TIDMONC
RNS Number : 1067G
Oncimmune Holdings PLC
14 July 2023
14 July 2023
Oncimmune Holdings plc
("Oncimmune" or the "Company" or the "Group")
Corrected unaudited interim results for the 12 months to 31 May
2022
Oncimmune Holdings plc (AIM: ONC.L), the leading autoantibody
profiling company to the pharmaceutical and biotechnology industry,
today announces its corrected unaudited interim results for the 12
months to 31 May 2022, which were originally announced on 21
September 2022.
These results were unaudited as the Company had previously
announced its intention to change the date of its year end, from 31
May to 31 August, and were required to maintain continuity of
financial reporting as the Company was not due to report its
subsequent audited results for the 15 months ended 31 August 2022
until early 2023.
As stated in the announcement on 15 June 2023, the financial
results of one of the Company's subsidiaries had been incorrectly
consolidated into those of the Group, resulting in an overstatement
of approximately GBP0.7 million for both revenue and cost of sales
at the consolidated Group level. This error had no effect on the
gross profit, or the operating loss as previously reported, nor has
it had any effect on the reported cash position. Furthermore, this
one-off error had no effect on the audited final results for the
15-month period to 31 August 2022, which were announced on 27
February 2023. The unaudited interim results for the six months
ended 28 February 2023, as announced on 31 May 2023, were similarly
unaffected save for the comparative data for the 12 months to May
2022 in the consolidated income statement.
The corrected unaudited interim results for the 12 months to 31
May 2022 are included in this announcement.
For further information:
Oncimmune Holdings plc
Ron Kirschner, Chief Executive 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 specialist pharmaceutical services company,
primarily focused on the growing fields of immuno-oncology,
autoimmune disease and infectious diseases. Oncimmune has a
contract discovery and development service business whose
ImmunoINSIGHTS platform delivers actionable insights into therapies
to the Company ' s pharmaceutical and biotech partners.
Our understanding of the immune system enables us to harness its
sophisticated response to disease to detect cancer earlier and to
support the development of better therapies. The key to improving
cancer survival is early detection and better selection for
therapy. As a company, we are driven by our passion to improve
cancer survival and to give people extra time.
Oncimmune ' s ImmunoINSIGHTS platform enables life science
organisations to optimise drug development and delivery, leading to
more effectively targeted and safer treatments for patients.
Oncimmune ' s ImmunoINSIGHTS service business at its discovery
research centre in Dortmund, Germany. The ImmunoINSIGHTS business
development team are based in the US and Europe.
For more information, visit www.oncimmune.com
Consolidated statement of comprehensive income
Unaudited Audited
12 months Year to
to 31 May
31 May
2022 2021
GBP'000 GBP'000
Total Total
Revenue 3,206 3,722
Cost of sales (1,749) (865)
----------- -----------
Gross profit/(loss) 1,457 2,857
Research and development expenses (1,517) (1,615)
Administrative expenses (7,052) (5,652)
Share-based payment (1,800) (1,046)
(10,369) (8,313)
Other income 326 311
----------- -----------
Operating loss (8,586) (5,145)
Finance income - 403
Finance costs (943) (954)
Finance costs - net (943) (551)
Loss before taxation (9,529) (5,696)
Taxation 17 1,068
----------- -----------
Loss after tax from continuing
operations the financial year (9,512) (4,628)
Other comprehensive income
Exchange translation differences (384) (91)
Loss after tax and total comprehensive
income for the year attributable
to equity holders (9,896) (4,719)
Basic and diluted loss per share (13.7)p (7.17)p
=========== ===========
Consolidated statement of financial position
Unaudited Audited
31 May 31 May
2022 2021
GBP'000 GBP'000
Assets
Non-current assets
Goodwill 1,578 1,578
Intangible assets 3,237 4,116
Property, plant and equipment 918 664
Right-of-use assets 627 930
Deferred tax asset 927 937
----------- ---------
7,287 8,225
----------- ---------
Current assets
Inventories 413 143
