Shield Therapeutics plc
("Shield" or the "Company" or the "Group")
Interim results for the six months ended 30 June 2024
More than threefold increase in Total Revenues compared to H1 2023
c. 65,200 ACCRUFeR® prescriptions sold, up 161% compared to H1 2023
Net average sales price increase of 33% from H1 2023
Financial Highlights H1 2024
· Total Revenues:
o ACCRUFeR® revenue:
o Ex-US revenue:
· Operating Loss:
· Cash and cash equivalents:
Operational Highlights H1 2024
· Commercialization of ACCRUFeR® in the US: Continued growth and strong market results with our partner, Viatris Inc.
o ACCRUFeR® total prescriptions grew to c.65,200 with an average quarterly growth of 25% following field expansions with Viatris in Q2 2023. The growth was primarily driven in large States such as
o ACCRUFeR® net price per prescription steadily increased to
· Global ACCRUFeR®/FeRACCRU® development programs: Continued progress in development stage partnerships in
o Kye Pharmaceuticals ("Kye") in
o Korea Pharma ("KP") in
o ASK Pharma ("ASK") in
o Paediatric study: Phase 3 paediatric clinical trial (FORTIS/ST10-01-305) comparing the safety, tolerability and effectiveness of an oral liquid suspension of ferric maltol with oral ferrous sulphate liquid in children with iron deficiency anaemia (IDA) expected to be completed in 2024. The trial is the final study in the comprehensive paediatric development program that Shield committed to implement with both the European EMA and the US FDA.
Anders Lundstrom, Interim CEO of Shield Therapeutics, commented: "H1 2024 has been another strong period of growth for Shield which is demonstrated through the significant increase in sales figures, net selling price and number of prescriptions for ACCRUFeR® in the US. We continue to focus on building momentum through creating greater awareness of ACCRUFeR® among health care professionals in the US as well as expanding our geographic reach with our international partners.
We have also continued to manage our cash burn during launch and scale of ACCRUFeR® while strengthening our balance sheet by implementing innovative financing solutions like the working capital financing with Sallyport in April and adding
Investor presentation
Interim CEO, Anders Lundstrom, and CFO, Santosh Shanbhag, will be hosting a live online presentation relating to the interim results via the Investor Meet Company platform at 4.30pm (BST) today, Wednesday 4 September 2024.
The presentation is open to all existing and potential investors. Questions can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Shield Therapeutics plc via:
https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor
For further information please contact:
Shield Therapeutics plc |
|
Anders Lundstrom, CEO Santosh Shanbhag, CFO |
+44 (0) 191 511 8500 |
Nominated Adviser and Joint Broker |
|
Peel Hunt LLP |
|
James Steel/Patrick Birkholm |
+44 (0)20 7418 8900 |
|
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Joint Broker Cavendish Ltd Geoff Nash/ Rory Sale/Nigel Birks/Harriet Ward |
+44 (0)20 7220 0500 |
|
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Financial PR & IR Advisor |
|
Walbrook PR |
|
Charlotte Edgar / Alice Woodings |
+44 (0)20 7933 8780 or shield@walbrookpr.com |
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About Iron Deficiency and ACCRUFeR®/FeRACCRU®
Clinically low iron levels (aka iron deficiency, ID) can cause serious health problems for adults of all ages, across multiple therapeutic areas. Together, ID and ID with anemia (IDA) affect about 20 million people in the US and represent a
ACCRUFeR®/FeRACCRU® (ferric maltol) is a novel, stable, non-salt-based oral therapy for adults with ID/IDA. The drug has a novel mechanism of absorption compared to other oral iron therapies and has been shown to be an efficacious and well-tolerated therapy in a range of clinical trials. More information about ACCRUFeR®/FeRACCRU®, including the product label, can be found at: www.accrufer.com and www.feraccru.com.
About Shield Therapeutics plc
Shield is a commercial stage specialty pharmaceutical company that delivers ACCRUFeR®/FeRACCRU® (ferric maltol), an innovative and differentiated pharmaceutical product, to address a significant unmet need for patients suffering from iron deficiency, with or without anemia. The Company has launched ACCRUFeR® in the
ACCRUFeR®/FeRACCRU® has patent coverage until the mid-2030s.
ACCRUFeR®/FeRACCRU® are registered trademarks of Shield Therapeutics.
Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are based on management's current expectations and include statements related to the commercial strategy for ACCRUFeR®/FeRACCRU®. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties, many of which are beyond our control, that may cause actual results and performance or achievements to be materially different from management's expectations expressed or implied by the forward-looking statements, including, but not limited to, risks associated with the Company's business and results of operations, competition and other market factors. The forward-looking statements made in this press release represent management's expectations as of the date of this press release, and except as required by law, the Company disclaims any obligation to update any forward-looking statements contained in this release, even if subsequent events cause its views to change.
Operational Review
Commercialisation of ACCRUFeR® in the US
Shield continues to see the positive impact of the successful organisational expansion and launch of ACCRUFeR® in the US with our partner, Viatris Inc. Over the first half of 2024, we generated approximately
ACCRUFeR® net price has steadily increased to
Overall, our sales team continues to receive very positive feedback on the product from physicians. We continue to believe this provides additional confirmation in two key areas. First, that there is a need from health care professionals (HCPs) and patients for an effective and well tolerated oral iron. Second, ACCRUFeR® is highly promotionally sensitive, so the more HCPs we can reach with sales and marketing efforts, the faster we can increase awareness and the opportunity to grow our prescriber base. Awareness about ACCRUFeR® as an option to treat iron deficiency, with or without anaemia (ID/IDA) among many of these HCPs remains quite low, and our objective is simple: increase awareness of ACCRUFeR®, generate prescriptions from HCPs, and allow patients to experience the benefits we believe ACCRUFeR® can provide. While we have made continued progress over the first six months of this year, there is much opportunity still ahead of us to make ACCRUFeR® the oral iron of choice for patients with iron ID/IDA.
Global partnerships and development
We have a number of global partnerships, and our objective is to expand this, identifying further opportunities to bring ACCRUFeR®/FeRACCRU® to patients with iron deficiency in as many markets as possible. We have a long-standing relationship with Norgine for the distribution of FeRACCRU® in
We continue to make excellent progress in our development stage partnerships in
In the
Lastly, our partner in
Paediatric study
Our paediatric study could lead to an expansion of the indication and uses for ACCRUFeR®/FeRACCRU® in both US and EU markets. The study, a requirement of both the FDA and EMA, is enrolling patients with iron deficiency ranging from 12 months to 17 years of age. This is another population where iron deficiency is prevalent and similar challenges to over-the-counter irons exist. As part of this study, Shield is using a new liquid formulation, which, if approved, may offer an alternative approach for those who can't swallow our current capsule formulation. We expect to complete enrolment of our paediatric study in 2024.
Outlook
The Group continued to execute the expansion and growth of ACCRUFeR® in the first half of 2024. We have substantially increased revenues, the net selling price and the number of prescriptions for ACCRUFeR® in the US as we continue to build awareness of the product and fine tune our commercial efforts. Based on our internal assumptions we remain funded to deliver on our growth plans. We see an oral iron market which has clear unmet needs, based on physician and patient feedback, for a product that delivers both effectiveness and tolerability. As we move into the second half of 2024 and 2025, Shield and our partner Viatris expect to achieve continued growth in ACCRUFeR® prescriptions in the US along with further improvement of other financial metrics. Additionally, we should complete our paediatric study during 2024, increasing expansion opportunities in both the US and EU in future years. Lastly, our ex-US partnerships continue to progress not only making ACCRUFeR® /FeRACCRU® available around the globe, but also adding to our revenues through both milestones and royalties.
