TIDMINC
RNS Number : 5249X
Incanthera PLC
21 December 2023
21 December 2023
Incanthera plc
("Incanthera" the "Company")
Half-yearly results for the six months ended 30 September
2023
Incanthera plc (AQSE:INC), the company specially focussed on
innovative technologies in dermatology and oncology presents its
interim results for the six months ended 30 September 2023.
The period under review has seen the Company's activity
concentrate on moving its first commercial deal to completion.
Following the period end, Incanthera is pleased to have
announced, on 18 December 2023, a commercial skincare deal for
Incanthera's dermatological technologies with Marionnaud, part of
the world's largest health, beauty and lifestyle brand retailer
A.S. Watson Group ("AS Watson").
The post-balance sheet event of the commercial skincare deal is
expected to transform Incanthera into a company with significant
revenues and profits, generating free cash flow from roll out in Q2
2024.
In conjunction with announcement of the commercial deal, the
Company also announced an institutional led Subscription and
Conversion for GBP1 million with investment coming from new and
existing institutional investors which was oversubscribed and
undertaken at a premium to the mid-market price.
The fundraise also provides the Company with sufficient working
capital to fund the manufacturing of the initial launch orders.
Once trading in its products starts, the Company intends to issue
regular trading updates regarding revenue generation and the
financial position of the company as the roll out of the commercial
deal takes effect in 2024.
Therefore these half- yearly results presented are not expected
to be indicative of the company's financial performance for the
financial year starting in April 2024.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of Incanthera accept responsibility for this
announcement.
For further information, please contact:
Incanthera plc
www.incanthera.com
Tim McCarthy, Chairman
tim.mccarthy@incanthera.com +44 (0) 7831 675747
Simon Ward, Chief Executive Officer
simon.ward@incanthera.com +44 (0) 7747 625506
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 / Bob Pountney +44 (0) 20 3650 3650/51
Notes to Editors
Incanthera is a specialist company focused on transformative
treatment technologies in oncology and dermatology. It seeks to
identify and develop innovative solutions to current clinical,
commercially relevant unmet needs, utilising new technology from
leading academic institutions and industry, combined with
Incanthera's unique targeting delivery platform.
The Company's current focus is a range of dermatological
applications utilising its unique formulation and delivery
technologies to meet currently unmet needs in the skincare
market.
The Company has developed sophisticated formulation and
targeting technology platforms to address previously unavailable
options across dermatology and oncology. These deliver treatments
specifically to a disease site, reducing side effects whilst
enabling higher doses to reach a target and therefore increase
efficacy.
The Company originated from the Institute of Cancer Therapeutics
("ICT") at the University of Bradford and has acquired and
developed a portfolio of specific targeting therapeutics through
both a Pipeline Agreement with the ICT and via other corporate
acquisitions and partnerships. Incanthera's strategy is to develop
each candidate in the portfolio from initial acquisition or
discovery to securing its future through commercially valuable
partnerships at the earliest opportunity in its development
pathway.
Incanthera's Board and management possess a broad range of
commercial, scientific, and public company experience. In addition,
Incanthera benefits from a diverse, experienced team of advisers
who cover the necessary range of specialities required for all
aspects of the Company's business and has several beneficial
collaborative relationships with both clinicians and clinical
centres.
