ACCOUNTS - Final Accounts preparation

Employee benefit expenses

6 months
ended 30
June 2025

12 months
ended 31
December
2024

Registered number: 12868901

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	B Dzikowski
	P M Finan
	J W Ford
	A V Mayweg
	G Mulder
	A Munshi
	J C Richardson
	R Woodman
	J M J Hammond


Company secretary	P J Boyd


Registered number	12868901


Registered office	Sussex Innovation Centre
	Science Park Square
	Falmer
	Brighton
	BN1 9SB


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	201 Cumnor Hill
	Cumnor
	Oxford
	Oxfordshire
	OX2 9PJ

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Consolidated Statement of Financial Position	7
Company Statement of Financial Position	8
Consolidated Statement of Changes in Equity	9 - 10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12 - 13
Company Statement of Cash Flows	14
Notes to the Consolidated Financial Statements	15 - 32

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 30 JUNE 2025

The Directors present their report and the financial statements for the period ended 30 June 2025.

Directors

The Directors who served during the period were:

B Dzikowski

P M Finan

J W Ford

A V Mayweg

G Mulder

A Munshi

J C Richardson

R Woodman

J M J Hammond

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the consolidated financial statements, in accordance with applicable law.

Company law requires the Directors to prepare consolidated financial statements for each financial period. Under that law they have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the Directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing the consolidated financial statements, the Directors are 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 Group and 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 they either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group'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 and the Group's auditor is aware of that information.

Page 1

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 30 JUNE 2025

Small companies' exemption note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditor

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 board and signed on its behalf.

J W Ford

Director

Date: 5 September 2025

Page 2

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

Opinion

We have audited the financial statements of Enterprise Therapeutics Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2025 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Company Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 16 - 19. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion:

∙the financial statements give a true and fair view of the state of the Group's and the Parent Company's affairs as at 30 June 2025 and of the Group's loss for the period then ended;

∙the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Group and the Parent 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

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors' assessment of the Group's and the Parent Company's ability to continue to adopt the going concern basis of accounting included:

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 Group's or the Parent 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 Directors with respect to going concern are described in the relevant sections of this report.

Page 3

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The Directors are 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report or the Directors' 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' 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 Directors' responsibilities statement on page 1, the Directors are 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 Directors determine 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 Directors are responsible for assessing the Group's and the Parent 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 Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 4

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENTERPRISE THERAPEUTICS HOLDINGS 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 of 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 5

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2025

				6 months ended 30 June 2025	12 months ended 31 December 2024
			Note	£	£

Administrative expenses		(5,329,605)	(8,877,929)
Loss from operations		(5,329,605)	(8,877,929)

Finance income	8	194,623	594,289
Finance expense	8	(1,127)	(67,787)
Loss before tax		(5,136,109)	(8,351,427)

Tax credit	10	939,200	1,509,690

Loss for the period

(4,196,909)

(6,841,737)

Other comprehensive income:
Exchange gains arising on translation on foreign operations	(1,877)	(1,387)
Total comprehensive income	(4,198,786)	(6,843,124)

Loss for the period attributable to:
Owners of the parent	(4,196,909)	(6,841,737)
	(4,196,909)	(6,841,737)

Total comprehensive income attributable to:
Owners of the parent	(4,198,786)	(6,843,124)
	(4,198,786)	(6,843,124)

The notes on pages 16 to 32 form part of these financial statements.

Page 6

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

REGISTERED NUMBER: 12868901

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

	30 June	31 December
	2025	2024
Note	£	£

Assets
Non-current assets
Property, plant and equipment	11	45,103	91,742
Intangible assets	12	3,569	3,924
Current assets
Trade and other receivables	14	3,068,248	3,656,602
Cash and cash equivalents	24	9,369,170	13,132,576
		12,437,418	16,789,178
Total assets		12,486,090	16,884,844

Liabilities
Current liabilities
Trade and other liabilities	15	1,351,203	1,574,861
Net assets		11,134,887	15,309,983

