Verici Dx plc

("Verici Dx" or the "Company")

Final results for the year ended 31 December 2024

Verici Dx Plc, (AIM: VRCI), a developer of advanced clinical diagnostics for organ transplant, announces its audited final results for the year ended 31 December 2024.

Financial Highlights

·    Record revenues of US$3.3m (2023: US$1.0m) as a result of the commercial contract with Thermo Fisher for the PTRA (Pre Transplant Risk Assessment) test

·    Adjusted EBITDA¹ loss for the year of US$5.4m (2023: US$7.6m)

·    Cash balance at year end of US$4.1m (2023: US$2.6m)

·    Conducted an equity fundraise in February 2024 raising US$8.2m gross proceeds (US$7.5m net) through the issue of 72,222,222 new ordinary shares

¹ Earnings before income tax, depreciation and amortisation, adjusted to exclude exceptional items

Operational Highlights

·    Successfully completed the transfer of a portion of the Company's urine samples to Thermo Fisher, triggering a milestone payment of $339,000 in June 2024

·    Completion of the transfer and achievement of all transfer-related activities for the pre-transplant prognostic testing technology in Q2 2024, triggering a further milestone payment of US$1.5m

·    Material Service Agreement with FBB Biomed, Inc. to offer Research-Use-Only tests for clinicians seeking insights into neurologic diseases such as Multiple Sclerosis and long COVID

·    Received CLIA certification and CAP accreditation for the Company's clinical laboratory, enabling Verici Dx to test samples from patients across 51 US states and confirming the Company's commitment to operating at the highest standards

·    Collaboration with The Westmead Institute for Medical Research based in Sydney, Australia, on a newly awarded, 4-year federal research grant

Post Period Highlights

·    Secured Medicare coverage for Verici Dx's Tutivia™ assay, greatly improving patient access

·    Q1 2025 saw a strong acceleration in the Tutivia™ testing order rate of 292 tests, a 68% increase over the previous quarter (Q4 2024) and compares to a total test ordering figure of 334 for FY 2024

Verici Dx and Thermo Fisher jointly hosted an educational symposium at CEoT conference at the end of February 2025 on the use of RNA signatures in the clinic, citing both PTRA and Tutivia

Going Concern

The Group is in the early stages of commercialising its principal business of diagnostic assays and did not commence recognising revenues from that activity until after the reporting date, having secured Medicare Coverage for Tutivia™ in April 2025.  The Group was able to generate revenues of $3.34 million in the reporting period (2023: $1.01m million) through a global licensing and commercialisation agreement over its Clarava, now renamed PTRA test.

As at 31 May 2025 the Group held a cash position of $1.04 million, reflecting receipt of the $750k milestone payment from Thermo Fisher, due under the commercial contract for the PTRA test. That receipt extended the Group's current cash runway to the end of July 2025.

In considering the appropriateness of this basis of preparation, the Directors have prepared financial forecasts and projections for the Group for a minimum of 12 months from the date of the approval of these financial statements (the Going Concern period). There are considerable uncertainties, particularly in relation to the quantum and timing of cash receipts from revenue, especially revenue from anticipated sales of tests. Those financial forecasts and projections have, therefore, considered sensitivities in relation to both quantum and timing of receipts and costs.

As announced on 11 June 2025, the Company is engaged in an equity fundraising (the "Fundraising") to extend the Group's cash runway and enable it, to achieve its commercial objectives for Tutivia™. At the date of approval of these financial statements, the Company is working with its advisers and has received positive indications of support from a number of existing and new institutional and other investors. The Fundraising, which if completed would extend the Group's cash runway beyond the Going Concern period, provide growth finance to accelerate commercial roll-out and support the scale up of Tutivia™ revenues. The Company is currently progressing an application for Advance Assurance with HMRC and is also considering alternative sources of funding.

Having taken into account the information and estimates available at the date of approval of these financial statements, the Directors consider that the Group will require additional funding before the end of July 2025 and are taking steps to put in place such funding arrangements as may be required. If the Directors are unable to secure sufficient funding they could be forced to take all necessary steps to reduce outgoings and/or take other actions which could include the sale of assets or the winding up the Company. 

