TIDMFAB
RNS Number : 4785V
Fusion Antibodies PLC
04 December 2023
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulations (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
4 December 2023
Fusion Antibodies plc
("Fusion" or the "Company")
Half year Report
Fusion Antibodies plc (AIM: FAB), an Early Discovery Contract
Research Organisation ("CRO") specialising in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and
diagnostic applications, announces its unaudited interim results
for the six months ended 30 September 2023 ("H1 FY2024") and
provides an update on recent commercial progress.
Operational highlights
-- Increased numbers of commercial opportunities identified and improving pipeline valuation
-- A number of projects delayed by clients as they seek further investment
-- Progress in development of the OptiMAL(R) library, with
demonstration of whole IgG antibodies expressed on the cell
surface
-- GBP1.67 million fundraise alongside GBP1.6 million cost rationalisation exercise
-- Appointment of Stephen Smyth as interim CFO
Financial highlights
-- Revenue of GBP541k (H1 FY2023: GBP1.9 million)
-- Expenditure on R&D decreased by 60% to GBP0.18 million (H1 FY2023: GBP0.45 million)
-- Loss of GBP1.4 million (H1 FY2023: GBP1.1 million loss)
-- Cash position at 30 September 2023 was GBP0.5 million (31 March 2023: GBP0.2 million)
Post-period highlights
-- Collaboration Agreement with the National Cancer Institute,
USA ("NCI") to validate OptiMAL(R)
-- First AI/ML-Ab(TM) project successfully completed
-- Further pipeline progression and increased rate of deal closures
-- FY2024 results expected to be significantly weighted towards the second half of the year
Commenting on the interim results, Adrian Kinkaid, CEO of Fusion
Antibodies plc, said: "During this calendar year, the industry has
been experiencing significant headwinds especially in the venture
capital ("VC") funded biotech sector. A number of clients have
consequently delayed initiating their projects with us.
Nonetheless, we have generated a significantly stronger pipeline
which includes a wider diversity of clients that are less dependent
on VC funding. Consequently, whilst overall revenues for the period
are low as previously announced, through our efforts we have
benefitted from a trend of increasing month-on-month revenues
throughout the H1 FY2024 period, which we hope will continue to
strengthen in the remainder H2 and beyond.
" It is particularly encouraging to see our newer offerings also
being well received with our first AI/ML-Ab(TM) contract being
successfully completed and, post-period end, securing the agreement
with the NCI to help validate OptiMAL(R). Both of these
developments are having a positive impact on market awareness and
engagement."
Investor presentation via Investor Meet Company
Fusion will host a presentation on the results open to all
investors via the Investor Meet Company platform at 11.00 a.m. on
Thursday, 7(th) December 2023, delivered by Dr Adrian Kinkaid, CEO
and Mr Stephen Smyth, CFO. The Company is committed to providing an
opportunity for all existing and potential investors to hear
directly from management on its results whilst additionally
providing an update on the business and current trading.
I nvestors can sign up to Investor Meet Company for free and add
to meet Fusion Antibodies plc via the following link:
https://www.investormeetcompany.com/fusion-antibodies-plc/register-investor
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Adrian Kinkaid PhD, Chief Executive Via Walbrook PR
Officer
S tephen Smyth , Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328 5656
James Reeve / Vivek Bhardwaj (Corporate
Finance)
Tony Quirke/Joscelin Pinnington (Sales
and Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
About Fusion Antibodies plc
Fusion is a Belfast-based Collaborative Research Organisation
("CRO") company, listed on AIM, providing an integrated end-to-end
range of antibody engineering services for the development of
antibodies for both therapeutic drug and diagnostic
applications.
Fusion provides a broad range of services in antibody
generation, development, characterisation, optimisation, and
small-scale production. These services include antigen expression,
purification and sequencing, antibody humanisation using Fusion's
proprietary CDRx(TM) platform and cell line development, producing
antibody generating stable cell lines optimised for use downstream
by the customer to produce material for clinical trials. Since
2012, the Company has successfully sequenced and expressed over 250
antibodies and successfully completed over 200 humanisation
projects for its international customer base, which has included
eight of the top 10 global pharmaceutical companies by revenue.
