TIDMSLN
RNS Number : 9305T
Silence Therapeutics PLC
30 March 2021
***COMPANY CONFIDENTIAL***
Silence Therapeutics Reports Full-year 2020 Results
Advancing clinical programmes; On-track for three phase 1 data
readouts in 2021
30 March 2021
LONDON, Silence Therapeutics plc, AIM: SLN and Nasdaq: SLN
("Silence" or "the Company"), a leader in the discovery,
development and delivery of novel short interfering ribonucleic
acid (siRNA) therapeutics for the treatment of diseases with
significant unmet medical need, announced its audited full year
results for the year ended 31 December 2020.
Mark Rothera, President and CEO of Silence Therapeutics,
commented: "2020 was a transformational year for Silence
Therapeutics, driven by the remarkable resilience of our people in
what was a challenging year for the world. We have made significant
progress with our mRNAi GOLD(TM) platform, with both lead
programmes now in the clinic and three data readouts due this year.
Alongside advancing our wholly owned pipeline, we continue to
progress our high-value partnerships and through this two-pronged
approach, our goal is to deliver 2-3 INDs per year from 2023. We
are well positioned for success and motivated by our vision to
transform people's lives through our precision engineered
medicines."
Craig Tooman, CFO of Silence Therapeutics, commented: "Silence
ended 2020 in a strong financial position, driven by non-dilutive
funding from our collaborations. Our balance sheet has been further
strengthened by the recent $45 million financing, which
demonstrated the growing appreciation for Silence and expanded our
global shareholder base. We will look to build upon this in 2021 as
we continue to enhance our capabilities and maximise the
opportunity of our mRNAi GOLD(TM) platform."
Operational Highlights
-- Advanced both wholly owned product candidates, SLN360 for
cardiovascular disease due to high Lipoprotein(a), or Lp(a) levels
and SLN124 for thalassaemia and myelodysplastic syndrome (MDS).
o SLN360 received approval of an initial drug application (IND)
by the FDA and Silence initiated the APOLLO Phase 1 study in people
with high Lp(a) levels.
o SLN124 was granted rare paediatric disease designation for
thalassaemia as well as orphan drug designations for MDS and
thalassaemia by the FDA.
o Initiated the GEMINI Phase 1 study of SLN124 in healthy
volunteers.
-- Secured a significant collaboration deal with AstraZeneca to
discover and develop siRNA therapeutics for up to 10 targets in
cardiovascular, renal, metabolic and respiratory diseases.
o Upfront cash payment of $20m was received and another $40m is
due in the first half of 2021.
o Deal economics include up to $400m in milestone payments and
royalties for each programme.
-- Expanded RNAi collaboration with Mallinckrodt for
complement-mediated diseases with Mallinckrodt exercising options
to license two additional targets from Silence, bringing the total
to the maximum three programmes envisaged in the collaboration
deal.
-- Commenced a technology evaluation with Takeda to explore the
potential of using Silence's mRNAi GOLD(TM) platform against a
novel, undisclosed target.
-- Appointed Dr Giles Campion as Executive Director, Dr Marie
Wikström Lindholm as Senior Vice President, Molecular Design, Dr
Eric Floyd as Senior Vice President, Head of Global Regulatory
Affairs and Quality Assurance and Dr Barbara Ruskin as Senior Vice
President, General Counsel and Chief Patent Officer.
-- Launched a Scientific Advisory Board comprising world-leading
scientists and clinicians to support the optimisation of Silence's
mRNAi GOLD(TM) platform and guide development strategies for SLN360
and SLN124.
-- Completed U.S. listing and our American Depository Shares
(ADSs) began trading on the Nasdaq Capital Market (Nasdaq) under
the symbol "SLN" on 8 September 2020.
-- Appointed Mark Rothera as our President, Chief Executive Officer and Board member.
Financial Highlights
-- Cash and cash equivalents and term deposits of GBP37.4m at
year-end (2019: GBP33.5m). The Group had GBP97.5m on a proforma
basis, which includes GBP37.4m at year-end, plus the GBP29.3m
($40m) receivable from AstraZeneca due in the first half of 2021,
plus net proceeds of GBP30.8m from the February 2021 capital
raise.
