TIDMETX
RNS Number : 3275R
e-Therapeutics plc
26 October 2023
e-therapeutics plc
("e-therapeutics" or "ETX" or the "Company")
Interim results for the six months to 31 July 2023
Six months of progress with positive proof-of-concept data
generated with lead GalOmic (TM) RNAi assets in cardiometabolic
disease and haemophilia
Continued integration of generative artificial intelligence into
HepNet (TM)
London, UK, 26 October 2023 - e-therapeutics plc (AIM: ETX;
OTCQX; ETXPF), a company integrating computational power and
biological data to discover life-transforming RNAi medicines,
announces its unaudited interim results for the six months to 31
July 2023.
Operational Highlights
á Continued growth and rapid advancement of GalOmic (TM) RNAi
therapeutics against target genes discovered using our HepNet (TM)
computational platform, including preclinical programs in
cardiometabolic and metabolic disease, haemophilia, and two further
undisclosed programs.
á Generated positive proof-of-concept data for ETX-291 in
cardiometabolic disease and ETX-148 in haemophilia, demonstrating
disease-modifying potential of HepNet (TM) identified targets.
á Increased pool of novel targets identified and assessed in
silico by HepNet (TM) , ensuring a continual supply of in-house
preclinical programs and a variety of partnering opportunities
spanning a broad range of therapeutic areas.
á C ontinued validation of HepNet (TM) , including our
hepatocyte-specific knowledge graph, proprietary target
identification approaches, and siRNA (short interfering RNA)
construct design capabilities.
á Advanced projects developing and implementing generative
artificial intelligence ("AI") including large language models
("LLMs") across ETX processes and systems, further enhancing
computational capabilities, and transforming HepNet (TM) into a
dynamic knowledge resource.
á Continued expansion of AI approaches, enabling the
transformation of siRNA construct design and selection to reduce
timelines and associated costs dramatically.
á Sustained intellectual property ("IP") activity continued,
with priority forming patent applications filed on three new
inventions, and consolidated international filing programs for
eight inventions, all arising from the Company's proprietary
GalNAc-siRNA technology, GalOmic (TM) .
á Strong progress made in immuno-oncology collaboration with
iTeos Therapeutics, Inc. ("iTeos"), with continued delivery against
pre-agreed milestones.
Post Period Highlights
á Effective 20 September 2023, Timothy Bretherton assumed the
role of Chief Financial Officer (non-board). Michael Bretherton
stepped down from his role as interim CFO and will now focus on his
role as a Non-Executive Director of the Company.
Financial Highlights
á Revenue of GBP0.2 million (H1 2022: GBP0.3 million)
á R&D spend of GBP5.3 million (H1 2022: GBP3.1 million)
á Operating loss for the period of GBP7.0 million (H1 2022 loss: GBP4.6 million)
á Loss after tax for the period of GBP5.6 million (H1 2022 loss: GBP3.8 million)
á Cash and cash equivalents as at 31 July 2023 of GBP24.8
million (31 January 2023: GBP31.7 million)
á R&D tax credit receivable as at 31 July 2023 of GBP2.5
million (31 January 2023: GBP1.5 million)
á Headcount (excluding Non-Executive Directors) as at 31 July
2023 of 34 (31 January 2023: 38)
Ali Mortazavi, Chief Executive Officer of e-therapeutics,
commented:
"Despite a severe macroeconomic climate, we have made
significant progress during the past six months. It is a tribute to
our team that we have been able to translate our computational
analyses into tangible assets, generating compelling preclinical
data at a fraction of the R&D spend of any competitor. We look
forward to showcasing additional data from our preclinical pipeline
in the near future.
"It has only been six months since we began incorporating
generative AI into our processes and projects, but the significant
impact of these technologies throughout ETX is already apparent.
