(“Biodexa” or the “Company”)
Interim results for the six months ended
OPERATIONAL HIGHLIGHTS
The Company announced the following in the six months ended
- In-license of MTX240 (formerly OPB-171755) from
Otsuka Pharmaceutical Co., Limited inFebruary 2026 with a nominal upfront payment. - Launch of a global Early Access Program for eRapa for FAP Patients through a strategic partnership with
Tanner Pharma Group inMarch 2026 . - Approval from
Health Canada to expand the Serenta trial intoCanada inJune 2026 . - Promotion of
Fiona Sharp to Chief Financial Officer and Company Secretary, also joining the Board of Directors fromJanuary 2026 .
Post period end:
- On
July 1, 2026 , the Company completed a fundraise raising gross proceeds of$3.5 million through a combination of a registered direct offering, warrant inducement and PIPE offering. - As of the date of publication, 92 subjects, of a planned 168 subjects, have been enrolled in the Serenta trial.
FINANCIAL HIGHLIGHTS
- R&D costs increased to £2.92 million in 1H26 (1H25: £1.67 million) reflecting increased expenditure on the Serenta trial and manufacturing costs on the newly in-licensed MTX240 program.
- Administrative costs decreased to £1.74 million (1H25: £2.38 million) primarily as a result of foreign exchange movements.
- Net cash used in operating activities (after changes in working capital) in 1H26 was £4.61 million (1H25: £3.30 million).
- The Company’s cash balance at
June 30, 2026 was £3.23 million.
Commenting,
First, building on the advice we received from regulators, we accelerated enrolment into our registrational Phase 3 trial of eRapa in FAP. There are no approved therapeutics for FAP and passing the 50% enrolment in early August puts us significantly ahead of any competitive development programs.
Second, in-licensing MTX240 for GIST rounds out our GI cancer portfolio and, given its unique mechanism of action, has the potential to treat GIST patients irrespective of their KIT or PDGFR mutation. The Phase 1b/2a trial we are working to initiate is designed to establish a safe and effective dose as well as an efficacy signal before the end of 2027.
As always, financing remains a challenge for companies of our size.”
CHIEF EXECUTIVE’S REVIEW
Our main focus in the first half of 2026 was on (1) expanding our registrational Phase 3 trial of eRapa in Familial Adenomatous Polyposis (“FAP”) in
R&D update
In the first half of 2026 we progressed our Phase 3 trial of eRapa in FAP and added MTX240, a novel Phase 1 ready asset for the treatment of GIST. As of today, we have two active sponsored programs and two investigator initiated programs:
MTX230 - eRapa
eRapa is a proprietary oral formulation of rapamycin, also known as sirolimus. Rapamycin is an mTOR (mammalian Target Of Rapamycin) inhibitor. mTOR has been shown to have a significant role in the signalling pathway that regulates cellular metabolism, growth and proliferation and is activated during tumorgenesis. Rapamycin is approved in the US for organ rejection in renal transplantation as Rapamune®(Pfizer). Through the use of nanotechnology and pH sensitive polymers, eRapa is designed to address the poor bioavailability, variable pharmacokinetics and toxicity generally associated with the currently available forms of rapamycin. eRapa is protected by a number of issued patents which extend through 2035.
Familial Adenomatous Polyposis
FAP is characterized by a proliferation of polyps in the colon, duodenum and/or rectum, usually occurring in mid-teens. There is no approved therapeutic option for treating FAP patients, for whom active surveillance and surgical resection of the gastrointestinal tract remain the standard of care. If untreated, FAP almost always leads to colorectal cancer. Importantly, mTOR has been shown to be over-expressed in FAP polyps – thereby underscoring the rationale for using a potent and safe mTOR inhibitor like eRapa to treat FAP There is a significant hereditary component to FAP with a reported incidence of one in 5,000 to 10,000 in the US and one in 11,300 to 37,600 in
Following encouraging results from an open label Phase 2 study, a Type C meeting with the FDA and scientific advice from the EMA, we initiated a registrational Phase 3 trial (NCT06950385) of eRapa in
Non-muscle Invasive Bladder Cancer (“NMIBC”)
NMIBC refers to tumors found in the tissue that lines the inner surface of the bladder. The most common treatment is transurethral resection of the bladder tumor followed by intravesical Bacillus Calmette-Guerin (“BCG”) with chemotherapy depending upon assessment of risk of recurrence. NMIBC is the fourth most common cancer in men with an incidence of 10.1 per 100,000 and 2.5 per 100,000 in women.