Trade and other receivables 6,219 7,079
Contract assets 808 200
Cash and cash equivalents 2,530 8,631
----------- ---------
9,970 16,063
----------- ---------
Total assets 17,257 24,278
=========== =========
Equity
Capital and reserves attributable
to the equity holders
Share capital 695 691
Share premium 40,635 40,497
Other reserves 5,894 4,094
Merger reserve 31,882 31,882
Foreign currency translation
reserve (296) 88
Own shares (1,926) (1,926)
Retained earnings (79,611) (70,099)
----------- ---------
Total equity (2,727) 5227
Liabilities
Non-current liabilities
Deferred tax 115 374
Lease liability 352 671
Other liabilities 2,000 2000
Borrowings 2,420 6,239
----------- ---------
4,887 9,284
----------- ---------
Current liabilities
Trade and other payables 1,963 1,979
Contract liabilities 5,180 5,175
Other statutory liabilities 40 55
Lease liability 443 310
Other liabilities - -
Borrowings 7,471 2,248
----------- ---------
15,097 9,767
----------- ---------
Total liabilities 19,984 19,051
=========== =========
Total equity and liabilities 17,257 24,278
=========== =========
Consolidated statement of changes in equity
Share Share Other Merger Foreign Own Retained Total
capital premium reserves reserve currency shares earnings
translation
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 June 2020 635 31,459 3,048 31,882 179 (1,926) (65,471) (194)
Loss for the year - - - - - - (4,628) (4,628)
Other comprehensive income:
Currency translation
differences - - - - (91) - - (91)
-------- -------- --------- -------- ------------ -------- --------- --------
Total comprehensive expense
for the period - - - - (91) - (4,628) (4,719)
Transactions with owners:
Shares issued in year 50 8,331 - - - - - 8,381
Options exercised 2 106 - - - - - 108
Shares issued in relation to
prior year acquisition 4 601 - - - - - 605
Share-based option charge - - 1,046 - - - - 1,046
As at 31 May 2021 691 40,497 4,094 31,882 88 (1,926) (70,099) 5,227
======== ======== ========= ======== ============ ======== ========= ========
Loss for the year - - - - - - (9,512) (9,512)
Other comprehensive income:
Currency translation
differences - - - - (384) - - (384)
-------- -------- --------- -------- ------------ -------- --------- --------
Total comprehensive income - - - - (384) - (9,512) (9,896)
Transactions with owners:
Shares issued in year - - - - - - -
Exercise of options and
warrants 4 138 - - - - - 142
Shares issued in relation to - - - - - - - -
prior year acquisition
Share option charge - - 1,800 - - - - 1,800
As at 31 May 2022 695 40,635 5,894 31,882 (296) (1,926) (79,611) (2,727)
======== ======== ========= ======== ============ ======== ========= ========
Consolidated statement of cash flows
Unaudited Audited
12 months Year to
to 31 May
31 May
2022 2021
GBP'000 GBP'000
Cash flows from operating activities
Loss before income tax (9,529) (5,696)
Adjusted by:
Depreciation and amortisation 1429 740
Share-based payment charge 1,800 1,046
Interest received - (403)
Interest expense 943 954
Gain on disposal of assets - -
Fair value gain - 176
Exchange rate movement 3 -
Changes in working capital:
(Increase)/decrease in inventories (270) 31
Increase in trade and other receivables 253 (5,837)
Increase / (decrease) in trade
and other payables (428) 4,841
Cash used in operating activities (5,799) (4,148)
Interest paid (169) (885)
Interest received - 3
Income tax received (243) 503
----------- ---------
Net cash used by operating activities (6,211) (4,527)
----------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (504) (446)
Purchase of intangible assets - (625)
Proceeds from sale of assets - 215
Net cash (used in)/ generated
from investing activities (504) (856)
----------- ---------
Cash flows from financing activities
Net funds raised through share
issue 142 8,489
Loan advances 3,345 2,728
Loan repayments (2,347) (1,135)
Principal elements of lease repayments (153) (303)
Net cash generated from financing
activities 987 9,779
----------- ---------
Movement in cash attributable
to foreign exchange (375) (5)
Net change in cash and cash
equivalents (6,103) 4,391
Cash and cash equivalents at
the beginning of the year 8,631 4,240
Cash and cash equivalents at
the end of the year 2,528 8,631
=========== =========
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END
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