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REG - Hemogenyx Pharma Plc - Final Results

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RNS Number : 9423L  Hemogenyx Pharmaceuticals PLC  25 April 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU AS IT FORMS PART OF LAW IN THE UNITED KINGDOM BY VIRTUE
OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.

 

 

25 April 2024

 

Hemogenyx Pharmaceuticals plc

("Hemogenyx Pharmaceuticals" or the "Company")

 

Final Results

 

Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical group
developing new therapies and treatments for blood diseases, announces its
final audited results for the year ended 31 December 2023. The Annual Report
is available to view on the Company's web site at https://hemogenyx.com
(https://hemogenyx.com) .

Key Highlights

 

·      Investigational New Drug ("IND") application submitted in May
2023 seeking authorisation from the U.S. Food and Drug
Administration ("FDA") to begin a Phase I clinical trial of HEMO-CAR-T for
treating acute myeloid leukaemia (AML)

·      After a clinical hold period, to address manufacturing issues,
HEMO-CAR-T was granted authority from the FDA in February 2024 to commence
Phase I clinical trials

·      Continuing development of Chimeric Bait Receptor ("CBR")
antiviral/biodefence platform and filed a patent application entitled Chimeric
Bait Receptors and Uses Thereof

·      Successfully raised £5.25 million (before expenses) in total
through the allotment and issue of new ordinary shares during the year ended
31 December 2023, and a further £3.25 million in early 2024

·      Entered into agreement with Prevail InfoWorks Inc. to provide
clinical services and technologies for the Company's upcoming Phase I clinical
trial of HEMO CAR-T

 

Fuller details of these developments are contained in the Chairman's Statement
below.

 

 

Chairman's Statement

I am pleased to report the Company's results for the year ended 31 December
2023. The period was a vital one in the progression of the Company.
Development work on our lead HEMO-CAR-T product candidate was completed and we
were able to submit an Investigational New Drug ("IND") application to the
Food and Drug Administration ("FDA") to enable us to move into clinical trials
for HEMO-CAR-T. Unfortunately, the FDA decided that certain aspects of the
data initially provided did not meet its rigorous safety standards, so it
imposed a clinical hold pending further development of the product. We worked
hard in the final months of the year to meet the FDA's additional requirements
and, as a result, the clinical hold was lifted in January 2024. Hemogenyx
Pharmaceuticals is thereby established as a "clinical stage" company and we
are now proceeding to the next step in the development of HEMO-CAR-T, the
commencement of Phase I clinical trials.

At the same time, we continued to move forward, insofar as funding would
allow, with our other main pipeline assets, our Chimeric Bait Receptor ("CBR")
platform and our CDX bi-specific CD3-FLT3 antibody ("CDX"). Significant
progress was made on the former, as will be described more fully below.

Fundraising

We raised capital on a number of occasions in the period under review.

In January 2023, we were successful in raising £4,056,250 in new equity
capital at 2.5p per share which was intended to take us through the IND
process and to the stage of clinical trials for HEMO-CAR-T. The clinical hold
delayed matters for some months and of course diminished our cash resources.
In December 2023, we therefore raised a further £534,375 at 2.375p per share
to take us to the next key stage.

In September, Prevail Partners LLC ("Prevail Partners") made a strategic
investment of $830,000 (£680,000) through a subscription for 11,066,067 new
ordinary shares in the Company at a price of $0.075 (about 6p), at a premium
of approximately 240% to the then share price. Prevail Partners is the
investment partner of Prevail Infoworks Inc. ("Infoworks"), a contract
research organisation that we have engaged to provide a variety of services
necessary for the implementation and management of the clinical trials of
HEMO-CAR-T. The price at which Prevail Partners made its investment in
Hemogenyx Pharmaceuticals demonstrated its confidence in our HEMO-CAR-T
product candidate. Further information on our association with Prevail
Partners and Infoworks is described in the section headed "HEMO-CAR-T" below.

Since the period end, and following the lifting of the clinical hold, we
raised a further £3.325 million at 2p per share to enable us to move into
clinical trials.

While we accept that recent market conditions have been very difficult, we
have been disappointed by the successively lower price at which we have had to
carry out our fundraisings in the UK market, in the light of the progress we
have made and the view taken by Prevail Partners concerning our status. The
capital recently raised will undoubtedly take us materially further forward
and we are now looking at a number of strategies for the future development of
all three of our current product candidates.