The ongoing investigator initiated two-center, double-blind, placebo-controlled Phase 2 trial in NMIBC (NCT04375813) is fully enrolled at 166 patients with primary endpoints of safety/tolerability and relapse free survival after 12 months of treatment. The study, which is supported by a
MTX240 – molecular glue
We in-licensed global rights (excluding
Gastrointestinal Stromal Tumors (GIST)
GIST is a rare gastrointestinal malignancy affecting approximately 3,000-4,000 patients annually in the US, with a significant unmet medical need for patients who develop TKI resistance. Approximately 10-15% of GIST patients are either primarily refractory, or develop secondary resistance to available TKIs whereupon options for these patients remain limited.
The global GIST market is valued at approximately
GIST qualifies for orphan drug designation in major regulatory jurisdictions, offering potential regulatory advantages and incentives to support drug development.
We are in the process of initiating activities for the re-start of a Phase 1 dose escalation and dose optimization trial, most likely an open label trail in GIST patients with no available therapeutic options. GMP clinical trial supplies are being developed and manufactured by Syngene International Limited. In the meantime, we are preparing regulatory submissions for a pre-IND meeting with the FDA.
MTD228 - Tolimidone
Tolimidone was originally discovered by Pfizer and was developed through Phase 2 for the treatment of gastric ulcers. Tolimidone is a selective activator of the enzyme Lyn kinase which increases phosphorylation of insulin substrate-1, thereby amplifying the signaling cascade initiated by the binding of insulin to its receptor.
Type 1 Diabetes (“T1D”)
Tolimidone’s potential utility in T1D has been demonstrated by several preclinical studies conducted by the
An ongoing Phase 2a investigator initiated trial at the
1H26 FINANCIAL REVIEW
The unaudited results for the six months ended
Key performance indicators (KPIs):
| 1H 2026 | 1H 2025 | Change | |
| R&D costs | £2.92m | £1.67m | 75% |
| R&D as % of operating costs | 63% | 41% | n/a |
| Net cash inflow/(outflow) for the period | (£5.31m) | £2.37m | n/m |
Biodexa’ s KPIs focus on the key areas of operating results, R&D spend and cash management. These measures provide information on the core R&D operations. Additional financial and non-financial KPIs may be adopted in due course.
Revenues
Revenue for both periods was £Nil. The last of the Company’s R&D collaborations concluded in
Research and Development
R&D costs for 1H26 and 1H25, analyzed by development project indication were as follows:
| Six months ended | 2026 | 2025 | |
| £’000 | £’000 | ||
| eRapa | |||
| Familial Adenomatous Polyposis | 1,420 | 251 | |
| Non-muscle Invasive Bladder Cancer | 2 | 127 | |
| Total eRapa | 1,422 | 378 | |
| MTX240 | |||
| GIST | 295 | - | |
| Total MTX240 | 295 | - | |
| Tolimidone | |||
| Type 1 Diabetes | 49 | 270 | |
| Total tolimidone | 49 | 270 | |
| MTX110 (Panobinostat) | |||
| Diffuse Midline Glioma | - | - | |
| Recurrent Glioblastoma | 155 | 14 | |
| Medulloblastoma | - | - | |
| Total MTX110 (Panobinostat) | 155 | 14 | |
| Other preclinical | - | 1 | |
| R&D overheads | 995 | 1,002 | |
| Total R&D | 2,916 | 1,665 | |
MTX230 eRapa Familial Adenomatous Polyposis costs are shown above net of grant income. For the six months ended
| For period to 30 June | 2026 | 2025 | |
| £’000 | £’000 | ||
| Grant income | (2,818) | (2,107) | |
| Gross costs | 4,238 | 2,358 | |
| Net charge to income statement | 1,420 | 251 | |
| % costs allocated against CPRIT grant | 66% | 89% | |
R&D costs in 1H26 increased by £1.25 million, or 75%, to £2.92 million compared with £1.67 million in 1H25. R&D costs as a percentage of total operating costs increased to 63% from 41%. The increase was predominantly due to increased activity on the MTX230 Serenta clinical trial, which increased by £1.04 million, and manufacturing costs on the Company’s new MTX240 program of £0.30 million. The percentage of MTX230 (eRapa) costs offset against grant funding during the period was 66%, compared with 89% in 1H25. The Company anticipates that this percentage will be 67% over the life of the grant.
