TIDMAPTA
RNS Number : 6804G
Aptamer Group PLC
31 March 2022
31 March 2022
Aptamer Group plc
("Aptamer", the "Company" or the "Group")
Interim results for the six months ended 31 December 2021
Admitted to AIM, raised funds to scale up operations and
increasing commercial momentum
Aptamer Group plc (AIM: APTA), the developer of novel Optimer(R)
binders to enable innovation in the life sciences industry, today
announces its unaudited interim results for the six months ended 31
December 2021.
Financial Highlights (H1 2022; period end 31 December 2021):
-- Revenue increased by 183% to GBP1.4 million (H1 2021: GBP0.5m)
-- Cash balance at 31 December 2021 increased to GBP9.8 million
(H1 2021: GBP1.0 million, FY 2021: GBP0.4m)
-- EBITDA loss of GBP1.0 million, partially offset by increased
sales, due to investment in the team and capabilities (H1 2021:
loss GBP1.0 million)
Operational Highlights:
-- Contract secured with a top five global pharma company to
develop Optimer binders as Quality Control (QC) reagents to support
the development of a novel neurodegenerative disease vaccine
-- Research collaboration with WuXi AppTec Research Services
Division to identify new Optimer-enabled therapeutics
-- Large commercial agreement signed with a public life science
research tool company to develop Optimer ligands for use on a
multiplex platform
-- Partnership with ProAxsis to develop Optimer binders to
replace the antibodies in respiratory diagnostic assays
-- Agreement with Bio-Works Technologies to co-develop a new
affinity resin for improved purification and scale up of gene
therapy vector manufacturing
-- Large-scale Optimer development and commercialisation
agreement signed with a life science research company for over 250
targets for proteomics research
-- Expansion of partnership with DeepVerge, following successful
evaluation of SARS-CoV-2 Optimer performance, to develop new
Optimer binders for additional microbial testing capabilities
within DeepVerge's wastewater monitoring system
Post-period end
-- Continuation of the collaboration with AstraZeneca to support
development of Optimer binders as next-generation drug delivery
vehicles in kidney disease
-- Successful conclusion of the proof-of-concept phase of the
collaboration with PinotBio to develop Optimer-drug conjugates for
precision oncology. Further extension of this partnership and
analysis of appropriate targets is under discussion
-- Contract signed with a precision oncology company to develop
Optimer binders for use in a companion diagnostic assay
-- Optimer binder to the SARS-CoV-2 Spike protein, developed
using the Company's proprietary discovery and development platform,
was proven to detect the Omicron variant
-- Optimer-enabled wastewater monitoring system installed at
multiple UK sites as part of Environmental Monitoring for Health
Protection (EMHP) programme to detect SARS-CoV-2 in wastewater, in
partnership with DeepVerge
Corporate Highlights:
-- Company's successful Admission to AIM completed in December
2021, raising gross proceeds of GBP10.8 million
-- Appointment of Dr Ian Gilham as Non-Executive Chairman and
Angela Hildreth as Non-Executive Director
Outlook
-- The Group anticipates increasing revenues in the second half
of the year as many of the current development projects near
completion and full invoicing can be recognised or secondary phases
initiated
-- Further partnering progress and new partnerships expected in the second half
-- Global demand for Aptamer's services continues to strengthen across the life science market
-- Trading post period end in line with the Board's expectations for the full year
Arron Tolley, Chief Executive Officer, commented: " Aptamer
Group has delivered strong revenue growth during the first half,
driven by increases in contracts won across all business units and
good operational performance to progress our custom services. This
has reinforced that there is both market need and demand for
aptamer technology to support innovation across the life science
industry and that Aptamer Group has a clear, differentiated
technology offering. The strong performance of the business,
together with key R&D initiatives and the Group's strong
financial position, positions Aptamer Group to take advantage of a
growing market and we look forward to updating the market in the
second half and beyond."
A webcast presentation will take place at 11.30am this morning,
which can be accessed here:
https://www.lsegissuerservices.com/spark/APTAMERGROUP/events/5d074d40-e884-4522-bc9d-eac331bfa4f0
For further information, please contact:
Aptamer Group plc
Dr Arron Tolley - CEO /
Eleanor Brown (formerly Courtman-Stock) - CFO +44 (0) 1904 56 7790
Liberum Capital Limited - Broker
Richard Lindley / Ben Cryer / Will Hall / Cara Murphy +44 (0) 20 3100 2000
SPARK Advisory Partners Limited - Nominated Adviser
Andrew Emmott +44 (0) 20 3368 3550
Consilium Strategic Communications
Matthew Neal / Sukaina Virji / Lucy Featherstone +44 (0) 20 3709 5700
aptamergroup@consilium-comms.com
About Aptamer Group plc
Aptamer Group develops custom affinity binders through its
proprietary Optimer(R) platform to enable new approaches in
therapeutics, diagnostics and research applications. The Company
strives to deliver transformational solutions that meet the needs
of life science researchers and developers through the use of its
proprietary Optimer platform.
