TIDMAGL
RNS Number : 6281L
Angle PLC
07 September 2023
For Immediate Release 7 September 2023
ANGLE plc
("ANGLE" or "the Company")
Interim Results for the six months ended 30 June 2023
BUILDING COMMERCIAL MOMENTUM DELIVERS REVENUE GROWTH
Cash runway extended into Q1 2025
ANGLE plc (AIM:AGL OTCQX:ANPCY), a world-leading liquid biopsy
company with innovative circulating tumor cell (CTC) diagnostic
solutions for the research and diagnostic oncology market, today
announces its unaudited interim financial results for the six
months ended 30 June 2023.
Financial Highlights
-- Revenues for the half-year trebled to GBP1.2 million (H1 2022: GBP0.4 million)
- product-related revenue GBP0.8 million (H1 2022: GBP0.3
million)
- services-related revenue GBP0.4 million (H1 2022: GBP0.1
million)
- services-related sales of up to GBP2.5 million have already
been made for revenues in future periods
-- Loss for the half-year GBP9.8 million, or 3.77 pence per
share (H1 2022: loss GBP9.2 million, or 3.92 pence per share)
-- Focus on near term opportunities and deferral of some
longer-term growth objectives generates c. GBP5 million of cash
savings by end of 2024 extending cash runway into Q1 2025
-- Cash and cash equivalents at 30 June 2023 of GBP22.2 million
(30 June 2022: GBP20.5 million). R&D Tax Credits due at 30 June
2023 of GBP3.7 million (30 June 2022: GBP5.9 million)
Operational Highlights
Pharma services
-- Contracts signed with new and repeat customers including
- new contract with Crescendo Biologics to use ANGLE's Portrait
Flex assay in a Phase 1 clinical study in prostate cancer
- follow-on contract with Artios Pharma for use of DNA Damage
Repair (DDR) assay in a Phase 1 clinical study in multiple advanced
cancers
Products
-- Global distribution network established across Europe, the
Middle East and Asia Pacific with work progressed on distributor
training and maintenance and support infrastructure
-- Installed base of Parsortix(R) systems increased to over 290
with cumulative samples processed of 192,000 as at 30 June 2023
Content (applications)
-- Prostate cancer clinical study patient enrolment complete and
breast cancer HER2 assay development progressing well
-- Portrait Flex proprietary EMT assay established in ANGLE
clinical laboratories and Portrait(+) imaging assay kit under
development for sale as a product
-- Encouraging results from major development effort in progress
using third-party molecular platforms with Parsortix harvests
-- Eight peer-reviewed publications published during the
half-year, bringing the total Parsortix publications to 84 from 35
independent cancer centres
Corporate Highlights
-- Board strengthened for the next phase of the Company's
development with the appointment of a new Non-executive Chairman
and two new Non-executive Directors
-- Senior management team strengthened with the appointment of
highly experienced, commercially focused industry professionals in
the positions of Chief Commercial Officer and Chief Scientific
Officer
Outlook
-- Pipeline for products and services businesses building well
and H2 2023 expected to continue the strong momentum seen in the
first half, delivering revenue in-line with market expectations for
the full year
-- Headline results from the Company's major clinical studies
expected by the year end demonstrating key clinical applications of
the Parsortix system for patient care
-- Careful control of costs and deferring some discretionary
expenditure expected to deliver cash ahead of forecast at the year
end and extend cash runway into Q1 2025 without impacting revenues
over the next 24 months
ANGLE Founder and Chief Executive, Andrew Newland, commented
:
"Encouraging progress was made on multiple levels during the
half-year. This was reflected in the beginnings of the post-FDA
anticipated revenue ramp delivering revenues trebled year-on-year.
Major efforts have been focused on both the products and services
commercialisation channels and on the development of "content" in
terms of applications for which customers can use the Parsortix
system.
The management team has been broadened to drive
commercialisation with the appointment of highly experienced Chief
Commercial and Chief Scientific Officers and, following a detailed
review, resources have been focused to maximise commercialisation
and extend the cash runway into Q1 2025.
In the second half, momentum is expected to accelerate further
as major streams of work to demonstrate analysis of Parsortix CTC
harvests utilising major third-party molecular systems are
completed generating new large scale revenue opportunities."
Details of analyst meeting and webcast
A meeting for analysts will be held at 11:00 am today at the
offices of FTI Consulting, 200 Aldersgate, Aldersgate Street,
London EC1A 4HD.
A live webcast of the analyst meeting can be accessed via
ANGLE's Investor Centre page,
https://angleplc.com/investor-relations/corporate-presentations/ ,
with Q&A participation for analysts. Please register in advance
and log on to the webcast approximately 5 minutes before 11:00 am
on the day of the results. A recording of the webcast will be made
available on ANGLE's website following the meeting .
