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Registered number: 09022750
ENTERPRISE THERAPEUTICS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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ENTERPRISE THERAPEUTICS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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ENTERPRISE THERAPEUTICS LIMITED
COMPANY INFORMATION
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James Cowper Kreston Audit
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Chartered Accountants and Statutory Auditor
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Page 1
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ENTERPRISE THERAPEUTICS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
The Director presents his report and the financial statements for the period ended 30 June 2025.
The Director who served during the period was:
Director's responsibilities statement
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The Director is responsible for preparing the Director's Report and the financial statements, in accordance with applicable law.
Company law requires the Director to prepare financial statements for each financial period. Under that law the Director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Director is required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Director is responsible for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to the Director to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Disclosure of information to auditor
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The Director at the time when this Director's Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Page 2
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ENTERPRISE THERAPEUTICS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
Small companies' exemption note
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In preparing this report, the Director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Director and signed on its behalf.
Page 3
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ENTERPRISE THERAPEUTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS LIMITED
We have audited the financial statements of Enterprise Therapeutics Limited for the period ended 30 June 2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 11 - 14. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International Accounting Standards.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of its loss for the period then ended;
∙have been properly prepared in accordance with UK adopted International Accounting Standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
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ENTERPRISE THERAPEUTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Director's responsibilities statement on page 2, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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ENTERPRISE THERAPEUTICS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor’s' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sue Staunton MA FCA CF (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxford
Oxfordshire
OX2 9PJ
5 September 2025
Page 6
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ENTERPRISE THERAPEUTICS LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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Total comprehensive income
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The notes on pages 11 to 24 form part of these financial statements.
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Page 7
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ENTERPRISE THERAPEUTICS LIMITED
REGISTERED NUMBER: 09022750
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
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Property, plant and equipment
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Other non-current investments
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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Capital contribution reserve
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The financial statements on pages 7 to 24 were approved and authorised for issue by the Board of Director and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
Page 8
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ENTERPRISE THERAPEUTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
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Capital contribution reserve
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Total comprehensive income for the period
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Share based payment charge
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Total contributions by and distributions to owners
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Capital redemption reserve
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Total comprehensive income for the year
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Share based payment charge
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Total contributions by and distributions to owners
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The notes on pages 11 to 24 form part of these financial statements.
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Page 9
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ENTERPRISE THERAPEUTICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2025
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Loss on disposal of fixed assets
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Share-based payment expense
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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Increase in trade and other payables
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash from investing activities
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Cash flows from financing activities
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Lease payments on leases under IFRS16
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Net cash used in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of period
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Cash and cash equivalents at the end of the period
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The notes on pages 11 to 24 form part of these financial statements.
Page 10
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
Enterprise Therapeutics Limited (the 'Company') is a private limited company incorporated in England and Wales with registered number 09022750. The Company's registered office is at Sussex Innovation Centre, Science Park Square, Falmer, Brighton, BN1 9SB.
The Company's principal activity is that of a drug discovery company dedicated to research and development of novel therapies for the treatment of respiratory diseases.
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the financial periods presented, unless otherwise stated.
2.Accounting policies
The financial statements have been prepared in accordance with UK adopted International Accounting Standards, the IFRS Interpretations Committee (formerly the International Financial Reporting Interpretations Committee (IFRIC)) interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared on a going concern basis and under the historic cost convention.
The financial statements are rounded to the nearest pound Sterling.
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Impact of new international reporting standards, amendments and interpretations
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Standards effective for accounting periods beginning on or after 1st January 2025
Effective date 1st January 2025
IAS 21 - The Effects of Changes in Foreign Exchange Rates - lack of exchangeability.
Effective date 1st January 2026
IFRS 9 - Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Amendments to the
Classification and Measurement of Financial Instruments.
Annual improvements to IFRS accounting standards, amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10
and IAS 7.
Effective date 1st January 2027
IFRS 18 - Presentation and Disclosure in Financial Statements.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operations for the foreseeable future. Enterprise Therapeutics Holdings Limited has also confirmed its continuing support of the Company for at least twelve months from the date of approval of the financial statements. The Director believes it is appropriate to adopt the going concern basis of accounting.