-- Cash flow from operating activities was GBP10.8m outflow
(2019: GBP1.7m inflow) against an operating loss of GBP35.8m (2019:
GBP22.7m). 2020 included receipts of $20m upfront from AstraZeneca,
$2.0m in milestones from Mallinckrodt Pharmaceuticals, and a $2.0m
upfront from Takeda.
-- 2020 loss was higher primarily due to increased research and
development spend in relation to our SLN360 and SLN124 proprietary
programmes, as well as general and administrative expenses mainly
relating to the Nasdaq listing.
Post Year-end
-- Appointed Dr Michael H. Davidson to the Silence Board of
Directors as a Non-Executive Director and Craig Tooman to the
Executive Leadership Team as Chief Financial Officer.
-- Completed an oversubscribed $45m (c. GBP33m) private
placement led by top-tier US institutional healthcare funds.
-- Initiated dosing in the APOLLO Phase 1 study of SLN360 in people with high Lp(a) levels.
-- Initiated work with Mallinckrodt on the third complement
target which triggered a $2.0m research milestone payment to
Silence.
-- Completed enrolment in the GEMINI Phase 1 study of SLN124 in healthy volunteers.
-- Initiated the GEMINI II Phase 1b study of SLN124 in people with thalassemia and MDS.
Enquiries:
Silence Therapeutics plc Tel: +1 (646) 637-3208
Gem Hopkins, Head of IR and Corporate Communications
ir@silence-therapeutics.com
Investec Bank plc (Nominated Adviser and Tel: +44 (0) 20
Broker) 7597 5970
Daniel Adams/Gary Clarence
European PR Tel: +44 (0) 20
Consilium Strategic Communications 3709 5700
Mary-Jane Elliott/ Angela Gray / Chris Welsh
silencetherapeutics@consilium-comms.com
About Silence Therapeutics
Silence Therapeutics is developing a new generation of medicines
by harnessing the body's natural mechanism of RNA interference, or
RNAi, to inhibit the expression of specific target genes thought to
play a role in the pathology of diseases with significant unmet
medical need. Silence's proprietary messenger RNAi GOLD(TM)
platform can be used to create siRNAs that precisely target and
silence disease-associated genes in the liver, which represents a
substantial opportunity. Silence's wholly owned product candidates
include SLN360 designed to address the high and prevalent unmet
medical need in reducing cardiovascular risk in people born with
high levels of lipoprotein(a) and SLN124 designed to address iron
loading anemias. Silence also maintains ongoing research and
development collaborations with AstraZeneca, Mallinckrodt
Pharmaceuticals, and Takeda, among others. For more information,
please visit https://www.silence-therapeutics.com/ .
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements, including with respect to the Company's clinical and
commercial prospects. 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.
Conference Call
Company management will host a live webcast to discuss its 2020
annual results and recent business performance today at 8:00 a.m.
EDT / 13:00 BST.
Dial-in details are:
Webcast link: https://edge.media-server.com/mmc/p/odvo7f8f
Participant UK dial-in: +44 2071 928338
Participant US dial-in: +1 646 741 3167
Conference ID: 3094621
A presentation to accompany the call will be made available to
download from;
https://www.silence-therapeutics.com/investors/results-reports-presentations
Chairman's Statement
That was the year that was....
As I write this, we are still in the midst of the COVID-19
pandemic. No business has been left untouched by the impact of the
virus, and at Silence Therapeutics, we have effectively taken all
necessary steps to reduce the potential negative impact on our
business. Most importantly, our priority in the current situation
has been to ensure the well-being and safety of our employees,
patients, and partners, whilst conscientiously safeguarding the
interests of you, our shareholders. Accordingly, we have taken the
necessary precautions and we will continue to monitor the spread of
the virus and implement subsequent actions carefully so the
business is in its strongest possible position to maximise the
opportunity when the international vaccination programmes are
rolled out and restrictions are finally lifted. During the period
under review, our employees have done an amazing job to maintain
the integrity of our business despite the unprecedented
conditions.
The pace has quickened....