Issued capital and reserves attributable to owners of the parent
Share capital	16	231	231
Share premium reserve	18	32,563,517	32,563,517
Foreign translation reserve		(1,877)	(1,387)
Merger reserve	18	22,976,293	22,976,293
Other reserve	18	7,383,734	7,383,734
Share based payment reserve	18	76,443	54,139
Retained earnings	18	(51,863,454)	(47,666,544)
		11,134,887	15,309,983
TOTAL EQUITY		11,134,887	15,309,983

The financial statements on pages 6 to 32 were approved and authorised for issue by the board of Directors and were signed on its behalf by:

J W Ford

Director

Date: 5 September 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 7

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

REGISTERED NUMBER: 12868901

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2025

	30 June	31 December
	2025	2024
Note	£	£

Assets
Non-current assets
Current assets
Trade and other receivables	14	9,775	164
Cash and cash equivalents	24	5,051,889	6,216,774
		5,061,664	6,216,938
Total assets		5,061,664	6,216,938

Liabilities
Current liabilities
Trade and other liabilities	15	18,529	17,078
Net assets		5,043,135	6,199,860

Issued capital and reserves attributable to owners of the parent
Share capital	16	231	231
Share premium reserve	18	32,563,517	32,563,517
Other reserve	18	7,383,734	7,383,734
Share-based payment reserve	18	76,443	54,139
Retained earnings	18	(34,980,790)	(33,801,761)
TOTAL EQUITY		5,043,135	6,199,860

The Company's loss for the period was £1,179,029 (2024 - £14,469,567).

The financial statements on pages 6 to 32 were approved and authorised for issue by the board of Directors and were signed on its behalf by:

J W Ford

Director

Date: 5 September 2025

The notes on pages 16 to 32 form part of these financial statements.

Page 8


		ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2025

	Share capital	Share premium	Foreign translation reserve	Merger Reserve	Other reserve	Share-based payment reserve	Retained earnings	Total attributable to equity holders of parent	Total equity
	£	£	£	£	£	£	£	£	£
At 1 January 2025	231	32,563,517	(1,387)	22,976,293	7,383,734	54,139	(47,666,545)	15,309,982	15,309,982
Loss for the period	-	-	-	-	-	-	(4,196,909)	(4,196,909)	(4,196,909)
Total comprehensive income for the period	-	-	-	-	-	-	(4,196,909)	(4,196,909)	(4,196,909)
Foreign Exchange	-	-	(490)	-	-	-	-	(490)	(490)
Share based payment charge	-	-	-	-	-	22,304	-	22,304	22,304
Total contributions by and distributions to owners	-	-	(490)	-	-	22,304	-	21,814	21,814
At 30 June 2025	231	32,563,517	(1,877)	22,976,293	7,383,734	76,443	(51,863,454)	11,134,887	11,134,887

The notes on pages 16 to 32 form part of these financial statements.

Page 9


		ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024

	Share capital	Share premium	Foreign translation reserve	Merger reserve	Other reserve	Share-based payment reserve	Retained earnings	Total attributable to equity holders of parent	Total equity
	£	£	£	£	£	£	£	£	£
At 1 January 2024	303,114	5,999,974	-	22,976,293	7,383,734	-	(40,824,807)	(4,161,692)	(4,161,692)
Loss for the year	-	-	-	-	-	-	(6,841,737)	(6,841,737)	(6,841,737)
Total comprehensive income for the period	-	-	-	-	-	-	(6,841,737)	(6,841,737)	(6,841,737)
Shares issued	135	26,260,525	-	-	-	-	-	26,260,660	26,260,660
Foreign exchange	-	-	(1,387)	-	-	-	-	(1,387)	(1,387)
Equity movement on convertible loan notes	(303,018)	303,018	-	-	-	-	-	-	-
Share based payment charge	-	-	-	-	-	54,139	-	54,139	54,139
Total contributions by and distributions to owners	(302,883)	26,563,543	(1,387)	-	-	54,139	-	26,313,412	26,313,412
At 31 December 2024	231	32,563,517	(1,387)	22,976,293	7,383,734	54,139	(47,666,544)	15,309,983	15,309,983

The notes on pages 16 to 32 form part of these financial statements.

