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Notes to the Financial Statements
1.
General information
The Group\u2019s business is clinical-stage biotechnology focused on the discovery, development and
commercialisation of innovative treatments relating to the treatment of blood cancers, certain solid
cancers, autoimmune diseases, and viral infections. The products under development are designed to
address a range of problems that occur with current standard of care treatments.
The Company\u2019s registered office is located at 6 Heddon Street, London, W1B 4BT, and the
Company\u2019s shares are listed on the main market of the London Stock Exchange.
2.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international
accounting standards and with requirements of the Companies Act 2006. The financial statements
have been prepared under the historical cost convention.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Hemogenyx
Pharmaceuticals plc and its subsidiaries as at 31 December 2024. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
All intra-group balances, transactions, income and expenses and profits and losses resulting from
intra-group transactions that are recognised in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date that such control ceases. Hemogenyx
Pharmaceuticals plc owns the majority of the shareholdings and has operational control over all its
subsidiaries. Please refer to Note 14 for information on the consolidation of Hemogenyx
Pharmaceuticals LLC.
Hemogenyx Pharmaceuticals plc has used the exemption granted under s408 of the Companies Act
2006 that allows for the non-disclosure of the Income Statement of the parent company. The after-
tax loss attributable to Hemogenyx Pharmaceuticals plc for the year ended 31 December 2024 was
\u00a3638,537 (2023: loss of \u00a31,620,638).
Research and development expenditure
(i)
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or
technical knowledge and understanding, is expensed in profit or loss as incurred. Development
activities involve a plan or design for the production of new or substantially improved products and
processes. Development expenditures are capitalised only if development costs can be measured
reliably, the product or process is technically and commercially feasible, future economic benefits
are probable, and the Company intends to, and has sufficient resources to, complete development
and to use or sell the asset. No development costs have been capitalised to date.
(ii)
Clinical trial expenses
Clinical trial-related expenses are a component of the Company's research and development costs.
These expenses include fees paid to contract research organisations, clinical sites, and other
organisations who conduct development activities on the Company's behalf. The amount of clinical
trial expenses recognised in the period related to clinical agreements is based on estimates of the
work performed using an accrual basis of accounting. These estimates incorporate factors such as
patient enrolment, services provided, contractual terms, and prior experience with similar contracts.
Intangibles
Research and development
Research expenditure is written off as incurred. Development costs are capitalised only if the
expenditure can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, the Group intends to and has sufficient resources to
complete development and to use or sell the asset, and it is able to measure reliably the expenditure
attributable to the intangible asset during its development.
The Group\u2019s view is that capitalised assets have a finite useful life and to that extent they should be
amortised over their respective unexpired periods with provision made for impairment when
required. Assets capitalised are not amortised until the associated product is available for use or sale.
Amortisation is calculated using the straight-line method to allocate the costs of development over
the estimated useful economic lives. Estimated useful economic life is assessed by reference to the
remaining patent life and may be adjusted after taking into consideration product and market
characteristics such as fundamental building blocks and product life cycle specific to the category of
expenditure.
Intellectual property (IP)
IP assets (comprising patents, know-how, copyright and licences) acquired by the Group as a result
of a business combination are initially recognised at fair value or as a purchase at cost and are
capitalised.
Internally generated IP costs are written off as incurred except where IAS 38 criteria, as described in
research and development above, would require such costs to be capitalised.
The Group\u2019s view is that capitalised IP assets have a finite useful life and to that extent they should
be amortised over their respective unexpired periods with provision made for impairment when
required. Capitalised IP assets are not amortised until the Group is generating an economic return
from the underlying asset and as such no amortisation has been incurred to date as the products to
which they relate are not ready to be sold on the open market. When the trials are completed and the
products attain the necessary accreditation and clearance from the regulators, the Group will assess
the estimated useful economic like and the IP will be amortised using the straight-line method over
their estimated useful economic lives.
Fixed assets
All property and equipment are stated at historical cost less accumulated depreciation or impairment
value. Cost includes the original purchase price and expenditure that is directly attributable to the
acquisition of the items to bring the asset to its working condition. Depreciation is provided at rates
calculated to write off the cost less estimated residual value of each asset over its expected useful
economic life. Right of Use assets are depreciated over their expected useful economic life on the
same basis as owned assets, or where shorter, the lease term. Assets are reviewed for impairment
when events or changes in circumstances indicate that the carrying amount may not be recoverable.
| The following rates are used: | | |
| | | |
| Computer equipment | | |
| | 33% | Straigth |
| | -line |
| Leasehold improvements | 12.5% | Straight |
| | -line |
| Property & equipment | | |
| | 20% - 50% | Straight |
| | -line |
Impairment of non-financial assets
The Group is required to review, at least annually, whether there are indications (events or changes
in circumstances) that non-financial assets have suffered impairment and that the carrying amount
may exceed the recoverable amount. If there are indications of impairment, then an impairment
review is undertaken. An impairment charge is recognised within operating costs for the amount by
which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and the value-in-use. In the event that an intangible asset will
no longer be used, for example, when a patent is abandoned, the balance of unamortised expenditure
is written off.
Impairment reviews require the estimation of the recoverable amount based on value-in-use
calculations. Non-financial assets relate typically to investments in related parties and in-process
development and patents and require broader assumptions than for developed technology. Key
assumptions taken into consideration relate to technological, market and financial risks and include
the chance of product launch taking into account the stage of development of the asset, the scale of
milestone and royalty payments, overall market opportunities, market size and competitor activity,
revenue projections, estimated useful lives of assets (such as patents), contractual relationships and
discount rates to determine present values of cash flows.
Investments
Equity investments in subsidiaries are held at cost, less any provision for impairment.
Going concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Company successfully raised \u00a33.93 million (before expenses) through the allotment and issue
of new ordinary shares during the year ended 31 December 2024, and a further \u00a3340 thousand in
early 2025. These proceeds were raised in order to facilitate the progression of the Company's HG-
CT-1 product candidate into clinical trials and to enable the Company to continue development of
product candidates for the treatment of viral infections and cancers based on its CBR platform.
Funding will be required by the Company to complete Phase I clinical development.
The Company cannot be certain that such additional funding will be available on acceptable terms,
or at all. To the extent that the Company raises additional funds by issuing equity securities, the
Company\u2019s stockholders may experience dilution. Any debt financing, if available, may involve
restrictive covenants. If the Company is unable to raise additional capital when required or on
acceptable terms, it may have to (i) significantly delay, scale back or discontinue the development
and/or commercialisation of one or more product candidates; (ii) seek collaborators for product
candidates at an earlier stage than otherwise would be desirable and on terms that are less favourable
than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies,
product candidates or products that it would otherwise seek to develop or commercialise on
unfavourable terms.
The Directors are of the opinion that the Company has adequate working capital to execute its
operations for the present time and is confident in its ability to access additional financing over the
next 12 months, however a material uncertainty exists. The Directors, therefore, have made an
informed judgement, at the time of approving these financial statements, that there is a reasonable
expectation that the Company has adequate resources to continue in operational existence for the
foreseeable future, however this relies upon the Company raising additional capital. The Directors have
continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Trade and other receivables and payables
Trade and other receivables are amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of
the business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment.
Other payables measured at amortised cost are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. The payables are classified as current
payables if payment is due within one year or less (or in the normal operating cycle of the business if
longer). If not, they are presented as non-current payables.
The payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
Foreign currencies
Functional and presentation currency
The Company\u2019s presentation currency is the British Pound Sterling (\u201c\u00a3\u201d). The functional currency
for the Company, being the currency of the primary economic environment in which the Company
operates, is the British Pound Sterling. 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).
The financial statements of Hemogenyx Pharmaceuticals LLC, Immugenyx LLC and Hemogenyx-
Cell SPRL have been translated into Pound Sterling in accordance with IAS 21 The Effects of
Changes in Foreign Exchange Rates. This standard 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 of Hemogenyx Pharmaceuticals LLC,
Immugenyx LLC and Hemogenyx-Cell SPRL are recognised in other comprehensive income (loss).
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in profit and loss.
Share capital
Ordinary Shares are classified as equity. Equity instruments issued by the Hemogenyx
Pharmaceuticals Group are recorded at the proceeds received, net of direct issue costs.
Cash
Cash consists of cash bank deposit balances.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity
instruments.
The Group issues equity-settled share-based payments to the directors, senior management and
employees (\u201cEmployee Share Options\u201d), to corporate finance advisers for assistance in raising
private equity, and to its Scientific Advisory Board members (\u201cNon-employee Share Options\u201d). In
2021, the Group adopted the \u201cHemogenyx Pharmaceuticals plc 2021 Equity Incentive Plan with
Non-Employee Sub-Plan\u201d (the \u201cEIP\u201d) for the grant of options, restricted shares, and restricted share
units to employees, directors and consultants of the Company and its subsidiaries over ordinary
shares in the capital of the Company, which was approved by the Company\u2019s shareholders at the
2022 AGM. Equity-settled share-based payments are measured at fair value at the date of grant for
Employee Share Options and the date of service for Non-employee Share Options. The fair value
determined at the grant date or service date, as applicable, of the equity-settled share-based payments
is expensed, with a corresponding credit to equity, on a straight-line basis over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest. At each subsequent reporting date,
the Group calculates the estimated cumulative charge for each award having regard to any change in
the number of options that are expected to vest and the expired portion of the vesting period. The
change in this cumulative charge since the last reporting date is expensed with a corresponding credit
being made to equity. Once an option vests, no further adjustment is made to the aggregate amount
expensed.
The fair value is calculated using the Black Scholes method for both Employee and Non-employee
Share Options as management views the Black Scholes method as providing the most reliable
measure of valuation. The expected life used in the model has been adjusted, based on management\u2019s
best estimate, for the effects of non-transferability exercise restrictions and behavioural
considerations. The market price used in the model is the issue price of Company shares at the last
placement of shares immediately preceding the calculation date. The fair values calculated are
inherently subjective and uncertain due to the assumptions made and the limitation of the calculations
used.
Taxation
Current tax
Current taxation is based on the results for the year as adjusted for items that are non-assessable or
disallowed. It is calculated using rates that have been enacted, or substantially enacted, by the balance
sheet date. Current income tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the relevant taxation authorities.
Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements, with the following exceptions:
\u25aa where the temporary difference arises from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting nor taxable profit or loss;
\u25aa in respect of taxable temporary differences associated with investment in subsidiaries,
associates and joint ventures, where the timing of the reversal of the temporary
differences can be controlled, and it is probable that the temporary differences will not
reverse in the foreseeable future; and
\u25aa deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried
forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that
are expected to apply when the related asset is realised or liability is settled, based on tax rates and
laws enacted or substantively enacted at the statement of financial position date.
The carrying amount of deferred income tax assets is reviewed at each statement of financial position
date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists
to set off current tax assets against current tax liabilities, the deferred income taxes related to the
same taxation authority and that authority permits the Company to make a single net payment.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to
equity. Otherwise, income tax is recognised in the statement of comprehensive income.
Financial Assets and Liabilities
Financial assets and liabilities are recognised in the Company\u2019s statement of financial position when
the Company becomes a party to the contractual provisions of the instrument. The Company
currently does not use derivative financial instruments to manage or hedge financial exposures or
liabilities.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. The
Company\u2019s loans and receivables comprise Trade and Other Receivables and Cash and Cash
Equivalents in the Statement of Financial Position.
Impairment of Financial Assets
The Company and Group assess at each reporting date whether a financial asset is impaired and will
recognise the impairment loss immediately through the consolidated statement of comprehensive
loss.
Interest Bearing Loans and Borrowings
Borrowings are initially recognised at the fair value of consideration received less directly
attributable transaction costs. After initial recognition, borrowings are subsequently measured at
amortised cost using the effective interest rate method. Where borrowings are provided by
shareholders at an interest rate discounted to market rates, the difference on initial fair value is taken
to equity as a capital contribution.
Where the Group has entered into a hybrid instrument whereby there is a debt instrument and an
embedded derivative financial liability, the fair value of the debt instrument less the fair value of the
derivative financial liability is equal to loan recognised on initial measurement.
IFRS 16, Leases
IFRS 16 requires lessees to recognise a lease liability reflecting future lease payments and a \u2018right-
of-use asset\u2019 for virtually all lease contracts. IFRS 16 includes an optional exemption for certain
short-term leases and leases of low-value assets; however, this exemption can only be applied by
lessees. For lessors, the accounting remains substantially unchanged. IFRS 16 provides updated
guidance on the definition of a lease (as well as the guidance on the combination and separation of
contracts); under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration.
The right-of-use asset and lease liability are both based on the present value of lease payments due
over the term of the lease, with the asset being depreciated in accordance with IAS 16 Property,
Plant and Equipment and the liability increased for the accretion of interest and reduced by lease
payments.
Segmental reporting
The Group\u2019s operations are located in New York, USA with the head office located in the United
Kingdom. The main assets of the Group, cash and cash equivalents, are held primarily in the United
Kingdom and the United States, while the fixed assets and right of use assets are held in the United
States. The Board ensures that adequate amounts are transferred internally to allow all companies to
carry out their operations on a timely basis.
The Group currently has one reportable segment \u2013 a biotechnology company focused on the
discovery, development and commercialisation of innovative treatments relating to blood and
immune system disorders and viral infections.
New Accounting Standards and Interpretations issued and applied in the Financial Statements
(a) New and amended standards mandatory for the first time for the financial periods beginning on
or after 1 January 2024
The International Accounting Standards Board (IASB) issued various amendments and revisions to
International Financial Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the year ended 31 December 2024 but did not result in any material
changes to the financial statements of the Group or Company.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed
and not early adopted
Standards, amendments and interpretations that are not yet effective and have not been early adopted
are as follows:
| Standard | | |
\u202f\u202f | | |
| Impact | |
| on initial application | Effective date |
| IAS 21 | | |
| (Amendments) | | |
| The Effects of Changes | |
| in Foreign Exchange Rate | |
| | 1 January |
| | 2025 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | TBC |
| IFRS 7 and 9 (Amendments)* | Financial Instruments: Disclosures \u2013 Classification and TBC | |
| Measurement | |
*
Subject to endorsement
The Group is evaluating the impact of the new and amended standards above, which are not expected
to have a material impact on future Group financial statements.
3.
Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in conformity with International Financial Reporting
Standards requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company\u2019s accounting policies.
Estimates and judgements are continually evaluated, and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
The principal areas in which judgement is applied are as follows:
Valuation of stock options
Management uses the Black Scholes model to value the share options. The model requires use of
assumptions regarding volatility, risk free interest rate and a calculation of the value of the option at
the time of the grant. Please see Note 18 for details.
Intangible assets impairment
When there is an indicator of a significant and permanent reduction in the value of intangible assets,
an impairment review is carried out. The impairment analysis is principally based on estimated
discounted future cash flows. The determination of the assumptions is subjective and requires the
exercise of considerable judgement about the outcome of research and development activity,
probability of technical and regulatory success, amount and timing of projected future cash flow or
changes in market conditions. Any changes in key assumptions could materially affect whether an
impairment exists. See Note 12 for further details.
Valuation of investment in and long-term loans to subsidiaries
Management has assessed the recovery profile of the Parent Company loans granted to subsidiaries
and noted the research and development timetable would mean that repayment of the amounts loaned
would not commence in the short to medium term and accordingly the loans were considered to be
long-term. Management has assessed the recoverability of the loans to subsidiaries and its investment
in subsidiaries using the same metrics and assumptions. The determination of the assumptions is
subjective and requires the exercise of considerable judgement about the outcome of research and
development activity, probability of technical and regulatory success, amount and timing of projected
future cash flow or changes in market conditions. Any changes in key assumptions could materially
affect whether an impairment exists. Several factors such as the progression of the Phase I trial of
HG-CT-1 gives management comfort that no impairment indicators exist over both balances.
4.
Segment Information
The Group has one reportable segment, the discovery, development, and commercialisation of
innovative treatments relating to blood and immune system disorders and viral infections, and
administrative functions in the United Kingdom, and therefore the segmental information is the same
as that presented in the primary statements.
