The financial statements have been prepared on a going concern basis.
The Company incurred a loss during the year of £977,759 (2022: £1,131,030) following extensive investment in the company's research and development activities. The company's losses have to date been funded by the company's parent company, Nuntius Therapeutics Inc. During the year a loan of £1,228,507 was converted to equity by the issue of new shares in the company to Nuntius Therapeutics Inc.
Nuntius Therapeutics Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Nuntius Therapeutics Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.