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1 GENERAL INFORMATION
Solvonis Therapeutics Plc (\u201cthe Company\u201d or \u201cSolvonis\u201d) was incorporated in England and Wales as a
limited company on 18 May 2017 as Graft Polymer (UK) Limited and was re-registered as a public limited
company, Graft Polymer (UK) Plc, on 1 July 2021. On 6 January 2025 the company changed its name to
Solvonis Therapeutics Plc. The Company is domiciled in England and Wales with its registered office at
Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. The Company\u2019s registered number is 10776788.
The principal activities of the Company and all of its subsidiaries collectively referred to as \u201cthe Group\u201d
are the development of intellectual property related to the treatment of mental health and substance use
disorders, and co-developing therapeutics for mental health disorders.
The consolidated financial statements (\u201cfinancial statements\u201d) were approved for issue by the Board of
Directors on 15 April 2025.
2 ACCOUNTING POLICIES
IAS 8 requires that management shall use its judgement in developing and applying accounting policies
that result in information which is relevant to the economic decision-making needs of users, that are
reliable, free from bias, prudent, complete and represent faithfully the financial position, financial
performance and cash flows of the entity.
2.1 Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international accounting
standards in conformity with the Companies Act 2006.
The financial statement have been prepared under the historical cost convention unless stated otherwise.
The principal accounting policies are set out below and have, unless otherwise stated, been applied
consistently for all periods presented in these financial statements. The financial statements have been
prepared in \u00a3GBP and presented to the nearest \u00a3\u2019000.
The functional currency for each entity in the Group is determined as the currency of the primary
economic environment in which it operates. The functional currency of the Company is Pounds Sterling
(\u00a3) as this is the currency that finance was raised in.
The functional currency of the operating subsidiary in Slovenia was the Euro (\u20ac) and was the currency that
mainly influences labour, material and other costs of providing services. The presentational currency of
the Group is Pounds Sterling (\u00a3). Foreign operations were translated in accordance with the policies set
out further below in the notes at note 2.4.
The Group presents its financial statements for the year ended 31 December 2024 and presents
comparatives for the year ending 31 December 2023.
2.2 Going concern
The Directors, having made due and careful enquiry, are of the opinion that the Company and the Group
will have access to adequate working capital to execute its operations over the next 12 months.
The Directors meet monthly to discuss all matters of the Group including the liquidity of the Group and
its status as a going concern. The Directors review cashflow forecasts in conjunction with considering
other key factors such as current cash resources, cash burn rate, access to capital and sensitivity of key
inputs when assessing the financial health of the Group.
Post period end the Group announced that it had entered into an arrangement agreement with Awakn
Life Sciences Corp. setting out the basis on which the parties will cooperate to execute a transaction
whereby Solvonis will acquire all issued and outstanding common shares in the capital of Awakn, all
outstanding restricted share units in the capital of Awakn and all outstanding deferred share units in the
capital of Awakn by way of a Court approved plan of arrangement under the British Columbia Business
Corporations Act. Although the transaction will not require a cash outlay from Solvonis the Directors plan
to complete a fundraise alongside the acquisition to assist with the financing of various clinical trials the
Group plans to complete.
Currently the Group has a relatively low cash burn rate and has direct oversight over all expenses. In its
current form the Group has limited committed liabilities however should the acquisition of Awakn
complete the Board are aware that they will require additional funding to complete the desired trials. As
a result the auditors have included a material uncertainty relating to going concern within their audit
report as is common amongst \u201cpre-revenue\u201d companies. Although the Board is advanced in talks with
various brokers to facilitate funding they acknowledge that due to the uncertainty of timing and quantum
that a material uncertainty is appropriate in this instance.
After due consideration of all the factors, the Directors consider that the Group will have adequate
financial resources to continue in operational existence for the foreseeable future (being a period of at
least 12 months from the date of this report) and, for this reason, the financial statements have been
prepared on a going concern basis.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Per IFRS 10, control is
achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above. When the Company has
less than a majority of the voting rights of an investee, it considers that it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or
not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings
of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not have,
the current ability to direct the relevant activities at the time that decisions need to be made,
including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases
when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or
disposed of during the year are included in profit or loss from the date the Company gains control until
the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s
accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between the members of the Group are eliminated on consolidation.
2.4 Foreign currency translation
i. Functional and presentation currency
Items included in the financial statements for each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements is presented in \u00a3 Sterling, which is the Company\u2019s presentation and
functional currency. The individual financial statements of each of the Company\u2019s wholly owned
subsidiaries are prepared in the currency of the primary economic environment in which it operates (its
functional currency). IAS 21 The Effects of Changes in Foreign Exchange Rates requires that assets and
liabilities be translated using the exchange rate at period end, and income, expenses and cash flow items
are translated using the rate that approximates the exchange rates at the dates of the transactions (i.e.
the average rate for the period). The foreign exchange differences on translation is recognised in other
comprehensive income (loss).
ii. Transactions and balances
Transactions denominated in a foreign currency are translated into the functional currency at the
exchange rate at the date of the transaction. Assets and liabilities in foreign currencies are translated to
the functional currency at rates of exchange ruling at balance date. Gains or losses arising from settlement
of transactions and from translation at period-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement for the period.
iii. Group companies
The results and financial position of all the Group entities that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of the balance sheet;
- income and expenses for each income statement are translated at the average exchange rate;
and all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations are taken to shareholders\u2019 equity. When a foreign operation is partially disposed or sold,
exchange differences that were recorded in equity are recognised in the income statement as part of the
gain or loss on sale.
2.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision makers. The chief operating decision maker, who are responsible for allocating
resources and assessing performance of the operating segments, has been identified as the executive
Board of Directors. As the Group disposed of its Slovenian subsidiary during the year the Directors have
concluded that the Group now operates solely in the singular jurisdiction of the United Kingdom. As a
result the Company has removed the segment reporting presented in previous financial statements.
2.6 Impairment of non-financial assets
Non-financial assets and intangible assets not subject to amortisation are tested annually for impairment
at each reporting date and whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment review is based on forecasted future cash flows. If the expected discounted future cash
flow from the use of the assets and their eventual disposal is less than the carrying amount of the assets,
an impairment loss is recognised in profit or loss and not subsequently reversed.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
largely independent cash flows (cash generating units or \u2018CGUs\u2019).
2.7 Inventory
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on a first-in-first out basis. Net realisable value represents the estimated selling price for inventories less
all estimated costs of completion and costs necessary to make the sale.
2.8 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and demand deposits with banks and other
financial institutions and bank overdrafts.
2.9 Financial instruments
IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets
and liabilities.
a) Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured at amortised cost; and
\u2022 those to be measured subsequently at fair value through profit or loss.
The classification depends on the Group\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
The Group classifies financial assets as at amortised cost only if both of the following criteria are met:
\u2022 the asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 the contractual terms give rise to cash flows that are solely payment of principal and interest.
b) Recognition
Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Group
commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has transferred
substantially all the risks and rewards of ownership.
c) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or
loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses)
together with foreign exchange gains and losses. Impairment losses are presented as a separate line item
in the statement of profit or loss.
d) Impairment
The Group assesses, on a forward looking basis, the expected credit losses associated with any debt
instruments carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in credit risk. For trade receivables, the Group applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.
2.10 Leases
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the Company, the lessee\u2019s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions. In all instances the leases were discounted using the
incremental borrowing rate.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period. Right-of-use assets are measured at cost which comprises the following:
- The amount of the initial measurement of the lease liability;
- Any lease payments made at or before the commencement date less any lease incentives
received;
- Any initial direct costs; and
- Restoration costs.
Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use
asset is depreciated over the underlying asset\u2019s useful life.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
Payments associated with short-term leases (term less than 12 months) and all leases of low-value assets
(generally less than \u00a35k) are recognised on a straight-line basis as an expense in profit or loss.
2.11 Equity
Share capital is determined using the nominal value of shares that have been issued.
Share capital to be issued relates to salaries foregone by Directors and other consultants. Upon the issue
publication of a prospectus shares will be issued to compensate the necessary parties and will be allocated
amongst the share capital and share premium accounts.
The Share premium account includes any premiums received on the initial issuing of the share capital.
Any transaction costs associated with the issuing of shares are deducted from the Share premium account,
net of any related income tax benefits.
For the purposes of presenting consolidated financial statements, the assets and liabilities of group\u2019s
foreign operations are translated at the exchange rates prevailing at the balance sheet date and items of
income and expenditure are translated at the average exchange rate for the period. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Foreign Currency Reserve
within equity.
Equity-settled share-based payments are credited to a share-based payment reserve as a component of
equity until related options or warrants are exercised or lapse.
The foreign exchange reserve policy is set out in note 2.4.
Capital reduction reserve represents funds sent from the parent company to subsidiary that on the
approval of Directors was reclassified from a loan in the subsidiary to an investment.
Retained losses includes all current and prior period results as disclosed in the income statement.
2.12 Share based payments
The Group has made awards of warrants and options on its unissued share capital to certain parties in
return for services provided to the Group. The valuation of these warrants involved making a number of
critical estimates relating to price volatility, future dividend yields, expected life of the options and interest
rates. These assumptions have been integrated into the Black Scholes Option Pricing model
and the Monte
Carlo valuation model
to derive a value for any share-based payments. These assumptions are described in
more detail in note
22.
2.13 Earnings per share
The Group presents basic and diluted earnings per share data for its Ordinary Shares.
Basic earnings per Ordinary Share is calculated by dividing the profit or loss attributable to Shareholders
by the weighted average number of Ordinary Shares outstanding during the period.
Diluted earnings per Ordinary Share is calculated by adjusting the earnings and number of Ordinary Shares
for the effects of dilutive potential Ordinary Shares.
2.14 Revenue
Under IFRS 15, Revenue from Contracts with Customers, five key points to recognise revenue have been
assessed:
Step 1: Identity the contract(s) with a customer;
Step 2: Identity the performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
The Group recognises revenue when the amount of revenue can be reliably measured and it is probable
that future economic benefits will flow to the entity. Revenue is measured at the fair value of the
consideration received or receivable and represents amounts receivable for goods provided in the normal
course of business, net of discounts, VAT and other sales related taxes.
Revenue is reduced for estimated customer returns, rebates and other similar allowances. Sales of goods
are recognised when the control of the goods is transferred to the buyer at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for those goods. Control is
considered to have transferred generally on despatch as most items are sold on a cost includes freight
basis; or on delivery where Delivered Duty Paid (\u201cDDP\u201d) Incoterms are used. The normal credit terms are
30 to 60 days upon delivery. Invoices that are issued before the transfer of control has occurred are
allocated as deferred income and then recognised as revenue when the performance obligation has been
satisfied.
The Group also derives revenue from the rendering of services, whereby revenue from a contract to
provide services is recognised in the period in which the services are provided in accordance with the
stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
In arrangements where fees are invoiced ahead of revenue being recognized, deferred income is
recorded.
2.15 Taxation
Tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as
reported in the income statement because it excludes items of income and expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The liability
for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax is proved in full on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statement. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantively enacted by the balance sheet date and are expected
to apply when the related deferred income tax asset is realised of the deferred tax liability is settled.
2.16 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated
impairment losses.
When the Company acquires any plant and equipment it is stated in the accounts at its cost of acquisition
less a provision.
Depreciation is charged to write off the costs less estimated residual value of plant and equipment on a
straight basis over their estimated useful lives being:
- Plant and equipment: 5 \u2013 7 years
- Buildings and leasehold improvements: 20 years
Estimated useful lives and residual values are reviewed each year and amended as required.
2.17 Intangible assets
Intangible assets acquired are initially recognised at cost. Indefinite life intangible assets are not
amortised and are subsequently measured at cost less any impairment. The gains and losses recognised
in profit or loss arising from the derecognition of intangible assets are measured as the difference
between net disposal proceeds and the carrying amount of the intangible asset.
Intangible asset impairment reviews are undertaken annually, or more frequently if events or changes in
circumstances indicate a potential impairment. The method and useful lives of finite life intangible assets
are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for
prospectively by changing the amortisation method or period.
2.18 Investments in Subsidiaries
Investments in Group undertakings are stated at cost.
2.19 Provisions
Provisions represent liabilities of uncertain timing or amount that are recognized when an entity has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.
The provision is measured at the best estimate of the expenditure required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where the effect of the time value of money is material, the provision is discounted using a
pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, the provision is reversed.
2.20 Financial liabilities
Other financial liabilities are initially recognised at fair values less any directly attributable transaction
costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective
interest method.
2.21 Critical judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements requires management to make estimates and
judgements and form assumptions that affects the reported amounts of the assets, liabilities, revenue
and costs during the periods presented therein, and the disclosure of contingent liabilities at the date of
the financial information. Estimates and judgements are continually evaluated and based on
management\u2019s historical experience and other factors, including future expectations and events that are
believed to be reasonable.
Patents and related knowledge as an intangible asset (note 10)
The estimates and assumptions in relation to the carrying value of the know-how intangible assets are
considered to have the most significant effect on the carrying amounts of the financial statements.
Management have prepared a 5 year financial forecast ending at December 2028 which looks at the
revenue generating ability of these intangible assets. They have confidence in various networks and
contracts that the know-how will allow the Group to generate royalty and licensing revenue with relatively
low associated costs. The Directors have a high level of confidence that these contracts will ultimately
prove to be highly lucrative for the Group and support the current carrying value of the intangible assets.
The Directors do recognise that the success of the underlying product ranges related to the royalty
agreements is uncertain and hence will continue to monitor the progress of these product lines.
However as there are no current indicators the intangible assets were assessed and concluded that no
impairment charge was required.
Share based payments (Note 22)
The Group issues options and warrants to its employees, directors, investors and advisors. These are
valued in accordance with IFRS 2 \u201cShare-based payments\u201d. In calculating the related charge on issuing
shares and warrants the Group will use a variety of estimates and judgements in respect of inputs used
including share price volatility, risk free rate, and expected life. Changes to these inputs may impact the
related charge. In the period the Group did not perform any new valuations but released expenses to the
statement of other comprehensive income from valuations in prior periods.
