TIDMNFX
RNS Number : 1115A
Nuformix PLC
22 May 2023
Nuformix plc
("Nuformix", the "Company" or the "Group")
Unaudited Interim Report
22 May 2023: Nuformix plc (LSE: NFX), a pharmaceutical
development company targeting unmet medical needs in fibrosis and
oncology via drug repurposing, announces its unaudited results for
the twelve months ended 31 March 2023 following the change in the
Company's accounting reference date from 31 March to 30
September.
Operational highlights
-- The Company successfully conducted studies in
state-of-the-art 3D human Idiopathic Pulmonary Fibrosis (" IPF")
lung tissue, using a disease and species relevant model, which
initially focused on the anti-fibrotic action of NXP002 in
combination with current standards-of-care ("SoC"). The results
indicated:
o NXP002 alone delivered a strong, consistent anti-fibrotic
effect as demonstrated by modulation of the release of multiple
biomarkers of fibrosis; and
o Both high and low concentrations of NXP002 showed an additive
anti-fibrotic effect to SoC.
-- The anti-inflammatory action of NXP002 was subsequently
investigated, post period end, in the same model and the results
indicated:
o NXP002 alone delivered a strong, consistent anti-inflammatory
effect as demonstrated by modulation of the release of multiple
biomarkers of inflammation; and
o NXP002 increased the performance of SoCs in modulating the
release of a panel of inflammation biomarkers associated with the
progression of fibrotic lung disease.
-- The Company additionally successfully conducted duration of
action studies using an exploratory 3D human lung tissue model
offering species relevance and NXP002 dosage control. This allowed
investigation of NXP002's anti-inflammatory action at various
timepoints following challenge with lipopolysaccharide ("LPS"), a
stimulant that induces measurable endpoints and pathways relevant
to IPF progression. The results indicated:
o NXP002 suppresses the release of inflammatory cytokines by
healthy human lung tissue following LPS challenge; and
o A strong anti-inflammatory effect remains at 12 hours post
drug dosing demonstrated by continued suppression of the release of
inflammatory cytokines following LPS challenge, confirming NXP002
has a suitable duration of action to support its Target Product
Profile of twice daily dosing.
-- In vitro dissolution comparisons of NXP004 co-crystals to
Lynparza(R) (commercially available olaparib) demonstrated that the
two lead NXP004 cocrystals selected out-perform Lynparza (R) , in
terms of rate and extent of dissolution and release of
olaparib.
Financial Highlights for the twelve months ended 31 March
2023
-- Loss before tax GBP761,299 (31 March 2022: loss of GBP1,270,273).
-- Loss on ordinary activities (after tax credit) of GBP760,136
(31 March 2022: loss of GBP1,108,994).
-- Loss per share 0.11p (31 March 2022: loss per share 0.19p).
-- Net assets of GBP4,228,204 (31 March 2022: GBP4,737,961)
including GBP259,259 of cash and cash equivalents at 31 March 2023
(31 March 2022: GBP464,095).
-- The Company's accounting reference date and financial year
end was changed from 31 March to 30 September.
-- Post period end, on 13 April 2023, a subscription for
35,000,000 new ordinary shares at a price of 0.20 pence per share
raised gross proceeds of GBP70,000. The subscription was undertaken
with a single UK-based FCA regulated institutional investor. In
addition, the participant in the subscription was issued with one
warrant for every one new ordinary share subscribed for with an
exercise price of 0.25 pence per warrant. These warrants could
result in the issue of an additional 35,000,000 new ordinary shares
raising a further GBP87,500 for progression of the Company's
business activities.
Dr Dan Gooding, Executive Director of Nuformix, said: "Our
interim report demonstrates the Company is continuing to generate
value-adding data for its lead programmes whilst further optimising
its operational costs. For NXP002, our pre-clinical strategy has
delivered consistently positive results that allow us to tell a
complete pre-clinical story to potential licensing partners for the
first time and demonstrate that inhaled treatment of IPF via NXP002
is a viable concept. Our near-term goals focus on our NXP002
programme, as we continue to generate robust data to support our
out-licensing objectives, all achievable using existing funds
thanks to our lean operational model which will continue to
operate. We are greatly encouraged by our recent work in
close-to-patient human tissue models, in particular the new data
supporting NXP002's duration of action and Target Product Profile.
I am excited by our prospects for the remainder of the year as we
formally commence partnering activities and look forward to sharing
results as they emerge."
