e-therapeutics Announces Business Updates and Interim Results
31 Oktober 2024 - 2:00PM
UK Regulatory
e-therapeutics Announces Business Updates and Interim Results
LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) --
e-therapeutics plc, a company integrating computational power and
biological data to discover life-transforming RNAi medicines, today
announced business updates, including its unaudited interim results
for the six months to 31st July 2024.
Ali Mortazavi, CEO, said: “We continue to
make strong and rapid progress towards becoming a clinical-stage
biotech company, as we advance our pipeline of novel GalOmic
therapies, aiming to file our first IND submission in 2025. I am
also excited about the ongoing evolution of HepNet. Our investment
in AWS infrastructure demonstrates our commitment to integrating
cutting-edge technologies across our platform.
To further these efforts, we are thrilled to welcome Dr Lee
Clewley as our Vice President of Applied AI and to announce the
promotion of Dr Natalie Pursell to Vice President of Early-stage
Development.
With a powerful AI-driven platform and a growing GalOmic
pipeline, we continue to be well-equipped to transform the
landscape of RNAi therapeutics as we advance towards clinical
trials.”
GalOmic Pipeline Progress
- ETX-312 for the treatment of
Metabolic Dysfunction-Associated Steatohepatitis (MASH):
ETX-312 continues to progress through IND-enabling studies with an
IND submission anticipated during 2025.
- ETX-148 for the treatment of
Bleeding Disorders: ETX-148 IND-enabling studies
initiated, with an IND submission anticipated during 2026.
- ETX-407 for the treatment of
Dry Age-Related Macular Degeneration: ETX-407 continues to
progress through the initial phase of IND-enabling studies,
following a stage-gated approach to ensure the efficient use of
capital.
- ETX-258 for the treatment of
Heart Failure: This program has completed preclinical
proof-of-concept studies, with selected data due to be presented at
the upcoming American Heart Association Conference.
- ETX-394 for the treatment of
MASH: Our second MASH program continues to advance through
preclinical proof-of-concept studies. ETX-394 targets different
disease biology to ETX-312, silencing another novel and
differentiated target gene.
HepNet Platform Updates
- Infrastructure
Development: We are working with Amazon Web Services (AWS)
to accelerate advancement of our Generative AI capabilities,
leveraging AWS’ global leadership in AI and cloud infrastructure to
enhance the design and scalability of our systems with cutting-edge
large-language model (LLM) technologies via AWS Bedrock.
- Application of Latest
Artificial Intelligence: We continue to leverage the
latest developments in AI to enhance existing processes, including
our target-indication assessment workflow that enables us to
nominate new programs with confidence in biology, developability,
and commercial viability.
Additional Corporate Updates
- Expanding our Leadership
Team
- Dr Natalie Pursell was promoted to
VP, Early-stage Development. Natalie has served as Head of
Preclinical Development at ETX since April 2023, using her
extensive knowledge of preclinical research and oligonucleotide
therapeutics to drive the progress of our GalOmic pipeline. Prior
to this, she held leadership positions at RNA biotech companies
such as Dicerna Pharmaceuticals and Moment Biosciences.
- Addition of Dr Lee Clewley to ETX as
VP, Head of Applied AI and Informatics. Lee specialises in
integrating AI into medicine discovery and delivery processes. Most
recently, Lee was Head of Applied AI at GSK, where he led the
development of a number of innovative projects designed to
accelerate biopharma pipelines.
- Strengthening the
Board: Jeremy Punnett was appointed to the Board of
Directors in July 2024. Jeremy is a fund manager at M&G
Investment Management Ltd and has been involved in numerous private
and public investment transactions, including M&G’s most recent
investment in ETX.
Financial Highlights
- Cash Position: Cash
and cash equivalents were £41.0 million as of 31 July 2024,
including a fundraise of £28.9 million gross in June 2024 (31
January 2024: £20.7 million).
- Operating Loss:
Operating loss was £7.5 million as of 31 July 2024 (H1 2023/24
loss: £7.0 million).
- Research and Development
Expenses: R&D expenditure increased to £5.6 million
for H1 2024/25 (H1 2023/24: £5.3 million), reflecting investment in
industry-leading talent and continued advancement of our
pipeline.
- General and Administrative
Expenses: General and administrative costs rose to £2.0
million (H1 2023/24: £1.8 million) due to increased spend on human
resources to continue the growth of our expert team, alongside
further consultancy costs to support operations and progression of
our pipeline towards the clinic.
- Headcount:
Headcount (excluding Non-Executive Directors) was 39 as of 31 July
2024 (31 January 2024: 38).