For further information:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Andrew Holder, Head of Investor Relations
Berenberg (NOMAD and Joint Broker)
Toby Flaux, Ciaran Walsh, Milo Bonser +44 (0) 20 3207 7800
Jefferies (Joint Broker)
Thomas Bective, Shaam Vora +44 (0) 20 7029 8000
FTI Consulting
Simon Conway, Ciara Martin +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 (212) 850 5624
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014). Upon the publication of
this announcement via a regulatory information service, this
information is considered to be in the public domain .
For Frequently Used Terms, please see the Company's website on
https://angleplc.com/investor-relations/glossary/
These Interim Results may contain forward-looking statements.
These statements reflect the Board's current view, are subject to a
number of material risks and uncertainties and could change in the
future. Factors that could cause or contribute to such changes
include, but are not limited to the general economic climate and
market conditions, as well as specific factors including the
success of the Group's research and development activities,
commercialisation strategies, the uncertainties related to clinical
study outcomes and regulatory clearance, obtaining reimbursement
and payor coverage, acceptance into national guidelines and the
acceptance of the Group's products by customers.
CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT
Introduction
We are pleased to report the unaudited interim financial results
for the six months ended 30 June 2023. In this period, the Company
delivered significant revenue growth in line with our strategy. Our
product business has been particularly busy, expanding our global
footprint by signing up more distributors and experiencing
continued growth in instrument and cassette sales. Our ongoing
sales efforts through our direct sales force and distribution
network, combined with pharma contracts, give ANGLE confidence of
continued revenue growth in the second half.
Overview of Financial Results
Following FDA clearance, the beginning of the anticipated
revenue ramp is reflected in half-year revenues trebling to GBP1.2
million (six months ended 30 June 2022: GBP0.4 million) and was
driven by a combination of product sales of the Parsortix system,
pharma services contracts and corporate partnerships.
Product-related revenues were GBP0.8 million (six months ended
30 June 2022: GBP0.3 million) while services-related revenues were
GBP0.4 million (six months ended 30 June 2022: GBP0.1 million). In
addition, services-related sales of up to GBP2.5 million have
already been made for revenues in future periods. The installed
base of Parsortix systems has increased to over 290 with cumulative
samples processed of 192,000 as at 30 June 2023.
Continued investment in studies to develop and validate the
clinical application and commercial use of the Parsortix system as
well as the ongoing growth of the commercial team and
infrastructure was partly offset by the expected cost savings from
the closure of the Canadian operations in late 2022, resulting in
operating costs of GBP11.4 million (six months ended 30 June 2022:
GBP10.6 million). The loss for the period was GBP9.8 million (six
months ended 30 June 2022: loss GBP9.2 million).
Cash and cash equivalents were GBP22.2 million at 30 June 2023
(30 June 2022: GBP20.5 million) with R&D Tax Credits due at 30
June 2022 of GBP3.7 million (30 June 2022: GBP5.9 million).
The Company is committed to carefully controlling costs and
focusing on near-term commercialisation. Management has identified
cost reductions expected to result in cash savings of c. GBP5
million in the period to 31 December 2024, as non-critical R&D
and other activities are deferred or reduced. Whilst some
longer-term growth objectives and planned investment for 2024 will
be delayed, the proposed cash savings are not expected to have any
impact on revenues over the next 24 months, which continue to be
expected to grow strongly.
The Company will continue to invest in its commercialisation
strategy to support customers for Parsortix products and services
and its R&D activities on downstream analysis of CTCs using
third-party molecular platforms and commercially available
diagnostic assays.
Near term direction to drive growth
Pharma services contracts are important, not only as a revenue
generator, but also in increasing the awareness of the value of CTC
analysis for therapy selection and disease monitoring, eventually
providing clinicians with actionable information for patient
treatment. The use of circulating tumor DNA (ctDNA, fragments of
dead cancer cells) testing for cancer patients is increasing not
only in clinical trials but also in clinical centres. ANGLE has
developed protocols for the Parsortix system where the same blood
samples obtained for ctDNA testing can also be used for CTC DNA
molecular analysis. Being intact living cancer cells, CTCs can
provide additional DNA prospective insight not possible with ctDNA
alone. Importantly, CTCs can also provide crucial RNA and protein
information, which is not possible at all with ctDNA.
The mode of action, role and function of selected DNA mutations
have been identified in relation to the prognosis, prediction, and
therapy selection for patients. Specific molecular in vitro
diagnostic (IVD) ctDNA cancer gene panel kits have been developed
and are commercially available. These kits can also be used for
CTCs and independent scientific studies utilising the Parsortix
system have already shown that the results provide additional
clinically relevant information beyond that provided by ctDNA
analysis alone.