Results for the Period

The Group incurred a loss for the year to 31 December 2023 of £6,696,493 (31
December 2022: £3,986,982 loss).

 

In the year to 31 December 2023 the loss mainly arose from operational
expenses pursuing the Group's objectives listed in the Strategic Report on
page 10, as well as salaries, consulting and professional fees, and general
administration expenses. These expenses have been met from the proceeds of
equity placings that were undertaken during the period, as further detailed in
the Fundraising section above.

HEMO-CAR-T

The principal objective of HEMO-CAR-T is, as shareholders will know, to
provide a new and more effective treatment and potential cure for relapsed
and/or refractory acute myeloid leukaemia ("R/R AML").

AML is the most common type of acute leukaemia in adults and has poor survival
rates; it is currently treated using chemotherapy, rather than the potentially
more benign and effective form of cell therapy being developed by Hemogenyx
Pharmaceuticals. The successful development of a new therapy for AML would
have a major impact on treatment and survival rates for the disease.

Development work on HEMO-CAR-T was largely completed during 2022 and work in
2023 was mainly devoted to preparing the IND application to the FDA, an
essential step before being able to commence clinical trials. The FDA's
concern, as shareholders will be aware, is primarily with the safety of a
treatment, and it rightly works to a very high standard. The work in preparing
the IND application was extremely detailed and resulted in an application
document running to over 3,000 pages. It was finally submitted in May 2023. As
mentioned above, the FDA was not satisfied with a particular aspect of the
detail provided and therefore imposed a clinical hold on the HEMO-CAR-T
programme in June. Our scientific team worked on resolving the matter through
the latter part of the year and on remanufacturing of the CAR-T components.
This resulted in the clinical hold being lifted in January 2024. Although this
was a setback, it is important to say that the FDA's concerns were limited to
one issue, and we were able to satisfy them much more quickly than many other
companies whose prospective treatments were put on clinical hold.

The removal of the clinical hold has enabled us to proceed with taking
HEMO-CAR-T into clinical trials with the objective of getting an initial
patient injected in the coming months. The Company has been actively putting
the necessary pieces in place for some time, including discussions with the
Hospital of the University of Pennsylvania, one of the leading cancer
treatment hospitals in the US, in order to initiate the clinical trials
process.

Also, crucially, in September 2023, Hemogenyx Pharmaceuticals contracted with
Infoworks, a well-established and experienced contract research organisation
("CRO"), through a Master Services and Contract Agreement for Infoworks to
provide clinical services and technologies for the forthcoming Phase I
clinical trials over an initial term of 40 months. An initial work plan was
agreed, including clinical site coordination, project management, data
management, clinical monitoring, and pharmacovigilance (safety management)
services, with the use of InfoWorks' integrated real-time data analytics
platform for clinical support and real-time analysis. This vital link brings
us Infoworks' operational expertise and will ensure smooth execution of the
clinical trials and fast, reliable data to lower our clinical risk and speed
up our regulatory timeline.

At the same time, Prevail Partners, the investing affiliate of Infoworks, made
the investment at a premium in the Company described more fully in the section
headed "Fundraising" above.

Chimeric Bait Receptor

While our Chimeric Bait Receptor ("CBR") was initially envisaged as a
potential cure for a very wide range of viral diseases, it has recently become
clear that it is also potentially a viable approach for the treatment of a
range of cancers. The development of CBR as a cure for viral infections
continues, and we remain excited about that, but its potential efficacy
against cancer may provide a quicker route to successful development, approval
and use.

While we have had limited resources to apply to the development of our
proprietary CBR technology platform, there have been a number of key
developments and discoveries during the period under review and in the early
part of 2024. We have been able to achieve as much as we have done because
development of novel CBR constructs is facilitated and accelerated by in
silico simulations using Artificial Intelligence ("AI") tools and pipelines.
In the wake of the COVID-19 pandemic, and in the face of global threats of
emerging as well as engineered biological threats, the need for a nimble and
proactive solution against future infectious agents became clear. We developed
CBR as a novel, highly innovative, and patented immunotherapy initially for
COVID-19. However, CBR has been designed to prevent and defeat infection by
any known or emerging virus, potentially subverting the next global pandemic,
and rendering virally-engineered bioweapons ineffective. To achieve proof of
concept, we successfully designed a CBR construct ("CBR-COVID19") to programme
macrophages to neutralise the SARS-CoV-2 virus. We have also demonstrated that
CBR-COVID19 is insensitive to several known variants of SARS-CoV-2 that make
the original SARS-CoV-2 virus more infectious and challenge existing vaccine
approaches. We are testing the efficacy of CBR-COVID19 against live infectious
replicating SARS-CoV-2 virus in a major Biosafety Level 3 facility.

