TIDMGENI
RNS Number : 9664M
GENinCode PLC
20 September 2023
GENinCode Plc
("GENinCode" or the "Company")
Interim report
Oxford, UK. GENinCode Plc (AIM: GENI), the predictive genetics
company focused on the prevention of cardiovascular disease,
announces its unaudited interim results for the six months ended 30
June 2023. The first half of the 2023 saw strong revenue growth
from the introduction of the Company's lead products in the UK and
improving EU revenues, accompanied by the launch of the US Early
Access Program.
Operational and financial highlights
-- First half revenues increased 43% to GBP950k (30 June 2022:
GBP664k), driven by sales growth in the EU and UK
-- Significant and growing demand for US Early Access Program
with over 40 institutions now onboarding for LIPID inCode(R) for
the diagnosis of familial hypercholesterolemia ("FH") and CARDIO
inCode-Score(R) ("CIC-SCORE") for the 'lifetime' risk assessment
and prediction of coronary heart disease ("CHD")
-- CPT PLA coding granted from the American Medical Association for CIC-SCORE
-- American Heart Association (AHA) support introduction of
polygenic testing for cardiovascular disease ("CVD")
-- NHS implementation of LIPID inCode(R) for FH diagnosis in the
North of England to deliver comprehensive hypercholesterolemia
polygenic testing, improved turnaround times at reduced cost
-- LIPID inCode(R) collaboration with University Clinic Dresden,
Germany for diagnosis of FH and risk assessment of CVD
-- California state licensing approval, CLIA certification
received for US laboratory based in Irvine, California
-- Adjusted EBITDA loss of GBP3.4m (30 June 2022: loss of
GBP2.3m), reflecting increased investment in support of US and UK
launch of Lipid inCode(R) and CARDIO inCode-Score(R)
-- Cash reserves of GBP5.2m at 30 June 2023 (30 June 2022: GBP12.4m)
Post-period end
-- Filing of FDA pre-market notification (510k medical device) for CIC-SCORE
-- Public presentation of pricing for CARDIO inCode-Score(R)
with US Centers for Medicare & Medicaid Services (CMS) for
inclusion in 2024 Clinical Lab Fee Schedule (CLFS)
-- CAP accreditation received for US laboratory based in Irvine, California
-- Clinical utility study for CIC-SCORE with MedStar Health,
Maryland to support CMS and payer reimbursement
-- Kaiser Permanente study on 'lifetime' risk assessment and
prediction of CHD presented at European Society of Cardiology (ESC)
Annual Meeting reinforcing use proposition of CIC-SCORE and
polygenic risk scoring
-- Successful completion of UKAS and ISO13485 accreditation for
Hammersmith laboratory, London servicing NHS demand
-- CIC-SCORE pilot launched in Extremadura, Spain
-- We are also pleased to confirm the new National Institute for
Health and Care Excellence (NICE) 'Ovarian cancer - draft for
consultation' guidelines issued on 15(th) September propose the
adoption of the ROCA Test for surveillance in women at high risk of
ovarian cancer not undergoing risk reducing surgery
Matthew Walls, Chief Executive Officer of GENinCode Plc said:
"Growing test demand from UK and EU markets and the launch of the
US Early Access Program has begun to strengthen business revenues
and our forecast growth outlook. We are working closely with our US
partner institutions on commercial scale-up and delivery of our
Early Access Programs to generate our first US revenues whilst
progressing our CIC-SCORE 510k medical device pre-market submission
in readiness for approval."
Investor presentation
The Company will also host a presentation for investors via the
IMC platform at 4.30 pm BST on Wednesday, 20 September. The
presentation is open to all existing and potential shareholders.
Questions can be submitted pre-event via your Investor Meet Company
dashboard up until 9am the day before the meeting or at any time
during the live presentation.
To register for this, please use the following link:
https://www.investormeetcompany.com/genincode-plc/register-investor
Change of Name of Joint Broker
The Group also announces that its Joint Broker has changed its
name to Cavendish Securities Plc following completion of its own
corporate merger.