The following tables present expenditure and certain asset information regarding the Group\u2019s
geographical segments for the year ended 31 December 2024 and 2023:
| Year Ended | |
| 31 December | |
| 2024 | |
| | Year Ended |
| | 31 December 2023 |
| | \u00a3 | \u00a3 |
| | | |
| SEGMENT ASSETS | | |
| | | |
| United Kingdom | | |
| - Non-current | | |
| | |
| - | - |
| - Current | | |
| | | |
| | 71,725 | 234,056 |
| United States | | |
| - Non-current | | |
| | | |
| | 3,372,512 | 3,936,279 |
| - Current | | |
| | | |
| | 693,790 | 1,915,093 |
| Belgium (Discontinued operation) | | |
| - Non-current | | |
| | |
| - | - |
| - Current | | |
| | 19,532 | 20,465 |
| Total | | |
| - Non-current | | |
| | | |
| | 3,372,512 | 3,936,279 |
| - Current | | |
| | |
| | 785,047 | 2,169,614 |
| | | |
| CAPITAL EXPENDITURE | | |
| United Kingdom | - | - |
| United States | 13,285 | 117,285 |
| Belgium (Discontinued operation) | - | - |
| | 13,285 | 117,285 |
Capital expenditure consists of the purchase of property, plant and equipment.
The Group also had a subsidiary in Li\u00e8ge, Belgium that was dissolved on 30 March 2022.
The loss arising from this discontinued operation was \u00a32,671 (2023: \u00a32,890).
5.
Expenses by nature
| Group | |
| | Group |
| | | |
| | | |
| | | |
| | | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended 31 |
| | December 2023 |
| | | |
| | \u00a3 | \u00a3 |
| | | |
| | | |
| | | |
| Laboratory expenses | | |
| | |
| 236,722 | 90,632 |
| Consumable equipment and supplies | | |
| | | |
| 1,301,692 | 1,692,203 |
| Contractors & consultants | | |
| | | |
| 286,556 | 336,804 |
| Travel | | |
| | | |
| 39,303 | 30,863 |
| Staff Costs | | |
| | | |
| 2,259,424 | 2,151,045 |
| Insurance | | |
| | | |
| 118,065 | 123,344 |
| Other | | |
| | | |
| | | |
| 137,829 | 135,746 |
| Legal and professional fees | | |
| | | |
| 707,818 | 352,230 |
| Foreign exchange loss / (gain) | | |
| | | |
| (349,607) | 907,298 |
| Total Administrative Expenses | | |
| | | |
| 4,737,802 | 5,820,165 |
6.
Employees
| Group | | | |
| | Group | Company | Company |
| | | | |
| Year Ended 31 | | | |
| December 2024 | | | |
| | Year Ended 31 | | |
| | December 2023 | | |
| | | Year Ended 31 | |
| | | December 2024 | |
| | | | Year Ended 31 |
| | | | December 2023 |
| | | | | |
| \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Wages and salaries | | | | |
| 1,749,625 | | | |
| | 1,736,928 | 146,250 | 115,000 |
| Social security | | | | |
| 115,778 | | | |
| | 124,005 | 4,484 | 8,660 |
| Share based payments | | | | |
| 343,935 | | | |
| | 242,836 | 343,935 | 242,836 |
| Pension contributions | | | | |
| 50,086 | | | |
| | 47,276 | - | - |
| | | | | |
| 2,259,424 | | | |
| | 2,151,045 | 494,669 | 366,496 |
Average number of people (including Executive Directors) employed:
| Group | Group | Company | Company |
| | | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | | | |
| | | | | |
| Research & | | | | |
| development | | | | |
| 14 | 12 | - | - |
| Administration | 2 | 5 | 3 | 3 |
| 16 | 17 | 3 | 3 |
7.
Auditor\u2019s remuneration
| Group | Group |
| | |
| | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended |
| | 31 December |
| | 2023 |
| | \u00a3 | \u00a3 |
| Fees payable to the Company auditor: | | |
| | | |
| Audit of the financial statements of the Group and | | |
| Company | 55,000 | 52,500 |
| | |
| 55,000 | 52,500 |
8.
Income tax
| Group | Group |
| | |
| | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended 31 |
| | December 2022 |
| | |
| | |
| | |
| | |
| \u00a3 | |
| | \u00a3 |
| | | |
| | | |
| | | |
| Current Tax: | | |
| | |
| - | |
| | - |
| | |
| | |
| Tax on loss on ordinary activities | | |
| | |
| - | - |
| Loss on ordinary activities before tax | (5,625,478) | (6,696,493) |
| | | |
| | | |
| | | |
| Analysis of charge in the year: | | |
| | | |
| | | |
| | | |
| Loss on ordinary activities multiplied by weighted average tax | | |
| rate for the group of 25.78% (2023: 25.78%) | | |
| | | |
| (1,450,248) | (1,726,356) |
| Disallowed items | | |
| | | |
| 91,216 | 172,329 |
| US R&D credit and timing differences | | |
| | | |
| 243,230 | 231,595 |
| Tax losses carried forward | | |
| | | |
| 1,115,802 | 1,322,432 |
| Current tax credit | | |
| | |
| | |
| - | - |
Weighted average tax rate is calculated by reference to the tax rates effective in each of the
jurisdictions. The tax rates effective at 31 December 2024 are 25% and 28% in the UK and the USA
respectively.
The Group has accumulated tax losses arising in the UK of approximately \u00a34,512,000 (31 December
2023: \u00a33,529,000) that should be available, under current legislation, to be carried forward against
future profits. No deferred tax asset has been recognised against these losses.
The Group has tax losses carried forward in the US of approximately $21,122,000 (31 December
2023: $18,031,000) available under current rules until 2037. Of the total Federal net operating losses,
the amounts incurred after 2017 of approximately $9,000,000 will carry forward indefinitely. No
deferred tax asset has been recognised against these losses. Sections 382 and 383 of the US Internal
Revenue Code, and similar state regulations, contain provisions that may limit the tax loss carried
forward available to be used to offset income in any given year upon the occurrence of certain events,
including changes in the ownership interests of significant stockholders. In the event of a cumulative
change in ownership in excess of 50% over a three-year period, the amount of the NOL carry
forwards that the Company may utilise in any one year may be limited.
9.
Earnings per share
The calculation of the basic and fully diluted earnings per share is calculated by dividing the loss for
the year from continuing operations attributable to equity owners of the Group of \u00a35,977,640 (2023:
\u00a35,787,611) by the weighted average number of ordinary shares in issue during the year of 3,301,431
(2023: 2,822,841).
Dilutive loss per Ordinary Share equals basic loss per Ordinary Share as, due to the losses incurred
in 2024 and 2023, there is no dilutive effect from the subsisting share options. See Note 18 for
details of stock options and warrants outstanding.
10.
Property and equipment
| Group | | | | |
| Property, plant | | | |
| & equipment | | | |
| | Computer | | |
| | equipment | | |
| | | Leasehold | |
| | | Improvements | |
| | | | Total |
| | \u00a3 | | | |
| | \u00a3 | \u00a3 | \u00a3 |
| Cost | | | | |
| | | | | |
| 31 December 2021 | 430,171 | | | |
| | 19,728 | 644,155 | 1,094,054 |
| Additions | 417,897 | | | |
| | 11,161 | 1,553 | 430,611 |
| Foreign exchange movement | | | | |
| | 26,011 | | | |
| | 2,065 | 76,463 | 104,539 |
| Disposals | (1,666) | | | |
| | - | - | (1,666) |
| 31 December 2022 | 872,413 | | | |
| | 32,954 | 722,171 | 1,627,538 |
| Additions | 103,948 | | | |
| | 13,337 | - | 117,285 |
| Foreign exchange movement | | | | |
| | (41,424) | | | |
| | (1,810) | (34,518) | (77,753) |
| Disposals | - | | | |
| | - | - | - |
| 31 December 2023 | 934,937 | | | |
| | 44,480 | 687,653 | 1,667,070 |
| Additions | 13,285 | | | |
| | - | - | 13,285 |
| Foreign exchange movement | 14,657 | | | |
| | 684 | 10574 | 25,915 |
| Disposals | - | | | |
| | - | - | - |
| 31 December 2024 | 962,879 | | | |
| | 45,164 | 698,227 | 1,706,270 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Accumulated depreciation and | | | | |
| impairment losses | | | | |
| | | | | |
| 31 December 2021 | 297,309 | | | |
| | 8,858 | - | 306,167 |
| Depreciation | 116,493 | 8,129 | 75,226 | 199,848 |
| Foreign exchange movement | | | | |
| | 54,693 | 677 | 42,900 | 98,270 |
| 31 December 2022 | 468,495 | 17,664 | 118,127 | 604,285 |
| Depreciation | 126,281 | | | |
| | 10,577 | 88,543 | 225,401 |
| Foreign exchange movement | | | | |
| | (78,160) | | | |
| | (1,796) | (49,083) | (129,039) |
| 31 December 2023 | 516,616 | | | |
| | 26,444 | 157,587 | 700,647 |
| Depreciation | 136,088 | 9,015 | 85,475 | 230,578 |
| Foreign exchange movement | | | | |
| | 10,356 | | | |
| | 595 | | |
| | | 4,227 | 15,637 |
| 31 December 2024 | 663,519 | 36,054 | 247,289 | 946,862 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Carrying amounts | | | | |
| | | | | |
| | | | | |
| 31 December 2021 | 132,862 | | | |
| | 10,870 | 644,155 | 787,887 |
| 31 December 2022 | 403,918 | 15,290 | 604,044 | 1,023,252 |
| 31 December 2023 | 418,321 | 18,036 | 530,066 | 966,423 |
| 31 December 2024 | 299,360 | 9,110 | 450,938 | 759,408 |
11.
Leases
The Group follows IFRS 16 with respect to its leases, whereby the Group recognises right-of-use
assets and lease liabilities for all leases on its balance sheet. One of the US subsidiaries has an
agreement for the lease of laboratory facilities to which IFRS 16 has been applied.
The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position
are as follows:
Group & Company
| | Right of use | | |
| asset | | |
| \u00a3 | | |
| | | Lease | |
| | liability | |
| | \u00a3 | |
| | | | Income |
| | | statement |
| | | \u00a3 |
| | | | |
| Carrying value at 31 December 2021 | 9,242 | (10,152) | |
| Additions | | | |
| Depreciation | | | |
| 3,249,244 | | |
| (366,302) | | |
| | | (3,249,244) | |
| | | - |
| | - | |
| | | (366,302) |
| Interest | - | (274,802) | (274,802) |
| Lease payments | - | 106,321 | - |
| Foreign exchange movements | | | |
| | | | |
| 77 | 5,042 | (4,965) |
| Carrying value at 31 December 2022 | 2,892,261 | (3,422,835) | |
| Additions | | | |
| Depreciation | | | |
| - | | |
| (420,280) | | |
| | - | |
| | | - |
| | - | |
| | | (420,280) |
| Interest | - | (315,991) | (315,991) |
| Lease payments | - | 638,765 | - |
| Foreign exchange movements | | | |
| | | | |
| (125,966) | 154,175 | 28,210 |
| Carrying value at 31 December 2023 | 2,346,015 | (2,945,886) | () |
| Additions | - | - | - |
| Depreciation | (408,707) | - | (408,707) |
| Interest | - | (271,555) | (271,555) |
| Lease payments | - | 635,037 | - |
| Foreign exchange movements | | | |
| | | | |
| 30,505 | (40,682) | (10,177) |
| Carrying value at 31 December 2024 | 1,967,813 | (2,623,086) | |
12.
Intangible assets
On 15 January 2015, the Company entered into an Exclusive License Agreement with Cornell
University to grant to the Company patent rights to patent PCT/US14/65469 entitled Post-Natal
Hematopoietic Endothelial Cells and Their Isolation and Use and rights to any product or method
deriving therefrom. The Company paid Cornell University USD $347,500 for such licence rights.
In October 2021, the Company entered into a licence with Eli Lilly & Company to use a patented
product derived from jointly-developed intellectual property in the CDX antibody for a term ending
on the latest of (a) the twelfth (12th) anniversary of the date of First Commercial Sale of a particular
Licensed Product in a particular country; (b) the first day on which there is not at least one Licensed
Patent having a Valid Claim Covering the manufacture, use, or sale of such Licensed Product in
such country; or (c) the expiration of the last-to-expire Data Exclusivity Period for such Licensed
Product in such country. The Company paid \u00a3181,743 or $250,000 as an up-front payment and will
make milestone payments of up to $1 million through to Phase II clinical trials. Lilly is also eligible
to receive substantial additional milestone payments based on the achievement of prespecified
milestones, as well as tiered single-digit royalties on sales and a percentage of any cash payments
received in respect of any sublicence of the licensed intellectual property. Through December 31,
2024, the Company has not incurred any development or sales-based payment obligations to the
licensor.
| Cost | Intellectual Property |
| \u00a3 |
| 31 December 2022 | 441,493 |
| Additions | - |
| Exchange movements | 28,680 |
| 31 December 2023 | 470,173 |
| Additions | - |
| Exchange movements | 7,230 |
| 31 December 2024 | 477,403 |
The carrying value of intangible assets is reviewed for indications of impairment whenever events
or changes in circumstances indicate that the carrying value may exceed the recoverable amount. The
products to which they relate are not ready to be sold on the open market. When the trials are
completed and the products attain the necessary accreditation and clearance from the regulators, the
Group will assess the estimated useful economic life and the IP will be amortised using the straight-
line method over their estimated useful economic lives. The directors are of the view that no
impairment is required as the test results to date have been very positive and these products are now
being moved on towards the clinical trial phase. Accordingly, the directors continue to believe that
the products will eventually attain the necessary accreditation and clearance from the regulators and
so no impairment has been considered necessary.
Amortisation will be charged to operating costs in the Statement of Comprehensive Income when
the Group achieves product sales.
13.
Loan to subsidiary
| | Company | Company |
| | | |
| | | |
| Year Ended 31 | |
| December 2024 | |
| \u00a3 | |
| | Year Ended 31 |
| | December 2023 |
| | \u00a3 |
| Hemogenyx Pharmaceuticals LLC | 21,861,622 | 18,097,368 |
| Immugenyx LLC | 496 | 592 |
| | |
| | |
| | 21,862,118 | 18,097,960 |
Hemogenyx Pharmaceuticals plc has made cumulative loans to Hemogenyx Pharmaceuticals LLC
of US$21,514,889 (\u00a321,861,622) as at 31 December 2024 (31 December 2023: US$22,998,308
(\u00a318,097,368)) and Immugenyx LLC of US$752 (\u00a3601) as at 31 December 2024 (31 December
2023: US$752 (\u00a3592)). The loans are interest free and will be repaid when Hemogenyx LLC\u2019s
operational cash flow allows. Management has undertaken an impairment assessment of the loan as
at 31 December 2024 and has determined that that there was no impairment required due to continued
progress of the product candidates. The interest rate and impairment assessment are reviewed on an
annual basis.
14.
Investment in subsidiary
| Name | | | | |
| Address of the registered | | | |
| office | | | |
| | Nature of | | |
| | business | | |
| | | Proportion of | |
| | | ordinary | |
| | | shares held | |
| | | directly by | |
| | | parent (%) | |
| | | | Proportion of |
| | | | ordinary |
| | | | shares held |
| | | | ultimately by |
| | | | parent (%) |
| | | | | |
| Hemogenyx UK Limited | 6 Heddon Street, London, | | | |
| W1B 4BT | | | |
| | Holding | | |
| | Company | | |
| | | 100 | - |
| | | | | |
| Hemogenyx | | | | |
| Pharmaceuticals LLC | | | | |
| | | | | |
| 9 East Lookerman Street, | | | |
| Suite 3A, Dover, Kent, | | | |
| Delaware, USA, 19901 | | | |
| | | | |
| | Biomedical | | |
| | sciences | | |
| | | | | |
| | | - | |
| | | | |
| | | | 100 |
| | | | | |
| Immugenyx LLC | | | | |
| | | | | |
| c/o Corporation Service | | | |
| Company, 251 Little Falls | | | |
| Drive, Wilmington, | | | |
| Delaware, USA, 19808 | | | |
| | | | | |
| | Biomedical | | |
| | sciences | | |
| | | | | |
| | | - | |
| | | | | |
| | | | 88.9 |
The remaining shares in Immugenyx LLC are held by Dr Vladislav Sandler and by a prior employee,
Carina Sirochinsky, as part of their compensation under their respective roles as CEO and Director
of Operations. Ms Sirochinsky\u2019s role as Director of Operations ended on the termination of her
employment on 1 July 2021. Dr Sandler and Ms Sirochinsky receive(d) 10,000 and 1,000 shares
respectively for each year of employment from January 2019. At 31 December 2024, Hemogenyx
Pharmaceuticals LLC, Dr Sandler, and Ms Sirochinsky each own 510,000, 50,000, and 2,500 shares
in Immugenyx LLC, respectively.
15.