Having implemented the strategic decision to move away from the
in-house molecular platform last year, ANGLE is making significant
progress in utilising commercially available third-party molecular
platforms, both PCR and NGS, to establish reliable protocols for
analysis of CTCs harvested by the Parsortix system. This has been
possible because of the now increased sensitivity and lower costs
of such platforms as well as the development by their manufacturers
of cancer panels for ctDNA, which also work with CTCs. The key
commercial advantage of utilising third-party molecular platforms
is that they already have an installed base of customers that can
adopt the Parsortix system to provide samples for analysis. They
also have dedicated sales teams in place who will benefit from
increased test volumes on their molecular platforms if they
encourage the adoption of the Parsortix system by their customers
to provide samples for analysis.
Independent scientific studies have recently shown that combined
detection of ctDNA and CTC DNA from the same patient blood sample
using NGS significantly improves the identification of DNA
mutations in cancer patients. Early in-house clinical studies have
confirmed these findings. ANGLE's available bio-bank of samples
from its INFORM (multi-cancer), ovarian and prostate clinical
studies will allow the Company to fast-track larger scale
evaluation of the significant added value of CTC molecular analysis
using existing available ctDNA cancer gene panel kits. The major
advantages of this strategy are:
-- information provided by CTCs harvested with the Parsortix
system enables third-party manufacturers to further leverage their
significant investment in the development of proprietary IVD assays
for the clinical market
-- ctDNA kits are provided by several large diagnostics companies and adoption is increasing
-- alongside the Company's own investigation, multiple
independent studies have shown that using cancer gene panel assays
on CTCs provides additional, complementary information not
available from ctDNA alone
-- ctDNA testing is becoming accepted by oncologists and a
combined ctDNA / CTC DNA approach is additive to the diagnostic
information provided. DNA extracted from CTCs harvested using the
Parsortix system can be analysed using the same laboratory
processes
-- in the United States, Medicare and private commercial health
insurance organisations have already established positive medical
policies and reimbursement rates for molecular diagnostic assays,
including liquid biopsy testing, helping pave the way for future
reimbursement for ANGLE's clinical applications.
Outlook
The combination of molecular testing of CTCs and ctDNA from the
same blood sample is a key opportunity to drive ANGLE's future
revenue for both pharma services and product sales.
ANGLE is progressing its strategy to focus on the high-value
oncology molecular diagnostic market. The aim of this strategy is
to reap the full benefits of the Company's FDA cleared Parsortix
CTC platform and clinical scientific evidence linking this to
existing commercially available NGS and PCR cancer gene panels.
This approach enables the Company to offer product-based
solutions for clinical applications utilising third-party molecular
platforms already in the market. This leverages the product-based
approach and removes the need for large scale clinical test service
offerings, reducing the capital required to grow the business and
accelerating the route to wider market scale-up as well as meeting
a key market preference for the clinical market to offer tests from
their own laboratories rather than as a send out to commercial
service laboratories. Molecular solutions are also in demand from
our growing pipeline of pharma services customers, including large
pharma, for use in clinical trials and as potential companion
diagnostics.
With the move towards third-party molecular systems, the Company
is now well positioned in the market to successfully deliver
against its strategic objectives and careful control of costs and
deferral of discretionary expenditure extends the cash runway into
Q1 2025. It is against this backdrop of momentum that the Board is
confident in ANGLE's commercial future delivering increasing value
to all stakeholders.
Dr Jan Groen Andrew Newland
Chairman Chief Executive
6 September 2023
OPERATIONAL UPDATE
Commercial strategy
ANGLE's vision is to secure widespread adoption of the Parsortix
system by providing CTCs as the "best sample" for analysis in the
emerging multi-US$ billion liquid biopsy market. To drive
commercialisation, ANGLE has established both a product business
and a services business.
1. Product business area
ANGLE has developed the Parsortix system including instruments
and one-time use cassettes that are sold to third-party
laboratories for their use in research, pharmaceutical development
and clinical use. To enable customers to carry out downstream
analysis of the Parsortix harvest, ANGLE will also offer assay kits
for cell imaging and use protocols for third-party molecular
platforms.
2. Services business area
ANGLE has established clinical laboratories in the UK and United
States as accelerators and demonstrators that have the capability
and required quality systems to process patient samples and offer
validated clinical tests using the Parsortix system. The
laboratories, in Guildford, UK and Plymouth Meeting, Pennsylvania,
United States are being used to provide services to pharma and
biotech customers running clinical trials (pharma services) and
will be able to offer clinical tests as a first step towards
product roll-out of such tests.
Both business areas are supported by a growing body of published
evidence and content from leading cancer centres showing the
utility of the system through peer-reviewed publications (see
below), scientific data and clinical research evidence,
highlighting a wide range of potential applications.
Parsortix products
In the first half of 2023, ANGLE has further invested in its
commercial team, as it seeks to capitalise on the FDA clearance and
UK and European product registrations received in May 2022. Its
network of oncology focused distribution partners has expanded and
now covers major territories in Europe, the Middle East, and Asia
Pacific. Training programmes for distributor representatives were
initiated, new marketing materials developed, and service and
support infrastructure strengthened.