At every stage, our client's vision is central to how we work in
combining the latest technological advances with cutting edge
science. In this work our world-class humanization and antibody
optimization platforms harness the power of natural somatic
hypermutation (SHM) to ensure the best molecule goes to the clinic.
Fusion Antibodies' growth strategy is based on enabling Pharma and
Biotech companies get to the clinic more effectively, using
molecules with optimized therapeutic profile and enhanced potential
for successful development and approval and, ultimately, on
speeding up the drug discovery and development process. The
announced Integrated Therapeutic Antibody Services ("ITA") offering
will enhance the efficiency of this process by providing a
continuous service offering from target nomination to stable cell
line. Fusion's use of SHM to create a fully human antibody library
to capture the human antibody repertoire will address a continuing
market need in antibody discovery.
Fusion Antibodies' emphasis on antibody therapeutics is based on
the size and growth rate in the sector, with the market valued at
$186 billion in 2021 and forecast to surpass $400 billion by 2028.
As of June 2022, there were 150 approved antibody therapies on the
market and nearly 600 antibody drugs in clinical trials.
Operational Review
As announced on 29 September 2023, at the time of publication of
its annual report for the year ended 31 March 2023 ("FY2023"), the
Company has been experiencing a commercially challenging period,
primarily due to weak market conditions for investment in new drug
discovery and development programmes and the subsequent delays to a
number of anticipated contracts, both large and small. The Company
had anticipated an easing of these constraints during H1 FY2024,
however, this has not materialised as quickly as expected.
Consequently, trading conditions remain very challenging and
revenue for H1 FY2024 is GBP541k. Towards the end of the period,
several projects were subject to certain technical challenges which
required additional work to be undertaken, thereby pushing some of
the expected H1 recognised revenue into H2. The remainder of the
shortfall was due to a delayed project initiation.
Revenues for FY2024 are expected to be significantly weighted
towards the second half of the year, and the Board remain
optimistic that our new services, such as AI/ML-Ab(TM) , will have
an impact, and contribute positively to revenue growth in the
second half. The Company has achieved a marked growth in its
pipeline of sales opportunities with overall values now standing at
approximately four times that of six months ago. Part of the
pipeline growth is attributable to enhanced penetration of adjacent
markets (including Veterinary Medicine, Diagnostics and Research
Antibodies) in line with our previously stated strategy. These
factors bode well for the Company's future provided opportunities
can be progressed and converted into work in progress.
In June 2023, the Company successfully completed a GBP1.5m
fundraise (net of expenses) to provide additional working capital
and we have now implemented circa. GBP1.6m in restructuring
savings, including a reduction in headcount from 48 at 31 March
2023 to 29 at 30 September 2023. We are seeking to identify
additional cost savings that can be implemented without further
impacting on the operating capacity of the Company. A significant
program of cross training of staff from different laboratories has
been completed which maintains the capability to deliver all of our
services.
In August 2023, we announced that the negotiations with a
leading AI/ML (artificial intelligence/machine learning) company
based in the USA had been finalised and that we received our first
order from this new collaboration to generate de-novo antibody
sequences. This AI/ML platform, known as the AI/ML-Ab (TM) service
(pronounced "AIM Lab"), provides a method of designing panels of
antibodies in-silico, with the AI/ML algorithms typically producing
small libraries of sequences which are an excellent match with our
Mammalian Display platform, which emanated from the OptiMAL(R)
library development program. These designs are transformed into
real protein molecules for screening and final selection and is a
potentially powerful combination to speed up the discovery
process.
Our Integrated Therapeutic Antibody Service (ITAS) that
integrates our current Discovery, Engineering and Supply services
into one proposition, continues to gain attention and our R&D
program to develop a cell-based mammalian display technology
screening library, OptiMAL(R), is progressing, with key stages of
the process now developed. As announced in our annual report for
the year ended 31 March 2023 ("FY2023"), w e now have clear
evidence that our highly diverse library of DNA sequences are
expressed as fully intact antibodies on the surface of mammalian
cells. With the antibody on the cell surface, a cell can be
individually selected and manipulated to produce larger quantities
of the antibody of interest, although further optimisation work is
still required to deliver the full operational screening
parameters. The goal of this cell-based process is to directly
identify intact fully human antibodies against biomarkers and other
targets of interest and is in line with the antibody drug discovery
industry's aim to gradually moving away from the use of
animals.