The directors believe that additional funding can be obtained to enable the Company and the Group to continue in existence for a period of at least 12 months at the date of approval of these financial statements. However, there is no guarantee that sufficient cash inflows from the Fundraising or other sources will be forthcoming in the timeframe required. This represents a material uncertainty in relation to the funding arrangements of the Group which may result in the Company and the Group not being a going concern.

Sara Barrington, CEO of Verici Dx, commented: "FY2024 was a successful year for Verici Dx in which we delivered on all the milestones required to propel Tutivia™ into the next phase of its commercialisation. We have laid a strong foundation for the business and are now in a position where Verici Dx is poised to deliver long-term sustainable volume growth and greater value to shareholders. We are very grateful to our existing shareholders for their continued support and welcome our new shareholders as we continue to improve patient access to Tutivia™ and address the significant unmet market in transplant care."

Annual Report and Accounts & Notice of AGM

The Annual Report and Accounts for the year ended 31 December 2024 ("2024 Annual Report") and the Notice of the 2025 Annual General Meeting ("AGM") have now been published on the Company's website vericidx.com/investors/.

The 2024 Annual Report, the Notice of AGM and details for voting by proxy will be posted to shareholders who have not consented to receive electronic communications today, on Monday 30 June 2025.

The AGM will be held on Tuesday 29 July 2025 at 11.30 a.m. BST at Shoosmiths LLP, No. 1 Bow Churchyard, London EC4M 9DQ and will consider the Resolutions set out in the Notice of AGM.

Verici Dx plc

Chair's statement

for the year ended 31 December 2024

2024 was another busy period for the Company, marked by significant progress across the business creating exceptional opportunities for future growth and value creation. We delivered on all the milestones required to propel Tutivia™ into the next phase of its commercialisation and have created a strong foundation for revenue generation as well as significant opportunity for shareholder value creation.

With respect to the Medicare coverage process for Tutivia™ which extended throughout most of the year and into 2025, we were delighted to announce in April 2025 that this successfully culminated in a comprehensive Local Coverage Determination ("LCD"). This not only firmly establishes the test within the healthcare space but also offers us broad coverage allowing our test to be comprehensively reimbursed. The coverage determination also has a key accounting and commercial impact, as the Company is now able to recognise revenues.

Alongside the reimbursement process and despite extensive cost cutting measures to extend the cash runway in FY24, we made good progress on raising clinician awareness, attending key industry conferences and working closely with the early adopters. The benefit of this effort is already starting to flow through, for example in Q1 2025 we saw strong order acceleration achieving our highest Tutivia™ testing order rates. This is a highly encouraging ramp up in adoption and test ordering, particularly since it preceded the LCD determination approval referred to above.

With respect to the outlook for Tutivia™, we see three major areas of opportunity. Firstly, we are now in a position to have our test reimbursed in the core post-transplant market. At around $900m this is a sizeable US addressable market, and it is forecast to grow further as CMS initiatives target a growth in transplants performed. Tutivia™ is, however, in a unique position compared to other assays as its commercial applicability goes beyond this core market as the assay is effective in additional, currently unserved, areas. These include delayed graft function, BK nephropathy, previous and multiple organ transplants. Overall, we estimate the size of these additional unmet markets to be c.$300m and this provides us with a strong entry point and supports adoption. Finally, our experience so far is that the test is being repeated multiple times for each patient than previously estimated, demonstrating how much clinicians value the information.

Turning to our second commercialised product, as a reminder, towards the end of 2023 the Company secured a global licensing and commercialisation agreement with One Lambda Inc., (a Thermo Fisher Scientific company) ("Thermo Fisher") over our pre-transplant Clarava test, now called PTRA.