Trade and other receivables
| Group | Group | Company | Company |
| | | | | |
| Year Ended | | | |
| 31 December | | | |
| 2024 | | | |
| | Year Ended | | |
| | 31 December | | |
| | 2023 | | |
| | | Year Ended | |
| | | 31 December | |
| | | 2024 | |
| | | | Year Ended |
| | | | 31 December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| VAT receivable | | | | |
| 4,089 | | | |
| | 4,064 | | |
| | | 4,089 | |
| | | | 4,064 |
| Trade and other receivables | | | | |
| 3,768 | | | |
| | 1,074 | | |
| | | 2,519 | |
| | | | - |
| Prepayments | | | | |
| 671,926 | | | |
| | 916,875 | | |
| | | 12,855 | |
| | | | 10,757 |
| Total trade and other receivables | | | | |
| | | | | |
| 679,783 | | | |
| | | | | |
| | 922,013 | | |
| | | | | |
| | | 19,463 | |
| | | | | |
| | | | 14,820 |
There are no material differences between the fair value of trade and other receivables and their
carrying value at the year-end. No receivables were past due or impaired at the year end.
16.
Called up share capital
Capital Reorganisation
The Company carried out a subdivision and reclassification of the Existing Ordinary Shares by 1:2
so that each Existing Ordinary Share was subdivided and reclassified into 1 new ordinary share of
\u00a30.000025 each (the New Ordinary Shares) and 1 deferred share of \u00a30.009975 each (the Deferred
Shares) (the Subdivision), followed by a consolidation of the New Ordinary Shares by 400:1 so that
every 400 New Ordinary Shares will be consolidated into 1 New Ordinary Share of \u00a30.01 each (the
Consolidation, together with the Subdivision, the Capital Reorganisation).
The Deferred Shares will have no right to vote or participate in the capital of the Company (save as
set out under the \u2018New Articles\u2019) and the Company will not issue any certificates or credit CREST
accounts in respect of them. The Deferred Shares will not be admitted to trading on any exchange.
The rights of the New Ordinary Shares and the Deferred Shares will be set out in the New Articles
proposed to be adopted by the Company. The purpose of the Capital Reorganisation is to reduce the
nominal value of the Existing Ordinary Shares and to reduce the number of shares in issue.
| Group & Company | Number of ordinary | |
| shares | |
| | \u00a3 |
| As at 31 December 2022 | 979,749,321 | 9,797,493 |
| Issue of shares \u2013 placement 2 Feb 2023 | 162,250,000 | 1,622,500 |
| Issue of shares \u2013 placement 27 Sept 2023 | 11,066,667 | 110,667 |
| Issue of shares \u2013 placement 4 Dec 2023 | 22,500,000 | 225,000 |
| As at 31 December 2023 | 1,175,565,988 | 11,755,660 |
| Issue of shares \u2013 placement 7 Mar 2024 | 72,750,000 | 727,500 |
| Issue of shares \u2013 placement 11 Mar 2024 | 86,000,000 | 860,000 |
| Issue of shares \u2013 placement 12 Mar | | |
| 2024 | 7,500,000 | 75,000 |
| Issue of shares \u2013 placement 1 Nov 2024 | 60,000,000 | 600,000 |
| Capital reorganisation | (1,398,311,448) | (13,983,115) |
| As at 31 December 2024 | 3,504,540 | 35,045 |
During 2022, the Company did not issue any ordinary shares.
During 2023, the Company issued 195,816,667 ordinary shares.
During 2024, the Company issued 226,250,000 ordinary shares.
| Group & Company | Number of deferred | |
| shares | \u00a3 |
| As at 31 December 2022 | - | - |
| No shares issued during 2022 | - | - |
| As at 31 December 2023 | - | - |
| Capital reorganisation | 1,401,815,988 | 13,983,115 |
| As at 31 December 2024 | 1,401,815,988 | 13,983,115 |
17.
Share premium
| Group & Company | \u00a3 |
| | |
| As at 31 December 2022 | 16,808,647 |
| Issue of shares \u2013 placement 2 Feb 2023 | 2,433,750 |
| Issue of shares \u2013 placement 27 Sep2023 | 553,333 |
| Issue of shares \u2013 placement 4 Dec 2023 | 309,375 |
| Cost of capital | (166,549) |
| As at 31 December 2023 | 19,938,556 |
| Issue of shares \u2013 placement 7 Mar 2024 | 727,500 |
| Issue of shares \u2013 placement 11 Mar 2024 | 860,000 |
| Issue of shares \u2013 placement 12 Mar | |
| 2024 | 75,000 |
| Issue of shares \u2013 placement 1 Nov 2024 | - |
| Cost of capital | (212,510) |
| As at 31 December 2024 | 21,388,546 |
18.
Other reserves
Group:
| Year Ended 31 | |
| December 2024 | |
| | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | |
| | |
| | |
| | |
| | |
| | |
| \u00a3 | |
| | |
| | \u00a3 |
| | | |
| As at start of year | 1,164,637 | |
| | 921,801 |
| Charge for the year - employees | 343,935 | |
| | 242,836 |
| | |
| As at end of year | 1,508,572 | |
| | |
| | 1,164,637 |
Company:
| Year Ended 31 | |
| December 2024 | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | | |
| | | |
| | | |
| | | |
| | | |
| \u00a3 | |
| | | |
| | \u00a3 |
| | | |
| As at start of year | 1,163,533 | 920,697 |
| Charge for the year - employees | 343,935 | 242,836 |
| | | |
| As at end of year | 1,507,468 | 1,163,533 |
The expense recognised for employee and non-employee services during the year is shown in the
following table:
| Group and Company: | | |
| Year Ended 31 | |
| December 2024 | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | |
| | |
| \u00a3 | \u00a3 |
| | | |
| | | |
| Expense arising from equity-settled share-based payment | | |
| transactions | 343,935 | 242,836 |
| | | |
| Total expense arising from share- | | |
| based payment transactions | 343,935 | 242,836 |
Employee Plan
Under the Employee Plan (\u201cEMP\u201d) share options are granted to directors and employees at the
complete discretion of the Company. The fair value of the options is determined by the Company at
the date of the grant. Options granted vest in tranches on each of the following events/dates:
(i) Admission to the LSE (\u201cAdmission\u201d);
(ii) On the date falling six (6) months after Admission;
(iii) On the date falling twelve (12) months after Admission; and
(iv) On the date falling twenty-four (24) months after Admission
On the provision that the option holder remains an employee of the Group.
Options granted to most other option holders from 4 January 2018 onwards vest in equal tranches of
12.5% every three months from the date of grant, until fully vested.
The fair value of the options is determined using the Black Scholes method as stated in Note 2. The
contractual life of each option granted is between two and five years. There are no cash settlement
alternatives.
Options are settled when the Company receives a notice of exercise and cash proceeds from the
option holder equal to the aggregate exercise price of the options being exercised.
As part of the EMP, certain share options have been granted to a Director of the Company which
contain vesting conditions that are contingent on the authorisation of the FDA to commence clinical
trials.
Non-Employee Plan
Under the Non-Employee Plan (\u201cNEMP\u201d) share options are granted to non-employees at the
complete discretion of the Company. The exercise price of the options is determined by the Company
at the date of the grant. The options vest at the date of the grant.
The fair value of the options is determined using the Black Scholes method as stated in Note 2 and
not the value of services provided as this is deemed the most appropriate method of valuation. In all
cases non-employee option holders received cash remuneration in consideration for services
rendered in accordance with agreed letters of engagement. The contractual life of each option granted
ranges from two to five years. There are no cash settlement alternatives. Volatility was determined
by calculating the volatility for three similar listed companies and applying the average of the four
volatilities calculated.
Options are settled when the Company receives a notice of exercise and cash proceeds from the
option holder equal to the aggregate exercise price of the options being exercised.
2021 Equity Incentive Plan with Non-Employee Sub-Plan
Under the 2021 Equity Incentive Plan with Non-Employee Sub-Plan\u201d (the \u201cEIP\u201d) share options,
restricted shares, and restricted share units may be granted to employees, directors and consultants
of the Company and its subsidiaries at the discretion of the Company in an aggregate amount up to
188 shares. This was increased to 563 shares in April 2023. The fair value of awards made under
this plan is determined in the same way as for the EMP and NEMP described above.
A schedule of options granted since inception for all plans is below:
| | Number options |
| Employees, including directors* | |
| 260,817 |
| Members of the Scientific Advisory Board | 31,205 |
| Total | 292,022 |
* Details of options held by individual directors are disclosed in the Directors\u2019 Report.
In October 2022, the expiration date of options to acquire 12,016 ordinary shares (which were
scheduled to expire in October 2022) was extended by two years by the Board of Directors of the
Company. The Company recognised this transaction as a modification of a share-based instrument
for financial reporting purposes. The change in the fair value of the stock option before and after the
modification amounted to approximately $5,400, which was recorded as part of expense related to
share-based payment transactions. The fair value was determined using the Black Scholes model
using the assumptions noted below.
| Group & Company: | 2024 | | | |
| Number | | | |
| | 2024 | | |
| | Weighted | | |
| | Average | | |
| | Exercise | | |
| | | | |
| | Price, | | |
| | pence | | |
| | | 2023 | |
| | | Number | |
| | | | 2023 |
| | | | Weighted |
| | | | Average |
| | | | Exercise |
| | | | | |
| | | | Price, |
| | | | pence |
| | | | | |
| Outstanding at the beginning of the year | | | | |
| | 219,747 | 13.6 | 88,249 | 18.4 |
| Granted during the year | | | | |
| | - | - | 142,750 | 10.8 |
| Lapsed during the year | | | | |
| | (18,753) | 14.0 | (11,252) | 14.0 |
| Extended during the year | | | | |
| | - | - | - | - |
| | | | | |
| Outstanding at end of year | 200,995 | 14.1 | 219,747 | 13.6 |
| | | | | |
| Exercisable at end of year | 200,995 | 14.1 | 219,747 | 13.6 |
The weighted average remaining contractual life for the share options outstanding as at 31 December
2024 is 2.58 years (2023: 4.73 years). The weighted average fair value of options granted during the
year was nil (2023: 10.8 pence).
The following table lists the inputs to the models used for the two plans for the years ended 31
December 2024 and 31 December 2023:
| | April |
| 2023 |
| (EMP) |
| |
| | |
| Expected volatility % | 92 |
| Risk-free interest rate % | 3.75 |
| Expected life of options (years) | 3 |
| WAEP \u2013 pence | 10.8 |
| Expected dividend yield | - |
| Model used | Black Scholes |
19.
Capital and reserves
The nature and purpose of equity and reserves are as follows:
Share capital comprises the nominal value of the ordinary issued share capital of the Company.
Share premium represents consideration less nominal value of issued shares and costs directly
attributable to the issue of new shares.
Deferred share capital represents shares which do not carry voting rights, dividends, distributions or
redemption.
Other reserves represents the value of options in connection with share-based payments, warrants
connected with share placements issued by the Company, and the value of the deemed embedded
derivative connected with the Convertible Note liability.
Reverse asset acquisition reserve is the reserve created in accordance with the acquisition of
Hemogenyx Pharmaceuticals LLC on 5 October 2017.
Foreign currency translation reserve is used to recognise the exchange differences arising on
translation of the assets and liabilities of foreign branches and subsidiaries with functional currencies
other than Pounds Sterling, as well as the revaluation of intercompany loans.
Retained earnings represent the cumulative retained losses of the Company at the reporting date.
20.
Trade and other payables
| Group | Group | Company | Company |
| Current | | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| Trade and other payables | | | | |
| 683,284 | | | |
| | 301,707 | | |
| | | 327,595 | |
| | | | 117,956 |
| Accruals and deferred income | | | | |
| 51,696 | | | |
| | 77,294 | | |
| | | 51,696 | |
| | | | 77,293 |
| | | | Total |
| | 734,980 | | | |
| | 379,001 | | |
| | | | 379,291 | |
| | | | 195,249 |
21.
Related party disclosures
There were no related party disclosures other than Directors\u2019 remuneration as disclosed in the
Remuneration Report section of the Directors\u2019 Report. There are no key management personnel other
than the Directors and the Company Secretary.
22.
Financial instruments
The Group\u2019s financial instruments consist of cash, amounts receivable, accounts payable and accrued
liabilities.
Fair value of financial assets and liabilities
Fair values have been determined for measurement and/or disclosure purposes based on the following
methods. When applicable, further information about the assumptions made in determining fair
values is disclosed in the notes specific to that asset or liability.
The carrying amount for cash, accounts receivable, and accounts payable and accrued liabilities on
the statement of financial position approximate their fair value because of the limited term of these
instruments. The fair value of deferred payment approximates its fair value. The investment is carried
at cost as it is not traded on an active market.
Financial risk management objectives and policies
The Company has exposure to the following risks from its use of financial instruments:
\u2022 Credit risk
\u2022 Liquidity and funding risk
\u2022 Market risk
The following table sets out the amortised costs categories of financial instruments held by the Company
as at the year ended 31 December 2024 and year ended 31 December 2023:
| Group | Group | Company | Company |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December 2023 |
| \u00a3 | | | |
| | \u00a3 | | |
| | | \u00a3 | |
| | | | \u00a3 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Assets | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Trade and other receivables, | | | | |
| except prepayments | 7,856 | 5,138 | - | - |
| Cash and cash equivalents | 159,265 | 1,247,601 | 52,262 | 219,236 |
| | | | | |
| 167,121 | 1,252,739 | 52,262 | 219,236 |
| | | | |
| Liabilities | | | | |
| | | | |
| Trade and other payables | (683,284) | (301,707) | (327,595) | (119,249) |
| Lease liabilities | (2,623,086) | (2,945,886) | - | - |
| | | | | |
| | | | |
| | (3,306,370) | (3,247,593) | (327,595) | (119,249) |
a)
Credit risk
The Group had receivables of \u00a30 owing from customers (31 December 2023: \u00a30). All bank deposits
are held with Financial Institutions with a minimum credit rating of B.
b)
Liquidity and funding risk
The Group regularly reviews its major funding positions to ensure that it has adequate financial
resources in meeting its financial obligations. The Group takes liquidity risk into consideration when
deciding its sources of funds. The principle liquidity risk facing the business is the risk of going
concern which has been discussed in Note 2.
c)
Market risk
Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in
market interest rates. The Group's income and operating cash flows are substantially independent of
changes in market interest rates as the Group has no significant interest-bearing assets. The
borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Company's
management monitors the interest rate fluctuations on a continuous basis and acts accordingly.
The Company has floating rate financial assets in the form of deposit accounts with major banking
institutions; however, it is not currently subjected to any other interest rate risk.
Based on cash balances as above as at the statement of financial position date, a rise in interest rates
of 1% would not have a material impact on the profit and loss of the Company and such is not
disclosed.
In relation to sensitivity analysis, there was no material difference to disclosures made on financial
assets and liabilities.
At the reporting date the interest rate profile of interest-bearing financial instruments was:
| Group | Group | Company | Company |
| | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2023 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| | | | | |
| Financial Assets | | | | |
| | | | | |
| Cash and cash equivalents | 159,265 | 1,247,601 | 52,262 | 219,236 |
Foreign currency risk
The Group operates internationally and has monetary assets and liabilities in currencies other than
the functional currency of the operating company involved.
The Group seeks to manage its exposure to this risk by ensuring that where possible, the majority of
expenditure and cash of individual subsidiaries within the Group are denominated in the same
currency as the functional currency of that subsidiary.
The Group has not entered into any derivative instruments to manage foreign exchange fluctuations.
The following table shows a currency of net monetary assets and liabilities by functional currency of
the underlying companies for the years ended 31 December 2024 and 31 December 2023:
| 31 December 2024 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 39,303 | - | - | 39,303 |
| US Dollars | 12,959 | 87,471 | - | 100,430 |
| Euros | - | - | 19,532 | 19,532 |
| Total | 52,262 | 87,471 | 19,532 | 159,265 |
| 31 December 2023 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 206,397 | - | - | 206,397 |
| US Dollars | 12,839 | 1,007,900 | - | 1,020,739 |
| Euros | - | - | 20,465 | 20,465 |
| Total | 219,236 | 1,007,900 | 20,465 | 1,247,601 |
Capital risk management
The Group defines capital as the total equity of the Company. The Group\u2019s objectives when
managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Fair value of financial assets and liabilities
There are no material differences between the fair value of the Group\u2019s financial assets and liabilities
and their carrying values in the financial statements.
23.
Commitments
Licences
Milestone and royalty payments that may become due under licence agreements are dependent on,
among other factors, clinical trials, regulatory approvals and ultimately the successful development
of new drugs, the outcomes and timings of which are uncertain.