We will continue to build a body of data with a view to
establishing commercial relationships for further validation and we
recently announced our first validation partner. The Company has
signed a Collaboration Agreement (the "Agreement") with the
National Cancer Institute, USA (NCI) to validate OptiMAL (R) .
Under the terms of the Agreement, Fusion will provide access to the
OptiMAL(R) technology to NCI for the discovery of novel antibodies
against an agreed number of primarily cancer targets selected by
NCI over a period of up to two years in order to develop potential
therapeutic antibodies. The parties will work together to ensure
successful validation of the OptiMAL (R) technology and jointly
publish any results from the collaboration at various times over
the two-year period, although as with any R&D project the
timing of any results from the collaboration cannot be
predicted.
We have seen the first of the results in our strategy to grow
sales through penetration of adjacent markets. We recently
announced t he signing of a commercial contract with a US-based
diagnostic company to develop production quality cell lines using
our new Mammalian Display technology, for the expressions of a
range of proteins, other than antibodies, showing the flexibility
of the technology. An initial feasibility study will be performed
on a fee-for-service basis for two difficult to produce reagents.
The study, if successful, can be expanded to a much larger
portfolio of reagents.
Board changes
Changes in the board composition during the period to September
2023 was the appointment of Stephen Smyth as the interim CFO /
Company secretary following the resignation of James Fair (CFO). In
addition, post period end, Sonya Ferguson stepped down as a
non-Executive Director of the Company.
Financial Review
Revenues for the six-month period ending 30 September 2023 were
GBP0.54 million (H1 FY2023: GBP1.86 million). All revenues were
derived from services and they contained no milestone or royalty
payments.
The (15)% gross profit percentage for H1 FY2024 (H1 FY2023: 33%)
was lower than in the same period last year due to a service based
labour fixed cost in place in readiness for an increased
revenue.
R&D expenditure in H1 FY2024 was GBP182k (H1 FY2023:
GBP452k), a decrease of 60% over the comparable period. SG&A
expenditure of GBP1,153k was GBP266k lower than in H1 FY2023
(GBP1,419k) and, despite significantly lower revenue than H1
FY2023, the operating loss for H1 FY2024 was GBP1.36 million (H1
FY2023: GBP1.26 million loss). The reduction in R&D
expenditure, S&G expenditure and small increase in operating
loss relative to the reduction in revenues are all primarily due to
the restructuring and cost saving measures that were in the process
of being implemented during H1 FY2024.
Cash used in operations was GBP1,213k compared with GBP754k used
in H1 FY2023. The H1 FY2024 operational outflow includes the
GBP182k investment in R&D. The total inflow was GBP291k and the
closing cash balance at 30 September 2023 was GBP487,000.
Key Performance Indicators
The key performance indicators (KPIs) regularly reviewed by the
Board are:
KPI H1 FY2024 H1 FY2023
--------------------------- ------------ ------------
Underlying revenue growth (71)% (19)%
EBITDA* (GBP1.231m) (GBP1.008m)
Cash used in operations (GBP1.351m) (GBP0.754m)
--------------------------- ------------ ------------
* Earnings before interest, tax, depreciation and
amortisation
The investment in R&D and the impact on EBITDA is set out in
Note 12 to these statements. EBITDA for the period was a loss of
GBP1.231 million (H1 FY2023: GBP1.008 million loss) and adjusting
for research and development expenditure shows an EBITDA loss
excluding R&D of GBP1.049 million for the period (H1 FY2023:
GBP0.5560 million loss).
Outlook
The Board is confident that Fusion's prospects for growth are
increasingly positive and the new novel technologies available to
the Company, especially AI/ML-Ab(TM) and OptiMAL(R), will play an
important role in differentiating the business and creating fresh
value for our shareholders.
