TIDMONC
RNS Number : 0912B
Oncimmune Holdings PLC
31 May 2023
This announcement contains inside information
for the purposes of the UK Market Abuse Regulation
31 May 2023
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Interim Results
The ImmunoINSIGHTS pharma services business continues to deliver
value to 7 of the top 15 global pharma companies and build
relationships with new accounts despite the softening market
Post period sale of Oncimmune Limited and EarlyCDT Lung blood
test to Freenome for GBP13M, enabling a repayment of EUR 7.2M debt
to IPF; the company expects to have GBP6.7m in cash
Post period signing of long-term MSA with Freenome with
guaranteed commitment of at least EUR1.14M per annum
Oncimmune Holdings plc (AIM: ONC.L), the leading autoantibody
profiling company to the pharmaceutical and biotechnology industry,
today announces its unaudited interim results for the six months
ended 28 February 2023 ("H1 FY2023").
Financial highlights (including Post Period Events)
-- Recognised revenue for the period was GBP1.12M (15 Months to
31 August 2022 ("FY 2022"): GBP3.79M and 12 months to 31 May 2022
("May 2022") GBP3.86M). The current value of the contracted order
book at ImmunoINSIGHTS is EUR3.5M as at 1 March 2023. Delays in the
delivery of samples from major contracts signed in the period has
delayed recognised revenue into the second half of H2 FY2023.
-- Gross profit for the period was GBP0.48M (FY 2022: GBP1.83M and May 2022 GBP1.46M).
-- Administrative expenses were GBP2.86M (FY 2022: GBP8.70M and
May 2022 GBP7.05M) which included GBP0.78M of depreciation and
amortisation (FY 2022: GBP1.64M and May 2022 GBP1.43M) which is
non-cash . Furthermore, GBP1.08M of the period's administrative
expenses (which includes GBP0.56M of depreciation and amortisation)
relate to Oncimmune Limited and will be discontinued following the
sale to Freenome Holdings, Inc. ("Freenome") (the "Sale") which was
announced on 22 May 2023.
-- Research & Development expenses were GBP0.69M (FY 2022:
GBP1.85M and May 2022 GBP1.52M) of which GBP0.15M related to
Oncimmune Limited will be discontinued post the Sale .
-- Share-based payments were GBP0.44M (FY 2022: GBP1.69M and May
2022 GBP1.80M) which are non-cash.
-- Cash used in operating activities (pre-financing) for the
period was GBP2.32M (FY 2022: GBP6.69M and May 2022 GBP5.80M).
-- Loss after tax was GBP4.06M (FY 2022: GBP11.39M and May 2022
GBP9.51M). However, post the Sale, the Company is expected to
benefit from substantially lower operating costs with the removal
of Oncimmune Limited's administration and research &
development costs, which for the period were GBP1.23M.
-- Gross cash balance at the period end of GBP0.78M (FY 2022:
GBP1.43M and May 2022 GBP2.53M) and net debt at the period end of
GBP9.64M (FY 2022: GBP9.31M and May 2022 GBP8.16M). The gross cash
balance and the net debt amount do not include the proceeds from
the Sale.
-- Post period the Company sold Oncimmune Limited for a total of
GBP13M in cash. Immediately following the Sale and the repayment of
existing debt, the Company's expected cash balance will be GBP6.7M
(which includes the GBP1.3M held in escrow for 12 months in
accordance with the terms of the Sale).
* Financial comparators for the period are for 12 months to 31
May 2022 and 15 months to 31 August 2022, as a result of a change
in our financial year to 31 August. For H1 2022 numbers, please
follow
https://d2ysp6t8sg26jc.cloudfront.net/2022-02-28/9456C/b43993b57e7704175206f19e6ad0a0bb013d0401.html
Commercial and operational highlights (including post
period)
-- Since acquiring the ImmunoINSIGHTS business for an all-share
consideration in March 2019, we have contracted with the majority
of the top 10 global pharmaceutical companies and delivered high
quality projects which provide our clients with deep insights into
their clinical assets and programmes.