For more information on the Company please visit:
www.incanthera.com
@incantheraplc
Incanthera plc
HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2023
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2023 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2023
2023 2022
GBP'000 GBP'000 GBP'000
Notes Unaudited Unaudited Audited
--------------------------------------- ------ -------------- -------------- -----------
Operating expenses (587) (486) (811)
Share-based compensation 4 (28) (25) (149)
Total operating expenses (615) (511) (960)
Operating loss (pre-exceptional
items) (615) (511) (960)
Loss on ordinary activities before
taxation (615) (511) (960)
Exceptional costs
Cost of issue of shares to service
providers - - (78)
Impairment of Intellectual Property - - (409)
Operating loss (post exceptional
items) (615) (511) (1,447)
Loss before taxation (615) (511) (1,447)
Taxation - - 75
--------------------------------------- ------ -------------- -------------- -----------
Loss and total comprehensive expense
attributable to equity holders for
the period (615) (511) (1,372)
--------------------------------------- ------ -------------- -------------- -----------
Loss per share attributable to equity
holders of the parent (pence) 3
--------------------------------------- ------ -------------- -------------- -----------
Basic loss per share (pence) (0.80) (0.69) (1.82)
Diluted loss per share (pence) (0.80) (0.69) (1.82)
Loss per share before exceptional
costs (pence) (0.80) (0.69) (1.18)
--------------------------------------- ------ -------------- -------------- -----------
Consolidated Statement of Financial Position
as at 30 September 2023 - unaudited
As at As at As at 31
30 September 30 September March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Notes Unaudited Unaudited Audited
------------------------------- ------ -------------- -------------- ---------
ASSETS
Non-current assets
Property, plant and equipment 1 1 1
Intangible assets 58 409 58
-------------------------------- ------ -------------- -------------- ---------
Total non-current assets 59 410 59
Current assets
Trade and other receivables 33 115 62
Current tax receivable 73 77 73
Cash and cash equivalents (4) 28 3
-------------------------------- ------ -------------- -------------- ---------
Total current assets 102 220 138
Total assets 161 630 197
-------------------------------- ------ -------------- -------------- ---------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 633 202 280
Total current liabilities 633 202 280
Non-current liabilities
Convertible loan 195 - 131
-------------------------------- ------ -------------- -------------- ---------
Total liabilities 828 202 411
Equity
Ordinary shares 5 1,556 1,528 1,528
Share premium 5,239 5,057 5,169
Reorganisation reserve 2,715 2,715 2,715
Warrant reserve 1,129 1,088 1,129
Other reserves 55 - 19
Share based compensation 287 210 259
Retained deficit (11,648) (10,170) (11,033)
-------------------------------- ------ -------------- -------------- ---------
Total equity attributable
to equity holders of the
parent (667) 428 (214)
Total liabilities and equity 161 630 197
-------------------------------- ------ -------------- -------------- ---------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2023 - unaudited
Share Share Merger Warrant Other Share based Accumulated
capital premium reserve reserve reserves compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
1 April 2023 1,528 5,169 2,715 1,129 19 259 (11,033) (214)
Total comprehensive
expense for
the period - - - - - - (615) (615)
Transactions
with owners
Equity investment 28 70 - - - - - 98
Equity component
on convertible
loan notes - - - - 36 - - 36
Share-based
compensation
- share options - - - - - 28 - 28
Total transactions
with owners 28 70 - - 36 28 - 162
--------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
30 September
2023 1,556 5,239 2,715 1,129 55 287 (11,648) (667)
--------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Share Share Merger Warrant Other Share based Accumulated
capital premium reserve reserve reserves compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
1 April 2022 1,482 5,055 2,715 1,054 - 185 (9,659) 832
Total comprehensive
expense for
the period - - - - - - (511) (511)
Transactions
with owners
Share-based
compensation
- creditor
non-cash settlement 46 36 - - - - - 82
Share-based
compensation
- warrants - (34) - 34 - - - -
Share-based
compensation
- share options - - - - 25 - 25
Total transactions
with owners 46 2 - 34 - 25 - 25
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
30 September
2022 1,528 5,057 2,715 1,088 - 210 (10,170) 428
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Share Share Merger Warrant Other Share based Accumulated
capital premium reserve reserve reserves compensation losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000s GBP'000 GBP'000 GBP'000
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
1 April 2022 1,482 5,055 2,715 1,054 - 185 (9,659) 832
Total comprehensive
expense for
the period - - - - - - (1,372) (1,372)
Transactions
with owners
Equity component
on convertible
loan notes - - - - 19 - - 19
Share issue
- advisor agreements 46 114 - - - - - 160
Share-based
compensation
- share options - - - 75 - 74 - 149
Total transactions
with owners 46 114 - 75 19 74 - 328
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
Balance at
31 March 2023 1,528 5,169 2,715 1,129 19 259 (11,033) (214)
---------------------- --------- --------- --------- --------- ---------- -------------- ------------ --------
The registered number of Incanthera plc is 11026926.
Consolidated Statement of Cash Flows
for the six months ended 30 September 2023 - unaudited
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2023
2023 2022
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
----------------------------------------- -------------- -------------- -----------
Cash flows from operating activities
Loss before taxation for the period (615) (511) (1,447)
Depreciation and amortisation - 130 71
Impairment - - 409
Share-based compensation 28 25 149
------------------------------------------ -------------- -------------- -----------
(587) (356) (818)
Changes in working capital
Decrease in trade and other receivables 29 3 56
Increase in trade and other payables 453 6 234
Creditor non-cash settlement - 82 -
Cash used in operations 482 91 290
Taxation received - (2) 75
------------------------------------------ -------------- -------------- -----------
Net cash used in operating activities (105) (267) (453)
------------------------------------------ -------------- -------------- -----------
Cash flows from financing activities
Proceeds from issue of shares 98 - 160
Net cash generated from financing
activities 98 - 160
Movements in cash and cash equivalents
in the period (7) (267) (292)
------------------------------------------ -------------- -------------- -----------
Cash and cash equivalents at start
of period 3 295 295
------------------------------------------ -------------- -------------- -----------
Cash and cash equivalents at end
of period (4) 28 3
------------------------------------------ -------------- -------------- -----------
1. GENERAL INFORMATION
Incanthera plc ('the Company') is a public limited company
incorporated in England and Wales and was admitted to trading on
the AQSE Growth Market (formerly NEX Exchange), under the symbol
INC on 28 February 2020.