For more information visit www.genincode.com
GENinCode Plc www.genincode.com or via Walbrook PR
Matthew Walls, CEO
Paul Foulger, CFO
Stifel Nicolaus Europe Limited (Nomad and Joint Broker) Tel: +44 (0)20 7710 7600
Alex Price / Ben Maddison / Richard Short
Cavendish Securities Plc (Joint Broker) Tel: +44 (0)20 7397 8900
Giles Balleny
Dale Bellis / Michael Johnson (Sales)
Walbrook PR Limited Tel: 020 7933 8780 or
Anna Dunphy / Louis Ashe-Jepson / Phillip Marriage genincode@walbrookpr.com
GENinCode Plc
Chief Executive's Statement
For the six months ended 30 June 2023
On behalf of the Board, I am delighted to present the interim
report for the six-month period ended 30 June 2023 for GENinCode
Plc. This statement provides a summary of progress over the first
half of the 2023 financial year and the outlook over the next
reporting period.
Introduction
GENinCode is engaged in the risk assessment, prediction, and
prevention of cardiovascular disease (CVD). Our polygenic (multiple
gene) products and technology are first-in-class risk assessment
tests developed to prevent CVD. CVD accounts for around 18 million
deaths annually, representing approximately 31 per cent. of all
deaths worldwide with the global cost of CVD estimated to reach
approximately $1.04 trillion by 2030.
The Company's product portfolio draws on advanced genomic
precision testing using genotyping, sequencing, and AI
bioinformatics to risk assess patient DNA from a simple blood or
saliva sample. The Company analyses the DNA and presence of genetic
variants to determine a patient's lifetime Genetic Risk Score (GRS)
for cardiovascular disease in order to support lifestyle change and
treatment decisions to prevent cardiovascular disease.
Business review
The first half saw the continued strengthening of our EU and UK
business with revenues increasing 43% over the prior period to
GBP950k (H1 2022: GBP664k) driven by improving product demand. This
sales growth net of increased operating costs gave rise to an
adjusted EBITDA loss of (GBP3.4m) (H1 2022: (GBP2.3m)), reflecting
the growth in commercial investment across the Group.
Over the first half of this year we launched our US Early Access
Program with selected (KOL) healthcare institutions. We now have
over 40 healthcare institutions onboarding to use CARDIO
inCode-Score ("CIC-SCORE") and LIPID inCode polygenic tests for the
risk assessment of coronary heart disease and diagnosis of familial
(inherited) hypercholesterolemia respectively. We expect these
Early Access Programs to transition to full commercial programs in
the second half of this year to generate our first US revenues.
Following the CIC-SCORE pre-submission and constructive
discussions with the US Food and Drug Administration (FDA), we
recently completed a substantive analytical work program in advance
of filing the pre-market notification (510k) for the CIC-SCORE
medical device. Approval of the medical device/kit will complement
and extend our California lab diagnostic testing, enabling the 510k
medical device/kit format to the used in labs across the US.
Building on the GENinCode CLIA (Clinical Laboratory Improvement
Amendment) certification of our US Irvine lab facility, we
successfully completed the College of American Pathologists (CAP)
inspections and have now received CAP accreditation for the Irvine
lab. CAP accreditation represents the gold standard for US lab
operations.
In the first half we announced our first CIC-SCORE collaboration
with MedStar Health, covering the states of Washington D.C and
Maryland to support our clinical utility program for CMS/payer
reimbursement filings. The MedStar program will use CIC-SCORE in a
primary preventive care setting to advise physicians of the
polygenic 'lifetime' risk of patients for coronary heart disease.
The patient polygenic risk scores will be used in conjunction with
traditional clinical risk assessment to allow physicians to
personalise treatment including lifestyle change and therapeutic
intervention.
We recently presented at the ESC Annual Meeting in Amsterdam the
first clinical data from Kaiser Permanente (GERA cohort) covering a
14 year follow up period using CIC-SCORE for the polygenic risk
assessment of coronary heart disease. This is an important
milestone which provides strong clinical evidence for the need to
include polygenic 'lifetime' risk assessment for prevention of
coronary heart disease in the national guidelines and in revising
standards of preventive care. We have collaborated with Kaiser
Permanente since 2014 and the ongoing clinical studies have been
instrumental in growing our US population evidence base for
CIC-SCORE.
In the UK, we announced the start of our NHS commercial
collaboration to improve diagnosis and turnaround time for testing
of Familial Hypercholesterolemia (FH) at reduced cost to the NHS.