Enquiries:
Nuformix plc
Dr Dan Gooding, Executive Director Via IFC Advisory
Stanford Capital Partners Limited
Tom Price / Patrick Claridge (Corporate
Finance) +44 (0) 20 3650 3650
John Howes (Corporate Broking) +44 (0) 20 3650 3652
IFC Advisory Limited
Tim Metcalfe +44 (0) 20 3934 6630
Zach Cohen nuformix@investor-focus.co.uk
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet
medical needs in fibrosis and oncology via drug repurposing. The
Company aims to use its expertise in discovering, developing and
patenting novel drug forms, with improved physical properties, to
develop new products in new indications that are, importantly,
differentiated from the original (by way of dosage, delivery route
or presentation), thus creating new and attractive commercial
opportunities. Nuformix has a pipeline of pre-clinical assets with
potential for significant value and early licensing
opportunities.
Nuformix plc shares are traded on the London Stock Exchange's
Official List under the ticker: NFX. For more information, please
visit www.nuformix.com .
Chairman's statement
Following the change of the Company's accounting reference date
from 31 March to 30 September these interim results cover the 12
month period to 31 March 2023. The Company's interim results for
the six month period ended 30 September 2022 were announced on 13
December 2022 and the operational review below covers the
subsequent period from 30 September 2022 to 31 March 2023, a period
of further progress for the Company's assets NXP002 and NXP004.
Operational review
NXP002 (new form of tranilast) - Idiopathic Pulmonary Fibrosis
(IPF)
NXP002 is the Group's pre-clinical lead asset and a potential
novel inhaled treatment for IPF and possibly other fibrosing
interstitial lung diseases ("ILDs"). It is a proprietary, new form
of the drug tranilast, to be delivered in an inhaled
formulation.
IPF is a devastating lung disease associated with a higher
mortality rate than many cancers. Thus, IPF represents a high unmet
medical need such that the requirement for improved treatment
options represents a significant commercial opportunity. IPF is
classified as a rare disease and presents a global commercial
market that is forecast to grow to US$8.8bn by 2027. Sales of
standard-of-care therapies OFEV and Esbriet achieved US$2.5bn and
US$1bn respectively in 2021.
Tranilast has a long history of safe use as an oral drug for
asthma, keloids and hypertrophic scarring, but there is growing
evidence that supports its potential in other fibrotic conditions,
including IPF. NXP002 is differentiated as it is a patent protected
new form of tranilast that has been enabled for formulation and
delivery direct to the lungs by inhalation, a new route of
administration for this drug. The inhalation route is a well-known
strategy for treatment of lung diseases to yield greater efficacy
and reduce systemic side-effects compared to oral treatment.
Discontinuation rates for standard-of-care IPF therapies can be as
high as 80% in certain patient groups due to systemic side-effects.
Effective inhalation therapies offer the potential to overcome
these limitations of oral therapies. Nuformix has two patent
families protecting new forms of tranilast, both of which have
already been granted in major pharmaceutical territories, with
patent prosecution progressing in additional territories of
interest. In addition, in March 2022, a method of use patent
application was filed specific to IPF treatment.
As a potential treatment for IPF, which is a rare disease,
NXP002 is a likely candidate for Orphan Drug Designation, which
could provide additional product protection against potential
competitors. The positioning of NXP002 as an inhaled treatment for
IPF could be either as added to SoC's or administered as a
monotherapy for patients non-responsive to SoCs and those declining
these therapies due to side effects which impact quality of
life.
The pre-clinical inhalation strategy, initiated by the Company
has significantly progressed NXP002 demonstrating:
-- it can be delivered in-vivo by a range of nebulisers at the
optimum particle size for delivery to the deep lung;
-- very high doses appear to be well-tolerated; and
-- an in-vivo inhalation dose response was observed for
inflammatory and fibrotic biomarkers that is consistent with all
ex-vivo human IPF tissue studies to date.
