4basebio PLC
("4basebio", the "Company" or the
“Group”)
Half-year Report
for the six months ended 30 June
2023
4basebio PLC (AIM: 4BB), Cambridge, UK, 21
September 2023 – 4basebio PLC, an innovation driven
biotechnology company enabling and accelerating development of
advanced therapy medicinal products (ATMPs) through its high
performant synthetic DNA products and non-viral, thermostable
nucleic acid delivery platform, announces its unaudited half-year
results for the six months ended 30 June
2023.
Operational Highlights (including post period
end)
-
DNA and Hermes™ revenues exceeded £200k for the
half year
-
Supply Agreement signed for provision of DNA for
clinical studies announced on 24 May
2023
-
Announcement of Bill & Melinda Gates Foundation
grant on 1 August
2023
-
Three patent additional filings during the
period
-
Demonstrated in vivo efficacy of Hermes™
delivery system
Financial
Highlights
-
Cash balances of £3.6 million at period
end
-
Loss for the period of £3.6 million (H1 2022 loss:
£2.4 million)
-
Net cash outflow from operating activities of £3.0
million (H1 2022: £2.5
million)
Commenting on the interim results, Dr Heikki Lanckriet, CEO and CSO,
said “We are
pleased to report continued commercial progress since recording
first DNA and Hermes™ revenues in 2022. We have seen a good influx
of early stage projects as we are gearing up our commercial effort
and this has manifested in H1 2023 revenue growth, with overall
revenues in line with full year 2022, driven primarily by DNA
sales.
“During the period, our commercial focus has been
on early stage engagement with potential clients seeking DNA for
their clinical programs, with this approach leading to the
onboarding of multiple clients. Typical customer projects
commence with lower value research grade product supply. As
new client programs progress over time, we expect the demand to
move to full GMP, with individually higher value product supply
opportunities occurring. One such example of this is our
supply agreement with Neomatrix S.r.l. which was recently announced
and where 4basebio will supply DNA into a cancer neoantigen vaccine
program.
“Alongside this commercial traction, our progress
towards overall GMP certification is important and continues, with
4basebio now in position to manufacture GMP compliant critical
starting material for mRNA and AAV
markets.
“We are also delighted to have received a grant
from the Bill & Melinda Gates Foundation to progress a project
focussed on thermal stability of our Hermes™ nanoparticle and our
innovative synthetic DNA
payloads.
“Alongside the ongoing commercial development,
4basebio remains a technology company, which is evidenced by the
progress in developing its portfolio of patent families. As a
Group, we continue to innovate and find novel solutions to
challenges experienced by clients, with additional DNA products
being developed as a result. The flexibility in our platform
which enables this innovation also offers clear competitor
differentiation.
“We continue to invest in our technology platforms
and overall cash expenditure during the period was in line with
management expectations. For the remainder of 2023, we expect
to continue this investment in technology, commercial activities
and production
capabilities.
This announcement contains
inside information for the purposes of Article 7 of EU Regulation
596/2014.
For further
enquiries, please
contact:
4basebio
PLC |
+44 (0)12 2396
7943 |
Heikki Lanckriet, CEO and
CSO |
|
|
|
Cairn Financial Advisers LLP (Nominated
Adviser) |
+44 (0)20 7213
0880 |
Jo Turner / Sandy
Jamieson |
|
|
|
Cavendish Capital Markets Limited
(Broker) |
|
Geoff Nash/Richard Chambers/Charlotte
Sutcliffe |
+44 (0)20 7220
0500 |
|
|
Lionsgate Communications (Media
Enquiries) |
+44
(0)77 91892509 |
Jonathan
Charles |
|
|
|
Notes to
Editors
4basebio (AIM: 4BB)
is an innovation driven life biotechnology company focussed on
accelerating the development of advanced therapy medicinal products
(ATMPs) through its high performant synthetic DNA products and
non-viral, cell targeting nucleic acid delivery platform. The
Company’s objective is to become a market leader in the manufacture
and supply of high quality synthetic DNA products for research,
therapeutic and pharmacological use as well as development of
target specific non-viral vectors for the efficient delivery of
payloads in patients. The Company is offering GMP compliant DNA
starting materials suitable for use in AAV viral vector production
as well as mRNA vaccine and therapeutics
production.