2.22 New standards and interpretations not yet adopted
At the date of approval of these financial statements, the following standards and interpretations which
have not been applied in these financial statements were in issue but not yet effective (and in some cases
have not yet been adopted by the UK):
| Standard | Impact on initial applicati | on Effective date |
| Amendments to IAS | | |
| 21 \u2013 Lack of | | |
| Exchangeability | | |
| The amendments have been made to clarify: | |
| When a currency is exchangeable into another currency; and | |
| How a company estimates a spot rate when a currency lacks | |
| exchangeability. | |
| | 1 January 2025 |
| | (early adoption |
| | permitted) |
| | | |
| | | |
| Amendment to IFRS | | |
| 9 and IFRS 7 - | | |
| Classification and | | |
| Measurement of | | |
| Financial Instruments | | |
| These amendments: | |
| Clarify the requirements for the timing of recognition and | |
| derecognition of some financial assets and liabilities, with a new | |
| exception for some financial liabilities settled through an | |
| electronic cash transfer system; | |
| Clarify and add further guidance for assessing whether a financial | |
| asset meets the solely payments of principal and interest (SPPI) | |
| criterion; | |
| Add new disclosures for certain instruments with contractual | |
| terms that can change cash flows (such as some instruments with | |
| features linked to the achievement of environment, social and | |
| governance (ESG) targets); and | |
| Make updates to the disclosures for equity instruments | |
| designated at Fair Value through Other Comprehensive Income | |
| (FVOCI). | |
| | 1 January 2026 |
| | (early adoption |
| | permitted) |
| | |
| IFRS 18 Presentation | | |
| and Disclosure in | | |
| Financial Statements | | |
| This is the new standard on presentation and disclosure in | |
| financial statements, with a focus on updates to the statement of | |
| profit or loss. The key new concepts introduced in IFRS 18 relate | |
| to: | |
| The structure of the statement of profit or loss; | |
| Required disclosures in the financial statements for certain profit | |
| or loss performance measures that are reported outside an | |
| entity\u2019s financial statements (that is, management-defined | |
| performance measures); and | |
| Enhanced principles on aggregation and disaggregation which | |
| apply to the primary financial statements and notes in general. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
| IFRS 19 Subsidiaries | | |
| without Public | | |
| Accountability: | | |
| Disclosures | | |
| This new standard works alongside other IFRS Accounting | |
| Standards. An eligible subsidiary applies the requirements in | |
| other IFRS Accounting Standards except for the disclosure | |
| requirements and instead applies the reduced disclosure | |
| requirements in IFRS 19. IFRS 19\u2019s reduced disclosure | |
| requirements balance the information needs of the users of | |
| eligible subsidiaries\u2019 financial statements with cost savings for | |
| preparers. IFRS 19 is a voluntary standard for eligible | |
| subsidiaries. | |
| A subsidiary is eligible if: | |
| it does not have public accountability; and | |
| it has an ultimate or intermediate parent that produces | |
| consolidated financial statements available for public use that | |
| comply with IFRS Accounting Standards. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
2.23 New standards and interpretations adopted
The standards and interpretations that are relevant to the Group, effective in this financial year are listed
below. There has been no impact on the financial statements from the adoption of these standards.
| Standard | Impact on initial application | Effective date |
| Amendments to IAS 1 - | | |
| Classification of Liabilities as | | |
| current or non- current | | |
| Clarifies that the classification of liabilities as | |
| current or noncurrent should be based on rights | |
| that exist at the end of the reporting period. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 1 \u2013 | | |
| Noncurrent Liabilities with | | |
| Covenants | | |
| Clarifies that only those covenants with which an | |
| entity must comply on or before the end of the | |
| reporting period affect the classification of a | |
| liability as current or non-current. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IFRS 16 \u2013 | | |
| Lease Liability in a Sale and | | |
| Leaseback 4 | | |
| Specifies requirements relating to measuring the | |
| lease liability in a sale and leaseback transaction | |
| after the date of the transaction. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 7 and | | |
| IFRS 7 \u2013Supplier Finance | | |
| Arrangements 4 5 | | |
| Requires an entity to provide additional | |
| disclosures about its supplier finance | |
| arrangements. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
3. SEGMENT REPORTING
The Chief Operating Decision Makers are the Board of Directors. The Board reviews the Group\u2019s internal
reporting in order to assess the performance of the Group. Management has determined the operating
segments based on the reports reviewed by the Board and post the disposal of the Slovenian subsidiary
have determined that the Group now operates solely in the United Kingdom and henceforth have not
presented geographical segmental reporting.
Due to the disposal of the Slovenian operations on 2 May 2024, the contributions from the Slovenian
operating segment are not reported in the loss from continuing operations in the statement of
comprehensive income. For details of the contribution of the Slovenian operatisons during the period up
until the point of disposal, refer to Note 23.
4. REVENUE
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Product Sales Revenue | | |
| Slovenia | - | 5 |
| Europe | - | 355 |
| Rest of the world | - | 66 |
| | - | 426 |
| Services Sales Revenue | | |
| Slovenia | - | 161 |
| | - | 161 |
| Total Sales Revenue | - | 587 |
For details of the revenue from the Slovenian operations during the period up until the point of disposal,
refer to Note 23.
5. OPERATING COSTS AND ADMINISTRATIVE EXPENDITURE
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended |
| | 31 Dec 2023 |
| | \u00a3\u2019000 |
| Operating costs | | |
| Depreciation | - | (179) |
| Operational costs | (41) | (213) |
| | (41) | (392) |
| Administrative costs | | |
| Directors remuneration | (354) | (754) |
| Salary and wages | - | (276) |
| Professional and consulting fees | (704) | (389) |
| Travel expenses | (12) | (21) |
| Foreign exchange | - | (69) |
| Other expenses | (80) | (267) |
| Share based payments | (317) | (369) |
| | (1,467) | (2,145) |
A reconciliation of the amounts from the statement of profit or loss to the amounts reported in the
Directors\u2019 Remuneration Report are detailed below:
| Director | | | |
| Total \u2013 Directors | | |
| Remuneration | | |
| Report | | |
| \u00a3\u2019000 | | |
| | Fees accrued in | |
| | prior period | |
| | Settled in shares | |
| | \u00a3\u2019000 | |
| | | 31 Dec 2024 |
| | | Statement of Profit |
| | | or Loss |
| | | \u00a3\u2019000 |
| Anthony Tennyson | 54 | - | 54 |
| Nicholas Nelson | 29 | - | 29 |
| Dennis Purcell | 13 | - | 13 |
| Roby Zomer | 67 | (36) | 31 |
| Victor Bolduev | 144 | (50) | 94 |
| Pavel Kobzev | 66 | (30) | 36 |
| Alex Brooks | 17 | (9) | 8 |
| Yifat Steuer | 128 | (39) | 89 |
| | | | |
| 518 | (164) | 354 |
On average, excluding directors, the Group employed 3 persons in the 2024 year (31 December 2023: 7)
The highest paid director received remuneration of approximately \u00a3144,000 (31 December 2023:
\u00a3224,000).
6. AUDITORS REMUNERATION
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Fees payable to the Group\u2019s auditor for the audit of parent | | |
| company and consolidated financial statements | | |
| (35) | (50) |
| | (35) | (50) |
7. FINANCE COSTS
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Finance charge on leased assets | - | (3) |
| Interest on convertible loan | (64) | - |
| Finance costs | (64) | (3) |
8. TAXATION
No liability to income taxes arise in the period.
The current tax for the year differs from the loss before tax at a standard rate of corporation tax in the
UK. A reconciliation of the tax charge is detailed below:
| | Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| The charge for year is made up as follows: | | |
| Corporation tax on the results for the year | - | - |
| A reconciliation of the tax charge appearing in the income | | |
| statement to the tax that would result from applying the | | |
| standard rate of tax to the results for the year is: | | |
| | | |
| | | |
| Loss per the financial statements | (1,447) | (3,120) |
| Tax credit at the weighted average of the standard rate | | |
| of corporation tax in UK of 25% - (31 Dec 2023: 25%) | | |
| Non-deductible expenses | | |
| | | |
| (362) | |
| | |
| 79 | |
| | (592) |
| | |
| | 234 |
| | | |
| Current year losses for which no deferred tax asset is | | |
| recognised | | |
| | | |
| (283) | (358) |
| Income tax charge for the year | - | - |
Deferred tax assets carried forward have not been recognised in the accounts because there is currently
insufficient evidence of the timing of suitable future taxable profits against which they can be recovered.
The accumulated tax losses are estimated to amount to approximately \u00a33.086m (31 Dec 2023: \u00a31.958m)
and the carried forward deferred tax asset is estimated to amount to approximately \u00a30.770m.
No deferred tax assets in respect of tax losses have not been recognised in the accounts because there is
currently insufficient evidence of the timing of suitable future taxable profits against which they can be
recovered.
9. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for
the year by the weighted average number of ordinary shares in issue during the period.
| | Year ended 31 | |
| Dec 2024 | |
| | Year ended 31 |
| | Dec 2023 |
| Loss for the year/period from continuing operations \u2013 \u00a3\u2018000 | (1,447) | (3,120) |
| Weighted number of ordinary shares in issue | 1,156,732,090 | 104,057,299 |
| Basic earnings per share from continuing operations \u2013 | | |
| pence | (0.125) | (3.00) |
There is no difference between the diluted loss per share and the basic loss per share presented. Share
options and warrants could potentially dilute basic earnings per share in the future but were not included
in the calculation of diluted earnings per share as they are anti-dilutive for the year presented.
10. INTANGIBLE ASSETS
| Group and Company | |
| |
| \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 2,068 |
| Additions | - |
| Impairment | - |
| At 31 December 2023 | 2,068 |
| Additions | 20 |
| Impairment | - |
| At 31 December 2024 | 2,088 |
In 2018, 22,500,000 shares were issued to founding director Victor Bolduev as consideration for the
ownership rights of multiple patents that were transferred to the Group. Since the acquisition of the
patents in 2018 the Group has taken strides towards realising their commercial potential particularly by
implementing commercial royalty agreements.
The Group has continued to apply for patents in the 2024 year and has also added key human resources
to aid the monetisation of the patents in the Group.
The Directors believe that the combined knowledge embedded in the business surrounding drug delivery
systems and small molecule therapeutics for substance use and mental health disorders between the
Company and Awakn (Note 11) will enable the development of innovative therapeutics for the large
addressable market for trauma related mental health disorders in the US and key international markets.
In line with International Accounting Standard 36 (IAS 36), the Directors have undertaken a formal
assessment of these intangible assets to discern whether they are impaired.
The Directors have given due consideration to both financial and non-financial indicators and believe that
the overall intellectual property of the Group is in a strong position. As a result they do not believe that
any indicators of impairment exist and hence have not processed any impairment in the accounts.
11. OTHER NON-CURRENT ASSESTS
| Group and Company | | |
| Group | |
| \u00a3\u2019000 | |
| | Company |
| | \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 13 | - |
| Additions | - | - |
| Impairment | - | - |
| At 31 December 2023 | 13 | - |
| Additions | 300 | 300 |
| Impairment | (13) | - |
| At 31 December 2024 | 300 | 300 |
In July 2024, the Company entered into partnership with Awakn Life Sciences (\u201cAwakn\u201d), a Canadian
clinical stage biotechnology company developing therapeutics for addiction and mental health, to co-
develop a new generation of therapeutics for the treatment of trauma related mental health disorders
such as Post-Traumatic Stress Disorder (\u201cPTSD\u201d), moving the Company into field of biotechnology
research and development of therapeutics for the treatment of mental health conditions. The agreement
included a \u00a3300,000 payment to Awakn to assist with the continuation of various clinical trials.
12. LEASES
| Group | | |
| | |
| | |
| | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Right-of-use assets | | |
| Motor vehicles | - | 39 |
| | - | 39 |
| Lease liabilities | | |
| Current | - | 12 |
| Non-current | - | 22 |
| | - | 34 |
Right of use assets
A reconciliation of the carrying amount of the right-of-use asset is as follows:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Motor vehicles | | |
| Opening balance | 39 | 27 |
| Additions | - | 24 |
| Amortisation | - | (12) |
| Disposal of subsidiary | (39) | - |
| | - | 39 |
Lease liabilities
A reconciliation of the carrying amount of the lease liabilities is as follows:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| 31 Dec |
| 2023 |
| \u00a3\u2019000 |
SOLVONIS THERAPEUTICS PLC \u2013 COMPANY NUMBER 10776788
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Opening balance | 34 | 22 |
| Additions | - | 25 |
| Finance charge | - | 3 |
| Repayments | - | (16) |
| Disposal of subsidiary | (34) | - |
| | - | 34 |
13. PROPERTY, PLANT AND EQUIPMENT
| Group | | | |
| | | | |
| | | | |
| | | | |
| Leasehold | | |
| improvements | | |
| \u00a3\u2019000 | | |
| | Plant & | |
| | Equipment | |
| | \u00a3\u2019000 | |
| | | |
| | | |
| | | Total |
| | | \u00a3\u2019000 |
| Cost | | | |
| At 1 January 2023 | 89 | 937 | 1,026 |
| Additions | 15 | 201 | 216 |
| Disposals | - | (27) | (27) |
| Impairment | (107) | (1,117) | (1,224) |
| Exchange impact | 3 | 6 | 9 |
| At 31 December 2023 | - | - | - |
| Additions | - | - | - |
| Disposals | - | - | - |
| Impairment | - | - | - |
| Exchange impact | - | - | - |
| At 31 December 2024 | - | - | - |
| Depreciation | | | |
| At 1 January 2023 | (29) | (323) | (352) |
| Charge for the period | (11) | (143) | (154) |
| Disposals | - | 6 | 6 |
| Impairment | 40 | 463 | 503 |
| Exchange impact | - | (3) | (3) |
| At 31 December 2023 | - | - | - |
| Charge for the year | - | - | - |
| Disposals | - | - | - |
| Impairment | - | - | - |
| Exchange impact | - | - | - |
| At 31 December 2024 | - | - | - |
| | | | |
| Net book value at 31 December 2023 | - | - | - |
| Net book value at 31 December 2024 | - | - | - |
14. INVENTORY
| Group | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Raw materials | - | 51 |
| Finished goods | - | - |
| | - | 51 |
15. INVESTMENTS
| Company | |
| |
| \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 1,304 |
| Additions | - |
| Impairment | (1,304) |
| At 31 December 2023 | - |
| At 31 December 2024 | - |
*Immaterial investment in Graft Polymer IP Limited & GraftBio Limited of \u00a31 each
Investments in subsidiary with a cost value of \u00a31.304m (2023: \u00a31.304m) and accrued impairments of
\u00a31.304m (2023: \u00a31.304m) related to the investment in Graft Polymer D.o.o which was a wholly owned
subsidiary operating out of Slovenia. On 2 May 2024, the company disposed of this subsidiary for \u00a31.
Company subsidiary undertakings
At year end the Group owned interests in the following subsidiary undertakings, which are included in the
consolidated financial statements:
| Name | Business Activity | | | |
| | Country of | | |
| | Incorporation | | |
| | | Registered Address | Percentage Holding |
| Graft Polymer IP Limited | | | | |
| Intellectual | | | |
| property | | | |
| | England and | | |
| | Wales | | |
| | | Eccleston Yards, 25 | |
| | | Eccleston Place, | |
| | | London, SW1W 9NF | |
| | | | 100% |
| GRAFTBIO Limited | | | | |
| Bio-Polymer | | | |
| development and | | | |
| production | | | |
| | England and | | |
| | Wales | | |
| | | Eccleston Yards, 25 | |
| | | Eccleston Place, | |
| | | London, SW1W 9NF | |
| | | | 100% |
16. TRADE AND OTHER RECEIVABLES
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade receivables | - | 65 |
| Other taxes and social security | 30 | 16 |
| Prepayments | 22 | 21 |
| Other receivables | 6 | 6 |
| | 58 | 108 |
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following
currencies:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| UK Pounds | 57 | 30 |
| Euros | - | 78 |
| | 57 | 108 |
The Expected Credit Loss Model under IFRS 9 has not been applied to receivables due to this being
inappropriate for the above receivables.
