TIDMPYC
RNS Number : 0723S
Physiomics PLC
07 March 2023
7 March 2023
Physiomics Plc
("Physiomics") or (the "Company")
Interim Results Statement
for the six-month period ended 31 December 2022
Physiomics plc (AIM: PYC), the oncology consultancy using
mathematical models to support the development of cancer treatment
regimens and personalised medicine solutions, today announces its
unaudited financial results for the six months ended 31 December
2022.
Summary financial results
-- Revenue of GBP338k (six months ended 31 December 2021: GBP366k)
-- Total income of GBP346k* (six months ended 31 December 2021: GBP395k*)
-- Operating loss of GBP287k (six months ended 31 December 2021: GBP170k)
-- Cash and cash equivalents of GBP498k at 31 December 2022 (31 December 2021: GBP794k)
-- Shareholders' funds of GBP762k at 31 December 2022 (31 December 2021: GBP1.08m)
* Total income for the six months ended 31 December 2022
includes other operating income, being grant income, of GBP8k
(grant income for six months ended 31 December 2021: GBP29k).
Total income was GBP49k lower than the comparable prior period,
of which GBP21k was due to a reduction in grant income following
the completion of the NIHR funded PARTNER study. Operating losses
were GBP117k higher than the comparable previous period due to
higher staffing costs and a return to physical conference
attendance after several years of virtual attendance. The Company
finished the half with shareholder funds of GBP762k at 31 December
2022 (compared with GBP1.08m at 31 December 2021) of which GBP498k
were cash and equivalents.
The Company has significantly enhanced its sales and business
development process under its new Business Development lead
resulting in better management and tracking of the pipeline and
higher conversion rates into projects. At least partly as a result
of this, the Company has significantly diversified its client base
over the course of the last year, with approximately 62% of its
total revenue for this half being derived from six small / medium
sized clients (compared with four representing 33% of revenues in
the comparable previous period).
Operational highlights
Key events in the period include:
-- Follow on contracts with existing clients Merck KGaA, Numab
Therapeutics and Ankyra Therapeutics
-- First contract directly with Cancer Research UK (relating to
the clinical development of Aleta Biotherapeutics ALETA-001)
-- Successful completion of the NIHR-sponsored PARTNER study at
Portsmouth Hospitals University NHS Trust
-- Appointment of a second highly experienced independent
Non-Executive Director, Shalabh Kumar
Key event after the period end:
-- Announcement by partner DoseMe on 17 February 2023 of its
acquisition by an affiliate of Fairlong Capital LLC as of 20
January 2023
Chairman and CEO's business strategy update
The Directors are pleased with the Company's continued ability
to attract new clients as well as to secure repeat business from
existing customers. The successful completion of the NIHR-sponsored
PARTNER study appears to offer several avenues to further develop
the Company's personalised dosing technology platform. Lastly, the
Directors note the significant diversification of the Company's
revenues away from a single large client in Merck KGaA (known
locally as EMD Serono) ("Merck"), which they believe significantly
mitigates the risk of relying on a single main source of revenue,
notwithstanding Merck continues to be an important relationship
with the Company.
Consulting business based on modelling & simulation using
Virtual Tumour(TM) and other tools
The Company was pleased to sign its first agreement directly
with Cancer Research UK (CRUK) relating to the development of
Boston-based biotech Aleta Biotherapeutics' ALETA-001. Together
with Bicycle Therapeutics, Ankyra Therapeutics and Merck, this
represents Physiomics' fourth current client relationship in the
Boston area.
The Company also attended the Society for Immunotherapy in
Cancer (SITC) conference in Boston in November 2022 where it
co-presented a poster with client Numab Therapeutics. At the
conference, the Physiomics team visited existing clients and
established contact with four other companies with which
discussions regarding possible projects are currently ongoing. As
noted above, these sorts of business development initiatives have
in large part been responsible for the significant diversification
of the Company's business pipeline away from a single large client.
Other marketing initiatives planned for this calendar year include
attendance at conferences such as BIOEurope in March and the
American Association for Cancer Research Annual Meeting (AACR) in
April.
Personalised oncology
At the beginning of this calendar year, the Company was
delighted to announce the successful completion of its
NIHR-sponsored PARTNER study at Portsmouth Hospitals University NHS
Trust. Building on work completed under two previous grants from
Innovate UK, the data from the study was analysed using the
Company's personalised dosing tool which confirmed the ability of
the tool to predict levels and timing of episodes of low white
blood cell count associated with use of docetaxel in prostate
cancer. Trial data further suggested there is potential for the
tool to be used to predict the effect of GCSF (granulocyte-colony
stimulating factor), a drug commonly used to increase white blood
cell count during chemotherapy. The Company believes that the tool
would be highly synergistic with a device that can measure blood
cells counts in community or out-patient settings and in addition
believes that the results merited further exploration of the use of
the tool in other settings including, for example, haematology and
paediatrics.
Other areas
In addition to the areas noted above, the Company is actively
considering how it could expand its business beyond its current
consulting services areas as follows:
-- Expansion into therapy areas other than cancer
-- Expansion into consulting areas adjacent to those currently serviced
-- Application of the Company's capabilities (e.g. machine
learning and other AI related areas) to pharmaceutical R&D
Board composition
The Company retained a second, highly experienced, Non-Executive
Director, Shalabh Kumar on 1 September 2023. After a successful
career in consulting, Mr Kumar co-founded a life sciences
consultancy and services business which was sold to private equity.
Mr Kumar brings a wealth of experience in the setting up and growth
of life sciences services businesses.