In last year's Annual Report, I made it clear I thought that
"Silence had come of age". This was clearly demonstrated in the
second half of 2019 and throughout 2020 and I can confirm the pace
has quickened. We have made significant progress across all facets
of the business as outlined in this year's CEO's Report. Notably,
our R&D organisation and capabilities have been significantly
strengthened and the development of our potentially world-class
clinical assets progressed. Independently and together with our
business partners, we have ongoing clinical trials and clinical
trials planned to start. However, we recognise that global measures
against COVID-19 and the need to prioritise health care resources
have undoubtedly affected the timelines of these studies. As a
result, we have put in place contingency measures and although the
timing of the initial results from clinical studies may be
affected, we remain confident that in 2021 we are well placed to
expediently progress our wholly owned SLN360 and SLN124 programmes
and our partnered programmes and achieve significant clinical
milestones.
During the year we have concluded additional pivotal partnering
agreements with big pharma including AstraZeneca, and also with
biotech and academic groups and thereby not only accessed
capabilities and assets but also considerably strengthened our
balance sheet by securing further non-dilutive funding. In
parallel, as we have achieved further clinical and regulatory
milestones for each of our wholly owned programmes, there has been
a growing excitement amongst researchers, clinicians, patient
groups and further potential partners.
A competent and cohesive team is now in place......
During the year we opened our office in New York and listed on
Nasdaq and made further key management appointments across the
organisation. In September 2020 we appointed our new CEO, Mark
Rothera, who brings the experience we need to capitalise on the
progress to date and to build the business going forward. Despite
the backcloth of COVID-19, in 2020, Silence Therapeutics was
designated a Great Place to Work both in the UK and Germany, which
is a further testament to our management and employees with their
high level of competence and commitment.
Governance....
We remain committed to high standards of governance and continue
to comply with the regulatory standards required of an AIM listed
and Nasdaq foreign private issuer ("FPI") company. Also, we are
committed to an effective control environment to maintain high
standards throughout the Company. In addition to appointing our new
CEO, during the year we invited Dr Giles Campion, Head of R&D
and CMO to join the Board as an Executive Director to ensure
R&D remains at the front and centre of our thinking. Post
period we further strengthened the Board with the appointment of Dr
Michael Davidson as Non-Executive Director. Michael brings relevant
clinical experience in the cardiovascular sector and also an
extensive background in the US biotech sector.
Outlook - it is now about execution....
This past year has not been without its challenges, but with the
continued support of our major shareholders and the dedication of a
highly resilient and focused management team, I am confident by
executing on our strategy in relation to our pipeline delivery,
portfolio focus, geographic expansion and commercial goals that we
now have the momentum, and ability to deliver on our ambitious
targets for 2021 and beyond.
On behalf of the business, I want to extend our thanks to all
our stakeholders, shareholders, partners and suppliers, who have
supported the business over the past year. As a final word, I would
like to share my sincere thanks to our employees for their hard
work and commitment in 2020. With their dedication and
determination, we have navigated a transformational journey, and
during the COVID-19 era, which has enabled us to achieve our goals
for the Company while setting a foundation to deliver long-term
advantage. I am proud of their achievements and look forward to
working with them on the next stage of our journey in 2021.
Iain Ross
Chairman
Chief Executive Officer's Report
2020 was a transformational year for Silence, highlighted by
remarkable scientific and corporate progress. After 20 years of
developing our science in the field of RNAi, we enter 2021 as a
clinical-stage company with three Phase 1 data readouts anticipated
this year. Since joining the Company in September 2020, I have been
immensely impressed with our innovative science, unparalleled
know-how and the dedication of our team. I believe Silence is
poised for substantial growth and our team is focused on strong
execution with a clear near-term path to value creation.
Exceptional progress...
Silence is showing rapid progress towards realizing our
potential with several important milestone achievements in 2020 and
this progress has continued at pace in 2021. In 2020, we made
significant progress with our proprietary mRNAi GOLD(TM) (GalNAc
OLigonucleotide Discovery) platform, advancing both wholly owned
candidates, SLN360 for the high and prevalent unmet need in
reducing cardiovascular risk due to high lipoprotein(a) - Lp(a) -
levels and SLN124 for rare iron loading anaemia conditions
thalassemia and MDS.