Our collaboration with Thermo Fisher remains strong and we note that they continue to invest in the commercialisation of PTRA. Verici and Thermo Fisher jointly hosted an educational symposium at CEoT conference at the end of February 2025 on the use of RNA signatures in the clinic, citing both PTRA and Tutivia. Notably, Thermo Fisher is investing in new research related to PTRA aimed at identifying the earliest stage at which the test can be utilised before transplantation. Consequently, the second milestone originally anticipated for 2025 will be delayed as we continue to collaborate on publishing clinical validation data and Thermo Fisher pursues these additional research efforts to help broaden utility and adoption of the assay.  

Turning to our third product, Protega™, reflecting the cash management measures, this became a lower priority through 2024, but we intend to refocus efforts here as it remains a valuable research initiative with optionality regarding the strategic route.

In addition to the PTRA licencing agreement with Thermo Fisher, we granted them a non-exclusive license for access to a portion of the Company's urine samples. In June 2024, we successfully completed the transfer of a portion of the Company's urine samples. I would add that as well as demonstrating our track record of delivery against commercial commitments and triggering a further milestone payment of $339,000 in 2024, this also underscores the substantial value inherent in the Company's data and sample assets for research purposes.

Collaborations remain an attractive channel, and we continue to make good progress with these. During 2024 we announced a collaboration with The Westmead Institute for Medical Research based in Sydney, Australia, on a newly awarded, 4-year federal research grant. Towards the end of the year, we also concluded a Material Service Agreement with FBB Biomed, Inc. ("FBB") to offer Research-Use-Only ("RUO") tests for clinicians seeking insights into neurologic diseases such as Multiple Sclerosis and long COVID.

Turning to the operational side, we continued to make steady progress. In January 2024, the Company was accredited by the internationally recognised College of American Pathology ("CAP") following the completion of an on-site audit, affirming our commitment to operating at the highest standards that healthcare providers, patients, and regulatory bodies expect. We also attained the ISO 27001 certification for Information Security Management System ("ISMS") for another year.

At Verici Dx, we are committed to improving patient outcomes and believe that access to reliable, detailed information is a cornerstone of effective healthcare. We were therefore delighted to launch a new patient-focused education resource on our website. This provides a detailed overview of all stages of the kidney transplant journey-from the initial diagnosis and treatment of kidney disease, through early-stage monitoring and on to long-term care after a kidney transplant. This resource is designed to empower patients and caregivers with knowledge and understanding, helping them navigate the complexities of kidney disease and transplantation with confidence.

With the revenue recognition unlocked following the Medicare coverage determination, we are in a position to look at our funding requirements for the next growth phase of our development.

Further to the announcements on 7 April and 11 June 2025, the Company is proposing to carry out an equity fundraising (the "Fundraising") to extend the Company's cash runway and enable it to achieve its commercial objectives for Tutivia™, its diagnostic test for acute rejection. The Company is working with its advisers and has received positive indications of support from a number of existing and new institutional and other investors. The Fundraising, which if completed, would extend the Company's cash runway, would provide growth finance to accelerate commercial roll-out and support the scale up of Tutivia™ revenues. The Company remains on track to deliver $3.2 million in Tutivia™ revenues for FY 2025, in-line with market expectations.

The size and structure of the Fundraising is yet to be determined by the Board, however it is anticipated to include a placing as well as the opportunity for participation by all existing shareholders via a retail offer. The allotment authorities that were granted at the General Meeting held on 27 May 2025 will be sufficient for the proposed Fundraising and so the Company would not need to obtain further authority to issue and allot new Ordinary Shares on a non-pre-emptive basis.

As at 31 May 2025 the Company held a cash position of $1.04 million, reflecting receipt of the expected $750k milestone payment from Thermo Fisher, due under the commercial contract for the PTRA (Pre Transplant Risk Assessment) test. This and the expected receivables from the Medicare Coverage extends the Company's current cash runway, beyond previous expectations, to at least the end of July 2025.

Going forward, we see a clear and compelling opportunity for sales growth for Tutivia™ driven by a combination of existing and new addressable markets. We already have positive momentum that supports both deeper penetration within existing centres and broader uptake across new institutions and, with the Medicare coverage now in place, we are well positioned to deliver sustained commercial progress. We also see scope for further value creation through the product development, the data asset, and our Services business. As a result, we look forward to the next phase of our growth with confidence.

