Source - LSE Regulatory
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 £0.7 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

12 months to

 31 May

Audited

Year to

 31 May



2022

2021



£'000

£'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

31 May

Audited

31 May



 

2022

2021



 

£'000

£'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

capital

Share

premium

Other
reserves

Merger

reserve

Foreign currency translation reserve

Own shares

Retained earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'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

Share-based option charge

4

-

601

-

-

1,046

-

-

-

-

-

-

-

-

605

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

12 months to

 31 May

Audited

Year to

 31 May



 

2022

2021



 

£'000

£'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

Exchange rate movement


 

-

3

176

-

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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