In the year, SLN360 received approval of an investigational new
drug application (IND) from the FDA and we initiated the APOLLO
Phase 1 study in people with high Lp(a), a genetically determined
independent cardiovascular risk factor affecting up to 20% of the
world's population. We also made significant progress with SLN124,
which was granted rare paediatric disease designation for
thalassaemia and orphan drug designation for MDS and adults with
thalassaemia by the FDA. In the year, we were also pleased to
initiate the GEMINI Phase 1 study of SLN124 in up to 24 healthy
volunteers. Both assets are now in the clinic with three Phase 1
data readouts anticipated in 2021.
Alongside advancing our wholly owned pipeline, developing
high-value collaborations is a core part of our strategy and we
made great strides with this in 2020. This included a landmark deal
with AstraZeneca for up to 10 programmes, a technology evaluation
deal with Takeda for a first programme as well as deepening our
collaboration with Mallinckrodt for complement-mediated diseases
with Mallinckrodt exercising options on all three programmes
covered by the agreement. Collectively these partnerships represent
up to 14 programmes and economics of up to $6 billion in potential
milestones plus royalties.
The completion of our Nasdaq listing in September marked a
significant step in our efforts to position ourselves more globally
and gives us access to an important pool of capital, US biotech
investors. Financially, we ended the year with a strong cash
position of GBP37.4m, driven by payments received from our
collaborations, particularly the $20m upfront from AstraZeneca.
Combined with the capital raise we completed in February 2021 and
payment due from AstraZeneca in the first half of 2021, we have a
proforma cash balance of GBP97.5m.
The right people...
You can have the best science and technology in the world, but
it does not matter if you do not have the right people and culture
in place to execute your strategy. At Silence, I believe we have
both. We have exceptional experience at every level, including a
research and discovery team that has been operating now for 20
years in the RNAi field. In the year, we strengthened our executive
leadership team, including appointments such as Dr Giles Campion as
Executive Director, Dr Eric Floyd as Senior Vice President, Head of
Global Regulatory Affairs and Quality Assurance, Dr Barbara Ruskin
as Senior Vice President, General Counsel and Chief Patent Officer
and Dr Marie Wikström Lindholm as Senior Vice President, Molecular
Design. We also introduced a Scientific Advisory Board comprising
world-leading scientists and clinicians to support the optimisation
of our mRNAi GOLD(TM) platform and guide development strategies for
SLN360 and SLN124. This momentum has continued into 2021 as we have
appointed leading lipidology and cardiovascular clinical trial
expert, Dr Michael Davidson, to our Board of Directors and Craig
Tooman, an experienced US public biotech company CFO to our
leadership team.
A clear path to value creation...
It has taken a number of years for the RNA field to mature, and
we have enjoyed watching it soar over the past year, highlighted by
the FDA approval of two mRNA-based vaccines for COVID-19. There is
more awareness and increasing appreciation for the potential
benefits of mRNA-based therapeutics and I believe that Silence is
well positioned to capitalise on this attractive market.
Over the years, Silence has built substantial know-how and
expertise in the science of RNAi, which has given rise to our mRNAi
GOLD(TM) platform that is now in the clinic. Since I joined
Silence, we have conducted a detailed strategic business review and
identified three core components of our strategy going forward -
all based on our mRNAi GOLD(TM) platform.
Firstly, we must rapidly and effectively execute on our clinical
programmes. We view SLN360 as a key strategic asset as this is a
program with blockbuster potential that we own outright. We are
hopeful that the strong pre-clinical profile will translate well
into the clinic and expect to report data from the ongoing APOLLO
Phase 1 study of SLN360 in people with high Lp(a) in the second
half of this year. Our plan is to rapidly advance SLN360 in the
clinic, positioning ourselves to initiate phase 2 studies in the
second half of 2022 while creating more value for the asset and
options for the future. With SLN124, we expect data from the
ongoing GEMINI Phase 1 study in healthy volunteers in the first
half of this year. This study is important because we expect it to
validate our preclinical findings that administering SLN124
effectively reduces iron overload by increasing hepcidin levels and
it will be the first-in-human data from our mRNAi GOLD(TM)
platform. In parallel, we are evaluating SLN124 in the GEMINI II
Phase 1b study in people with thalassemia and MDS and intend to
report interim data from the single-ascending dose portion in the
second half of this year.