Parsortix content (applications)
To support adoption of its technology by adding "content", ANGLE
has been developing a menu of imaging assays (branded Portrait(TM)
) and molecular assays (branded Landscape(TM) ) to analyse the
cancer cells harvested by the Parsortix system. These assays
support both ANGLE's pharma services business and product business
for third-party customers.
In the first half of the year, ANGLE progressed the development
of its sample-to-answer Portrait(+) imaging assay kit. The assay
optimises the identification and enumeration of epithelial and
mesenchymal CTCs as well as CTCs in the process of
epithelial-to-mesenchymal transition (EMTing). The assay
components, including lyophilised antibodies and reagents have been
assembled as a kit to be sold to third-party laboratories for use
with the Parsortix system to allow for robust, repeatable results.
The kits will be sold directly and through ANGLE's distribution
partners and, as a result of their ease of use and reproducibility,
are expected to substantially expand the population of customers
interested in purchasing the Parsortix system.
ANGLE has also completed the development of the Portrait Flex
imaging assay for use in its service laboratories. This assay not
only allows for the identification of epithelial, mesenchymal and
EMTing CTCs, but also gives pharma customers the ability to
evaluate a further biomarker of their choice specifically linked to
their trial. The assay is already being used for example by
Crescendo Biologics in a clinical study (see below).
A Portrait PD-L1 assay has also been developed in-house using
the Portrait Flex imaging assay together with an antibody to stain
for the PD-L1 protein on CTCs for use in ANGLE's service
laboratories. PD-1/PD-L1 interaction is a key target for
immunotherapy and ANGLE is now able to offer the assay to pharma
services customers looking to stratify patients or monitor drug
efficacy through measurement of PD-L1 expression on CTCs harvested
using the Parsortix system. ANGLE believes this is a significant
market opportunity given the large number of clinical trials
(>2,800) where PD-1/PD-L1 interaction is the target of approved
drugs and new drugs in development.
Development of downstream molecular assays on third-party
platforms continues to make strong progress with several widely
available DNA and RNA sequencing technologies demonstrating
sufficient sensitivity for successful use with Parsortix harvests.
ANGLE has been able to generate highly encouraging results,
sequencing for both cancer specific markers and with multi-cancer
panels. Once complete, the Company anticipates these molecular
analysis protocols will be utilised both as services from its own
laboratories and by its product-based customers further greatly
extending the market applicability of the Parsortix system.
Pharma services
The pharma services business utilising the Parsortix system
offers the potential for substantial revenues in the large cancer
drug trials market where ANGLE is strongly differentiated. Despite
the challenging market conditions for our customer base, the
pipeline of opportunities has continued to progress, and ANGLE
secured Crescendo Biologics as a new customer in the first half of
the year. Crescendo is a UK-based, clinical stage immuno-oncology
company and will use ANGLE's Portrait Flex assay in an ongoing
Phase 1 clinical trial investigating the safety and efficacy of
their drug for the treatment of patients with PSMA positive
prostate cancer.
ANGLE has also secured follow-on contracts with several existing
customers including Artios Pharma, its first bespoke assay
development customer. Following validation in ANGLE's clinical
laboratories, Artios is now employing two DNA Damage Response (DDR)
assays developed by ANGLE in a Phase 1 clinical trial expected to
complete around the end of 2024. The assays identify two target
proteins on CTCs that are implicated in DDR, -H2AX and pKAP1. This
is an area of focus for drug companies developing PARP or DDR
inhibitors for a range of solid tumours and the assays have been
added to the "menu" of pre-developed tests and are being offered to
other prospective customers. Discussions with interested parties
are in progress following the commercial launch of the assays at
DDR focused conferences earlier in the year.
ANGLE believes that there is considerable potential for further
business with all its existing pharma customers as they have a
pipeline of drugs in development where CTC assays could provide
additional valuable information. In addition, ANGLE anticipates
that further new pharma services contracts will be signed in the
second half of the year, including for large pharma.
Parsortix clinical studies
ANGLE is conducting clinical studies to generate patient data
demonstrating the value of Parsortix CTC analysis and has
established a substantial bio-bank of clinical samples for this
purpose.
The largest such study is ANGLE's INFORM study, which is
targeting enrolment of up to 1,000 patients with advanced disease
over a five-year period in four different cancers (breast,
prostate, ovarian and lung) involving six NHS Trusts. Each patient
will have blood drawn at up to six different time points during the
course of their treatment, with up to four tubes of blood being
drawn at each time point (a total of up to 24,000 tubes of blood).
As of June 30, 2023, 210 patients had been enrolled into the INFORM
study, with a total of 591 blood draws being performed and 2,348
tubes of blood being received for either storage or processing
using the Parsortix system. Cells harvested by the system are being
evaluated using various immunofluorescence and/or molecular assays
or being stored for future molecular analysis.