Optimer binders are oligonucleotide affinity ligands that can
function as an antibody alternative. The global antibody market is
currently worth over $145.0 billion. Optimer binders are engineered
to address many of the issues found with alternative affinity
molecules, such as antibodies, and offer new, innovative solutions
to bioprocessing, diagnostic and pharmaceutical scientists.
Aptamer Group has successfully delivered projects for global
pharma companies, diagnostic development companies, and research
institutes covering a range of targets and applications with the
objective of establishing royalty-bearing licenses. Through the
unique Optimer technology and processes, scientists and
collaborators are enabled to make faster, more informed decisions
that support discovery and development across the Life
Sciences.
Chairman and Chief Executive Officer's Statement
Aptamer Group has significantly increased its penetration into
the affinity ligand market in the first half of FY22, with strong
operational and financial performance. Multiple new deals were
signed across all business units, focussing on research solutions,
diagnostics, and therapeutic applications. This demonstrates the
increased interest in and demand for this technology, and this
positive momentum has continued since the period end.
Aptamers are a disruptive technology and next generation
affinity ligand in the well-established global antibody market,
which is worth over $145.7 billion per annum (2021) and expected to
reach $248.9 billion by 2026i. The aptamer market is set to expand
rapidly over the next five to ten years into a multi-billion-dollar
world-wide market and is forecast to grow at 18-28% per annum. The
Company's automated Optimer platform delivers next-generation
aptamer binders, that are smaller in size, offering key competitive
advantages of improved stability, tissue penetration, and
manufacturing characteristics, over antibodies. The synthetic
nature of aptamers overcomes many of the issues associated with
alternative affinity technologies, including antibodies.
Following the successful IPO in December 2021, we welcome new
shareholders to the Group. GBP10.8 million was raised to support
expansion of the team, premises and the capacity of our high
throughput, automated Optimer platform and the development and
integration of our new Optimer+ hybrid technology platform.
Positive progress has been made towards capacity expansion and
Optimer+ development, which will enable the Group to build on its
current blue-chip customer base and remain at the forefront of
aptamer technologies in providing a novel affinity ligand
alternative to the life science market. The strong revenue growth
in the first half of the financial year demonstrates an inflection
point of market acceptance for this technology, and with a good
pipeline of new potential contracts, we anticipate that this will
build into sustained durable growth for Aptamer Group.
Aptamer Solutions
Aptamer Solutions provides custom development services of
oligonucleotide-based aptamer and Optimer binders for use as
research tools, quality control reagents and affinity ligands to
support bioprocessing applications.
The research antibody market was valued at $3.6 billion per
annum in 2020ii. Reports suggest that between 50-60% of available
research antibodies fail to meet their internal research
standardsiii, implying a current market potential of $2 billion,
without encroaching upon the market of successful antibodies.
Growing awareness of regulatory directives for using non-animal
derived affinity ligands in research and diagnostics, along with
recognition of the advantages of aptamers over antibodies, improved
reproducibility, and the potential to address novel targets for
next-generation biologics, are contributing to the increasing
global demand for aptamer-based technologies. This represents a
significant opportunity for Aptamer Group's high throughput Optimer
platform to support drug development, realised by the growing
number of contracts signed and substantial market interest for
Aptamer Solutions.
Two large commercial agreements were signed with public life
science companies to develop Optimer ligands, one of which is for
use on proteomic and multiplex platforms. These projects are
currently undergoing development via the Optimer platform and
include potential phased project payments totalling millions of
pounds, with further potential IP payments, milestone payments and
royalties based upon success. A contract was successfully agreed
with a top five pharmaceutical company for the development of
Optimer binders to enable the development of a neurodegenerative
disease vaccine candidate with the potential for royalties for over
a ten-year period. Within the bioprocessing sector, a collaboration
was established with Bio-Works Technologies to co-develop an
Optimer-based affinity resin that is anticipated to improve gene
therapy manufacturing.
With growing recognition of the Optimer platform as a
leading-edge technology delivering synthetic antibody alternatives,
Aptamer is well placed to capitalise on the increased outsourcing
to expert partners of components to support drug development. The
Company is working with its blue-chip biotech and pharma customer
base and partners across the sector to bring its expertise and
novel technology to deliver improved solutions to support
progress.
Aptamer Diagnostics
Aptamer Diagnostics focuses on the development and integration
of Optimer binders into diagnostic platforms. Optimer binders offer
significant advantages to current alternatives, including novel
diagnostic targets, increased stability, and consistency to support
multiple diagnostic formats, such as ELISA, flow cytometry,
biosensors, and cell and tissue imaging.
The global diagnostic specialty antibodies market was estimated
to be worth $19.9 billion in 2020iv. Significant growth has been
spurred by the COVID-19 pandemic, driving interest in rapid
diagnostics and novel diagnostic platforms. COVID-19 has driven an
interest in rapid testing to diagnose a wider range of infectious
diseases as a result of the increased familiarity of consumers with
testing formats. This has expanded the market to a broader range of
conditions for increased point-of-care testing, removing the
testing burden from healthcare professionals. Aptamer's Optimer
binders, developed using conditions that mirror the end-use, in
terms of temperature, assay environment, sample type, etc., can be
more likely to successfully integrate into a commercially viable
diagnostic platform and benefit from this trend than other binder
solutions.