Next, we must ensure that we fully unleash the potential of our
mRNAi GOLD(TM) platform. There are around 14,000 genes expressed in
the liver and only around 1% of those genes are currently being
targeted by a RNAi program. To address this untapped opportunity,
we are taking a two-pronged approach to target selection - pursuing
both best-in-class and first-in-class opportunities that are
focused in areas of significant unmet need with clear commercial
opportunity. We intend to accelerate our discovery efforts to
enable 2-3 INDs per year starting in 2023, including wholly owned
plus partnership programmes.
Finally, we will continue with our hybrid business model,
building our wholly owned pipeline while developing partnership
programs that allow us to do more with our mRNAi GOLD(TM) platform.
This hybrid approach creates a balance to rapidly grow our pipeline
while enabling us to finance our endeavours largely through
non-dilutive capital from partnership programmes. We believe this
is especially worthwhile given the unusually high probability of
success this modality has shown in the clinic amongst RNAi
players.
Looking ahead...
I believe that this is our moment. We have deep scientific
know-how in the RNAi field, two wholly owned programmes advancing
in the clinic, validating partnerships, and a platform technology
that is really at the beginning of what it can do. Importantly, we
have the right team to drive execution. Our goal now is to
effectively accelerate this development and position Silence as a
leading global RNAi business.
We are truly motivated by our purpose to transform peoples'
lives around the world through our precision engineered medicines
and driving positive change for the communities around us. I look
forward to keeping you updated on our progress.
Mark Rothera
Chief Executive Officer
Financial Review
Investment in R&D grew strongly in the year to GBP20.2m,
reflecting the excellent progress made in advancing SLN360 and
SLN124 towards the clinic. We ended the year with GBP37.4m in cash,
cash equivalents and term deposits. In addition, we received net
proceeds of GBP30.8m post year-end in a capital raise and will
receive GBP29.3m ($40m) from AstraZeneca in the first half of 2021.
In total, this gives us GBP97.5m on a proforma basis, and
sufficient resources to deliver clinical data using our mRNAi
GOLD(TM) platform in 2021 .
Revenue
Revenue recognised for 2020 increased to GBP5.5 million (2019:
GBP0.2m), driven by partial recognition of upfront, milestone
payments, and recharges relating to the collaboration with
Mallinckrodt, AstraZeneca and Takeda as well as royalty income from
Alnylam Pharmaceuticals. The balance of the upfront, milestone and
recharge amounts will be recognised as revenue in future years over
the period which services are provided.
Research and Development Expenditure
Research and development spend in the year increased by GBP6.9m
to GBP20.2m (2019: GBP13.3m), primarily driven by an increase in
third party and personnel costs needed to support the advancement
of both SLN360 and SLN124 into clinical studies as well as new
partnership programmes with AstraZeneca, Takeda and
Mallinckrodt.
Administrative Expenses
General and administration expenses increased by GBP4.4m to
GBP14.0m for 2020 (2019: GBP9.6m), primarily driven by additional
finance and legal costs associated with the Nasdaq listing in
September 2020.
Other (Losses)/Gains
The Group recognised an expense of GBP3.4m for 2020 (2019:
GBPnil) mainly due to GBP4.9m of foreign exchange losses resulting
from revaluation of foreign currency denominated monetary items,
offset by a GBP1.5m gain on the fair value of derivative forward
contract.
Finance and Other Income
The Group recognised income of GBP0.1m for 2020 (2019: GBP0.02m)
in respect of bank interest receivable.
Finance and Other Expenses
The Group recognised an expense of GBP0.3m for 2020 (2019:
GBP0.2m) mainly due to foreign exchange losses resulting from
revaluation of foreign currency denominated monetary items.
Taxation
Taxation for 2020 amounted to a credit of GBP3.5m compared to
GBP3.3m for 2019, primarily reflecting the increase in our R&D
expenses. During the year, the Group received a research and
development tax credit of GBP3.0m in the UK in respect of R&D
expenditure in 2019. The Group recognised a GBP3.5m credit in the
profit and loss account and GBP3.5m current tax asset in relation
to 2020 research and development tax credits.