The Board and I would like to acknowledge the sustained dedication and focus of our colleagues. Their contributions have been fundamental to our progress this year, bringing us to a key inflection point and positioning the Company for long-term success and value creation. We also recognise the patients and caregivers at the heart of our mission, and we greatly value the continued confidence and support of our investors and partners.

Julian Baines

Non-executive Chair

Chief Executive Officer's Report

for the year ended 31 December 2024

At Verici Dx, we are driven by an unrelenting focus on improving potential outcomes for all transplant patients, with an initial focus on kidney transplants meeting a critical need by enabling clinicians to make more informed treatment decisions. To this end, 2024 has been a busy year advancing the full commercial potential of Tutivia™, delivering for our partners, launching a new Services business, progressing the development of Protega™, and investing in awareness and educational initiatives to support adoption. I'm extremely proud of what we have achieved, much of it behind the scenes and all of it with limited resources, as we build a company delivering value for our stakeholders and a significant positive impact for transplant patients.

Proven track record with two validated tests

Our first product is the post-transplant test, Tutivia™, which was clinically validated in 2022 and commercially launched at the start of 2023. During 2024, we continued to work with leading US transplant centres, building on the early adopter programme, to support the adoption and integration of Tutivia™ into their clinical pathways to encourage consistent and recurring utilisation. We already have had 20 ordering centers which are at various stages of this process. I am delighted that there is already one center where Tutivia™ is embedded into protocol, which represents the hospital's internal guidance. There are also three other major recurring order centers, who combined have accounted for over 80% of the orders in 2024 and to Q1 2025. There are also four recurring centers, and the remaining centers are at an earlier stage. All of these have clear scope for growth.

In terms of the opportunity, there are around 230 clinics which perform kidney transplants across the US, of which about 180 would be of significance for testing.  With the LCD now in place and as clinical knowledge about Tutivia is more widespread, I would expect more to use the test.  Verici Dx plans to expand its commercial team in 2025.

Although somewhat slower than originally forecast due to the timing of the coverage determination, we were delighted to see a material uptick in sales growth through the back end of 2024 and into Q1 2025 where we saw a strong acceleration achieving our highest Tutivia™ testing order rate of 292 tests. This represented a significant 68% increase in the testing order rate over the previous quarter (Q4 2024) and is impressive in the context of a total test ordering figure of 334 for the whole of FY 2024. This is a highly encouraging ramp up in adoption and test ordering, particularly since this precedes the LCD determination approval referred to above.

Turning to our second test, towards the end of 2023 we announced a commercialisation agreement with Thermo Fisher for further development of the assay for pre-transplant risk assessment for validation as a Laboratory Developed Test ("LDT") in its CLIA laboratory in the U.S., as well as the sole right, but not obligation, to manufacture, distribute and sell the assay worldwide. Our ongoing collaboration with Thermo Fisher remains strong, for example we jointly hosted an educational symposium at CEoT conference at the end of February 2025 on the use of RNA signatures in the clinic, citing both PTRA and Tutivia™.

Additional value enhancement opportunities through the data asset and further product development

In addition, the Company granted Thermo Fisher a non-exclusive license for access to a portion of the Company's urine samples, demonstrating the additional value in the Company's data and sample assets for research. In Q1 2024, we successfully completed the transfer of a portion of the Company's urine samples. I would add that as well as demonstrating our track record of delivery against commercial commitments and triggering a final milestone payment of $339,000, this also underscores the substantial value inherent in the Company's data and sample assets for research purposes. Then in Q2 2024, we completed of the transfer and achievement of all transfer-related activities for the pre-transplant prognostic testing technology. This triggered a further milestone payment of $1,500,000, which together with the milestone payment of $1,500,000 in 2023 enabled us to recognise the full $3,000,000 as revenue in the year.