The Company conducted studies in a new iteration of a 3D human
IPF lung tissue using a disease and species relevant model that has
been advanced to significantly reduce output variability. The
results from these studies of NXP002 alone and in combination with
current standards of care ("SoC"), can be summarised as
follows:
-- NXP002 is well tolerated in ex-vivo human lung tissue with no signs of toxicity events;
-- NXP002 alone delivers a strong, consistent anti-fibrotic and
anti-inflammatory effect as demonstrated by modulation of the
release of multiple biomarkers of fibrosis and inflammation;
-- both high and low concentrations of NXP002 show an additive
anti-fibrotic and anti-inflammatory effect to SoC;
-- in particular, the higher concentrations of NXP002 with SoC's
deliver a near complete ablation of fibrosis biomarker release, yet
at lower concentrations than have been seen in other pre-clinical
models to date; and
-- the clear, pronounced additive benefit of NXP002 on top of
SoCs observed suggests that NXP002 will provide additional
efficacy, even in patients responding to SoC therapy. This raises
the possibility that NXP002 targets additional disease pathways to
SoC's when increasing the combined anti-fibrotic and
anti-inflammatory response.
As announced on 18 May 2023, following success in suppressing
biomarkers of fibrotic disease progression in human IPF lung
tissue, the same samples were analysed to assess additional
mechanistic and anti-inflammatory benefits on top of SoC's and the
results are summarised as follows:
-- NXP002 alone delivers a strong, consistent anti-inflammatory
effect as demonstrated by suppression of the release of
inflammatory cytokines by over 90% for all cytokines studied;
and
-- the results further suggests that NXP002 will provide
additional efficacy in combination with SoC's, even in patients
responding to SoC therapy alone.
Nuformix has developed a Target Product Profile that is
consistent with twice daily inhalation administration. To assess
NXP002's duration of action in relation to the Target Product
Profile, the Company initiated work in an exploratory model in
healthy human lung tissue. The model also bridges the Company's
successful pre-clinical work across a variety of LPS-challenge
studies. The results are summarised as follows:
-- NXP002 suppresses the release of inflammatory cytokines by
healthy human lung tissue following LPS challenge; and
-- a strong anti-inflammatory effect remains at 12 hours post
drug dosing demonstrated by continued suppression of the release of
inflammatory cytokines following LPS challenge, confirming NXP002
has a suitable duration of action to support its Target Product
Profile of twice daily dosing.
Overall, the results further strengthen NXP002's potential for
development as a new inhaled treatment for IPF either in addition
to existing therapies or as a monotherapy. The Board continues to
be encouraged by the progress of the studies and the positive data
generated to date, in particular the recent duration of action
study results and is focused on next steps which include:
-- expansion of the current studies to include further human IPF
tissue donors to demonstrate the robustness of NXP002's
anti-fibrotic response alone and in SoC combinations; and
-- formally commencing the NXP002 partnering process.
NXP004 (novel forms of olaparib) - Oncology
The Group discovered novel forms of olaparib, a drug currently
marketed by AstraZeneca, a Lynparza(R). Lynparza(R) was first
approved in December 2014 for the treatment of adults with advanced
ovarian cancer and deleterious or suspected deleterious germline
BRCA mutation. Since then, it has secured similar approvals in
breast, pancreatic and prostate cancers with further trials
on-going. These approvals have propelled Lynparza(R) sales to
US$2.7bn in 2021 with industry analysts forecasting annual sales of
US$9.7bn by 2028.
The Group has filed two patent applications on its novel forms
of olaparib with the potential for patent life to 2040/2041.
The Company demonstrated enhanced performance of NXP004
cocrystals compared to olaparib. Subsequently, further
preformulation studies allowed the Company to identify lead
cocrystals to be progressed for further development.
Results from in vitro dissolution studies demonstrated that the
two lead NXP004 cocrystals out-performed Lynparza (R) , both in
terms of rate and extent of dissolution and release of
olaparib.
Enhancement of dissolution in the currently marketed formulation
of Lynparza (R) resulted in improved bioavailability versus the
initial marketed product. Therefore, the NXP004 programme may offer
potential to further increase olaparib bioavailability. In
addition, the potential simplicity of NXP004-based formulations may
offer improvements in product cost-of-goods versus the currently
marketed product, which requires complex manufacturing methods.
These attributes position NXP004 for applications in
line-extensions for the currently marketed product, or for possible
development in future first-to-generic products.
The Company will now consider the design and execution of
suitable pre-clinical pharmacokinetic models to further investigate
and validate NXP004's potential for enhancing the oral absorption
of olaparib. Securing these data will enable commencement of
discussions with multiple potential commercialisation partners.
This work will direct and support future out-licensing
discussions for NXP004.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is
currently marketed as a product in the oncology supportive care
setting (chemotherapy induced nausea and vomiting). Nuformix
granted an exclusive license to Oxilio Ltd ("Oxilio"), a privately
held pharmaceutical development company, to license NXP001 globally
for oncology indications on terms previously disclosed. A programme
of formulation development was defined. Significant progress has
been made exploring numerous formulation adaptations. This work is
detailed, time consuming and ongoing. Despite Covid related supply
chain issues Oxilio have generated more cocrystal supplies to allow
this work to continue.