Page 10

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2025

	Share capital	Share premium	Other reserve	Share-based payment reserve	Retained earnings	Total equity
	£	£	£	£	£	£
At 1 January 2025	231	32,563,517	7,383,734	54,139	(33,801,761)	6,199,860
Loss for the period	-	-	-	-	(1,179,029)	(1,179,029)
Total comprehensive income for the period	-	-	-	-	(1,179,029)	(1,179,029)
Share based payment charge	-	-	-	22,304	-	22,304
Total contributions by and distributions to owners	-	-	-	22,304	-	22,304
At 30 June 2025	231	32,563,517	7,383,734	76,443	(34,980,790)	5,043,135

The notes on pages 16 to 32 form part of these financial statements.

	Share capital	Share premium	Other reserve	Other reserves	Retained earnings	Total equity
	£	£	£	£	£	£
A 1 January 2024	303,114	5,999,974	7,383,734	-	(19,332,194)	(5,645,372)
Loss for the year	-	-	-	-	(14,469,567)	(14,469,567)
Total comprehensive income for the period	-	-	-	-	(14,469,567)	(14,469,567)
Issue of share capital	135	26,260,525	-	-	-	26,260,660
Equity movement on convertible loan notes	(303,018)	303,018	-	-	-	-
Share based payment charge	-	-	-	54,139	-	54,139
Total contributions by and distributions to owners	(302,883)	26,563,543	-	54,139	-	26,314,799
At 31 December 2024	231	32,563,517	7,383,734	54,139	(33,801,761)	6,199,860

The notes on pages 16 to 32 form part of these financial statements.

Page 11

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2025

	30 June	31 December
	2025	2024
Note	£	£

Cash flows from operating activities
Loss for the period		(4,196,909)	(6,841,737)
Adjustments for
Depreciation of property, plant and equipment	11	49,432	75,425
Loss on the disposal of fixed assets	11	347	-
Amortisation of intangible fixed assets	12	505	-
Finance income	8	(194,623)	(594,289)
Finance expense	8	1,127	(67,787)
Movement in foreign translation reserve		490	-
Share-based payment expense	21	22,304	54,139
Income tax credit	10	(939,087)	(1,509,690)
		(5,256,414)	(8,883,939)
Movements in working capital:
Decrease/(increase) in trade and other receivables		10,814	(1,448,653)
Decrease in trade and other payables		(170,005)	(6,352,291)
Cash generated from operations		(5,415,605)	(16,684,883)

Income taxes received		1,515,646	736,079
Net cash used in operating activities		(3,899,959)	(15,948,804)
Cash flows from investing activities
Purchases of property, plant and equipment		(3,140)	(16,306)
Purchase of intangibles	12	(150)	-
Interest received		194,623	594,289
Net cash from investing activities		191,333	577,983

Page 12

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE PERIOD ENDED 30 JUNE 2025

				30 June	31 December
				2025	2024
				£	£


Cash flows from financing activities
Proceeds from share Issue		-	26,260,525
Interest paid		-	67,787
Rentals paid on IFRS 16 leases	11	(54,780)	(66,382)
Net cash (used in)/from financing activities		(54,780)	26,261,930
Net (decrease)/increase in cash and cash equivalents		(3,763,406)	10,891,109

Cash and cash equivalents at the beginning of period		13,132,576	2,241,467
Cash and cash equivalents at the end of the period	24	9,369,170	13,132,576

The notes on pages 16 to 32 form part of these financial statements.

Page 13

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

COMPANY STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 JUNE 2025

	30 June	31 December
	2025	2024
Note	£	£

Cash flows from operating activities
Loss for the period		(1,179,029)	(14,469,567)
Adjustments for
Finance expense	8	-	62,425
Finance income	8	(124,763)	(409,991)
Tax credit		-	(10,652)
Share-based payment expense	21	22,304	54,139
		(1,281,488)	(14,773,646)
Movements in working capital:
Increase in trade and other receivables		(9,611)	(17)
Increase/(decrease) in trade and other payables		1,451	(6,348,957)
Cash generated from operations		(1,289,648)	(21,122,620)

Net cash used in operating activities		(1,289,648)	(21,122,620)
Cash flows from investing activities
Interest received		124,763	409,991
Net cash from investing activities		124,763	409,991
Cash flows from financing activities
Proceeds from share issue		-	26,260,525
Interest paid		-	(62,425)
Net cash from financing activities		-	26,198,100
Net (decrease)/increase in cash and cash equivalents		(1,164,885)	5,485,471

Cash and cash equivalents at the beginning of period		6,216,774	731,303
Cash and cash equivalents at the end of the period	24	5,051,889	6,216,774

The notes on pages 16 to 32 form part of these financial statements.

