RE: RNS - 2024 Annual Accounts Released9 Jun 2025 07:51
You really need to read the Prelims. Here it is for you:
3 Going concern
The Financial Statements have been prepared on a going concern basis which assumes that the Group and Company will be able to continue its operations for the foreseeable future.
The Group's business activities, together with the factors likely to affect its future development, performance and financial position are set out in the Chairman's and Chief Executive's Statement and Operational Update.
The Directors have considered the uncertainties, risks and potential impact on the business associated with potential negative trading scenarios. In these circumstances discretionary expenditure within the business provides some flexibility to scale back operations to partially address adverse events if required. In assessing the appropriateness of preparing the Financial Statements on a going concern basis, the Group and Company have prepared a detailed monthly budget ("the budget") for the periods ending 31 December 2025 and 31 December 2026, including considering severe but plausible downside scenarios. The Board considers that the budget represents a reasonable estimate of the Group's expected performance over the period to 31 December 2026 with current cash resources extending to Q1 2026.
The Directors believe there are a variety of sources of funding that may be available to the Group and Company including but not limited to revenues, commercial milestones, licensing and other income from collaboration with customers and industry partners, and debt and equity funding. Based on the current budget, the Directors note that the Group and Company will need to raise additional funding through one or a combination of such sources to ensure the Group and Company remain a going concern. There is no assurance that the Group and Company will be successful in obtaining funding that may be required. Accordingly, these conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group and Company's ability to continue as a going concern for the foreseeable future. However, the Directors believe there are a variety of sources of funding that may be available and have determined that the going concern basis in the preparation of the Financial Statements is still appropriate. The Financial Statements do not include any adjustments that would result if the Group and Company were unable to continue as a going concern.
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