Page 11
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
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Trade and other receivables
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Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect the amounts due according to the original terms of receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the Statement of Comprehensive Income within administrative expenses.
Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method.
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Cash and cash equivalents
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Cash and cash equivalents include cash in hand, deposits held with banks, bank overdrafts and other short term highly liquid investments with original maturities less than three months.
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Current and deferred income tax
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Income tax on the results for the year comprises current and deferred tax. Income tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Claims under the Research and Development Expenditure Credit Scheme are recognised on the accruals basis.
Research costs are written off to the statement of comprehensive income in the year in which they are incurred. All research costs, whether funded by grant or not, are included within administrative expenses on the face of the statement of comprehensive income.
All ongoing development expenditure is currently expensed in the year in which it is incurred. Due to the regulatory and other uncertainties inherent in the development of the Company's programmes, the criteria for development costs to be recognised as an asset as prescribed by IAS 38 "Intangible Assets" are not met until the product has been submitted for regulatory approval, such approval has been received and it is probable that future economic benefits will flow to the Company. The Company does not currently have any such internal development costs that qualify for capitalisation as intangible assets.
Page 12
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
2.Accounting policies (continued)
The financial statements are presented in pounds sterling, which is the Company's functional and presentational currency. Transactions denominated in foreign currencies are translated into sterling at the actual rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at rates ruling at the balance sheet date. Exchange differences are included in the statement of comprehensive income within administrative expenses.
Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate.
All the classes of the Company's share capital are classified as equity. Incremental costs directly attributable to the issue of new share capital are shown as a deduction, net of tax, from the proceeds.
Page 13
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
2.Accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in the Statement of Comprehensive Income. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Lab and office equipment - 3 to 5 years straight line
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effects on amounts recognised in the financial statements.
Taxation
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and the level of future taxable profits, together with future planning strategies. At the year-end, the Director has not recognised a deferred tax asset in respect of taxable losses due to the current uncertainty on future taxable profits.
Research and development expenditure
Expenditure on research and development is considered by the Director in each reporting period for whether it qualifies as research or development in accordance with IAS 38. The Director considers expenditure incurred up to 30 June 2025 represents research expenditure and, therefore, all research and development costs have been expensed in the Statement of Comprehensive Income in the period to which they relate. Judgement is required by the Director for whether R&D costs qualify as development expenditure that should be capitalised as an intangible asset.
Page 14
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Employee benefit expenses (including Directors) comprise:
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Employee benefit expenses (including Directors) comprise:
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6 months ended 30 June 2025
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12 months ended 31
December 2024
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Defined contribution pension cost
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Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the Director of the Company listed on page 1.
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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During the period, the highest paid Director received remuneration of £241,991 (2024: £336,000). No pension contributions were made in respect of the highest paid Director (2024: nil).
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The monthly average number of persons, including the Director, employed by the Company during the period was as follows:
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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Page 15
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Finance income and expense
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Recognised in profit or loss
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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Right of use asset depreciation
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Loss on disposal of fixed assets
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Difference on foreign exchange
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Page 16
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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7.1 Income tax recognised in profit or loss
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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Current tax on profits for the period
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The reasons for the difference between the actual tax charge for the period and the standard rate of corporation tax in the United Kingdom applied to losses for the period are as follows:
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6 months ended 30 June 2025
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12 months ended 31 December 2024
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Income tax credit/expense (including income tax on associate, joint venture and discontinued operations)
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Tax using the Company's domestic tax rate of 25% (2024: 25%)
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Additional deduction for R&D expenditure
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Income not taxable for tax purposes
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Expenses not deductible for tax purposes
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Surrender of tax losses for R&D tax credit refund
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Movement in deferred tax not recognised
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Changes in tax rates and factors affecting the future tax charges
An unprovided deferred tax asset arises principally in respect of trading losses totalling £5,555,679 (2024: £5,058,627) at 30 June 2025 together with other immaterial timing differences. This deferred tax asset has not been recognised due to the uncertainty of the future taxable profits against which it may be settled
Page 17
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Property, plant and equipment
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Other property, plant and equipment
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Other property, plant and equipment
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Accumulated depreciation and impairment
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Page 18
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
8.Property, plant and equipment (continued)
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8.1. Assets owned or held under leases
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The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of Financial Position is as follows:
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Property, plant and equipment owned
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Right-of-use assets, excluding investment property
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Information about right-of-use assets is summarised below:
Net book value
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Depreciation charge for the period ended
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Page 19
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Trade and other receivables
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Amounts owed by group companies
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Prepayments and accrued income
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Total trade and other receivables
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The Company acquired Enterprise Therapeutics Srl incorporated on 18 December 2023. The subsidiary
was incorporated with the registered address of Milan (MI) Via Alberico Albricci 8 Cap 20122, Italy.