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Other taxes and social security | 30 | 4 |
| Prepayments | 22 | 21 |
| Other receivables | 5 | 6 |
| | 57 | 31 |
As at 31 December 2024 all trade and other receivables were fully performing and hence no provision has
been processed. Trade receivables have the following aging:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Current | | |
| | 58 | 31 |
| 1 \u2013 3 months | | |
| | - | - |
| 3 \u2013 6 months | | |
| | - | - |
| | | |
| | | |
| 58 | 31 |
The Expected Credit Loss Model under IFRS 9 has not been applied to receivables due to this being
inappropriate for the above receivables.
17. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand and short term deposits held with banks with a A-1+
rating. The carrying value of these approximates to their fair value. Cash and cash equivalents included in
the cash flow statement comprise the following balance sheet amounts.
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 155 |
| | 757 | 155 |
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 12 |
| | 757 | 12 |
18. TRADE AND OTHER PAYABLES
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade payables | 83 | 159 |
| Accruals | 36 | 68 |
| VAT payable | - | 22 |
| | 119 | 249 |
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade payables | 83 | 66 |
| Accruals | 36 | 51 |
| | 119 | 117 |
19. LOAN NOTE
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Opening balance | - | - |
| Principal drawn down | 200 | - |
| Interest charged | 64 | - |
| Principal repaid | | |
| | | |
| (264) | - |
SOLVONIS THERAPEUTICS PLC \u2013 COMPANY NUMBER 10776788
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- -
On 15 March 2024, the Company entered into a \u00a3100,000 working capital loan facility, which was
subsequently increased by a further \u00a3100,000 in April 2024. The facility has been drawn down in full and
attracts an interest rate of 10% per month. The loan was repayable on demand, together with
accumulated interest which was settled in July 2024.
20. PROVISIONS
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| HMRC obligations | - | 32 |
| | - | 32 |
In the 2023 reporting year Directors and other senior management waived fees owed to them with the
intention of having shares issued at a later date. Transactions such as these have the potential to attract
payroll and other taxes depending on the specific circumstances of the individual to which they apply.
Due to the timing and uncertainty the Company provided for them in the 2023 year and have been settled
during the current year.
21. SHARE CAPITAL
Change in issued Share Capital and Share Premium:
| Number of | | | |
| shares | | | |
| | Share | | |
| | capital | | |
| | | Share | |
| | | premium | Total |
| Ordinary shares | | | | |
| | | | | |
| | | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Balance at 1 January 2023 | | | | |
| | | | | |
| | | | | |
| 104,097,299 | 41 | 7,001 | 7,042 |
| | - | - | - | - |
| Balance at 31 December 2023 | | | | |
| | | | | |
| 104,097,299 | 41 | 7,001 | 7,042 |
| Share issue at placing price of 0.6 | | | | |
| | | | | |
| 20,666,667 | 21 | 103 | 124 |
| Share issue at placing price of 0.1 | | | | |
| | | | | |
| 1,800,000,000 | 1,800 | - | 1,800 |
| Share issue on conversion of loan | | | | |
| 1 | | | | |
| | | | | |
| 264,000,000 | 264 | - | 264 |
| Share issue to settle outstanding | | | | |
| fees | | | | |
| 2 | | | | |
| | | | | |
| 59,666,667 | 60 | 299 | 359 |
| Share issue to settle outstanding | | | | |
| fees | | | | |
| 3 | | | | |
| | | | | |
| 47,500,000 | 47 | - | 47 |
| Share issue costs | | | | |
| | | | | |
| - | - | (41) | (41) |
| Balance at 31 December 2024 | | | | |
| | | | | |
| 2,295,930,633 | 2,233 | 7,362 | 9,595 |
1
Shares issued as full repayment of working capital loan and accrued interest (refer Note 19).
2
Shares issued in satisfaction of fees owed to Directors as at 31 March 24 in connection to the July 2024
transaction.
3
Shares issued to various directors and advisors in lieu of fees owed
The share premium represents the difference between the nominal value of the shares issued and the
actual amount subscribed less; the cost of issue of the shares, the value of the bonus share issue, or any
bonus warrant issue.
22. SHARE BASED PAYMENTS RESERVE
| Company | |
| \u00a3\u2019000 | |
| | Group |
| | \u00a3\u2019000 |
| At 31 December 2022 | | |
| 858 | |
| | |
| | 858 |
| Employee options | | |
| 1 | | |
| | | |
| 369 | |
| | | |
| | 369 |
| At 31 December 2023 | | |
| | | |
| | 1,227 | 1,227 |
| LTIP options | | |
| 2, 3 | | |
| | 22 | 22 |
| Director warrants issued | 295 | 295 |
| At 31 December 2024 | 1,544 | 1,544 |
1
On 6 January 2022, 11,173,611 employee options were granted to a number of employees within the
Group. These options have different vesting conditions based on performance milestones. The charge
that relates to the 2023 year has been brought to account above.
2
On 30 July 2024, 10,000,000 LTIP options were granted to Directors. One third of these options vest
every year, beginning with one third vesting at grant date.
3
On 26 September 2024, 45,000,000 LTIP options were granted to Directors. One third of these options
vest every year, beginning with one third vesting at grant date.
Warrants
| As at 31 December 2024 | |
| | | |
| Weighted average | |
| exercise price | Number of warrants |
| Brought forward at 1 January 2024 | 22p | 2,031,008 |
| Granted in period | 1p | 10,333,333 |
| Granted in period | 0.6p | 1,500,000 |
| Granted in period | 0.1p | 294,500,000 |
| Expired during period | 22p | (775,194) |
| Outstanding at 31 December 2024 | 0.2p | 307,589,147 |
| Exercisable at 31 December 2024 | 0.2p | 307,589,147 |
The weighted average time to expiry of the warrants as at 31 December 2024 is 574 days.
The following table lists the Black Scholes inputs to the model used for valuation of the warrants:
| | 0.1p warrants | 1p warrants | 0.6p warrants |
| Dividend yield (%) | 0% | 0% | 0% |
| Expected volatility (%) | 100.6 \u2013 142.1% | 92.4% | 92.4% |
| Risk-free interest rate (%) | 4.17% | 3.6% | 3.6% |
| Time to maturity | 2 \u2013 3 years | 2 years | 2 years |
| Exercise price (\u00a3) | | | |
| 0.001 | 0.01 | 0.006 |
| Share price at grant date | 0.001 | 0.006 | 0.006 |
Options
| As at 31 December 2024 | |
| | |
| Weighted average | |
| exercise price | Number of options |
| Brought forward at 1 January 2024 | 0.1p | |
| | 11,000,000 |
| Granted in period | 0.1p | |
| | 55,000,000 |
| Expired in period | 0.1p | |
| | (11,000,000) |
| Outstanding at 31 December 2024 | 0.1p | 55,000,000 |
| Exercisable at 31 December 2024 | 0.1p | 18,333,333 |
The weighted average time to expiry of the warrants as at 31 December 2024 is 987 days.
The following table lists the Black Scholes inputs to the model used for valuation of the options:
| | 0.1p options |
| Dividend yield (%) | 0% |
| Expected volatility (%) | 100.6% |
| Risk-free interest rate (%) | 4.17% |
| Time to maturity | 2 years |
| Exercise price (\u00a3) | |
| 0.001 |
| Share price at grant date (\u00a3) | |
| 0.0022 |
23. BUSINESS COMBINATIONS
Discontinued operations
A discontinued operation is a component of the Group that has been disposed of or classified as held for
sale and that represents a separate major line of business or geographical area of operation, is part of a
single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary
acquired exclusively with a view to resale. The results of discontinued operations are presented separately
on the face of the Statement of Comprehensive Income.
that the Slovenian operation, Graft Polymer D.O.O (principally, an industrial polymer products
manufacturer), was considered no longer commercially viable due to forecasted negative cashflow as a
result of falling sales and rising costs, with no immediate prospect of becoming profitable in the short to
medium term. The Group disposed of Graft Polymer D.O.O on 2 May 2024. A gain on deconsolidation as
at date of disposal of \u00a3125,000 was recognised and taken to the Statement of Comprehensive Income.
| Gain on deconsolidation of Graft Polymer D.O.O | |
| | 2 May 2024 |
| Consideration received | |
| Cash | - |
| Carrying amount of net liabilities sold | 16 |
| | 16 |
| Reclassification of foreign exchange reserve | 109 |
| Gain on deconsolidation | 125 |
The Board recently undertook a review of its business and operations, pursuant to which it was decided
| Financial Performance for Graft Polymer D.O.O | | |
| | | |
| | Four months to 2 May | 31 December 2023 |
| Revenue | 221 | 587 |
| Cost of sales | (148) | (329) |
| Gross profit | 73 | 258 |
| Operational costs | (17) | (66) |
| Depreciation | (58) | (179) |
| Administrative expenses | (140) | (518) |
| Asset write down | - | (838) |
| Operating loss | (142) | (1,343) |
| Finance costs | (1) | (3) |
| Loss before taxation | (143) | (1,346) |
| Income tax | - | - |
| Loss for the period from discontinuing operations | (143) | (1,346) |
| Assets and liabilities of Graft Polymer D.O.O | | |
| | | |
| | 2 May 2024 | 31 December 2023 |
| Non-current assets | | |
| Right of use assets | 38 | 39 |
| Other non-current assets | 13 | 13 |
| Total non-current assets | 51 | 52 |
| Current assets | | |
| Cash and cash equivalents | 13 | 143 |
| Trade and other receivables | 44 | 78 |
| Inventory | 11 | 50 |
| Total current assets | 68 | 271 |
| TOTAL ASSETS | 119 | 323 |
| Non-current liabilities | | |
| Lease liability | - | 22 |
| Total non-current liabilities | - | 22 |
| Current liabilities | | |
| Trade and other payables | 71 | 132 |
| Deferred income | 36 | 93 |
| Lease liability | 28 | 12 |
| Total current liabilities | 135 | 237 |
| Total liabilities | 135 | 259 |
| NET ASSETS | (16) | 64 |
| Cashflow of Graft Polymer D.O.O | | |
| | 2 May 2024 | 31 December 2023 |
| Cash flow from | ope | rating activities |
| Loss before tax | (143) | (1,346) |
| Adjustments for: | | |
| Depreciation | 58 | 165 |
| Finance expenses | - | 3 |
| Amortisation of right of use assets | - | 12 |
| Fixed asset write off | (58) | 736 |
| Inventory write off | - | 117 |
| Changes in working capital | : | |
| Decrease/(Increase) in trade and other receivables | 33 | (26) |
| (Decrease)/Increase is trade and other payables | (54) | 234 |
| Movements in inventory | 39 | 14 |
| Net cash outflow from operating activities | (125) | (91) |
| Cash flow from investing activities | | |
| Purchase of property, plant and equipment | - | (216) |
| Repayment on right of use assets | (4) | (16) |
| Loans to subsidiary | - | 393 |
| Net cash flow from investing activities | (4) | 161 |
| | | |
| Net increase in cash and cash equivalents | (129) | 70 |
| Cash and cash equivalents at beginning of period | 142 | 89 |
| Foreign exchange effect on cash balance | - | (26) |
| Cash and cash equivalents at end of period | 13 | 133 |
24. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Capital Risk Management
The Company manages its capital to ensure that entities in the Group will be able to continue as a going
concern while maximising the return to stakeholders. The overall strategy of the Company and the Group
is to minimise costs and liquidity risk while still executing on the Group\u2019s overall business strategy.
The capital structure of the Group consists of equity attributable to equity holders of the parent,
comprising issued share capital, foreign exchange reserves and retained earnings as disclosed in the
Consolidated Statement of Changes of Equity.
The Group is exposed to risk through its normal operations, the most significant of which are foreign
exchange and liquidity risks. Sensitivity analysis has not been performed because the potential impact is
not considered material. The management of these risks is vested to the Board of Directors.
Currency Risk
The Group operates in a global market with cost possibly arising in a number of currencies and is exposed
to foreign currency risk arising from commercial transactions, translation of assets and liabilities and net
investment in foreign subsidiaries. Exposure to commercial transactions arise from sales or purchases by
operating companies in currencies other than the Companies\u2019 functional currency. Currency exposures
are reviewed regularly.
The Group has exposure to foreign exchange risk through research and development expenditure that is
incurred in international markets as well as their foreign currency denominated cash balances.
Accordingly, movements in the Sterling exchange rate against these currencies could have a detrimental
effect on the Group\u2019s results and financial condition. Such changes are not considered likely to have a
material effect on the Group\u2019s financial position at 31 December 2024. Funds of the parent company are
held with HSBC which has the following credit ratings (Fitch: A+, Stable, Moody\u2019s A3, Stable, S&P A-,
stable)
The table below shows the currency profiles of cash and cash equivalents:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | | |
| Sterling | 757 | 12 |
| Euro | - | 143 |
| | 757 | 155 |
The table below shows an analysis of the currency of the monetary asset and liabilities in Sterling being
the functional currency of the Group:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Balance denominated in | | |
| Sterling | - | (27) |
| Euro | - | 50 |
| | - | 23 |
Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the group\u2019s reputation.
The Group seeks to manage liquidity risk by regularly reviewing cash flow budgets and forecasts to ensure
that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and
profitably. The Group deems there is sufficient liquidity for the foreseeable future.
The Group had cash and cash equivalents at period end as below:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 155 |
| | 757 | 155 |
The table below sets out the maturity profile of the financial liabilities at 31 December:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Due in less than one month | (50) | (34) |
| Due between one and three months | (9) | (93) |
| Due between three months and one year | (24) | (32) |
| | (83) | (159) |
25. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
| GROUP | | | |
| 31 Dec 2024 | | | |
| | Financial assets | | |
| at amortised | | |
| | cost | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 36 | - | 36 |
| Cash and cash equivalents | 757 | - | 757 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (119) | (119) |
| | 792 | (119) | |
| | | 674 |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| GROUP | | | |
| 31 Dec 2023 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 87 | - | 87 |
| Cash and cash equivalents | 155 | - | 155 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (181) | (181) |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| COMPANY | | | |
| 31 Dec 2024 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 36 | - | 36 |
| Cash and cash equivalents | 757 | - | 757 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (119) | (119) |
| | 792 | (119) | |
| | | 674 |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| COMPANY | | | |
| 31 Dec 2023 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 10 | - | 10 |
| Cash and cash equivalents | 12 | - | 12 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (66) | (66) |
| | 22 | (66) | (44) |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
26. CAPITAL COMMITMENTS
There were no capital commitments at 31 December 2024.
27. CONTINGENT LIABILITIES
Other than above, there were no further contingent liabilities at 31 December 2024.
28. COMMITMENTS UNDER OPERATING LEASES
There were no commitments under operating leases at 31 December 2024.