Chairman’s
Statement
Introduction
The Board is pleased to
report 4basebio is making good progress in its commercial
development and also continues to expand its technology and product
offering. With significant focus on customer engagement, revenue
momentum is now building, with DNA and Hermes™ sales for the half
year exceeding like for like sales for the full year 2022.
Alongside this, the capabilities of the Group continue to expand
with additional resource across commercial, operations and R&D
activities and with overall headcount increasing to 78 at the end
of June
2023.
As expected and as
indicated in our 2022 Annual Report, the Group incurred a net loss
for the first half of 2023. 4basebio continues to implement
its strategy requiring ongoing investment in technology and product
commercialisation, including GMP, which it expects will generate
significant revenues and profitability over
time.
Operational
Review
4basebio operates from
four locations near Cambridge, UK
and Madrid, Spain, having recently
taken a long lease over a second property adjacent to its clean
room facility in the UK. This additional property will house
laboratories and offices supporting the manufacturing and quality
teams in the business. The Group’s head office at
Norman Way will accommodate R&D and general support
functions.
Over the first half of the
year, the Group has focussed on three key
areas:
-
Commercialisation of its
product offering, in particular
DNA
-
Continued progression of
GMP implementation
-
Ongoing technology
platform development and generation of Intellectual
Property
Across all three areas,
the Group continues to make good progress. In the year to date, DNA
and Hermes™ revenues exceeded like for like revenues for 2022.
Whilst it remains difficult to provide guidance over how revenues
may develop during the early stages of commercial development, we
expect revenue growth to accelerate over time. From our
early commercial activity, however, it is evident that there is
clear customer demand to adopt 4basebio synthetic DNA into
development programs, with multiple customer evaluation projects
now completed and progressing towards more valuable HQ and GMP
products.
Implementation of GMP
quality standards remains an ongoing task with the Group now able
to manufacture GMP compliant critical starting materials for
feeding into the mRNA and AAV markets, two key areas for revenue
growth for 4basebio. Our next objective is to secure GMP
certification along with the ability to produce GMP certified drug
substance DNA products. In light of this objective, the quality,
manufacturing and regulatory teams will continue to grow over the
course of 2023 and 2024 to support the Group’s GMP
objectives. The board remains positive that the Group will
secure the desired GMP certification in
2024.
Finally, the investment
in, and development of, the Group’s technology platforms continues,
with three further patent filings during the period. The board
considers 4basebio’s synthetic DNA platform as being unique in its
flexibility, thereby offering optimised and bespoke solutions for a
range of cell and gene therapy and vaccine
applications.
Swift commercial progress
is a key objective for the Group. Alongside this, the board
continues to believe that investing in the Group’s technology
platforms to further optimise and expand its product offering is
central to creating and realising shareholder
value.
In summary, the board is
pleased with the continued progress which has been made during the
first half of 2023. The Group is validating its commercial
proposition by way of customer revenues while at the same time it
continues to strengthen its market position with ongoing patent
filings around its technologies. The board considers the
Group to be extremely well placed to continue the commercial
exploitation of its DNA and nanoparticle
technology.
Business
outlook
Over the second half of
the financial year, the Group expects to continue to secure new
clients and recognise revenues from the sale of DNA and
Hermes™. As previously indicated, the Group will also
continue investing in its technologies and staff teams, so that
ongoing expenditure will continue to significantly exceed revenues,
with the Group reporting a loss for the full year, which will be
funded by drawing on the loan facility with 2Invest
AG.
Financial
Review
The results for the period
ended 30 June 2023 and the
consolidated balance sheet at that date reflect the consolidated
performance and position of 4basebio PLC and all its subsidiary
companies.