The LIPID inCode implementation in the North of England, Newcastle
Trust represents the first commercial polygenic risk CVD test to be
adopted by the NHS. We are now in discussions to cross-apply this
preventive strategy to other trusts to reduce NHS test backlog and
advance polygenic risk assessment to prevent coronary heart
disease.
Following the recent commissioning of our new lab based in
London we successfully completed our UKAS and ISO13485 audits and
accreditations to support the growing NHS demand.
We are well progressed with the first CIC-SCORE pilot
implementation study in the Spanish region of Extremadura. The
Extremadura region has a population of 1 million, with an estimated
50,000 individuals at risk of a cardiovascular event, e.g. heart
attack. CIC-SCORE is expected to change clinical practice by
identifying those individuals at high genetic risk and improve
preventive treatment. Successful completion of the pilot in over
500 individuals will lead to the extension of the programme across
the Extremadura region.
In May we announced our collaboration with University Clinic
Dresden for LIPID inCode(R). The University Clinic lipid centre
treats over 6,000 patients with lipid disorders and constitutes the
largest academic lipid apheresis centre globally. In Germany, 60%
of the population suffer from high levels of cholesterol and it is
estimated that over a quarter of a million of these cases relate to
FH.
The National Institute for Health and Care Excellence (NICE) has
proposed the Risk of Ovarian Cancer Algorithm (ROCA) surveillance
test for women at high risk of ovarian cancer in the recently
announced (15(th) Sept) 'draft for consultation' guidance. The new
guidance is under a period of consultation with the final
publication in Spring 2024. The ROCA test is a unique proprietary
surveillance test recommended for women at risk of ovarian cancer
who do not undertake risk reducing surgery. We anticipate starting
discussions with the NHS on implementation of ROCA over the coming
months.
Cash reserves at 30 June 2023 were GBP5.2m (30 June 2022:
GBP12.4m) reflecting the GBP15.3m of cash, net of expenses, raised
at the IPO in July 2021 and continued tight cost control.
Financial review
Revenue for the period was GBP950k (H1 2022: GBP664k), an
increase of 43%, with an adjusted EBITDA loss of (GBP3.4m) (H1
2022: (GBP2.3m)), the increased loss resulting from higher
commercial and scale-up investment across the Group as we prepare
for commercial expansion in our core US, UK, and EU growth
markets.
Revenue
Revenue for the period increased by 43% to GBP950k (H1 2022:
GBP664k). Spain continues to be the largest region for sales and
enjoyed a year-on-year growth of 26%. Sales in the UK increased to
GBP131k (H1 2022: GBP12k), reflecting the launch of LIPID inCode(R)
in the NHS North of England region in May 2023.
LIPID inCode(R) continued to be the leading revenue generating
product for the Company, and this was boosted by the significant
increase in UK sales to both the NHS and private patients over the
period.
Gross profit
Gross profit was GBP467k (H1 2022: GBP283k). The gross profit
margin increased to 49% (H1 2022: 43%). In Spain, the Company
benefitted from improved margins through increased volume sales
across all products; At 55%+, the UK margins are traditionally
better than those generated on the EU continent, helping to improve
the Group's margins considerably.
Administrative expenses
In H1 2023, administrative expenses increased to GBP3.8m (H1
2022: GBP2.6m), the increase reflecting an increase in headcount
and respective salary costs (H1 2023: GBP1.6m v.s. H1 2022:
GBP1.0m) across the Group. Infrastructure costs increased as the
Company prepares for commercial expansion in its core growth
markets, notably the US.
Operating loss and adjusted earnings before interest tax and
depreciation
The Group generated an operating loss of GBP3.6m (H1 2022:
(GBP2.4m)). We consider a more meaningful measure of underlying
performance is obtained by examining adjusted EBITDA, which for H1
2023 was a loss of GBP3.4m (H1 2022: ( GBP2.3m)). This excludes the
effects of share-based payments of GBP51k (H1 2022: GBP56k), and
depreciation and amortisation costs of GBP174k (H1 2022: GBP33k).
The increase in operating loss and adjusted EBITDA is caused by the
increased investment in personnel and other infrastructure costs in
advance of the intended commercialisation expansion in the US, the
EU, and the UK.
Tax
There is a tax credit of (GBP6k) (H1 2022: charge of GBP4k).