29. RELATED PARTY TRANSACTIONS
Royalty Agreement with Argent Biopharma
Graft Polymer IP Limited has a royalty agreement in place with Argent Biopharma Ltd (formerly MGC
Pharmaceuticals D.o.o) to pay 1 Euro per unit sold of their CimetrA & CannEpil-IL products. Mr Roby Zomer
who resigned as a Director from the Company in the year is also a Director of Argent Biopharma Ltd.
Payments to Chitta Lu Limited
Post resignation, the Company engaged the consultancy services of Chitta Lu Limited of which former
Director, Roby Zomer is a Director in relation to business development for the Group. During the period
from his resignation on 15 March 2024 to year end, Mr Zomer accrued \u00a359,000 of fees of \u00a320,000 which
were outstanding at year end.
Collaboration agreement with Awakn Life Sciences Corp.
On 18 July 2024, the Company announced that it had entered into a collaboration agreement with Awakn
Life Sciences Corp (\u201cAwakn\u201d). The Company's CEO, Mr. Anthony Tennyson, also serves as CEO of Awakn.
To mitigate any potential conflict of interest, Mr. Tennyson recused himself from the Company's final
selection process and negotiation of the Collaboration Agreement, which was led by Nicholas Nelson.
Details of directors\u2019 emoluments are set out in the Directors Remuneration Report
30. EVENTS SUBSEQUENT TO PERIOD END
General meeting and change of name
On 6 January 2025, the Company held a general meeting where it proposed and subsequently approved
a change of name from Graft Polymer (UK) Plc to Solvonis Therapeutics Plc.
Entry into Arrangement Agreement
On 24 February 2025, entered into an arrangement agreement with Awakn Life Sciences Corp. setting out
the basis on which the parties will cooperate to execute a transaction whereby Solvonis will acquire all
issued and outstanding common shares in the capital of Awakn all outstanding restricted share units in
the capital of Awakn and all outstanding deferred share units in the capital of Awakn by way of a Court
approved plan of arrangement under the British Columbia Business Corporations Act.
Appointment of Non-Executive Director
On 11 March 2025, the Company appointed Dr Renata Crome to the Board of Directors.
31. CONTROL
In the opinion of the Directors as at the year end and the date of these financial statements there is no
single ultimate controlling party.
1 GENERAL INFORMATION
Solvonis Therapeutics Plc (\u201cthe Company\u201d or \u201cSolvonis\u201d) was incorporated in England and Wales as a
limited company on 18 May 2017 as Graft Polymer (UK) Limited and was re-registered as a public limited
company, Graft Polymer (UK) Plc, on 1 July 2021. On 6 January 2025 the company changed its name to
Solvonis Therapeutics Plc. The Company is domiciled in England and Wales with its registered office at
Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. The Company\u2019s registered number is 10776788.
The principal activities of the Company and all of its subsidiaries collectively referred to as \u201cthe Group\u201d
are the development of intellectual property related to the treatment of mental health and substance use
disorders, and co-developing therapeutics for mental health disorders.
The consolidated financial statements (\u201cfinancial statements\u201d) were approved for issue by the Board of
Directors on 15 April 2025.
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"fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": {
"value": "2 ACCOUNTING POLICIES
IAS 8 requires that management shall use its judgement in developing and applying accounting policies
that result in information which is relevant to the economic decision-making needs of users, that are
reliable, free from bias, prudent, complete and represent faithfully the financial position, financial
performance and cash flows of the entity.
2.1 Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international accounting
standards in conformity with the Companies Act 2006.
The financial statement have been prepared under the historical cost convention unless stated otherwise.
The principal accounting policies are set out below and have, unless otherwise stated, been applied
consistently for all periods presented in these financial statements. The financial statements have been
prepared in \u00a3GBP and presented to the nearest \u00a3\u2019000.
The functional currency for each entity in the Group is determined as the currency of the primary
economic environment in which it operates. The functional currency of the Company is Pounds Sterling
(\u00a3) as this is the currency that finance was raised in.
The functional currency of the operating subsidiary in Slovenia was the Euro (\u20ac) and was the currency that
mainly influences labour, material and other costs of providing services. The presentational currency of
the Group is Pounds Sterling (\u00a3). Foreign operations were translated in accordance with the policies set
out further below in the notes at note 2.4.
The Group presents its financial statements for the year ended 31 December 2024 and presents
comparatives for the year ending 31 December 2023.
2.2 Going concern
The Directors, having made due and careful enquiry, are of the opinion that the Company and the Group
will have access to adequate working capital to execute its operations over the next 12 months.
The Directors meet monthly to discuss all matters of the Group including the liquidity of the Group and
its status as a going concern. The Directors review cashflow forecasts in conjunction with considering
other key factors such as current cash resources, cash burn rate, access to capital and sensitivity of key
inputs when assessing the financial health of the Group.
Post period end the Group announced that it had entered into an arrangement agreement with Awakn
Life Sciences Corp. setting out the basis on which the parties will cooperate to execute a transaction
whereby Solvonis will acquire all issued and outstanding common shares in the capital of Awakn, all
outstanding restricted share units in the capital of Awakn and all outstanding deferred share units in the
capital of Awakn by way of a Court approved plan of arrangement under the British Columbia Business
Corporations Act. Although the transaction will not require a cash outlay from Solvonis the Directors plan
to complete a fundraise alongside the acquisition to assist with the financing of various clinical trials the
Group plans to complete.
Currently the Group has a relatively low cash burn rate and has direct oversight over all expenses. In its
current form the Group has limited committed liabilities however should the acquisition of Awakn
complete the Board are aware that they will require additional funding to complete the desired trials. As
a result the auditors have included a material uncertainty relating to going concern within their audit
report as is common amongst \u201cpre-revenue\u201d companies. Although the Board is advanced in talks with
various brokers to facilitate funding they acknowledge that due to the uncertainty of timing and quantum
that a material uncertainty is appropriate in this instance.
After due consideration of all the factors, the Directors consider that the Group will have adequate
financial resources to continue in operational existence for the foreseeable future (being a period of at
least 12 months from the date of this report) and, for this reason, the financial statements have been
prepared on a going concern basis.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Per IFRS 10, control is
achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above. When the Company has
less than a majority of the voting rights of an investee, it considers that it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or
not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings
of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not have,
the current ability to direct the relevant activities at the time that decisions need to be made,
including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases
when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or
disposed of during the year are included in profit or loss from the date the Company gains control until
the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s
accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between the members of the Group are eliminated on consolidation.
2.4 Foreign currency translation
i. Functional and presentation currency
Items included in the financial statements for each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements is presented in \u00a3 Sterling, which is the Company\u2019s presentation and
functional currency. The individual financial statements of each of the Company\u2019s wholly owned
subsidiaries are prepared in the currency of the primary economic environment in which it operates (its
functional currency). IAS 21 The Effects of Changes in Foreign Exchange Rates requires that assets and
liabilities be translated using the exchange rate at period end, and income, expenses and cash flow items
are translated using the rate that approximates the exchange rates at the dates of the transactions (i.e.
the average rate for the period). The foreign exchange differences on translation is recognised in other
comprehensive income (loss).
ii. Transactions and balances
Transactions denominated in a foreign currency are translated into the functional currency at the
exchange rate at the date of the transaction. Assets and liabilities in foreign currencies are translated to
the functional currency at rates of exchange ruling at balance date. Gains or losses arising from settlement
of transactions and from translation at period-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement for the period.
iii. Group companies
The results and financial position of all the Group entities that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of the balance sheet;
- income and expenses for each income statement are translated at the average exchange rate;
and all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations are taken to shareholders\u2019 equity. When a foreign operation is partially disposed or sold,
exchange differences that were recorded in equity are recognised in the income statement as part of the
gain or loss on sale.
2.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision makers. The chief operating decision maker, who are responsible for allocating
resources and assessing performance of the operating segments, has been identified as the executive
Board of Directors. As the Group disposed of its Slovenian subsidiary during the year the Directors have
concluded that the Group now operates solely in the singular jurisdiction of the United Kingdom. As a
result the Company has removed the segment reporting presented in previous financial statements.
2.6 Impairment of non-financial assets
Non-financial assets and intangible assets not subject to amortisation are tested annually for impairment
at each reporting date and whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment review is based on forecasted future cash flows. If the expected discounted future cash
flow from the use of the assets and their eventual disposal is less than the carrying amount of the assets,
an impairment loss is recognised in profit or loss and not subsequently reversed.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
largely independent cash flows (cash generating units or \u2018CGUs\u2019).
2.7 Inventory
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on a first-in-first out basis. Net realisable value represents the estimated selling price for inventories less
all estimated costs of completion and costs necessary to make the sale.
2.8 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and demand deposits with banks and other
financial institutions and bank overdrafts.
2.9 Financial instruments
IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets
and liabilities.
a) Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured at amortised cost; and
\u2022 those to be measured subsequently at fair value through profit or loss.
The classification depends on the Group\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
The Group classifies financial assets as at amortised cost only if both of the following criteria are met:
\u2022 the asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 the contractual terms give rise to cash flows that are solely payment of principal and interest.
b) Recognition
Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Group
commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has transferred
substantially all the risks and rewards of ownership.
c) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or
loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses)
together with foreign exchange gains and losses. Impairment losses are presented as a separate line item
in the statement of profit or loss.
d) Impairment
The Group assesses, on a forward looking basis, the expected credit losses associated with any debt
instruments carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in credit risk. For trade receivables, the Group applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.
2.10 Leases
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the Company, the lessee\u2019s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions. In all instances the leases were discounted using the
incremental borrowing rate.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period. Right-of-use assets are measured at cost which comprises the following:
- The amount of the initial measurement of the lease liability;
- Any lease payments made at or before the commencement date less any lease incentives
received;
- Any initial direct costs; and
- Restoration costs.
Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use
asset is depreciated over the underlying asset\u2019s useful life.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
Payments associated with short-term leases (term less than 12 months) and all leases of low-value assets
(generally less than \u00a35k) are recognised on a straight-line basis as an expense in profit or loss.
2.11 Equity
Share capital is determined using the nominal value of shares that have been issued.
Share capital to be issued relates to salaries foregone by Directors and other consultants. Upon the issue
publication of a prospectus shares will be issued to compensate the necessary parties and will be allocated
amongst the share capital and share premium accounts.
The Share premium account includes any premiums received on the initial issuing of the share capital.
Any transaction costs associated with the issuing of shares are deducted from the Share premium account,
net of any related income tax benefits.
For the purposes of presenting consolidated financial statements, the assets and liabilities of group\u2019s
foreign operations are translated at the exchange rates prevailing at the balance sheet date and items of
income and expenditure are translated at the average exchange rate for the period. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Foreign Currency Reserve
within equity.
Equity-settled share-based payments are credited to a share-based payment reserve as a component of
equity until related options or warrants are exercised or lapse.
The foreign exchange reserve policy is set out in note 2.4.
Capital reduction reserve represents funds sent from the parent company to subsidiary that on the
approval of Directors was reclassified from a loan in the subsidiary to an investment.
Retained losses includes all current and prior period results as disclosed in the income statement.
2.12 Share based payments
The Group has made awards of warrants and options on its unissued share capital to certain parties in
return for services provided to the Group. The valuation of these warrants involved making a number of
critical estimates relating to price volatility, future dividend yields, expected life of the options and interest
rates. These assumptions have been integrated into the Black Scholes Option Pricing model
and the Monte
Carlo valuation model
to derive a value for any share-based payments. These assumptions are described in
more detail in note
22.
2.13 Earnings per share
The Group presents basic and diluted earnings per share data for its Ordinary Shares.
Basic earnings per Ordinary Share is calculated by dividing the profit or loss attributable to Shareholders
by the weighted average number of Ordinary Shares outstanding during the period.
Diluted earnings per Ordinary Share is calculated by adjusting the earnings and number of Ordinary Shares
for the effects of dilutive potential Ordinary Shares.
2.14 Revenue
Under IFRS 15, Revenue from Contracts with Customers, five key points to recognise revenue have been
assessed:
Step 1: Identity the contract(s) with a customer;
Step 2: Identity the performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
The Group recognises revenue when the amount of revenue can be reliably measured and it is probable
that future economic benefits will flow to the entity. Revenue is measured at the fair value of the
consideration received or receivable and represents amounts receivable for goods provided in the normal
course of business, net of discounts, VAT and other sales related taxes.
Revenue is reduced for estimated customer returns, rebates and other similar allowances. Sales of goods
are recognised when the control of the goods is transferred to the buyer at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for those goods. Control is
considered to have transferred generally on despatch as most items are sold on a cost includes freight
basis; or on delivery where Delivered Duty Paid (\u201cDDP\u201d) Incoterms are used. The normal credit terms are
30 to 60 days upon delivery. Invoices that are issued before the transfer of control has occurred are
allocated as deferred income and then recognised as revenue when the performance obligation has been
satisfied.
The Group also derives revenue from the rendering of services, whereby revenue from a contract to
provide services is recognised in the period in which the services are provided in accordance with the
stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
In arrangements where fees are invoiced ahead of revenue being recognized, deferred income is
recorded.
2.15 Taxation
Tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as
reported in the income statement because it excludes items of income and expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The liability
for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax is proved in full on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statement. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantively enacted by the balance sheet date and are expected
to apply when the related deferred income tax asset is realised of the deferred tax liability is settled.
2.16 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated
impairment losses.
When the Company acquires any plant and equipment it is stated in the accounts at its cost of acquisition
less a provision.
Depreciation is charged to write off the costs less estimated residual value of plant and equipment on a
straight basis over their estimated useful lives being:
- Plant and equipment: 5 \u2013 7 years
- Buildings and leasehold improvements: 20 years
Estimated useful lives and residual values are reviewed each year and amended as required.
2.17 Intangible assets
Intangible assets acquired are initially recognised at cost. Indefinite life intangible assets are not
amortised and are subsequently measured at cost less any impairment. The gains and losses recognised
in profit or loss arising from the derecognition of intangible assets are measured as the difference
between net disposal proceeds and the carrying amount of the intangible asset.
Intangible asset impairment reviews are undertaken annually, or more frequently if events or changes in
circumstances indicate a potential impairment. The method and useful lives of finite life intangible assets
are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for
prospectively by changing the amortisation method or period.
2.18 Investments in Subsidiaries
Investments in Group undertakings are stated at cost.
2.19 Provisions
Provisions represent liabilities of uncertain timing or amount that are recognized when an entity has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.
The provision is measured at the best estimate of the expenditure required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where the effect of the time value of money is material, the provision is discounted using a
pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, the provision is reversed.
2.20 Financial liabilities
Other financial liabilities are initially recognised at fair values less any directly attributable transaction
costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective
interest method.
2.21 Critical judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements requires management to make estimates and
judgements and form assumptions that affects the reported amounts of the assets, liabilities, revenue
and costs during the periods presented therein, and the disclosure of contingent liabilities at the date of
the financial information. Estimates and judgements are continually evaluated and based on
management\u2019s historical experience and other factors, including future expectations and events that are
believed to be reasonable.