Key developments in the first half of the year include DeepVerge
selecting Aptamer Group as its provider of choice and a contract
signed with ProAxsis to support their diagnostic assays. Expansion
of the partnership with DeepVerge, following successful field
trials of the SARS-CoV-2 Optimer binders on its MicroTox(R)PD
wastewater monitoring platform, involves the planned development of
a panel of Optimer binders for key microbial targets in wastewater
that can support increased diagnostic capabilities for the
monitoring platform. The contract with ProAxsis will see the
development of Optimer binders to help overcome issues of security
of supply and global logistics that the customer has experienced
with antibodies.
Following the period end, the Group successfully signed a deal
to develop Optimer binders for use in a companion diagnostic for
precision oncology and validated the performance of its current
SARS-CoV-2 Optimer binders against the latest World Health
Organisation variant of concern, Omicron. Detection of the Omicron
variant by the Company's Optimer binders is critical in light of
the failure of some diagnostic tests to recognise this new variant
and has been further supported with evidence of DeepVerge's
MicrotoxPD platform showing Omicron detection using Optimer
binders. Subsequently, the Optimer-enabled wastewater monitoring
system has been installed at multiple UK sites as part of
Environmental Monitoring for Health Protection (EMHP) programme to
detect SARS-CoV-2. The Group continues to explore numerous
diagnostic opportunities across the sector where its Optimer
platform can enable improved and new solutions.
Aptamer Therapeutics
Aptamer Therapeutics delivers contract research services in the
field of therapeutics, using its leading-edge Optimer platform and
expertise to develop Optimer-drug conjugates, Optimer-enabled gene
therapies, and Optimer agonists and antagonists for therapeutic
application.
Despite the recognised limitations of antibody technology, the
antibody therapeutics market was estimated to be worth in excess of
$114 billion in 2020 and is expected to reach $190 billion by 2028
at 7.1% CAGRv.
Optimer binders address the limitations of antibodies,
delivering a disruptive technology that offers a strong competitive
advantage to drug development companies looking for the next
evolution in delivery technology to enhance the applicability of
their biologic portfolios. The comparatively small size of Optimer
binders compared with antibodies yields a number of advantages in
tissue penetration, cell uptake and access to binding sites, to
overcome current challenges in targeted drug delivery for precision
medicines and gene therapies.
During H1, a significant collaboration was established with WuXi
AppTec Research Service Division to develop novel Optimer-drug
conjugates to enable the targeted delivery of diverse therapeutic
payloads to specific cell types, which remains a major
translational challenge to many new precision medicines. The
established collaboration with AstraZeneca continues and first
results are expected to be delivered by the end of 2022.
The Company is seeing a strong level of interest from the market
regarding the potential of Optimer-drug conjugates to overcome
challenges in targeted drug delivery. Post-period end, the Company
successfully concluded proof-of-concept work with PinotBio enabling
the delivery of their payload using Optimer-drug conjugates in
precision oncology. Aptamer and PinotBio are now looking to extend
this partnership and are exploring options around appropriate
targets.
Scaling capacity of the Optimer platform
With the funds raised in the IPO, Aptamer Group plans to scale
up the current Optimer platform to enable the Company to service
increasing market demand for its binders. This scale-up will
involve expanding the automation systems used in the
high-throughput platform and increasing the parallel capacity of
the current platform, and the purchase of new equipment to remove
process bottlenecks. Progress towards this scale-up has begun since
the start of the year and Aptamer is expecting to move into new
premises in mid-2022, which will complete this stage of the
capacity expansion.
Expansion of service offering and team
The Company is expanding its dedicated assay development team
with highly qualified and experienced scientists. The intention is
that, following custom Optimer development, functionality will be
demonstrated in end stage assays according to customer's needs.
This will enable an additional service offering, providing a
turnkey solution for increased convenience.
R&D developments
Aptamer Group acquired a patent portfolio covering a novel
nucleotide chemistry that includes ten years of previous
development work. This novel technology platform bridges the gap
between oligonucleotide-based aptamers and protein-based binders,
such as antibodies, with the potential to generate enhanced
aptamers with the diversity offered by protein-like binding
properties. The Company aims to develop and integrate this platform
into its own systems, as Optimer+, to broaden the applications for
and improve the performance of the Group's affinity ligand
technology base. This development work has started, with the
evaluation of the optimal system setup and manufacturing
considerations undertaken.
Internal development of Optimer discovery and development
processes and the Optimer+ novel affinity ligand platform is
central to Aptamer Group's mission to stay at the forefront of
aptamer technologies. The Group is actively developing solutions
for a novel process that will support improved aptamer selection
and form the basis of new patent applications and, in parallel,
progressing work towards establishing the novel nucleotide Optimer+
platform for performance evaluation.