Financial Review
Revenue
Revenue in the first six months of 2024 (H1 2024) amounted to
Approximately 65,200 prescriptions of ACCRUFeR® were sold in the US in H1 2024 and that yielded net revenue of
In addition, the Group reports
Cost of sales
Cost of sales in H1 2024 amounted to
Selling, general and administrative expenses
Selling, general and administrative expenses were
Research and development
In H1 2024,
Loss for the period
The loss for H1 2024 was
Balance sheet
Effective 30 April 2024, the Group strengthened its balance sheet through a
Intangible assets on 30 June 2024 were
Inventory on 30 June 2024 amounted to
Trade and other receivables increased to
The current tax asset of
Cash and cash equivalents on 30 June 2024 amounted to
Trade and other payables increased from
Cash flow
Net cash outflow from operations in H1 2024 was
Net cash outflow from investing activities in H1 2024 was
The net cash outflow from financing activities in H1 2024 was
Going concern
For the reasons set out in detail under Note 2 of the attached condensed interim financial statements as of and for the six months ended 30 June 2024, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Consolidated statement of profit and loss and other comprehensive income
for the six months ended 30 June 2024
|
Note |
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) |
Revenue |
4 |
12,132 |
3,743 |
13,085 |
Cost of sales |
|
(6,675) |
(2,085) |
(9,058) |
Gross profit |
|
5,457 |
1,658 |
4,027 |
Other operating income |
|
52 |
4,298 |
4,412 |
Operating costs - selling, general and administrative expenses |
5 |
(18,815) |
(17,063) |
(37,960) |
Operating loss before impairment and research and development expenditure |
|
(13,306) |
(11,107) |
(29,521) |
Impairment of intangible assets |
|
- |
- |
- |
Research and development expenditure |
|
(752) |
(434) |
(1,810) |
Operating loss |
|
(14,058) |
(11,541) |
(31,331) |
Financial income |
|
203 |
326 |
518 |
Financial expense |
|
(1,625) |
(578) |
(1,562) |
Loss before tax |
|
(15,480) |
(11,793) |
(32,375) |
Taxation |
|
2 |
(812) |
(918) |
Loss for the period |
|
(15,478) |
(12,605) |
(33,293) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that are or may be reclassified subsequently to profit or loss: |
|
|
|
|
Foreign currency translation differences - foreign operations |
|
(402) |
894 |
(1,890) |
Total comprehensive expenditure for the period |
|
(15,880) |
(11,711) |
(35,183) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
Basic and diluted loss per share (in US cents) |
7 |
|
|
|
Group balance sheet
at 30 June 2024
|
Note |
|
|
||
30 June 2024 (unaudited) |
30 June 2023 (unaudited) |
31 December 2023 (audited) |
|||
Non-current assets |
|
|
|
|
|
Intangible assets |
7 |
17,401 |
15,239 |
16,863 |
|
Property, plant and equipment |
|
524 |
327 |
673 |
|
Restricted cash |
8 |
1,000 |
- |
- |
|
|
|
18,925 |
15,566 |
17,536 |
|
Current assets |
|
|
|
|
|
Inventories |
9 |
4,035 |
2,695 |
3,203 |
|
Trade and other receivables |
|
15,406 |
9,262 |
13,498 |
|
Current tax asset |
|
296 |
550 |
614 |
|
Cash and cash equivalents |
|
8,099 |
13,594 |
13,948 |
|
|
|
27,836 |
26,101 |
31,263 |
|
|
|
|
|
|
|
Total assets |
|
46,761 |
41,667 |
48,799 |
|
Non-current liabilities |
|
|
|
|
|
Convertible shareholder loan |
|
- |
(5,705) |
- |
|
Long-term loan |
|
(19,679) |
- |
(19,836) |
|
Lease liabilities |
|
- |
- |
(195) |
|
Fair value of loan conversion feature |
|
- |
- |
- |
|
|
|
(19,679) |
(5,705) |
(20,031) |
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
10 |
(19,364) |
(8,080) |
(12,721) |
|
Lease liabilities |
|
(292) |
(67) |
(214) |
|
Other liabilities |
11 |
(6,885) |
(713) |
(800) |
|
|
|
(26,541) |
(8,860) |
(13,735) |
|
|
|
|
|
|
|
Total liabilities |
|
(46,220) |
(14,565) |
(33,766) |
|
|
|
|
|
|
|
Net assets |
|
541 |
27,102 |
15,033 |
|
Equity |
|
|
|
|
|
Share capital |
12 |
(15,011) |
(13,734) |
(15,011) |
|
Share premium |
|
(198,759) |
(173,087) |
(198,759) |
|
Merger reserve |
|
(43,240) |
(42,966) |
(43,240) |
|
Currency translation reserve |
|
8,050 |
(10,603) |
(8,452) |
|
Deposit for shares |
|
- |
- |
- |
|