Following the successful completion of the pelvic mass study for
the detection of ovarian cancer reported in 2022, ANGLE has
continued enrolment of women with a pelvic mass into the EMBER2
clinical study and now has 399 women enrolled and over 1,000 tubes
of blood that have been drawn and processed using the Parsortix
system, with cells harvested by the system being stored for
molecular analysis.
ANGLE's DOMINO prostate cancer study with Solaris Health has now
completed its initial enrolment of 100 patients, with the blood
tubes drawn from each patient having similarly been processed using
the Parsortix system and the output stored for future molecular
analysis.
The Company's investment in these clinical studies and the
collection of the associated patient records has provided a
tremendous resource for fast-tracking large-scale evaluation of the
third-party molecular platforms that are currently under
investigation, once their suitability for the purpose has been
demonstrated with controlled laboratory samples and then smaller
numbers of similar clinical samples.
We expect to be able to generate meaningful clinical data by
year end in multiple cancer types utilising these bio-banks in
conjunction with third-party molecular systems for multiple
potential clinical uses, which may include:
-- identification of key DNA mutations with associated targeted
therapies, which could be used to guide treatment decisions for
later stage cancer patients (breast, prostate, ovarian and
lung)
-- highlighting the evolution of cancer and its likely
progression for prognostic purposes (breast, prostate, ovarian and
lung)
-- assessment of the likelihood of the presence and severity of
cancer in undiagnosed patients (prostate and ovarian).
The positive output of these studies will have a major impact on
the Company's commercialisation strategy, providing data to support
sales for the pharma services and products businesses and
demonstrating clinical applications of the Parsortix system for
patient care.
Parsortix corporate partnerships
In April 2023, ANGLE reached an agreement with BioView to
develop a CTC HER2 assay for breast cancer using a combination of
ANGLE's FDA cleared Parsortix(R) PC1 Clinical System and BioView's
automated microscopy systems and software. The assay aims to detect
and assess the HER2 expression and/or gene amplification in CTCs
and is another significant development for the Company. The
changing market dynamics of the HER2 breast cancer marketplace,
with the introduction of new drugs targeting tumours with low HER2
expression, have provided a major commercial opportunity to develop
a quantitative CTC-based HER2 assay, to assess HER2 protein
expression and/or gene amplification levels by analysing
fluorescence intensities.
This would be the only product-based solution on the market for
this purpose, leveraging both companies' previous FDA product
clearances. Unlike current standard of care tests developed for use
on FFPE tissue, a CTC HER2 assay could be used for longitudinal
monitoring of HER2 status throughout disease progression, thereby
ensuring the patient is targeted for the most appropriate treatment
at every stage. The development phase, which is already underway
and making very good progress, is estimated to take around a year
to complete generating revenue for ANGLE of GBP1.2 million.
Given the significant third-party interest in a new assay for
quantitative HER2 analysis based on CTCs, the agreement allows for
the inclusion of third parties in this project and its funding at
the commercialisation stage after the initial development work is
complete.
Peer reviewed publications update
The Company's strategy to secure research use adoption of the
Parsortix system by leading cancer research centres, in order to
get independent third parties driving development of new clinical
applications, continues to build momentum with eight new
peer-reviewed publications published during the half-year, bringing
the total to 84 peer-reviewed publications as at 30 June 2023 (see
https:// https://angleplc.com/publications/ ) . The new
publications were:
-- Frontiers in Oncology : "The potential of using circulating
tumour cells and their gene expression to predict docetaxel
response in metastatic prostate cancer"
-- Cancer Cell International : "The role of the desmosomal
protein desmocollin 2 in tumour progression in triple negative
breast cancer patients"
-- Cancers : "Preoperative Mutational Analysis of Circulating
Tumor Cells (CTCs) and Plasma-cfDNA Provides Complementary
Information for Early Prediction of Relapse: A Pilot Study in
Early-Stage Non-Small Cell Lung Cancer"
-- Molecular Oncology : "Comparative evaluation of PD-L1
expression in cytology imprints, circulating tumour cells and
tumour tissue in non-small cell lung cancer patients"
-- International Journal of Molecular Sciences : "Transcriptome
Profiling of Circulating Tumor Cells to Predict Clinical Outcomes
in Metastatic Castration-Resistant Prostate Cancer"
-- Cancers : "Association of Circulating Tumor Cells,
Megakaryocytes and a High Immune-Inflammatory Environment in
Metastatic Breast Cancer"
-- BMC Cancer : "Protocol for a prospective study evaluating
circulating tumour cells status to predict radical prostatectomy
treatment failure in localised prostate cancer patients
(C--ProMeta--1)"
-- International Journal of Molecular Sciences : "Innovative
Approach to Isolate and Characterize Glioblastoma Circulating Tumor
Cells and Correlation with Tumor Mutational Status".
Subsequent to the period end, results of the Company's FDA
analytical studies were published in the Journal of Circulating
Biomarkers demonstrating the ability of the Parsortix system to
harvest breast cancer cells in a sensitive, reproducible, and
linear fashion.
