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
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 | 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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