For the licence from Cornell University to the patent of the Hu-PHEC technology, the Group\u2019s
minimum future payments contingent upon meeting certain development, regulatory and
commercialisation milestones total \u00a3855,301 ($1,035,000) plus \u00a3413,189 ($500,000) on receipt of
marketing approval from each additional market excluding the United States of America and the
European Union. Upon commencement of commercial production, the Group will pay a royalty
between 2 to 5% on all net sales. Through 31 December 2024, none of the requirements to make
such payments have been met. In addition, the Group pays an annual licence maintenance fee of up
to \u00a361,978 ($75,000) until commercial sales are achieved.
For the licence to Eli Lilly and Company\u2019s (\u201cLilly\u201d) contributions to the intellectual property in the
CDX bispecific antibody, future payments will be contingent upon meeting certain similar
development, regulatory and commercialisation milestones and so do not meet the definition of
commitments pending further developments. This licence is subject to an up-front payment to Lilly
of $250,000 and milestone payments of up to $1 million through to Phase II clinical trials. Lilly is
also eligible to receive substantial additional milestone payments based on the achievement of
prespecified milestones, as well as tiered single-digit royalties on sales. In addition, the Company
will pay Lilly a percentage of any cash payments received in respect of any sublicence of the licensed
intellectual property.
Leases
In August 2021, Hemogenyx LLC entered into a lease for a 9,357 square foot purpose-built
laboratory for eight years beginning on 1 April 2022. The lease contains escalating monthly payments
ranging from approximately $64,300 to $76,500 per month over the lease term. The Group paid a
security deposit of \u00a3156,114 ($188,005) during the year ended 31 December 2021 for such facility
lease.
Service agreements
In December 2021, Hemogenyx Pharmaceuticals LLC entered into a service agreement to establish
Research Cell Banks (RCBs) for production of the Company\u2019s proprietary recombinant protein(s)
encoded by cDNAs. From 31 December 2021 through 31 December 2022, Hemogenyx
Pharmaceuticals LLC has paid \u00a3199.956 (CHF 214,063) under this agreement. Under the terms of
the agreement, Hemogenyx Pharmaceuticals LLC may pay up to CHF 590,000 at its discretion in
aggregate, inclusive of the amounts already paid.
In December 2021, Hemogenyx Pharmaceuticals LLC entered into service agreements with another
party to produce components of the Company\u2019s CAR-T product candidate. Under the terms of the
agreement, Hemogenyx Pharmaceuticals LLC must pay an aggregate of \u00a31,970,911 ($2,109,957) in
milestone payments during the term of production. From 31 December 2021 through 31 December
2024, Hemogenyx Pharmaceuticals LLC has paid \u00a32,244,287 ($2,868,121) under these agreements.
In September 2023, Hemogenyx Pharmaceuticals entered into a Master Services and Contract
Agreement for a third party to provide clinical services and technologies for the forthcoming Phase
I clinical trials for an initial term of 38 months, paying an aggregate of \u00a31,979,753 ($2,530,057).
This includes an upfront payment of \u00a3772,097 ($986,713) and monthly instalments over 38 months
of \u00a332,639 ($41,712) commencing in April 2024. From April 2024 through 31 December 2024,
Hemogenyx Pharmaceuticals LLC has paid \u00a3261,115 ($333,696) under the agreement.
Share options
As detailed further in Note 18, certain share options contain contingent vesting conditions.
24.
Ultimate controlling party
The Directors have determined that there is no controlling party as no individual shareholder holds a
controlling interest in the Company.
25.
Prior period error: lease liability classification (IFRS 16)
During the year ended 31 December 2024, the Group identified a classification error in the
presentation of lease liabilities under IFRS 16 Leases in the prior year\u2019s consolidated financial
statements. While the total lease liability was correctly recognised, an amount of \u00a389,438 that should
have been presented as a current liability as at 31 December 2023 was incorrectly classified as non-
current.
As a result, the comparative amounts in the consolidated statement of financial position have been
restated to reflect the correct classification. The impact of this restatement as at 31 December 2023
is as follows: current lease liabilities increased by \u00a389,438 from \u00a3273,084 to \u00a3362,522, and non-
current lease liabilities decreased by \u00a389,438 from \u00a32,672,802 to \u00a32,583,364. There was no impact
on total lease liabilities, net assets, or the consolidated statement of profit or loss and other
comprehensive income, including basic and diluted earnings per share, for the year ended 31
December 2023.
There was also no impact on the statement of financial position as at 1 January 2023, as the error
arose during the year ended 31 December 2023. Accordingly, no restatement was required at the
beginning of the earliest comparative period.
26.
Subsequent events
In January 2025 the Company raised \u00a3340,000 through the issue of 100,000 new ordinary shares at
a price of 340p per share. One institutional investor was also granted 50,000 warrants exercisable at
a price of 500p each for a period of 12 months from 1 March 2025.
In February 2025 the Company raised \u00a3285,000 through the issue of convertible loan notes (\u201cCLNs\u201d)
and the loan note holders also received a one-for-one warrant, exercisable at a price of \u00a34.00 per
share for each share held upon the CLN conversion date. The CLNs converted into 95,000 ordinary
shares on 13 March 2025.
In February 2025, the Company terminated its Exclusive License Agreement with Cornell
University.
In March 2025 the Company raised \u00a3709,200 through the issue of 394,000 new ordinary shares at a
price of 180p per share. The investor was also granted a one-for-two warrant, exercisable at a price
of \u00a33.50 per share for each share subscribed
27.
Copies of the annual report
Copies of the annual report will be available on the Company\u2019s web site at https://hemogenyx.com
and from the Company\u2019s registered office 6 Heddon Street, London, W1B 4BT.
1.
General information
The Group\u2019s business is clinical-stage biotechnology focused on the discovery, development and
commercialisation of innovative treatments relating to the treatment of blood cancers, certain solid
cancers, autoimmune diseases, and viral infections. The products under development are designed to
address a range of problems that occur with current standard of care treatments.
The Company\u2019s registered office is located at 6 Heddon Street, London, W1B 4BT, and the
Company\u2019s shares are listed on the main market of the London Stock Exchange.
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}
},
"fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": {
"value": "2.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international
accounting standards and with requirements of the Companies Act 2006. The financial statements
have been prepared under the historical cost convention.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Hemogenyx
Pharmaceuticals plc and its subsidiaries as at 31 December 2024. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
All intra-group balances, transactions, income and expenses and profits and losses resulting from
intra-group transactions that are recognised in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date that such control ceases. Hemogenyx
Pharmaceuticals plc owns the majority of the shareholdings and has operational control over all its
subsidiaries. Please refer to Note 14 for information on the consolidation of Hemogenyx
Pharmaceuticals LLC.
Hemogenyx Pharmaceuticals plc has used the exemption granted under s408 of the Companies Act
2006 that allows for the non-disclosure of the Income Statement of the parent company. The after-
tax loss attributable to Hemogenyx Pharmaceuticals plc for the year ended 31 December 2024 was
\u00a3638,537 (2023: loss of \u00a31,620,638).
Research and development expenditure
(i)
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or
technical knowledge and understanding, is expensed in profit or loss as incurred. Development
activities involve a plan or design for the production of new or substantially improved products and
processes. Development expenditures are capitalised only if development costs can be measured
reliably, the product or process is technically and commercially feasible, future economic benefits
are probable, and the Company intends to, and has sufficient resources to, complete development
and to use or sell the asset. No development costs have been capitalised to date.
(ii)
Clinical trial expenses
Clinical trial-related expenses are a component of the Company's research and development costs.
These expenses include fees paid to contract research organisations, clinical sites, and other
organisations who conduct development activities on the Company's behalf. The amount of clinical
trial expenses recognised in the period related to clinical agreements is based on estimates of the
work performed using an accrual basis of accounting. These estimates incorporate factors such as
patient enrolment, services provided, contractual terms, and prior experience with similar contracts.
Intangibles
Research and development
Research expenditure is written off as incurred. Development costs are capitalised only if the
expenditure can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, the Group intends to and has sufficient resources to
complete development and to use or sell the asset, and it is able to measure reliably the expenditure
attributable to the intangible asset during its development.
The Group\u2019s view is that capitalised assets have a finite useful life and to that extent they should be
amortised over their respective unexpired periods with provision made for impairment when
required. Assets capitalised are not amortised until the associated product is available for use or sale.
Amortisation is calculated using the straight-line method to allocate the costs of development over
the estimated useful economic lives. Estimated useful economic life is assessed by reference to the
remaining patent life and may be adjusted after taking into consideration product and market
characteristics such as fundamental building blocks and product life cycle specific to the category of
expenditure.
Intellectual property (IP)
IP assets (comprising patents, know-how, copyright and licences) acquired by the Group as a result
of a business combination are initially recognised at fair value or as a purchase at cost and are
capitalised.
Internally generated IP costs are written off as incurred except where IAS 38 criteria, as described in
research and development above, would require such costs to be capitalised.
The Group\u2019s view is that capitalised IP assets have a finite useful life and to that extent they should
be amortised over their respective unexpired periods with provision made for impairment when
required. Capitalised IP assets are not amortised until the Group is generating an economic return
from the underlying asset and as such no amortisation has been incurred to date as the products to
which they relate are not ready to be sold on the open market. When the trials are completed and the
products attain the necessary accreditation and clearance from the regulators, the Group will assess
the estimated useful economic like and the IP will be amortised using the straight-line method over
their estimated useful economic lives.
Fixed assets
All property and equipment are stated at historical cost less accumulated depreciation or impairment
value. Cost includes the original purchase price and expenditure that is directly attributable to the
acquisition of the items to bring the asset to its working condition. Depreciation is provided at rates
calculated to write off the cost less estimated residual value of each asset over its expected useful
economic life. Right of Use assets are depreciated over their expected useful economic life on the
same basis as owned assets, or where shorter, the lease term. Assets are reviewed for impairment
when events or changes in circumstances indicate that the carrying amount may not be recoverable.
| The following rates are used: | | |
| | | |
| Computer equipment | | |
| | 33% | Straigth |
| | -line |
| Leasehold improvements | 12.5% | Straight |
| | -line |
| Property & equipment | | |
| | 20% - 50% | Straight |
| | -line |
Impairment of non-financial assets
The Group is required to review, at least annually, whether there are indications (events or changes
in circumstances) that non-financial assets have suffered impairment and that the carrying amount
may exceed the recoverable amount. If there are indications of impairment, then an impairment
review is undertaken. An impairment charge is recognised within operating costs for the amount by
which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and the value-in-use. In the event that an intangible asset will
no longer be used, for example, when a patent is abandoned, the balance of unamortised expenditure
is written off.
Impairment reviews require the estimation of the recoverable amount based on value-in-use
calculations. Non-financial assets relate typically to investments in related parties and in-process
development and patents and require broader assumptions than for developed technology. Key
assumptions taken into consideration relate to technological, market and financial risks and include
the chance of product launch taking into account the stage of development of the asset, the scale of
milestone and royalty payments, overall market opportunities, market size and competitor activity,
revenue projections, estimated useful lives of assets (such as patents), contractual relationships and
discount rates to determine present values of cash flows.
Investments
Equity investments in subsidiaries are held at cost, less any provision for impairment.
Going concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Company successfully raised \u00a33.93 million (before expenses) through the allotment and issue
of new ordinary shares during the year ended 31 December 2024, and a further \u00a3340 thousand in
early 2025. These proceeds were raised in order to facilitate the progression of the Company's HG-
CT-1 product candidate into clinical trials and to enable the Company to continue development of
product candidates for the treatment of viral infections and cancers based on its CBR platform.
Funding will be required by the Company to complete Phase I clinical development.
The Company cannot be certain that such additional funding will be available on acceptable terms,
or at all. To the extent that the Company raises additional funds by issuing equity securities, the
Company\u2019s stockholders may experience dilution. Any debt financing, if available, may involve
restrictive covenants. If the Company is unable to raise additional capital when required or on
acceptable terms, it may have to (i) significantly delay, scale back or discontinue the development
and/or commercialisation of one or more product candidates; (ii) seek collaborators for product
candidates at an earlier stage than otherwise would be desirable and on terms that are less favourable
than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies,
product candidates or products that it would otherwise seek to develop or commercialise on
unfavourable terms.
The Directors are of the opinion that the Company has adequate working capital to execute its
operations for the present time and is confident in its ability to access additional financing over the
next 12 months, however a material uncertainty exists. The Directors, therefore, have made an
informed judgement, at the time of approving these financial statements, that there is a reasonable
expectation that the Company has adequate resources to continue in operational existence for the
foreseeable future, however this relies upon the Company raising additional capital. The Directors have
continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Trade and other receivables and payables
Trade and other receivables are amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of
the business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment.
Other payables measured at amortised cost are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. The payables are classified as current
payables if payment is due within one year or less (or in the normal operating cycle of the business if
longer). If not, they are presented as non-current payables.
The payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
Foreign currencies
Functional and presentation currency
The Company\u2019s presentation currency is the British Pound Sterling (\u201c\u00a3\u201d). The functional currency
for the Company, being the currency of the primary economic environment in which the Company
operates, is the British Pound Sterling. 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).
The financial statements of Hemogenyx Pharmaceuticals LLC, Immugenyx LLC and Hemogenyx-
Cell SPRL have been translated into Pound Sterling in accordance with IAS 21 The Effects of
Changes in Foreign Exchange Rates. This standard 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 of Hemogenyx Pharmaceuticals LLC,
Immugenyx LLC and Hemogenyx-Cell SPRL are recognised in other comprehensive income (loss).
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in profit and loss.
Share capital
Ordinary Shares are classified as equity. Equity instruments issued by the Hemogenyx
Pharmaceuticals Group are recorded at the proceeds received, net of direct issue costs.
Cash
Cash consists of cash bank deposit balances.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity
instruments.
The Group issues equity-settled share-based payments to the directors, senior management and
employees (\u201cEmployee Share Options\u201d), to corporate finance advisers for assistance in raising
private equity, and to its Scientific Advisory Board members (\u201cNon-employee Share Options\u201d). In
2021, the Group adopted the \u201cHemogenyx Pharmaceuticals plc 2021 Equity Incentive Plan with
Non-Employee Sub-Plan\u201d (the \u201cEIP\u201d) for the grant of options, restricted shares, and restricted share
units to employees, directors and consultants of the Company and its subsidiaries over ordinary
shares in the capital of the Company, which was approved by the Company\u2019s shareholders at the
2022 AGM. Equity-settled share-based payments are measured at fair value at the date of grant for
Employee Share Options and the date of service for Non-employee Share Options. The fair value
determined at the grant date or service date, as applicable, of the equity-settled share-based payments
is expensed, with a corresponding credit to equity, on a straight-line basis over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest. At each subsequent reporting date,
the Group calculates the estimated cumulative charge for each award having regard to any change in
the number of options that are expected to vest and the expired portion of the vesting period. The
change in this cumulative charge since the last reporting date is expensed with a corresponding credit
being made to equity. Once an option vests, no further adjustment is made to the aggregate amount
expensed.
The fair value is calculated using the Black Scholes method for both Employee and Non-employee
Share Options as management views the Black Scholes method as providing the most reliable
measure of valuation. The expected life used in the model has been adjusted, based on management\u2019s
best estimate, for the effects of non-transferability exercise restrictions and behavioural
considerations. The market price used in the model is the issue price of Company shares at the last
placement of shares immediately preceding the calculation date. The fair values calculated are
inherently subjective and uncertain due to the assumptions made and the limitation of the calculations
used.
Taxation
Current tax
Current taxation is based on the results for the year as adjusted for items that are non-assessable or
disallowed. It is calculated using rates that have been enacted, or substantially enacted, by the balance
sheet date. Current income tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the relevant taxation authorities.
Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements, with the following exceptions:
\u25aa where the temporary difference arises from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting nor taxable profit or loss;
\u25aa in respect of taxable temporary differences associated with investment in subsidiaries,
associates and joint ventures, where the timing of the reversal of the temporary
differences can be controlled, and it is probable that the temporary differences will not
reverse in the foreseeable future; and
\u25aa deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried
forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that
are expected to apply when the related asset is realised or liability is settled, based on tax rates and
laws enacted or substantively enacted at the statement of financial position date.
The carrying amount of deferred income tax assets is reviewed at each statement of financial position
date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists
to set off current tax assets against current tax liabilities, the deferred income taxes related to the
same taxation authority and that authority permits the Company to make a single net payment.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to
equity. Otherwise, income tax is recognised in the statement of comprehensive income.