Revenues for FY2024 are expected to be significantly weighted
towards the second half of the financial year. This is supported by
the revenue growth trend observed through H1 FY2024 and the marked
growth in its sales opportunities pipeline over the last six
months. Additionally, the recent news regarding OptiMAL(R) has
raised the Company's profile with new connections being made with
significant prospective clients, further enhancing our strategy of
penetration into adjacent markets including Veterinary Medicine,
Diagnostics and Research Antibodies.
It remains a key strategic focus for the Company to achieve cash
neutrality. The Company continues to maintain stringent cost
controls, closely monitor the cash runway, and will seek to
identify additional cost savings that can be implemented without
further impacting the operating capacity of the Company.
Statement of Directors' Responsibilities
The Directors confirm, to the best of their knowledge:
-- The condensed set of financial statements has been prepared
in accordance with IAS34 'Interim Financial Reporting';
-- The interim management report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules of the of the United Kingdom's Financial Conduct
Authority, being an indication of important events that have
occurred during the first six months of the financial year and
their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the year, and gives a true and fair view of
the assets, liabilities, financial positions and profit for the
period of the Company; and
-- The interim management report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority, being a disclosure of related party transactions and
changes therein since the previous annual report.
On behalf of the Board
Dr Simon Douglas
Non-executive Chairman
04 December 2023
Condensed Statement of Comprehensive Income
For the six months ended 30 September 2023
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Revenue 541 1,863 2,901
Cost of sales (625) (1,256) (2,327)
------------------------------- -------- ------------- ------------- ----------
Gross profit (84) 607 574
Other operating income 10 - 8 11
Administrative expenses 3 (1,335) (1,871) (3,443)
------------------------------- -------- ------------- ------------- ----------
Operating loss (1,419) (1,256) (2,858)
------------------------------- -------- ------------- ------------- ----------
Finance income 4 2 1 3
Finance costs 4 (3) (7) (4)
------------------------------- -------- ------------- ------------- ----------
Loss before tax (1,420) (1,262) (2,859)
Income tax credit 5 63 146 263
------------------------------- -------- ------------- ------------- ----------
Loss for the period (1,357) (1,116) (2,596)
Total comprehensive expense
for the period (1,357) (1,116) (2,596)
------------------------------- -------- ------------- ------------- ----------
Pence Pence Pence
Basic loss per share 6 (2.3) (4.3) (10.0)
Condensed Statement of Financial Position
As at 30 September 2023
As at As at 30.09.22 As at
30.09.23 Unaudited 31.03.23
Unaudited GBP'000 Audited
Notes GBP'000 GBP'000
---------------------------------- -------- ----------- --------------- ----------
Assets
Non-current assets
Intangible assets - - -
Property, plant and equipment 7 250 743 375
250 743 375
---------------------------------- -------- ----------- --------------- ----------
Current assets
Inventories 524 552 539
Trade and other receivables 471 1,212 690
Current tax receivable 326 277 263
Cash and cash equivalents 487 1,198 195
---------------------------------- -------- ----------- --------------- ----------
1,808 3,329 1,687
---------------------------------- -------- ----------- --------------- ----------
Total assets 2,058 3,982 2,062
---------------------------------- -------- ----------- --------------- ----------
Liabilities
Current liabilities
Trade and other payables 537 1,057 844
Borrowings 8 17 83 35
---------------------------------- -------- ----------- --------------- ----------
554 1,140 879
---------------------------------- -------- ----------- --------------- ----------
Net current assets 1,254 2,100 808
Non-current liabilities
Borrowings 8 30 250 40
Provisions for other liabilities
and charges 20 20 20
---------------------------------- -------- ----------- --------------- ----------
Total liabilities 604 1,410 60
---------------------------------- -------- ----------- --------------- ----------
Net assets 1,454 2,572 1,123
---------------------------------- -------- ----------- --------------- ----------
Equity
Called up share capital 12 2,378 1,040 1,040
Share premium reserve 7,981 7,647 7,647
(Accumulated losses)/retained
earnings (8,905) (6,115) (7,564)
---------------------------------- -------- ----------- --------------- ----------
Equity 1,454 2,572 1,123
---------------------------------- -------- ----------- --------------- ----------
Condensed Statement of Changes in Equity
For the six months ended 30 September 2023
6 months ended 30 September Called Share Accumulated Total
2023 up share premium losses Equity
Unaudited capital reserve GBP'000 GBP'000