Operational plans for H2
ANGLE has enjoyed strong growth in the first half of the year
and this momentum is expected to continue in the second half and
beyond.
ANGLE has developed a pipeline of assays that it will continue
to roll-out in the second half of the year, providing robust
sample-to-answer solutions for ANGLE's customer base and enabling
the full capabilities of the Parsortix system to be utilised. ANGLE
is particularly excited about the encouraging results being
achieved from tests of the Parsortix CTC harvests on third-party
molecular platforms, including DNA and RNA digital PCR systems and
high multiplex Next Generation Sequencing (NGS) systems. Technical
data from evaluations, supported by patient data from ANGLE's
ongoing clinical studies, is expected to deliver a comprehensive
offering of cancer specific and multi-cancer CTC assays that ANGLE
believes will address a substantial market need.
Andrew Newland
Chief Executive
6 September 2023
ANGLE plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2023
Six months Year
ended Six months ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Revenue 1,196 419 1,041
Cost of sales (455 ) (160) (428)
Gross profit 741 259 613
Other operating income - 1 1
Operating costs (11,375) (10,626) (24,821)
Operating profit/(loss) (10,634) (10,366) (24,207)
Finance income 190 32 136
Finance costs (168) (170) (368)
Profit/(loss) before
tax (10,612) (10,504) (24,439)
Tax (charge)/credit 2 799 1,283 2,753
Profit/(loss) for the
period (9,813) (9,221) (21,686)
Items that may be subsequently
reclassified to profit
or loss Other comprehensive
income/(loss)
Exchange differences
on translating foreign
operations 1,058 (1,928) (2,023)
Other comprehensive
income/(loss) 1,058 (1,928) (2,023)
Total comprehensive
income/(loss) for the
period (8,755) (11,149) (23,709)
Earnings/(loss) per share attributable to owners of the parent
Basic and Diluted (pence
per share) 3 (3.77) (3.92) (8.79)
All activity arose from continuing operations
ANGLE PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 2,748 3,590 2,764
Property, plant and equipment 3,376 3,183 3,505
Right-of-use assets 4,511 5,083 4,971
---------- ------------- -------------
Total non-current assets 10,635 11,856 11,240
---------- ------------- -------------
Current assets
Inventories 2,256 1,734 2,059
Trade and other receivables 1,436 1,832 1,797
Taxation 3,675 5,883 2,876
Cash and cash equivalents 22,162 20,497 31,896
---------- ------------- -------------
Total current assets 29,529 29,946 38,628
---------- ------------- -------------
Total assets 40,164 41,802 49,868
========== ============= =============
Liabilities
Non-current liabilities
Lease liabilities (3,961) (4,672) (4,339)
Provisions (162) - (157)
Trade and other payables (39) (686) (59)
---------- ------------- -------------
Total non-current liabilities (4,162) (5,358) (4,555)
Current liabilities
Lease liabilities (613) (565) (662)
Provisions (439) - (610)
Trade and other payables (2,882) (4,004) (3,978)
---------- ------------- -------------
Total current liabilities (3,934) (4,569) (5,250)
Total liabilities (8,096) (9,927) (9,805)
---------- ------------- -------------
Net assets 32,068 31,875 40,063
========== ============= =============
Equity
Share capital 4 26,058 23,529 26,058
Share premium 115,918 99,467 115,918
Share-based payments reserve 5,940 5,057 5,321
Other reserve 2,553 2,553 2,553
Translation reserve (4,925) (5,888) (5,983)
Accumulated losses (113,374) (92,741) (103,702)
ESOT shares (102) (102) (102)
---------- ------------- -------------
Total equity 32,068 31,875 40,063
========== ============= =============
ANGLE plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2023
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) before tax (10,612) (10,504) (24,439)
Adjustments for:
Depreciation of property, plant
and equipment 466 415 920
Depreciation and impairment of
right-of-use assets 378 467 940
(Profit)/loss on disposal of property,
plant and equipment - - 172
Amortisation and impairment of
intangible assets 31 103 978
Share-based payment charge 760 2,618 4,386
Exchange differences 1,129 (2,030) (2,072)
Net finance (income)/costs (21) 138 232
------------ -------------- --------------
Operating cash flows before movements
in working capital: (7,869) (8,793) (18,883)
(Increase)/decrease in inventories (333) (153) (580)
(Increase)/decrease in trade and
other receivables 348 (691) (650)
Increase/(decrease) in trade and
other payables (999) (445) (978)
Increase/(decrease) in provisions (152) - 594
------------ -------------- --------------
Operating cash flows (9,005) (10,082) (20,497)
Research and development tax
credits received - 4,506
Overseas corporation tax payments (59)
------------ -------------- --------------
Net cash from/(used in) operating
activities (9,005) (10,082) (16,050)
Investing activities
Purchase of property, plant and
equipment (378) (916) (1,718)
Purchase of intangible assets (27) (71) (169)
Interest received 194 31 136
------------ -------------- --------------
Net cash from/(used in) investing
activities (211) (956) (1,751)
Financing activities