Financial Assets and Liabilities
Financial assets and liabilities are recognised in the Company\u2019s statement of financial position when
the Company becomes a party to the contractual provisions of the instrument. The Company
currently does not use derivative financial instruments to manage or hedge financial exposures or
liabilities.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. The
Company\u2019s loans and receivables comprise Trade and Other Receivables and Cash and Cash
Equivalents in the Statement of Financial Position.
Impairment of Financial Assets
The Company and Group assess at each reporting date whether a financial asset is impaired and will
recognise the impairment loss immediately through the consolidated statement of comprehensive
loss.
Interest Bearing Loans and Borrowings
Borrowings are initially recognised at the fair value of consideration received less directly
attributable transaction costs. After initial recognition, borrowings are subsequently measured at
amortised cost using the effective interest rate method. Where borrowings are provided by
shareholders at an interest rate discounted to market rates, the difference on initial fair value is taken
to equity as a capital contribution.
Where the Group has entered into a hybrid instrument whereby there is a debt instrument and an
embedded derivative financial liability, the fair value of the debt instrument less the fair value of the
derivative financial liability is equal to loan recognised on initial measurement.
IFRS 16, Leases
IFRS 16 requires lessees to recognise a lease liability reflecting future lease payments and a \u2018right-
of-use asset\u2019 for virtually all lease contracts. IFRS 16 includes an optional exemption for certain
short-term leases and leases of low-value assets; however, this exemption can only be applied by
lessees. For lessors, the accounting remains substantially unchanged. IFRS 16 provides updated
guidance on the definition of a lease (as well as the guidance on the combination and separation of
contracts); under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration.
The right-of-use asset and lease liability are both based on the present value of lease payments due
over the term of the lease, with the asset being depreciated in accordance with IAS 16 Property,
Plant and Equipment and the liability increased for the accretion of interest and reduced by lease
payments.
Segmental reporting
The Group\u2019s operations are located in New York, USA with the head office located in the United
Kingdom. The main assets of the Group, cash and cash equivalents, are held primarily in the United
Kingdom and the United States, while the fixed assets and right of use assets are held in the United
States. The Board ensures that adequate amounts are transferred internally to allow all companies to
carry out their operations on a timely basis.
The Group currently has one reportable segment \u2013 a biotechnology company focused on the
discovery, development and commercialisation of innovative treatments relating to blood and
immune system disorders and viral infections.
New Accounting Standards and Interpretations issued and applied in the Financial Statements
(a) New and amended standards mandatory for the first time for the financial periods beginning on
or after 1 January 2024
The International Accounting Standards Board (IASB) issued various amendments and revisions to
International Financial Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the year ended 31 December 2024 but did not result in any material
changes to the financial statements of the Group or Company.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed
and not early adopted
Standards, amendments and interpretations that are not yet effective and have not been early adopted
are as follows:
| Standard | | |
\u202f\u202f | | |
| Impact | |
| on initial application | Effective date |
| IAS 21 | | |
| (Amendments) | | |
| The Effects of Changes | |
| in Foreign Exchange Rate | |
| | 1 January |
| | 2025 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | TBC |
| IFRS 7 and 9 (Amendments)* | Financial Instruments: Disclosures \u2013 Classification and TBC | |
| Measurement | |
*
Subject to endorsement
The Group is evaluating the impact of the new and amended standards above, which are not expected
to have a material impact on future Group financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D980444259_CY": {
"value": "Basis of preparation
The financial statements have been prepared in accordance with UK-adopted international
accounting standards and with requirements of the Companies Act 2006. The financial statements
have been prepared under the historical cost convention.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D735662640_CY": {
"value": "Basis of consolidation
The consolidated financial statements comprise the financial statements of Hemogenyx
Pharmaceuticals plc and its subsidiaries as at 31 December 2024. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
All intra-group balances, transactions, income and expenses and profits and losses resulting from
intra-group transactions that are recognised in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group
obtains control, and continue to be consolidated until the date that such control ceases. Hemogenyx
Pharmaceuticals plc owns the majority of the shareholdings and has operational control over all its
subsidiaries. Please refer to Note 14 for information on the consolidation of Hemogenyx
Pharmaceuticals LLC.
Hemogenyx Pharmaceuticals plc has used the exemption granted under s408 of the Companies Act
2006 that allows for the non-disclosure of the Income Statement of the parent company. The after-
tax loss attributable to Hemogenyx Pharmaceuticals plc for the year ended 31 December 2024 was
\u00a3638,537 (2023: loss of \u00a31,620,638).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory_E82_CY": {
"value": "Research and development expenditure
(i)
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or
technical knowledge and understanding, is expensed in profit or loss as incurred. Development
activities involve a plan or design for the production of new or substantially improved products and
processes. Development expenditures are capitalised only if development costs can be measured
reliably, the product or process is technically and commercially feasible, future economic benefits
are probable, and the Company intends to, and has sufficient resources to, complete development
and to use or sell the asset. No development costs have been capitalised to date.
(ii)
Clinical trial expenses
Clinical trial-related expenses are a component of the Company's research and development costs.
These expenses include fees paid to contract research organisations, clinical sites, and other
organisations who conduct development activities on the Company's behalf. The amount of clinical
trial expenses recognised in the period related to clinical agreements is based on estimates of the
work performed using an accrual basis of accounting. These estimates incorporate factors such as
patient enrolment, services provided, contractual terms, and prior experience with similar contracts.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_E54_CY": {
"value": "Intangibles
Research and development
Research expenditure is written off as incurred. Development costs are capitalised only if the
expenditure can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable, the Group intends to and has sufficient resources to
complete development and to use or sell the asset, and it is able to measure reliably the expenditure
attributable to the intangible asset during its development.
The Group\u2019s view is that capitalised assets have a finite useful life and to that extent they should be
amortised over their respective unexpired periods with provision made for impairment when
required. Assets capitalised are not amortised until the associated product is available for use or sale.
Amortisation is calculated using the straight-line method to allocate the costs of development over
the estimated useful economic lives. Estimated useful economic life is assessed by reference to the
remaining patent life and may be adjusted after taking into consideration product and market
characteristics such as fundamental building blocks and product life cycle specific to the category of
expenditure.
Intellectual property (IP)
IP assets (comprising patents, know-how, copyright and licences) acquired by the Group as a result
of a business combination are initially recognised at fair value or as a purchase at cost and are
capitalised.
Internally generated IP costs are written off as incurred except where IAS 38 criteria, as described in
research and development above, would require such costs to be capitalised.
The Group\u2019s view is that capitalised IP assets have a finite useful life and to that extent they should
be amortised over their respective unexpired periods with provision made for impairment when
required. Capitalised IP assets are not amortised until the Group is generating an economic return
from the underlying asset and as such no amortisation has been incurred to date as the products to
which they relate are not ready to be sold on the open market. When the trials are completed and the
products attain the necessary accreditation and clearance from the regulators, the Group will assess
the estimated useful economic like and the IP will be amortised using the straight-line method over
their estimated useful economic lives.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_E73_CY": {
"value": "Fixed assets
All property and equipment are stated at historical cost less accumulated depreciation or impairment
value. Cost includes the original purchase price and expenditure that is directly attributable to the
acquisition of the items to bring the asset to its working condition. Depreciation is provided at rates
calculated to write off the cost less estimated residual value of each asset over its expected useful
economic life. Right of Use assets are depreciated over their expected useful economic life on the
same basis as owned assets, or where shorter, the lease term. Assets are reviewed for impairment
when events or changes in circumstances indicate that the carrying amount may not be recoverable.
| The following rates are used: | | |
| | | |
| Computer equipment | | |
| | 33% | Straigth |
| | -line |
| Leasehold improvements | 12.5% | Straight |
| | -line |
| Property & equipment | | |
| | 20% - 50% | Straight |
| | -line |
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_E51_CY": {
"value": "Impairment of non-financial assets
The Group is required to review, at least annually, whether there are indications (events or changes
in circumstances) that non-financial assets have suffered impairment and that the carrying amount
may exceed the recoverable amount. If there are indications of impairment, then an impairment
review is undertaken. An impairment charge is recognised within operating costs for the amount by
which the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and the value-in-use. In the event that an intangible asset will
no longer be used, for example, when a patent is abandoned, the balance of unamortised expenditure
is written off.
Impairment reviews require the estimation of the recoverable amount based on value-in-use
calculations. Non-financial assets relate typically to investments in related parties and in-process
development and patents and require broader assumptions than for developed technology. Key
assumptions taken into consideration relate to technological, market and financial risks and include
the chance of product launch taking into account the stage of development of the asset, the scale of
milestone and royalty payments, overall market opportunities, market size and competitor activity,
revenue projections, estimated useful lives of assets (such as patents), contractual relationships and
discount rates to determine present values of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1786515803_CY": {
"value": "Going concern
The preparation of financial statements requires an assessment on the validity of the going concern
assumption.
The Company successfully raised \u00a33.93 million (before expenses) through the allotment and issue
of new ordinary shares during the year ended 31 December 2024, and a further \u00a3340 thousand in
early 2025. These proceeds were raised in order to facilitate the progression of the Company's HG-
CT-1 product candidate into clinical trials and to enable the Company to continue development of
product candidates for the treatment of viral infections and cancers based on its CBR platform.
Funding will be required by the Company to complete Phase I clinical development.
The Company cannot be certain that such additional funding will be available on acceptable terms,
or at all. To the extent that the Company raises additional funds by issuing equity securities, the
Company\u2019s stockholders may experience dilution. Any debt financing, if available, may involve
restrictive covenants. If the Company is unable to raise additional capital when required or on
acceptable terms, it may have to (i) significantly delay, scale back or discontinue the development
and/or commercialisation of one or more product candidates; (ii) seek collaborators for product
candidates at an earlier stage than otherwise would be desirable and on terms that are less favourable
than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies,
product candidates or products that it would otherwise seek to develop or commercialise on
unfavourable terms.
The Directors are of the opinion that the Company has adequate working capital to execute its
operations for the present time and is confident in its ability to access additional financing over the
next 12 months, however a material uncertainty exists. The Directors, therefore, have made an
informed judgement, at the time of approving these financial statements, that there is a reasonable
expectation that the Company has adequate resources to continue in operational existence for the
foreseeable future, however this relies upon the Company raising additional capital. The Directors have
continued to adopt the going concern basis of accounting in preparing the annual financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_E92_CY": {
"value": "Trade and other receivables and payables
Trade and other receivables are amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of
the business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment.
Other payables measured at amortised cost are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. The payables are classified as current
payables if payment is due within one year or less (or in the normal operating cycle of the business if
longer). If not, they are presented as non-current payables.
The payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory_E91_CY": {
"value": "Trade and other receivables and payables
Trade and other receivables are amounts due from customers for services performed in the ordinary
course of business. If collection is expected in one year or less (or in the normal operating cycle of
the business if longer), they are classified as current assets. If not, they are presented as non-current
assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, less provision for impairment.
Other payables measured at amortised cost are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. The payables are classified as current
payables if payment is due within one year or less (or in the normal operating cycle of the business if
longer). If not, they are presented as non-current payables.
The payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": {
"value": "Foreign currencies
Functional and presentation currency
The Company\u2019s presentation currency is the British Pound Sterling (\u201c\u00a3\u201d). The functional currency
for the Company, being the currency of the primary economic environment in which the Company
operates, is the British Pound Sterling. 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).
The financial statements of Hemogenyx Pharmaceuticals LLC, Immugenyx LLC and Hemogenyx-
Cell SPRL have been translated into Pound Sterling in accordance with IAS 21 The Effects of
Changes in Foreign Exchange Rates. This standard 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 of Hemogenyx Pharmaceuticals LLC,
Immugenyx LLC and Hemogenyx-Cell SPRL are recognised in other comprehensive income (loss).
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at period-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in profit and loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_E44_CY": {
"value": "Functional and presentation currency
The Company\u2019s presentation currency is the British Pound Sterling (\u201c\u00a3\u201d). The functional currency
for the Company, being the currency of the primary economic environment in which the Company
operates, is the British Pound Sterling. 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).
The financial statements of Hemogenyx Pharmaceuticals LLC, Immugenyx LLC and Hemogenyx-
Cell SPRL have been translated into Pound Sterling in accordance with IAS 21 The Effects of
Changes in Foreign Exchange Rates. This standard 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 of Hemogenyx Pharmaceuticals LLC,
Immugenyx LLC and Hemogenyx-Cell SPRL are recognised in other comprehensive income (loss).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_E22_CY": {
"value": "Cash
Cash consists of cash bank deposit balances.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_E86_CY": {
"value": "Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payment for all grants of equity
instruments.
The Group issues equity-settled share-based payments to the directors, senior management and
employees (\u201cEmployee Share Options\u201d), to corporate finance advisers for assistance in raising
private equity, and to its Scientific Advisory Board members (\u201cNon-employee Share Options\u201d). In
2021, the Group adopted the \u201cHemogenyx Pharmaceuticals plc 2021 Equity Incentive Plan with
Non-Employee Sub-Plan\u201d (the \u201cEIP\u201d) for the grant of options, restricted shares, and restricted share
units to employees, directors and consultants of the Company and its subsidiaries over ordinary
shares in the capital of the Company, which was approved by the Company\u2019s shareholders at the
2022 AGM. Equity-settled share-based payments are measured at fair value at the date of grant for
Employee Share Options and the date of service for Non-employee Share Options. The fair value
determined at the grant date or service date, as applicable, of the equity-settled share-based payments
is expensed, with a corresponding credit to equity, on a straight-line basis over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest. At each subsequent reporting date,
the Group calculates the estimated cumulative charge for each award having regard to any change in
the number of options that are expected to vest and the expired portion of the vesting period. The
change in this cumulative charge since the last reporting date is expensed with a corresponding credit
being made to equity. Once an option vests, no further adjustment is made to the aggregate amount
expensed.
The fair value is calculated using the Black Scholes method for both Employee and Non-employee
Share Options as management views the Black Scholes method as providing the most reliable
measure of valuation. The expected life used in the model has been adjusted, based on management\u2019s
best estimate, for the effects of non-transferability exercise restrictions and behavioural
considerations. The market price used in the model is the issue price of Company shares at the last
placement of shares immediately preceding the calculation date. The fair values calculated are
inherently subjective and uncertain due to the assumptions made and the limitation of the calculations
used.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": {
"value": "Taxation
Current tax
Current taxation is based on the results for the year as adjusted for items that are non-assessable or
disallowed. It is calculated using rates that have been enacted, or substantially enacted, by the balance
sheet date. Current income tax assets and liabilities are measured at the amount expected to be
recovered from or paid to the relevant taxation authorities.
Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements, with the following exceptions:
\u25aa where the temporary difference arises from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting nor taxable profit or loss;
\u25aa in respect of taxable temporary differences associated with investment in subsidiaries,
associates and joint ventures, where the timing of the reversal of the temporary
differences can be controlled, and it is probable that the temporary differences will not
reverse in the foreseeable future; and
\u25aa deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried
forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that
are expected to apply when the related asset is realised or liability is settled, based on tax rates and
laws enacted or substantively enacted at the statement of financial position date.
The carrying amount of deferred income tax assets is reviewed at each statement of financial position
date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists
to set off current tax assets against current tax liabilities, the deferred income taxes related to the
same taxation authority and that authority permits the Company to make a single net payment.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to
equity. Otherwise, income tax is recognised in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D515508929_CY": {
"value": "Deferred tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements, with the following exceptions:
\u25aa where the temporary difference arises from the initial recognition of goodwill or of an
asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither accounting nor taxable profit or loss;
\u25aa in respect of taxable temporary differences associated with investment in subsidiaries,
associates and joint ventures, where the timing of the reversal of the temporary
differences can be controlled, and it is probable that the temporary differences will not
reverse in the foreseeable future; and
\u25aa deferred income tax assets are recognised only to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, carried
forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that
are expected to apply when the related asset is realised or liability is settled, based on tax rates and
laws enacted or substantively enacted at the statement of financial position date.
The carrying amount of deferred income tax assets is reviewed at each statement of financial position
date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists
to set off current tax assets against current tax liabilities, the deferred income taxes related to the
same taxation authority and that authority permits the Company to make a single net payment.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to
equity. Otherwise, income tax is recognised in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_E37_CY": {
"value": "Financial Assets and Liabilities
Financial assets and liabilities are recognised in the Company\u2019s statement of financial position when
the Company becomes a party to the contractual provisions of the instrument. The Company
currently does not use derivative financial instruments to manage or hedge financial exposures or
liabilities.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. The
Company\u2019s loans and receivables comprise Trade and Other Receivables and Cash and Cash
Equivalents in the Statement of Financial Position.