-- ImmunoINSIGHTS and Freenome have signed a long-term Master
Services Agreement ("MSA"), under which Freenome will leverage the
ImmunoINSIGHTS discovery services business to further accelerate
Freenome's pipeline for multiple cancers, with a guaranteed
commitment by Freenome to purchase services from Oncimmune Germany
GmbH worth at least EUR1.14M per year, with revenue recognised on a
quarterly basis. The MSA has an overall term of five years, with a
fixed initial term of two years and Freenome's option to extend for
a further three years on the same terms.
-- Upon the divestment of the EarlyCDT portfolio to Freenome,
there is now a singular focus on the ImmunoINSIGHTS business and
supporting our customers with their clinical trials.
-- In H1 FY2023, the focus has been on deepening the
relationship with existing accounts and expanding our reach across
asset teams through MSAs. These MSA's unlock benefits that include
improved speed of contracting on future projects and
extensions.
-- Whilst our deliverable is strong, the pharmaceutical services
market has been soft over the last 15 months, both because of a
lack of biotech investment, and macroeconomic uncertainty. We
believe these headwinds will turn a corner in the next 6
months.
-- In December 2023, the Company announced that a number of
contracts had been signed before the pharmaceutical sector year end
in December, including contracts with a combined value of
approximately $1.25 million with an existing global pharmaceutical
client. As at
1 March 2023 the current value of the contracted order book at
ImmunoINSIGHTS is EUR3.5M.
-- In January, a new multi-year MSA was signed with a new top 10
pharmaceutical group for the provision of ImmunoINSIGHTS clinical
laboratory services, expected to support multiple autoantibody
profiling projects focusing on autoimmune, cardiovascular and
prenatal diseases.
-- As we expand our reach and impact, it is not unusual to identify a novel application of the ImmunoINSIGHTS platform. Indeed, we were able to sign a new contract with a leading UK-based biotech company to collaborate on the discovery of autoantibody biomarkers for the detection of sepsis, in which all intellectual property rights ("IPR") developed during the collaboration shall be owned exclusively by Oncimmune, with an option for our customer to commercialise.
-- Beyond pharma contracts, we have remained active in
collaborating with academia. In the period, the Company signed a
new commercial contract with a leading US research institution to
analyse samples and generate autoantibody profiles in serum in
patients with confirmed Glioblastoma Multiforme.
-- More recently, the Company has signed another contract to use
the ImmunoINSIGHTS platform in Chronic Inflammatory Demyelinating
Polyneuropathy ("CIDP"), as well as two new autoimmune disease
contracts.
Dr Adam M Hill, CEO of Oncimmune said: "The sale of Oncimmune
Limited to Freenome not only allows for a singular focus on
building value in our ImmunoINSIGHTS platform, but also is a lead
indicator of renewed confidence in the UK lifescience sector after
a period of significant under investment. Whilst the Pharma
services market has softened during the last 12-15 months, there is
now an unprecedented wall of therapeutic assets queued to enter
clinical trials, which bodes well for ImmunoINSIGHTS into 2024 and
beyond. It remains my firm belief that this platform has the
potential to offer significant value to our customers, and is
primed to respond, at scale, in lockstep with the market as it
inevitably rebounds. Post the sale of the Oncimmune Limited, our
focus is the expansion of the ImmunoINSIGHTS services business with
an intention to achieve a cash flow break even position in the near
term."
For further information:
Oncimmune Holdings plc
Dr Adam M Hill, Chief Executive Officer
Matthew Hall, Chief Financial Officer
contact@oncimmune.co.uk
Singer Capital Markets (Nominated Adviser and Broker)
Phil Davies, Harry Gooden, George Tzimas, James Fischer
+44 (0)20 7496 3000
Zeus (Joint Broker)
Dominic King, Victoria Ayton, Dan Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a leader in autoantibody profiling to the
pharmaceutical and biotechnology industry , primarily focused on
the growing fields of immuno-oncology, autoimmune disease and
infectious diseases. The ImmunoINSIGHTS service business leverages
Oncimmune's technology platform and methodologies across multiple
diseases, to offer life-science organizations actionable insights
for therapies across the development and product lifecycle. Our
core immune-profiling technology is underpinned by our library of
over eight thousand immunogenic proteins, one of the largest of its
kind. This helps identify trial participants and patients into
clinically relevant subgroups, enabling development of targeted and
more effective treatments.