Revenue
Revenue in the first six
months of 2023 (“H1 2023”) was £0.24 million (H1 2022: £0.15 million). The increase in revenues
relates entirely to the sale of DNA and
Hermes™.
Cost of
sales
Cost of sales in H1 2023
was £77k (H1 2022: £37k). Cost of sales reflects a
combination of amortisation on previously capitalised intangible
assets linked to kit sales and direct inputs for DNA
production.
Selling and
administration
expenses
Selling, general and
administrative expenses were a combined £1.9 million in H1 2023 (H1
2022: £1.4 million) This
includes non-cash items relating to amortisation and depreciation
of £190k and share options charges of £87k. Otherwise,
expenditure increased with additional headcount across business
development, legal and support
services.
Operations
expense
Operations expense was
£0.6 million (H1 2022: £0.4 million) This reflects the scaling of
the manufacturing and quality assurance team between the two
periods.
Research and
development
Overall research and
development expenditure for H1 2023 was £1.8 million (H1 2022: £1.5 million), of which £0.3 million was
capitalised in the period (H1 2022: £0.5 million). Overall expenditure
increased due to the ongoing expansion of the UK team.
Capitalised expenditure relates to platform research undertaken in
Spain.
Tax
Tax represents R&D tax
credits expected to be recovered in relation to expenditure during
the first half of the year.
Balance
sheet
Non-current assets
increased to £6.5 million at 30 June
2023 from £5.8 million at 31 December
2022; this related to additions of tangible fixed assets in
the UK and capitalised R&D expenditure in Spain as shown in notes 6 and 7 to the half
year results. Current assets fell to £5.1 million at
30 June 2023 from £5.9 million at
31 December 2022, due primarily to
cash outflows during the first half of 2023. As a result,
closing cash balances at 30 June 2023
stood at £3.6 million (31 December
2022: £4.4 million).
Current liabilities were
stable at £1.5 million at
30 June 2023 (31 December 2022: £1.5 million) with a modest
decline in short term financial liabilities offset by an increase
in trade payables. Long term financial liabilities reflect the
drawdown on the 2Invest AG loan facility. As a result,
overall long term liabilities stood at £6.7 million as at
30 June 2023 (31 December 2022: £3.1 million). Other long term
liabilities represent deferred grant income in Spain.
Share Capital at both
30 June 2023 and 31 December 2022 reflects the capital
contributions arising from the 2020 spin out process as explained
in note 3.2 to the financial statements included in the Annual
Report for 2021.
Cash
flow
Net cash outflows from operations were £3.0 million for the period
ended 30 June 2023 (period ended
30 June 2022: outflows of £2.5
million). This reflects an
increase in operating cashflows directly arising from the growth in
operations between the periods as presented in the profit and loss
statement.
Cash outflows from
investing activities declined with the investment in tangible fixed
assets of £0.4 million for the period ended 30 June 2023 (period ended 30 June 2022: £1.0 million) relating to both
operations and R&D equipment. In addition, intangible
assets including capitalised development expenditure in 4basebio
S.L.U. represented a cash outflow of £0.3 million from £0.4 million
in period ended 30 June
2022.
Cashflows from financing
for the period ended 30 June 2023
reflect in particular the drawdowns from 2Invest AG under the loan
facility of £3.5 million, partially offset by repayments of Spanish
softloans.
Exchange differences for
the period represent changes in the British pound value of cash
balances held in foreign currency, almost entirely euro
denominated.