Impairment of Financial Assets
The Company and Group assess at each reporting date whether a financial asset is impaired and will
recognise the impairment loss immediately through the consolidated statement of comprehensive
loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_E41_CY": {
"value": "Financial Assets and Liabilities
Financial assets and liabilities are recognised in the Company\u2019s statement of financial position when
the Company becomes a party to the contractual provisions of the instrument. The Company
currently does not use derivative financial instruments to manage or hedge financial exposures or
liabilities.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. The
Company\u2019s loans and receivables comprise Trade and Other Receivables and Cash and Cash
Equivalents in the Statement of Financial Position.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_E50_CY": {
"value": "Impairment of Financial Assets
The Company and Group assess at each reporting date whether a financial asset is impaired and will
recognise the impairment loss immediately through the consolidated statement of comprehensive
loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_E6_CY": {
"value": "Interest Bearing Loans and Borrowings
Borrowings are initially recognised at the fair value of consideration received less directly
attributable transaction costs. After initial recognition, borrowings are subsequently measured at
amortised cost using the effective interest rate method. Where borrowings are provided by
shareholders at an interest rate discounted to market rates, the difference on initial fair value is taken
to equity as a capital contribution.
Where the Group has entered into a hybrid instrument whereby there is a debt instrument and an
embedded derivative financial liability, the fair value of the debt instrument less the fair value of the
derivative financial liability is equal to loan recognised on initial measurement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_E63_CY": {
"value": "IFRS 16, Leases
IFRS 16 requires lessees to recognise a lease liability reflecting future lease payments and a \u2018right-
of-use asset\u2019 for virtually all lease contracts. IFRS 16 includes an optional exemption for certain
short-term leases and leases of low-value assets; however, this exemption can only be applied by
lessees. For lessors, the accounting remains substantially unchanged. IFRS 16 provides updated
guidance on the definition of a lease (as well as the guidance on the combination and separation of
contracts); under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration.
The right-of-use asset and lease liability are both based on the present value of lease payments due
over the term of the lease, with the asset being depreciated in accordance with IAS 16 Property,
Plant and Equipment and the liability increased for the accretion of interest and reduced by lease
payments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_E84_CY": {
"value": "Segmental reporting
The Group\u2019s operations are located in New York, USA with the head office located in the United
Kingdom. The main assets of the Group, cash and cash equivalents, are held primarily in the United
Kingdom and the United States, while the fixed assets and right of use assets are held in the United
States. The Board ensures that adequate amounts are transferred internally to allow all companies to
carry out their operations on a timely basis.
The Group currently has one reportable segment \u2013 a biotechnology company focused on the
discovery, development and commercialisation of innovative treatments relating to blood and
immune system disorders and viral infections.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D908317501_CY": {
"value": "New Accounting Standards and Interpretations issued and applied in the Financial Statements
(a) New and amended standards mandatory for the first time for the financial periods beginning on
or after 1 January 2024
The International Accounting Standards Board (IASB) issued various amendments and revisions to
International Financial Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the year ended 31 December 2024 but did not result in any material
changes to the financial statements of the Group or Company.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed
and not early adopted
Standards, amendments and interpretations that are not yet effective and have not been early adopted
are as follows:
| Standard | | |
\u202f\u202f | | |
| Impact | |
| on initial application | Effective date |
| IAS 21 | | |
| (Amendments) | | |
| The Effects of Changes | |
| in Foreign Exchange Rate | |
| | 1 January |
| | 2025 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | TBC |
| IFRS 7 and 9 (Amendments)* | Financial Instruments: Disclosures \u2013 Classification and TBC | |
| Measurement | |
*
Subject to endorsement
The Group is evaluating the impact of the new and amended standards above, which are not expected
to have a material impact on future Group financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_E3_CY": {
"value": "3.
Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in conformity with International Financial Reporting
Standards requires the use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company\u2019s accounting policies.
Estimates and judgements are continually evaluated, and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below.
The principal areas in which judgement is applied are as follows:
Valuation of stock options
Management uses the Black Scholes model to value the share options. The model requires use of
assumptions regarding volatility, risk free interest rate and a calculation of the value of the option at
the time of the grant. Please see Note 18 for details.
Intangible assets impairment
When there is an indicator of a significant and permanent reduction in the value of intangible assets,
an impairment review is carried out. The impairment analysis is principally based on estimated
discounted future cash flows. The determination of the assumptions is subjective and requires the
exercise of considerable judgement about the outcome of research and development activity,
probability of technical and regulatory success, amount and timing of projected future cash flow or
changes in market conditions. Any changes in key assumptions could materially affect whether an
impairment exists. See Note 12 for further details.
Valuation of investment in and long-term loans to subsidiaries
Management has assessed the recovery profile of the Parent Company loans granted to subsidiaries
and noted the research and development timetable would mean that repayment of the amounts loaned
would not commence in the short to medium term and accordingly the loans were considered to be
long-term. Management has assessed the recoverability of the loans to subsidiaries and its investment
in subsidiaries using the same metrics and assumptions. The determination of the assumptions is
subjective and requires the exercise of considerable judgement about the outcome of research and
development activity, probability of technical and regulatory success, amount and timing of projected
future cash flow or changes in market conditions. Any changes in key assumptions could materially
affect whether an impairment exists. Several factors such as the progression of the Phase I trial of
HG-CT-1 gives management comfort that no impairment indicators exist over both balances.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": {
"value": "4.
Segment Information
The Group has one reportable segment, the discovery, development, and commercialisation of
innovative treatments relating to blood and immune system disorders and viral infections, and
administrative functions in the United Kingdom, and therefore the segmental information is the same
as that presented in the primary statements.
The following tables present expenditure and certain asset information regarding the Group\u2019s
geographical segments for the year ended 31 December 2024 and 2023:
| Year Ended | |
| 31 December | |
| 2024 | |
| | Year Ended |
| | 31 December 2023 |
| | \u00a3 | \u00a3 |
| | | |
| SEGMENT ASSETS | | |
| | | |
| United Kingdom | | |
| - Non-current | | |
| | |
| - | - |
| - Current | | |
| | | |
| | 71,725 | 234,056 |
| United States | | |
| - Non-current | | |
| | | |
| | 3,372,512 | 3,936,279 |
| - Current | | |
| | | |
| | 693,790 | 1,915,093 |
| Belgium (Discontinued operation) | | |
| - Non-current | | |
| | |
| - | - |
| - Current | | |
| | 19,532 | 20,465 |
| Total | | |
| - Non-current | | |
| | | |
| | 3,372,512 | 3,936,279 |
| - Current | | |
| | |
| | 785,047 | 2,169,614 |
| | | |
| CAPITAL EXPENDITURE | | |
| United Kingdom | - | - |
| United States | 13,285 | 117,285 |
| Belgium (Discontinued operation) | - | - |
| | 13,285 | 117,285 |
Capital expenditure consists of the purchase of property, plant and equipment.
The Group also had a subsidiary in Li\u00e8ge, Belgium that was dissolved on 30 March 2022.
The loss arising from this discontinued operation was \u00a32,671 (2023: \u00a32,890).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfExpensesByNatureExplanatory_E44_CY": {
"value": "5.
Expenses by nature
| Group | |
| | Group |
| | | |
| | | |
| | | |
| | | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended 31 |
| | December 2023 |
| | | |
| | \u00a3 | \u00a3 |
| | | |
| | | |
| | | |
| Laboratory expenses | | |
| | |
| 236,722 | 90,632 |
| Consumable equipment and supplies | | |
| | | |
| 1,301,692 | 1,692,203 |
| Contractors & consultants | | |
| | | |
| 286,556 | 336,804 |
| Travel | | |
| | | |
| 39,303 | 30,863 |
| Staff Costs | | |
| | | |
| 2,259,424 | 2,151,045 |
| Insurance | | |
| | | |
| 118,065 | 123,344 |
| Other | | |
| | | |
| | | |
| 137,829 | 135,746 |
| Legal and professional fees | | |
| | | |
| 707,818 | 352,230 |
| Foreign exchange loss / (gain) | | |
| | | |
| (349,607) | 907,298 |
| Total Administrative Expenses | | |
| | | |
| 4,737,802 | 5,820,165 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_E40_CY": {
"value": "6.
Employees
| Group | | | |
| | Group | Company | Company |
| | | | |
| Year Ended 31 | | | |
| December 2024 | | | |
| | Year Ended 31 | | |
| | December 2023 | | |
| | | Year Ended 31 | |
| | | December 2024 | |
| | | | Year Ended 31 |
| | | | December 2023 |
| | | | | |
| \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Wages and salaries | | | | |
| 1,749,625 | | | |
| | 1,736,928 | 146,250 | 115,000 |
| Social security | | | | |
| 115,778 | | | |
| | 124,005 | 4,484 | 8,660 |
| Share based payments | | | | |
| 343,935 | | | |
| | 242,836 | 343,935 | 242,836 |
| Pension contributions | | | | |
| 50,086 | | | |
| | 47,276 | - | - |
| | | | | |
| 2,259,424 | | | |
| | 2,151,045 | 494,669 | 366,496 |
Average number of people (including Executive Directors) employed:
| Group | Group | Company | Company |
| | | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | | | |
| | | | | |
| Research & | | | | |
| development | | | | |
| 14 | 12 | - | - |
| Administration | 2 | 5 | 3 | 3 |
| 16 | 17 | 3 | 3 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_E7_CY": {
"value": "7.
Auditor\u2019s remuneration
| Group | Group |
| | |
| | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended |
| | 31 December |
| | 2023 |
| | \u00a3 | \u00a3 |
| Fees payable to the Company auditor: | | |
| | | |
| Audit of the financial statements of the Group and | | |
| Company | 55,000 | 52,500 |
| | |
| 55,000 | 52,500 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": {
"value": "8.
Income tax
| Group | Group |
| | |
| | |
| Year Ended 31 | |
| December 2024 | |
| | Year Ended 31 |
| | December 2022 |
| | |
| | |
| | |
| | |
| \u00a3 | |
| | \u00a3 |
| | | |
| | | |
| | | |
| Current Tax: | | |
| | |
| - | |
| | - |
| | |
| | |
| Tax on loss on ordinary activities | | |
| | |
| - | - |
| Loss on ordinary activities before tax | (5,625,478) | (6,696,493) |
| | | |
| | | |
| | | |
| Analysis of charge in the year: | | |
| | | |
| | | |
| | | |
| Loss on ordinary activities multiplied by weighted average tax | | |
| rate for the group of 25.78% (2023: 25.78%) | | |
| | | |
| (1,450,248) | (1,726,356) |
| Disallowed items | | |
| | | |
| 91,216 | 172,329 |
| US R&D credit and timing differences | | |
| | | |
| 243,230 | 231,595 |
| Tax losses carried forward | | |
| | | |
| 1,115,802 | 1,322,432 |
| Current tax credit | | |
| | |
| | |
| - | - |
Weighted average tax rate is calculated by reference to the tax rates effective in each of the
jurisdictions. The tax rates effective at 31 December 2024 are 25% and 28% in the UK and the USA
respectively.
The Group has accumulated tax losses arising in the UK of approximately \u00a34,512,000 (31 December
2023: \u00a33,529,000) that should be available, under current legislation, to be carried forward against
future profits. No deferred tax asset has been recognised against these losses.
The Group has tax losses carried forward in the US of approximately $21,122,000 (31 December
2023: $18,031,000) available under current rules until 2037. Of the total Federal net operating losses,
the amounts incurred after 2017 of approximately $9,000,000 will carry forward indefinitely. No
deferred tax asset has been recognised against these losses. Sections 382 and 383 of the US Internal
Revenue Code, and similar state regulations, contain provisions that may limit the tax loss carried
forward available to be used to offset income in any given year upon the occurrence of certain events,
including changes in the ownership interests of significant stockholders. In the event of a cumulative
change in ownership in excess of 50% over a three-year period, the amount of the NOL carry
forwards that the Company may utilise in any one year may be limited.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": {
"value": "9.
Earnings per share
The calculation of the basic and fully diluted earnings per share is calculated by dividing the loss for
the year from continuing operations attributable to equity owners of the Group of \u00a35,977,640 (2023:
\u00a35,787,611) by the weighted average number of ordinary shares in issue during the year of 3,301,431
(2023: 2,822,841).
Dilutive loss per Ordinary Share equals basic loss per Ordinary Share as, due to the losses incurred
in 2024 and 2023, there is no dilutive effect from the subsisting share options. See Note 18 for
details of stock options and warrants outstanding.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": {
"value": "10.
Property and equipment
| Group | | | | |
| Property, plant | | | |
| & equipment | | | |
| | Computer | | |
| | equipment | | |
| | | Leasehold | |
| | | Improvements | |
| | | | Total |
| | \u00a3 | | | |
| | \u00a3 | \u00a3 | \u00a3 |
| Cost | | | | |
| | | | | |
| 31 December 2021 | 430,171 | | | |
| | 19,728 | 644,155 | 1,094,054 |
| Additions | 417,897 | | | |
| | 11,161 | 1,553 | 430,611 |
| Foreign exchange movement | | | | |
| | 26,011 | | | |
| | 2,065 | 76,463 | 104,539 |
| Disposals | (1,666) | | | |
| | - | - | (1,666) |
| 31 December 2022 | 872,413 | | | |
| | 32,954 | 722,171 | 1,627,538 |
| Additions | 103,948 | | | |
| | 13,337 | - | 117,285 |
| Foreign exchange movement | | | | |
| | (41,424) | | | |
| | (1,810) | (34,518) | (77,753) |
| Disposals | - | | | |
| | - | - | - |
| 31 December 2023 | 934,937 | | | |
| | 44,480 | 687,653 | 1,667,070 |
| Additions | 13,285 | | | |
| | - | - | 13,285 |
| Foreign exchange movement | 14,657 | | | |
| | 684 | 10574 | 25,915 |
| Disposals | - | | | |
| | - | - | - |
| 31 December 2024 | 962,879 | | | |
| | 45,164 | 698,227 | 1,706,270 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Accumulated depreciation and | | | | |
| impairment losses | | | | |
| | | | | |
| 31 December 2021 | 297,309 | | | |
| | 8,858 | - | 306,167 |
| Depreciation | 116,493 | 8,129 | 75,226 | 199,848 |
| Foreign exchange movement | | | | |
| | 54,693 | 677 | 42,900 | 98,270 |
| 31 December 2022 | 468,495 | 17,664 | 118,127 | 604,285 |
| Depreciation | 126,281 | | | |
| | 10,577 | 88,543 | 225,401 |
| Foreign exchange movement | | | | |
| | (78,160) | | | |
| | (1,796) | (49,083) | (129,039) |
| 31 December 2023 | 516,616 | | | |
| | 26,444 | 157,587 | 700,647 |
| Depreciation | 136,088 | 9,015 | 85,475 | 230,578 |
| Foreign exchange movement | | | | |
| | 10,356 | | | |
| | 595 | | |
| | | 4,227 | 15,637 |
| 31 December 2024 | 663,519 | 36,054 | 247,289 | 946,862 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Carrying amounts | | | | |
| | | | | |
| | | | | |
| 31 December 2021 | 132,862 | | | |
| | 10,870 | 644,155 | 787,887 |
| 31 December 2022 | 403,918 | 15,290 | 604,044 | 1,023,252 |
| 31 December 2023 | 418,321 | 18,036 | 530,066 | 966,423 |
| 31 December 2024 | 299,360 | 9,110 | 450,938 | 759,408 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLeasesExplanatory_E87_CY": {
"value": "11.
Leases
The Group follows IFRS 16 with respect to its leases, whereby the Group recognises right-of-use
assets and lease liabilities for all leases on its balance sheet. One of the US subsidiaries has an
agreement for the lease of laboratory facilities to which IFRS 16 has been applied.
