The directors present their annual report and financial statements for the year ended 31 December 2024.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group results for the year are set out on page 9.
There were no dividends paid, recommended or declared during the current financial year or previous period. No dividends have been declared by the Group since the balance sheet date.
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The group made a loss for the year of £12,090,528 (2023: £9,373,003 loss) and at the year-end has net assets of £10,087,693 (2023: £11,964,851), of which £10,181,189 is in cash (2023: £12,647,994). The cash balance as of 31 August 2025 is £4.1 million.
The financial statements have been prepared on a going concern basis, which assumes that the group and parent company will continue as a going concern for the foreseeable future, and specifically, as a minimum for a period of at least twelve months from the date of approval of these financial statements. In making this assessment, management have considered, and the directors have approved, the following;
The group and parent company current performance, current cash position and business plan;
The group and parent company cashflow forecasts for a period of at least 12 months from the date of approval of these financial statements, as well as a base case cash flow forecast; and,
The group’s track record of successful fundraising from investors. Since the Company’s incorporation, the Group has raised £37.1 million of equity from venture capital funds and pharma collaborators. These funds have been used in research and development activities in accordance with the company’s business plan and strategy. In addition, the Company signed a 3-year collaboration and license agreement in October 2021 with a pharmaceutical company which fully funded a research collaboration and included £12.8m in license payments.
Subsequent to the year end, in August 2025, the Company successfully completed a further round of funding from some of its existing investors in the form of a convertible loan note, committing up to £6.0 million of further investment. Of this balance, £2.2 million was received on 12 August 2025. The remaining balance is expected to be received over the course of the next six months as certain scientific milestones are met, however, the second and third tranches of the convertible loan note are dependent on the continued success of the lead program, which is inherently uncertain.
The directors have considered a number of cash flow forecast scenarios that will allow the group to progress its research and development efforts, which include slowing spending as needed to extend the company’s cash runway. The result of the additional fundraising will determine the pace the group advances its programs. The directors appreciate the challenging nature of drug discovery and with the relatively short cash runway and the uncertain status of additional fundraising acknowledge a material uncertainty exists in relation to the ability of the group and parent company to continue as a going concern. The Company has identified a number of strategies to reduce costs and continues to explore non-dilutive funding opportunities, such as grants. The current cash balance and the £6m convertible loan note proceeds provide a runway to the end of September 2026 thus management believes a going concern basis of preparation remains appropriate.
Based on the Group’s history of strong investor support, ongoing discussions with further interested investors and belief in the science, the directors have a reasonable expectation that the group and parent company will be able to continue to meet its commitments and liabilities as they fall due and to execute its business plan. For these reasons, the directors adopt a going concern basis in preparing the financial statements. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
We have audited the financial statements of Dunad Therapeutics Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Material uncertainty relating to going concern
We draw attention to note 1.3 to the financial statements which indicates that a material uncertainty relating to going concern exists due to the group and parent company’s additional investor funding commitments being dependent on the continued success of the lead program. Whilst the directors are confident based on current and historic development performance and levels of investor funding, as stated in note 1.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and parent company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Directors' Report for the financial year 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's or the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the Group and Parent Company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the Group and Parent Company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the Parent 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 for no purpose other than to draw to the attention of the Parent Company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The notes on pages 17 to 33 form part of these financial statements.
The notes on pages 17 to 33 form part of these financial statements.
The notes on pages 17 to 33 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
The notes on pages 17 to 33 form part of these financial statements.
As permitted by s408 Companies Act 2006, the Parent Company has not presented its own profit and loss account and related notes. The Parent Company’s loss for the year was £12,774,083 (2023: £11,488,995).
The notes on pages 17 to 33 form part of these financial statements.
The notes on pages 17 to 33 form part of these financial statements.
The notes on pages 17 to 33 form part of these financial statements.
Dunad Therapeutics Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales under the Companies Act 2006. The registered office is The Officers' Mess, Royston Road, Cambridge, United Kingdom, CB22 4QH.
The Group consists of Dunad Therapeutics Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the Parent Company has not presented its own profit and loss account and related notes. The Parent Company’s loss for the year was £12,774,083 (2023: £11,488,995).
The Group's financial statements consist of the financial statements of the Parent Company Dunad Therapeutics Limited together with all entities controlled by the Parent Company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.
All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.
The Parent Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Parent Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a Statement of Cash Flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The group made a loss for the year of £12,090,528 (2023: £9,373,003 loss) and at the year-end has net assets of £10,087,693 (2023: £11,964,851), of which £10,181,189 is in cash (2023: £12,647,994). The cash balance as of 31 August 2025 is £4.1 million.
The financial statements have been prepared on a going concern basis, which assumes that the group and parent company will continue as a going concern for the foreseeable future, and specifically, as a minimum for a period of at least twelve months from the date of approval of these financial statements. In making this assessment, management have considered, and the directors have approved, the following;
The group and parent company current performance, current cash position and business plan;
The group and parent company cashflow forecasts for a period of at least 12 months from the date of approval of these financial statements, as well as a base case cash flow forecast; and,
The group’s track record of successful fundraising from investors. Since the Company’s incorporation, the Group has raised £37.1 million of equity from venture capital funds and pharma collaborators. These funds have been used in research and development activities in accordance with the company’s business plan and strategy. In addition, the Company signed a 3-year collaboration and license agreement in October 2021 with a pharmaceutical company which fully funded a research collaboration and included £12.8m in license payments.