One of the ultimate threats from emerging viruses, whether natural or
man-made, is their uncertainty and unpredictability. Current therapeutic
responses require extensive knowledge of the agent(s) as well as
time-consuming and duplicative research efforts to develop effective
treatments after an outbreak has begun. In this light, our first-in-class CBR
platform allows for minimal lead time between first infection or pre-emptive
intelligence and first response, providing protection for those on the front
line of such a threat at a scale that has thus far not been achieved.

As we announced in February 2024, CBR in relation to viruses is innovative in
three ways: it will be an off-the-shelf therapeutic against airborne viral
infections, it will be effective against emerging mutations of the targeted
viruses, and it will be able to be stored, deployed and administered in the
field using a standard atomiser/inhaler. These innovative features have been
tested in the laboratory, and the ability of CBR to be delivered intranasally
in spray form has been tested by our scientists in vivo in small animals. This
recent work on the intranasal delivery of CBR is a breakthrough, enabling its
development as an off-the-shelf prevention and/or treatment that will be
cost-effective and simple to administer, making it ideal for the protection
both of the civilian population and in biodefence.

Moving onto cancer-related CBR innovations, we have found that a number of
difficult conditions can potentially be treated using CBR. We have established
that macrophages programmed with CBR have several potential advantages
compared to other existing anti-cancer therapies. Our studies suggest that
they can, inter alia, penetrate solid tumours, provide a better safety profile
for treatment, and potentially cross the blood-brain barrier to target brain
cancers and/or certain neurodegenerative diseases.

As announced last November, we have now demonstrated that CBR could be used
effectively in the treatment of a number of cancer conditions, in particular
that CBR-programmed macrophages show promise for treatment of Non-Hodgkin
Lymphoma ("NHL"). Our scientists have demonstrated that human macrophages, a
type of immune cells, programmed with a purpose designed CBR, are able to
eliminate NHL-derived cells with high efficiency in vitro. This result
suggests that the Company may be able to develop an efficient treatment for
people suffering from relapsed and/or refractory stage III/IV metastasized
NHL. Our work also suggests that such CBRs can also be adapted to target
several solid tumours such as epithelial ovarian cancer. NHL is the eleventh
most common cancer in humans, with a poor rate of recovery and cure from
present treatments. There are currently an estimated 540,000 new cases
diagnosed globally with an estimated 260,000 deaths per year. The successful
development of a new CBR-related therapy for NHL could have a major impact on
treatment and survival rates for the disease.

Our work further suggests that such CBRs can be adapted to target several
solid tumours such as epithelial ovarian cancer. We have also begun to see
evidence that a CBR-based approach may also potentially be effective against
certain neurodegenerative diseases, some of which are currently very difficult
or impossible to treat, including possibly Alzheimer's disease. In this
regard, in February 2024 we announced a further significant development for
CBR, this time in relation to brain cancers and potentially to
neurodegenerative diseases. We have established that CBR can be delivered into
the brain via programmed microglial cells. Delivery of therapeutics across the
blood-brain barrier is one of the most difficult problems in the treatment of
brain diseases. Our scientists have developed a means of transplanting human
blood stem cells ("HSC") that allows their engraftment and differentiation
into immune cells that reside in the brain, carrying out their work in vivo in
the brains of immune-compromised mice. We believe that HSCs genetically
modified to make CBR and transplanted back into a patient would give rise to
microglial cells which could potentially find and destroy brain cancer cells.

Meanwhile, we continue to look to our patent position and, in September 2023,
our patent application for CBR with the World Intellectual Property
Organization was published, though it remains to be approved.

In summary, we should say that the considerable potential breadth and
versatility of CBR has become increasingly evident over the past fifteen
months, and evidence of its practical viability has been considerably
established. It is not too much to say that CBR, which we always considered to
have great potential, can now be seen as possibly revolutionary, now that its
widespread probable applicability to difficult or presently untreatable
conditions is being established in multiple preclinical studies.