Oncimmune's ImmunoINSIGHTS service business is based at the
Company's discovery research centre in Dortmund, Germany. The
business platform enables life science organizations to optimize
drug development and delivery, leading to more effectively targeted
and safer treatments for patients.
For more information, visit www.oncimmune.com
Chief Executive's and Chairman's Review
We are pleased to report the Group's unaudited half year results
for the six months ended 28 February 2023, including an update on
the commercial and operational progress since last period end.
Oncimmune is a leader in autoantibody profiling to the
pharmaceutical and biotechnology industry , primarily focused on
the growing fields of immuno-oncology, autoimmune disease, and
infectious diseases. The Group has a diversified and growing
revenue stream from its discovery and development service-based
platform, delivering actionable insights into therapies under
development to its pharmaceutical and biotech partners. Oncimmune's
ImmunoINSIGHTS pharma services laboratory facility is based in
Dortmund, Germany and its commercial team is based in Boston, USA,
and in Europe.
Oncimmune's ImmunoINSIGHTS platform enables life science
organisations to optimise drug development and delivery, leading to
more effective targeting, as well as safer, treatments for
patients. Underpinned by our proprietary library of over 8,000
immunogenic proteins, we help identify clinical trial participants
and patients in clinically relevant subgroups, enabling the
development of more effective treatments with lower risk of adverse
events.
Business update
The Group launched the ImmunoINSIGHTS service in February 2020
as Oncimmune's contract discovery and development service-based
platform. Since then, the ImmunoINSIGHTS platform has grown to
deliver contracts with 7 of the top 15 global pharmaceutical
companies and this is expected to grow again by the end of this
financial year.
We currently anticipate that by the end of FY2023 the majority
of revenues will have been earned from the top 15 global
pharmaceutical clients. This is a result of a concerted effort to
build a reputation for quality service delivery, ultimately leading
to MSAs with our most frequent customers, unlocking benefits that
include improved speed of contracting on future projects and
extensions, a deepening of customer engagement and preferred
supplier status for autoantibody profiling services. In all cases,
this has been an evolution from an ad hoc purchase order,
highlighting the importance of developing customer relationships,
and also the value of the ImmunoINSIGHTS offering to customers.
In December, the Company announced a number of contracts had
been signed before the pharmaceutical sector year end, including:
contracts with a combined value of approximately $1.25 million with
an existing global pharmaceutical client; a new multi-year MSA with
a new top 10 pharmaceutical group for the provision of
ImmunoINSIGHTS clinical laboratory services, expected to support
multiple autoantibody profiling projects focusing on autoimmune,
cardiovascular and prenatal diseases; and a new contract with a
leading UK-based biotech company to collaborate on the discovery of
autoantibody biomarkers for the detection of sepsis.
In this latter deal, all intellectual property rights ("IP")
developed during the collaboration shall be owned exclusively by
Oncimmune, and the biotech company shall have the option to extend
the collaboration to a verification study on commercial terms with
Oncimmune and to take-up an option to enter into a 20-year
agreement to licence from the Company the IP generated from the
collaboration in consideration for an upfront payment and an
ongoing royalty payment.
Furthermore, the Company has also signed a new commercial
contract with a leading US research institution to analyse samples
and generate autoantibody profiles in serum in patients with
confirmed Glioblastoma Multiforme.
More recently, the Company has signed another contract to use
the ImmunoINSIGHTS platform in Chronic Inflammatory Demyelinating
Polyneuropathy ("CIDP"), as well as two new autoimmune disease
contracts.