The address of its registered office is 76 King Street,
Manchester, England, M2 4NH and the registered company number is
11026926. The principal activity of the Company is clinical stage
drug development.
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
('IFRS') as adopted by the United Kingdom, IFRIC interpretations
and the Companies Act 2006 applicable to companies operating under
IFRS.
The consolidated financial statements have been prepared under
the historical cost convention modified by the revaluation of
certain financial instruments.
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.
The consolidated financial statements have not been reviewed by
the Groups auditors.
Significant management judgement in applying accounting policies
and estimation uncertainty
When preparing the condensed consolidated half-yearly financial
information, the Directors make a number of judgements, estimates
and assumptions about the recognition and measurement of assets,
liabilities, income and expenses.
The following are significant management judgements and
estimates in applying the accounting policies of the Group that
have the most significant effect on the condensed consolidated
half-yearly financial information. Actual results may be
substantially different.
Research and development expenditure
Careful judgement by the Directors is applied when deciding
whether the recognition requirements for development costs have
been met. This is necessary as the economic success of any product
development is uncertain until such time as technical viability has
been proven and commercial supply agreements are likely to be
achieved. Judgements are based on the information available at each
reporting date which includes the progress with testing and
certification and progress on, for example, establishment of
commercial arrangements with third parties. In addition, all
internal activities related to research and development of new
products are continuously monitored by the Directors.
3. 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 period.
For diluted loss per share, the loss for the period attributable
to equity holders and the weighted average number of ordinary
shares outstanding during the period is adjusted to assume
conversion of all dilutive potential ordinary shares. As the effect
of the share options would be to reduce the loss per share, the
diluted loss per share is the same as the basic loss per share.
The calculation of the Group's basic and diluted loss per share
is based on the following data:
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
Unaudited unaudited Audited
------------------------------------------- --------------- --------------- -----------
Loss for the period attributable
to equity holders for basic loss
and adjusted for the effects of dilution (615) (511) (1,372)
Loss for the period attributable
to equity holders for basic loss
and adjusted for the effects of dilution
(excl. Exceptional Costs) (615) (511) (885)
------------------------------------------- --------------- --------------- -----------
As at As at As at
30 September 30 September 31 March
2023 2022 2023
Number Number Number
Unaudited unaudited Audited
------------------------------------------- --------------- --------------- -----------
Weighted average number of ordinary
shares 77,242,219 74,120,611 75,211,874
Weighted average number of ordinary
shares adjusted for the effects of
dilution 77,242,219 74,120,611 75,211,874
------------------------------------------- --------------- --------------- -----------
Pence Pence Pence
------------------------------------------- --------------- --------------- -----------
Loss per share - basic and diluted (0.80) (0.69) (1.82)
Loss per share - before exceptional
costs (0.80) (0.69) (1.18)
------------------------------------------- --------------- --------------- -----------
4. SHARE-BASED PAYMENTS
As at the end of the current period, the reconciliation of share
option scheme movements is as follows:
As at 30 September
2022
Number WAEP
Pence
------------------------------------ ------------ --------
Outstanding at 1 April 2023 5,975,000 11.78
Granted during the period - -
Exercised during the period - -
Lapsed/cancelled during the period - -
------------------------------------ ------------ --------
Outstanding at 30 September 2023 5,975,000 11.78
------------------------------------ ------------ --------
During the six month period ended 30 September 2023, a
share-based payment charge of GBP27,763 (2022: GBP24,631) was
expensed to the consolidated Statement of Comprehensive Income.
The fair values of the options granted have been calculated
using a Black-Scholes model.
5. ISSUED CAPITAL AND RESERVES
Ordinary shares
Company
Number of Shares Share Capital (GBP'000)
---------------- -----------------------
At 31 March 2023 76,385,028 1,528
---------------- -----------------------
At 30 September 2023 77,824,166 1,556
---------------- -----------------------
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.
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END
IR TMBRTMTBTBRJ
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December 21, 2023 02:00 ET (07:00 GMT)
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