Through this work, we continue to address directly the long,
expensive, and risky product lifecycle of drug discovery,
solidifying ourselves as one of the leading companies in the
emerging TechBio sector. A year ago, generative AI technologies did
not exist. Now, we are integrating them into every aspect of our
drug development process, allowing us to develop our
life-transforming RNAi medicines at pace. As we continue to
leverage the most cutting-edge computation, I look forward to the
future with confidence."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
e-therapeutics plc
Ali Mortazavi, CEO Tel: +44 (0)1993 883
Timothy Bretherton, CFO 125
www.etherapeutics.co.uk
------------------------------------------------ -------------------------
SP Angel Corporate Finance LLP Tel: +44(0)20 3470
0470
Nominated Adviser and Broker
Matthew Johnson/Harry Davies-Ball (Corporate
Finance)
Vadim Alexandre/Rob Rees (Corporate Broking)
------------------------------------------------ -------------------------
About e-therapeutics plc
e-therapeutics plc ("ETX") integrates computational power and
biology information to discover life-transforming RNAi medicines.
The Company's technology uses computation to capture and model
human biology, identify novel targets, and develop RNAi medicines
against those targets that can be rapidly progressed to the
clinic.
ETX's proprietary HepNet (TM) platform enables the generation
and analysis of biological network models, providing a novel and
mechanistic approach to drug discovery. This approach explicitly
considers the true complexity of biology to make more reliable
predictions from large complex data sets and ETX's proprietary
hepatocyte knowledgebase - the world's most comprehensive and
integrated hepatocyte-centric data resource. The Company generates,
prioritises, and tests millions of hypotheses in silico to identify
better therapeutic targets with higher confidence.
GalOmic (TM) , ETX's proprietary RNAi platform, enables targeted
delivery to hepatocytes in the liver and the specific silencing of
novel disease-associated genes, identified by HepNet (TM) . The
focus on hepatocytes offers the opportunity to tackle a wide
variety of diseases. The liver is a highly metabolically active
organ which performs a key role in many biological processes and
vital functions crucial for human health. ETX's GalOmic (TM)
constructs have demonstrated compelling in vivo performance in
terms of depth of gene silencing and duration of action.
The Company is progressing a pipeline of first-in-class RNAi
candidates across a variety of therapeutic areas with high unmet
need, including preclinical programs in cardiometabolic and
metabolic diseases, haemophilia, and other undisclosed indications
. ETX has also partnered with biopharma companies such as Novo
Nordisk, Galapagos NV and iTeos Therapeutics using its
computational network biology approach across a diverse range of
drug discovery projects.
The Company is based in London, UK and listed on the Alternative
Investment Market of the London Stock Exchange ("AIM"), with ticker
symbol ETX. e-therapeutics is also traded on the OTCQX Best Market
(OTCQX) in the United States, under ticker symbol ETXPF.
Chief Executive's Statement
During the past six months, we have concluded the successful
transition into a proven RNAi biotech company. Our lead assets in
cardiometabolic disease and haemophilia have progressed to
preclinical proof-of-concept experiments, validating our HepNet
(TM) computational platform, our GalOmic (TM) chemistry platform,
and delivering proof in support of our goal of Computing the Future
of Medicine (TM) .
While we continue to build our in-house pipeline of assets, we
are progressing HepNet (TM) into the central nexus within
e-therapeutics. By leveraging generative artificial intelligence
("AI") and large language model ("LLM") advances, we have built on
the validated technology and data resources in HepNet-- and are
beginning to unlock next-level predictive power in a truly seamless
system. This transformation will continue to deliver novel
therapeutics at an unprecedented scale, increasing the pace of
target identification and dramatically reducing the time and cost
of developing life-transforming medicines.
GalOmic (TM) RNAi Platform and Continued Execution of
Therapeutic Pipeline
We continue to progress our therapeutic pipeline, with five
assets currently in preclinical studies across a range of
therapeutic areas, including cardiometabolic disease and
haemophilia. During the past six months, we have generated positive
proof-of-concept data for ETX-291 in cardiometabolic disease and
ETX-148 in haemophilia, underscoring the robustness of the GalOmic
(TM) platform and validating HepNet (TM) 's ability to identify
novel genes with therapeutic potential. These proof-of-concept data
are underpinned by the silencing profile of our siRNA platform.
GalOmic (TM) constructs have demonstrated potent and durable
knockdown of target mRNA expression of therapeutically relevant
targets in vivo, supporting infrequent dosing.
ETX-291 for the Treatment of Cardiometabolic Disease
Cardiometabolic diseases are a leading cause of death and
encompass multiple conditions including obesity, cardiovascular
disease, and Type 2 diabetes. ETX-291 targets a gene with human
genetic evidence of disease-modifying benefit. In preclinical
studies in a representative disease model, ETX-291 impacts multiple
cardiometabolic disease drivers resulting in a pleiotropic benefit
and highlighting its potential to treat a broad range of
cardiometabolic indications.