Tim McCarthy
Chairman
20 September
2023
Consolidated statement
of profit or loss and other comprehensive
income
for the
six months ended 30 June
2023
|
|
|
|
|
|
|
|
in
£‘000 |
Note |
Six months ended 30 June
2023
(unaudited) |
Six months ended 30 June
2022
(unaudited) |
Year ended
31 December 2022
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
238 |
152 |
268 |
Cost of goods
sold |
|
|
|
(77) |
(37) |
(29) |
Gross
profit |
|
|
161 |
115 |
239 |
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
|
|
|
(248) |
(97) |
(245) |
Administration
expenses |
|
|
(1,603) |
(1,306) |
(2,711) |
Operations
expense |
|
(596) |
(367) |
(928) |
Research and
non-capitalised development
expenses |
|
(1,596) |
(1,024) |
(2,081) |
Other operating
expenses |
|
(18) |
(37) |
(181) |
Other operating
income |
|
136 |
2 |
67 |
Loss from
operations |
|
(3,764) |
(2,714) |
(5,840) |
|
|
|
|
|
|
|
|
Finance
expense |
|
|
|
(98) |
(16) |
(89) |
|
|
|
|
|
|
|
Loss before
tax |
|
|
|
(3,862) |
(2,730) |
(5,929) |
|
|
|
|
|
|
|
|
Income tax credit /
expense |
|
|
4 |
307 |
300 |
779 |
|
|
|
|
|
|
|
Loss for the
period |
|
|
|
(3,555) |
(2,430) |
(5,150) |
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
-
Basic and diluted (in
£/share)
|
5 |
(0.29) |
(0.20) |
(0.42) |
|
|
|
|
|
|
|
Items that may be
reclassified to the income statement in subsequent
periods |
|
|
|
|
|
Exchange rate
adjustments |
|
(243) |
173 |
447 |
|
|
|
|
|
|
Total comprehensive
income |
|
|
(3,798) |
(2,257) |
(4,703) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All of the loss for
each period is from continuing
operations.
Consolidated statement
of financial position
30 June
2023
in
£’000 |
|
|
|
Note |
30
June 2023(unaudited) |
31 December
2022 (audited) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Intangible
assets |
6 |
2,366 |
2,124 |
Property, plant and
equipment |
7 |
4,088 |
3,633 |
Other non-current
assets |
|
34 |
35 |
Non-current
assets |
6,488 |
5,792 |
|
|
|
|
Inventories |
|
199 |
133 |
Trade
receivables |
|
60 |
54 |
Other current
assets |
|
1,251 |
1,359 |
Cash and cash
equivalents |
8 |
3,558 |
4,351 |
Current
assets |
5,068 |
5,897 |
|
|
|
|
|
|
|
Total
assets |
|
11,556 |
11,689 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Financial
liabilities |
|
(321) |
(415) |
Trade
payables |
|
(528) |
(490) |
Other current
liabilities |
|
(635) |
(613) |
Current
liabilities |
|
(1,484) |
(1,518) |
|
|
|
|
Financial
liabilities |
|
(6,551) |
(2,935) |
Other
liabilities |
|
(110) |
(116) |
Non-current
liabilities |
|
(6,661) |
(3,051) |
|
|
|
|
Total
liabilities |
|
(8,145) |
(4,569) |
Net
assets |
|
3,411 |
7,120 |
|
|
|
|
Share
capital |
|
11,132 |
11,130 |
Share
premium |
|
706 |
706 |
Merger
reserve |
|
688 |
688 |
Capital
reserve |
|
13,394 |
13,307 |
Foreign exchange
reserve |
|
(229) |
14 |
Profit and loss
reserve |
|
(22,280) |
(18,725) |
Total
Equity |
9 |
3,411 |
7,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement
of changes in equity
for the
six months ended 30 June
2023
in
£‘000 |
Share
capital |
Share
premium |
Merger
reserve |
Capital
reserve |
Foreign
exchange |
Profit and loss
reserve |
Total
equity |
Balance at 1 January
2022
(audited) |
11,130 |
706 |
688 |
13,179 |
(433) |
(13,575) |
11,695 |
Loss for the
year |
- |
- |
- |
- |
- |
(5,150) |
(5,150) |
Foreign Exchange
difference arising on translation of 4basebio
S.L.U. |
- |
- |
- |
- |
447 |
- |
447 |
