er s h a re is b a s ed on the f o l l o w i ng d a t
a:
As at As at
Year ended Year ended
31 March 31 March
2023 2022
GBP'000 GBP'000
L o s s f or the y e ar att ribu t ab le to
eq ui ty hold e rs f or b asic l o ss a nd
ad j us t ed f or the eff e c ts of d il u
ti on (1,372) (1,008)
L o s s f or the y e ar att ribu t ab le to
eq ui ty hold e rs f or b asic l o ss a nd
ad j us t ed f or the eff e c ts of d il u
ti on (excl. Exceptional Costs) (885) (1,008)
As at As at
Year ended Year ended
31 March 31 March
2023 2022
GBP'000 GBP'000
Weighted average number of ordinary shares
for basic loss per share 75,211,874 74,082,871
Effects of dilution:
Share options - -
Weighted average number of ordinary shares
adjusted for the effects of dilution 75,211,874 74,082,871
As at As at
Year ended Year ended
31 March 31 March
2023 2022
Pence Pence
Loss per share - basic and diluted (1.82) (1.36)
Loss per share - before exceptional costs (1.18) (1.36)
The loss and the weighted average number of ordinary shares for
the years ended 31 March 2022 and 2023 used for calculating the
diluted loss per share are identical to those for the basic loss
per share. This is because the outstanding share options would have
the effect of reducing the loss per ordinary share and would
therefore not be dilutive under the terms of International
Accounting Standard ('IAS') No 33.
4. Dividend
No dividend is recommended (2022: nil) due to the early stage of
the development of the business.
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