Moving on to Protega^TM, this is the third blood-test product to emerge from our platform of personalised, predictive RNA signature tests and completes our proposed blood-based portfolio for end-to-end kidney transplant testing, from pre-transplant to long-term damage. Reflecting budgetary and resource constraints, this was de-priorised during 2024, but this remains a valuable research initiative with optionality regarding the strategic route. We expect that the final validation point will be completed after follow-up at the 24-month point for the last patient tested, which is expected to be in Q1 2025. The Company expects to be able to review interim data before this point and we will provide further updates as appropriate.

All commercial requirements for Tutivia™ now in place providing gateway to growth and revenues

There are three critical steps in the commercialisation of any diagnostic assay: securing a dedicated billing code, defined pricing, and a Local Coverage Determination (LCD) for Medicare coverage. Together, these enable consistent reimbursement, streamline billing processes, and provide clarity for both clinicians and payers. This framework not only supports broader adoption of a test, including reducing barriers to entry at many transplant centers, but also establishes the financial infrastructure necessary for sustainable commercial growth. Having already obtained the code and pricing for Tutivia™, obtaining coverage was the final milestone.

The technical assessment file for coverage for Tutivia™ under the Local Coverage Determination ("LCD") was submitted in Q1 2024 and a coverage determination was obtained in April 2025. MolDX determined that Tutivia™ has met the criteria for coverage under LCD L38568, MolDX: Molecular Testing for Solid Organ Allograft Rejection for renal transplant patients. The confirmation of MolDX coverage decision signifies that Tutivia™ meets requirements for Medicare coverage and will support broader access for renal transplant patients.

And finally, with the LCD in place, we are now able to recognise accounting revenue and collect on billings.

Focus on raising market awareness through relevant conversations

Raising market awareness of our diagnostic tests is a key priority as we advance our commercial strategy. Participation in industry conferences and scientific events plays a vital role in this effort, providing important opportunities to showcase our clinical data, engage directly with clinicians and stakeholders, and build visibility within the broader healthcare community. These forums are instrumental in supporting adoption and driving wider recognition of the value our solutions bring to patient care, as well as meeting with others to discuss ideas and opportunities.

To this end, in 2024 we were excited to attend leading conferences such as the AST Cutting Edge of Transplantation ("CEoT") conference in February 2024 and again in February 2025. The overarching goal of CEoT is to identify innovative technologies currently utilised to advance the medical field in general and describe how those could intersect with the practice of transplantation.

These events also provide an opportunity for us to communicate and present to the medical community. For example, at the American Transplant Congress ("ATC") in Philadelphia in June 2024 we were excited to present on the important potential role of Tutivia™ as a novel risk assessment tool in the context of delayed graft function ("DGF"). We discussed how Tutivia can help identify patients which are at high risk of acute rejection as we present our work on "Performance of Next-Gen Sequencing Biomarker Tutivia™ in the Setting of Kidney Delayed Graft Function". This highlights an important potential role of Tutivia™ as a novel risk assessment tool in the context of delayed graft function ("DGF"). DGF is a condition that can lead to a higher risk of rejection.

We also participated in the 'Modernizing the Landscape of Transplantation' meeting with the Texas Transplantation Society in July 2024 in San Antonio and the 2024 Kidney Week events in October 2024 in San Diego.

This focus has continued into 2025, with events already including at the ASTS Winter Symposium, CEoT 2025, NATCO and a joint symposium with One Lambda on the future of AI and RNA-based technologies that are changing the game in kidney transplant care. With an expanded sales team as we move into the next stage of our growth strategy, we would expect to be increasingly visible and engaged in active conversations with key decision makers.

In addition, as part of our educational and awareness programme, we have launched a new series of webinars called "Coffee and Cases". The first discussion was aired in January 2025 and covered the impact of Tutivia™ in the DGF population with Dr Zahraa Haijiri sharing her experiences and practical insights of using Tutivia™ to care for patients. The second episode aired in April 2025 and focused on the clinical management of patients with the BK virus in transplant patients. Here, Dr Ansari discussed the strategies, challenges and cutting-edge approaches of using Tutivia™ when managing these complex cases. By showcasing real-world clinician experience through this series of webinars, we aim to build broader confidence in the test's utility, support best practice implementation, and drive future adoption and growth.