Although the timelines between initial discussions and
contracting have lengthened as we progress through FY2023, in large
part due to the global macroeconomic situation increasing the
financial constraints experienced by customers in this sector, the
pipeline for the ImmunoINSIGHTS service business remains healthy.
The current value of the contracted order book is EUR1.3M.
Divestment of non-core assets
As mentioned in previous announcements, the Directors had been
considering several options for the realisation of value from the
Group's non-core assets. We are therefore pleased to report that
the Group announced on 22 May 2023 the successfully divestment of
its wholly owned subsidiary, Oncimmune Limited, including the
EarlyCDT (R) Lung blood test. This disposal will enable the Company
to focus its entire resources on unlocking the potential of its
ImmunoINSIGHTS pharma services platform in support of therapeutic
clinical development programmes.
Oncimmune has sold all the issued shares in Oncimmune Limited
for GBP13 million in cash, of which GBP1.3 million in cash has been
held in escrow for 12 months in the event of any claims against
warranties and representations. In addition, Oncimmune's pharma
services business, Oncimmune Germany GmbH and Freenome have signed
a MSA, under which Freenome will commit to use the Company's
ImmunoINSIGHTS pharma services business for a minimum of two years,
with a guaranteed commitment worth at least EUR1.14M per year.
Furthermore, Freenome has entered an option to extend the
commitment under this ImmunoINSIGHTS agreement for a further three
years with the same commitment of at least EUR1.14M per year.
Scientific publications, reports and awards
In line with the Group's core objectives, we have continued to
push the boundaries of understanding with the ImmunoINSIGHTS
platform, publishing our results at world class conferences, and in
high impact factor scientific publications.
In March, Oncimmune's scientists presented collaborative work
undertaken with Dr Sonpavde's team, Dana Faber, at the Mosbacher
Kolloquium on Immune Engineering - from Molecules to Therapeutic
Approaches(1) . The work showcased the potential of the
ImmunoINSIGHTS platform in identifying markers for clinical outcome
of Immune Checkpoint Inhibitor treatment of patients with
metastatic Urothelial Carcinoma. The expanded work is currently the
subject of a manuscript that will be submitted for publication
shortly.
In collaboration with Faron Pharmaceuticals Oy, Oncimmune
scientists presented in April on the use of ImmunoINSIGHTS to
examine Exmarilimab's induction of B-cell activation and
autoantibody production (2) .
In May, in collaboration with Roche, we were able to present the
use of ImmunoINSIGHTS in profiling of the antibody response to
viral and bacterial antigens and its correlations with
time-to-hospital discharge on samples from patients from both the
Covacta and Mariposa study (3) . Extensions of this work are
anticipated to be further presented later on in 2023.
Finally, our work with Roche on the TAIL trial has been accepted
for an oral presentation at ASCO in June 2023 (4) . The
presentation demonstrates the use of ImmunoINSIGHTS in baseline
autoantibody profiling in NSCLC patients with pre-existing
autoimmune diseases or who had received prior anti-PD-1 therapy
before enrolment in the TAIL study.
Outlook
The ImmunoINSIGHTS business, acquired for an all-share
consideration in March 2019, is an exciting business which has
significant high margin revenue growth. It is expected that by the
end of this financial year, ImmunoINSIGHTS will have contracted
with the majority of the top 10 global pharmaceutical companies,
delivering high quality projects which provide our clients with
deep insights into their clinical assets and programmes.
The Board sees the potential to not only build upon the MSAs
established so far, but also to continue to add new customers to
the portfolio. In addition, the Board is increasingly excited about
the potential to further evolve Oncimmune's business model now all
resource is focused upon it. This will require a greater focus on
exploiting the substantial intellectual property developed since
2019.
In summary, we are successfully delivering against our strategic
objectives and have created a focused business which has a
specialised commercial offering. With focus, this platform has
significant near-term growth prospects; its operational cost base
is already covered by our MSA with Freenome. Against this backdrop,
the Board is confident of delivering increasing value to all
stakeholders.