Accumulated deficit |
|
248,419 |
213,288 |
233,525 |
|
Total equity |
|
(541) |
(27,102) |
(15,033) |
|
Group statement of changes in equity
for the six months ended 30 June 2024
|
Share capital |
Deposit For shares |
Share premium |
Merger reserve |
Currency translation reserve |
Retained earnings |
Total |
|
Balance at 1 January 2023 (audited) |
5,371 |
(100) |
169,482 |
43,240 |
(10,342) |
(201,107) |
6,544 |
|
Loss for the year |
- |
- |
- |
- |
- |
(33,293) |
(33,293) |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
Foreign currency translation differences |
- |
- |
- |
- |
1,890 |
- |
1,890 |
|
Total comprehensive expense for the year |
- |
- |
- |
- |
1,890 |
(33,293) |
(31,403) |
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
|
Equity placing |
6,556 |
100 |
19,819 |
- |
- |
- |
26,475 |
|
Warrants exercised |
98 |
- |
345 |
|
|
|
443 |
|
Loan conversion |
2,986 |
- |
9,113 |
- |
- |
- |
12,099 |
|
Equity-settled share-based payment transactions |
- |
- |
- |
- |
- |
875 |
875 |
|
Balance at 31 December 2023 (audited) |
15,011 |
- |
198,759 |
43,240 |
(8,452) |
(233,525) |
15,033 |
|
Loss for the period |
- |
|
- |
- |
- |
(15,478) |
(15,478) |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
Foreign currency translation differences |
- |
|
- |
- |
402 |
- |
402 |
|
Total comprehensive expense for the period |
- |
- |
- |
- |
402 |
(15,478) |
(15,076) |
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
|
|
Equity placing |
- |
- |
- |
- |
- |
- |
- |
|
Loan conversion |
- |
|
- |
- |
- |
- |
- |
|
Equity-settled share-based payment transactions |
- |
|
- |
- |
- |
584 |
584 |
|
Balance at 30 June 2024 (unaudited) |
15,011 |
- |
198,759 |
43,240 |
(8,050) |
(248,419) |
541 |
|
Group statement of cash flows
for the six months ended 30 June 2024
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) |
Cash flows from operating activities |
|
|
|
Loss for the period |
(15,478) |
(12,605) |
(33,293) |
Adjustments for: |
|
|
|
Depreciation and amortization |
601 |
524 |
1,071 |
Equity-settled share-based payment expenses |
584 |
176 |
875 |
Financial income |
(203) |
(326) |
(518) |
Financial expense |
1,625 |
578 |
1,562 |
Impairment of intangible assets |
- |
- |
- |
Income tax |
- |
813 |
918 |
|
(12,871) |
(10,840) |
(29,385) |
Increase in inventories |
(832) |
(938) |
(1,446) |
Increase in trade and other receivables |
(1,908) |
(3,612) |
(7,007) |
|
|
|
|
Increase in restricted cash |
(1,000) |
- |
- |
Increase/(decrease) in trade and other payables |
6,643 |
(3,364) |
1,907 |
Increase/(decrease) in other liabilities |
5,212 |
(1,142) |
(478) |
Income tax received/(paid) |
1,191 |
- |
(717) |
Net cash flows from operating activities |
(3,565) |
(19,896) |
(37,126) |
Cash flows from investing activities |
|
|
|
Financial income |
203 |
326 |
518 |
Acquisition of tangible assets |
(34) |
(178) |
(239) |
Capitalised development expenditure |
(978) |
(1,466) |
(2,709) |
Net cash flows from investing activities |
(809) |
(1,318) |
(2,430) |
Cash flows from financing activities |
|
|
|
Cash raised from equity placing |
- |
20,170 |
26,375 |
Interest paid |
(1,782) |
- |
(613) |
Warrants exercised |
- |
- |
442 |
Proceeds from convertible shareholder loan |
- |
10,000 |
10,000 |
Proceeds from long-term loan |
- |
- |
19,446 |
Total cash outflow from leases |
(117) |
(40) |
(546) |
Net cash flows from financing activities |
(1,899) |
30,130 |
49,656 |
Net increase/(reduction) in cash |
(6,273) |
8,916 |
10,100 |
Effect of exchange rate fluctuations on cash held |
424 |
1,276 |
446 |
Cash and cash equivalents at beginning period |
13,948 |
3,402 |
3,402 |
Cash and cash equivalents at period end |
8,099 |
13,594 |
13,948 |
Notes
for the six months ended 30 June 2024
1. General information
Shield Therapeutics plc (the "Company") is incorporated in
The Company is domiciled in
The financial statements in this interim report comprise the Company and its subsidiaries (together referred to as the 'Group'). The Group is engaged in the late-stage development and commercialization of clinical stage pharmaceuticals to treat unmet medical needs.