Page 14

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

1.	Reporting entity

Enterprise Therapeutics Holdings Limited (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is at Sussex Innovation Centre, Science Park Square, Brighton, BN1 9SB. These consolidated financial statements comprise the Company and its subsidiaries (collectively the 'Group' and individually 'Group companies'). The Group's principal activity is that of a drug discovery Group dedicated to research and development of novel therapies for the treatment of respiratory diseases.

2.	Basis of preparation

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 Group reconstruction effected in 2021 has been accounted for using merger accounting principles, in order to meet the overriding requirement under section 404(5) of the Companies Act 2006 for financial statements to present a true and fair view. The transaction is outside of the scope of IFRS 3. In 2021 Enterprise Therapeutics Limited was acquired by a share for share exchange, with all the former ordinary shareholders of Enterprise Therapeutics Limited having the same proportionate interest in the new holding company as they had previously held in Enterprise Therapeutics Holdings Limited. The Directors consider that it is not practicable to quantify the effect of this departure from the Companies Act 2006 requirements.
Details of the Group's accounting policies, including changes during the period, are included in note 5.
The Company has taken advantage of the exemption available under section 408 of the Companies Act 2006 and elected not to present its own Statement of Comprehensive Income in these financial statements.
In preparing these financial statements, management has made judgements, estimates and assumptions
that affect the application of the Group accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgements and estimates have been made in preparing the consolidated financial statements and their effects are disclosed in note 6
2.1 Impact of new international reporting standards, amendments and interpretations
There have been no new international reporting standards, amendments and interpretations that have had a material impact on the Company for the period ended 30 June 2025.
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.

Page 15

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

3.	Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue in operations for the foreseeable future. In January 2024 there was a large fundraise which brought in circa £20m and ensures sufficient cash reserves for at least twelve months from the date of approval of the financial statements. The Directors, therefore, believe it is appropriate to adopt the going concern basis of accounting.

4.	Functional and presentation currency

These consolidated financial statements are presented in pound Sterling, which is the Group's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

5.Accounting policies

5.1

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

∙has power over the investee;

∙is exposed, or has rights, to variable returns from its involvement with the investee; and

∙has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:

∙the size of the Company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

∙potential voting rights held by the Company, other vote holders or other parties;

∙rights arising from other contractual arrangements; and

∙any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders' meetings.

Page 16

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

5.Accounting policies (continued)

5.1

Basis of consolidation (continued)

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the period are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The adoption of merger accounting presents Enterprise Therapeutics Holdings Limited as if it had always been the parent undertaking of the Group.

5.2

Financial instruments

Financial assets and financial liabilities are recognised when the Group 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.

5.3

Trade and other receivables

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 Group 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 consolidated Statement of Comprehensive Income within administrative expenses.

5.4

Trade payables

Trade payables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method.

5.5

Cash and cash equivalents

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.

Page 17

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

5.Accounting policies (continued)

5.6

Current and deferred income tax

Income tax on the results for the period 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.

5.7

Research and development

Research costs are written off to the statement of comprehensive income in the period in which they are incurred. All research costs, whether funded by grant or not, are included within administrative expenses on the face of the consolidated Statement of Comprehensive Income.
All ongoing development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory and other uncertainties inherent in the development of the Group'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 Group. The Group does not currently have any such internal development costs that qualify for capitalisation as intangible assets.

5.8

Foreign currencies

The financial statements are presented in pounds sterling, which is the Group'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 consolidated Statement of Comprehensive Income within administrative expenses.