Fundraising
Post period end, on 13 April 2023, the Company completed a
subscription to raise gross proceeds of GBP70,000 through a
subscription for 35,000,000 new ordinary shares of 0.1 pence in the
capital of the Company (the "New Ordinary Shares") at a price of
0.20 pence per share (the "Subscription"). The Subscription was
undertaken with a single UK-based FCA regulated institutional
investor. The New Ordinary Shares represent approximately 4.7 per
cent. of the Company's enlarged issued share capital.
In addition, the participant in the Subscription was issued with
one warrant for every one New Ordinary Share subscribed for with an
exercise price of 0.25 pence per warrant. These warrants will be
exercisable for two years from Admission ("Warrants"). If the
Warrants are exercised in full, it would result in the issue of an
additional 35,000,000 new ordinary shares raising a further
GBP87,500 for progression of the Company's business activities. The
New Ordinary Shares and Warrants were issued pursuant to the
Company's existing share issuance authorities.
The net proceeds of the Subscription will be used by the Company
primarily to further advance its NXP002 programme for the inhaled
treatment of IPF.
Outlook
The Company to continues to advance and exploit the current
assets within the portfolio through the R&D and business
development activities as set out above. The sharing agreement with
Lanstead provides cash on a monthly basis until October 2023 to the
Company to fund its lean operations and together with the funds
raised in the April 2023 Subscription will provide the Company with
sufficient financial resources until any such time that the Group's
R&D and targeted partnering activities require further
resource.
The strategy of the Group is to continue to increase the value
of its existing assets while maintaining tight control of costs,
including conducting business development/licensing activities
using a structured and data-driven approach, with the goal of
seeking global licensing deals.
Financial Review
In the period, the Board has continued to focus expenditure on
R&D activities that add value to the current assets while
optimising the operation to minimise administrative expenditure and
the operational cost-base.
Dr Julian Gilbert
Non-Executive Chairman
22 May 2023
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been
prepared in accordance with UK adopted IAS 34 'Interim Financial
Reporting';
2. the condensed set of financial statements has been prepared
in accordance with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and
fair view of the asset, liabilities, financial position and profit
or loss of the group and the undertakings included in the
consolidation as a whole as required by DTR 4.2.4R; and
4. the interim management report includes a fair review of the information required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, 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
4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
The directors of Nuformix plc are listed in the Group's 2022
Annual Report and Accounts and the current board are set out on the
Investors Information section of Nuformix's website at: Investors
Information - Nuformix
Dr Julian Gilbert
Non-Executive Chairman
22 May 2023
Further copies of this document are available from the company's
registered address and will be available on the company's website
later today.
Nuformix plc
Registration number: 09632100
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Income Statement
and Statement of Comprehensive Income for the twelve months
ended 31 March 2023
12 months 12 months
ending ending
31 March 31 March
2023 2022
Unaudited Audited
Note GBP GBP
Revenue - 50,000
Cost of sales - (1,695)
---------- ------------
Gross profit - 48,305
Total administrative expenses (761,299) (1,318,577)
Other operating income - -
---------- ------------
Operating loss (761,299) (1,270,272)
Finance costs - -
---------- ------------
Loss before tax (761,299) (1,270,272)
Income tax receipt 1,163 161,279
Loss for the period and total comprehensive
income for the period (760,136) (1,108,993)
========== ============
Loss per share - basic and diluted 4 0.11p 0.19p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 31 March
2023
31 March 31 March
2023 2022
Note Unaudited Audited
GBP GBP
Assets
Non-current assets
Property, plant and equipment 5 - 438
Intangible assets 6 4,113,953 4,150,411
4,113,953 4,150,849
------------ ------------
Current assets
Trade and other receivables 128,547 199,600
Income tax asset - 161,279
Cash and cash equivalents 259,259 464,095
387,806 824,974
------------ ------------
Total assets 4,501,759 4,975,823
============ ============
Equity and liabilities
Equity
Share capital 7 709,309 615,609
Share premium 6,635,378 6,500,817
Merger relief reserve 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195)
Share option reserve 2,048,781 2,026,664
Retained earnings (8,110,069) (7,349,933)
------------ ------------
Total equity 4,228,204 4,737,962
------------ ------------
Current liabilities