Optimer+ technology will be integrated into the Group's own
platforms and its performance evaluated over the coming months. It
is expected that these novel chemistries will improve the
characteristics of the developed aptamers and give them properties
that are not available with non-modified versions, in addition to
generating further platform patents and intellectual property
around the individual modified aptamer binders generated. This will
give Aptamer Group another strong differentiator to solve a wide
range of intractable problems and address new targets to increase
its market share within the affinity ligand space.
The development of these platform technologies builds on the
Company's strong intellectual property position contributing to the
current patent portfolio of specific assay formats and successfully
developed Optimer binders to specific targets. As the Company
typically retains intellectual property on any developed Optimer
binders, it retains the potential for significant ongoing royalty
and licence fee income.
Board and Senior Management changes
During the first half, the Board was strengthened by the
appointments of Dr Ian Gilham as Non-Executive Chairman and Chair
of the Remuneration Committee and Angela Hildreth as Non-Executive
Director. Angela will serve as Chair of the Audit Committee. Ian
replaces Steve Hull, who worked with Aptamer for eight years, and
we thank him for his support, excellent leadership and advice over
his time with the Company.
In January 2022, Ross Wheatcroft joined Aptamer Group as Chief
Commercial Officer, bringing previous commercial experience from
Abcam. The wider Aptamer Group team has continued to grow,
reflecting the expansion of the business, with a 15% increase in
headcount during the first half and post-period end.
We thank the team who have pressed ahead with delivering the
best technology and services to our customers during the period and
especially throughout the COVID-19 pandemic. These efforts have
enabled us to deliver new contract wins, technology developments,
as well as sustained custom development to support our partners
across the life sciences with innovative Optimer-based
solutions.
Summary and outlook
Aptamer Group has delivered strong revenue growth during the
first half, driven by record increases in contracts won across all
business units and good operational performance to progress custom
services. Commercial traction continues to increase in the EU, USA
and additional key global markets including APAC, across all
business units.
The Group anticipates higher revenues in the second half of the
year as many of the current development projects near completion
and full invoicing can be recognised or secondary phases initiated.
The second half of the financial year has already seen contracts
signed with new and existing customers, and the Group is confident
of further new partnerships in the second half. The Group has also
made excellent progress with internal development to support
capacity expansion and technology improvements over the period,
which will enable increased success of developed Optimer binders
downstream and improve our ability to take affinity ligand market
share from providers of more traditional antibody solutions and
other antibody-alternative technologies.
The strong performance of the business, together with key
R&D initiatives and the Group's strong financial position
following IPO, mean that Aptamer Group is trading in line with
Board expectations for the full year.
Financial Review
In December 2021 the Company raised gross proceeds of GBP10.8
million through a placing in conjunction with admission to AIM.
This represented a major milestone in the Company's development and
secured the funds necessary to deliver the Board's plans for
significant growth over the coming months and years.
Revenue
Revenue for the six months ended 31 December 2021 increased 183%
to GBP1.4 million compared with the same period in 2020 (H1 2021:
GBP0.5 million; FY 2021: GBP1.6 million). Revenue was generated
from the provision of contract research services to customers in
all three of our business units: Aptamer Solutions, Aptamer
Diagnostics, and Aptamer Therapeutics.
Operating loss
The Company's operating loss of GBP1.2 million (H1 2021: GBP1.1
million; FY 2021: GBP2.9 million) reflects costs incurred for
research and development of GBP0.2 million (H1 2021: GBP0.4
million; FY 2021: GBP0.6 million). Current year research and
development activities include further development of the Company's
Optimer platform technology. These activities have accelerated
following the IPO fundraise, in parallel with beginning development
of the Optimer+ platform and are anticipated to continue into FY
2023. During the comparable period (H1 2021) the Company incurred
significant one-off research and development costs in refining its
Optimer binders to SARS-CoV-2, which has now been completed.
Other operating costs increased to support the Company's growth
strategy outlined at IPO, which includes commercial expansion and
establishing in-house technical capabilities for previously
outsourced services. Also included within administrative expenses
is the one-off, non-cash, share-based payment charge of GBP0.3
million in relation to admission to AIM.
Cash position
At the end of the period, the Company had cash and cash
equivalents of GBP9.8 million (H1 2021: GBP1.0 million, FY 2021:
GBP0.4 million), reflecting the net fund raising of GBP9.6
million.
i. Market Data Forecast. Global Antibodies Market Size, Share,
Trends, COVID-19 Impact & Growth Analysis Report - Segmented By
Product Type, Indication, End User, Application and Region -
Industry Forecast (2022 to 2027) Report ID: 1112. (2022)
ii. Grand View Research. Research Antibodies Market Size, Share
& Trends Analysis Report By Product (Primary, Secondary), By
Type (Monoclonal Antibodies, Polyclonal Antibodies), By Technology,
By Source, By Application, By End-use, By Region, And Segment
Forecasts, 2021 - 2028. Report ID: GVR-2-68038-124-5 (2021)
iii. Bradbury & Pluckthun. Standardize antibodies used in
research. Nature. 518:27-29 (2015)
Gray et al. Animal-free alternatives and the antibody iceberg.