Reflecting our mission to enhance patient care and support, we launched a patient-focused education resource in May 2024, in the form of a new dedicated section of our website showing the kidney transplant patient journey. This ensures that patients and caregivers have access to the latest information and best practices for kidney transplant care, and we are confident that it will improve communication between all parties involved in the journey. The online tool illustrates a generalised pathway for patients as they consider their kidney healthcare and offers a platform for patients to share their own experiences digitally including video clips. It also includes video clips from transplant team members to share their thoughts on what to expect. This resource is designed to empower patients and caregivers with knowledge and understanding, helping them navigate the complexities of kidney disease and transplantation with confidence.

Continued operational progress

During the period, we successfully progressed our laboratory registration status under the CLIA Certificate of Compliance by the Centers for Medicare & Medicaid ("CMS") and are pleased to confirm that Verici Dx is now fully accredited in 51 states. This enables us to test samples from patients based in any of these states. We are still working on reaching accreditation in the last remaining state of New York and hope to receive this later in 2025.

In January 2024, the Company was accredited by the internationally recognised College of American Pathology (CAP) following the completion of an on-site audit, affirming our commitment to operating at the highest standards that healthcare providers, patients, and regulatory bodies expect. As the clinical laboratory is already CLIA certified, we voluntarily sought this accreditation as part of our on-going commitment to maintaining best in class quality systems. In achieving the CAP accreditation requirements, which often exceed the standards from CLIA, FDA and OSHA, Verici Dx exhibits focus on excellence in patient care and laboratory safety. It also further demonstrates the laboratory's ability to deliver reliable and accurate test results to support patient clinical management.

Our ISO 27001 certification for our Information Security Management System ("ISMS") was reconfirmed. This demonstrates the robustness of our systems and processes in maintaining the highest level of data protection for our patients, clients, partners, and stakeholders.

Completion of partnerships and agreements

In November 2024, we concluded a Material Service Agreement with FBB Biomed, Inc. ("FBB") to offer Research-Use-Only ("RUO") tests for clinicians seeking insights into neurologic diseases such as Multiple Sclerosis and long COVID. Verici Dx and FBB are committed to fostering innovation in RNA signatures, applying transcriptomics and machine learning to disease research, driving advancements in the battle against some of our most pressing health challenges. This agreement will allow clinical researchers to study the RNA sequencing breakthrough technology for neurologic diseases, with Verici Dx performing testing on patients enrolled in the FBB clinical trial programme. This represents a growth opportunity for Verici Dx's Services division. Although the initial revenue from this agreement is likely to be modest, there is potential for expansion as the relationship evolves.

In January 2024, the Company announced a collaboration with The Westmead Institute for Medical Research based in Sydney, Australia, on a newly awarded, 4-year federal research grant. This forms part of the Australian Government's Medical Research Future Fund (MRFF) "Genomics Health Futures Mission". The collaboration between Verici Dx and The Westmead Institute for Medical Research aims to improve the understanding of factors contributing to graft loss in organ transplants, focusing on genetic differences between donor and recipient beyond the well-known HLA1 mismatches. By incorporating a broader range of genetic data through multiple cohorts with varying ethnic backgrounds, the goal is to enhance the prediction and management of risks associated with organ transplants, ultimately leading to better outcomes for patients. Verici Dx is using its CAP-accredited/CLIA-certified

laboratory to perform sequencing from blood samples across 3 sites, as well as applying its existing biomarker tests to the samples to assess their use in this diverse population.

Our People & Communities

The Company had 18 Full Time Equivalents ("FTE") employees as of 31 December 2024. This has been a demanding period for the team, marked by tight budgets, ambitious timelines, and the need to deliver across multiple workstreams. We are privileged to have such a rich, diverse talent pool and the continued engagement and commitment of our people is critically important.