On behalf of the Board, we would like to thank our shareholders
for their continued support throughout the first half of FY 2023,
and we look forward to updating the market on Oncimmune's further
progress periodically.
Alistair Macdonald Dr Adam M Hill
Chairman Chief Executive Officer
1. Sonpavde G, Freeman D, Adib E, Talal E, Thomas J, Nuzzo PV,
Ravi A, Tuff M, Mantia C, McGregor B, Berchuk J, Budde P, Abhari
BA, Rupieper E, Gajewski J, McDaid R, Schubert A-S, Kilian A,
Bräutigam M, Zucht H-D, Ravi P. Multiplexed autoantibody profiling
to identify markers for clinical outcome of Immune Checkpoint
Inhibitors in metastatic Urothelial Carcinoma patients. Mosbacher
Kolloquium - Immune Engineering - from Molecules to Therapeutic
Approaches, March 2023.
2. Elisa M. Vuorinen, Mari L. Björkman, Reetta Virtakoivu, Juho
Jalkanen, Sofia Aakko, Akira Takeda, Petra Budde, Hans-Dieter
Zucht, Manuel Brautigam, Behnaz Ahangarianabhari, Petri Bono, Maija
Hollmén. Exmarilimab induces B-cell activation and autoantibody
production;
https://www.abstractsonline.com/pp8/#!/10828/presentation/3192 .
Poster presented at AACR Annual Meeting 14-19 April, 2023
3. Shrivastava D, Budde P, Onabajo O, Bräutigam M, Zucht HD,
McBride J, Bauer R, Chandler GS, Kuebler P. Profiling of the
antibody response to viral and bacterial antigens and its
correlations with time-to-hospital discharge: Covacta and Mariposa
study. Poster abstract accepted for 106th annual meeting of The
American Association of Immunologists (AAI) 11.15 May, 2023
4. Budde P, Rodriguez Abreu D, Zucht HD, Shrivastava D, Kilian
AL, Hoglander E, Shoshkova S, Markovic M, Kaul M, Cardona JV,
Chandler GS, Mohindra R. Baseline autoantibody profiling in NSCLC
patients with pre-existing autoimmune diseases or who had received
prior anti-PD-1 therapy before enrolling in the TAIL study. Oral
presentation for ASCO 2-6 June, 2023.
Chief Financial Officer's review
The Company's recognised revenue for the six months to 28
February 2023 was GBP1.12M (FY 2022: GBP3.79M and May 2022
GBP3.86M) . The value of the contracted order book at
ImmunoINSIGHTS is EUR3.5M as at 1 March 2023. Delays in the
delivery of samples from major contracts signed in the period has
delayed recognised revenue into the second half of H2 FY2023.
Gross profit for the period was GBP0.48M (FY 2022: GBP1.83M and
May 2022 GBP1.46M) .
Administrative expenses were GBP2.86M (FY 2022: GBP8.70M and May
2022 GBP7.05M) which included GBP0.78M of depreciation and
amortisation (FY 2022: GBP1.64M and May 2022 GBP1.43M) which is
non-cash. Furthermore, GBP1.08M of the period's administrative
expenses (which includes GBP0.56M of depreciation and amortisation)
relate to Oncimmune Limited and will be discontinued post the
Sale.
Research & development expenses were GBP0.69M (FY 2022:
GBP1.85M and May 2022 GBP1.52M) of which GBP0.15M related to
Oncimmune Limited which will be discontinued post the Sale.
Share-based payments were GBP0.44M (FY 2022: GBP1.69M and May
2022 GBP1.80M) which are non-cash.
Cash used in operating activities (pre-financing) for the period
was GBP2.32M (FY 2022: GBP6.69M and May 2022 GBP5.80M).
Loss after tax was GBP4.06M (FY 2022: GBP11.39M and May 2022
GBP9.51M). However, post the Sale, the Company is expected to
benefit from substantially lower operating costs with the removal
of Oncimmune Limited's administration and research &
development costs, which for the period were GBP1.23M.