Nat. Biotechnology. 38:1234-1239 (2020)
iv. ReportLinker. Diagnostic Specialty Antibodies Market
Research Report by Antibody, by Application, by End User, by Region
- Global Forecast to 2027 - Cumulative Impact of COVID-19. Report
ID: 6083571. (2022)
v. Research Reports World. Global Monoclonal Antibody
Therapeutics Market Insights and Forecast to 2028. Report ID:
QYR-19925425 (2022)
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE
INCOME
For the six-month period ended 31 December 2021
6 months
6 months ended 31 December 2021 ended 31 December 2020
Note GBP GBP
------------------------------------------- ------- ---------------------------------- ------------------------
Revenue 4 1,373,315 484,688
Cost of sales (799,748) (390,679)
------------------------------------------- ------- ---------------------------------- ------------------------
Gross profit 573,567 94,009
Selling and distribution costs (37,577) (10,687)
Administrative expenses (1,516,265) (1,079,933)
Operating loss before depreciation and
amortisation (980,275) (996,611)
Depreciation (including gain on disposal
of assets) (167,209) (137,564)
Amortisation of intangible assets (5,882) (7,549)
------------------------------------------- ------- ---------------------------------- ------------------------
Operating loss 5 (1,153,366) (1,141,726)
Finance costs (22,786) (19,040)
------------------------------------------- ------- ---------------------------------- ------------------------
Loss before income tax (1,176,152) (1,160,766)
Income tax credit 6 76,171 135,694
------------------------------------------- ------- ---------------------------------- ------------------------
Loss for the period (1,099,981) (1,025,072)
OTHER COMPREHENSIVE INCOME
Items that may be reclassified
subsequently to profit or loss:
Other comprehensive income - -
------------------------------------------- ------- ---------------------------------- ------------------------
Other comprehensive income - -
------------------------------------------- ------- ---------------------------------- ------------------------
TOTAL COMPREHENSIVE LOSS (1,099,981) (1,025,072)
------------------------------------------- ------- ---------------------------------- ------------------------
Loss per share 7 (0.02) (0.02)
Diluted loss per share 7 (0.02) (0.02)
------------------------ ------- -------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2021
As at 31 As at 30
December June
2021 2021
Note GBP GBP
---------------------------------- ------- ------------ -------------
ASSETS
Non-current assets
Intangible assets 319,127 221,881
Property, plant, and equipment 600,929 467,986
Right-of-use assets 310,894 50,520
1,230,950 740,387
---------------------------------- ------- ------------ -------------
Current assets
Inventories 225,938 90,305
Trade and other receivables 1,366,713 864,260
Cash and cash equivalents 9,767,860 369,459
---------------------------------- ------- ------------ -------------
11,360,511 1,324,024
---------------------------------- ------- ------------ -------------
TOTAL ASSETS 12,591,461 2,064,411
---------------------------------- ------- ------------ -------------
LIABILITIES
Current liabilities
Trade and other payables (2,090,188) (1,052,446)
Interest bearing loans
and borrowings (10,000) (10,000)
Lease liabilities (136,427) (175,663)
Accruals and deferred
income (1,359,012) (626,950)
---------------------------------- ------- ------------ -------------
(3,595,627) (1,865,059)
---------------------------------- ------- ------------ -------------
Non-current liabilities
Interest bearing loans
and borrowings (34,253) (39,253)
Lease liabilities (22,127) (28,331)
(56,380) (67,584)
TOTAL LIABILITIES (3,652,007) (1,932,643)
---------------------------------- ------- ------------ -------------
Provisions of liabilities (26,250) (26,250)
---------------------------------- ------- ------------ -------------
NET ASSETS 8,913,204 105,518
---------------------------------- ------- ------------ -------------
EQUITY
Share capital 8 68,942 29,854
Share premium 9,561,043 5,203,442
Group reorganisation reserve 185,340 185,340
Share based payments reserve 418,999 83,247
Retained earnings (1,321,120) (5,396,365)
---------------------------------- ------- ------------ -------------
TOTAL EQUITY 8,913,204 105,518
---------------------------------- ------- ------------ -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 31 December 2021
Share Share Share based Group Retained Total
capital premium payment reorganisation earnings
reserve reserve
GBP GBP GBP GBP GBP GBP
-------------- ------------ ------------ ------------ -------------- ----------- -------------
Balance as at 1
April 2020 28,152 3,088,923 27,960 185,340 (3,084,569) 245,806
Period ended
30 June 2020
Loss for the
period - - - - (190,935) (190,935)
Other - -
comprehensive
income for
the period - - - -
-------------- ------------ ------------ ------------ -------------- -----------
Total
comprehensive
loss for
the period - - - - (190,935) (190,935)
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Issue of share
capital 1,470 1,825,808 - - - 1,827,278
Share based
payments - - 12,002 - - 12,002
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Total
transactions
with owners,
recognised
directly in
equity 1,470 1,825,808 12,002 - - 1,839,280
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Balance as at 1
July 2020 29,622 4,914,731 39,962 185,340 (3,275,504) 1,894,151
Period ended
31 December
2020
Loss for the
period - - - - (1,025,072) (1,025,072)
Other - -
comprehensive
income for
the period - - - -
-------------- ------------ ------------ ------------ -------------- -----------
Total
comprehensive
loss for
the period - - - - (1,025,072) (1,025,072)
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Issue of share
capital 232 288,711 - - - 288,943
Share based
payments - - 23,708 - - 23,708
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Total
transactions
with owners,