Patents and related knowledge as an intangible asset (note 10)
The estimates and assumptions in relation to the carrying value of the know-how intangible assets are
considered to have the most significant effect on the carrying amounts of the financial statements.
Management have prepared a 5 year financial forecast ending at December 2028 which looks at the
revenue generating ability of these intangible assets. They have confidence in various networks and
contracts that the know-how will allow the Group to generate royalty and licensing revenue with relatively
low associated costs. The Directors have a high level of confidence that these contracts will ultimately
prove to be highly lucrative for the Group and support the current carrying value of the intangible assets.
The Directors do recognise that the success of the underlying product ranges related to the royalty
agreements is uncertain and hence will continue to monitor the progress of these product lines.
However as there are no current indicators the intangible assets were assessed and concluded that no
impairment charge was required.
Share based payments (Note 22)
The Group issues options and warrants to its employees, directors, investors and advisors. These are
valued in accordance with IFRS 2 \u201cShare-based payments\u201d. In calculating the related charge on issuing
shares and warrants the Group will use a variety of estimates and judgements in respect of inputs used
including share price volatility, risk free rate, and expected life. Changes to these inputs may impact the
related charge. In the period the Group did not perform any new valuations but released expenses to the
statement of other comprehensive income from valuations in prior periods.
2.22 New standards and interpretations not yet adopted
At the date of approval of these financial statements, the following standards and interpretations which
have not been applied in these financial statements were in issue but not yet effective (and in some cases
have not yet been adopted by the UK):
| Standard | Impact on initial applicati | on Effective date |
| Amendments to IAS | | |
| 21 \u2013 Lack of | | |
| Exchangeability | | |
| The amendments have been made to clarify: | |
| When a currency is exchangeable into another currency; and | |
| How a company estimates a spot rate when a currency lacks | |
| exchangeability. | |
| | 1 January 2025 |
| | (early adoption |
| | permitted) |
| | | |
| | | |
| Amendment to IFRS | | |
| 9 and IFRS 7 - | | |
| Classification and | | |
| Measurement of | | |
| Financial Instruments | | |
| These amendments: | |
| Clarify the requirements for the timing of recognition and | |
| derecognition of some financial assets and liabilities, with a new | |
| exception for some financial liabilities settled through an | |
| electronic cash transfer system; | |
| Clarify and add further guidance for assessing whether a financial | |
| asset meets the solely payments of principal and interest (SPPI) | |
| criterion; | |
| Add new disclosures for certain instruments with contractual | |
| terms that can change cash flows (such as some instruments with | |
| features linked to the achievement of environment, social and | |
| governance (ESG) targets); and | |
| Make updates to the disclosures for equity instruments | |
| designated at Fair Value through Other Comprehensive Income | |
| (FVOCI). | |
| | 1 January 2026 |
| | (early adoption |
| | permitted) |
| | |
| IFRS 18 Presentation | | |
| and Disclosure in | | |
| Financial Statements | | |
| This is the new standard on presentation and disclosure in | |
| financial statements, with a focus on updates to the statement of | |
| profit or loss. The key new concepts introduced in IFRS 18 relate | |
| to: | |
| The structure of the statement of profit or loss; | |
| Required disclosures in the financial statements for certain profit | |
| or loss performance measures that are reported outside an | |
| entity\u2019s financial statements (that is, management-defined | |
| performance measures); and | |
| Enhanced principles on aggregation and disaggregation which | |
| apply to the primary financial statements and notes in general. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
| IFRS 19 Subsidiaries | | |
| without Public | | |
| Accountability: | | |
| Disclosures | | |
| This new standard works alongside other IFRS Accounting | |
| Standards. An eligible subsidiary applies the requirements in | |
| other IFRS Accounting Standards except for the disclosure | |
| requirements and instead applies the reduced disclosure | |
| requirements in IFRS 19. IFRS 19\u2019s reduced disclosure | |
| requirements balance the information needs of the users of | |
| eligible subsidiaries\u2019 financial statements with cost savings for | |
| preparers. IFRS 19 is a voluntary standard for eligible | |
| subsidiaries. | |
| A subsidiary is eligible if: | |
| it does not have public accountability; and | |
| it has an ultimate or intermediate parent that produces | |
| consolidated financial statements available for public use that | |
| comply with IFRS Accounting Standards. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
2.23 New standards and interpretations adopted
The standards and interpretations that are relevant to the Group, effective in this financial year are listed
below. There has been no impact on the financial statements from the adoption of these standards.
| Standard | Impact on initial application | Effective date |
| Amendments to IAS 1 - | | |
| Classification of Liabilities as | | |
| current or non- current | | |
| Clarifies that the classification of liabilities as | |
| current or noncurrent should be based on rights | |
| that exist at the end of the reporting period. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 1 \u2013 | | |
| Noncurrent Liabilities with | | |
| Covenants | | |
| Clarifies that only those covenants with which an | |
| entity must comply on or before the end of the | |
| reporting period affect the classification of a | |
| liability as current or non-current. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IFRS 16 \u2013 | | |
| Lease Liability in a Sale and | | |
| Leaseback 4 | | |
| Specifies requirements relating to measuring the | |
| lease liability in a sale and leaseback transaction | |
| after the date of the transaction. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 7 and | | |
| IFRS 7 \u2013Supplier Finance | | |
| Arrangements 4 5 | | |
| Requires an entity to provide additional | |
| disclosures about its supplier finance | |
| arrangements. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D890433402_CY": {
"value": "2.1 Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international accounting
standards in conformity with the Companies Act 2006.
The financial statement have been prepared under the historical cost convention unless stated otherwise.
The principal accounting policies are set out below and have, unless otherwise stated, been applied
consistently for all periods presented in these financial statements. The financial statements have been
prepared in \u00a3GBP and presented to the nearest \u00a3\u2019000.
The functional currency for each entity in the Group is determined as the currency of the primary
economic environment in which it operates. The functional currency of the Company is Pounds Sterling
(\u00a3) as this is the currency that finance was raised in.
The functional currency of the operating subsidiary in Slovenia was the Euro (\u20ac) and was the currency that
mainly influences labour, material and other costs of providing services. The presentational currency of
the Group is Pounds Sterling (\u00a3). Foreign operations were translated in accordance with the policies set
out further below in the notes at note 2.4.
The Group presents its financial statements for the year ended 31 December 2024 and presents
comparatives for the year ending 31 December 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D2030607963_CY": {
"value": "2.2 Going concern
The Directors, having made due and careful enquiry, are of the opinion that the Company and the Group
will have access to adequate working capital to execute its operations over the next 12 months.
The Directors meet monthly to discuss all matters of the Group including the liquidity of the Group and
its status as a going concern. The Directors review cashflow forecasts in conjunction with considering
other key factors such as current cash resources, cash burn rate, access to capital and sensitivity of key
inputs when assessing the financial health of the Group.
Post period end the Group announced that it had entered into an arrangement agreement with Awakn
Life Sciences Corp. setting out the basis on which the parties will cooperate to execute a transaction
whereby Solvonis will acquire all issued and outstanding common shares in the capital of Awakn, all
outstanding restricted share units in the capital of Awakn and all outstanding deferred share units in the
capital of Awakn by way of a Court approved plan of arrangement under the British Columbia Business
Corporations Act. Although the transaction will not require a cash outlay from Solvonis the Directors plan
to complete a fundraise alongside the acquisition to assist with the financing of various clinical trials the
Group plans to complete.
Currently the Group has a relatively low cash burn rate and has direct oversight over all expenses. In its
current form the Group has limited committed liabilities however should the acquisition of Awakn
complete the Board are aware that they will require additional funding to complete the desired trials. As
a result the auditors have included a material uncertainty relating to going concern within their audit
report as is common amongst \u201cpre-revenue\u201d companies. Although the Board is advanced in talks with
various brokers to facilitate funding they acknowledge that due to the uncertainty of timing and quantum
that a material uncertainty is appropriate in this instance.
After due consideration of all the factors, the Directors consider that the Group will have adequate
financial resources to continue in operational existence for the foreseeable future (being a period of at
least 12 months from the date of this report) and, for this reason, the financial statements have been
prepared on a going concern basis.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D1178736900_CY": {
"value": "2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. Per IFRS 10, control is
achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above. When the Company has
less than a majority of the voting rights of an investee, it considers that it has power over the investee
when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the
investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or
not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings
of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not have,
the current ability to direct the relevant activities at the time that decisions need to be made,
including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases
when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or
disposed of during the year are included in profit or loss from the date the Company gains control until
the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s
accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions
between the members of the Group are eliminated on consolidation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D1423596071_CY": {
"value": "2.4 Foreign currency translation
i. Functional and presentation currency
Items included in the financial statements for each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements is presented in \u00a3 Sterling, which is the Company\u2019s presentation and
functional currency. The individual financial statements of each of the Company\u2019s wholly owned
subsidiaries are prepared in the currency of the primary economic environment in which it operates (its
functional currency). IAS 21 The Effects of Changes in Foreign Exchange Rates requires that assets and
liabilities be translated using the exchange rate at period end, and income, expenses and cash flow items
are translated using the rate that approximates the exchange rates at the dates of the transactions (i.e.
the average rate for the period). The foreign exchange differences on translation is recognised in other
comprehensive income (loss).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D510695569_CY": {
"value": "2.4 Foreign currency translation
i. Functional and presentation currency
Items included in the financial statements for each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The consolidated financial statements is presented in \u00a3 Sterling, which is the Company\u2019s presentation and
functional currency. The individual financial statements of each of the Company\u2019s wholly owned
subsidiaries are prepared in the currency of the primary economic environment in which it operates (its
functional currency). IAS 21 The Effects of Changes in Foreign Exchange Rates requires that assets and
liabilities be translated using the exchange rate at period end, and income, expenses and cash flow items
are translated using the rate that approximates the exchange rates at the dates of the transactions (i.e.
the average rate for the period). The foreign exchange differences on translation is recognised in other
comprehensive income (loss).
ii. Transactions and balances
Transactions denominated in a foreign currency are translated into the functional currency at the
exchange rate at the date of the transaction. Assets and liabilities in foreign currencies are translated to
the functional currency at rates of exchange ruling at balance date. Gains or losses arising from settlement
of transactions and from translation at period-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the income statement for the period.
iii. Group companies
The results and financial position of all the Group entities that have a functional currency different from
the presentation currency are translated into the presentation currency as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of the balance sheet;
- income and expenses for each income statement are translated at the average exchange rate;
and all resulting exchange differences are recognised as a separate component of equity.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations are taken to shareholders\u2019 equity. When a foreign operation is partially disposed or sold,
exchange differences that were recorded in equity are recognised in the income statement as part of the
gain or loss on sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_D1092290001_CY": {
"value": "2.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision makers. The chief operating decision maker, who are responsible for allocating
resources and assessing performance of the operating segments, has been identified as the executive
Board of Directors. As the Group disposed of its Slovenian subsidiary during the year the Directors have
concluded that the Group now operates solely in the singular jurisdiction of the United Kingdom. As a
result the Company has removed the segment reporting presented in previous financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_D1690014692_CY": {
"value": "2.6 Impairment of non-financial assets
Non-financial assets and intangible assets not subject to amortisation are tested annually for impairment
at each reporting date and whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment review is based on forecasted future cash flows. If the expected discounted future cash
flow from the use of the assets and their eventual disposal is less than the carrying amount of the assets,
an impairment loss is recognised in profit or loss and not subsequently reversed.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are
largely independent cash flows (cash generating units or \u2018CGUs\u2019).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_D1531057095_CY": {
"value": "2.7 Inventory
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined
on a first-in-first out basis. Net realisable value represents the estimated selling price for inventories less
all estimated costs of completion and costs necessary to make the sale.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_D1419115184_CY": {
"value": "2.8 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and demand deposits with banks and other
financial institutions and bank overdrafts.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_D40211072_CY": {
"value": "2.9 Financial instruments
IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets
and liabilities.
a) Classification
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured at amortised cost; and
\u2022 those to be measured subsequently at fair value through profit or loss.
The classification depends on the Group\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
The Group classifies financial assets as at amortised cost only if both of the following criteria are met:
\u2022 the asset is held within a business model whose objective is to collect contractual cash flows; and
\u2022 the contractual terms give rise to cash flows that are solely payment of principal and interest.
b) Recognition
Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Group
commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been transferred and the Group has transferred
substantially all the risks and rewards of ownership.
c) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the
acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or
loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses)
together with foreign exchange gains and losses. Impairment losses are presented as a separate line item
in the statement of profit or loss.
d) Impairment
The Group assesses, on a forward looking basis, the expected credit losses associated with any debt
instruments carried at amortised cost. The impairment methodology applied depends on whether there
has been a significant increase in credit risk. For trade receivables, the Group applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial
recognition of the receivables.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_D1916340447_CY": {
"value": "2.10 Leases
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case for leases in the Company, the lessee\u2019s incremental
borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment
with similar terms, security and conditions. In all instances the leases were discounted using the
incremental borrowing rate.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period. Right-of-use assets are measured at cost which comprises the following:
- The amount of the initial measurement of the lease liability;
- Any lease payments made at or before the commencement date less any lease incentives
received;
- Any initial direct costs; and
- Restoration costs.
Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use
asset is depreciated over the underlying asset\u2019s useful life.
Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liability.
Payments associated with short-term leases (term less than 12 months) and all leases of low-value assets
(generally less than \u00a35k) are recognised on a straight-line basis as an expense in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_D2127636639_CY": {
"value": "2.11 Equity
Share capital is determined using the nominal value of shares that have been issued.
Share capital to be issued relates to salaries foregone by Directors and other consultants. Upon the issue
publication of a prospectus shares will be issued to compensate the necessary parties and will be allocated
amongst the share capital and share premium accounts.
The Share premium account includes any premiums received on the initial issuing of the share capital.
Any transaction costs associated with the issuing of shares are deducted from the Share premium account,
net of any related income tax benefits.
For the purposes of presenting consolidated financial statements, the assets and liabilities of group\u2019s
foreign operations are translated at the exchange rates prevailing at the balance sheet date and items of
income and expenditure are translated at the average exchange rate for the period. Exchange differences
arising are recognised in other comprehensive income and accumulated in the Foreign Currency Reserve
within equity.
Equity-settled share-based payments are credited to a share-based payment reserve as a component of
equity until related options or warrants are exercised or lapse.
The foreign exchange reserve policy is set out in note 2.4.
Capital reduction reserve represents funds sent from the parent company to subsidiary that on the
approval of Directors was reclassified from a loan in the subsidiary to an investment.
Retained losses includes all current and prior period results as disclosed in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_D165644466_CY": {
"value": "2.12 Share based payments
The Group has made awards of warrants and options on its unissued share capital to certain parties in
return for services provided to the Group. The valuation of these warrants involved making a number of
critical estimates relating to price volatility, future dividend yields, expected life of the options and interest
rates. These assumptions have been integrated into the Black Scholes Option Pricing model
and the Monte
Carlo valuation model
to derive a value for any share-based payments. These assumptions are described in
more detail in note
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_D393463850_CY": {
"value": "2.13 Earnings per share
The Group presents basic and diluted earnings per share data for its Ordinary Shares.