Administrative Costs
Administrative costs in 1H26 decreased by £0.64 million, or 27%, to £1.74 million from £2.38 million in 1H25. The decrease was driven primarily by foreign exchange movements, with a gain of £0.08 million recognized in 1H26 compared with a charge of £0.40 million in 1H25. Professional fees also decreased by £0.12 million in the period.
Finance Income and Expense
Finance income in 1H26 included gains in respect of an equity-settled derivative financial liability of £2.38 million (1H25: £0.15 million). The gains arose as a result of the fall in the Biodexa share price. In addition, the Company earned interest on cash deposits.
Finance expense in the period related to lease liabilities and discounted interest on deferred consideration.
Cash Flows
Cash outflows from operating activities in 1H26 were £4.61 million compared to £3.30 million in 1H25, driven by a net loss of £1.84 million (1H25: £3.81 million) and after negative working capital of £0.55 million (1H25: negative £0.04 million) and other negative non-cash items totaling £2.22 million (1H25: positive £0.24 million).
Net cash used in investing activities in 1H26 was £0.63 million (1H25: outflow of £0.34 million). This comprised £0.71 million of cash outflows relating to the purchase of the MTX240 license from Otsuka for total consideration of £0.37 million and the payment of deferred consideration on the eRapa license of £0.34 million (1H25: £0.37 million), offset by £0.09 million of interest received (1H25: £0.04 million).
Net cash used in financing activities in 1H26 was £0.07 million (1H25: inflow of £6.01 million), reflecting payments on lease liabilities.
Overall, cash decreased by £5.31 million in 1H26 compared with an increase of £2.37 million in 1H25. This resulted in a cash balance at
Financing
On
In addition, the Company entered into a warrant exercise inducement letter with a holder of Series L Warrants to purchase 609,756 ADSs at a reduced exercise price of
The above transactions completed on
Going concern
Biodexa has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its portfolio. For the six months to
The Group’s future viability is dependent on its ability to raise cash from financing activities to finance its development plans until milestones and/or royalties can be secured from partnering the Company’s assets. The Group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.
The Directors believe there are adequate options and time available to secure additional financing for the Group and after considering the uncertainties, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Group’s consolidated financial statements have therefore been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As at
In the Directors’ opinion, the environment for financing of small and micro-cap biotech companies remains challenging. While this may present acquisition and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers, potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there can be no assurance that any of alternative courses of action to finance the Group would be successful.
The Directors have also considered the potential impact of Nasdaq’s proposed minimum market value requirement. Although implementation of the proposed rule has been stayed pending full Commission review, Biodexa’s current market capitalization is below the announced
This requirement for additional financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Should it become evident in the future that there are no realistic financing options available to the Group which are actionable before its cash resources run out, the Group will no longer be a going concern. In such circumstances, the Group would no longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared on a liquidation basis, assets would be stated at net realizable value, and liabilities would be accelerated to current liabilities.
