REG - Oncimmune Hldgs PLC - Interim Results
21/05/2024 07:00
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RNS Number : 1857P Oncimmune Holdings PLC 21 May 2024
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 ("MAR") AND THE RETAINED UK LAW VERSION OF MAR PURSUANT TO
THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (SI 2019/310) ("UK
MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
21 May 2024
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Interim Results
Oncimmune Holdings plc (AIM: ONC.L), a leading autoantibody profiling company providing research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine, announces its unaudited interim results for the six months ended 29 February 2024 ("H1 FY2024").
Financial highlights
· Revenue for the period of £1.19m (H1 FY2023*: £1.12m). This
compares to FY2023 12-month revenue for continuing operations of £1.15m, and
signifies a step-change in the Group's revenues since the strategy reset in
October 2023. FY2024 guidance maintained.
· Gross profit for the period was £0.46m (H1 FY2023*: £0.48m).
· Operating loss for the period of £0.76m (H1 FY2023*: £3.53m).
This compares to FY2023 12-month operating loss of £3.92m, demonstrating the
impact of materially higher sales in H1 FY2024 and reduced costs, in
particular at Group level.
· Gross cash balance at the period end of £0.91m, compared with
£3.21m as at 31 August 2023. The net cash usage in the period of £2.3m
represents the cash outflows of the largely fixed costs of the business and
debt service, partially offset by cash inflows from customer contracts.
· Instructions have been sent for the release to Oncimmune of £1.17m
from the escrow related to the disposal of Oncimmune Limited and other
subsidiaries in May 2023. These funds are in line with the Company's cash
forecast.
* Represents the unaudited 6-month period to 28 February 2023 for both
continuing and discontinued operations. Discontinued operations relate to
Oncimmune Limited and other subsidiaries sold to Freenome Holdings, Inc.
("Freenome") on 19 May 2023.
Commercial highlights and outlook
· Contracts signed for seven new projects in the period. All of
these contracts are expected to be completed by the end of FY2024. These are
in addition to contracts entered into prior to FY2024 and performed in the
period, including the Master Services Agreement entered into with Freenome.
· First year of Master Services Agreement with Freenome has been
completed and Freenome has indicated that it looks forward to continuing the
relationship with Oncimmune.
· During FY2024 the Group's commercial team has been rebuilt and now
consists of three members in the US and two in Europe. The new team is fully
onboarded and continues to make traction.
· 15 new commercial opportunities were at proposal stage as at the
end of April 2024, with a total weighted pipeline value in excess of £2.5m.
Some revenue is expected to be recognised in FY2024 and the majority of the
remaining revenue expected in FY2025.
· Outlook remains positive, with commercial activity continuing to be
high since the end of H1 FY2024. As previously indicated, revenues for
FY2024 are expected to be approximately £3m. Some large contracts are
expected to be executed and revenue partially recognised by the end of FY2024,
underpinning the revenue forecast.
· Projects continue to be won and expanded through one of the major
Contract Research Organisations, and discussions are ongoing with six others
on potential collaborations.
Operational highlights
· Novel techniques continue to be developed within the Group's
commercial partnerships, including the ability to characterise
difficult-to-measure immunoglobulin subtypes. Once validated, these methods
can be applied more broadly to new commercial offerings.
· Commercial and technological focus has been extended into
age-related diseases and mechanisms of ageing. Work has already been carried
out with a leading drug discovery company and approaches received from several
global pharma companies.
Martin Gouldstone, CEO of Oncimmune said: "I am very pleased to see that the
Company's performance in its first half of FY2024 has already generated
revenues greater than the ImmunoINSIGHTS(TM) business during the whole of
FY2023, demonstrating that our new strategic approach and commercial efforts
are gaining traction. The momentum is continuing to build as our relatively
new commercial team has now found its stride and I expect H2 FY2024 to deliver
further growth as we continue to execute on our refocused strategy.
Whilst we are seeing continuing headwinds in the industry as a whole, with
some of the large international pharma companies still undertaking
restructurings and reassessing R&D programmes, I am confident that our
differentiated service offering, which we continue to develop and expand, will
become an important tool for our current and future customers. I am looking
forward to speaking at the BIO 2024 Conference in June alongside some of the
major pharma companies."
