Final results for the year ended 31 January 2023
Successful year executing the Company's strategy resulting in the creation of a rapidly growing in-house pipeline of promising preclinical candidates
London, UK, 4 May 2023- e-therapeutics plc (AIM: ETX; OTCQX; ETXPF), a company integrating computational power and biological data to discover life-transforming RNAi medicines, announces its audited results for the year ended 31 January 2023.
· RNAi strategy delivering a rapidly growing in-house pipeline of early first-in-class candidates, against target genes discovered using our HepNetTM computational platform. Comprehensive in vivo proof-of-concept data packages being generated.
· Active across a variety of areas of high unmet medical need, including cardiovascular disease, non-alcoholic steatohepatitis ("NASH") and haematology. Investing in the cardiometabolic space as a key focus area.
· Expansion of world's most comprehensive knowledge base of hepatocyte-centric biology to capture and model complex biological processes in the liver and tissues influenced by the liver, completing proprietary curation of 100s of data sources.
· Increased integration of HepNetTM functionality and continued validation of our tools, in particular our hepatocyte-specific knowledge graph and proprietary target identification approaches.
· Mapping of human genetic validation of potential targets completed for more informed target triage.
· Integration of large language models ("LLMs"), such as OpenAI's GPT model, to radically enhance computational capabilities and transform HepNetTM into a dynamic knowledge resource.
· Expansion of artificial intelligence ("AI") approaches that learn from experimental data deployed into siRNA (short interfering RNA) drug design.
· Sustained intellectual property ("IP") activity with patent applications filed on eight further inventions arising from the Company's proprietary GalNAc-siRNA technology, GalOmicTM.
· New collaboration with iTeos Therapeutics in immuno-oncology announced on 5 April 2022. Several milestone payments received since, in addition to upfront consideration, following the successful identification of potential targets and small molecule compounds.
· Successful completion of Galapagos NV collaboration in idiopathic pulmonary fibrosis ("IPF"), with all near-term milestones achieved demonstrating our ability to effectively identify potential therapeutic strategies and targets.
Post Period Highlights
· Filing of four new patent applications to protect innovation around novel gene targets and associated disease relevant biology as well as proprietary siRNA stabilisation chemistries.
· Additional milestone achieved in collaboration with iTeos Therapeutics, resulting in an additional payment to the Company.
· Successful fundraise of £13.5 million announced in September 2022
· Cash and short-term investment bank deposits at 31 January 2023 of £31.7 million (2022: £26.4 million)
· Revenues of £0.5 million (2022: £0.5 million)
· R&D spend of £7.2 million (2022: £6.1 million)
· Operating loss of £10.2 million (2022: £9.6 million)
· Loss for the year of £8.3 million (2022: £8.1 million)
· £1.5 million R&D tax credit receivable (2022: £1.5 million)
Ali Mortazavi, Chief Executive Officer of e-therapeutics, commented:
"2022/23 was a pivotal year for e-therapeutics as we made significant progress towards realising our goal of Computing the Future of Medicine. Through our innovative computational approach and RNAi-based therapeutic modality, we were able to rapidly identify and pursue promising targets in multiple disease areas. We are now well-positioned to advance our pipeline of first-in-class preclinical RNAi candidates, making significant progress in just one year.
By placing LLMs at the core of our computation and harnessing GPT-4's capabilities, we can now create specialised LLM "agents" which will transform HepNetTM into a dynamic knowledge resource. GPT-4 and LLM integration will provide a unifying framework from which to drive every aspect of our pipeline and position e-therapeutics as a global leader in hepatocyte biology and related diseases.
Our long-term vision is to fully automate the preclinical drug discovery process, using GPT-4 and LLMs to access real-time information and interface with external applications, ultimately accelerating the development of life-saving treatments. Through our computational approach, we have been able to generate a multitude of potential target hypotheses and progress an in-house pipeline. Given our established position in computational drug discovery, we are ideally positioned to capitalise on this opportunity and look forward to the future with great confidence".
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.