Non-current assets
The Company has a capitalised property plant and equipment
total, net of depreciation of GBP545k (31 December 2022: GBP653k),
representing investment in equipment required to fit out the UK
laboratory in the latter part of 2022. Additionally, the Company
has a capitalised intangible assets total, net of amortisation of
GBP149k (31 December 2022: GBP161k). This related to the
application of new patents in various geographical regions which
the management believe will enhance the value of the business.
The 'right-of-use' asset representing the impact of leasing the
new lab in Hammersmith, London was GBP310k at 30 June 2023 (31
December 2022: GBP349k). IFRS16 introduces a single lessee
accounting model and requires a lessee to recognise assets and
liabilities for all leases with a term of more than 12 months
unless the underlying asset is of low value. A lessee is required
to recognise a right-of-use asset representing its right to use the
underlying leased asset and a lease liability representing its
obligation to make lease payments.
Goodwill was GBP149k at 30 June 2023 (31 December 2022:
GBP149k), representing the impact of acquiring the entire issued
share capital of Abcodia Limited in the second half of 2022.
Current Assets
The Group holds very little in the way of nished goods and work
in progress, largely because around 60% of its revenues originate
from service testing, as well as the fact that the kits are mainly
ordered and then delivered directly from kit manufacturer/supplier
to customer.
Trade and Other Receivables have decreased from GBP717k at 31
December 2022 to GBP689k at 30 June 2023; this small decrease
reflects improved cash collection within the Group.
Non-Current Liabilities
Trade and Other Payables decreased from GBP1.3m at 31 December
2022 to GBP0.9m at 30 June 2023; this decrease is largely due to
the reduction in amounts due to our US commercialisation partner,
as we continue to pay down historically deferred balances; a
proportion of the costs are assumed to be payable within 12 months
(current) with the remainder being payable after 12 months
(non-current).
As announced in September 2022, the Company acquired Abcodia
Limited and its globally leading algorithmic technology for the
Risk Assessment of Ovarian Cancer Algorithm (ROCA) test. A
contingent consideration of GBP166k continues to be recognised at
30 June 2023 (31 December 2022: GBP155k), representing the present
value of the likely consideration.
Lease liability was GBP249k at 30 June 2023 (31 December 2022:
GBP285k), relating to IFRS 16 requiring Right of Use lease
liability being recognised.
Current Liabilities
Trade and Other Payables decreased from GBP2.1m at 31 December
2022 to GBP0.9m at 30 June 2023; this decrease reflects the payment
during the period of a high level of purchase invoices booked in
November 2022 and December 2022, relating to the fitting out of the
UK and US laboratories.
Lease liability was GBP72k at 30 June 2023 (31 December 2022:
GBP69k), relating to IFRS 16 requiring Right of Use lease liability
being recognised.
Cash ow and working capital
Operating cash out ow increased from (GBP1.9m) in H1 2022 to
(GBP4.5m) in H1 2023; the increase reflecting the scale-up
investment and the corresponding increase in operating losses,
coupled with the reduction in net working capital arising from the
decreasing payables balances at 30 June 2023.
Net cash ows used in investing activities decreased from
(GBP162k) in H1 2022, reflecting the reduced laboratory equipment
set-up costs in the UK and US, to (GBP38k) in H1 2023.
Net cash ows from nancing activities was (GBP35k) in the period
(H1 2022: GBP0k).
As a result of the above activities there was an overall
decrease in cash and cash equivalents of GBP4.5m from GBP9.7m at 31
December 2022 to GBP5.2m 30 June 2023.
Capital structure
As at 30 June 2023, the Group had 95,816,866 shares in issue. No
shares have been issued during the period.
Outlook for second half of 2023
Over the second half of 2023 GENinCode will continue to
strengthen revenues across its UK and EU business and transition
its US Early Access Program to start commercially selling CARDIO
inCode-Score ("CIC-SCORE") and LIPID inCode. The Company is focused
on scale-up and revenue growth across its core EU, UK and US
markets, gaining FDA regulatory approval and reimbursement coverage
for CARDIO inCode-Score whilst taking advantage of US reimbursement
coverage for its familial hypercholesterolemia test LIPID
inCode.