About e-therapeutics
plc
e-therapeutics plc ("ETX") uniquely combines
computation and RNAi to discover and develop life-transforming
medicines. ETX's proprietary RNAi chemistry platform,
GalOmic™, enables generation of specific, potent, and durable siRNA
therapeutics for effective silencing of novel gene targets in
hepatocytes. The cutting-edge HepNet™ computational platform allows
ETX to discover better medicines faster through generation of novel
insights and increased automation across all stages of drug
development. HepNet™ encompasses an extensive hepatocyte-specific
knowledgebase and a suite of advanced AI-driven approaches which
enable identification of novel gene targets, rapid
target-indication assessment, and predictive in
silico siRNA design. The Company has specialist expertise
and a robust position in applying computation to biology. Its
computational approaches have been extensively validated through
generation of data from pipeline programs and successful drug
discovery collaborations with biopharma companies, such as Novo
Nordisk, Galapagos NV, and iTeos Therapeutics.
Leveraging the combined capabilities of HepNet™
and GalOmic™, ETX is progressing a therapeutic pipeline of
highly differentiated RNAi candidates across a variety of
therapeutic areas with high unmet need. The Company has generated
positive proof-of-concept data on preclinical assets in metabolic
dysfunction-associated steatohepatitis (MASH), dry age-related
macular degeneration (dry AMD), haemophilia, heart failure, and
cardiometabolic disease, further validating its computationally
enhanced approach to research and development. ETX is currently
progressing its GalOmic™ therapies towards the clinic with its most
developed assets, ETX-312 for MASH, ETX-148 for bleeding disorders,
and ETX-407 for dry AMD, at the IND-enabling stage.
Press Contact
press@etherapeutics.co.uk
Investor Relations Contact
investorrelations@etherapeutics.co.uk
Unaudited Interim Results for the Six
Months to 31st July 2024
INCOME STATEMENT FOR THE PERIOD ENDED 31 JULY
2024 |
|
6 months
ended
31 July 2024 |
6 months
ended
31 July 2023 |
Year
ended 31
January 2024 |
|
(unaudited) |
(unaudited) |
(audited) |
|
£’000 |
£’000 |
£’000 |
Revenue |
- |
160 |
318 |
Cost of
sales |
- |
- |
- |
Gross profit |
- |
160 |
318 |
Research and development
expenditure |
(5,554) |
(5,324) |
(10,247) |
Administrative expenses |
(1,966) |
(1,806) |
(3,865) |
Operating loss |
(7,520) |
(6,970) |
(13,794) |
Interest income |
277 |
343 |
740 |
Interest expense |
(28) |
(4) |
(27) |
Loss before tax |
(7,271) |
(6,631) |
(13,081) |
Taxation |
1,009 |
1,037 |
1,915 |
Loss for the period/year attributable to equity holders of
the Company |
(6,262) |
(5,594) |
(11,166) |
Loss per share: basic and diluted |
(0.89)p |
(0.97)p |
(1.91)p |
STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED
31 JULY 2024 |
|
6 months
ended
31 July 2024 |
6 months
ended
31 July 2023 |
Year ended
31 January
2024 |
|
(unaudited) |
(unaudited) |
(audited) |
|
£’000 |
£’000 |
£’000 |
Loss for the period |
(6,262) |
(5,594) |
(11,166) |
Other
comprehensive income |
- |
- |
- |
Total comprehensive income for the
period/year attributable to equity
holders of the Company |
(6,262) |
(5,594) |
(11,166) |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JULY
2024 |
|
Share capital |
Share premium |
Retained
earnings
|
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
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 |
Total comprehensive income for
the period |
|
|
|
|
Loss
for the period |
- |
- |
(5,572) |
(5,572) |
Total comprehensive income for the period |
- |
- |
(5,572) |
(5,572) |
Transactions with owners,
recorded directly in equity |
|
|
|
|
Issue of ordinary shares |
1 |
14 |
- |
15 |
Equity-settled share-based payment transactions |
- |
- |
19 |
19 |
Total contributions by and distribution to owners |
1 |
14 |
19 |
34 |
As at 31 January 2024 |
584 |
112,648 |
(91,239) |
21,993 |
Total comprehensive
income for the period |
|
|
|
|
Loss for the period |
- |
- |
(6,262) |
(6,262) |
Total comprehensive income for the period |
- |
- |
(6,262) |
(6,262) |
Transactions with
owners, recorded directly in equity |
|
|
|
|
Issue of ordinary
shares |
193 |
28,714 |
- |
28,907 |
Equity-settled share-based payment
transactions |
- |
- |
25 |
25 |
Total contributions by and distribution to
owners |
193 |
28,714 |
25 |