Chief Executive Officer
Consolidated Statements of Comprehensive Income
For the six month period ended
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Revenue | - | - | |
| Other income | 444 | 27 | |
| Research and development costs | (2,916) | (1,665) | |
| Administrative costs | (1,738) | (2,378) | |
| Loss from operations | (4,210) | (4,016) | |
| Finance income | 3 | 2,474 | 180 |
| Finance expense | 3 | (62) | (135) |
| Loss before tax | (1,798) | (3,971) | |
| Taxation | (44) | 165 | |
| Loss for the period attributable to the owners of the parent | (1,842) | (3,806) | |
| Items that will or may be reclassified subsequently to profit or loss: | |||
| Exchange (loss)/gains arising on translation of foreign operations | (3) | 3 | |
| Total comprehensive loss attributable to the owners of the parent | (1,845) | (3,803) | |
| Loss per share | |||
| Basic and diluted loss per ordinary share – £ | 4 | £(0.000005) | £(0.0002) |
The accompanying notes form part of these financial statements
Consolidated Statements of Financial Position
| Note | As at £’000 | As at £’000 | ||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 20 | 91 | ||
| Intangible assets | 5 | 6,011 | 5,645 | |
| 6,031 | 5,736 | |||
| Current assets | ||||
| Trade and other receivables | 2,935 | 3,786 | ||
| Taxation | 525 | 123 | ||
| Cash and cash equivalents | 3,230 | 8,534 | ||
| 6,690 | 12,443 | |||
| Total assets | 12,721 | 18,179 | ||
| Liabilities | ||||
| Non-current liabilities | ||||
| Deferred consideration | 331 | 645 | ||
| Borrowings | - | - | ||
| 331 | 645 | |||
| Current liabilities | ||||
| Trade and other payables | 1,636 | 2,590 | ||
| Deferred consideration | 609 | 563 | ||
| Borrowings | - | 61 | ||
| Derivative financial liability | 532 | 2,915 | ||
| 2,777 | 6,129 | |||
| Total liabilities | 3,108 | 6,774 | ||
| Issued capital and reserves attributable to owners of the parent | ||||
| Share capital | 6 | 14,246 | 14,099 | |
| Share premium | 99,790 | 98,923 | ||
| Merger reserve | 53,003 | 53,003 | ||
| Warrant reserve | 174 | 1,185 | ||
| Foreign exchange reserve | - | 3 | ||
| Accumulated deficit | (157,600) | (155,808) | ||
| Total equity | 9,613 | 11,405 | ||
| Total equity and liabilities | 12,721 | 18,179 |
The accompanying notes form part of these financial statements
Consolidated Statements of Cash Flows
For the six month period ended
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Cash flows from operating activities | |||
| Loss for the period | (1,842) | (3,806) | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment | 11 | 70 | |
| Depreciation of right of use asset | 68 | 69 | |
| Amortization of intangible fixed asset | - | 1 | |
| Impairment of commission paid in advance on ELOC | - | 373 | |
| Finance income | 3 | (2,474) | (180) |
| Finance expense | 3 | 62 | 135 |
| Share-based payment expense | 50 | 97 | |
| Taxation | 44 | (165) | |
| Foreign exchange losses | 22 | (157) | |
| Cash flows from operating activities before changes in working capital | (4,059) | (3,563) | |
| Decrease/(Increase) in trade and other receivables | 405 | 2,047 | |
| (Decrease)/Increase in trade and other payables | (957) | (2,090) | |
| Cash used in operations | (4,611) | (3,606) | |
| Tax receipts | - | 302 | |
| Net cash used in operating activities | (4,611) | (3,304) |
Consolidated Statements of Cash Flows (continued)
For the six month period ended
| Note | 2026 unaudited £’000 | 2025 unaudited £’000 | |
| Investing activities | |||
| Purchases of property, plant and equipment | (7) | (2) | |
| Purchase of intangible assets | 5 | (713) | (372) |
| Interest received | 90 | 35 | |
| Net cash generated from/(used in) investing activities | (630) | (339) | |
| Financing activities | |||
| Interest paid | (3) | (10) | |
| Amounts paid on lease liabilities | (62) | (95) | |
| Repayment of Promissory Note | - | (136) | |
| Share issues including warrants, net of costs | 6 | - | 6,251 |
| Net cash generated from/(used in) financing activities | (65) | 6,010 | |
| Net increase/(decrease) in cash and cash equivalents | (5,306) | 2,367 | |
| Cash and cash equivalents at beginning of period | 8,534 | 1,669 | |
| Exchange (losses)/gains on cash and cash equivalents | 2 | - | |
| Cash and cash equivalents at end of period | 3,230 | 4,036 |
The accompanying notes form part of these financial statements
Consolidated Statements of Changes in Equity (unaudited)
| Note | Share capital £’000 | Share premium £’000 | Merger reserve £’000 | Warrant reserve £’000 | Foreign exchange reserve £’000 | Accumulated deficit £’000 | Total equity £’000 | |
| At | 14,099 | 98,923 | 53,003 | 1,185 | 3 | (155,808) | 11,405 | |
| Loss for the period | - | - | - | - | - | (1,842) | (1,842) | |
| Foreign exchange translation | - | - | - | - | (3) | - | (3) | |
| Total comprehensive loss | - | - | - | - | - | (1,842) | (1,845) | |
| Transactions with owners: | ||||||||
| Warrant exercise | 147 | 867 | - | (1,011) | - | - | 3 | |
| Share-based payment charge | - | - | - | - | - | 50 | 50 | |
| Total contribution by and distributions to owners | 147 | 867 | - | (1,011) | - | 50 | 53 | |
| At | 14,246 | 99,790 | 53,003 | 174 | - | (157,600) | 9,613 |
| Note | Share capital £’000 | Share premium £’000 | Merger reserve £’000 | Warrant reserve £’000 | Foreign exchange reserve £’000 | Accumulated deficit £’000 | Total equity £’000 | |
| At | 11,725 | 93,124 | 53,003 | 894 | - | (150,424) | 8,322 | |