CDX bi-specific antibody

CDX remains an important part of the Company's product candidate portfolio,
although it remains to a certain extent in abeyance while we push on with
HEMO-CAR-T. However, some steps have been taken with CDX, including approval
of the patent application in the USA entitled "Method of Eliminating
Hematopoietic Stem Cells/Hematopoietic Progenitors (HSC/HP) in a Patient Using
Bi-specific Antibodies" as patent No. 11,945,866. This is a significant
addition to the patent protection for CDX, which remains one of our key
product candidates for the future. It also solidifies the Company's position
as a leader in the area of conditioning of patients for bone marrow
transplants.

Conclusion

It remains for me to thank the Board and our strong, highly committed group of
scientists for their hard and effective work, and to look forward to another
successful year in the future development of Hemogenyx Pharmaceuticals in this
new phase as a clinical-stage company.

 

Prof Sir Marc Feldmann AC, FRS

MB BS, PhD, FRCP, FRCPath, FAA, F Med Sci

Chairman

 

Enquiries:

 

 Hemogenyx Pharmaceuticals plc                                   https://hemogenyx.com (https://hemogenyx.com/)
 Dr Vladislav Sandler, Chief Executive Officer & Co-Founder      headquarters@hemogenyx.com (mailto:headquarters@hemogenyx.com)
 Peter Redmond, Director                                         peter.redmond@hemogenyx.com (mailto:peter.redmond@hemogenyx.com)

 SP Angel Corporate Finance LLP                                  Tel: +44 (0)20 3470 0470
 Matthew Johnson, Vadim Alexandre, Adam Cowl

 Peterhouse Capital Limited                                      Tel: +44 (0)20 7469 0930
 Lucy Williams, Duncan Vasey, Charles Goodfellow

 

 

 

Consolidated Statement of Comprehensive Income

 

 Group - Continuing Operations                                                   Year Ended 31 December 2023                 Year Ended 31 December 2022

                                                                                 £                                           £
 Revenue                                                                                 -                                           -

 Administrative Expenses                                                                (5,820,165)                                 (3,433,476)
 Depreciation Expense                                                                      (645,681)                                   (564,072)

 Operating Loss                                                                  (6,465,846)                                 (3,997,548)

 Finance Income                                                                              85,344                                      10,599
 Finance Costs                                                                                    (315,991)                                   (33)

 Loss before Taxation                                                            (6,696,493)                                 (3,986,982)

 Income tax                                                                      -                                           -

 Loss for the year                                                               (6,696,493)                                 (3,986,982)

 Loss attributable to:
 -       Owners of Hemogenyx Pharmaceuticals plc                                 (6,690,678)                                 (3,979,314)
 -       Non-controlling interests                                               (5,815)                                     (7,668)
                                                                                 (6,696,493)                                 (3,986,982)

 Items that may be reclassified subsequently to profit or loss:
   Translation of foreign operations                                             903,067                                     (954,642)
 Other comprehensive income for the year                                         903,067                                     (954,642)

 Total comprehensive loss for the year                                           (5,793,426)                                 (4,941,624)

 Attributable to:
 Owners of Hemogenyx Pharmaceuticals plc                                         (5,787,611)                                 (4,933,956)
 Non-controlling interests                                                       (5,815)                                     (7,668)
 Total comprehensive loss for the year                                           (5,793,426)                                 (4,941,624)

 Basic and diluted earnings loss per share attributable to the equity owners of
 the Company

                                                                                 (0.006)                                     (0.005)

 

 

Consolidated Statement of Financial Position
 
 Group

                                               31 December 2023   31 December 2022

 Assets                                        £                  £
 Non-current assets
 Property, plant and equipment                 966,423            1,023,252
 Right of use asset                            2,346,015          2,892,261
 Security deposit                              153,668            140,821
 Intangible asset                              470,173            441,493
 Total non-current assets                      3,936,279          4,497,827

 Current assets
 Trade and other receivables                   922,013             62,024
 Cash and cash equivalents                     1,247,601          2,532,758
 Total current assets                          2,169,614          2,594,782

 Total assets                                  6,105,893          7,092,609

 Equity and Liabilities
 Equity attributable to shareholders
 Paid-in Capital
 Called up share capital                       11,755,660          9,797,493
 Share premium                                 19,938,556          16,808,647
 Other reserves                                1,164,637           921,801
 Reverse asset acquisition reserve             (6,157,894)         (6,157,894)
 Foreign currency translation reserve          (77,496)           (980,563)
 Retained Earnings                             (23,804,734)        (17,114,056)
 Equity attributable to owners of the Company  2,818,729          3,275,428
         Non-controlling interests             (37,723)            (31,908)
 Total equity                                  2,781,006          3,243,520