GBP'000 GBP'000
------------------------------ ---------- -------------- ------------ ---------
At 1 April 2023 1,040 7,647 (7,564) 1,123
Loss for the period - - (1,357) (1,357)
------------------------------ ---------- -------------- ------------ ---------
Issue of share capital 1,338 334 - 1,672
Share options - value
of employee services - - 16 16
------------------------------ ---------- -------------- ------------ ---------
Total transactions with
owners, recognised directly
in equity - - 16 16
------------------------------ ---------- -------------- ------------ ---------
At 30 September 2023 2,378 7,981 (8,905) 1,454
------------------------------ ---------- -------------- ------------ ---------
6 months ended 30 September Called Share premium Retained Total
2022 up share reserve earnings Equity
Unaudited capital GBP'000 GBP'000 GBP'000
GBP'000
------------------------------ ---------- -------------- ------------ ---------
At 1 April 2022 1,040 7,647 (5,003) 3,684
Loss for the period - - (1,116) (1,116)
------------------------------ ---------- -------------- ------------ ---------
Issue of share capital - - - -
Share options - value of
employee services - - 4 4
Total transactions with
owners, recognised directly
in equity - - 4 4
------------------------------ ---------- -------------- ------------ ---------
At 30 September 2022 1,040 7,647 (6,115) 2,572
------------------------------ ---------- -------------- ------------ ---------
Year ended 30 March 2023 Called Share premium Accumulated Total
Audited up share reserve losses Equity
capital GBP'000 GBP'000 GBP'000
GBP'000
------------------------------ ---------- -------------- ------------ ---------
At 1 April 2022 1,040 7,647 (5,003) 3,684
Loss for the year - - (2,596) (2,596)
------------------------------ ---------- -------------- ------------ ---------
Share options - value of
employee services - - 35 35
Total transactions with
owners, recognised directly
in equity - - 35 35
------------------------------ ---------- -------------- ------------ ---------
At 31 March 2023 1,040 7,647 (7,564) 1,123
------------------------------ ---------- -------------- ------------ ---------
Statement of Cash Flows
For the six months ended 30 September 2023
6 months Year to
6 months to 30.09.22 31.03.23
to Unaudited Audited
30.09.23 GBP'000 GBP'000
Unaudited
GBP'000
--------------------------------------- ----------- ------------- ----------
Cash flows from operating activities
Loss for the period (1,357) (1,116) (2,596)
Adjustments for:
Share based payment expense 16 4 35
Depreciation 125 248 372
Amortisation of intangible assets - - -
Finance income (2) (1) (3)
Finance costs 3 7 4
Income tax credit (63) (146) (263)
Decrease/(increase) in inventories 15 32 46
Decrease/(increase) in trade and
other receivables 219 304 819
(Decrease)/increase in trade and
other payables (307) (86) (299)
--------------------------------------- ----------- ------------- ----------
Cash used in operations (1,351) (754) (1,885)
Income tax received - - 131
--------------------------------------- ----------- ------------- ----------
Net cash used in operating activities (1,351) (754) (1,754)
Cash flows from investing activities
Purchase of property, plant and
equipment - (358) (114)
Finance income - interest received 2 1 3
--------------------------------------- ----------- ------------- ----------
Net cash generated by/(used in)
investing activities 2 (357) (111)
Cash flows from financing activities
Proceeds from issue of share capital 1,672 - -
Proceeds from new borrowings - 323 69
Repayments of borrowings (28) (56) (62)
Finance costs - interest paid (3) (7) (4)
--------------------------------------- ----------- ------------- ----------
Net cash generated from financing
activities 1,641 260 3
Net increase/(decrease) in cash
and cash equivalents 292 (851) 1,862
Cash and cash equivalents at the
beginning of the period 195 2,049 2,049
--------------------------------------- ----------- ------------- ----------
Effects of exchange rate changes
on cash and cash equivalents 8
--------------------------------------- ----------- ------------- ----------
Cash and cash equivalents at the
end of the period 487 1,198 195
--------------------------------------- ----------- ------------- ----------
Notes to the Interim Results
For the six months ended 30 September 2023
1 Basis of Preparation
The condensed financial statements comprise the unaudited
results for the six months to 30 September 2023 and 30 September
2022 and the audited results for the year ended 31 March 2023. The
financial information for the year ended 31 March 2023 does not
constitute the full statutory accounts for that period. The Annual
Report and Financial Statements for the year ended 31 March 2023
have been filed with the Registrar of Companies. The Independent
Auditor's Report on the Annual Report and Financial Statements for
the year ended 31 March 2023 was unmodified and did not contain a
statement under s498(2) or s498(3) of the Companies Act 2006. The
Auditor's report contained a material uncertainty related to going
concern.