ETX-148 for the Treatment of Haemophilia
ETX-148 is our preclinical pan-haemophilia asset. We have
generated data that suggests it is safe, effective, and able to
address a key remaining unmet need in haemophilia: protection from
joint bleeds. Histological data from a preclinical joint bleed
model suggests ETX-148 can protect against bleed-induced joint
damage. Importantly, this protection is achieved without an
increased risk of thrombosis, which has been characterised in a
variety of safety experiments.
ETX-291 and ETX-148 are due to complete preclinical
proof-of-concept studies by the end of the year and we are looking
forward to presenting further details of our preclinical data
packages in the near future. Additionally, we continue to add to
our pool of novel targets, ensuring our early pipeline is populated
and generating additional partnering opportunities.
Non-dilutive funding opportunities via collaborations and
partnerships remain a key component of the Company's strategy.
Successfully demonstrating preclinical proof-of-concept for our
first RNAi assets is fuelling partnering and out-licensing
conversations both for individual assets and platform access,
striking a balance between preclinical assets to partner and assets
that we will progress to early clinical trials to reach a more
significant value inflection point.
HepNet-- and Integration of Large Language Models
We continue to strengthen, innovate, and validate HepNet (TM) ,
the most comprehensive hepatocyte data and analytics resource in
the world. This has included the generation of positive
proof-of-concept data for our in-house GalOmic (TM) pipeline
programs, validating HepNet (TM)' s ability to reliably identify
novel gene targets and design potent siRNA constructs. Furthermore,
we have continued to expand our knowledgebase, initiating
partnerships that will provide access to proprietary data assets
that will support disease-related process and target discovery.
We are fully embracing generative AI and LLMs by creating
specialised LLM "agents" and transforming HepNet (TM) into a
dynamic knowledge resource. Over the past six months, this
ambitious agenda has driven design and development of
infrastructure and model development and refinement. Over the
coming months it will deliver a unifying framework driving every
aspect of our pipeline, solidifying e-therapeutics' position as a
global leader in AI-driven drug development.
Our projects include our "Straight to In Vivo" efforts, which
will allow us to bypass in vitro screening and move straight to in
vivo models. This will dramatically reduce timelines and costs
associated with identifying optimal siRNA constructs to silence any
hepatocyte-expressed target gene. We ultimately aim to create a
robust pipeline and business model leveraging the full potential of
Generative AI and LLM to continue breaking new ground in drug
discovery, creating novel therapeutics, and improving patient
outcomes.
Intellectual Property
The Company continues to execute its very active IP strategy
that is indicative of both the high volume of novel innovations
being generated and the critical importance ETX attributes to
protecting its inventions. The patent applications filed over the
period 31 January 2023 to 31 July 2023 cover eleven inventions
arising from the Company's innovation around novel target ideas,
novel siRNA therapeutics, and novel siRNA chemistries.
Partnerships and Collaborations
We continue to deliver on our collaboration with iTeos
Therapeutics, leveraging our unique computational methodology to
enable the discovery of highly differentiated novel immuno-oncology
therapeutics. The work is progressing well against pre-defined
plans and milestones, successfully passing decision gates. As well
as receiving near-term cash payments material to the revenue of the
Company, we are eligible to receive undisclosed milestone payments
through preclinical and clinical development, in addition to
regulatory milestones, per programme.
Organisation
ETX continues to invest in and attract leading industry talent,
adding to an existing world class multi-disciplinary team of
experts in computational biology and RNAi therapeutics. This is
exemplified by our recent hires in the USA, driven by our desire to
hire the best talent and resulting in a lean presence on the East
Coast, a major biotech hub.
The team has worked hard to deliver the progress highlighted in
this statement and I should like to thank them for their continued
commitment and dedication in helping ETX to deliver on its strategy
and key objectives.
At a Board level, there is an open position for an additional
independent NED to broaden the Board experience further and adhere
to best practice corporate governance guidelines.