This interim report, which is not audited, has been prepared in accordance with the measurement and recognition criteria of EU Adopted International Financial Reporting Standards. It does not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2023. This financial information does not constitute statutory financial statements as defined in Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2023 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified. The auditor has reported on those accounts; their report was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
The interim report was approved by the board of directors on 4 September 2024.
2. Accounting policies
The accounting policies applied in these interim financial statements are consistent with those of the annual financial statements for the year ended 31 December 2023, as described in those annual financial statements.
Going concern
At 30 June 2024, the Group held
The Directors have considered the funding requirements of the Group through the preparation of detailed cash flow forecasts for the period to December 2025, including the prospective ACCRUFeR® sales revenues and the related commercial operating costs. These forecasts show that the Group's monthly cash flows start to turn positive in H2 2025 and that the funding detailed above should provide sufficient cash to allow the business to continue in operations for at least twelve months from the date of this report. The Directors have considered scenarios in which sales revenues fall below forecasts. In these circumstances mitigating actions such as reduction of discretionary selling and marketing expenditure could be taken to preserve cash. The Directors also believe that other forms of finance, such as debt finance or royalty finance are likely to be available to the Group.
Based on the above factors, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
3. Critical accounting judgments and key sources of estimation uncertainty
In the application of the Group's accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The significant judgments made in relation to the financial statements are:
Development expenditure
Development expenditure is capitalized when the conditions referred to in Note 2 of the Company's annual report are met.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The significant estimates which may lead to material adjustment in the next accounting period are:
Valuation of intellectual property associated with ACCRUFeR®/FeRACCRU®
The valuation of intellectual property associated with ACCRUFeR®/FeRACCRU® (including patents, development costs and the Company's investment in Shield TX (
Deferred tax assets
Estimates of future profitability are required for the decision whether to create a deferred tax asset. To date no deferred tax assets have been recognized.
4. Segmental reporting
The following analysis by segment is presented in accordance with IFRS 8 on the basis of those segments whose operating results are regularly reviewed by the Chief Operating Decision Maker (considered to be the Board of Directors) to assess performance and make strategic decisions about the allocation of resources. Segmental results are calculated on an IFRS basis.
A brief description of the segments of the business is as follows:
· ACCRUFeR®/FeRACCRU® - development and commercialization of the Group's lead ACCRUFeR®/FeRACCRU® product
· PT20 - development of the Group's secondary asset (all related assets were written off effective 31 December 2022)
Operating results which cannot be allocated to an individual segment are recorded as central and unallocated overheads.
|
|
Six months ended 30 June 2024 (unaudited) |
|
|
|
Six months ended 30 June 2023 (unaudited) |
|
|
|
ACCRUFeR®/ FeRACCRU® |
PT20 |
Central and unallocated |
Total |
ACCRUFeR®/ FeRACCRU® |
PT20 |
Central and unallocated |
Total |
Revenue |
12,132 |
- |
- |
12,132 |
3,743 |
- |
- |
3,743 |
Operating loss |
(12,412) |
- |
(1,652) |
(14,058) |
(865) |
- |
(10,676) |
(11,541) |
Financial income |
|
|
|
203 |
|
|
326 |
326 |
Financial expense |
|
|
|
(1,625) |
|
|
(578) |
(578) |
Tax |
|
|
|
2 |
|
|
|
(812) |
Loss for the period |
|
|
|
(15,478) |
|
|
|
(12,605) |
|
|
Year ended 31 December 2023 (audited) |
|
|
|
ACCRUFeR®/ FeRACCRU® |
PT20 |
Central and unallocated |
Total |
Revenue |
13,085 |
- |
- |
13,085 |
Operating loss |
(26,649) |
858 |
(5,540) |
(31,331) |
Financial income |
|
|
518 |
518 |
Financial expense |
|
|
(1,562) |
(1,562) |
Tax |
|
|
|
(918) |
Loss for the period |
|
|
|
(33,293) |
The revenue analysis in the table below is based on the country of registration of the fee-paying party. |
|||
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) #163;000 |
|
10,955 |
3,151 |
11,570 |
|
1,067 |
592 |
1,495 |
|
- |
- |
- |
|
110 |
- |
20 |
|
12,132 |
3,743 |
13,085 |
5. Operating costs - selling, general and administrative expenses
Operating costs are comprised of:
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2022 (audited) |
Selling costs |
12,341 |
11,202 |
21,717 |
General and administrative expenses |
5,703 |
5,366 |
15,172 |
Depreciation and amortization |
771 |
495 |
1,071 |
|
18,815 |
17,063 |
37,960 |
6. Loss per share
The basic loss per share of
Although there are potentially dilutive ordinary shares these would not serve to increase or reduce the loss per ordinary share, as the Group is loss-making. There is therefore no difference between the loss per ordinary share and the diluted loss per ordinary share.