Gross cash balance at the period end of GBP0.78M (FY 2022:
GBP1.43M and May 2022 GBP2.53M) and net debt at the period end of
GBP9.64M (FY 2022: GBP9.31M and May 2022 GBP8.16M). The gross cash
balance and the net debt amount do not include the proceeds from
the Sale.
In May 2023, the Company sold the entire share capital in
Oncimmune Limited for GBP13M in cash, structured as consideration
for equity and debt repayment, of which GBP1.3M in cash is being
held in escrow for 12 months in the event of any claim by Freenome
against the customary warranties and indemnity given to Freenome in
the sale and purchase agreement .
Separate from the Sale, ImmunoINSIGHTS and Freenome have signed
a long-term MSA, under which Freenome will leverage the
ImmunoINSIGHTS discovery services business to further accelerate
Freenome's pipeline for multiple cancers, with a guaranteed
commitment by Freenome to purchase services from Oncimmune Germany
GmbH worth at least EUR1.14M per year, with revenue recognised and
paid on a quarterly basis. The MSA has an overall term of five
years, with a fixed initial term of two years and Freenome's option
to extend for a further three years on the same terms.
Oncimmune has an existing debt facility with IPF Management SA
("IPF Partners") (the "IPF Facility") with an outstanding principal
balance of EUR11.6M prior to this Sale. In connection with the
Sale, Oncimmune has agreed to repay EUR7.2M (being EUR5.6M of
principal and EUR1.6M of interest) of the outstanding IPF Facility.
Oncimmune has today entered into a new debt facility (the "New IPF
Facility") for the outstanding EUR6.0M in principal from the
previous IPF Facility under which the principal amount is repayable
over the next three years, with a principal repayments holiday for
the first 12 months, and with interest commencing from September
2023 on the same cash margin rate as in the previous IPF Facility.
Repayments under the New IPF Facility have been profiled such that
40% (or EUR2.4M) of the EUR6.0M facility will be repaid at the end
of the agreement in March 2026.
The New IPF Facility is secured by fixed and floating charges
over the assets of Oncimmune and the shares in Oncimmune Germany
GmbH and may be repaid at any time, subject to an early repayment
fee. The interest rate is 9% per annum over 3-month EURIBOR
(subject to a floor of 0%) and is payable quarterly.
Following payment of the EUR7.2M under the IPF Facility and
other costs associated with the Sale, the Company expects to have
approximately GBP6.7M in cash (which includes the GBP1.3M held in
escrow as described above).
Reference was made in the audited results for the 15-month
period ended 31 August 2022 to the Group's debt obligations giving
rise to a material uncertainty. The Board considers that the
repayment of debt under the IPF Facility, the repayment profile of
the new IPF Facility, together with the net proceeds from the Sale,
removes any material uncertainty as regards going concern.
Matthew Hall
Chief Financial Officer
Oncimmune Holdings plc
Consolidated income statement for the six months ended 28
February 2023
Unaudited Audited Unaudited
6 months 15 months 12 months
to to to
28 February 31 August 31 May
2023 2022 2022
Notes GBP'000 GBP'000 GBP'000
-------------------------------- ------ ------------- ----------- -----------
Revenue 1,124 3,788 3,859
Cost of sales (645) (1,962) (2,402)
Gross profit 479 1,826 1,457
Administrative expenses (2,858) (8,702) (7,052)
Research and development
expenses (690) (1,851) (1,517)
Share-based payment (440) (1,691) (1,800)
Total administrative
expenses (3,988) (12,244) (10,369)
Other income 36 413 326
Operating loss (3,473) (10,005) (8,586)
Finance income - 8 -
Finance costs (578) (1,562) (943)
-------------------------------- ------ ------------- ----------- -----------
Finance costs - net (578) (1,554) (943)
Loss before income
tax (4,051) (11,559) (9,529)
Income tax (expense)/credit (5) 173 17
Loss for the period/year (4,056) (11,386) (9,512)
Other comprehensive
income
Items that may be subsequently
reclassified to profit
and loss, net of tax
Currency translation
differences (54) (130) (384)
Loss after tax and
total comprehensive
income for the period/year
attributable to equity