The condensed financial statements for the period ended 30
September 2023 have been prepared in accordance with the Disclosure
and Transparency Rules of the Financial Conduct Authority and with
IAS 34 'Interim Financial Reporting' as adopted by the UK. The
information in these condensed financial statements does not
include all the information and disclosures made in the annual
financial statements.
Going concern
At 30 September 2023 the Company had a cash balance of GBP0.5
million. The Directors have reviewed detailed projections for the
Company. These projections are based on estimates of future
performance and have been adjusted to reflect various scenarios and
outcomes that could potentially impact the forecast outturn. Based
on these estimates, the Directors have a reasonable expectation
that the Company has adequate resources to continue in operational
existence for 12 months from the reporting date. Accordingly, they
have prepared these condensed financial statements on the going
concern basis.
The Directors note that there is inherent uncertainty in any
cash flow forecast, however this is further exacerbated given the
nature of the Company's trade and the industry in which it
operates. Due to the risk that revenues and the related conversion
of revenue to cash inflows may not be achieved as forecast over the
going concern period, the Directors believe that there exists a
material uncertainty that may cast significant doubt on the
Company's ability to continue as a going concern and it may be
unable to realise its assets and discharge its liabilities in the
normal course of business.
These financial statements do not include the adjustments that
would result if the Company were unable to continue as a going
concern.
Accounting policies
The condensed financial statements have been prepared in a
manner consistent with the accounting policies set out in the
financial statements for the year ended 31 March 2023 and on the
basis of the International Financial Reporting Standards (IFRS) as
adopted for use in the UK that the Company expects to be applicable
at 31 March 2023. IFRS are subject to amendment and interpretation
by the International Accounting Standards Board (IASB).
2 Segmental information
For all the financial periods included in these condensed
financial statements, all the revenues and costs relate to the
single operating segment of research, development and manufacture
of recombinant proteins and antibodies.
3 Administrative expenses
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------- ------------- ----------
Research & development 182 452 807
Selling, general and administration 1,153 1,419 2,636
------------------------------------- ------------- ------------- ----------
1,335 1,871 3,443
------------------------------------- ------------- ------------- ----------
4 Finance income and costs
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
Income GBP'000 GBP'000 GBP'000
--------------------------- ------------- ------------- ----------
Bank interest receivable 2 1 3
--------------------------- ------------- ------------- ----------
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
Expense GBP'000 GBP'000 GBP'000
--------------------------- ------------- ------------- ----------
Interest expense on other
borrowings 3 7 4
--------------------------- ------------- ------------- ----------
5 Income tax credit
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------- ------------- ------------- ----------
Current tax (63) (146) (263)
------------- ------------- ------------- ----------
6 Loss per share
6 months 6 months to Year to
to 30.09.22 31.03.23
30.09.23 Unaudited Audited
Unaudited Number Number
Number
------------------------ ----------- ------------ ----------
Loss for the financial
year (1,357) (1,116) (2,596)
------------------------ ----------- ------------ ----------
Loss per share pence pence pence
Basic (2.3) (4.3) (10.0)
Diluted (2.9) (4.3) (10.0)
------------------------ ----------- ------------ ----------
6 Loss per share (continued)
The weighted average number of shares used in the calculation of
the basic earnings per share are as follows:
6 months 6 months to Year to
to 30.09.22 31.03.23
30.09.23 Unaudited Audited
Unaudited Number Number
Number
---------------------------- ------------- ------------- -------------
Issued ordinary shares
at the end of the period 59,453,714 26,014,946 26,014,946
Weighted average number
of shares in issue during
the period 46,496,775 26,014,946 26,014,946
---------------------------- ------------- ------------- -------------
Basic earnings per share is calculated by dividing the basic
earnings for the period by the weighted average number of shares in
issue during the period. Diluted earnings per share is calculated
by dividing the basic earnings for the year by the diluted weighted
average number of shares in issue inclusive of share options
outstanding at year end.