As a company rooted in advancing transplant care, we are honoured to support patients, carers, and their families through events and sponsorships. Each year, we participate in National Kidney Month and Donate Life Month, standing in solidarity with donor families, recipients and the medical professionals. In 2024, we supported the Transplant Games of America in Birmingham, Alabama, where our Director of Scientific Communications, Drew Silverman, was one of the athletes. As well as celebrating and supporting the athletes, we had a booth sharing our free information tool for kidney disease/ transplant patients, the Patient Journey. We also participated in and helped sponsor the 30th Annual Phil Berry Transplant Tournament in Frisco, TX, benefiting the Southwest Transplant Alliance Foundation.

Financials

Statement of Comprehensive Income

The Company recorded revenues of $3,339,000 (2023: $1,013,000), arising from the license agreement with Thermo Fisher, representing the transfer of the Clarava license - renamed PTRA by Thermo Fisher -  and balance from the transfer of the urine samples.

The adjusted EBITDA loss, being the loss for the year, before the deduction of interest, taxation, amortisation and depreciation, and excluding the share-based payments charge, was US$5,370,000 (2023: US$7,585,000). The reduction reflects the continued fall in research and development expenditure to US$1,901,000 (2023: US$2,429,000) as enrolment into our clinical trials concluded, notwithstanding the increase in staff costs to US$4,172,000 (2023: US$3,813,000). All research and development costs arise from third parties, this does not include any allocation of internal costs. We started the year with 14 full time employees, and with the addition of commercial and bioinformatic members of the team we ended the year with 18 full time employees.

Statement of Financial Position and Cash Flows

Cash balance at year end was US$4,061,000 (2023: US$2,645,000). Cash outflow from operations was US$6,020,000 (2023: US$7,160,000) reflecting the lower loss for the year, with cash outflow on additions to tangible and intangible assets of US$193,000 (2023: US$231,000). Following the funding event in February 2024, we generated a net inflow of $7,513,000 from the issue of new shares.

Within current and non-current liabilities, we entered a financing transaction in December 2022 to secure favourable terms on a new sequencer. At 31 December 2024 the liability was US$80,000 (2023: US$161,000). We also entered into a five-year lease on our new CLIA laboratory in Tennessee in September 2022, resulting in the recognition of a right of use asset and corresponding liability. At 31 December 2024, the liability was US$291,000 (2023: US$379,000). The largest balance within our accruals continues to be our accruals for costs incurred at the clinical trial sites not yet invoiced being US$750,000 (2023: US$772,000). 

As of 31 December 2024, the Company had a cash balance of $4,061,000 (2023: $2,645,000).

Outlook

As we look ahead, the Company stands at an exciting inflection point. We have successfully delivered on all the milestones required to propel Tutivia™ into the next phase of its commercialisation and are poised to deliver long-term sustainable volume growth. The strong positive feedback from early adopters, combined with the encouraging acceleration in sales already coming through, provides confidence in both the critical market need and the positive impact of Tutivia™. We are now well positioned to scale adoption and broaden our clinical footprint. We look forward to continued success in a commercial setting as we drive towards long-term growth and value creation for our stakeholders.

The focus this year will be to raise awareness and drive adoption of Tutivia™. We also have range of other opportunities to expand the product range, monetise our data assets, and potentially expand into new areas going forward.

On behalf of the Board, I would like to thank our shareholders for their support in this busy year.

Sara Barrington

Chief Executive Officer

Consolidated statement of profit or loss and other comprehensive income

for the year ended 31 December 2024

The results reflected above relate to continuing operations.

Consolidated statement of financial position

as at 31 December 2024

Company statement of financial position

as at 31 December 2024

The Company has taken advantage of the exemptions under section 408 of the Companies Act 2006 not to present the Company profit or loss statement. The loss of the Company for the year ended 31 December 2024 was US$8,023,000 (2023 - US$24,116,000).

Consolidated statement of cash flows

for the year ended 31 December 2024

Company statement of cash flows

for the year ended 31 December 2024