holders (4,110) (11,516) (9,896)
Loss per share:
Basic and diluted (pence) 3 (5.8p) (16.5p) (13.7p)
Oncimmune Holdings plc
Consolidated statement of financial position as at 28 February
2023
Unaudited Audited Unaudited
28 February 31 August 31 May
2023 2022 2022
Notes GBP'000 GBP'000 GBP'000
---------------------------------- ------- --------------- ------------- ------------
Assets
Non-current assets
Goodwill 1,578 1,578 1,578
Intangible assets 2,048 3,017 3,237
Property, plant and equipment 741 788 918
Right-of-use assets 146 552 627
Deferred tax asset 647 613 927
5,160 6,548 7,287
------------------------------------------ --------------- ------------- ------------
Current assets
Inventories 391 430 413
Trade and other receivables 1,436 1,340 6,219
Contract assets 110 417 808
Cash and cash equivalents 780 1,425 2,530
2,717 3,612 9,970
------------------------------------------ --------------- ------------- ------------
Total assets 7,877 10,160 17,257
------------------------------------------- --------------- ------------- ------------
Equity: Capital and reserves
attributable to the equity
holders
Share capital 741 695 695
Share premium 42,687 40,634 40,635
Merger reserve 31,883 31,882 31,882
Other reserves - - 5,894
Own shares (1,926) (1,926) (1,926)
Foreign exchange translation
reserve 89 (42) (296)
Retained earnings (79,532) (75,422) (79,611)
Total equity (6,058) (4,179) (2,727)
------------------------------------------- --------------- ------------- ------------
Liabilities
Non-current liabilities
Borrowings 4,283 3,917 2,420
Other liabilities 2,000 2,000 2,000
Lease liability 111 295 352
Deferred tax 201 311 115
------------------------------------------- --------------- ------------- ------------
6,595 6,523 4,887
------------------------------------------ --------------- ------------- ------------
Current liabilities
Trade and other payables 927 1,176 1,963
Contract liabilities 381 180 5,180
Other statutory liabilities 2 34 40
Lease liability 226 321 443
Borrowings 5,804 6,105 7,471
7,340 7,816 15,097
------------------------------------------ --------------- ------------- ------------
Total liabilities 13,935 14,339 19,984
------------------------------------------- --------------- ------------- ------------
Total equity and liabilities 7,877 10,160 17,257
------------------------------------------- --------------- ------------- ------------
Oncimmune Holdings plc
Consolidated statement of cash flows for the six months ended 30
November 2021
Unaudited Audited Unaudited
6 months 15 months 12 months
to to to
28 February 31 August 31 May
2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------ ------------- ----------- -----------
Cash flow from operating activities
Loss before income tax (4,105) (11,559) (9,529)
Adjusted by:
Depreciation and amortisation 780 1,643 1,429
Lease modification (157) - -
Interest receivable (28) (8) -
Interest expense 508 1,562 943
Share-based payment charge 440 1,691 1,800
Foreign exchange movements - - 3
(2,562) (6,671) (5,354)
Changes in working capital:
(Increase)/decrease in inventories 39 (287) (270)
Decrease/(increase) in trade and
other receivables 177 629 253
(Decrease)/increase in trade and
other payables 30 (363) (428)
Cash used in operating activities (2,316) (6,692) (5,799)
Interest paid (442) (597) (169)
Interest received 28 8 -
Income tax (paid)/received (5) 409 (243)
Deferred tax adjustment (110) - -
Net cash used in operating activities (2,845) (6,872) (6,211)
------------------------------------------ ------------- ----------- -----------
Cash flow from investing activities
Purchase of property, plant and
equipment (25) (306) (504)
Disposal/(purchase) of intangible
assets 667 (625) -
Payment of deferred consideration (110) - -
Net cash (used in)/generated from
investing activities 532 (931) (504)
------------------------------------------ ------------- ----------- -----------
Cash flow from financing activities
Net funds raised through share issues 2,099 141 142
Loan advances - 2,546 3,345
Loan repayments - (1,643) (2,347)
Principal elements of lease repayments (122) (392) (153)
Net cash (used in)/generated from
financing activities 1,977 652 987
------------------------------------------ ------------- ----------- -----------