Share based
payments |
- |
- |
- |
128 |
- |
- |
128 |
Balance at 31 December
2022
(audited) |
11,130 |
706 |
688 |
13,307 |
14 |
(18,725) |
7,120 |
|
|
|
|
|
|
|
|
in
£‘000] |
Share
capital |
Share
premium |
Merger
reserve |
Capital
reserve |
Foreign
exchange |
Profit and loss
reserve |
Total
equity |
Balance at 1 January
2023
(audited) |
11,130 |
706 |
688 |
13,307 |
14 |
(18,725) |
7,120 |
Loss for the
year |
- |
- |
- |
- |
- |
(3,555) |
(3,555) |
Foreign Exchange
difference arising on translation of 4basebio
S.L.U. |
- |
|
|
- |
(243) |
- |
(243) |
Share option
charge |
- |
- |
- |
87 |
- |
- |
87 |
Shares issued in
period |
2 |
- |
- |
- |
- |
- |
2 |
Balance at 30 June 2023
(unaudited) |
11,132 |
706 |
688 |
13,394 |
(229) |
(22,280) |
3,411 |
Consolidated statement
of cash flows
for
the six months ended 30 June
2023
|
|
|
|
|
|
|
in
£’000 |
|
30
June 2023(unaudited) |
30
June 2022(unaudited) |
31 December
2022 (audited) |
|
|
|
|
|
Net loss for the
period |
|
(3,555) |
(2,430) |
(5,150) |
Adjustments to reconcile
net loss for the period to net
cashflows |
|
|
|
Income
taxes |
(307) |
(300) |
(779) |
Interest
charge |
|
98 |
16 |
89 |
Depreciation of
property, plant and
equipment |
315 |
226 |
404 |
Amortisation and
impairment of intangible
assets |
16 |
13 |
27 |
Other non-cash
items |
87 |
57 |
136 |
Tax
receipt |
561 |
- |
401 |
Working capital
changes: |
|
|
|
|
(Increase)/decrease in
trade receivables and other current
assets |
(104) |
(216) |
140 |
|
Increase/(decrease) in
trade payables and other current
liabilities |
|
(28) |
157 |
(2) |
|
(Increase)/decrease in
inventories |
|
(70) |
10 |
30 |
Net Cash flows from
operating
activities |
|
(2,987) |
(2,467) |
(4,704) |
|
|
|
|
Investments in property,
plant and equipment and intangible
assets |
(406) |
(969) |
(1,155) |
Investments in
capitalised development and intangible
assets |
(330) |
(404) |
(786) |
Cash flows from
investing
activities |
(736) |
(1,373) |
(1,941) |
|
|
|
|
Net receipt/(payment) of
loans |
3,187 |
(272) |
1,412 |
Interest
paid |
(26) |
(17) |
(93) |
Capital lease
payments |
(49) |
(38) |
(75) |
Proceeds of shares
issue |
2 |
- |
- |
Cash flows from
financing
activities |
3,114 |
(327) |
1,244 |
|
|
|
|
Net change in cash and
cash equivalents |
(609) |
(4,167) |
(5,401) |
Exchange
differences |
(184) |
178 |
166 |
Cash and cash
equivalents at the beginning of the
period |
4,351 |
9,586 |
9,586 |
Cash and cash
equivalents at the end of the
period |
3,558 |
5,597 |
4,351 |
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the financial statements
For the six months ended 30 June
2023
-
General
information
4basebio PLC (the “Company” or “4basebio”) is
registered in England and
Wales with company number
13519889.
The Company is domiciled in England and the registered office of the
Company is 25 Norman Way, Over, Cambridge CB24 5QE. 4basebio PLC is the parent
of a group of companies (together, “the Group”). The Group focusses
on life sciences and in particular the development of synthetic DNA
and nanoparticles suitable for inclusion in, or delivery of,
therapeutic payloads for cell & gene therapies and
vaccines.
The Company’s shares are traded on London Stock
Exchange’s AIM market. The international securities number
(ISIN) number for its AIM traded shares is GB00BLD8ZL39; its ticker
symbol is 4bb.l.
The interim report was approved by the board of
directors on 20 September
2023.