 Liabilities
 Non-current liabilities
 Lease liabilities                             2,672,802           3,100,678
 Total non-current liabilities                 2,672,802           3,100,678

 Current liabilities
 Trade and other payables                      379,001            426,254
 Lease liabilities                             273,084             322,157
 Total current liabilities                     652,085             748,411

 Total liabilities                             3,324,887           3,849,089

 Total equity and liabilities                  6,105,893          7,092,609

 

 

 

Company Statement of Financial Position

 

 Company

                                       31 December 2023   31 December 2022

                                       £                  £
 Assets
 Non-current assets
 Loan to subsidiaries                  18,097,857         14,451,733
 Investment in subsidiary              8,000,000          8,000,000
 Total non-current assets              26,097,857          22,451,733

 Current assets
 Trade and other receivables           14,820             20,405
 Cash and cash equivalents             219,236             88,909
 Total current assets                  234,056             109,314

 Total assets                          26,331,913          22,561,047

 Equity and Liabilities
 Equity attributable to shareholders
 Foreign currency translation reserve
 Paid-in Capital
 Called up share capital               11,755,660          9,797,493
 Share premium                         19,938,556          16,808,647
 Other reserves                        1,163,533           920,697
 Retained Earnings                     (6,721,085)         (5,100,447)
 Total Equity                          26,136,664         22,246,390

 Liabilities
 Current liabilities
 Trade and other payables              195,249            134,657
 Total current liabilities             195,249             134,657

 Total liabilities                     195,249             134,657

 Total equity and liabilities          26,331,913         22,561,047

 

Hemogenyx Pharmaceuticals plc has used the exemption granted under s408 of the
Companies Act 2006 that allows for the non-disclosure of the Income Statement
of the parent company. The after-tax loss attributable to Hemogenyx
Pharmaceuticals plc for the year ended 31 December 2023 was £1,620,638 (2022:
profit of £1,202,014).

 

Consolidated Statement of Changes in Equity
 
 Group

                                          Called up Share Capital      Share Premium                                                           Foreign currency translation reserve  Retained earnings                                     Total Equity

                                                                                                Other reserves   Reverse acquisition reserve                                                                       Non-

                                                                                                                                                                                                                   Controlling interests
                                          £                            £                        £                £                             £                                     £                             £                       £
 As at 1 January 2022                          9,797,493                      16,808,647

                                                                                                904,226          (6,157,894)                   (25,921)                              (13,134,742)                  (24,240)                8,167,569
 Loss in year                             -                            -                                                                                                                   (3,979,314)                                     (3,986,982)

                                                                                                -                -                             -                                                                   (7,668)
 Other Comprehensive Income               -                            -                                                                                                                          -                                        (954,642)

                                                                                                -                -                             (954,642)                                                           -
 Total comprehensive income for the year  -                            -                                                                                                             (3,979,314)                                           (4,941,624)

                                                                                                -                -                             (954,642)                                                           (7,668)
 Extension of options                                                                                                                                                                -                                                     17,575

                                          -                            -                        17,575           -                             -                                                                   -
 As at 31 December 2022                          9,797,493                    16,808,647                                (6,157,894)                   (980,563)                                                                                   3,243,520

                                                                                                921,801                                                                              (17,114,056)                  (31,908)
 Loss in year                             -                            -                                                                                                             (6,690,678)                                           (6,696,493)

                                                                                                -                -                             -                                                                   (5,815)
 Other Comprehensive Income               -                            -                                                                                                                          -

                                                                                                -                -                             903,067                                                             -                       903,067
 Total comprehensive income for the year  -                            -                                                                                                                    (6,690,678)                                    (5,793,426)

                                                                                                -                -                             903,067                                                             (5,815)
 Issue of shares                          1,958,167                    3,296,458                -                -                             -                                     -                             -                       5,254,625
 Cost of capital                          -                            (166,549)                -                -                             -                                     -                             -                       (166,549)
 Issue of options                         -                            -                        242,836          -                             -                                     -                             -                       242,836
 As at 31 December 2023                            11,755,660                 19,938,556                                                                                                     (23,804,734)                                  2,781,006

                                                                                                1,164,637        (6,157,894)                   (77,496)                                                            (37,723)

 

Company Statement of Changes in Equity

 

Company

                                           Called up Share Capital    Share Premium           Foreign currency translation reserve  Other reserves   Retained earnings             Total Equity
                                          £                          £                        £                                     £               £                             £
 As at 31 December 2021                          9,797,493                  16,808,647                                                                    (6,302,461)                           21,206,801