recognised
directly in
equity 232 288,711 23,708 - - 312,651
----------------- ------------ ------------ ------------ -------------- ----------- -------------
Balance at 31
December 2020 29,854 5,203,442 63,670 185,340 (4,300,576) 1,181,730
================= ============ ============ ============ ============== =========== =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
For the six-month period ended 31 December 2021
Share Share premium Share based Group Retained Total
capital payment reorganisation earnings
reserve reserve
GBP GBP GBP GBP GBP GBP
------------------- -------- ------------- ------------- -------------- ------------- -------------
Balance as at 1
January 2021 29,854 5,203,442 63,670 185,340 (4,300,576) 1,181,730
Period ended 30
June 2021
Loss for the period - - - - (1,095,789) (1,095,789)
Other comprehensive - -
income for
the period - - - -
------------------- -------- ------------- ------------- -------------- -------------
Total comprehensive
loss for
the period - - - - (1,095,789) (1,095,789)
------------------- -------- ------------- ------------- -------------- ------------- -------------
Issue of share
capital - - - - - -
Share based
payments - - 19,577 - - 19,577
------------------- -------- ------------- ------------- -------------- ------------- -------------
Total transactions
with owners,
recognised
directly in equity - - 19,577 - - 19,577
------------------- -------- ------------- ------------- -------------- ------------- -------------
Balance as at 30
June 2021 29,854 5,203,442 83,247 185,340 (5,396,365) 105,518
=================== ======== ============= ============= ============== ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
For the six-month period ended 31 December 2021
Share Share premium Share based Group Retained Total
capital payment reorganisation earnings
reserve reserve
GBP GBP GBP GBP GBP GBP
-------------- ------------ ------------- ------------ -------------- ------------ -------------
Balance as at 1
July 2021 29,854 5,203,442 83,247 185,340 (5,396,365) 105,518
Period ended
31 December
2021
Loss for the
period - - - - (1,099,981) (1,099,981)
Other - -
comprehensive
income for
the period - - - -
-------------- ------------ ------------- ------------ -------------- ------------
Total
comprehensive
loss for
the period - - - - (1,099,981) (1,099,981)
----------------- ------------ ------------- ------------ -------------- ------------ -------------
Issue of share
capital, net of
issue costs 9,218 9,561,043 - - - 9,570,261
Bonus issue of
shares 29,870 - - - (29,870) -
Capital reduction - (5,203,442) - - 5,203,442 -
Share based
payment charge - - 337,406 - - 337,406
Release of
share-based
payment
reserve - - (1,654) - 1,654 -
Total
transactions
with owners,
recognised
directly in
equity 39,088 4,357,601 335,752 - 5,175,226 9,907,667
----------------- ------------ ------------- ------------ -------------- ------------ -------------
Balance as at 31
December 2021 68,942 9,561,043 418,999 185,340 (1,321,120) 8,913,204
================= ============ ============= ============ ============== ============ =============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six-month period ended 31 December 2021
6 months ended 31 December 2021 6 months ended 31 December 2020
Note GBP GBP
------------------------------------- ------- ---------------------------------- ----------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from/(absorbed by)
operations 9 200,904 (1,581,239)
Taxation 364,119 -
------------------------------------- ------- ---------------------------------- ----------------------------------
Net cash generated from/(absorbed
by) operating activities 565,023 (1,581,239)
------------------------------------- ------- ---------------------------------- ----------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and
equipment (506,947) (153,765)
Proceeds on disposal of property, 98,083 -
plant, and equipment
Purchase of intangible assets (103,128) (162,401)
Proceeds on disposal of assets held
for resale - 208,348
Net cash used in investing
activities (511,992) (107,818)
------------------------------------- ------- ---------------------------------- ----------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital 10,771,361 288,943
Issue costs (1,201,100) -
Repayment of borrowings (5,000) -
Payment of lease liabilities (197,105) (143,202)
Interest paid (22,786) (19,040)
Net cash generated from financing
activities 9,345,370 126,701
------------------------------------- ------- ---------------------------------- ----------------------------------
Net increase/(decrease) in cash and
cash equivalents 9,398,401 (1,562,356)
------------------------------------- ------- ---------------------------------- ----------------------------------
Cash and cash equivalents at 31
March 2020 293,148
Cash movement from 1 April 2020 to
30 June 2020 2,285,146
------------------------------------- ------- ---------------------------------- ----------------------------------
Cash and cash equivalents at start
of the period 369,459 2,578,294
------------------------------------- ------- ---------------------------------- ----------------------------------
Cash and cash equivalents at end of
the period 9,767,860 1,015,938
------------------------------------- ------- ---------------------------------- ----------------------------------
Cash movement from 1 January 2021 to
30 June 2021 (646,479)
------------------------------------- ------- ---------------------------------- ----------------------------------
Cash and cash equivalents at 30 June
2021 369,459
NOTES TO THE FINANCIAL STATEMENTS
For the six-month period ended 31 December 2021
1. GENERAL INFORMATION
Aptamer Group plc ('the Company') is a limited company domiciled
and incorporated in England and Wales. The consolidated financial
statements of the Company for the six-month period ended 31
December 2021 comprise the Company and its subsidiaries (together
referred to as 'the Group').