Outlook
We are looking forward to a solid second half (historically
stronger due to absence of summer and Christmas holiday periods),
underpinned by significant contracted revenues from Merck, Bicycle
Therapeutics, CRUK and Ankyra, as well as other potential projects
which are currently in late-stage discussions.
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Notes to Editor
About Physiomics
Physiomics plc (AIM: PYC) is an oncology consultancy using
mathematical models to support the development of cancer treatment
regimens and personalised medicine solutions. The Company's Virtual
Tumour(TM) technology uses computer modelling to predict the
effects of cancer drugs and treatments to improve the success rate
of drug discovery and development projects while reducing time and
cost. The predictive capability of Physiomics' technologies have
been confirmed by over 100 projects, involving over 40 targets and
70 drugs, and has worked with clients such as Merck KGaA, Astellas,
Merck & Co and Bicycle Therapeutics.
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2022
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-22 31-Dec-21 30-Jun-22
GBP'000 GBP'000 GBP'000
Revenue 338 366 830
Other operating income 8 29 71
Total income 346 395 901
Operating expenses (633) (565) (1,260)
Operating loss and loss before taxation (287) (170) (359)
UK corporation tax 55 50 106
Loss for the period attributable to equity shareholders (232) (120) (253)
--------------- --------------- -----------
Loss per share (pence)
Basic and diluted (0.24) p (0.12) p (0.26) p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2022
Unaudited Unaudited Audited
As at As at As at
31-Dec-22 31-Dec-21 30-Jun-22
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 3 3 3
Property, plant and equipment 14 17 14
17 20 17
Current assets
Trade and other receivables 446 485 410
Cash and cash equivalents 498 794 688
944 1,279 1,098
Total assets 961 1,299 1,115
------------ ---------- ------------
Current liabilities
Trade and other payables (104) (82) (126)
Deferred revenue (95) (137) (14)
------------ ---------- ------------
Total liabilities (199) (219) (140)
------------ ---------- ------------
Net assets 762 1,080 975
------------ ---------- ------------
Capital and reserves
Share capital 1,283 1,283 1,283
Capital reserves 6,237 6,190 6,218
Profit & loss account (6,758) (6,393) (6,526)
Equity shareholders' funds 762 1,080 975
------------ ---------- ------------
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2022
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2021 1,283 5,934 222 (6,273) 1,166
Transfer to other reserves - - 34 - 34
Loss for the period - - - (120) (120)
At 31 December 2021 1,283 5,934 256 (6,393) 1,080
Transfer to other reserves - 2 26 - 28
Loss for the period - - - (133) (133)
At 30 June 2022 1,283 5,936 282 (6,526) 975
Transfer to other reserves - - 19 - 19
Loss for the period - - - (232) (232)
At 31 December 2022 1,283 5,936 301 (6,758) 762
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2022
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-22 31-Dec-21 30-Jun-22
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss (287) (170) (359)
Amortisation and depreciation 4 6 12
Share-based compensation 19 34 59
(Increase) decrease in receivables 19 (174) (163)
Increase / (decrease) in payables ( 22 ) (32) 12
Increase / (decrease) in deferred revenue 81 94 (29)
Net cash generated from / (used in) operations ( 186 ) (242) (468)
UK corporation tax received - - 119
Net cash generated from / (used in) operating activities (186) ( 242 ) (349)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (4) (7) (9)
Net cash used in investing activities (4) (7) (9)
------------- ------------- -----------
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) - - 3
Net cash generated from financing activities - - 3
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents (190) (249) (355)
Cash and cash equivalents at beginning of period 688 1,043 1,043
Cash and cash equivalents at end of period 498 794 688
------------- ------------- -----------
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics Plc is a public limited company ("the Company")
incorporated in England & Wales (registration number 4225086).
The Company is domiciled in the United Kingdom and its registered
address is The Magdalen Centre, Robert Robinson Avenue, The Oxford
Science Park, Oxford, OX4 4GA. The Company's ordinary shares are
traded on the AIM Market of the London Stock Exchange ("AIM").
Copies of the interim report are available from the Company's
website, www.physiomics.co.uk. Further copies of the Interim Report
and Annual Report and Accounts may be obtained from the address
above.
The Company's principal activity is the provision of services to
pharmaceutical companies in the area of outsourced systems and
computational biology.
2. Basis of preparation
The interim financial statements of the Company for the six
months ended 31 December 2022, which are unaudited, have been
prepared in accordance with the accounting policies set out in the
annual report and accounts for the year ended 30 June 2022, which
were prepared under International Financial Reporting Standards
("IFRS").
The financial information contained in the interim report does
not constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The financial information for the full
preceding year is based on the statutory accounts for the year
ended 30 June 2022. Those accounts, upon which the auditors,
Shipleys LLP, issued a report which was unqualified but contained
an emphasis of matter paragraph, have been delivered to the
Registrar of Companies.
As permitted, this interim report has been prepared in
accordance with the AIM Rules for Companies and not in accordance
with IAS 34 "Interim Financial Reporting" therefore it is not fully
compliant with IFRS.
The interim financial statements are presented in sterling and
all values are rounded to the nearest thousand pounds (GBP'000)
except when otherwise indicated.
3. Loss per share
Basic loss per share is 0.24p (H1 2021: loss per share 0.12p).
The basic loss per ordinary share is calculated by dividing the
loss of GBP231,754 (H1 2021: loss GBP120,382) by 97, 424,778 (H1
2021: 97,334,778), the weighted average number of shares in issue
during the period.
The loss attributable to equity holders (holders of ordinary
shares) of the Company for calculating the fully diluted loss per
share is identical to that used for calculating the loss per share.
The exercise of share options would have the effect of reducing the
loss per share and is therefore anti- dilutive.
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END
IR EANDKESDDEFA
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