The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position
are as follows:
Group & Company
| | Right of use | | |
| asset | | |
| \u00a3 | | |
| | | Lease | |
| | liability | |
| | \u00a3 | |
| | | | Income |
| | | statement |
| | | \u00a3 |
| | | | |
| Carrying value at 31 December 2021 | 9,242 | (10,152) | |
| Additions | | | |
| Depreciation | | | |
| 3,249,244 | | |
| (366,302) | | |
| | | (3,249,244) | |
| | | - |
| | - | |
| | | (366,302) |
| Interest | - | (274,802) | (274,802) |
| Lease payments | - | 106,321 | - |
| Foreign exchange movements | | | |
| | | | |
| 77 | 5,042 | (4,965) |
| Carrying value at 31 December 2022 | 2,892,261 | (3,422,835) | |
| Additions | | | |
| Depreciation | | | |
| - | | |
| (420,280) | | |
| | - | |
| | | - |
| | - | |
| | | (420,280) |
| Interest | - | (315,991) | (315,991) |
| Lease payments | - | 638,765 | - |
| Foreign exchange movements | | | |
| | | | |
| (125,966) | 154,175 | 28,210 |
| Carrying value at 31 December 2023 | 2,346,015 | (2,945,886) | () |
| Additions | - | - | - |
| Depreciation | (408,707) | - | (408,707) |
| Interest | - | (271,555) | (271,555) |
| Lease payments | - | 635,037 | - |
| Foreign exchange movements | | | |
| | | | |
| 30,505 | (40,682) | (10,177) |
| Carrying value at 31 December 2024 | 1,967,813 | (2,623,086) | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_E72_CY": {
"value": "12.
Intangible assets
On 15 January 2015, the Company entered into an Exclusive License Agreement with Cornell
University to grant to the Company patent rights to patent PCT/US14/65469 entitled Post-Natal
Hematopoietic Endothelial Cells and Their Isolation and Use and rights to any product or method
deriving therefrom. The Company paid Cornell University USD $347,500 for such licence rights.
In October 2021, the Company entered into a licence with Eli Lilly & Company to use a patented
product derived from jointly-developed intellectual property in the CDX antibody for a term ending
on the latest of (a) the twelfth (12th) anniversary of the date of First Commercial Sale of a particular
Licensed Product in a particular country; (b) the first day on which there is not at least one Licensed
Patent having a Valid Claim Covering the manufacture, use, or sale of such Licensed Product in
such country; or (c) the expiration of the last-to-expire Data Exclusivity Period for such Licensed
Product in such country. The Company paid \u00a3181,743 or $250,000 as an up-front payment and will
make milestone payments of up to $1 million through to Phase II clinical trials. Lilly is also eligible
to receive substantial additional milestone payments based on the achievement of prespecified
milestones, as well as tiered single-digit royalties on sales and a percentage of any cash payments
received in respect of any sublicence of the licensed intellectual property. Through December 31,
2024, the Company has not incurred any development or sales-based payment obligations to the
licensor.
| Cost | Intellectual Property |
| \u00a3 |
| 31 December 2022 | 441,493 |
| Additions | - |
| Exchange movements | 28,680 |
| 31 December 2023 | 470,173 |
| Additions | - |
| Exchange movements | 7,230 |
| 31 December 2024 | 477,403 |
The carrying value of intangible assets is reviewed for indications of impairment whenever events
or changes in circumstances indicate that the carrying value may exceed the recoverable amount. The
products to which they relate are not ready to be sold on the open market. When the trials are
completed and the products attain the necessary accreditation and clearance from the regulators, the
Group will assess the estimated useful economic life and the IP will be amortised using the straight-
line method over their estimated useful economic lives. The directors are of the view that no
impairment is required as the test results to date have been very positive and these products are now
being moved on towards the clinical trial phase. Accordingly, the directors continue to believe that
the products will eventually attain the necessary accreditation and clearance from the regulators and
so no impairment has been considered necessary.
Amortisation will be charged to operating costs in the Statement of Comprehensive Income when
the Group achieves product sales.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_E126_CY": {
"value": "13.
Loan to subsidiary
| | Company | Company |
| | | |
| | | |
| Year Ended 31 | |
| December 2024 | |
| \u00a3 | |
| | Year Ended 31 |
| | December 2023 |
| | \u00a3 |
| Hemogenyx Pharmaceuticals LLC | 21,861,622 | 18,097,368 |
| Immugenyx LLC | 496 | 592 |
| | |
| | |
| | 21,862,118 | 18,097,960 |
Hemogenyx Pharmaceuticals plc has made cumulative loans to Hemogenyx Pharmaceuticals LLC
of US$21,514,889 (\u00a321,861,622) as at 31 December 2024 (31 December 2023: US$22,998,308
(\u00a318,097,368)) and Immugenyx LLC of US$752 (\u00a3601) as at 31 December 2024 (31 December
2023: US$752 (\u00a3592)). The loans are interest free and will be repaid when Hemogenyx LLC\u2019s
operational cash flow allows. Management has undertaken an impairment assessment of the loan as
at 31 December 2024 and has determined that that there was no impairment required due to continued
progress of the product candidates. The interest rate and impairment assessment are reviewed on an
annual basis.
14.
Investment in subsidiary
| Name | | | | |
| Address of the registered | | | |
| office | | | |
| | Nature of | | |
| | business | | |
| | | Proportion of | |
| | | ordinary | |
| | | shares held | |
| | | directly by | |
| | | parent (%) | |
| | | | Proportion of |
| | | | ordinary |
| | | | shares held |
| | | | ultimately by |
| | | | parent (%) |
| | | | | |
| Hemogenyx UK Limited | 6 Heddon Street, London, | | | |
| W1B 4BT | | | |
| | Holding | | |
| | Company | | |
| | | 100 | - |
| | | | | |
| Hemogenyx | | | | |
| Pharmaceuticals LLC | | | | |
| | | | | |
| 9 East Lookerman Street, | | | |
| Suite 3A, Dover, Kent, | | | |
| Delaware, USA, 19901 | | | |
| | | | |
| | Biomedical | | |
| | sciences | | |
| | | | | |
| | | - | |
| | | | |
| | | | 100 |
| | | | | |
| Immugenyx LLC | | | | |
| | | | | |
| c/o Corporation Service | | | |
| Company, 251 Little Falls | | | |
| Drive, Wilmington, | | | |
| Delaware, USA, 19808 | | | |
| | | | | |
| | Biomedical | | |
| | sciences | | |
| | | | | |
| | | - | |
| | | | | |
| | | | 88.9 |
The remaining shares in Immugenyx LLC are held by Dr Vladislav Sandler and by a prior employee,
Carina Sirochinsky, as part of their compensation under their respective roles as CEO and Director
of Operations. Ms Sirochinsky\u2019s role as Director of Operations ended on the termination of her
employment on 1 July 2021. Dr Sandler and Ms Sirochinsky receive(d) 10,000 and 1,000 shares
respectively for each year of employment from January 2019. At 31 December 2024, Hemogenyx
Pharmaceuticals LLC, Dr Sandler, and Ms Sirochinsky each own 510,000, 50,000, and 2,500 shares
in Immugenyx LLC, respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": {
"value": "15.
Trade and other receivables
| Group | Group | Company | Company |
| | | | | |
| Year Ended | | | |
| 31 December | | | |
| 2024 | | | |
| | Year Ended | | |
| | 31 December | | |
| | 2023 | | |
| | | Year Ended | |
| | | 31 December | |
| | | 2024 | |
| | | | Year Ended |
| | | | 31 December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| VAT receivable | | | | |
| 4,089 | | | |
| | 4,064 | | |
| | | 4,089 | |
| | | | 4,064 |
| Trade and other receivables | | | | |
| 3,768 | | | |
| | 1,074 | | |
| | | 2,519 | |
| | | | - |
| Prepayments | | | | |
| 671,926 | | | |
| | 916,875 | | |
| | | 12,855 | |
| | | | 10,757 |
| Total trade and other receivables | | | | |
| | | | | |
| 679,783 | | | |
| | | | | |
| | 922,013 | | |
| | | | | |
| | | 19,463 | |
| | | | | |
| | | | 14,820 |
There are no material differences between the fair value of trade and other receivables and their
carrying value at the year-end. No receivables were past due or impaired at the year end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_D870574758_CY": {
"value": "
16.
Called up share capital
Capital Reorganisation
The Company carried out a subdivision and reclassification of the Existing Ordinary Shares by 1:2
so that each Existing Ordinary Share was subdivided and reclassified into 1 new ordinary share of
\u00a30.000025 each (the New Ordinary Shares) and 1 deferred share of \u00a30.009975 each (the Deferred
Shares) (the Subdivision), followed by a consolidation of the New Ordinary Shares by 400:1 so that
every 400 New Ordinary Shares will be consolidated into 1 New Ordinary Share of \u00a30.01 each (the
Consolidation, together with the Subdivision, the Capital Reorganisation).
The Deferred Shares will have no right to vote or participate in the capital of the Company (save as
set out under the \u2018New Articles\u2019) and the Company will not issue any certificates or credit CREST
accounts in respect of them. The Deferred Shares will not be admitted to trading on any exchange.
The rights of the New Ordinary Shares and the Deferred Shares will be set out in the New Articles
proposed to be adopted by the Company. The purpose of the Capital Reorganisation is to reduce the
nominal value of the Existing Ordinary Shares and to reduce the number of shares in issue.
| Group & Company | Number of ordinary | |
| shares | |
| | \u00a3 |
| As at 31 December 2022 | 979,749,321 | 9,797,493 |
| Issue of shares \u2013 placement 2 Feb 2023 | 162,250,000 | 1,622,500 |
| Issue of shares \u2013 placement 27 Sept 2023 | 11,066,667 | 110,667 |
| Issue of shares \u2013 placement 4 Dec 2023 | 22,500,000 | 225,000 |
| As at 31 December 2023 | 1,175,565,988 | 11,755,660 |
| Issue of shares \u2013 placement 7 Mar 2024 | 72,750,000 | 727,500 |
| Issue of shares \u2013 placement 11 Mar 2024 | 86,000,000 | 860,000 |
| Issue of shares \u2013 placement 12 Mar | | |
| 2024 | 7,500,000 | 75,000 |
| Issue of shares \u2013 placement 1 Nov 2024 | 60,000,000 | 600,000 |
| Capital reorganisation | (1,398,311,448) | (13,983,115) |
| As at 31 December 2024 | 3,504,540 | 35,045 |
During 2022, the Company did not issue any ordinary shares.
During 2023, the Company issued 195,816,667 ordinary shares.
During 2024, the Company issued 226,250,000 ordinary shares.
| Group & Company | Number of deferred | |
| shares | \u00a3 |
| As at 31 December 2022 | - | - |
| No shares issued during 2022 | - | - |
| As at 31 December 2023 | - | - |
| Capital reorganisation | 1,401,815,988 | 13,983,115 |
| As at 31 December 2024 | 1,401,815,988 | 13,983,115 |
17.
Share premium
| Group & Company | \u00a3 |
| | |
| As at 31 December 2022 | 16,808,647 |
| Issue of shares \u2013 placement 2 Feb 2023 | 2,433,750 |
| Issue of shares \u2013 placement 27 Sep2023 | 553,333 |
| Issue of shares \u2013 placement 4 Dec 2023 | 309,375 |
| Cost of capital | (166,549) |
| As at 31 December 2023 | 19,938,556 |
| Issue of shares \u2013 placement 7 Mar 2024 | 727,500 |
| Issue of shares \u2013 placement 11 Mar 2024 | 860,000 |
| Issue of shares \u2013 placement 12 Mar | |
| 2024 | 75,000 |
| Issue of shares \u2013 placement 1 Nov 2024 | - |
| Cost of capital | (212,510) |
| As at 31 December 2024 | 21,388,546 |
18.
Other reserves
Group:
| Year Ended 31 | |
| December 2024 | |
| | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | |
| | |
| | |
| | |
| | |
| | |
| \u00a3 | |
| | |
| | \u00a3 |
| | | |
| As at start of year | 1,164,637 | |
| | 921,801 |
| Charge for the year - employees | 343,935 | |
| | 242,836 |
| | |
| As at end of year | 1,508,572 | |
| | |
| | 1,164,637 |
Company:
| Year Ended 31 | |
| December 2024 | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | | |
| | | |
| | | |
| | | |
| | | |
| \u00a3 | |
| | | |
| | \u00a3 |
| | | |
| As at start of year | 1,163,533 | 920,697 |
| Charge for the year - employees | 343,935 | 242,836 |
| | | |
| As at end of year | 1,507,468 | 1,163,533 |
The expense recognised for employee and non-employee services during the year is shown in the
following table:
| Group and Company: | | |
| Year Ended 31 | |
| December 2024 | |
| | |
| | Year Ended 31 |
| | December 2023 |
| | |
| | |
| \u00a3 | \u00a3 |
| | | |
| | | |
| Expense arising from equity-settled share-based payment | | |
| transactions | 343,935 | 242,836 |
| | | |
| Total expense arising from share- | | |
| based payment transactions | 343,935 | 242,836 |
Employee Plan
Under the Employee Plan (\u201cEMP\u201d) share options are granted to directors and employees at the
complete discretion of the Company. The fair value of the options is determined by the Company at
the date of the grant. Options granted vest in tranches on each of the following events/dates:
(i) Admission to the LSE (\u201cAdmission\u201d);
(ii) On the date falling six (6) months after Admission;
(iii) On the date falling twelve (12) months after Admission; and
(iv) On the date falling twenty-four (24) months after Admission
On the provision that the option holder remains an employee of the Group.
Options granted to most other option holders from 4 January 2018 onwards vest in equal tranches of
12.5% every three months from the date of grant, until fully vested.
The fair value of the options is determined using the Black Scholes method as stated in Note 2. The
contractual life of each option granted is between two and five years. There are no cash settlement
alternatives.
Options are settled when the Company receives a notice of exercise and cash proceeds from the
option holder equal to the aggregate exercise price of the options being exercised.
As part of the EMP, certain share options have been granted to a Director of the Company which
contain vesting conditions that are contingent on the authorisation of the FDA to commence clinical
trials.
Non-Employee Plan
Under the Non-Employee Plan (\u201cNEMP\u201d) share options are granted to non-employees at the
complete discretion of the Company. The exercise price of the options is determined by the Company
at the date of the grant. The options vest at the date of the grant.
The fair value of the options is determined using the Black Scholes method as stated in Note 2 and
not the value of services provided as this is deemed the most appropriate method of valuation. In all
cases non-employee option holders received cash remuneration in consideration for services
rendered in accordance with agreed letters of engagement. The contractual life of each option granted
ranges from two to five years. There are no cash settlement alternatives. Volatility was determined
by calculating the volatility for three similar listed companies and applying the average of the four
volatilities calculated.
Options are settled when the Company receives a notice of exercise and cash proceeds from the
option holder equal to the aggregate exercise price of the options being exercised.
2021 Equity Incentive Plan with Non-Employee Sub-Plan
Under the 2021 Equity Incentive Plan with Non-Employee Sub-Plan\u201d (the \u201cEIP\u201d) share options,
restricted shares, and restricted share units may be granted to employees, directors and consultants
of the Company and its subsidiaries at the discretion of the Company in an aggregate amount up to
188 shares. This was increased to 563 shares in April 2023. The fair value of awards made under
this plan is determined in the same way as for the EMP and NEMP described above.
A schedule of options granted since inception for all plans is below:
| | Number options |
| Employees, including directors* | |
| 260,817 |
| Members of the Scientific Advisory Board | 31,205 |
| Total | 292,022 |
* Details of options held by individual directors are disclosed in the Directors\u2019 Report.
In October 2022, the expiration date of options to acquire 12,016 ordinary shares (which were
scheduled to expire in October 2022) was extended by two years by the Board of Directors of the
Company. The Company recognised this transaction as a modification of a share-based instrument
for financial reporting purposes. The change in the fair value of the stock option before and after the
modification amounted to approximately $5,400, which was recorded as part of expense related to
share-based payment transactions. The fair value was determined using the Black Scholes model
using the assumptions noted below.
| Group & Company: | 2024 | | | |
| Number | | | |
| | 2024 | | |
| | Weighted | | |
| | Average | | |
| | Exercise | | |
| | | | |
| | Price, | | |
| | pence | | |
| | | 2023 | |
| | | Number | |
| | | | 2023 |
| | | | Weighted |
| | | | Average |
| | | | Exercise |
| | | | | |
| | | | Price, |
| | | | pence |
| | | | | |
| Outstanding at the beginning of the year | | | | |
| | 219,747 | 13.6 | 88,249 | 18.4 |
| Granted during the year | | | | |
| | - | - | 142,750 | 10.8 |
| Lapsed during the year | | | | |
| | (18,753) | 14.0 | (11,252) | 14.0 |
| Extended during the year | | | | |
| | - | - | - | - |
| | | | | |
| Outstanding at end of year | 200,995 | 14.1 | 219,747 | 13.6 |
| | | | | |
| Exercisable at end of year | 200,995 | 14.1 | 219,747 | 13.6 |
The weighted average remaining contractual life for the share options outstanding as at 31 December
2024 is 2.58 years (2023: 4.73 years). The weighted average fair value of options granted during the
year was nil (2023: 10.8 pence).