7 Property, plant and equipment
Right Leasehold Plant Fixtures, Total
of use property & fittings GBP'000
assets GBP'000 machinery & equipment
GBP'000 GBP'000 GBP'000
-------------------------- --------- ---------- ----------- ------------- ---------
Cost
At 1 April 2023 14 844 2,396 277 3,531
Additions - - - - -
Disposals - - - - -
-------------------------- --------- ---------- ----------- ------------- ---------
At 30 September 2023 14 844 2,396 275 3,531
-------------------------- --------- ---------- ----------- ------------- ---------
Accumulated depreciation
At 1 April 2023 9 812 2,112 223 3,156
Disposals - - - - -
Depreciation charged
in the period 2 17 93 13 125
-------------------------- --------- ---------- ----------- ------------- ---------
At 30 September 2023 11 829 2,205 236 3,281
-------------------------- --------- ---------- ----------- ------------- ---------
Net book value
At 30 September
2023 3 15 191 41 250
-------------------------- --------- ---------- ----------- ------------- ---------
At 31 March 2023 5 32 284 54 375
-------------------------- --------- ---------- ----------- ------------- ---------
8 Borrowings
At 30 September At 30 September At 31 March
2023 2022 2023
GBP'000 GBP'000 GBP'000
-------------------------- ---------------- ---------------- ------------
At 1 April 75 69 69
Additions in period - 323 69
Interest 3 7 4
Repayments (31) (66) (67)
-------------------------- ---------------- ---------------- ------------
At period end 47 333 75
-------------------------- ---------------- ---------------- ------------
Amounts due in less than
1 year 17 83 35
Amounts due after more
than 1 year 30 250 40
-------------------------- ---------------- ---------------- ------------
47 333 75
-------------------------- ---------------- ---------------- ------------
Borrowings are secured by a fixed and floating charge over the
whole undertaking of the Company, its property, assets and rights
in favour of Northern Bank Ltd trading as Danske Bank.
9 Retirement benefits obligations
The Company operates a defined contribution scheme, the assets
of which are managed separately from the Company.
10 Transactions with related parties
The Company had the following transactions with related parties
during the period:
Invest Northern Ireland is a shareholder in the Company. The
Company received invoices for rent and estate services amounting to
GBP38,000 (6 months ended 30 September 2022: GBP42,000, year ended
31 March 2023: GBP79,000). There was no balance due and payable to
Invest NI at the reporting dates presented.
11 Events after the reporting date
The Company was pleased to announce on 28(th) November 2023 that
an agreement had been established with the National Cancer
Institute to help validate the OptiMAL (R) platform.
12 Reconciliation of loss to EBITDA and EBITDA excluding R&D expenditure
6 months 6 months Year to
to 30.09.23 to 30.09.22 31.03.23
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- ----------
Loss before tax (1,357) (1,262) (2,859)
Finance income/ expense 1 6 1
Depreciation and amortisation 125 248 372
------------------------------- ------------- ------------- ----------
EBITDA (1,231) (1,008) (2,486)
Expenditure on research and
development 182 452 807
------------------------------- ------------- ------------- ----------
EBITDA excluding research and
development (1,049) (556) 1,679
------------------------------- ------------- ------------- ----------
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END
IR FSDFEEEDSEEE
(END) Dow Jones Newswires
December 04, 2023 02:00 ET (07:00 GMT)
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