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Cash and cash equivalents
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Page 20
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Payables to related parties
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Other payables - tax and social security payments
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Total trade and other payables
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Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
Trade payables, accruals and other payables (excluding tax and social security payments) represent amounts held at amortised cost. All amounts are payable within six months of the reporting date
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £85,107 (2024: £96,930). The total contributions payable to the fund at the balance sheet date were £12,791 (2024: £11,034).
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Allotted, issued and fully paid:
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Page 21
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Share premium
Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.
Retained earnings
Retained earnings are the Company's accumulated profit or losses at the period end date.
Capital contribution reserve
Capital contribution reserve reflects the fair value of the services received in exchange for Enterprise Therapeutics Holdings equity instruments.
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Financial instruments - risk management
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In common with other businesses, the Company is exposed to risks that arise from its use of financial instruments. The Company’s principal financial instruments are financial assets comprising trade and other receivables (excluding prepayments) and cash balances; and financial liabilities comprising trade payables. These are all measured at amortised cost.
Exposure to credit, liquidity, currency and interest rate risks arise in the normal course of the Company’s business. The Company does not enter into derivative financial instruments.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. The interest rate exposure of the Company as at 30 June 2025 and the maturity profile of the carrying value of the Company’s financial liabilities are shown in note 12. All financial liabilities will be settled within six months unless stated otherwise in note 12. The Company’s policy is to ensure that it has sufficient cash to allow it to meet its liabilities. This risk is monitored by the Director via forecast cash flows and annual budgets.
Currency risk
The Company is exposed to translation and transaction foreign exchange risk arising because the Company has operations in more than one country. As such, the Company’s net assets arising from such overseas operations are exposed to currency risk resulting in gains or losses on retranslation into sterling.
Foreign exchange risks arise when the Company enters into transactions denominated in a currency other than their functional currency. Movements in exchange rates also affect the value of the Company’s foreign currency cash balances in the UK. Exchange rate movements during the period resulted in a charge of £124 (2024: £25,092).
Interest rate risk
Interest rate risk arises on borrowings which are at fixed interest rates. Changes in rates could have the effect of either increasing or decreasing the Company's net loss. The Director does not consider the risk to be material to the financial statements as the Company only has loan notes with its shareholder and interest rates are fixed.
Page 22
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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There was one lease in place during the period.
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Lease liabilities are due as follows:
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Contractual undiscounted cash flows due
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18.1. Employee share option plan
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Movements in share options during the period
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The Company has a share-based payment plan. Options are granted at the discretion of the Directors of the parent Company, Enterprise Therapeutics Holdings Ltd, under this plan, and as of 30th June 2025, 4,485,685 options over ordinary shares in the company Enterprise Therapeutics Holdings Ltd were outstanding. The share options vest over a period of four years, with 25% vesting after the first complete year and the remaining 75% vesting equally over the remaining 36 months. All share options have a life of ten years before expiry. The number and weighted average exercise prices of share options (including grant, exercise or replacement in the period) are as follows:
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The following reconciles the share options outstanding at the beginning and end of the period:
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Weighted average exercise price
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Weighted average exercise price
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Balance at the beginning of the period
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Granted during the period
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Forfeited during the period
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Vested awaiting share issue during the period
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The weighted average exercise price of all brought forward options is £0.116000.
The total share-based payment charge recognised in the period is £22,304 (2024: £54,139)
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Page 23
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ENTERPRISE THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
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Related party transactions
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At the period end the Company was owed £113,885 (2024: £188,312) from its subsidiary.
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Ultimate controlling party
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The Company is 100% owned by its direct parent, Enterprise Therapeutics Holdings Limited. There is no single ultimate controlling party, and there were no changes in ultimate controlling party during the period.
Page 24
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