For further information:
Oncimmune Holdings plc
contact@oncimmune.com (mailto:contact@oncimmune.com)
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Geoff Nash, George Dollemore, Trisyia Jamaludin (Corporate Finance)
Nigel Birks, Ondraya Swanson (ECM)
+44 (0) 20 7220 0500
Zeus (Joint Broker)
Dominic King, Victoria Ayton, Dan Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a precision medicine company, specialising in analysing immune
interactions through the autoantibody profile. Taking a platform approach to
generating insights, Oncimmune is partnering with global pharmaceutical and
biotech companies, as well as contract research organisations (CROs) to
discover novel biomarkers for the development of more targeted and effective
therapies across many immune-mediated diseases. Our mission at Oncimmune is to
enable precision medicine. We help our partners to discover novel biomarkers,
drug targets and predict treatment efficacy through the application of our
platform. We are able to do this by deploying our world class scientific team
and our cutting-edge technology platform, built on years of experience in the
field. Our aim is to make this an essential tool in drug discovery and
development.
Oncimmune is headquartered in the UK, with its discovery and development
facility based in Dortmund, Germany and a business development team based in
the US and Europe.
For more information, visit www.oncimmune.com (http://www.oncimmune.com)
Oncimmune Holdings plc
Consolidated income statement for the six months ended 29 February 2024
Unaudited Year Unaudited
6 months to
to
6 months to
29 February 2024
31 August
28 February 2023 *
2023 **
Notes £'000 £'000 £'000
Revenue 1,186 1,152 1,124
Cost of sales (730) (360) (645)
Gross profit 456 792 479
Administrative expenses (1,967) (4,961) (2,912)
Research and development expenses - (1,255) (690)
Share-based payment 753 1,182 (440)
Total administrative expenses (1,214) (5,034) (4,042)
Other income - 318 36
Operating loss (758) (3,924) (3,527)
Finance income - - -
Finance costs (348) (2,004) (578)
Finance costs - net (348) (2,004) (578)
Loss before income tax from continuing operations (1,106) (5,928) (4,105)
Income tax (expense)/credit 7 (223) (5)
Loss for the period/year from continuing operations (1,099) (6,151) (4,110)
Discontinued operations
Profit after tax for the year from discontinued operations - 10,255 -
Profit/(loss) for the year/period 4,104
Other comprehensive income
Items that may be subsequently reclassified to profit and loss, net of tax
Currency translation differences from continuing operations 1 (158) -
Currency translation differences from discontinued operations -
Total comprehensive income/(loss) for the period/year attributable to equity (1,098) 3,946 (4,110)
holders
Loss per share:
Basic and diluted loss per share (pence) on continuing operations (0.015p) (8.47)p (5.8p)
Basic and diluted loss per share (pence) on discontinued operations 14.13p
Basic and diluted loss per share (pence) on continuing and discontinued (5.66p)
operations
* Represents the unaudited 6-month period to 28 February 2023 for both
continuing and discontinued operations. Discontinued operations refer to the
Oncimmune Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the 12-month period to 31 August 2023 for continuing operations
only (unless explicitly labelled as relating to discontinued operations).
Oncimmune Holdings plc
Consolidated statement of financial position as at 29 February 2024
Unaudited Audited Unaudited
29 February 2024
31 August 2023 **
28 February
2023 *
Notes £'000 £'000 £'000
Assets
Non-current assets
Goodwill 1,578 1,578 1,578
Intangible assets 437 483 2,048
Property, plant and equipment 395 471 647
Other assets 302 339 887
2,712 2,871 5,160
Current assets
Inventories 360 235 391
Trade and other receivables 1,860 1,959 1,546
Contract assets 104 162 -
Cash and cash equivalents 911 3,209 780
3,235 5,565 2,717
Total assets 5,947 8,436 7,877
Equity: Capital and reserves attributable to the equity holders
Share capital 741 741 741
Share premium 42,687 42,683 42,687
Merger reserve 1,095 1,095 31,883
Own shares - - (1,926)
Foreign exchange translation reserve (277) (223) 89
Retained earnings (45,523) (43,639) (79,532)
Total equity (1,277) 657 (6,058)
Liabilities
Non-current liabilities
Borrowings 4,260 4,912 -
Other liabilities - 1,284 2,000
Lease liability 18 57 111
Deferred tax 96 104 -
4,374 6,357 2,111
Current liabilities
Trade and other payables 1,778 894 927
Contract liabilities 88 196 582
Other statutory liabilities - - 2
Lease liability 74 74 226
Borrowings 910 258 10,087
2,850 1,422 11,824
Total liabilities 7,224 7,7779 13,935
Total equity and liabilities 5,947 8,436 7,877
* Represents the unaudited 6-month period to 28 February 2023 for both
continuing and discontinued operations. Discontinued operations refer to the
Oncimmune Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the 12-month period to 31 August 2023 for continuing operations
only (unless explicitly labelled as relating to discontinued operations).