Basic earnings per Ordinary Share is calculated by dividing the profit or loss attributable to Shareholders
by the weighted average number of Ordinary Shares outstanding during the period.
Diluted earnings per Ordinary Share is calculated by adjusting the earnings and number of Ordinary Shares
for the effects of dilutive potential Ordinary Shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D1185383115_CY": {
"value": "2.14 Revenue
Under IFRS 15, Revenue from Contracts with Customers, five key points to recognise revenue have been
assessed:
Step 1: Identity the contract(s) with a customer;
Step 2: Identity the performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
The Group recognises revenue when the amount of revenue can be reliably measured and it is probable
that future economic benefits will flow to the entity. Revenue is measured at the fair value of the
consideration received or receivable and represents amounts receivable for goods provided in the normal
course of business, net of discounts, VAT and other sales related taxes.
Revenue is reduced for estimated customer returns, rebates and other similar allowances. Sales of goods
are recognised when the control of the goods is transferred to the buyer at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for those goods. Control is
considered to have transferred generally on despatch as most items are sold on a cost includes freight
basis; or on delivery where Delivered Duty Paid (\u201cDDP\u201d) Incoterms are used. The normal credit terms are
30 to 60 days upon delivery. Invoices that are issued before the transfer of control has occurred are
allocated as deferred income and then recognised as revenue when the performance obligation has been
satisfied.
The Group also derives revenue from the rendering of services, whereby revenue from a contract to
provide services is recognised in the period in which the services are provided in accordance with the
stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
In arrangements where fees are invoiced ahead of revenue being recognized, deferred income is
recorded.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D691638650_CY": {
"value": "2.15 Taxation
Tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as
reported in the income statement because it excludes items of income and expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The liability
for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax is proved in full on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statement. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantively enacted by the balance sheet date and are expected
to apply when the related deferred income tax asset is realised of the deferred tax liability is settled.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D771798364_CY": {
"value": "Deferred tax is proved in full on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statement. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantively enacted by the balance sheet date and are expected
to apply when the related deferred income tax asset is realised of the deferred tax liability is settled.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_D1804499143_CY": {
"value": "2.16 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated
impairment losses.
When the Company acquires any plant and equipment it is stated in the accounts at its cost of acquisition
less a provision.
Depreciation is charged to write off the costs less estimated residual value of plant and equipment on a
straight basis over their estimated useful lives being:
- Plant and equipment: 5 \u2013 7 years
- Buildings and leasehold improvements: 20 years
Estimated useful lives and residual values are reviewed each year and amended as required.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_D1444256039_CY": {
"value": "2.17 Intangible assets
Intangible assets acquired are initially recognised at cost. Indefinite life intangible assets are not
amortised and are subsequently measured at cost less any impairment. The gains and losses recognised
in profit or loss arising from the derecognition of intangible assets are measured as the difference
between net disposal proceeds and the carrying amount of the intangible asset.
Intangible asset impairment reviews are undertaken annually, or more frequently if events or changes in
circumstances indicate a potential impairment. The method and useful lives of finite life intangible assets
are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for
prospectively by changing the amortisation method or period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_D1532007309_CY": {
"value": "2.18 Investments in Subsidiaries
Investments in Group undertakings are stated at cost.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_D324112869_CY": {
"value": "2.19 Provisions
Provisions represent liabilities of uncertain timing or amount that are recognized when an entity has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.
The provision is measured at the best estimate of the expenditure required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. Where the effect of the time value of money is material, the provision is discounted using a
pre-tax rate that reflects current market assessments of the time value of money and, where appropriate,
the risks specific to the liability.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best
estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be
required to settle the obligation, the provision is reversed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_D1240269925_CY": {
"value": "2.20 Financial liabilities
Other financial liabilities are initially recognised at fair values less any directly attributable transaction
costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective
interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D1885397560_CY": {
"value": "2.21 Critical judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements requires management to make estimates and
judgements and form assumptions that affects the reported amounts of the assets, liabilities, revenue
and costs during the periods presented therein, and the disclosure of contingent liabilities at the date of
the financial information. Estimates and judgements are continually evaluated and based on
management\u2019s historical experience and other factors, including future expectations and events that are
believed to be reasonable.
Patents and related knowledge as an intangible asset (note 10)
The estimates and assumptions in relation to the carrying value of the know-how intangible assets are
considered to have the most significant effect on the carrying amounts of the financial statements.
Management have prepared a 5 year financial forecast ending at December 2028 which looks at the
revenue generating ability of these intangible assets. They have confidence in various networks and
contracts that the know-how will allow the Group to generate royalty and licensing revenue with relatively
low associated costs. The Directors have a high level of confidence that these contracts will ultimately
prove to be highly lucrative for the Group and support the current carrying value of the intangible assets.
The Directors do recognise that the success of the underlying product ranges related to the royalty
agreements is uncertain and hence will continue to monitor the progress of these product lines.
However as there are no current indicators the intangible assets were assessed and concluded that no
impairment charge was required.
Share based payments (Note 22)
The Group issues options and warrants to its employees, directors, investors and advisors. These are
valued in accordance with IFRS 2 \u201cShare-based payments\u201d. In calculating the related charge on issuing
shares and warrants the Group will use a variety of estimates and judgements in respect of inputs used
including share price volatility, risk free rate, and expected life. Changes to these inputs may impact the
related charge. In the period the Group did not perform any new valuations but released expenses to the
statement of other comprehensive income from valuations in prior periods.
2.22 New standards and interpretations not yet adopted
At the date of approval of these financial statements, the following standards and interpretations which
have not been applied in these financial statements were in issue but not yet effective (and in some cases
have not yet been adopted by the UK):
| Standard | Impact on initial applicati | on Effective date |
| Amendments to IAS | | |
| 21 \u2013 Lack of | | |
| Exchangeability | | |
| The amendments have been made to clarify: | |
| When a currency is exchangeable into another currency; and | |
| How a company estimates a spot rate when a currency lacks | |
| exchangeability. | |
| | 1 January 2025 |
| | (early adoption |
| | permitted) |
| | | |
| | | |
| Amendment to IFRS | | |
| 9 and IFRS 7 - | | |
| Classification and | | |
| Measurement of | | |
| Financial Instruments | | |
| These amendments: | |
| Clarify the requirements for the timing of recognition and | |
| derecognition of some financial assets and liabilities, with a new | |
| exception for some financial liabilities settled through an | |
| electronic cash transfer system; | |
| Clarify and add further guidance for assessing whether a financial | |
| asset meets the solely payments of principal and interest (SPPI) | |
| criterion; | |
| Add new disclosures for certain instruments with contractual | |
| terms that can change cash flows (such as some instruments with | |
| features linked to the achievement of environment, social and | |
| governance (ESG) targets); and | |
| Make updates to the disclosures for equity instruments | |
| designated at Fair Value through Other Comprehensive Income | |
| (FVOCI). | |
| | 1 January 2026 |
| | (early adoption |
| | permitted) |
| | |
| IFRS 18 Presentation | | |
| and Disclosure in | | |
| Financial Statements | | |
| This is the new standard on presentation and disclosure in | |
| financial statements, with a focus on updates to the statement of | |
| profit or loss. The key new concepts introduced in IFRS 18 relate | |
| to: | |
| The structure of the statement of profit or loss; | |
| Required disclosures in the financial statements for certain profit | |
| or loss performance measures that are reported outside an | |
| entity\u2019s financial statements (that is, management-defined | |
| performance measures); and | |
| Enhanced principles on aggregation and disaggregation which | |
| apply to the primary financial statements and notes in general. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
| IFRS 19 Subsidiaries | | |
| without Public | | |
| Accountability: | | |
| Disclosures | | |
| This new standard works alongside other IFRS Accounting | |
| Standards. An eligible subsidiary applies the requirements in | |
| other IFRS Accounting Standards except for the disclosure | |
| requirements and instead applies the reduced disclosure | |
| requirements in IFRS 19. IFRS 19\u2019s reduced disclosure | |
| requirements balance the information needs of the users of | |
| eligible subsidiaries\u2019 financial statements with cost savings for | |
| preparers. IFRS 19 is a voluntary standard for eligible | |
| subsidiaries. | |
| A subsidiary is eligible if: | |
| it does not have public accountability; and | |
| it has an ultimate or intermediate parent that produces | |
| consolidated financial statements available for public use that | |
| comply with IFRS Accounting Standards. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
2.23 New standards and interpretations adopted
The standards and interpretations that are relevant to the Group, effective in this financial year are listed
below. There has been no impact on the financial statements from the adoption of these standards.
| Standard | Impact on initial application | Effective date |
| Amendments to IAS 1 - | | |
| Classification of Liabilities as | | |
| current or non- current | | |
| Clarifies that the classification of liabilities as | |
| current or noncurrent should be based on rights | |
| that exist at the end of the reporting period. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 1 \u2013 | | |
| Noncurrent Liabilities with | | |
| Covenants | | |
| Clarifies that only those covenants with which an | |
| entity must comply on or before the end of the | |
| reporting period affect the classification of a | |
| liability as current or non-current. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IFRS 16 \u2013 | | |
| Lease Liability in a Sale and | | |
| Leaseback 4 | | |
| Specifies requirements relating to measuring the | |
| lease liability in a sale and leaseback transaction | |
| after the date of the transaction. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 7 and | | |
| IFRS 7 \u2013Supplier Finance | | |
| Arrangements 4 5 | | |
| Requires an entity to provide additional | |
| disclosures about its supplier finance | |
| arrangements. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D626208839_CY": {
"value": "2.22 New standards and interpretations not yet adopted
At the date of approval of these financial statements, the following standards and interpretations which
have not been applied in these financial statements were in issue but not yet effective (and in some cases
have not yet been adopted by the UK):
| Standard | Impact on initial applicati | on Effective date |
| Amendments to IAS | | |
| 21 \u2013 Lack of | | |
| Exchangeability | | |
| The amendments have been made to clarify: | |
| When a currency is exchangeable into another currency; and | |
| How a company estimates a spot rate when a currency lacks | |
| exchangeability. | |
| | 1 January 2025 |
| | (early adoption |
| | permitted) |
| | | |
| | | |
| Amendment to IFRS | | |
| 9 and IFRS 7 - | | |
| Classification and | | |
| Measurement of | | |
| Financial Instruments | | |
| These amendments: | |
| Clarify the requirements for the timing of recognition and | |
| derecognition of some financial assets and liabilities, with a new | |
| exception for some financial liabilities settled through an | |
| electronic cash transfer system; | |
| Clarify and add further guidance for assessing whether a financial | |
| asset meets the solely payments of principal and interest (SPPI) | |
| criterion; | |
| Add new disclosures for certain instruments with contractual | |
| terms that can change cash flows (such as some instruments with | |
| features linked to the achievement of environment, social and | |
| governance (ESG) targets); and | |
| Make updates to the disclosures for equity instruments | |
| designated at Fair Value through Other Comprehensive Income | |
| (FVOCI). | |
| | 1 January 2026 |
| | (early adoption |
| | permitted) |
| | |
| IFRS 18 Presentation | | |
| and Disclosure in | | |
| Financial Statements | | |
| This is the new standard on presentation and disclosure in | |
| financial statements, with a focus on updates to the statement of | |
| profit or loss. The key new concepts introduced in IFRS 18 relate | |
| to: | |
| The structure of the statement of profit or loss; | |
| Required disclosures in the financial statements for certain profit | |
| or loss performance measures that are reported outside an | |
| entity\u2019s financial statements (that is, management-defined | |
| performance measures); and | |
| Enhanced principles on aggregation and disaggregation which | |
| apply to the primary financial statements and notes in general. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
| IFRS 19 Subsidiaries | | |
| without Public | | |
| Accountability: | | |
| Disclosures | | |
| This new standard works alongside other IFRS Accounting | |
| Standards. An eligible subsidiary applies the requirements in | |
| other IFRS Accounting Standards except for the disclosure | |
| requirements and instead applies the reduced disclosure | |
| requirements in IFRS 19. IFRS 19\u2019s reduced disclosure | |
| requirements balance the information needs of the users of | |
| eligible subsidiaries\u2019 financial statements with cost savings for | |
| preparers. IFRS 19 is a voluntary standard for eligible | |
| subsidiaries. | |
| A subsidiary is eligible if: | |
| it does not have public accountability; and | |
| it has an ultimate or intermediate parent that produces | |
| consolidated financial statements available for public use that | |
| comply with IFRS Accounting Standards. | |
| | 1 January 2027 |
| | (early adoption |
| | permitted) |
2.23 New standards and interpretations adopted
The standards and interpretations that are relevant to the Group, effective in this financial year are listed
below. There has been no impact on the financial statements from the adoption of these standards.
| Standard | Impact on initial application | Effective date |
| Amendments to IAS 1 - | | |
| Classification of Liabilities as | | |
| current or non- current | | |
| Clarifies that the classification of liabilities as | |
| current or noncurrent should be based on rights | |
| that exist at the end of the reporting period. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 1 \u2013 | | |
| Noncurrent Liabilities with | | |
| Covenants | | |
| Clarifies that only those covenants with which an | |
| entity must comply on or before the end of the | |
| reporting period affect the classification of a | |
| liability as current or non-current. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IFRS 16 \u2013 | | |
| Lease Liability in a Sale and | | |
| Leaseback 4 | | |
| Specifies requirements relating to measuring the | |
| lease liability in a sale and leaseback transaction | |
| after the date of the transaction. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
| Amendments to IAS 7 and | | |
| IFRS 7 \u2013Supplier Finance | | |
| Arrangements 4 5 | | |
| Requires an entity to provide additional | |
| disclosures about its supplier finance | |
| arrangements. | |
| | Annual periods beginning on |
| | or after 1 January 2024 |
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_D132937822_CY": {
"value": "3. SEGMENT REPORTING
The Chief Operating Decision Makers are the Board of Directors. The Board reviews the Group\u2019s internal
reporting in order to assess the performance of the Group. Management has determined the operating
segments based on the reports reviewed by the Board and post the disposal of the Slovenian subsidiary
have determined that the Group now operates solely in the United Kingdom and henceforth have not
presented geographical segmental reporting.