The address of the Company's registered office is Second Floor,
Biocentre, Innovation Way, Heslington, York, YO10 5NY.
2. BASIS OF PREPARATION
These consolidated condensed financial statements for the
interim half-year reporting period ended 31 December 2021 have been
prepared in accordance with IAS 34 'Interim Financial
Reporting'.
The statutory accounts for the 15-month period ended 30 June
2021 were prepared in accordance with FRS 102 and have been
delivered to the Registrar of Companies. The statutory accounts
were unaudited utilising the exemption under section 477 of the
Companies Act 2006.
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in the historical financial information included within its AIM
Admission document, which were prepared in accordance with
International Accounting Standards ("IAS") in conformity with the
requirements of the Companies Act 2006. A description of the nature
and effect of the change in accounting policies is provided within
the historical financial information included within the Group's
AIM Admission Document. The figures presented in these interim
financial statements at 30 June 2021 are as per those reported
within the Group's AIM Admission Document. The figures presented in
these interim financial statements for the 6-month period ended 31
December 2020 are derived from the underlying financial information
for those figures reported within the Group's AIM Admission
Document. Accordingly, these financial statements are to be read in
conjunction with the financial information included within the
Group's AIM Admission Document. The Group will also prepare its
first full financial statements under IFRS for the year ended 30
June 2022 in line with those accounting policies.
On 31 December 2020, IFRS as adopted by the European Union at
that date was brought into UK law and became UK-adopted
International Accounting Standards, with future changes being
subject to endorsement by the UK Endorsement Board. This change
constitutes a change in accounting framework from that applied in
the AIM Admission Document. However, there is no impact on
recognition, measurement or disclosure in the period reported as a
result of the change in framework.
The financial information presented herein does not constitute
full statutory accounts under section 434 of the Companies Act 2006
and was not subject to a formal review by the auditors.
3. GOING CONCERN
At 31 December 2021, the Group held GBP9.8 million in cash. The
Directors have considered the funding requirements of the Group
through the preparation of detailed cash flow forecasts for the
period to 31 March 2023 including prospective sales revenues and
the costs of research and development projects. These forecasts
show that the Group has sufficient funds to allow the business to
continue in operation for at least 12 months from the date of
approval of these financial statements. The Directors have
considered scenarios in which sales revenues fall below base case
forecasts. In these circumstances mitigating actions such as
reduction of discretionary research and development expenditure and
other costs could be taken to preserve cash. Based on the above
factors, the Directors believe that it remains appropriate to
prepare the financial statements on a going concern basis.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 31 December 2021
4. REVENUE
An analysis of revenue, all of which relates to the sale of
services, by geographical location of the customer is given
below:
6 months ended 31 December 2021 6 months ended 31 December 2020
GBP GBP
------------------- -------------------------------- --------------------------------
United Kingdom 116,323 54,412
Europe 20,603 81,000
USA 1,207,620 349,276
Rest of the World 28,769 -
1,373,315 484,688
------------------- -------------------------------- --------------------------------
All assets are located in, and services delivered from, the
United Kingdom.
5. OPERATING LOSS
The operating loss for the period is stated after charging
6 months 6 months
ended 31 ended 31
December December
2021 2020
GBP GBP
------------------------------------------------ ----------- -----------
Research and development expensed 228,397 369,840
Depreciation of property, plant, and equipment 77,977 28,864
Depreciation of right-of-use assets 103,532 92,700
Amortisation of intangible assets 5,882 7,549
------------------------------------------------ ----------- -----------
6. INCOME TAX EXPENSE
6 months 6 months
ended 31 ended 31
December December
2021 2020
Tax credit included in the statement of profit GBP GBP
and loss
--------------------------------------------------- ---------- ----------
Current tax:
UK corporation tax credit on losses for the
period (76,171) (135,694)
Adjustments in respect of prior periods - -
--------------------------------------------------- ---------- ----------
Total UK corporation tax (76,171) (135,694)
--------------------------------------------------- ---------- ----------
Deferred tax:
Origination and reversal of temporary differences - -
Adjustments in respect of prior periods - -
Total deferred tax - -
--------------------------------------------------- ---------- ----------
Tax on loss on ordinary activities (76,171) (135,694)
--------------------------------------------------- ---------- ----------
6. INCOME TAX EXPENSE (CONTINUED)
Factors affecting the tax charge for the period
The tax credit for the period differs from the standard rate of
corporation tax in the UK of 19%. The differences are explained
below:
6 months 6 months
ended 31 December ended 31
2021 December
2020
GBP GBP
------------------------------------------------ ------------------- ------------
Loss on ordinary activities before tax (1,176,152) (1,160,766)
------------------------------------------------ ------------------- ------------
Corporation tax at standard rate (223,469) (220,546)
Research and development enhanced expenditure (65,178) (106,800)
Research and development credits surrendered 27,311 -
Expenses not deductible for tax purposes 64,187 -
Deferred tax asset not recognised 120,978 191,652
Total tax credit (76,171) (135,694)
------------------------------------------------ ------------------- ------------
As at 31 December 2021 the Group had unrelieved tax losses of
approximately GBP3,557,000 (30 June 2021 - GBP2,680,000). A
deferred tax asset has not been recognised in respect of these
losses.
