RE: Results out6 Jun 2025 07:21
I actually thought under the circumstances they were good and certainly turning the corner and early days!
Grant funding in place for Dundee and CLX, hint that Stingray is to be progressed to be next SPV imho, big cost savings, ok increase in admin costs because of redundancies, but countered with £200k wage costs, healthy cash, £140k RnD saving by bringing assets in house through the lab and not outsourcing and loss reduced - all in 6 months with no legacy assets sold - TBC et al plus No key IP inflection point RNS’d yet I say well done ME and the ship is steadying nicely.
Extension of Dundee evaluation agreement with £50,000 grant from the Queen Mary University London Impact Fund.
· Grant funding secured to progress Cytolytix and Inaphaea programmes through Open University Knowledge transfer and Higher Education Innovation Fund schemes.
· Completion of Stingray evaluation agreement with negotiations underway for follow up underway post period.
· Termination of Barcelona and evaluation agreement.
· Initiation of strategic review to identify operational efficiencies and cost savings culminating in post period reductions of approximately £200, 000 in staffing costs.
· £49, 775 revenue from Inaphaea reflecting first payment of a multiphase contract and first sale of Assay ready reagents from Biobank bank.
Financial Highlights:
Research and developments costs of £245,163 for the year ended 31 December 2024 as compared to £383,362 in 2023, a reduction of £138,199 with cost savings due to reduced outsourced activities.
Administrative expenses of £1,976,283 for the year ended 31 December 2024 as compared to £1,886,401 in 2023, an increase of £89,882 reflecting increase staff costs and compensation paid and intellectual property costs.
Total comprehensive loss for the year ended 31 December 2024 of £1,915,693 as compared to £2,037,701 in 2023, and a loss per share of 1.45p as compared to 2.01p in 2023.
Cash balance at 31 December 2024 of £1,555,986 as compared to £174,684 in 2023.