Interim results for the six months to 31 July 2023-E-THERAPEUTICS PLC

Interim results for the six months to 31 July 2023-E-THERAPEUTICS PLC

Interim results for the six months to 31 July 2023

Six months of progress with positive proof-of-concept data generated with lead GalOmic RNAi assets in cardiometabolic disease and haemophilia

 

Continued integration of generative artificial intelligence into HepNet

 

 

London, UK, 26 October 2023 - e-therapeutics plc (AIM: ETX; OTCQX; ETXPF), a company integrating computational power and biological data to discover life-transforming RNAi medicines, announces its unaudited interim results for the six months to 31 July 2023.

 

Operational Highlights

á      Continued growth and rapid advancement of GalOmic RNAi therapeutics against target genes discovered using our HepNet computational platform, including preclinical programs in cardiometabolic and metabolic disease, haemophilia, and two further undisclosed programs.

á      Generated positive proof-of-concept data for ETX-291 in cardiometabolic disease and ETX-148 in haemophilia, demonstrating disease-modifying potential of HepNet identified targets.  

á      Increased pool of novel targets identified and assessed in silico by HepNet, ensuring a continual supply of in-house preclinical programs and a variety of partnering opportunities spanning a broad range of therapeutic areas.

á      Continued validation of HepNet, including our hepatocyte-specific knowledge graph, proprietary target identification approaches, and siRNA (short interfering RNA) construct design capabilities.

á      Advanced projects developing and implementing generative artificial intelligence ("AI") including large language models ("LLMs") across ETX processes and systems, further enhancing computational capabilities, and transforming HepNet into a dynamic knowledge resource.

 

á      Continued expansion of AI approaches, enabling the transformation of siRNA construct design and selection to reduce timelines and associated costs dramatically.

á    Sustained intellectual property ("IP") activity continued, with priority forming patent applications filed on three new inventions, and consolidated international filing programs for eight inventions, all arising from the Company's proprietary GalNAc-siRNA technology, GalOmic.

á      Strong progress made in immuno-oncology collaboration with iTeos Therapeutics, Inc. ("iTeos"), with continued delivery against pre-agreed milestones.

Post Period Highlights

á      Effective 20 September 2023, Timothy Bretherton assumed the role of Chief Financial Officer (non-board). Michael Bretherton stepped down from his role as interim CFO and will now focus on his role as a Non-Executive Director of the Company.

 

 

Financial Highlights

á      Revenue of £0.2 million (H1 2022: £0.3 million)

á      R&D spend of £5.3 million (H1 2022: £3.1 million) 

á      Operating loss for the period of £7.0 million (H1 2022 loss: £4.6 million)

á      Loss after tax for the period of £5.6 million (H1 2022 loss: £3.8 million)

á      Cash and cash equivalents as at 31 July 2023 of £24.8 million (31 January 2023: £31.7 million)

á      R&D tax credit receivable as at 31 July 2023 of £2.5 million (31 January 2023: £1.5 million)

á      Headcount (excluding Non-Executive Directors) as at 31 July 2023 of 34 (31 January 2023: 38)

 

 

Ali Mortazavi, Chief Executive Officer of e-therapeutics, commented:

 

"Despite a severe macroeconomic climate, we have made significant progress during the past six months. It is a tribute to our team that we have been able to translate our computational analyses into tangible assets, generating compelling preclinical data at a fraction of the R&D spend of any competitor. We look forward to showcasing additional data from our preclinical pipeline in the near future.

 

"It has only been six months since we began incorporating generative AI into our processes and projects, but the significant impact of these technologies throughout ETX is already apparent. Through this work, we continue to address directly the long, expensive, and risky product lifecycle of drug discovery, solidifying ourselves as one of the leading companies in the emerging TechBio sector. A year ago, generative AI technologies did not exist. Now, we are integrating them into every aspect of our drug development process, allowing us to develop our life-transforming RNAi medicines at pace. As we continue to leverage the most cutting-edge computation, I look forward to the future with 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 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

e-therapeutics plc

 

Ali Mortazavi, CEO                                        

Timothy Bretherton, CFO

 

Tel: +44 (0)1993 883 125

www.etherapeutics.co.uk

 

 

     SP Angel Corporate Finance LLP

Tel: +44(0)20 3470 0470

Nominated Adviser and Broker

 

Matthew Johnson/Harry Davies-Ball (Corporate Finance)

 

Vadim Alexandre/Rob Rees (Corporate Broking)

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