7. LOSS PER SHARE
6 months 6 months
ended 31 ended 31
December December
2021 2020
GBP GBP
--------------------------------------------- ------------ ------------
Basic loss per share (0.02) (0.02)
Diluted loss per share (0.02) (0.02)
--------------------------------------------- ------------ ------------
Loss for the period (1,099,981) (1,025,072)
--------------------------------------------- ------------ ------------
Weighted average number of ordinary shares
used as the denominator in calculating the
basic/diluted loss per share 60,172,013 59,563,430
--------------------------------------------- ------------ ------------
8. SHARE CAPITAL
31 December 2021 30 June 2021
No. GBP No. GBP
----------------------------------- ----------- ------- ------------- -------
Allotted, issued, and fully paid:
Ordinary shares of GBP0.001 each 68,941,694 68,942 - -
Ordinary shares of GBP0.0001 each - - 298,540,000 29,854
68,941,694 68,942 298,540,000 29,854
----------------------------------- ----------- ------- ------------- -------
Share transactions in the period
On 22 September 2021, the Company completed a share capital
reduction whereby the share premium account of the Company was
reduced from GBP5.2 million to GBPnil and the amount by which the
share premium account was so reduced was credited to the profit and
loss reserve.
On 11 October 2021, the Company issued 158,000 Ordinary shares
of GBP0.0001 on exercise of the option by one of its former
directors.
On 29 November 2021, the Company restructured its Ordinary
Shares such that each share of GBP0.0001 each was consolidated into
10 shares of GBP0.001.
On 29 November 2021, the Company issued the following
shares:
-- 29,869,800 Ordinary shares of GBP0.001 each as a bonus share
at the rate of 1 such new ordinary share for every 1 existing
ordinary share of GBP0.001 each held by the existing shareholders
whose name appears on the register on 22 November 2021.
On 22 December 2021, the Company issued the following
shares:
-- 9,202,094 Ordinary shares of GBP0.001 each at a price of
GBP1.17 per ordinary share. These shares were issued on Admission
to trading on AIM.
The rights attaching to the shares are summarised below:
The ordinary shares shall be non-redeemable but shall hold full
rights in respect of voting and shall entitle the holder to full
participation in respect of equity and in the event of a winding up
of the company. The shares may be considered by the Directors when
considering dividends from time to time.
9. STATEMENT OF CASH FLOWS
Cash generated from operations
6 months ended 31 December 2021 6 months ended 31 December 2020
GBP GBP
-------------------------------------------------- -------------------------------- --------------------------------
Loss for the period (1,099,981) (1,025,072)
Net finance cost 22,786 19,040
Income tax (76,171) (135,694)
Depreciation 181,509 121,564
Amortisation of intangible assets 5,882 7,549
Gain on disposal of property, plant, and
equipment (14,300) 16,000
Share based payment expense 337,406 23,708
(642,869) (972,905)
Changes in working capital:
Movement in inventories (135,633) 26,863
Movement in trade and other receivables (790,401) 1,404,345
Movement in trade and other payables 1,769,807 (2,039,542)
Cash generated from operations 200,904 (1,581,239)
-------------------------------------------------- -------------------------------- --------------------------------
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 31 December 2021
10. NET DEBT RECONCILIATION
Analysis of net debt
1 July Cash Foreign Non-cash 31 December
2020 flows New leases exchange movement 2020
GBP GBP GBP GBP GBP GBP
------------------- ------------ -------------- ------------- ----------- ----------- -------------------
Cash and cash
equivalents 2,578,294 (1,562,356) - - - 1,015,938
Borrowings (50,000) - - - - (50,000)
Lease liabilities (202,392) 143,202 (294,826) - - (354,016)
------------------- ------------ -------------- ------------- ----------- ----------- -------------------
2,325,902 (1,419,154) (294,826) - - 611,922
------------------- ------------ -------------- ------------- ----------- ----------- -------------------
Cash Foreign Non-cash 31 December
1 July 2021 flows New leases exchange movement 2021
GBP GBP GBP GBP GBP GBP
------------------- -------------- ------------ ------------- ----------- ----------- --------------
Cash and
cash equivalents 369,459 9,398,401 - - - 9,767,860
Borrowings (49,253) 5,000 - - - (44,253)
Lease liabilities (203,994) 197,105 (198,478) - 46,814 (158,553)
116,212 9,600,506 (198,478) - 46,814 9,565,054
------------------- -------------- ------------ ------------- ----------- ----------- --------------
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IR SDWEFSEESESD
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