Net proceeds from issue of share
capital - placing - - 18,922
Proceeds from issue of share capital
- share option exercises 14 87 123
Principal elements of lease payments (470) (369) (814)
Interest elements of lease payments (85) (62) (135)
------------ -------------- --------------
Net cash from/(used in) financing
activities (541) (344) 18,096
Net increase/(decrease) in cash
and cash equivalents (9,757) (11,382) 295
Cash and cash equivalents at start
of period 31,896 31,839 31,839
Effect of exchange rate fluctuations 23 40 (238)
------------ -------------- --------------
Cash and cash equivalents at
end of period 22,162 20,497 31,896
============ ============== ==============
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2023
Share-based
Share Share payments Other
capital premium reserve reserve
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2022 23,514 99,406 2,727 2,553
For the period
to 30 June 2022
------------------------------ ------------ ------------ ------------ ------------
Consolidated profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations
Total comprehensive
income/(loss)
Issue of shares
(net of costs) 15 61
Share-based payment
charge 2,618
Released on exercise (21)
Released on forfeiture/lapse (267)
------------------------------ ------------ ------------ ------------ ------------
At 30 June 2022
(Unaudited) 23,529 99,467 5,057 2,553
For the period
to 31 December
2022
------------------------------ ------------ ------------ ------------ ------------
Consolidated profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations
------------------------------ ------------ ------------ ------------ ------------
Total comprehensive
income/(loss)
Issue of shares
(net of costs) 2,529 16,451
Share-based payment
charge 1,768
Released on exercise (22)
Released on forfeiture/lapse (1,482)
------------------------------ ------------ ------------ ------------ ------------
At 31 December
2022 (Audited) 26,058 115,918 5,321 2,553
For the period
to 30 June 2023
Consolidated profit/(loss)
Other comprehensive
income/(loss):
Exchange differences
in translating
foreign operations
------------------------------ ------------ ------------ ------------ ------------
Total comprehensive
income/(loss)
Share-based payment
charge 760
Released on forfeiture/lapse (141)
------------------------------ ------------ ------------ ------------ ------------
At 30 June 2023
(Unaudited) 26,058 115,918 5,940 2,553
============================== ============ ============ ============ ============
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
FOR THE SIX MONTHSED 30 JUNE 2023
Translation Accumulated ESOT Total
reserve losses shares equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2022 (3,960) (83,808) (102) 40,330
For the period to 30
June 2022
------------------------------- ------------ ------------ ------------ ------------
Consolidated profit/(loss) (9,221) (9,221)
Other comprehensive
income/(loss):
Exchange differences
in translating foreign
operations (1,928) (1,928)
Total comprehensive
income/(loss) (1,928) (9,221) (11,149)
Issue of shares (net
of costs) 76
Share-based payment
charge 2,618
Released on exercise 21 -
Released on forfeiture/lapse 267 -
------------------------------- ------------ ------------ ------------ ------------
At 30 June 2022 (Unaudited) (5,888) (92,741) (102) 31,875
For the period to 31
December 2022
------------------------------- ------------ ------------ ------------ ------------
Consolidated profit/(loss) (12,465) (12,465)
Other comprehensive
income/(loss):
Exchange differences
in translating foreign
operations (95) (95)
------------------------------- ------------ ------------ ------------ ------------
Total comprehensive
income/(loss) (95) (12,465) (12,560)
Issue of shares (net
of costs) 18,980
Share-based payment
charge 1,768
Released on exercise 22 -
Released on forfeiture/lapse 1,482 -
------------------------------- ------------ ------------ ------------ ------------
At 31 December 2022
(Audited) (5,983) (103,702) (102) 40,063
For the period to 30
June 2023
Consolidated profit/(loss) (9,813) (9,813)
Other comprehensive
income/(loss):
Exchange differences
in translating foreign
operations 1,058 1,058
------------------------------- ------------ ------------ ------------ ------------
Total comprehensive
income/(loss) 1,058 (9,813) (8,755)
Share-based payment
charge 760
Released on forfeiture/lapse 141 -
------------------------------- ------------ ------------ ------------ ------------
At 30 June 2023 (Unaudited) (4,925) (113,374) (102) 32,068
=============================== ============ ============ ============ ============
ANGLE plc
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHSED 30 JUNE 2023
1 Basis of preparation and accounting policies
This Condensed Interim Financial Information is the unaudited
interim consolidated financial information (the "Condensed Interim
Financial Information") of ANGLE plc, a company incorporated and
domiciled in Great Britain and its subsidiaries (together referred
to as the "Group") for the six month period ended 30 June 2023 (the
"interim period").