7. Intangible assets
|
ACCRUFeR®/ FeRACCRU® patents and trademarks |
ACCRUFeR®/ FeRACCRU® development costs |
Total |
Cost |
|
|
|
Balance at 1 January 2023 (audited) |
2,284 |
16,245 |
18,529 |
Additions - externally purchased |
|
2,709 |
2,709 |
Effect of change in foreign currency |
126 |
878 |
1,004 |
Balance at 31 December 2023 (audited) |
2,410 |
19,832 |
22,242 |
Additions - externally purchased |
- |
1,466 |
1,466 |
Effect of change in foreign currency |
(29) |
(203) |
(232) |
Balance at 30 June 2024 (unaudited) |
2,381 |
20,607 |
22,988 |
Accumulated amortization |
|
|
|
Balance at 1 January 2023 (audited) |
1,054 |
3,267 |
4,321 |
Charge for the period |
121 |
705 |
826 |
Effect of change in foreign currency |
52 |
180 |
232 |
Balance at 31 December 2023 (audited) |
1,227 |
4,152 |
5,379 |
Charge for the period |
47 |
388 |
435 |
Effect of change in foreign currency |
(26) |
(184) |
(210) |
Balance at 30 June 2024 (unaudited) |
1,262 |
4,325 |
5,587 |
Net book values |
|
|
|
30 June 2024 (unaudited) |
1,119 |
16,282 |
17,401 |
31 December 2023 (audited) |
1,183 |
15,680 |
16,863 |
8. Restricted cash
The Group has
9. Inventories
|
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) |
Work in progress |
|
1,284 |
- |
1,098 |
Finished goods |
|
2,751 |
2,695 |
2,105 |
|
|
4,035 |
2,695 |
3,203 |
10. Trade and other payables
|
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) |
Taxation payables |
|
3,674 |
2,835 |
4,049 |
Accruals |
|
15,690 |
5,245 |
8,672 |
|
|
19,364 |
8,080 |
12,721 |
11. Other liabilities
|
|
Six months ended 30 June 2024 (unaudited) |
Six months ended 30 June 2023 (unaudited) |
Year ended 31 December 2023 (audited) |
Taxation and social security |
|
33 |
63 |
96 |
Accounts receivable financing |
|
6,835 |
- |
- |
Other payables |
|
17 |
650 |
704 |
|
|
6,885 |
713 |
800 |
12. Share capital
|
Six months ended 30 June 2024 Number 000 |
Six months ended 30 June 2024
|
Six months ended 30 June 2023 Number 000 |
Six months ended 30 June 2023
|
Year ended 31 December 2023 Number 000 |
Year ended 31 December 2023
|
At beginning of period |
782,056 |
15,011 |
259,388 |
5,371 |
259,388 |
5,371 |
Exercise of share options |
- |
- |
|
|
- |
- |
Conversion of loan |
- |
- |
158,805 |
2,941 |
158,805 |
2,986 |
Warrants exercised |
|
|
|
|
5148 |
98 |
Equity placing |
- |
- |
294,844 |
5,422 |
358,715 |
6,556 |
Total shares authorized and in issue at end of period - fully paid |
782,056 |
15,011 |
713,037 |
13,734 |
782,056 |
15,011 |
No share options were exercised during the six months ended 30 June 2024 (six months ended 30 June 2023: Nil)
13. Subsequent events
On 3 July 2024 the Group announced a
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