Due to the disposal of the Slovenian operations on 2 May 2024, the contributions from the Slovenian
operating segment are not reported in the loss from continuing operations in the statement of
comprehensive income. For details of the contribution of the Slovenian operatisons during the period up
until the point of disposal, refer to Note 23.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRevenueExplanatory_D849982008_CY": {
"value": "4. REVENUE
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Product Sales Revenue | | |
| Slovenia | - | 5 |
| Europe | - | 355 |
| Rest of the world | - | 66 |
| | - | 426 |
| Services Sales Revenue | | |
| Slovenia | - | 161 |
| | - | 161 |
| Total Sales Revenue | - | 587 |
For details of the revenue from the Slovenian operations during the period up until the point of disposal,
refer to Note 23.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfExpensesByNatureExplanatory_D1634810340_CY": {
"value": "5. OPERATING COSTS AND ADMINISTRATIVE EXPENDITURE
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended |
| | 31 Dec 2023 |
| | \u00a3\u2019000 |
| Operating costs | | |
| Depreciation | - | (179) |
| Operational costs | (41) | (213) |
| | (41) | (392) |
| Administrative costs | | |
| Directors remuneration | (354) | (754) |
| Salary and wages | - | (276) |
| Professional and consulting fees | (704) | (389) |
| Travel expenses | (12) | (21) |
| Foreign exchange | - | (69) |
| Other expenses | (80) | (267) |
| Share based payments | (317) | (369) |
| | (1,467) | (2,145) |
A reconciliation of the amounts from the statement of profit or loss to the amounts reported in the
Directors\u2019 Remuneration Report are detailed below:
| Director | | | |
| Total \u2013 Directors | | |
| Remuneration | | |
| Report | | |
| \u00a3\u2019000 | | |
| | Fees accrued in | |
| | prior period | |
| | Settled in shares | |
| | \u00a3\u2019000 | |
| | | 31 Dec 2024 |
| | | Statement of Profit |
| | | or Loss |
| | | \u00a3\u2019000 |
| Anthony Tennyson | 54 | - | 54 |
| Nicholas Nelson | 29 | - | 29 |
| Dennis Purcell | 13 | - | 13 |
| Roby Zomer | 67 | (36) | 31 |
| Victor Bolduev | 144 | (50) | 94 |
| Pavel Kobzev | 66 | (30) | 36 |
| Alex Brooks | 17 | (9) | 8 |
| Yifat Steuer | 128 | (39) | 89 |
| | | | |
| 518 | (164) | 354 |
On average, excluding directors, the Group employed 3 persons in the 2024 year (31 December 2023: 7)
The highest paid director received remuneration of approximately \u00a3144,000 (31 December 2023:
\u00a3224,000).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_D1267644416_CY": {
"value": "6. AUDITORS REMUNERATION
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Fees payable to the Group\u2019s auditor for the audit of parent | | |
| company and consolidated financial statements | | |
| (35) | (50) |
| | (35) | (50) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinanceCostExplanatory_D331858948_CY": {
"value": "7. FINANCE COSTS
| Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| Finance charge on leased assets | - | (3) |
| Interest on convertible loan | (64) | - |
| Finance costs | (64) | (3) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_D1460968238_CY": {
"value": "8. TAXATION
No liability to income taxes arise in the period.
The current tax for the year differs from the loss before tax at a standard rate of corporation tax in the
UK. A reconciliation of the tax charge is detailed below:
| | Year ended 31 | |
| Dec 2024 | |
| \u00a3\u2019000 | |
| | Year ended 31 |
| | Dec 2023 |
| | \u00a3\u2019000 |
| The charge for year is made up as follows: | | |
| Corporation tax on the results for the year | - | - |
| A reconciliation of the tax charge appearing in the income | | |
| statement to the tax that would result from applying the | | |
| standard rate of tax to the results for the year is: | | |
| | | |
| | | |
| Loss per the financial statements | (1,447) | (3,120) |
| Tax credit at the weighted average of the standard rate | | |
| of corporation tax in UK of 25% - (31 Dec 2023: 25%) | | |
| Non-deductible expenses | | |
| | | |
| (362) | |
| | |
| 79 | |
| | (592) |
| | |
| | 234 |
| | | |
| Current year losses for which no deferred tax asset is | | |
| recognised | | |
| | | |
| (283) | (358) |
| Income tax charge for the year | - | - |
Deferred tax assets carried forward have not been recognised in the accounts because there is currently
insufficient evidence of the timing of suitable future taxable profits against which they can be recovered.
The accumulated tax losses are estimated to amount to approximately \u00a33.086m (31 Dec 2023: \u00a31.958m)
and the carried forward deferred tax asset is estimated to amount to approximately \u00a30.770m.
No deferred tax assets in respect of tax losses have not been recognised in the accounts because there is
currently insufficient evidence of the timing of suitable future taxable profits against which they can be
recovered.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_D1646459712_CY": {
"value": "9. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for
the year by the weighted average number of ordinary shares in issue during the period.
| | Year ended 31 | |
| Dec 2024 | |
| | Year ended 31 |
| | Dec 2023 |
| Loss for the year/period from continuing operations \u2013 \u00a3\u2018000 | (1,447) | (3,120) |
| Weighted number of ordinary shares in issue | 1,156,732,090 | 104,057,299 |
| Basic earnings per share from continuing operations \u2013 | | |
| pence | (0.125) | (3.00) |
There is no difference between the diluted loss per share and the basic loss per share presented. Share
options and warrants could potentially dilute basic earnings per share in the future but were not included
in the calculation of diluted earnings per share as they are anti-dilutive for the year presented.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_D398772342_CY": {
"value": "10. INTANGIBLE ASSETS
| Group and Company | |
| |
| \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 2,068 |
| Additions | - |
| Impairment | - |
| At 31 December 2023 | 2,068 |
| Additions | 20 |
| Impairment | - |
| At 31 December 2024 | 2,088 |
In 2018, 22,500,000 shares were issued to founding director Victor Bolduev as consideration for the
ownership rights of multiple patents that were transferred to the Group. Since the acquisition of the
patents in 2018 the Group has taken strides towards realising their commercial potential particularly by
implementing commercial royalty agreements.
The Group has continued to apply for patents in the 2024 year and has also added key human resources
to aid the monetisation of the patents in the Group.
The Directors believe that the combined knowledge embedded in the business surrounding drug delivery
systems and small molecule therapeutics for substance use and mental health disorders between the
Company and Awakn (Note 11) will enable the development of innovative therapeutics for the large
addressable market for trauma related mental health disorders in the US and key international markets.
In line with International Accounting Standard 36 (IAS 36), the Directors have undertaken a formal
assessment of these intangible assets to discern whether they are impaired.
The Directors have given due consideration to both financial and non-financial indicators and believe that
the overall intellectual property of the Group is in a strong position. As a result they do not believe that
any indicators of impairment exist and hence have not processed any impairment in the accounts.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory_E101_CY": {
"value": "11. OTHER NON-CURRENT ASSESTS
| Group and Company | | |
| Group | |
| \u00a3\u2019000 | |
| | Company |
| | \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 13 | - |
| Additions | - | - |
| Impairment | - | - |
| At 31 December 2023 | 13 | - |
| Additions | 300 | 300 |
| Impairment | (13) | - |
| At 31 December 2024 | 300 | 300 |
In July 2024, the Company entered into partnership with Awakn Life Sciences (\u201cAwakn\u201d), a Canadian
clinical stage biotechnology company developing therapeutics for addiction and mental health, to co-
develop a new generation of therapeutics for the treatment of trauma related mental health disorders
such as Post-Traumatic Stress Disorder (\u201cPTSD\u201d), moving the Company into field of biotechnology
research and development of therapeutics for the treatment of mental health conditions. The agreement
included a \u00a3300,000 payment to Awakn to assist with the continuation of various clinical trials.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLeasesExplanatory_D1156818922_CY": {
"value": "12. LEASES
| Group | | |
| | |
| | |
| | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Right-of-use assets | | |
| Motor vehicles | - | 39 |
| | - | 39 |
| Lease liabilities | | |
| Current | - | 12 |
| Non-current | - | 22 |
| | - | 34 |
Right of use assets
A reconciliation of the carrying amount of the right-of-use asset is as follows:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Motor vehicles | | |
| Opening balance | 39 | 27 |
| Additions | - | 24 |
| Amortisation | - | (12) |
| Disposal of subsidiary | (39) | - |
| | - | 39 |
Lease liabilities
A reconciliation of the carrying amount of the lease liabilities is as follows:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| 31 Dec |
| 2023 |
| \u00a3\u2019000 |
| Opening balance | 34 | 22 |
| Additions | - | 25 |
| Finance charge | - | 3 |
| Repayments | - | (16) |
| Disposal of subsidiary | (34) | - |
| | - | 34 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_D1829705343_CY": {
"value": "13. PROPERTY, PLANT AND EQUIPMENT
| Group | | | |
| | | | |
| | | | |
| | | | |
| Leasehold | | |
| improvements | | |
| \u00a3\u2019000 | | |
| | Plant & | |
| | Equipment | |
| | \u00a3\u2019000 | |
| | | |
| | | |
| | | Total |
| | | \u00a3\u2019000 |
| Cost | | | |
| At 1 January 2023 | 89 | 937 | 1,026 |
| Additions | 15 | 201 | 216 |
| Disposals | - | (27) | (27) |
| Impairment | (107) | (1,117) | (1,224) |
| Exchange impact | 3 | 6 | 9 |
| At 31 December 2023 | - | - | - |
| Additions | - | - | - |
| Disposals | - | - | - |
| Impairment | - | - | - |
| Exchange impact | - | - | - |
| At 31 December 2024 | - | - | - |
| Depreciation | | | |
| At 1 January 2023 | (29) | (323) | (352) |
| Charge for the period | (11) | (143) | (154) |
| Disposals | - | 6 | 6 |
| Impairment | 40 | 463 | 503 |
| Exchange impact | - | (3) | (3) |
| At 31 December 2023 | - | - | - |
| Charge for the year | - | - | - |
| Disposals | - | - | - |
| Impairment | - | - | - |
| Exchange impact | - | - | - |
| At 31 December 2024 | - | - | - |
| | | | |
| Net book value at 31 December 2023 | - | - | - |
| Net book value at 31 December 2024 | - | - | - |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInventoriesExplanatory_D994976333_CY": {
"value": "14. INVENTORY
| Group | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Raw materials | - | 51 |
| Finished goods | - | - |
| | - | 51 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_D1292901348_CY": {
"value": "15. INVESTMENTS
| Company | |
| |
| \u00a3\u2019000 |
| Cost and carrying value \u2013 1 January 2023 | 1,304 |
| Additions | - |
| Impairment | (1,304) |
| At 31 December 2023 | - |
| At 31 December 2024 | - |
*Immaterial investment in Graft Polymer IP Limited & GraftBio Limited of \u00a31 each
Investments in subsidiary with a cost value of \u00a31.304m (2023: \u00a31.304m) and accrued impairments of
\u00a31.304m (2023: \u00a31.304m) related to the investment in Graft Polymer D.o.o which was a wholly owned
subsidiary operating out of Slovenia. On 2 May 2024, the company disposed of this subsidiary for \u00a31.
Company subsidiary undertakings
At year end the Group owned interests in the following subsidiary undertakings, which are included in the
consolidated financial statements:
| Name | Business Activity | | | |
| | Country of | | |
| | Incorporation | | |
| | | Registered Address | Percentage Holding |
| Graft Polymer IP Limited | | | | |
| Intellectual | | | |
| property | | | |
| | England and | | |
| | Wales | | |
| | | Eccleston Yards, 25 | |
| | | Eccleston Place, | |
| | | London, SW1W 9NF | |
| | | | 100% |
| GRAFTBIO Limited | | | | |
| Bio-Polymer | | | |
| development and | | | |
| production | | | |
| | England and | | |
| | Wales | | |
| | | Eccleston Yards, 25 | |
| | | Eccleston Place, | |
| | | London, SW1W 9NF | |
| | | | 100% |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_D752764074_CY": {
"value": "16. TRADE AND OTHER RECEIVABLES
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade receivables | - | 65 |
| Other taxes and social security | 30 | 16 |
| Prepayments | 22 | 21 |
| Other receivables | 6 | 6 |
| | 58 | 108 |
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following
currencies:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| UK Pounds | 57 | 30 |
| Euros | - | 78 |
| | 57 | 108 |
The Expected Credit Loss Model under IFRS 9 has not been applied to receivables due to this being
inappropriate for the above receivables.
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Other taxes and social security | 30 | 4 |
| Prepayments | 22 | 21 |
| Other receivables | 5 | 6 |
| | 57 | 31 |
As at 31 December 2024 all trade and other receivables were fully performing and hence no provision has
been processed. Trade receivables have the following aging:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Current | | |
| | 58 | 31 |
| 1 \u2013 3 months | | |
| | - | - |
| 3 \u2013 6 months | | |
| | - | - |
| | | |
| | | |
| 58 | 31 |
The Expected Credit Loss Model under IFRS 9 has not been applied to receivables due to this being
inappropriate for the above receivables.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D1402310765_CY": {
"value": "17. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand and short term deposits held with banks with a A-1+
rating. The carrying value of these approximates to their fair value. Cash and cash equivalents included in
the cash flow statement comprise the following balance sheet amounts.
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 155 |
| | 757 | 155 |
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 12 |
| | 757 | 12 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_D1168478089_CY": {
"value": "18. TRADE AND OTHER PAYABLES
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade payables | 83 | 159 |
| Accruals | 36 | 68 |
| VAT payable | - | 22 |
| | 119 | 249 |
| COMPANY | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Trade payables | 83 | 66 |
| Accruals | 36 | 51 |
| | 119 | 117 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBorrowingsExplanatory_E14_CY": {
"value": "19. LOAN NOTE
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Opening balance | - | - |
| Principal drawn down | 200 | - |
| Interest charged | 64 | - |
| Principal repaid | | |
| | | |
| (264) | - |
On 15 March 2024, the Company entered into a \u00a3100,000 working capital loan facility, which was
subsequently increased by a further \u00a3100,000 in April 2024. The facility has been drawn down in full and
attracts an interest rate of 10% per month. The loan was repayable on demand, together with
accumulated interest which was settled in July 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfProvisionsExplanatory_D1413139590_CY": {
"value": "20. PROVISIONS
| GROUP | | |
| | | |
| | | |
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| HMRC obligations | - | 32 |
| | - | 32 |
In the 2023 reporting year Directors and other senior management waived fees owed to them with the
intention of having shares issued at a later date. Transactions such as these have the potential to attract
payroll and other taxes depending on the specific circumstances of the individual to which they apply.
Due to the timing and uncertainty the Company provided for them in the 2023 year and have been settled
during the current year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_D672785231_CY": {
"value": "21. SHARE CAPITAL
Change in issued Share Capital and Share Premium:
| Number of | | | |
| shares | | | |
| | Share | | |
| | capital | | |
| | | Share | |
| | | premium | Total |
| Ordinary shares | | | | |
| | | | | |
| | | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Balance at 1 January 2023 | | | | |
| | | | | |
| | | | | |
| 104,097,299 | 41 | 7,001 | 7,042 |
| | - | - | - | - |
| Balance at 31 December 2023 | | | | |
| | | | | |
| 104,097,299 | 41 | 7,001 | 7,042 |
| Share issue at placing price of 0.6 | | | | |
| | | | | |
| 20,666,667 | 21 | 103 | 124 |
| Share issue at placing price of 0.1 | | | | |
| | | | | |
| 1,800,000,000 | 1,800 | - | 1,800 |
| Share issue on conversion of loan | | | | |
| 1 | | | | |
| | | | | |
| 264,000,000 | 264 | - | 264 |
| Share issue to settle outstanding | | | | |
| fees | | | | |
| 2 | | | | |
| | | | | |
| 59,666,667 | 60 | 299 | 359 |
| Share issue to settle outstanding | | | | |
| fees | | | | |
| 3 | | | | |
| | | | | |
| 47,500,000 | 47 | - | 47 |
| Share issue costs | | | | |
| | | | | |
| - | - | (41) | (41) |
| Balance at 31 December 2024 | | | | |
| | | | | |
| 2,295,930,633 | 2,233 | 7,362 | 9,595 |
1
Shares issued as full repayment of working capital loan and accrued interest (refer Note 19).