Trade and other payables 273,555 237,861
------------ ------------
273,555 237,861
Total equity and liabilities 4,501,759 4,975,823
============ ============
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the twelve
months ended 31 March 2023
Share Share Merger Reverse Share Retained Total
capital premium Relief acquisition option earnings GBP
GBP GBP Reserve reserve reserve GBP
GBP
At 31 March
2021 591,609 6,384,835 10,950,000 (8,005,195) 2,005,952 (6,240,940) 5,686,261
Loss for the
half-year
and total
comprehensive
loss - - - - - (1,108,993) (1,108,993)
Issue of share
capital 24,000 145,982 - - - - 169,982
Share issue
costs - (30,000) - - - - (30,000)
Share and
warrant based
payment - - - - 20,712 - 20,712
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
At 31 March
2022 615,609 6,500,817 10,950,000 (8,005,195) 2,026,664 (7,349,933) 4,737,962
Loss for the
half-year
and total
comprehensive
income - - - - - (760,136) (760,136)
Issue of share
capital - 134,561 - - - - 134,561
Share and
warrant based
payment - - - - 22,117 - 22,117
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
As at 31
March 2023 709,309 6,635,378 10,950,000 (8,005,195) 2,048,781 (8,110,069) 4,228,204
========= =========== ============ ====================== =========== ================== ===========
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the twelve months ended
31 March 2023
12 months Year
ending 31 Ended
March 31 March
2023 2022
Unaudited Audited
GBP GBP
Cash flows from operating activities
Loss for the year (760,136) (1,108,993)
Adjustments to cash flows from non-cash
items
Depreciation and amortisation 36,895 36,976
Income tax expense - (161,279)
Share and warrant based payment 22,117 20,712
(701,124) (1,212,584)
Working capital adjustments
(Increase) decrease in trade and other
receivables 69,891 (167,340)
Increase (decrease) in trade and other
payables 35,694 (86,763)
------------------------ ----------------------
Cash generated from operations 105,585 (254,103)
Income taxes (paid)/received 162,442 121,020
------------------------ ----------------------
Net cash flow from operating activities (433,097) (1,345,667)
Cash flows from investing activities
Net cash flows from investing activities - -
------------------------ ----------------------
Cash flows from financing activities
Proceeds of share issue 228,261 139,982
Net cash flows from financing activities 228,261 139,982
------------------------ ----------------------
Net (decrease)/increase in cash and cash
equivalents (204,836) (1,205,685)
Cash and cash equivalents at start of
period 464,095 1,669,780
Cash and cash equivalents at end of period 259,259 464,095
------------------------ ----------------------
Nuformix plc
Unaudited Interim Results
Notes to the Consolidated Financial Statements for the twelve
months ended 31 March 2023
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Accounting Standards as endorsed by the UK
Endorsement Board ("IAS"), and are compliant with IAS34 "Interim
Financial Reporting".
The Group prepares its accounts in accordance with applicable UK
Adopted International Accounting Standards.
The accounting policies and methods of computation followed in
the condensed consolidated interim financial statements are the
same as those applied in the most recent annual report.
The consolidated interim financial statements are unaudited and
do not constitute statutory accounts within the meaning of Section
434 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2022, prepared in accordance with IAS, have been
filed with the Registrar of Companies. The Auditors' Report on
these accounts was unqualified and included a reference to which
the Auditors drew attention by way of an emphasis of matter,
without qualifying their report, that a material uncertainty
existed that might cast significant doubt on the Group's ability to
continue as a going concern at that time. The Auditors' Report did
not contain any statements under section 498 of the Companies Act
2006.
The condensed consolidated interim financial statements are for
the 12 months to 31 March 2023.
The condensed consolidated interim financial information does
not include all the information and disclosures required in the
annual financial statements, and should be read in conjunction with
the group's annual financial statements for the year ended 31 March
2022, which were prepared in accordance with UK adopted
International Accounting Standards ("IFRSs"). As explained above,
although this was a different accounting framework, there is no
impact on recognition, measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared
on the going concern basis of preparation which, inter alia, is
based on the directors' reasonable expectation that the Group has
adequate resources to continue to operate as a going concern for at
least twelve months from the date of their approval. In forming
this assessment, the directors have prepared cashflow forecasts
covering the period ending 31 March 2024 which take into account
the likely run rate on overheads and planned research
expenditure.