Post Period
On 20 September 2023, ETX announced that Michael Bretherton had
stepped down from his role as interim CFO and will now focus on his
role as a Non-Executive Director of the Company. Timothy
Bretherton, Director of Finance and Operations, assumed the CFO
role (non-board) with immediate effect.
Outlook
Despite a severe macroeconomic climate, we have made significant
progress during the past six months. It is a tribute to our team
that we have been able to translate our computational analyses into
tangible assets, generating compelling preclinical data at a
fraction of the R&D spend of any competitor. We look forward to
showcasing additional data from our preclinical pipeline in the
near future.
It has only been six months since we began incorporating
generative AI into our processes and projects, but the significant
impact of these technologies throughout ETX is already apparent.
Through this work, we continue to address directly the long,
expensive, and risky product lifecycle of drug discovery,
solidifying ourselves as one of the leading companies in the
emerging TechBio sector. A year ago, generative AI technologies did
not exist. Now, we are integrating them into every aspect of our
drug development process, allowing us to develop our
life-transforming RNAi medicines at pace. As we continue to
leverage the most cutting-edge computation, I look forward to the
future with confidence.
Ali Mortazavi
Chief Executive Officer
Financial Review
Period end cash of GBP24.8m and operating loss of GBP7.0m in H1,
FY2024.
The Company continues to manage the underlying cash burn
carefully whilst focusing on the development of ETX engineered
large language models ("LLMs") to enhance and expand our
computational capabilities leading to development of multiple
preclinical assets across a variety of therapeutic areas with unmet
medical needs.
Revenue
The Company reached another milestone with iTeos in May this
year, resulting in the recognition of GBP0.2 million of revenue (H1
2022: GBP0.3 million including remaining Galapagos milestone). This
collaboration is focusing on the discovery of novel therapeutic
approaches and targets in immuno-oncology. The last phase of this
project is underway and is expected to be completed during Q1 of
FY2025.
Research and Development
R&D expenditure in H1 2023 increased to GBP5.3 million (H1
2022: GBP3.1 million). This mainly reflects an increase in
outsourced CRO costs to progress the execution of preclinical
targets, together with additional cost in relation to our
computational and RNAi platforms and associated patent
applications. Through increased expenditure, we have made
compelling advancements in our goal of Computing the Future of
Medicine (TM) .
During H2, we are expecting a further increase in R&D costs
as we continue to focus on the development of our LLMs, alongside
progressing the execution of preclinical targets and growing our
in-house pipelines across a variety of therapeutic areas.
General and Administrative Expenses
General and administrative expenses have remained broadly
in-line with the prior half year and amounted to GBP1.8 million (H1
2022: GBP1.7 million). We continue to monitor and control these
costs closely to ensure maximum cash availability for R&D
expenditure to help us accomplish our mission to discover
life-transforming RNAi medicines.
R&D tax credits and loss for the half year
The income statement includes an R&D tax credit of GBP1.0
million (H1 2022: GBP0.7 million) in relation to the current year,
bringing down the loss after tax for the half year to GBP5.6
million (H1 2022: GBP3.8 million). The increase in tax credit from
the prior half year reflects the increase in qualifying R&D
spend in the period.
Cash flow
Cash as at 31 July 2023 stood at GBP24.8 million, which is
GBP6.8 million lower than the start of the year. The reduction
reflects an operating cash outflow of GBP6.6 million, net of
non-cash share-based employee option charges, depreciation and
amortisation, coupled with working capital outflows of GBP0.2
million, property lease liability payments of GBP0.2 million and
purchase additions of GBP0.1 million to fixed and intangible
assets, partially offset by interest income receipts of GBP0.3
million. Cash balances are expected to benefit by a cash receipt of
GBP1.5 million in the last quarter of the current financial year in
respect of the R&D tax credit relating to FY2023.
Financial Outlook
Our current expectations for the underlying cash burn in the
second half of the financial year will be higher than that incurred
in H1 2023. This is due to our planned increase in R&D spend to
continue the expansion of our AI capabilities and progress the
identification and execution of preclinical targets, together with
sustaining our active IP strategy as novel inventions are
generated.