Net (decrease)/increase in cash
and cash equivalents (336) (7,151) (5,728)
Movement in cash attributable to
foreign exchange (309) (55) (375)
------------------------------------------ ------------- ----------- -----------
Cash and cash equivalents at the
beginning of the period 1,425 8,631 8,631
------------------------------------------ ------------- ----------- -----------
Cash and cash equivalents at the
end of the period 780 1,425 2,528
------------------------------------------ ------------- ----------- -----------
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 that of
autoantibodies profiling to the pharmaceutical and biotechnology
industry, specifically in the areas of immune-oncology, autoimmune
disease and infectious diseases, and the research and development
of autoantibody for the early detection of very wide range of solid
cancers, in partnership with Freenome. The Company is incorporated
and domiciled in the United Kingdom. The address of its registered
office is 1 Park Row, Leeds, United Kingdom, 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 28 February 2023 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 19 May 2023.
The consolidated interim financial statements are presented in
Sterling and have been rounded to the nearest thousand
(GBP'000).
The consolidated financial statements are prepared under the
historical cost convention.
The Group's financial statements for the period ended 31 August
2022 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.
Electronic communications
The Company is not proposing to distribute hard copies of this
Interim Report for the six months ended 28 February 2023 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, United
Kingdom, LS1 5AB or by email: info@oncimmune.com
2. Events after the reporting period
Oncimmune has sold the entire share capital in Oncimmune Limited
and Oncimmune Europe GmbH for GBP13M in cash, structured as
consideration for equity and debt repayment, of which GBP1.3M in
cash is being held in escrow for 12 months in the event of any
claim by Freenome against the customary warranties and indemnity
given to Freenome in the sale and purchase agreement.
Oncimmune has an existing debt facility with IPF Management SA
("IPF Partners") (the "IPF Facility") with an outstanding principal
balance of EUR11.6M prior to this Sale. In connection with the
Sale, Oncimmune has agreed to repay EUR7.2M (being EUR5.6M of
principal and EUR1.6M of interest) of the outstanding IPF Facility.
Oncimmune has today entered into a new debt facility (the "New IPF
Facility") for the outstanding EUR6.0M in principal from the
previous IPF Facility under which the principal amount is repayable
over the next three years, with a principal repayments holiday for
the first 12 months, and with interest commencing from September
2023 on the same cash margin rate as in the previous IPF Facility.
Repayments under the New IPF Facility have been profiled such that
40% (or EUR2.4M) of the EUR6.0M facility will be repaid at the end
of the agreement in March 2026.
The New IPF Facility is secured by fixed and floating charges
over the assets of Oncimmune and the shares in Oncimmune Germany
GmbH and may be repaid at any time, subject to an early repayment
fee. The interest rate is 9% per annum over 3-month EURIBOR
(subject to a floor of 0%) and is payable quarterly.
Following payment of the EUR7.2M under the IPF Facility and
other costs associated with the Sale, the Company expects to have
approximately GBP6.7M in cash (which includes the GBP1.3M held in
escrow as described above). Reference was made in the audited
results for the 15-month period ended 31 August 2022 to the Group's
debt obligations giving rise to a material uncertainty. The Board
considers that the repayment of debt under the IPF Facility, the
repayment profile of the new IPF Facility, together with the net
proceeds from the Sale, removes any material uncertainty as regards
going concern.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FFFFIERIIVIV
(END) Dow Jones Newswires
May 31, 2023 02:00 ET (06:00 GMT)
Oncimmune (LSE:ONC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Oncimmune (LSE:ONC)
Historical Stock Chart
From Apr 2023 to Apr 2024