-
Significant accounting
policies
Basis of
preparation
This half year report, which is not audited, has
been prepared in accordance with the measurement and recognition
criteria of UK adopted International Accounting Standards. It does
not include all the information required for full annual financial
statements and should be read in conjunction with the financial
statements of the Company and its subsidiaries (the “Group”) for
the year ended 31 December
2022.
The accounting policies applied in this half year
report are consistent with those in the financial statements for
the year ended 31 December 2022, as
described in those financial
statements.
Significant
judgments
In the application of the Group’s accounting
policies, management is required to make judgments, estimates and
assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The significant
judgments made in relation to the financial statements are further
set out below.
Going
concern
The directors have, at the time of approving the
half year report, a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus, they continue to adopt the going concern
basis of accounting in preparing the financial
statements.
Internally-generated
intangible assets – research and development
expenditure
Development expenditure is capitalised when the
conditions referred to in Note 4 of the Company's 2022 annual
report are met. Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision
and future periods if the revision affects both current and future
periods.
-
Foreign
currencies
The functional currency of the Group is British
Pounds.
The principal currency rate of the Group other
than the British Pounds is the euro which has developed as follows
in relation to the equivalent of one pound
(GBP/£):
in
GBP |
Closing exchange
rate |
Average exchange
rate |
|
30 June
2023 |
31 December
2022 |
|
|
Six months ended 30 June
2023 |
Six months ended 30 June
2022 |
Year ended 31 December
2022 |
|
Euro |
0.8583 |
0.8869 |
|
|
0.8764 |
0.8424 |
0.8524 |
|
-
Income
taxes
The Group anticipates claiming R&D tax credits
in both the UK and Spain in
relation to the year ended 31 December 2023. The quantum of
such claims for the first half of 2023 is estimated at £0.3 million
(period ending 30 June 2022: £0.3
million).
-
Loss per
share
|
Six months ended 30 June
2023 |
Six months ended 30 June
2022 |
Year ended 31 December
2022 |
Numerator in
£‘000 |
|
|
|
Loss for the
period |
(3,555) |
(2,430) |
(5,150) |
Denominator number of
shares |
|
|
|
Weighted average number
of registered shares in circulation (ordinary shares) for
calculating the undiluted earnings per
share |
12,318,987 |
12,317,473 |
12,317,473 |
|
|
|
|
Diluted and Undiluted
earnings per share
(£/share) |
(0.29) |
(0.20) |
(0.42) |
-
Intangible
assets
in
£‘000 |
Development
costs |
Licences |
Total |
Cost or acquisition
value |
|
|
|
01 January
2022 |
2,390 |
200 |
2,590 |
Additions |
499 |
287 |
786 |
Exchange
differences |
151 |
17 |
168 |
31 December
2022 |
3,040 |
504 |
3,544 |
|
|
|
|
01 January
2023 |
3,040 |
504 |
3,544 |
Additions |
263 |
67 |
330 |
Exchange
differences |
(104) |
(14) |
(118) |
30 June
2023 |
3,199 |
557 |
3,756 |
|
|
|
|
Cumulative amortisation
and
impairment |
|
|
|
01 January
2022 |
1,286 |
33 |
1,319 |
Amortisation |
9 |
18 |
27 |
Exchange
differences |
72 |
2 |
74 |
31 December
2022 |
1,367 |
53 |
1,420 |
|
|
|
|
01 January
2023 |
1,367 |
53 |
1,420 |
Amortisation |
3 |
14 |
17 |
Exchange
differences |
(45) |
(2) |
(47) |
30 June
2023 |
1,325 |
65 |
1,390 |
|
|
|
|
Net book
value |
|
|
|
31 December
2022 |
1,673 |
451 |
2,124 |
30 June
2023 |
1,874 |
492 |
2,366 |
|
|
|
|
|
-