Whilst there can be no guarantee of the successful outcome of
future studies, in compiling the cashflow forecasts the directors
have made cautious estimates of the likely outcome of such studies,
when a fundraise may complete and have considered alternative
strategies should projected funding be delayed or fail to
materialise. These strategies include postponing non-committed
research expenditure, securing alternative licensing arrangements
from those currently planned and additional corporate activity to
support the business.
These circumstances indicate the existence of a material
uncertainty which may cast significant doubt on the Group's ability
to continue as a going concern. The consolidated interim financial
statements do not include any adjustments that would result if the
company or Group was unable to continue as a going concern.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and, for this reason, they continue to adopt the
going concern basis in preparing the consolidated interim financial
statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Group by the weighted
average number of shares in issue during the period.
The basic earnings per share for each comparative period is
calculated by dividing the loss in each of those periods by the
legal entity's historical weighted average number of shares
outstanding.
31 March 31 March
2023 2022
Unaudited Audited
GBP GBP
Loss after tax (760,136) (1,108,993)
Weighted average number of shares 708,282,519 598,447,724
Basic and diluted loss per share 0.11p 0.19p
5 Property, Plant and Equipment
Computer equipment
Total
GBP GBP
Cost or valuation
At 31 March 2021 1,561 1,561
At 31 March 2022 1,561 1,561
At 31 March 2023 1,561 1,561
------------------------- -------------
Depreciation
At 31 March 2021 604 604
Charge 519 519
------------------------- -------------
At 31 March 2022 1,123 1,123
Charge 438 438
At 31 March 2023 1,561 1,561
------------------------- -------------
Carrying amount
At 31 March 2021 957 957
========================= =============
At 31 March 2022 438 438
========================= =============
At 31 March 2023 - -
========================= =============
6 Intangible Assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 31 March 2021 4,023,484 449,611 4,473,095
Written Off - (85,035) (85,035)
----------- --------- ---------
At 31 March 2022 4,023,484 364,576 4,388,060
----------- --------- ---------
At 31 March 2023 4,023,484 364,576 4,388,060
=========== ========= =========
Amortisation
At 31 March 2021 - 286,227 286,227
Charge - 36,457 36,457
On Written Off - (85,035) (85,035)
----------- --------- ---------
At 31 March 2022 - 237,649 237,649
Charge - 36,458 36,458
----------- --------- ---------
At 31 March 2023 - 274,107 274,107
=========== ========= =========
At 31 March 2021 4,023,484 163,384 4,186,868
----------- --------- ---------
At 31 March 2022 4,023,484 126,927 4,150,411
----------- --------- ---------
At 31 March 2023 4,023,484 90,469 4,113,953
=========== ========= =========
For impairment testing purposes, management consider the
operations of the Group to represent a single cash-generating unit
("CGU") focused on research and development. Consequently, the
goodwill is effectively allocated and considered for impairment
against the business as a whole being the single CGU.
7 Share Capital
Allotted, called up and fully paid shares
31 March 31 March
2023 2022
Unaudited Audited
No. GBP No. GBP
--------------- ------------ ------------------ -------------
Ordinary shares of GBP0.001
each 709,309,368 709,309 615,609,368 615,609
--------------- ------------ ------------------ -------------
In December 2021 the Company entered into a Sharing Agreement
with Lanstead, split into two tranches of new shares issued with
payments to be received over a 20-month period from March 2022 to
October 2023.
The agreement is structured in such a way that the proceeds
received by the Company are linked to the market price for the
Company's shares. The proceeds are calculated based on the
volume-weighted average share price in the month preceding the
payment from Lanstead, compared to a benchmark price of 2p per
share. Based on historic share prices, and a valuation as at the
latest available price the total proceeds from Tranche 2 (issued in
April 2022) are expected to be GBP228,261 (including Share Premium
of GBP34,561), of which GBP87,087 has been recognised in
debtors.
8 Share Options and Warrants
The Group operates share-based payments arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-settled share-based payments are measured at
fair value (excluding the effect of non-market-based vesting
conditions) at the date of grant. The fair value determined at the
grant date of the equity-settled, share-based payments and is
expensed on a straight-line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BRGDULXDDGXB
(END) Dow Jones Newswires
May 22, 2023 02:00 ET (06:00 GMT)
Nuformix (LSE:NFX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Nuformix (LSE:NFX)
Historical Stock Chart
From Dec 2023 to Dec 2024