28,932 |
As at 31 July 2024 |
777 |
141,362 |
(97,476) |
44,663 |
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY
2024 |
|
31 July
2024 |
31 July
2023 |
31 January
2024 |
|
Note |
(unaudited) |
(unaudited) |
(audited) |
|
|
£’000 |
£’000 |
£’000 |
Non-current
assets |
|
|
|
|
Intangible assets |
|
658 |
301 |
407 |
Property, plant and equipment |
|
1,103 |
175 |
988 |
|
|
1,761 |
476 |
1,395 |
Current assets |
|
|
|
|
Tax receivable |
|
2,944 |
2,537 |
1,935 |
Trade and other
receivables |
|
512 |
302 |
470 |
Prepayments |
|
419 |
647 |
504 |
Cash and cash equivalents |
|
41,043 |
24,845 |
20,665 |
|
|
44,918 |
28,331 |
23,574 |
Total assets |
|
46,679 |
28,807 |
24,969 |
Current liabilities |
|
|
|
|
Trade and other payables |
|
1,495 |
1,186 |
2,266 |
Lease Liability |
|
424 |
90 |
393 |
Contract liabilities |
|
- |
- |
- |
|
|
1,919 |
1,276 |
2,659 |
Non-current liabilities |
|
|
|
|
Lease
Liability |
|
97 |
- |
317 |
Total liabilities |
|
2,016 |
1,276 |
2,976 |
|
|
|
|
|
Net assets |
|
44,663 |
27,531 |
21,993 |
Equity |
|
|
|
|
Share capital |
2 |
777 |
583 |
584 |
Share premium |
|
141,362 |
112,634 |
112,648 |
Retained earnings |
|
(97,476) |
(85,686) |
(91,239) |
Total equity attributable to equity
holders of the Company |
|
44,663 |
27,531 |
21,993 |
CASH FLOW
STATEMENT FOR THE PERIOD ENDED 31
JULY 2024 |
6 months ended
31 July
2024 |
6 months ended
31 July
2023 |
Year ended
31 January
2024 |
|
(unaudited) |
(unaudited) |
(audited) |
|
£’000 |
£’000 |
£’000 |
Loss for the period/year |
(6,262) |
(5,594) |
(11,166) |
Adjustments for: |
|
|
|
Depreciation, amortisation and
impairment |
266 |
271 |
535 |
Loss on disposal of fixed
assets |
- |
- |
1 |
Interest income |
(277) |
(343) |
(740) |
Interest expense |
28 |
4 |
27 |
Equity-settled share-based
payment expenses |
25 |
59 |
78 |
Taxation |
(1,009) |
(1,037) |
(1,935) |
Operating cash flows before movements in working
capital |
(7,229) |
(6,640) |
(13,200) |
(Increase)/Decrease in trade
and other receivables |
43 |
(137) |
(162) |
Increase/(Decrease) in trade
and other payables |
(771) |
(110) |
965 |
Tax
received |
- |
- |
1,500 |
Net cash from operating activities |
(7,957) |
(6,887) |
(10,897) |
Interest received |
277 |
343 |
740 |
Interest paid |
(28) |
(4) |
(27) |
Acquisition of property, plant
and equipment |
(374) |
(5) |
(247) |
Acquisition of other
intangible assets |
(259) |
(103) |
(234) |
Movement in short term investments |
- |
- |
- |
Net cash from investing activities |
(384) |
231 |
232 |
Net proceeds from issue of share capital |
28,907 |
22 |
37 |
Repayment of lease liability |
(188) |
(210) |
(396) |
Net cash from financing activities |
28,719 |
(188) |
(359) |
Net decrease in cash and cash equivalents |
20,378 |
(6,844) |
(11,024) |
Cash
and cash equivalents at the beginning of the period/year |
20,665 |
31,689 |
31,689 |
Cash and cash equivalents at the end of the
period/year |
41,043 |
24,845 |
20,665 |
|
|
|
|
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 unquoted limited company; 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 2024 were
approved by the Board of Directors on 5 June 2024 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 2024. It does not comply with International
Accounting Standard ("IAS") 34 'Interim Financial Reporting'.
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 2024 (as defined therein) other than standards,
amendments and interpretations which became effective after 1
February 2024.
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 2024 |
31 July 2023 |
31 January 2024 |
|
(unaudited) |
(unaudited) |
(audited) |
In issue - fully
paid |
|
Ordinary shares of £0.001 each (number) |
777,074,147 |
582,694,162 |
584,335,487 |
Allotted, called up and fully paid |
|
|
|
Ordinary shares of £0.001 each (£'000) |
777 |
583 |
584 |
|
|
|
|
During the six-month period to 31 July 2024, 192,666,667 new
ordinary shares of 0.1p each were issued following an equity
fundraise of £28.9 million by way of two direct subscription of
funds, managed by M&G Investment Management Limited and Ora
Ventures Limited; £19.65 million and £9.25 million raised
respectively.
In addition, 71,993 new ordinary shares of 0.1p each were issued
at a price of 9.95p each in lieu of fees payable to a non-executive
director in accordance with his service agreement.
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