The Condensed Interim Financial Information should be read in
conjunction with the Financial Statements of the Group for the year
ended 31 December 2022, which have been prepared in accordance with
UK-adopted international accounting standards. New and revised
accounting standards and interpretations that became effective in
the period did not have or are not expected to have a significant
impact on the Group. Where necessary, comparative information has
been reclassified or expanded from the previously reported
Condensed Interim Financial Information to take into account any
presentational changes which were made in the Annual Report and
Financial Statements to 31 December 2022 and which may be made in
the Annual Report and Financial Statements to 31 December 2023.
The accounting policies used in the preparation of the Condensed
Interim Financial Information for the six months ended 30 June 2023
are in accordance with UK-adopted accounting standards and are
consistent with those which will be adopted in the Financial
Statements for the year ended 31 December 2023. While the Condensed
Interim Financial Information has been prepared in accordance with
the recognition and measurement criteria of UK-adopted
international accounting standards, these Financial Statements do
not contain sufficient information to comply with UK-adopted
international accounting standards.
This Condensed Interim Financial Information does not constitute
statutory financial statements as defined in section 434 of the
Companies Act 2006 and is unaudited and has not been reviewed. The
comparative information for the six months ended 30 June 2022 is
also unaudited. The comparative figures for the year ended 31
December 2022 have been extracted from the Group Financial
Statements as filed with the Registrar of Companies. The report of
the auditors on those Financial Statements was unqualified and did
not contain statements under sections 498(2) or (3) of the
Companies Act 2006.
The Condensed Interim Financial Information was approved by the
Board and authorised for issue on 7 September 2023.
Going concern
The Financial Information has been prepared on a going concern
basis which assumes that the Group will be able to continue its
operations for the foreseeable future.
The Directors have considered the uncertainties, risks and
potential impact on the business associated with potential negative
trading scenarios, market and geopolitical uncertainty
(Ukraine-Russia conflict). Discretionary expenditure within the
business provides flexibility to scale back operations to address
adverse events if required. Mitigation measures to reduce costs
could be taken if needed and other potential sources of funding
exist such as grants, exclusivity and/or milestone payments for
corporate partnerships being developed and equity proceeds.
The Directors have prepared and reviewed financial projections
for the 12 month period from the date of approval of this Condensed
Interim Financial Information with discretionary expenditure
carefully controlled in line with available resources, as certain
projects may be deferred until additional resources are available.
Based on the level of existing cash and expected R&D tax
credits, the projected income and expenditure (the quantum and
timing of some of which is at the Group's discretion) and other
potential sources of funding, the Directors have a reasonable
expectation that the Company and Group have adequate resources to
continue in business for the foreseeable future. Accordingly, the
going concern basis has been used in preparing the Condensed
Interim Financial Information.
Critical accounting estimates and judgements
The preparation of the Condensed Interim Financial Information
requires the use of estimates, assumptions and judgements that
affect the reported amounts of assets and liabilities at the date
of the Financial Information and the reported amounts of revenues
and expenses during the reporting period. Although these estimates,
assumptions and judgements are based on the Directors' best
knowledge of the amounts, events or actions, and are believed to be
reasonable, actual results ultimately may differ from those
estimates.
The estimates, assumptions and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities relate to share-based
payments.
2 Tax
The Group undertakes research and development activities. In the
UK these activities qualify for tax relief resulting in research
and development tax credits.
3 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated by
dividing the after tax loss for the period attributable to the
owners of the parent of GBP9.8 million (six months to 30 June 2022:
loss GBP9.2 million, year ended 31 December 2022: loss GBP21.7
million) by the weighted average number of shares in the
period.
In accordance with IAS 33 Earnings per share 1) the "basic"
weighted average number of Ordinary shares calculation excludes
shares held by the Employee Share Ownership Trust (ESOT) as these
are treated as treasury shares and 2) the "diluted" weighted
average number of Ordinary shares calculation considers potentially
dilutive Ordinary shares from instruments that could be converted.
Share options are potentially dilutive where the exercise price is
less than the average market price during the period. Due to the
losses in the periods, share options are non-dilutive for the
respective periods as adding them would have the effect of reducing
the loss per share and therefore the diluted loss per share is
equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on
260,467,288 weighted average Ordinary GBP0.10 shares (six months to
30 June 2022: 235,036,872; year ended 31 December 2022:
246,579,644).
4 Share capital
The Company has one class of Ordinary shares which carry no
right to fixed income and at 30 June 2023 had 260,580,547 Ordinary
shares of GBP0.10 each allotted, called up and fully paid.
Shareholder communications
This announcement is being sent to all shareholders on the
register at 6 September 2023. Copies of this announcement are
posted on the Company's website www.angleplc.com and are available
from the Company's registered office: 10 Nugent Road, Surrey
Research Park, Guildford, Surrey, GU2 7AF.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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END
IR UPUMUBUPWGMQ
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
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