Property, plant and
equipment
in
£‘000 |
Operating
equipment |
Land and
buildings |
Right of use
assets |
Assets under
construction |
Total |
Cost or acquisition
value |
|
|
|
|
|
01 January
2022 |
882 |
997 |
635 |
751 |
3,265 |
Additions |
1,152 |
43 |
143 |
- |
1,338 |
Transfers |
751 |
- |
- |
(751) |
- |
Disposals |
- |
- |
(143) |
- |
(143) |
Exchange
differences |
18 |
- |
8 |
- |
26 |
31 December
2022 |
2,803 |
1,040 |
643 |
- |
4,486 |
|
|
|
|
|
|
01 January
2023 |
2,803 |
1,040 |
643 |
- |
4,486 |
Additions |
405 |
1 |
372 |
- |
778 |
Exchange
differences |
(14) |
(2) |
(3) |
- |
(19) |
30 June
2023 |
3,194 |
1,039 |
1,012 |
- |
5,245 |
|
|
|
|
|
|
Cumulative amortisation
and
impairment |
|
|
|
|
|
01 January
2022 |
357 |
51 |
98 |
- |
506 |
Depreciation |
298 |
89 |
87 |
- |
474 |
Disposals |
- |
- |
(143) |
- |
(143) |
Exchange
differences |
15 |
- |
1 |
- |
16 |
31 December
2022 |
670 |
140 |
43 |
- |
853 |
|
|
|
|
|
|
01 January
2023 |
670 |
140 |
43 |
- |
853 |
Depreciation |
230 |
25 |
60 |
- |
315 |
Exchange
differences |
(8) |
(2) |
(1) |
- |
(11) |
30 June
2023 |
892 |
163 |
102 |
- |
1,157 |
|
|
|
|
|
|
Net book
value |
|
|
|
|
|
31 December
2022 |
2,133 |
900 |
600 |
- |
3,633 |
30 June
2023 |
2,302 |
876 |
910 |
- |
4,088 |
-
Cash and cash
equivalents
in
£‘000 |
30 June
2023 |
31 December
2022 |
Bank balances and cash
in hand |
3,558 |
4,351 |
|
|
|
Cash and cash
equivalents |
3,558 |
4,351 |
-
Equity
On 14 February 2023,
2,000 shares were issued pursuant to an exercise of employee share
options. As a result, the share capital of 4basebio PLC as of
30 June 2023 amounts to a total of
€12,319,473 divided into 12,319,473 shares of €1 (31 December 2022: €12,317,473 shares of
€1). These are all registered ordinary shares. There are no
shares with special rights or other restrictions on voting
rights.
Share-based
payments
During H1 2023, 60,000 share options to subscribe
for shares in the Company were granted to employees with an average
weighted exercise price of £5.55 per share. The share options
awarded vest one quarter on the anniversary of grant, over four
years. Consistent with previous awards as explained in note
24 to the 2022 financial statements, the awards were valued using a
Black Scholes valuation model.
An overall share-based payments charge of £86,601
has been expensed in the period with a corresponding amount
recognised in equity based on fair values of between £0.31 and
£2.38 per option, as at the dates of
grant.
-
Legal
matters
As disclosed in note 26 of the 2022 financial
statements, the Company was notified in March 2021 of legal action against it in
Germany in relation to the spin
out process of 4basebio SE (now 4basebio PLC) dating to 2020.
Since 30 June 2023, the directors
understand this process is now nearing a conclusion, with any fees
and costs associated with this matter expected to be below
£100k.
Separately, the Company previously commenced legal
proceedings against a Spanish entity in relation to patent
entitlement and breach of confidentiality and is pursuing appropriate legal
recourse. On 19 September 2023, the Company received a
counterclaim for breach of
confidentiality.
-
Approval of the half year
report
The half year report was approved by the board of
directors and authorised for publication on 20 September
2023.
Forward-looking
statements
This announcement may contain certain statements
about the future outlook for the 4basebio. Although the
directors believe their expectations are based on reasonable
assumptions, any statements about future outlook may be influenced
by factors that could cause actual outcomes and results to be
materially different.