Over the remainder of this financial year, the Company expects
to complete the following key deliverables:
-- Significant growth in year-on-year revenues
-- Successful delivery of US Early Access Programs and first US revenues
-- Progressing discussions with FDA on (510K) filing, pending approval
-- Confirming CIC-SCORE pricing and inclusion in Centers for
Medicare & Medicaid Services (CMS) 2024 Clinical Lab Fee
Schedule (CLFS)
-- Advancing clinical utility programmes for CIC-SCORE with
Kaiser Permanente and MedStar Health to support CMS and payer
reimbursement submissions for CIC-SCORE
-- Strengthening commercial, marketing and selling teams to
accelerate US launch programme. Integrate cloud based operational
systems with Revenue Cycle Manager (Senergene) for US billing,
prior approval and cash collection
-- Accelerating roll-out of FH testing with the NHS England trusts
-- Commencing sales of LIPID inCode at Dresden University clinic, Germany
-- Introducing THROMBO inCode (inherited thrombophilia risk assessment) to UK and US markets
-- Continuing to build EU partnerships and develop ongoing
collaborative discussions with pharmaceutical companies
We are working closely with our US partner collaborators to
deliver a full roll-out of our commercial program with specific
focus on revenue cycle management and institutional billing for
CIC-SCORE for the prevention of coronary heart disease and LIPID
inCode for the management of FH. We have built a constructive
dialogue with the FDA around our pre-market notification (510K)
regulatory filing for CIC-SCORE and will consider advancing
additional new products in the US market later this year.
In the UK, following the successful implementation of LIPID
inCode FH testing in the North of England, we expect to see other
trusts onboard to improve NHS FH testing and support the delivery
of the NHS 10 Year Plan to identify at least 25% of those
individuals suffering with FH by 2024 as part of the NHS genomics
programme.
Based on improving US market and regulatory conditions for the
introduction of polygenic testing for the prevention of
cardiovascular disease and the ramp-up in demand which we are now
experiencing, we expect to see a major strengthening of our core
business and continued revenue growth over the second half of
2023.
Matthew Walls
Chief Executive Officer
20 September 2023
GENinCode Plc
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months Year ended
to to
Notes 30-Jun 30-Jun 31-Dec-22
2023 2022
GBP'000 GBP'000 GBP'000
-------------------------------------- ------ ---------- ---------- -----------
Continuing operations
Revenue 950 664 1,430
Cost of sales (483) (381) (798)
-------------------------------------- ------ ---------- ----------
Gross profit 467 283 632
Administrative expenses (3,836) (2,556) (6,266)
ADJUSTED EBITDA (3,369) (2,273) (5,634)
Depreciation and amortisation (174) (33) (163)
Share-based payments (51) (56) (102)
-------------------------------------- ------ ---------- ---------- -----------
Operating Loss (3,594) (2,362) (5,899)
Other Income 110 38 173
Finance charge (23) - (20)
-------------------------------------- ------ ---------- ---------- -----------
Loss on ordinary activities
before taxation (3,507) (2,324) (5,746)
Corporation tax credit/(payable) 4 6 (4) 187
-------------------------------------- ------ ---------- ---------- -----------
Loss after taxation (3,501) (2,328) (5,559)
-------------------------------------- ------ ---------- ---------- -----------
Other comprehensive (expense)
/ income
Items that will not be reclassified
to profit or loss:
Exchange differences arising
on translating foreign operations 312 (253) (361)
-------------------------------------- ------ ---------- ---------- -----------
Other comprehensive (expense)
/ income for the period/year,
net of income tax 312 (253) (361)
-------------------------------------- ------ ---------- ---------- -----------
Total comprehensive loss
for the period/year (3,189) (2,581) (5,920)
====================================== ====== ========== ========== ===========
Loss per ordinary share attributable
to
the owners of the parent 6 Pence Pence Pence
during the period/year
Basic (3.33) (2.70) (6.18)
Diluted (3.33) (2.70) (6.18)
GENinCode Plc
Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
Notes 2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------ ------ ---------- ---------- --------
Non-current assets
Intangible assets 149 176 161
Property, plant &
equipment 545 193 653
Right of use asset 310 - 349
Goodwill 149 - 149
Total non-current
assets 1,153 369 1,312
------------------------------ ------ ---------- ---------- --------