Oncimmune Holdings plc
Consolidated statement of cash flows for the six months ended 29 February 2024
Unaudited Audited Unaudited
6 months to
year to
6 months to
29 February 2024
31 August 2023 **
28 February
2023 *
£'000 £'000 £'000
Cash flow from operating activities
Income/(loss) before income tax from continuing operations (1,106) (5,928) -
Income/(loss) before income tax from discontinued operations - 10,255 -
Income/ (Loss) before income tax (1,106) 4,327 (4,105)
Adjusted by:
Depreciation and amortisation 154 981 780
Lease modification - (47) (157)
Interest expense 348 2,954 -
Deferred tax adjustment - - (311)
Share-based payment charge (753) (1,182) -
Gain on sale of discontinued operations - (12,160)
Changes in working capital -
(Increase)/decrease in inventories (125) 158 39
Decrease/(increase) in trade and other receivables 157 50 177
(Decrease)/increase in trade and other payables (516) (231) 12
Cash used in operating activities (1,841) (5,150) (3,565)
Interest paid (339) (1,635) (8)
Income tax (paid)/received - (6) (5)
Net cash used in operating activities (2,180) (6,791) (3,578)
Cash flow from investing activities
Purchase of property, plant and equipment (4) (31) (25)
Proceeds on sale of property, plant and equipment 39
Settlement of liabilities assumed by acquirer on disposal 11,700
Net cash on sale of discontinued operations (125)
Disposal/(purchase) of intangible assets - (625) 667
Payment of deferred consideration - - 110
Net cash (used in)/generated from investing activities (4) 11,583 752
Cash flow from financing activities
Net funds raised through share issues (4) 2,095 2,099
Loan repayments - (4,885) 65
Principal elements of lease repayments (45) (225) (114)
Net cash (used in)/generated from financing activities (49) (3,015) 2,050
Net (decrease)/increase in cash and cash equivalents (2,233) 1,777 (776)
Movement in cash attributable to foreign exchange (64) 7 131
Cash and cash equivalents at the beginning of the period 3,208 1,425 1,425
Cash and cash equivalents at the end of the period 911 3,209 780
* Represents the unaudited 6-month period to 28 February 2023 for both
continuing and discontinued operations. Discontinued operations refer to the
Oncimmune Ltd and other subsidiaries sold to Freenome on 19 May 2023.
** Represents the 12-month period to 31 August 2023 for continuing operations
only (unless explicitly labelled as relating to discontinued operations).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
The principal activity of Oncimmune Holdings plc (the "Company") and its
subsidiaries (together, the "Group") is offering autoantibody biomarker
profiling in immuno-oncology, autoimmune and infectious diseases. The Company
is incorporated and domiciled in the United Kingdom. The address of its
registered office is 1 Park Row Leeds LS1 5AB. The registered number is
09818395.
As permitted, this Interim Report has been prepared in accordance with the AIM
rules and not in accordance with IAS 34 "Interim Financial Reporting".
This Consolidated Interim Report and the financial information for the six
months ended 29 February 2024 does not constitute full statutory accounts
within the meaning of section 434 of the Companies Act 2006 and are unaudited.
This unaudited Interim Report was approved by the Board of Directors on 20 May
2024.
The consolidated interim financial statements are presented in Sterling and
have been rounded to the nearest thousand (£'000). The comparators in the
consolidated interim financial statements represent:
o The 12-month period to 31 August 2023 for continuing operations only
(unless explicitly labelled as relating to discontinued operations)
o The unaudited 6-month period to 28 February 2023 for both continuing and
discontinued operations.
The consolidated financial statements are prepared under the historical cost
convention.
The Group's financial statements for the period ended 31 August 2023 have been
filed with the Registrar of Companies. The Group's auditor's report on these
financial statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
From 1 September 2023, for reasons of materiality, the Group is not showing
Research & Development expenditure separately on the Income Statement.
Electronic communications
The Company is not proposing to distribute hard copies of this Interim Report
for the six months ended 29 February 2024 unless specifically requested by
individual shareholders.
The Board believes that by utilising electronic communication it delivers
savings to the Company in terms of administration, printing and postage, and
environmental benefits through reduced consumption of paper and inks, as well
as speeding up the provision of information to shareholders.
News updates, Regulatory News and Financial statements can be viewed and
downloaded from the Company's website, www.oncimmune.com. Copies can also be
requested from; The Company Secretary, Oncimmune Holdings plc, 1 Park Row
Leeds LS1 5AB or by email: contact@oncimmune.com
(mailto:contact@oncimmune.com)
Events after the reporting period
There are no events to report after the reporting period.
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