5.9

Pension contributions

Contributions to defined contribution pension schemes are charged to the consolidated Statement of Comprehensive Income in the period to which they relate.

5.10

Equity instruments

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.

5.11

Property, plant and equipment

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 consolidated 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 Group.
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

Page 18

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

5.Accounting policies (continued)

5.12

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 19

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025


6.	Accounting estimates and judgements

6.1 Judgements

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 period-end, the Directors have not recognised a deferred tax asset in respect of taxable losses due to the current uncertainty on future taxable profits.

Property, plant and equipment

Management provide for depreciation on property, plant and equipment over the assets' useful lives after taking their residual values into account. The residual value is estimated on the basis of amounts expected to be received on disposal of the asset after deducting the estimated costs of disposal. Management assess the useful lives of assets based on past experience with similar assets.

Doubtful debt provision on intercompany receivables

As the Company, Enterprise Therapeutics Holdings Ltd, is the entity receiving investment by way of the issue of equity or loan notes, the operating subsidiary company, Enterprise Therapeutics Ltd, receives its funding by way of an intercompany loan. At the period end the intercompany loan with Enterprise Therapeutics Ltd was £23,250,000. Whilst the Directors remain optimistic for the continued success of the subsidiary company’s research and development activities, there remains inherent uncertainty relating to the success of the research and development. Therefore, the Directors have recognised a provision against the value of the loan of £23,250,000 in full at 30 June 2025.

Research and development expenditure

Expenditure on research and development is considered by the Directors in each reporting period for whether it qualifies as research or development in accordance with IAS 38. The Directors consider 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 Directors for whether R&D costs qualify as development expenditure that should be capitalised as an intangible asset.

Page 20

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Employee benefit expenses (including Directors) comprise:
Wages and salaries	945,559	1,771,833
National insurance	102,207	176,381
Defined contribution pension cost	93,541	102,609
	1,141,307	2,050,823

Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company are considered key management personnel. Total remuneration in respect of these individuals is as follows:
	6 months ended 30 June 2025	12 months ended 31 December 2024
	£	£


	Salary	241,991	336,000

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).

The monthly average number of persons, including the Directors, employed by the Group during the period was as follows:
	6 months ended 30 June 2025	12 months ended 31 December 2024
	No.	No.

Administrative staff	2	2
Scientific staff	7	7
Directors	9	9
	18	18

Page 21

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Finance income
	Bank interest receivable	194,623	594,289
	Finance expense
	Bank interest payable	-	62,433
	IFRS 16 Interest	1,127	5,354
	Net finance income recognised in profit or loss	193,496	526,502

Depreciation	4,420	7,907
Amortisation	505	-
Right of use asset depreciation	45,012	67,518
Loss on the disposal of fixed assets	347	-
Foreign exchange (gains)/losses	(5,529)	25,092
Auditor's remuneration for audit and non-audit services	33,380	32,700

Page 22

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Current tax
Current tax on profits for the period	(939,200)	(1,509,690)
Total current tax	(939,200)	(1,509,690)
Deferred tax expense

Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures

(939,200)

(1,509,690)

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:
	6 months ended 30 June 2025	12 months ended 31 December 2024
	£	£

Loss for the period	(4,196,909)	(6,841,737)
Income tax credit/expense (including income tax on associate, joint venture and discontinued operations)	(939,200)	(1,509,690)
Loss before income taxes	(5,136,109)	(8,351,427)

Tax using the Company's domestic tax rate of 25%	(1,601,443)	(2,081,603)
Additional deduction for R&D expenditure	(748,623)	(1,209,028)
Expenses not deductible for tax purposes	(7,697)	(30,685)
Surrender of tax losses for R&D tax credit refund	670,891	1,098,247
Temporary differences not recognised in the computation	(5,494,425)	-
Movement in deferred tax not recognised	6,242,097	713,379
Total tax expense	(939,200)	(1,509,690)

Changes in tax rates and factors affecting the future tax charges

An unprovided deferred tax asset arises principally in respect of trading losses totalling £5,862,756 (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 23