Current assets
Inventories 76 34 20
Trade and other receivables 689 501 717
Financial assets 22 - 16
Cash and cash equivalents 5,183 12,398 9,732
Total current assets 5,970 12,933 10,485
------------------------------ ------ ---------- ---------- --------
Total Assets 7,123 13,302 11,797
============================== ====== ========== ========== ========
Equity
Share capital 5 958 958 958
Share premium 15,551 15,551 15,551
Foreign currency translation
reserve 23 (184) (289)
Share based payment
reserve 226 158 175
Retained deficit (11,996) (5,261) (8,495)
Total Equity 4,762 11,222 7,900
------------------------------ ------ ---------- ---------- --------
Liabilities
Non-current liabilities
Trade and other payables 938 1,268 1,279
Lease liability 249 - 285
Contingent consideration 166 - 155
Current liabilities
Trade and other payables 911 802 2,078
Lease liability 72 - 69
Deferred tax 25 10 31
Total liabilities 2,361 2,080 3,897
------------------------------ ------ ---------- ---------- --------
Total equity and
liabilities 7,123 13,302 11,797
============================== ====== ========== ========== ========
GENinCode Plc
Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30-Jun 30-Jun 31-Dec
2022
2023 2022
Notes GBP'000 GBP'000 GBP'000
----------------------------------------- ------- ---------- ---------- --------
Cash flows from operating activities
Loss before taxation (3,507) (2,324) (5,746)
Adjustments for:
Foreign exchange loss/(gain) 531 (126) (197)
Share based payment charge 51 57 102
Depreciation and amortization 174 33 163
Finance charge 22 - 20
Bad debt (178) - -
Operating loss before working
capital changes (2,907) (2,360) (5,658)
-------------------------------------------------- ---------- ---------- --------
Cash used in operations
Decrease / (Increase) in trade
and other receivables (184) (102) (106)
(Decrease) / Increase in trade
and other payables (1,531) 584 2,022
Decrease/(Increase) in inventory (55) (20) (6)
Decrease/(Increase) in financial
assets (5) 4 (13)
Income taxes received 212
Net cash outflow from operating
activities (4,470) (1,894) (3,762)
-------------------------------------------------- ---------- ---------- --------
Investing activities
Purchase of property, plant and
equipment (38) (162) (700)
Purchase of intangible assets - - (149)
Net cash flows used in investing
activities (38) (162) (849)
-------------------------------------------------- ---------- ---------- --------
Financing activities
Movement in lease liability (35) - (47)
Net cash flows from financing
activities (35) - (47)
-------------------------------------------------- ---------- ---------- --------
Net change in cash and cash equivalents (4,543) (2,056) (4,658)
Cash and cash equivalents at the
beginning of the period/year 9,732 14,554 14,554
Exchange gains/(losses) on cash
and cash equivalents (6) (100) (164)
Cash and cash equivalents at the
end of the period/year 5,183 12,398 9,732
-------------------------------------------------- ---------- ---------- --------
GENinCode Plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Share
Share Share Retained Translation based payment Total
capital premium deficit reserve reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- ----------- -------------- --------------- --------
Balance at 1 January
2022 958 15,551 (2,936) 72 73 13,718
Other comprehensive expense - - - (256) - (253)
Loss for the period ended
30 June 2022 - - (2,325) - - (2,328)
Share based payments - - - - 85 85
----------------------------- -------- -------- ----------- -------------- --------------- --------
Balance at 30 June 2022 958 15,551 (5,261) (184) 158 11,222
----------------------------- -------- -------- ----------- -------------- --------------- --------
Share based payments - - - - 17 17
Other comprehensive expense - - - (105) (105)
Loss for the period ended
31 December 2022 - - (3,234) - - (3,234)
----------------------------- -------- -------- ----------- -------------- --------------- --------
Balance at 31 December
2022 958 15,551 (8,495) (289) 175 7,900
----------------------------- -------- -------- ----------- -------------- --------------- --------
Other comprehensive income - - - 312 - 312
Loss for the six months
ended 30 June 2023 - - (3,501) - - (3,501)
Share based payments - - - - 51 51
----------------------------- -------- -------- ----------- -------------- --------------- --------
Balance at 30 June 2023 958 15,551 (11,996) 23 226 4,762
----------------------------- -------- -------- ----------- -------------- --------------- --------
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess
of nominal value less share issue costs.