2
Shares issued in satisfaction of fees owed to Directors as at 31 March 24 in connection to the July 2024
transaction.
3
Shares issued to various directors and advisors in lieu of fees owed
The share premium represents the difference between the nominal value of the shares issued and the
actual amount subscribed less; the cost of issue of the shares, the value of the bonus share issue, or any
bonus warrant issue.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_D1696588779_CY": {
"value": "22. SHARE BASED PAYMENTS RESERVE
| Company | |
| \u00a3\u2019000 | |
| | Group |
| | \u00a3\u2019000 |
| At 31 December 2022 | | |
| 858 | |
| | |
| | 858 |
| Employee options | | |
| 1 | | |
| | | |
| 369 | |
| | | |
| | 369 |
| At 31 December 2023 | | |
| | | |
| | 1,227 | 1,227 |
| LTIP options | | |
| 2, 3 | | |
| | 22 | 22 |
| Director warrants issued | 295 | 295 |
| At 31 December 2024 | 1,544 | 1,544 |
1
On 6 January 2022, 11,173,611 employee options were granted to a number of employees within the
Group. These options have different vesting conditions based on performance milestones. The charge
that relates to the 2023 year has been brought to account above.
2
On 30 July 2024, 10,000,000 LTIP options were granted to Directors. One third of these options vest
every year, beginning with one third vesting at grant date.
3
On 26 September 2024, 45,000,000 LTIP options were granted to Directors. One third of these options
vest every year, beginning with one third vesting at grant date.
Warrants
| As at 31 December 2024 | |
| | | |
| Weighted average | |
| exercise price | Number of warrants |
| Brought forward at 1 January 2024 | 22p | 2,031,008 |
| Granted in period | 1p | 10,333,333 |
| Granted in period | 0.6p | 1,500,000 |
| Granted in period | 0.1p | 294,500,000 |
| Expired during period | 22p | (775,194) |
| Outstanding at 31 December 2024 | 0.2p | 307,589,147 |
| Exercisable at 31 December 2024 | 0.2p | 307,589,147 |
The weighted average time to expiry of the warrants as at 31 December 2024 is 574 days.
The following table lists the Black Scholes inputs to the model used for valuation of the warrants:
| | 0.1p warrants | 1p warrants | 0.6p warrants |
| Dividend yield (%) | 0% | 0% | 0% |
| Expected volatility (%) | 100.6 \u2013 142.1% | 92.4% | 92.4% |
| Risk-free interest rate (%) | 4.17% | 3.6% | 3.6% |
| Time to maturity | 2 \u2013 3 years | 2 years | 2 years |
| Exercise price (\u00a3) | | | |
| 0.001 | 0.01 | 0.006 |
| Share price at grant date | 0.001 | 0.006 | 0.006 |
Options
| As at 31 December 2024 | |
| | |
| Weighted average | |
| exercise price | Number of options |
| Brought forward at 1 January 2024 | 0.1p | |
| | 11,000,000 |
| Granted in period | 0.1p | |
| | 55,000,000 |
| Expired in period | 0.1p | |
| | (11,000,000) |
| Outstanding at 31 December 2024 | 0.1p | 55,000,000 |
| Exercisable at 31 December 2024 | 0.1p | 18,333,333 |
The weighted average time to expiry of the warrants as at 31 December 2024 is 987 days.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBusinessCombinationsExplanatory_E15_CY": {
"value": "23. BUSINESS COMBINATIONS
Discontinued operations
A discontinued operation is a component of the Group that has been disposed of or classified as held for
sale and that represents a separate major line of business or geographical area of operation, is part of a
single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary
acquired exclusively with a view to resale. The results of discontinued operations are presented separately
on the face of the Statement of Comprehensive Income.
that the Slovenian operation, Graft Polymer D.O.O (principally, an industrial polymer products
manufacturer), was considered no longer commercially viable due to forecasted negative cashflow as a
result of falling sales and rising costs, with no immediate prospect of becoming profitable in the short to
medium term. The Group disposed of Graft Polymer D.O.O on 2 May 2024. A gain on deconsolidation as
at date of disposal of \u00a3125,000 was recognised and taken to the Statement of Comprehensive Income.
| Gain on deconsolidation of Graft Polymer D.O.O | |
| | 2 May 2024 |
| Consideration received | |
| Cash | - |
| Carrying amount of net liabilities sold | 16 |
| | 16 |
| Reclassification of foreign exchange reserve | 109 |
| Gain on deconsolidation | 125 |
The Board recently undertook a review of its business and operations, pursuant to which it was decided
| Financial Performance for Graft Polymer D.O.O | | |
| | | |
| | Four months to 2 May | 31 December 2023 |
| Revenue | 221 | 587 |
| Cost of sales | (148) | (329) |
| Gross profit | 73 | 258 |
| Operational costs | (17) | (66) |
| Depreciation | (58) | (179) |
| Administrative expenses | (140) | (518) |
| Asset write down | - | (838) |
| Operating loss | (142) | (1,343) |
| Finance costs | (1) | (3) |
| Loss before taxation | (143) | (1,346) |
| Income tax | - | - |
| Loss for the period from discontinuing operations | (143) | (1,346) |
| Assets and liabilities of Graft Polymer D.O.O | | |
| | | |
| | 2 May 2024 | 31 December 2023 |
| Non-current assets | | |
| Right of use assets | 38 | 39 |
| Other non-current assets | 13 | 13 |
| Total non-current assets | 51 | 52 |
| Current assets | | |
| Cash and cash equivalents | 13 | 143 |
| Trade and other receivables | 44 | 78 |
| Inventory | 11 | 50 |
| Total current assets | 68 | 271 |
| TOTAL ASSETS | 119 | 323 |
| Non-current liabilities | | |
| Lease liability | - | 22 |
| Total non-current liabilities | - | 22 |
| Current liabilities | | |
| Trade and other payables | 71 | 132 |
| Deferred income | 36 | 93 |
| Lease liability | 28 | 12 |
| Total current liabilities | 135 | 237 |
| Total liabilities | 135 | 259 |
| NET ASSETS | (16) | 64 |
| Cashflow of Graft Polymer D.O.O | | |
| | 2 May 2024 | 31 December 2023 |
| Cash flow from | ope | rating activities |
| Loss before tax | (143) | (1,346) |
| Adjustments for: | | |
| Depreciation | 58 | 165 |
| Finance expenses | - | 3 |
| Amortisation of right of use assets | - | 12 |
| Fixed asset write off | (58) | 736 |
| Inventory write off | - | 117 |
| Changes in working capital | : | |
| Decrease/(Increase) in trade and other receivables | 33 | (26) |
| (Decrease)/Increase is trade and other payables | (54) | 234 |
| Movements in inventory | 39 | 14 |
| Net cash outflow from operating activities | (125) | (91) |
| Cash flow from investing activities | | |
| Purchase of property, plant and equipment | - | (216) |
| Repayment on right of use assets | (4) | (16) |
| Loans to subsidiary | - | 393 |
| Net cash flow from investing activities | (4) | 161 |
| | | |
| Net increase in cash and cash equivalents | (129) | 70 |
| Cash and cash equivalents at beginning of period | 142 | 89 |
| Foreign exchange effect on cash balance | - | (26) |
| Cash and cash equivalents at end of period | 13 | 133 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_D192638531_CY": {
"value": "24. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Capital Risk Management
The Company manages its capital to ensure that entities in the Group will be able to continue as a going
concern while maximising the return to stakeholders. The overall strategy of the Company and the Group
is to minimise costs and liquidity risk while still executing on the Group\u2019s overall business strategy.
The capital structure of the Group consists of equity attributable to equity holders of the parent,
comprising issued share capital, foreign exchange reserves and retained earnings as disclosed in the
Consolidated Statement of Changes of Equity.
The Group is exposed to risk through its normal operations, the most significant of which are foreign
exchange and liquidity risks. Sensitivity analysis has not been performed because the potential impact is
not considered material. The management of these risks is vested to the Board of Directors.
Currency Risk
The Group operates in a global market with cost possibly arising in a number of currencies and is exposed
to foreign currency risk arising from commercial transactions, translation of assets and liabilities and net
investment in foreign subsidiaries. Exposure to commercial transactions arise from sales or purchases by
operating companies in currencies other than the Companies\u2019 functional currency. Currency exposures
are reviewed regularly.
The Group has exposure to foreign exchange risk through research and development expenditure that is
incurred in international markets as well as their foreign currency denominated cash balances.
Accordingly, movements in the Sterling exchange rate against these currencies could have a detrimental
effect on the Group\u2019s results and financial condition. Such changes are not considered likely to have a
material effect on the Group\u2019s financial position at 31 December 2024. Funds of the parent company are
held with HSBC which has the following credit ratings (Fitch: A+, Stable, Moody\u2019s A3, Stable, S&P A-,
stable)
The table below shows the currency profiles of cash and cash equivalents:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | | |
| Sterling | 757 | 12 |
| Euro | - | 143 |
| | 757 | 155 |
The table below shows an analysis of the currency of the monetary asset and liabilities in Sterling being
the functional currency of the Group:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Balance denominated in | | |
| Sterling | - | (27) |
| Euro | - | 50 |
| | - | 23 |
Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the group\u2019s reputation.
The Group seeks to manage liquidity risk by regularly reviewing cash flow budgets and forecasts to ensure
that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and
profitably. The Group deems there is sufficient liquidity for the foreseeable future.
The Group had cash and cash equivalents at period end as below:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 155 |
| | 757 | 155 |
The table below sets out the maturity profile of the financial liabilities at 31 December:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Due in less than one month | (50) | (34) |
| Due between one and three months | (9) | (93) |
| Due between three months and one year | (24) | (32) |
| | (83) | (159) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_D962127594_CY": {
"value": "Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the group\u2019s reputation.
The Group seeks to manage liquidity risk by regularly reviewing cash flow budgets and forecasts to ensure
that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and
profitably. The Group deems there is sufficient liquidity for the foreseeable future.
The Group had cash and cash equivalents at period end as below:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Cash and cash equivalents | 757 | 155 |
| | 757 | 155 |
The table below sets out the maturity profile of the financial liabilities at 31 December:
| 31 Dec | |
| 2024 | |
| \u00a3\u2019000 | |
| | 31 Dec |
| | 2023 |
| | \u00a3\u2019000 |
| Due in less than one month | (50) | (34) |
| Due between one and three months | (9) | (93) |
| Due between three months and one year | (24) | (32) |
| | (83) | (159) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_D1545838532_CY": {
"value": "25. FINANCIAL ASSETS AND FINANCIAL LIABILITIES
| GROUP | | | |
| 31 Dec 2024 | | | |
| | Financial assets | | |
| at amortised | | |
| | cost | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 36 | - | 36 |
| Cash and cash equivalents | 757 | - | 757 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (119) | (119) |
| | 792 | (119) | |
| | | 674 |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| GROUP | | | |
| 31 Dec 2023 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 87 | - | 87 |
| Cash and cash equivalents | 155 | - | 155 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (181) | (181) |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| COMPANY | | | |
| 31 Dec 2024 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 36 | - | 36 |
| Cash and cash equivalents | 757 | - | 757 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (119) | (119) |
| | 792 | (119) | |
| | | 674 |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
| COMPANY | | | |
| 31 Dec 2023 | | | |
| | Financial assets | | |
| at amortised | | |
| cost | | |
| | Financial | |
| | liabilities at | |
| | amortised cost | |
| | | |
| | | Total |
| Financial assets / (liabilities) | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Trade and other receivables | | | |
| 1 | | | |
| | 10 | - | 10 |
| Cash and cash equivalents | 12 | - | 12 |
| Trade and other payables | | | |
| 2 | | | |
| | - | (66) | (66) |
| | 22 | (66) | (44) |
1
Trade and other receivables excludes prepayments
2
Trade and other payables excludes accruals, taxes and social security
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCommitmentsExplanatory_D286811998_CY": {
"value": "26. CAPITAL COMMITMENTS
There were no capital commitments at 31 December 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory_D329308021_CY": {
"value": "27. CONTINGENT LIABILITIES
Other than above, there were no further contingent liabilities at 31 December 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_D1006714105_CY": {
"value": "29. RELATED PARTY TRANSACTIONS
Royalty Agreement with Argent Biopharma
Graft Polymer IP Limited has a royalty agreement in place with Argent Biopharma Ltd (formerly MGC
Pharmaceuticals D.o.o) to pay 1 Euro per unit sold of their CimetrA & CannEpil-IL products. Mr Roby Zomer
who resigned as a Director from the Company in the year is also a Director of Argent Biopharma Ltd.
Payments to Chitta Lu Limited
Post resignation, the Company engaged the consultancy services of Chitta Lu Limited of which former
Director, Roby Zomer is a Director in relation to business development for the Group. During the period
from his resignation on 15 March 2024 to year end, Mr Zomer accrued \u00a359,000 of fees of \u00a320,000 which
were outstanding at year end.
Collaboration agreement with Awakn Life Sciences Corp.
On 18 July 2024, the Company announced that it had entered into a collaboration agreement with Awakn
Life Sciences Corp (\u201cAwakn\u201d). The Company's CEO, Mr. Anthony Tennyson, also serves as CEO of Awakn.
To mitigate any potential conflict of interest, Mr. Tennyson recused himself from the Company's final
selection process and negotiation of the Collaboration Agreement, which was led by Nicholas Nelson.
Details of directors\u2019 emoluments are set out in the Directors Remuneration Report
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D405715505_CY": {
"value": "30. EVENTS SUBSEQUENT TO PERIOD END
General meeting and change of name
On 6 January 2025, the Company held a general meeting where it proposed and subsequently approved
a change of name from Graft Polymer (UK) Plc to Solvonis Therapeutics Plc.
Entry into Arrangement Agreement
On 24 February 2025, entered into an arrangement agreement with Awakn Life Sciences Corp. setting out
the basis on which the parties will cooperate to execute a transaction whereby Solvonis will acquire all
issued and outstanding common shares in the capital of Awakn all outstanding restricted share units in
the capital of Awakn and all outstanding deferred share units in the capital of Awakn by way of a Court
approved plan of arrangement under the British Columbia Business Corporations Act.
Appointment of Non-Executive Director
On 11 March 2025, the Company appointed Dr Renata Crome to the Board of Directors.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"ifrs-full_ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod_E4_CY": {
"value": "On 6 January 2025, the Company held a general meeting where it proposed and subsequently approved a change of name from Graft Polymer (UK) Plc to Solvonis Therapeutics Plc. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:2138005PH7OJRCRPUD88",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}