The increase in the credit amount was primarily attributable to
our increased expenditure on research and development.
Liquidity, Cash and Cash Equivalents and Term Deposits
The Group's cash and cash equivalents and term deposits at year
end totalled GBP37.4m (2019: GBP33.5m).
The cash flow from operating activities was GBP10.8m outflow
(2019: GBP1.7m inflow) against an operating loss of GBP35.8m (2019:
GBP22.7m). 2020 included receipts of $20m upfront from AstraZeneca,
$2.0m in milestones from Mallinckrodt Pharmaceuticals, and a $2.0m
upfront from Takeda.
In 2021, the Group expects to make continued investments in
R&D to support its clinical programmes and discovery efforts.
The Group also anticipates increased G&A investments compared
to FY 2020 to support organisational growth, including its public
company needs.
The Directors have reviewed the working capital requirements of
the Group and Company for the twelve months from signing these
financial statements and are confident that these can be met from
existing funds, which also takes into account the $45.0m raised in
February 2021 and the $40.0m due from AstraZeneca in the first half
of 2021.
Other Balance Sheet Items
Current trade and other payables increased by GBP1.3m to GBP8.2m
at the end of 2020 (2019: GBP6.9m). This was driven by increased
contract research organisation (CRO) costs due to ramp up in
activities associated with our SLN360 and SLN124 clinical
development programmes.
Craig Tooman
Chief Financial Officer
Consolidated income statement
year ended 31 December 2020
2020 2019
-------- -------
GBP000s GBP000s
Revenue 5,479 244
Cost of sales (3,762) -
------- -------
Gross (loss) / profit 1,717 244
Research and development costs (20,209) (13,336)
Administrative expenses (13,983) (9,642)
Other (losses)/gains - net (3,372) -
------- -------
Operating loss (35,847) (22,734)
Finance and other expenses (323) (163)
Finance and other income 129 27
------- -------
Loss for the year before taxation (36,041) (22,870)
Taxation 3,494 3,288
------- -------
Loss for the year after taxation (32,547) (19,582)
======= =======
Loss per ordinary equity share (basic and diluted) (39.8 )pence (26.1 )pence
Consolidated statement of comprehensive income
year ended 31 December 2020
2020 2019
-------- -------
GBP000s GBP000s
Loss for the year after taxation (32,547) (19,582)
Other comprehensive expense, net of tax:
Items that may subsequently be reclassified to profit and
loss:
Foreign exchange differences arising on consolidation of foreign
operations 472 (411)
------- -------
Total other comprehensive income/(expense) for the year 472 (411)
------- -------
Total comprehensive expense for the year (32,075) (19,993)
======= =======
Consolidated balance sheet
at 31 December 2020
December 31,
2020 2019
--------- --------
GBP000s GBP000s
Non-current assets
Property, plant and equipment 1,127 611
Goodwill 8,125 7,692
Other intangible assets 17 34
Financial assets at amortised cost 303 275
-------- --------
9,572 8,612
----------------------------------------------------------------- -------- --------
Current assets
Cash and cash equivalents 27,449 13,515
Derivative financial instrument 1,492 -
Financial assets at amortised cost - term deposit 10,000 20,000
Financial asset at amortised cost - other - 1
R&D tax credit receivable 3,536 3,060
Other current assets 4,616 885
Trade receivables 29,306 4
-------- --------
76,399 37,465
----------------------------------------------------------------- -------- --------
Non-current liabilities
Contract liabilities (51,337) (15,515)
-------- --------
(51,337) (15,515)
----------------------------------------------------------------- -------- --------
Current liabilities
Contract liabilities (17,042) (2,478)
Trade and other payables (8,192) (6,888)
Lease liability (341) (287)
-------- --------
(25,575) (9,653)
----------------------------------------------------------------- -------- --------
Net assets 9,059 20,909
======== ========
Capital and reserves attributable to the owners of the parent
Share capital 4,165 3,919
Capital reserves 186,891 167,243
Translation reserve 2,218 1,746
Accumulated losses (184,215) (151,999)