| Loss for the period | - | - | - | - | - | (3,806) | (3,806) | |
| Foreign exchange translation | - | - | - | - | 3 | - | 3 | |
| Total comprehensive loss | - | - | - | - | 3 | (3,806) | (3,803) | |
| Transactions with owners: | ||||||||
| Shares issued under ELOC agreement | 6 | 2,024 | 4,551 | - | - | - | - | 6,575 |
| Costs associated with ELOC agreement | 86 | (76) | - | - | - | - | 10 | |
| Shares issued on | 6 | 100 | 143 | - | - | - | - | 243 |
| Costs associated with share issue on | - | (8) | - | - | - | - | (8) | |
| Share-based payment charge | - | - | - | - | - | 97 | 97 | |
| Total contribution by and distributions to owners | 2,210 | 4,610 | 97 | 6,917 | ||||
| At | 13,935 | 97,734 | 53,003 | 894 | 3 | (154,133) | 11,436 |
The accompanying notes form part of these financial statements
Notes Forming Part of The Consolidated Unaudited Interim Financial Information
For the six month period ended
1. Basis of preparation
The unaudited interim consolidated financial information for the six months ended
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting periods.
Book values approximate to fair value at
The condensed interim financial information contained in this interim statement does not constitute statutory financial statements as defined by section 434(3) of the Companies Act 2006. The condensed interim financial information has not been audited. The comparative financial information for the six months ended
Biodexa Pharmaceutical’s annual reports may be downloaded from the Company’s website at https://biodexapharma.com/investors/financial-reports-and-presentations/#financial-reports or a copy may be obtained from
Going Concern – material uncertainty
Biodexa has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it develops its portfolio. For the six months to
The Group’s future viability is dependent on its ability to raise cash from financing activities to finance its development plans until milestones and/or royalties can be secured from partnering the Company’s assets. The Group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.
The Directors believe there are adequate options and time available to secure additional financing for the Group and after considering the uncertainties, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements. The Group's consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As at
In the Directors’ opinion, the environment for financing of small and micro-cap biotech companies remains challenging. While this may present acquisition and/or merger opportunities with other companies with limited or no access to financing, as noted above, any attendant financings by Biodexa are likely to be dilutive. The Directors continue to evaluate financing options, including those connected to acquisitions and/or mergers, potentially available to the Group. Any alternatives considered are contingent upon the agreement of counterparties and accordingly, there can be no assurance that any of alternative courses of action to finance the Company would be successful.
The Directors have also considered the potential impact of Nasdaq’s proposed minimum market value requirement. Although implementation of the proposed rule has been stayed pending full Commission review, Biodexa’s current market capitalization is below the announced
This requirement for additional financing in the short term represents a material uncertainty that may cast significant doubt upon the Group’s ability to continue as a going concern. Should it become evident in the future that there are no realistic financing options available to the Group which are actionable before its cash resources run out, the Group will no longer be a going concern. In such circumstances, the Group would no longer be able to prepare financial statements under paragraph 25 of IAS 1. Instead, the financial statements would be prepared on a liquidation basis, assets would be stated at net realizable value, and liabilities would be accelerated to current liabilities.
2. Accounting for eRapa and CPRIT grant
On
A jointly controlled escrow account was established on completion of the LCA. FAP program transactions eligible to be allocated against the CPRIT grant and match funding are processed through the escrow account, including the Company’s deposits of matching funds, as set out in the agreement, the receipt of grant funding from CPRIT and the payment of eligible R&D expenses. Although the CPRIT grant and R&D supplier contracts are with Emtora, the joint arrangement nature of the LCA results in Emtora being deemed to be acting as the Company’s agent. Accordingly, the Company recognizes 100% of the grant and 100% of the R&D expenditure. The CPRIT grant recognized is on a 1 for 2 match basis for the first
The balances at the reporting date were as follows:
£’000 | £’000 | |
| Prepayments* | 527 | 2,842 |
| Accrued revenue | 332 | - |
| Deferred revenue | - | 571 |
* prepayment reflects only the escrow account balance
3. Finance income and expense
| Six months ended unaudited £’000 | Six months ended unaudited £’000 | |
| Finance income | ||
| Interest received on bank deposits | 91 | 32 |
| Other interest | - | 3 |
| Gain on equity settled derivative financial liability | 2,383 | 145 |
| Total finance income | 2,474 | 180 |
The gain on the equity settled derivative financial liability in 1H26 and 1H25 arose as a result of the fall in the Biodexa share price.
