Silverfin false false 31/12/2024 01/01/2024 31/12/2024 O A Drory 10/02/2021 Y Erlich 10/02/2021 T Goldberg 17/05/2022 S Ilan 10/02/2021 25 March 2025 The principal activity of the Company during the financial year was that of developing RNA based therapeutic applications and technological platforms to improve and perfect the drug development pipeline. 13192758 2024-12-31 13192758 bus:Director1 2024-12-31 13192758 bus:Director2 2024-12-31 13192758 bus:Director3 2024-12-31 13192758 bus:Director4 2024-12-31 13192758 2023-12-31 13192758 core:CurrentFinancialInstruments 2024-12-31 13192758 core:CurrentFinancialInstruments 2023-12-31 13192758 core:ShareCapital 2024-12-31 13192758 core:ShareCapital 2023-12-31 13192758 core:RetainedEarningsAccumulatedLosses 2024-12-31 13192758 core:RetainedEarningsAccumulatedLosses 2023-12-31 13192758 core:PlantMachinery 2023-12-31 13192758 core:OfficeEquipment 2023-12-31 13192758 core:ComputerEquipment 2023-12-31 13192758 core:PlantMachinery 2024-12-31 13192758 core:OfficeEquipment 2024-12-31 13192758 core:ComputerEquipment 2024-12-31 13192758 core:CurrentFinancialInstruments 10 2024-12-31 13192758 core:CurrentFinancialInstruments 10 2023-12-31 13192758 2022-12-31 13192758 bus:OrdinaryShareClass1 2024-12-31 13192758 2024-01-01 2024-12-31 13192758 bus:FilletedAccounts 2024-01-01 2024-12-31 13192758 bus:SmallEntities 2024-01-01 2024-12-31 13192758 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 13192758 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13192758 bus:Director1 2024-01-01 2024-12-31 13192758 bus:Director2 2024-01-01 2024-12-31 13192758 bus:Director3 2024-01-01 2024-12-31 13192758 bus:Director4 2024-01-01 2024-12-31 13192758 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 13192758 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 13192758 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 13192758 2023-01-01 2023-12-31 13192758 core:PlantMachinery 2024-01-01 2024-12-31 13192758 core:OfficeEquipment 2024-01-01 2024-12-31 13192758 core:ComputerEquipment 2024-01-01 2024-12-31 13192758 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 13192758 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13192758 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13192758 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13192758 (England and Wales)

ELEVEN THERAPEUTICS (UK) LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ELEVEN THERAPEUTICS (UK) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ELEVEN THERAPEUTICS (UK) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
ELEVEN THERAPEUTICS (UK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 171,996 271,481
171,996 271,481
Current assets
Debtors 4 821,995 739,599
Cash at bank and in hand 111,108 239,857
933,103 979,456
Creditors: amounts falling due within one year 5 ( 114,209) ( 595,088)
Net current assets 818,894 384,368
Total assets less current liabilities 990,890 655,849
Provision for liabilities 6 ( 41,974) ( 66,828)
Net assets 948,916 589,021
Capital and reserves
Called-up share capital 7, 8 100 100
Profit and loss account 948,816 588,921
Total shareholder's funds 948,916 589,021

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Eleven Therapeutics (UK) Ltd (registered number: 13192758) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S Ilan
Director

25 March 2025

ELEVEN THERAPEUTICS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ELEVEN THERAPEUTICS (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eleven Therapeutics (UK) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of the Company during the financial year was that of developing RNA based therapeutic applications and technological platforms to improve and perfect the drug development pipeline.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of Income and Retained Earnings.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in Statement of Income and Retained Earnings within 'other operating income'.

Turnover

Revenue arises from cost plus recharges made to the parent company. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the Statement of Income and Retained Earnings.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to Statement of Income and Retained Earnings.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including other debtors and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 21 23

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2024 424,971 3,660 30,729 459,360
Additions 58,493 0 1,711 60,204
Disposals 0 0 ( 1,583) ( 1,583)
At 31 December 2024 483,464 3,660 30,857 517,981
Accumulated depreciation
At 01 January 2024 173,027 1,337 13,515 187,879
Charge for the financial year 148,508 1,172 9,350 159,030
Disposals 0 0 ( 924) ( 924)
At 31 December 2024 321,535 2,509 21,941 345,985
Net book value
At 31 December 2024 161,929 1,151 8,916 171,996
At 31 December 2023 251,944 2,323 17,214 271,481

4. Debtors

2024 2023
£ £
Amounts owed by group undertakings 487,711 20,093
Other taxation and social security 324,231 588,161
Other debtors 10,053 131,345
821,995 739,599

Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 64,957 93,292
Amounts owed to group undertakings 0 357,022
Accruals 3,749 9,105
Taxation and social security 36,451 126,089
Other creditors 9,052 9,580
114,209 595,088

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 66,828) 0
Credited/(charged) to the Statement of Income and Retained Earnings 24,854 ( 66,828)
At the end of financial year ( 41,974) ( 66,828)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Share based payments

A total of 55,400 Ordinary shares of £0.0001 in the Parent company have been granted to 19 employees.

Options for 5,000 Ordinary shares, granted during 2022, lapsed during 2022.

In 2023, options were granted for:

7,800 Ordinary shares at an exercise price of £7.228,
8,400 Ordinary shares at an exercise price of £7.0009, and
1,200 Ordinary shares at an exercise price of £14.0017.

Additionally, options for 1,200 Ordinary shares, granted during 2022 and 2,000 Ordinary shares granted during 2023, lapsed during 2023.

In 2024, options were granted for 5,900 Ordinary shares at an exercise price of £8.8812.

Additionally, options for 5,000 Ordinary shares, granted during 2022 and 1,000 Ordinary shares granted during 2023, lapsed during 2024.

9. Ultimate controlling party

Parent Company:

Eleven Therapeutics Ltd

The immediate and ultimate parent undertaking is Eleven Therapeutics Ltd, a company incorporated and registered in Israel.