Other reserves arise from the share options issued by the company during
the period.
Retained earnings represents accumulated profit or losses to date.
GENinCode Plc
Notes to the Consolidated Financial Statements
For the six months ended 30 June 2023
1. General information
GENinCode plc (the "Company") is a public limited company
admitted to trading on the AIM market of the London Stock Exchange
on 22 July 2021. The Company is incorporated and domiciled in
England and Wales. The registered office of the Company is One, St.
Peters Square, England, M2 3DE. The registered company number is
11556598.
The Company was incorporated on 6 September 2018.
The Company's principal activity is the development and
commercialisation of clinical genetic tests, to provide predictive
analysis of risk to a patient's health based on their genes.
The financial information set out in this half yearly report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The statutory financial statements for the
year ended 31 December 2022, prepared under UK adopted
International Financial Reporting Standards ("IFRS"), have been
filed with the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not contain
statements under Sections 498(2) and 498 (3) of the Companies Act
2006.
Copies of the annual statutory accounts and the Interim Report
can be found on the Company's website at www.genincode.com.
2. Significant accounting policies and basis of preparation
2.1 Statement of compliance
This half yearly report has been prepared using the historical
cost convention, on a going concern basis and in accordance with UK
adopted International Financial Reporting Standards ("IFRS") and
the Companies Act 2006 applicable to companies reporting under
IFRS, using accounting policies which are consistent with those set
out in the financial statements for the year ended 31 December
2022.
2.2 Application of new and revised UK adopted International
Financial Reporting Standards (IFRSs)
There are no IFRSs or IFRIC interpretations that are effective
for the first time in this financial period that would be expected
to have a material impact on the Company.
3. Segmental reporting
The Company has one reportable segment, namely that is the
development and commercialisation of clinical genetic tests, to
provide predictive analysis of risk to a patient's health based on
their genes, the geographical split of revenue generation is
below.
6 months 6 months 12 months
to to to
Turnover by geographical generation 30-Jun-23 30-Jun-22 31-Dec-22
GBP'000 GBP'000 GBP'000
--------------------------------------- ---------- ---------- ----------
UK 131 12 36
Spain 819 652 1,394
US - - -
950 664 1,430
---------------------------------------- ---------- ---------- ----------
GENinCode Plc
Notes to the Consolidated Financial Statements (cont.)
For the six months ended 30 June 2023
4 Taxation
6 months 6 months 12 months
to to to
Income taxes recognised in profit 30-Jun-23 30-Jun-22 31-Dec-22
or loss
GBP'000 GBP'000 GBP'000
----- ------------------------------------ ---------- ---------- ----------
Current tax
GEN inCode SLU 6 (4) 187
------------------------------------------- ---------- ----------
Tax credit for the period 6 (4) 187
------------------------------------------- ---------- ---------- ----------
5 Share capital
Issued share capital comprises 30-Jun-23 30-Jun-22 31-Dec-22
GBP'000 GBP'000 GBP'000
----- ------------------------------------ ---------- ---------- ----------
95,816,866 Ordinary shares of
GBP0.01 each 958 958 958
6 Loss per share
6 months 6 months 12 months
to to to
30-Jun-23 30-Jun-22 31-Dec-22
GBP'000 GBP'000 GBP'000
----- ------------------------------------ ---------- ---------- ----------
Basic and diluted loss per share
Loss after tax (GBP) (3,189) (2,581) (5,920)
Weighted average number of shares 95,817 95,817 95,817
Basic and diluted loss per share
(pence) (3.33) (2.70) (6.18)
------------------------------------------- ---------- ---------- ----------
As the Company is reporting a loss from continuing operations
for the period, in accordance with IAS 33, the share options
are not considered dilutive because the exercise of the share
options would have an anti-dilutive effect. The basic and diluted
earnings per share as presented on the face of the income statement
are therefore identical.
7 Events after the reporting
date
The Company has evaluated all events and transactions that occurred
after 30 June 2023 up to the date of signing of the financial
statements.
The Company believes there are no reportable events post reporting
date.
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END
IR EASNNFFNDEFA
(END) Dow Jones Newswires
September 20, 2023 02:00 ET (06:00 GMT)
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