The following table lists the inputs to the models used for the two plans for the years ended 31
December 2024 and 31 December 2023:
| | April |
| 2023 |
| (EMP) |
| |
| | |
| Expected volatility % | 92 |
| Risk-free interest rate % | 3.75 |
| Expected life of options (years) | 3 |
| WAEP \u2013 pence | 10.8 |
| Expected dividend yield | - |
| Model used | Black Scholes |
19.
Capital and reserves
The nature and purpose of equity and reserves are as follows:
Share capital comprises the nominal value of the ordinary issued share capital of the Company.
Share premium represents consideration less nominal value of issued shares and costs directly
attributable to the issue of new shares.
Deferred share capital represents shares which do not carry voting rights, dividends, distributions or
redemption.
Other reserves represents the value of options in connection with share-based payments, warrants
connected with share placements issued by the Company, and the value of the deemed embedded
derivative connected with the Convertible Note liability.
Reverse asset acquisition reserve is the reserve created in accordance with the acquisition of
Hemogenyx Pharmaceuticals LLC on 5 October 2017.
Foreign currency translation reserve is used to recognise the exchange differences arising on
translation of the assets and liabilities of foreign branches and subsidiaries with functional currencies
other than Pounds Sterling, as well as the revaluation of intercompany loans.
Retained earnings represent the cumulative retained losses of the Company at the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": {
"value": "20.
Trade and other payables
| Group | Group | Company | Company |
| Current | | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| Trade and other payables | | | | |
| 683,284 | | | |
| | 301,707 | | |
| | | 327,595 | |
| | | | 117,956 |
| Accruals and deferred income | | | | |
| 51,696 | | | |
| | 77,294 | | |
| | | 51,696 | |
| | | | 77,293 |
| | | | Total |
| | 734,980 | | | |
| | 379,001 | | |
| | | | 379,291 | |
| | | | 195,249 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": {
"value": "21.
Related party disclosures
There were no related party disclosures other than Directors\u2019 remuneration as disclosed in the
Remuneration Report section of the Directors\u2019 Report. There are no key management personnel other
than the Directors and the Company Secretary.
",
"dimensions": {
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"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
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}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": {
"value": "22.
Financial instruments
The Group\u2019s financial instruments consist of cash, amounts receivable, accounts payable and accrued
liabilities.
Fair value of financial assets and liabilities
Fair values have been determined for measurement and/or disclosure purposes based on the following
methods. When applicable, further information about the assumptions made in determining fair
values is disclosed in the notes specific to that asset or liability.
The carrying amount for cash, accounts receivable, and accounts payable and accrued liabilities on
the statement of financial position approximate their fair value because of the limited term of these
instruments. The fair value of deferred payment approximates its fair value. The investment is carried
at cost as it is not traded on an active market.
Financial risk management objectives and policies
The Company has exposure to the following risks from its use of financial instruments:
\u2022 Credit risk
\u2022 Liquidity and funding risk
\u2022 Market risk
The following table sets out the amortised costs categories of financial instruments held by the Company
as at the year ended 31 December 2024 and year ended 31 December 2023:
| Group | Group | Company | Company |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2024 | |
| | | | Year Ended 31 |
| | | | December 2023 |
| \u00a3 | | | |
| | \u00a3 | | |
| | | \u00a3 | |
| | | | \u00a3 |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Assets | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Trade and other receivables, | | | | |
| except prepayments | 7,856 | 5,138 | - | - |
| Cash and cash equivalents | 159,265 | 1,247,601 | 52,262 | 219,236 |
| | | | | |
| 167,121 | 1,252,739 | 52,262 | 219,236 |
| | | | |
| Liabilities | | | | |
| | | | |
| Trade and other payables | (683,284) | (301,707) | (327,595) | (119,249) |
| Lease liabilities | (2,623,086) | (2,945,886) | - | - |
| | | | | |
| | | | |
| | (3,306,370) | (3,247,593) | (327,595) | (119,249) |
a)
Credit risk
The Group had receivables of \u00a30 owing from customers (31 December 2023: \u00a30). All bank deposits
are held with Financial Institutions with a minimum credit rating of B.
b)
Liquidity and funding risk
The Group regularly reviews its major funding positions to ensure that it has adequate financial
resources in meeting its financial obligations. The Group takes liquidity risk into consideration when
deciding its sources of funds. The principle liquidity risk facing the business is the risk of going
concern which has been discussed in Note 2.
c)
Market risk
Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in
market interest rates. The Group's income and operating cash flows are substantially independent of
changes in market interest rates as the Group has no significant interest-bearing assets. The
borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Company's
management monitors the interest rate fluctuations on a continuous basis and acts accordingly.
The Company has floating rate financial assets in the form of deposit accounts with major banking
institutions; however, it is not currently subjected to any other interest rate risk.
Based on cash balances as above as at the statement of financial position date, a rise in interest rates
of 1% would not have a material impact on the profit and loss of the Company and such is not
disclosed.
In relation to sensitivity analysis, there was no material difference to disclosures made on financial
assets and liabilities.
At the reporting date the interest rate profile of interest-bearing financial instruments was:
| Group | Group | Company | Company |
| | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2023 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| | | | | |
| Financial Assets | | | | |
| | | | | |
| Cash and cash equivalents | 159,265 | 1,247,601 | 52,262 | 219,236 |
Foreign currency risk
The Group operates internationally and has monetary assets and liabilities in currencies other than
the functional currency of the operating company involved.
The Group seeks to manage its exposure to this risk by ensuring that where possible, the majority of
expenditure and cash of individual subsidiaries within the Group are denominated in the same
currency as the functional currency of that subsidiary.
The Group has not entered into any derivative instruments to manage foreign exchange fluctuations.
The following table shows a currency of net monetary assets and liabilities by functional currency of
the underlying companies for the years ended 31 December 2024 and 31 December 2023:
| 31 December 2024 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 39,303 | - | - | 39,303 |
| US Dollars | 12,959 | 87,471 | - | 100,430 |
| Euros | - | - | 19,532 | 19,532 |
| Total | 52,262 | 87,471 | 19,532 | 159,265 |
| 31 December 2023 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 206,397 | - | - | 206,397 |
| US Dollars | 12,839 | 1,007,900 | - | 1,020,739 |
| Euros | - | - | 20,465 | 20,465 |
| Total | 219,236 | 1,007,900 | 20,465 | 1,247,601 |
Capital risk management
The Group defines capital as the total equity of the Company. The Group\u2019s objectives when
managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Fair value of financial assets and liabilities
There are no material differences between the fair value of the Group\u2019s financial assets and liabilities
and their carrying values in the financial statements.
",
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}
},
"fact_ifrs-full_DisclosureOfCreditRiskExplanatory_D1413524926_CY": {
"value": "a)
Credit risk
The Group had receivables of \u00a30 owing from customers (31 December 2023: \u00a30). All bank deposits
are held with Financial Institutions with a minimum credit rating of B.
",
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}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_D1282594835_CY": {
"value": "b)
Liquidity and funding risk
The Group regularly reviews its major funding positions to ensure that it has adequate financial
resources in meeting its financial obligations. The Group takes liquidity risk into consideration when
deciding its sources of funds. The principle liquidity risk facing the business is the risk of going
concern which has been discussed in Note 2.
",
"dimensions": {
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}
},
"fact_ifrs-full_DisclosureOfMarketRiskExplanatory_D950211124_CY": {
"value": "
c)
Market risk
Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in
market interest rates. The Group's income and operating cash flows are substantially independent of
changes in market interest rates as the Group has no significant interest-bearing assets. The
borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Company's
management monitors the interest rate fluctuations on a continuous basis and acts accordingly.
The Company has floating rate financial assets in the form of deposit accounts with major banking
institutions; however, it is not currently subjected to any other interest rate risk.
Based on cash balances as above as at the statement of financial position date, a rise in interest rates
of 1% would not have a material impact on the profit and loss of the Company and such is not
disclosed.
In relation to sensitivity analysis, there was no material difference to disclosures made on financial
assets and liabilities.
At the reporting date the interest rate profile of interest-bearing financial instruments was:
| Group | Group | Company | Company |
| | | | |
| Year Ended 31 | | | |
| December | | | |
| 2024 | | | |
| | Year Ended 31 | | |
| | December | | |
| | 2023 | | |
| | | Year Ended 31 | |
| | | December | |
| | | 2023 | |
| | | | Year Ended 31 |
| | | | December |
| | | | 2023 |
| | \u00a3 | \u00a3 | \u00a3 | \u00a3 |
| | | | | |
| Financial Assets | | | | |
| | | | | |
| Cash and cash equivalents | 159,265 | 1,247,601 | 52,262 | 219,236 |
Foreign currency risk
The Group operates internationally and has monetary assets and liabilities in currencies other than
the functional currency of the operating company involved.
The Group seeks to manage its exposure to this risk by ensuring that where possible, the majority of
expenditure and cash of individual subsidiaries within the Group are denominated in the same
currency as the functional currency of that subsidiary.
The Group has not entered into any derivative instruments to manage foreign exchange fluctuations.
The following table shows a currency of net monetary assets and liabilities by functional currency of
the underlying companies for the years ended 31 December 2024 and 31 December 2023:
| 31 December 2024 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 39,303 | - | - | 39,303 |
| US Dollars | 12,959 | 87,471 | - | 100,430 |
| Euros | - | - | 19,532 | 19,532 |
| Total | 52,262 | 87,471 | 19,532 | 159,265 |
| 31 December 2023 | | | |
| Functional Currency | | | |
| | | | |
| Currency of net monetary | | | | |
| assets/(liabilities) | | | | |
| Pound | | | |
| Sterling | | | |
| \u00a3 | | | |
| | US Dollars | | |
| | | | |
| | \u00a3 | | |
| | | Euro | |
| | | | |
| | | \u00a3 | |
| | | | Total |
| | | | |
| | | | \u00a3 |
| | | | |
| Pounds Sterling | 206,397 | - | - | 206,397 |
| US Dollars | 12,839 | 1,007,900 | - | 1,020,739 |
| Euros | - | - | 20,465 | 20,465 |
| Total | 219,236 | 1,007,900 | 20,465 | 1,247,601 |
",
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},
"fact_ifrs-full_DisclosureOfCommitmentsExplanatory_E23_CY": {
"value": "23.
Commitments
Licences
Milestone and royalty payments that may become due under licence agreements are dependent on,
among other factors, clinical trials, regulatory approvals and ultimately the successful development
of new drugs, the outcomes and timings of which are uncertain.
For the licence from Cornell University to the patent of the Hu-PHEC technology, the Group\u2019s
minimum future payments contingent upon meeting certain development, regulatory and
commercialisation milestones total \u00a3855,301 ($1,035,000) plus \u00a3413,189 ($500,000) on receipt of
marketing approval from each additional market excluding the United States of America and the
European Union. Upon commencement of commercial production, the Group will pay a royalty
between 2 to 5% on all net sales. Through 31 December 2024, none of the requirements to make
such payments have been met. In addition, the Group pays an annual licence maintenance fee of up
to \u00a361,978 ($75,000) until commercial sales are achieved.
For the licence to Eli Lilly and Company\u2019s (\u201cLilly\u201d) contributions to the intellectual property in the
CDX bispecific antibody, future payments will be contingent upon meeting certain similar
development, regulatory and commercialisation milestones and so do not meet the definition of
commitments pending further developments. This licence is subject to an up-front payment to Lilly
of $250,000 and milestone payments of up to $1 million through to Phase II clinical trials. Lilly is
also eligible to receive substantial additional milestone payments based on the achievement of
prespecified milestones, as well as tiered single-digit royalties on sales. In addition, the Company
will pay Lilly a percentage of any cash payments received in respect of any sublicence of the licensed
intellectual property.
Leases
In August 2021, Hemogenyx LLC entered into a lease for a 9,357 square foot purpose-built
laboratory for eight years beginning on 1 April 2022. The lease contains escalating monthly payments
ranging from approximately $64,300 to $76,500 per month over the lease term. The Group paid a
security deposit of \u00a3156,114 ($188,005) during the year ended 31 December 2021 for such facility
lease.
Service agreements
In December 2021, Hemogenyx Pharmaceuticals LLC entered into a service agreement to establish
Research Cell Banks (RCBs) for production of the Company\u2019s proprietary recombinant protein(s)
encoded by cDNAs. From 31 December 2021 through 31 December 2022, Hemogenyx
Pharmaceuticals LLC has paid \u00a3199.956 (CHF 214,063) under this agreement. Under the terms of
the agreement, Hemogenyx Pharmaceuticals LLC may pay up to CHF 590,000 at its discretion in
aggregate, inclusive of the amounts already paid.
In December 2021, Hemogenyx Pharmaceuticals LLC entered into service agreements with another
party to produce components of the Company\u2019s CAR-T product candidate. Under the terms of the
agreement, Hemogenyx Pharmaceuticals LLC must pay an aggregate of \u00a31,970,911 ($2,109,957) in
milestone payments during the term of production. From 31 December 2021 through 31 December
2024, Hemogenyx Pharmaceuticals LLC has paid \u00a32,244,287 ($2,868,121) under these agreements.
In September 2023, Hemogenyx Pharmaceuticals entered into a Master Services and Contract
Agreement for a third party to provide clinical services and technologies for the forthcoming Phase
I clinical trials for an initial term of 38 months, paying an aggregate of \u00a31,979,753 ($2,530,057).
This includes an upfront payment of \u00a3772,097 ($986,713) and monthly instalments over 38 months
of \u00a332,639 ($41,712) commencing in April 2024. From April 2024 through 31 December 2024,
Hemogenyx Pharmaceuticals LLC has paid \u00a3261,115 ($333,696) under the agreement.
Share options
As detailed further in Note 18, certain share options contain contingent vesting conditions.
",
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}
},
"fact_ifrs-full_DisclosureOfReclassificationOfFinancialInstrumentsExplanatory_D1696853997_CY": {
"value": "25.
Prior period error: lease liability classification (IFRS 16)
During the year ended 31 December 2024, the Group identified a classification error in the
presentation of lease liabilities under IFRS 16 Leases in the prior year\u2019s consolidated financial
statements. While the total lease liability was correctly recognised, an amount of \u00a389,438 that should
have been presented as a current liability as at 31 December 2023 was incorrectly classified as non-
current.
As a result, the comparative amounts in the consolidated statement of financial position have been
restated to reflect the correct classification. The impact of this restatement as at 31 December 2023
is as follows: current lease liabilities increased by \u00a389,438 from \u00a3273,084 to \u00a3362,522, and non-
current lease liabilities decreased by \u00a389,438 from \u00a32,672,802 to \u00a32,583,364. There was no impact
on total lease liabilities, net assets, or the consolidated statement of profit or loss and other
comprehensive income, including basic and diluted earnings per share, for the year ended 31
December 2023.
There was also no impact on the statement of financial position as at 1 January 2023, as the error
arose during the year ended 31 December 2023. Accordingly, no restatement was required at the
beginning of the earliest comparative period.
",
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}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D145302328_CY": {
"value": "26.
Subsequent events
In January 2025 the Company raised \u00a3340,000 through the issue of 100,000 new ordinary shares at
a price of 340p per share. One institutional investor was also granted 50,000 warrants exercisable at
a price of 500p each for a period of 12 months from 1 March 2025.
In February 2025 the Company raised \u00a3285,000 through the issue of convertible loan notes (\u201cCLNs\u201d)
and the loan note holders also received a one-for-one warrant, exercisable at a price of \u00a34.00 per
share for each share held upon the CLN conversion date. The CLNs converted into 95,000 ordinary
shares on 13 March 2025.
In February 2025, the Company terminated its Exclusive License Agreement with Cornell
University.
In March 2025 the Company raised \u00a3709,200 through the issue of 394,000 new ordinary shares at a
price of 180p per share. The investor was also granted a one-for-two warrant, exercisable at a price
of \u00a33.50 per share for each share subscribed
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_hemo_DisclosureCopiesOfTheAnnualReportExplanatory_D114572201_CY": {
"value": "27.
Copies of the annual report
Copies of the annual report will be available on the Company\u2019s web site at https://hemogenyx.com
and from the Company\u2019s registered office 6 Heddon Street, London, W1B 4BT.
",
"dimensions": {
"concept": "hemo:DisclosureCopiesOfTheAnnualReportExplanatory",
"language": "en",
"entity": "scheme:2138008L93GYU5GN6179",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}