INCOME STATEMENT FOR THE PERIODED 31 JULY 2023
---------------------------------------------------------------------------------------------------
6 months
6 months ended ended 31 Year ended
31 July 2023 July 2022 31 January
2023
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 160 295 475
Cost of sales - - -
-------------------------------------- ---------------- -------------------- -------------------
Gross profit 160 295 475
Research and development expenditure (5,324) (3,123) (7,224)
Administrative expenses (1,806) (1,727) (3,490)
-------------------------------------- ---------------- -------------------- -------------------
Operating loss (6,970) (4,555) (10,239)
Interest income 343 46 490
Interest expense (4) (12) (23)
-------------------------------------- ---------------- -------------------- -------------------
Loss before tax (6,631) (4,521) (9,772)
Taxation 1,037 709 1,498
-------------------------------------- ---------------- -------------------- -------------------
Loss for the period/year attributable
to equity holders of the Company (5,594) (3,812) (8,274)
-------------------------------------- ---------------- -------------------- -------------------
Loss per share: basic and diluted (0.97)p (0.74)p (1.54)p
-------------------------------------- ---------------- -------------------- -------------------
STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 JULY
2023
-----------------------------------------------------------------------------------
Year ended
6 months ended 6 months ended 31 January
31 July 2023 31 July 2022 2023
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Loss for the period (5,594) (3,812) (8,274)
Other comprehensive income - - -
--------------------------------- ---------------- ---------------- ------------
Total comprehensive income for
the period/year attributable to
equity
holders of the Company (5,594) (3,812) (8,274)
--------------------------------- ---------------- ---------------- ------------
STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED 31 JULY
2023
----------------------------------------------------------------------------------------------
Share capital Share Retained
premium earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
As at 1 February 2022 515 99,243 (72,032) 27,726
Total comprehensive income for
the period
Loss for the period - - (3,812) (3,812)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period - - (3,812) (3,812)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares - 8 - 8
Equity-settled share-based payment
transactions - - 196 196
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners - 8 196 204
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 July 2022 515 99,251 (75,648) 24,118
Total comprehensive income for
the period
Loss for the period - - (4,462) (4,462)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period (4,462) (4,462)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares 67 13,362 - 13,429
Equity-settled share-based payment
transactions - - (41) (41)
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners 67 13,362 (41) 13,388
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 January 2023 582 112,613 (80,151) 33,044
Total comprehensive income for
the period
Loss for the period - - (5,594) (5,594)
---------------------------------------- ---------------- ------------- ---------- -------
Total comprehensive income for
the period - - (5,594) (5,594)
Transactions with owners, recorded
directly in equity
Issue of ordinary shares 1 21 - 22
Equity-settled share-based payment
transactions - - 59 59
---------------------------------------- ---------------- ------------- ---------- -------
Total contributions by and distribution
to owners 1 21 59 81
---------------------------------------- ---------------- ------------- ---------- -------
As at 31 July 2023 583 112,634 (85,686) 27,531
---------------------------------------- ---------------- ------------- ---------- -------
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2023
-------------------------------------------------------------------------------------
31 July 31 July 31 January
2023 2022 2023
Note (un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 301 182 239
Property, plant and equipment 175 617 400
------------------------------ --- ------------------- ------------- ------------
476 799 639
------------------------------ --- ------------------- ------------- ------------
Current assets
Tax receivable 2,537 2,184 1,500
Trade and other receivables 302 192 259
Prepayments 647 563 553
Cash and cash equivalents 24,845 21,561 31,689
28,331 24,500 34,001
------------------------------ --- ------------------- ------------- ------------
Total assets 28,807 25,299 34,640
------------------------------ --- ------------------- ------------- ------------
Current liabilities
Trade and other payables 1,186 687 1,301
Lease Liability 90 405 295
Contract liabilities - - -
------------------------------ --- ------------------- ------------- ------------
1,276 1,092 1,596
------------------------------ --- ------------------- ------------- ------------
Non-current liabilities
Lease Liability - 89 -
------------------------------ --- ------------------- ------------- ------------
Total liabilities 1,276 1,181 1,596
------------------------------ --- ------------------- ------------- ------------
Net assets 27,531 24,118 33,044