-------- --------
Total shareholders equity 9,059 20,909
======== ========
Consolidated statement of changes in equity
year ended 31 December 2020
Share Capital Translation Accumulated Total
capital reserves reserve losses equity
--------- --------- ----------- ----------- -------
GBP000s GBP000s GBP000s GBP000s GBP000s
At January 1, 2019 3,554 163,121 2,157 (133,787) 35,045
Recognition of
share-based payments - 584 - - 584
Options exercised in
the year - (1,370) - 1,370 -
Proceeds from shares
issued 365 4,908 - - 5,273
-------- --------- ----------- ----------- -------
Transactions with owners
recognised
directly in equity 365 4,122 - 1,370 5,857
-------- --------- ----------- ----------- -------
Loss for year - - - (19,582) (19,582)
Other comprehensive
expense
Foreign exchange
differences arising on
consolidation of
foreign operations - - (411) - (411)
-------- --------- ----------- ----------- -------
Total comprehensive
expense for the year - - (411) (19,582) (19,993)
-------- --------- ----------- ----------- -------
At December 31, 2019 3,919 167,243 1,746 (151,999) 20,909
-------- --------- ----------- ----------- -------
Recognition of
share-based payments - 4,395 - - 4,395
Options exercised in
the year - (331) - 331 -
Proceeds from shares
issued 246 15,584 - - 15,830
-------- --------- ----------- ----------- -------
Transactions with owners
recognised directly
in equity 246 19,648 - 331 20,225
-------- --------- ----------- ----------- -------
Loss for year - - - (32,547) (32,547)
Other comprehensive
income -
Foreign exchange
differences arising on
consolidation of
foreign operations - - 472 - 472
-------- --------- ----------- ----------- -------
Total comprehensive
expense for the year - - 472 (32,547) (32,075)
-------- --------- ----------- ----------- -------
At December 31, 2020 4,165 186,891 2,218 (184,215) 9,059
======== ========= =========== =========== =======
Consolidated statement of cash flows
year ended 31 December 2020
Year ended December 31,
2020 2019
------------ ----------
GBP000s GBP000s
Cash flow from operating activities
Loss before tax (36,041) (22,870)
Depreciation charges 476 452
Amortisation charges 20 30
Charge for the year in respect of share-based payments 4,395 584
Net foreign exchange loss 4,864 -
Gain on derivative financial instrument (1,492) -
Finance and other expenses 323 163
Finance and other income (129) (27)
(Gain)/loss on disposal of property, plant and equipment (3) 2
Revaluation of trade and other receivables related to contract liabilities (4,864) -
Decrease in trade and other receivables (29,302) (4)
Increase in other current assets (3,731) (4)
Decrease in current financial assets at amortised cost - other 1 42
Increase in trade and other payables 1,303 3,058
Increase in contract liabilities 50,386 17,993
----------- ----------
Cash spent on operations (13,794) (581)
R&D tax credits received 3,018 2,308
----------- ----------
Net cash (outflow)/inflow from operating activities (10,776) 1,727
----------- ----------
Cash flow from investing activities
Net redemption/(purchase) of financial assets at amortised cost - term
deposits 10,000 (15,000)
Interest received/(paid) 129 (6)
Purchase of property, plant and equipment (511) (9)
Purchase of intangible assets (3) -
Proceeds from sale of property, plant and equipment 3 -
----------- ----------
Net cash inflow/(outflow) from investing activities 9,618 (15,015)
----------- ----------
Cash flow from financing activities
Repayment of lease liabilities (402) -
Proceeds from issue of share capital 15,830 5,273
----------- ----------
Net cash inflow from financing activities 15,428 5,273
----------- ----------
Increase/(decrease) in cash and cash equivalents 14,270 (8,015)
----------- ----------
Cash and cash equivalents at start of year 13,515 21,494
Effect of exchange rate fluctuations on cash and cash equivalents held (336) 36
----------- ----------
Cash and cash equivalents at end of year 27,449 13,515
=========== ==========
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(END) Dow Jones Newswires
March 30, 2021 02:00 ET (06:00 GMT)
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