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

11.	Property, plant and equipment
	Group

	Lab and office equipment	Other property, plant and equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	29,056	-	29,056
Additions	16,306	142,538	158,844
Disposals	(11,666)	-	(11,666)
At 31 December 2024	33,696	142,538	176,234
Additions	3,140	-	3,140
Disposals	(1,047)	-	(1,047)
At 30 June 2025	35,789	142,538	178,327

	Lab and office equipment	Other property, plant and equipment	Total
	£	£	£
Accumulated depreciation and impairment
At 1 January 2024	20,733	-	20,733
Charge for the year	7,907	67,518	75,425
Disposals	(11,666)	-	(11,666)
At 31 December 2024	16,974	67,518	84,492
Charge for the period	4,420	45,012	49,432
Disposals	(700)	-	(700)
At 30 June 2025	20,694	112,530	133,224
Net book value
At 1 January 2024	8,323	-	8,323
At 31 December 2024	16,722	75,020	91,742
At 30 June 2025	15,095	30,008	45,103

The Company does not hold any property, plant and equipment.

Page 24

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

12.	Intangible assets
	Group

		Patents
		£
	Cost
	Additions	4,905
	At 31 December 2024	4,905
	Additions	150
	At 30 June 2025	5,055

		Patents
		£
	Accumulated amortisation and impairment
	Charge for the year	981
	At 31 December 2024	981
	Charge for the period	505
	At 30 June 2025	1,486
	Net book value
	At 31 December 2024	3,924
	At 30 June 2025	3,569

Page 25

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

13.	Subsidiaries
	Details of the Group's material subsidiaries at the end of the reporting period are as follows:
	Name of subsidiary	Principal activity	Place of incorporation and operation	Proportion of ownership interest and voting power held by the Group (%)
				2025	2024

	1) Enterprise Therapeutics Limited	Research and development of novel therapies for the treatment of respiratory diseases.	Sussex Innovation Centre, Science Park Square, Falmer, Brighton, BN1 9SB	100	100
	2) Enterprise Therapeutics Srl	The principal activity is that of a drug discovery company dedicated to research and development of novel therapies for the treatment of respiratory diseases.	Milan (MI) Via Alberico Albricci 8 Cap 20122	100	100

14.	Trade and other receivables

	Group
		30 June	31 December
		2025	2024
		£	£

Prepayments and accrued income	1,784,775	1,818,895
Tax recoverable	939,087	1,516,627
Other receivables	344,386	321,080
Total trade and other receivables	3,068,248	3,656,602

Trade receivables and other receivables represent amounts held at amortised cost.

Page 26

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025


Company
	30 June	31 December
	2025	2024
	£	£

Receivables from related parties	874	-
Total financial assets other than cash and cash equivalents classified as loans and receivables	874	-
Prepayments and accrued income	7,177	75
Other receivables	1,724	89
Total trade and other receivables	9,775	164

15.	Trade and other payables

	Group

		30 June	31 December
		2025	2024
		£	£

Trade payables	772,895	728,095
Other payables	18,347	20,215
Accruals	462,717	673,784
Other payables - tax and social security payments	69,387	71,257
Lease liability	27,857	81,510
Total current trade and other payables	1,351,203	1,574,861

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.

Page 27

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Company

		30 June	31 December
		2025	2024
		£	£

Current
Other payables	874	-
Accruals	17,655	17,078
Total current trade and other payables	18,529	17,078

	The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.
	Amounts owed to Group undertakings are unsecured, non-interest bearing and repayable on demand. Amounts owed to Group undertakings and accruals and other payables represent amounts held at amortised cost. All amounts are payable within 6 months of the reporting date.

2,418,407 Ordinary B shares of £0.000005 each	12	12
4,620,016 Series A2 Preferred shares of £0.000005 each	23	23
12,235,981 Series B2 Preferred shares of £0.000005 each	61	61
19,519,051 Series B1 Preferred shares of £0.000005 each	98	98
7,360,961 Series B2 Preferred shares of £0.000005 each	37	37
	231	231

At 1 January	-	(10,652)
Deferred tax - charge to profit or loss	-	10,652
At 31 December	-	-

Page 28

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

18.

Reserves

Share premium

The share premium reserve represents amounts received in excess of the nominal value of shares issued.