| Six months ended unaudited £’000 | Six months ended unaudited £’000 | |
| Finance expense | ||
| Interest expense on lease liabilities | 1 | 6 |
| Interest expense on deferred consideration | 57 | 86 |
| Other loans | - | 43 |
| Other | 4 | - |
| Total finance expense | 62 | 135 |
4. Loss per share
Basic loss per share amounts are calculated by dividing the net loss for the period from continuing operations, attributable to ordinary equity holders of the parent company, by the weighted average number of ordinary shares outstanding during the period. As the Group made a loss for the period the diluted loss per share is equal to the basic loss per share.
| Six months ended unaudited £’000 | Six months ended unaudited £’000 | |
| Numerator | ||
| Loss used in basic EPS and diluted EPS: | (1,842) | (3,806) |
| Denominator | ||
| Weighted average number of ordinary shares used in basic EPS | 373,230,692,484 | 25,267,266,823 |
| Basic and diluted loss per share: | £(0.000005) | £(0.0002) |
5. Intangible asset
| In-process research and development £’000 | £’000 | IT/Website costs £’000 | Total £’000 | |
| Cost | ||||
| At | 19,023 | 2,291 | 69 | 21,383 |
| Acquisition | 366 | - | - | 366 |
| At | 19,389 | 2,291 | 69 | 21,749 |
| In-process research and development £’000 | £’000 | IT/Website Costs £’000 | Total £’000 | |
| Accumulated amortization and impairment | ||||
| At | 13,378 | 2,291 | 69 | 15,738 |
| Amortization charge for the period | – | – | - | - |
| At | 13,378 | 2,291 | 69 | 15,738 |
| Net book value | ||||
| At | 6,011 | – | - | 6,011 |
On
Under the terms of the license agreement the Company has the exclusive rights to develop and commercialize MTX240 globally with the exception of
The individual intangible asset which is material to the financial statements is as follows:
| Carrying amount | ||
| As at £’000 | As at £’000 | |
| MTX228 tolimidone acquired IPRD* | 2,938 | 2,938 |
| MTX230 eRapa acquired IPRD* | 2,707 | 2,707 |
| MTX240 acquired IPRD* | 366 | - |
*asset is not yet in use and has not started amortizing
6. Share capital and reserves
Authorized, allotted and fully
paid – classified as equity
As at
Number
As at
£
As at December
31, 2025
Number
As at
£
Ordinary shares of £0.000001 each
373,056,808,922
373,057
225,817,808,922
225,818
‘A’ Deferred shares of £1 each
1,000,001
1,000,001
1,000,001
1,000,001
‘B’ Deferred shares of £0.001 each
4,063,321,418
4,063,321
4,063,321,418
4,063,321
| ‘C’ Deferred shares of £0.00005 each | 4,063,321,418 | 4,063,321 | 4,063,321,418 | 4,063,321 |
126,547,389,518
6,327,370
126,547,389,518
6,327,370
‘D’ Deferred shares of £0.000001 each
2,482,747,137,178
2,482,747
2,482,747,137,178
2,482,747
Total
14,246,496
14,099,257
Ordinary and deferred shares were recorded as equity.
As at
*Number of ADS warrants has been adjusted to reflect the ADS ratio change of ADSs to ordinary shares that occurred on
On
In accordance with the Articles of
7. Related party transaction
The Directors consider there to be no related party transactions during the periods reported other than Directors Remuneration.
8. Contingent liabilities
Under the terms of the license agreement with Otsuka, the Group may be required to make additional milestone payments contingent on the achievement of specified development and regulatory events. These payments are dependent on future clinical and regulatory outcomes which are uncertain and not wholly within the Group’s control. At
9. Events after the reporting date
On
On