                                                                                              -                                     903,122
 Income in year                           -                          -                                                                              1,202,014                     1,202,014

                                                                                              -                                     -
 Other Comprehensive Income               -                          -                                                                                           -                -

                                                                                              -                                     -
 Total comprehensive income for the year  -                          -                                                                              1,202,014                     1,202,014

                                                                                              -                                     -
 Issue of options                         -                          -                        -                                     17,575          -                             17,575
 As at 31 December 2022                          9,797,493           16,808,647                                                                           (5,100,447)             22,426,390

                                                                                              -                                     920,697
 Loss in year                             -                          -                                                                              (1,620,638)                   (1,620,638)

                                                                                              -                                     -
 Other Comprehensive Income               -                          -                                                                                           -                -

                                                                                              -                                     -
 Total comprehensive income for the year  -                          -                                                                              (1,620,638)                   (1,620,638)

                                                                                              -                                     -
 Issue of shares                          1,958,167                  3,296,458                -                                     -               -                             5,254,625
 Cost of capital                          -                          (166,549)                -                                     -               -                             (166,549)
 Issue of options                         -                          -                        -                                     242,836         -                             242,836

 As at 31 December 2023                          11,755,660          19,938,556                                                                            (6,721,085)                    26,136,664

                                                                                              -                                      1,163,533

 

Consolidated Statement of Cash Flows
 Group                                                         Year Ended         Year Ended

                                                               31 December 2023   31 December 2022

                                                               £                  £
 Cash flows generated from operating activities
 Loss before income tax                                        (6,696,493)        (3,986,982)
 Depreciation                                                  645,681            195,246
 Other non-cash items                                          81                 81
 Interest income                                               (85,344)           (10,599)
 Interest expense                                              315,991            33
 Share based payments                                          242,836            17,575
 Changes in right of use asset and lease liability, net        306,759            627,515
 Foreign exchange gain (loss)                                  (1,485)            12,937
 (Decrease)/Increase in trade and other payables               28,579              (27,120)
 Decrease/(Increase) in trade and other receivables            4,469              (2,109)
 Decrease/(Increase) in prepaid and deposits                   (866,644)          271,819

 Net cash outflow used in operating activities                 (6,105,570)        (2,910,604)

 Cash flows generated from financing activities
 Proceeds from issuance equity securities, net of issue costs  5,088,076          -
 Payment of lease liabilities                                  (638,765)          (110,144)

 Net cash flow generated from/(used in) financing activities   4,449,311          (110,144)

 Cash flows generated from investing activities
 Interest income                                               85,344             10,599
 Payment of security deposit for lease                         -                  (1,908)
 Purchase of property & equipment                              (117,285)          (428,945)

 Net cash flow used in investing activities                    (31,941)           (420,254)

 Net decrease in cash and cash equivalents                     (1,688,200)        (3,432,002)

 Effect of exchange rates on cash                              403,043            (876,209)

 Cash and cash equivalents at the beginning of the year        2,532,758          6,840,969
 Cash and cash equivalents at the end of the year              1,247,601          2,532,758

 

 

Company Statement of Cash Flows

 Company                                                          Year Ended 31 December 2023  Year Ended 31 December 2022

                                                                  £                            £

 Cash flows generated from operating activities

 (Loss)/gain before income tax                                    (1,620,638)                  1,202,014

 Foreign exchange gain                                            910,832                             (1,539,778)
 Share based payments                                             242,836                      17,575
 Increase/(decrease) in trade and other receivables               5,585                        (4,927)
 Increase in trade and other payables                             60,592                       228

 Net cash outflow used in operating activities                    (400,793)                    (324,888)

 Cash flows generated from financing activities
 Proceeds from issuance of equity securities, net of issue costs  5,088,076                     -

 Net cash flow generated from financing activities                5,088,076                    -

 Cash flows generated from/(used in) investing activities
 Loan (to)/from related parties                                   (4,556,312)                  301,421

 Net cash flow (used in)/generated from investing activities      (4,556,312)                        301,421

 Net Increase/(decrease) in cash and cash equivalents             130,971                      (23,467)

 Effect of exchange rates on cash                                 (644)                        1,131

 Cash and cash equivalents at the beginning of the year           88,909                       111,245
 Cash and cash equivalents at the end of the year                 219,236                      88,909

 

 

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