Foreign exchange reserve

The foreign exchange reserve represents amounts in respect of translation of foreign subsidiaries on consolidation.

Merger Reserve

The Merger reserve represents the difference between the nominal value of the shares issued and the nominal value of the shares received in exchange in a business combination effected via a share for share exchange and accounted for using the merger accounting method.

Other reserves

The other reserve represents the difference between the nominal value of the shares issued and the nominal value of the shares received in exchange in a business combination effected via a share for share exchange and accounted for using the merger accounting method.

Retained earnings

Retained earnings include all current and prior period profits and losses.

Share-based payment reserve

The share-based payment reserve represents amounts charged across the Group in relation to options over restricted stock units in the Company.

Page 29

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

19.	Financial instruments - risk management

In common with other businesses, the Group is exposed to risks that arise from its use of financial instruments. The Group’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 Group’s business. The Group does not enter into derivative financial instruments.
Credit risk
The Group’s credit risk is primarily attributable to its credit sales. The Group does not consider the effect of expected credit losses to be material.
Liquidity risk
The Group 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 Group as at 30 June 2025 and the maturity profile of the carrying value of the Group’s financial liabilities are shown in notes 15 and 17. All financial liabilities will be settled within six months unless stated in notes 15 and 17. The Group’s policy is to ensure that it has sufficient cash to allow it to meet its liabilities. This risk is monitored by the Directors via forecast cash flows and annual budgets.
Currency risk
The Group is exposed to translation and transaction foreign exchange risk arising because the Group has operations in more than one country. As such, the Group’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 Group enters into transactions denominated in a currency other than their functional currency. Movements in exchange rates also affect the value of the Group’s foreign currency cash balances in the UK. Exchange rate movements during the period resulted in a credit of £5,529 (2024: charge of £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 Group's net loss. The Directors do not consider the risk to be material to the financial statements as the interest on the Group's loan notes are fixed.

20.	Leases
	Group

	Contractual undiscounted cash flows due
	Not later than one year	27,857	82,170

In 2025 the Group has not recognised a lease under IFRS 16 short term lease.

Page 30

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

21.	Share based payments
	21.1. Employee share option plan of the Group

Movements in share options during the period
The Company has a share-based payment plan. Options are granted at the discretion of the Company Directors 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:
The following reconciles the share options outstanding at the beginning and end of the period:
	2025		2024
	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
		£		£

Balance at the beginning of the period	3,520,594	0.12	145,110	-
Granted during the period	1,352,397	0.13	3,520,594	0.12
Forfeited during the period	(307,047)	(0.05)	(66,509)	-
Vested awaiting share issue during the period	(80,259)	(0.05)	(78,601)	-
	4,485,685	0.12	3,520,594	0.12

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)

22.	Related party transactions

At 30 June 2025, the Company was owed £23,250,000 (2024: £22,000,000) by other group companies. As the Company, Enterprise Therapeutics Holdings Ltd, is the entity receiving investment by way of the issue of equity, the operating subsidiary company, Enterprise Therapeutics Ltd, receives its funding by way of an intercompany loan. At the period end the intercompany loan with Enterprise Therapeutics Ltd was £23,250,000. Whilst the Directors remain optimistic for the continued success of the subsidiary company’s research and development activities, there remains inherent uncertainty relating to the success of the research and development. Therefore, the Directors have recognised a provision against the value of the loan of £23,250,000 in full at 30 June 2025.

23.	Controlling party

In the opinion of the Directors, there is no single ultimate controlling party.

Page 31

ENTERPRISE THERAPEUTICS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Cash at bank available on demand	5,852,881	7,009,238
Short-term deposits	3,516,230	6,123,279
Cash on hand	59	59
Cash and cash equivalents in the statement of financial position	9,369,170	13,132,576

Cash and cash equivalents in the statement of cash flows	9,369,170	13,132,576


Cash at bank available on demand	5,051,889	6,216,774
Cash and cash equivalents in the statement of financial position	5,051,889	6,216,774

Cash and cash equivalents in the statement of cash flows	5,051,889	6,216,774

Page 32