------------------------------ --- ------------------- ------------- ------------
Equity
Share capital 2 583 515 582
Share premium 112,634 99,251 112,613
Retained earnings (85,686) (75,648) (80,151)
------------------------------ --- ------------------- ------------- ------------
Total equity attributable to
equity
holders of the Company 27,531 24,118 33,044
------------------------------ --- ------------------- ------------- ------------
CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 JULY 2023
6 months ended 6 months ended Year ended
31 July 31 July 31 January
2023 2022 2023
(un audited) (un audited) (audited)
GBP'000 GBP'000 GBP'000
Loss for the period/year (5,594) (3,812) (8,274)
Adjustments for:
Depreciation, amortisation and impairment 271 242 468
Loss on disposal of fixed assets - - 10
Interest income (343) (46) (490)
Interest expense 4 12 23
Equity-settled share-based payment
expenses 59 196 155
Taxation (1,037) (709) (1,522)
-------------------------------------------- ------------ ---------------- ------------
Operating cash flows before movements
in working capital (6,640) (4,117) (9,630)
(Increase)/Decrease in trade and
other receivables (137) (19) (75)
Increase/(Decrease) in trade and
other payables (110) (608) 198
Tax received - - 1,496
-------------------------------------------- ------------ ---------------- ------------
Net cash from operating activities (6,887) (4,744) (8,011)
-------------------------------------------- ------------ ---------------- ------------
Interest received 343 46 490
Interest paid (4) (12) (23)
Acquisition of property, plant and
equipment (5) (51) (68)
Acquisition of other intangible
assets (103) (83) (142)
Movement in short term investments - 15,051 15,051
-------------------------------------------- ------------ ---------------- ------------
Net cash from investing activities 231 14,951 15,308
-------------------------------------------- ------------ ---------------- ------------
Net proceeds from issue of share
capital 22 8 13,437
Payments under lease liabilities - - -
Repayment of lease liability (210) - (391)
-------------------------------------------- ------------ ---------------- ------------
Net cash from financing activities (188) 8 13,046
-------------------------------------------- ------------ ---------------- ------------
Net decrease in cash and cash equivalents (6,844) 10,215 20,343
Cash and cash equivalents at the
beginning of the period/year 31,689 11,346 11,346
-------------------------------------------- ------------ ---------------- ------------
Cash and cash equivalents at the
end of the period/year 24,845 21,561 31,689
-------------------------------------------- ------------ ---------------- ------------
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise
statutory accounts as defined within section 434 of the Companies
Act 2006. The Company is a public limited company; it is listed on
the London Stock Exchange's AIM market and is incorporated and
domiciled in the United Kingdom. The address of its registered
office is 4 Kingdom Street, Paddington, London, W2 6BD, UK.
Statutory accounts for the year ended 31 January 2023 were
approved by the Board of Directors on 4 May 2023 and delivered to
the Registrar of Companies. The report of the Auditor on the
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006.
While this interim statement, which is neither audited nor
reviewed, has been prepared in accordance with the recognition and
measurement criteria of international accounting standards in
conformity with the requirements of the Companies Act 2006 this
announcement does not in itself contain sufficient information to
comply with IFRS. It does not include all the information required
for the full annual financial statements and should be read in
conjunction with the financial statements as at, and for the year
ended, 31 January 2023. It does not comply with International
Accounting Standard ("IAS") 34 'Interim Financial Reporting' as is
permissible under the rules of AIM.
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 January 2023 (as defined therein) other than standards,
amendments and interpretations which became effective after
1 February 2023.
New standards, amendments and interpretations not adopted in the
current financial year have not been disclosed as they are not
expected to have a material impact on the Company's financial
statements.
2. Share Capital
31 July 2023 31 July 2022 31 January
2023
(unaudited) (un audited) (audited)
------------------ ----------------------- ---------------------
In issue - fully paid
Ordinary shares of GBP0.001
each (number) 582,694,162 514,614,982 582,159,332
-------------------------------- ------------------ ----------------------- ---------------------
Allotted, called up and fully
paid
Ordinary shares of GBP0.001
each (GBP'000) 583 515 582
-------------------------------- ------------------ ----------------------- ---------------------
During the six-month period to 31 July 2023, 500,000 new
ordinary shares of 0.1p each were issued following the exercise of
share options at a price of 2.8p per share by a former employee and
34,830 new ordinary shares of 0.1p each were issued at a price of
21.71p each in lieu of fees payable to a non-executive director in
accordance with his service agreement.
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IR PPGRUUUPWPWA
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