Subsequent to the year end, in August 2025, the Company successfully completed a further round of funding from some of its existing investors in the form of a convertible loan note, committing up to £6.0 million of further investment. Of this balance, £2.2 million was received on 12 August 2025. The remaining balance is expected to be received over the course of the next six months as certain scientific milestones are met, however, the second and third tranches of the convertible loan note are dependent on the continued success of the lead program, which is inherently uncertain.
The directors have considered a number of cash flow forecast scenarios that will allow the group to progress its research and development efforts, which include slowing spending as needed to extend the company’s cash runway. The result of the additional fundraising will determine the pace the group advances its programs. The directors appreciate the challenging nature of drug discovery and with the relatively short cash runway and the uncertain status of additional fundraising acknowledge a material uncertainty exists in relation to the ability of the group and parent company to continue as a going concern. The Company has identified a number of strategies to reduce costs and continues to explore non-dilutive funding opportunities, such as grants. The current cash balance and the £6m convertible loan note proceeds provide a runway to the end of September 2026 thus management believes a going concern basis of preparation remains appropriate.
Based on the Group’s history of strong investor support, ongoing discussions with further interested investors and belief in the science, the directors have a reasonable expectation that the group and parent company will be able to continue to meet its commitments and liabilities as they fall due and to execute its business plan. For these reasons, the directors adopt a going concern basis in preparing the financial statements. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
Turnover recognised in the financial statements represents licensing and collaboration income.
Revenue from licensing income is recognised evenly over the period of the licensing agreement. Sums paid in advance are accounted for as deferred income, are included within creditors: amounts falling due within one year, and amounted to nil (December 2023: £3,140,351).
Revenue from collaboration income is recognised in the period in which the work has been incurred, inline with the collaboration agreement.
Research expenditure is written off against profits in the year in which it is incurred.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the Parent Company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Parent Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the Group are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Parent Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
The tax recoverable balance is calculated based on the Parent Company's expected eligibility to qualify for enhanced tax deductions for research and development under the SME scheme. Eligibility is dependent on both the size of the Parent Company and its ownership structure.
The average monthly number of persons (including directors) employed by the Group and Parent Company during the year was:
Their aggregate remuneration comprised:
During the year the total share-based payment charge recognised in relation to options held by the directors was £219,383 (2023: £190,954).
Investment income includes the following:
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
The Parent Company holds a 100% investment in 2740376 Ontario Inc., a Canadian holding company. Indirectly the Parent Company holds an interest in a Canadian intermediate holding company 2752591 Ontario Inc. and its Canadian subsidiary 2692372 Ontario Inc. The acquisition was effected using an exchangeable share structure mechanism, under which Dunad Therapeutics Limited will be required to issue 20,000,000 ordinary shares at the point when exchange rights are exercised by the holders of exchangeable nonequity shares that have been issued by 2752591 Ontario Inc.
The Parent Company also owns a wholly owned subsidiary Dunad Therapeutics US, Inc. This was purchased for $0.01 for 1 share of common stock. During the year the Parent Company made a capital contribution of £7,509,868 to Dunad US Inc, which was subsequently impaired to nil. On consolidation this impairment has been added back.
Details of the company's subsidiaries at 31 December 2024 are as follows:
A defined contribution pension scheme is operated for all qualifying employees in the Parent Company. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The Parent Company has Equity-settled share-based payments which are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model.
During the year, the Parent Company recognised total share-based payment expenses of £356,469 (2023: £418,925) which related to equity settled share based payment transactions.
As at 31 December 2024 there were outstanding options in respect of 15,544,745 shares relating to 30 employees and advisors to the Parent Company and/or its subsidiaries, past or present. 4,740,011 of these options are vested as of 31 December 2024.
Options have been granted at various dates. Option holders acquire the right to exercise the options over a period of one to four years from the date of the vesting commencement date in each option grant. The exercise price of 339,040 options is £.0001, 1,067,808 options is £.05 and the remaining 14,137,897 options is $.07. Options lapse on the tenth anniversary of the option grant date.
The Series A and B shares are entitled to a priority return of capital equal to the amount paid per share (including premium) and may be converted to ordinary shares in accordance with the Articles. The B2 shares rank ahead of all classes of shares. The special voting share confers the right to exercise such number of votes as is equal to the number of exchangeable shares in the capital of 2752591 Ontario Inc. The special voting share does not confer any dividend or redemption rights and rank behind the Series A and B shares but ahead of the ordinary shares and ordinary 2 shares on a return of capital. The ordinary and ordinary 2 shares have attached to them full dividend and voting rights, but do not confer any rights of redemption and rank equally behind the all classes of shares on a return of capital.
On 27 August 2024 the company issued 3,230,440 Ordinary A1 shares, 1,871,024 Ordinary A2 shares, 5,671,543 Ordinary B1 shares and 2,551,089 Ordinary 2 shares of 0.01p each at par. On this date the company also issued 44,021,737 Ordinary B2 shares of 0.01p each at a price of 23p per share. On 18 November 2024 the company issued 551,266 Ordinary shares of 0.01p each at par. On 23 December 2024 the company issued a further 6,964 and 10,000 Ordinary shares of 0.01p each at a price of 5p and 5.5p each respectively per share.
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
On 23 January 2025 the company raised further funds of £8,334 in the form of ordinary shares.
On 9 May 2025 the company raised further funds of £409,449 in the form of B2 shares.
On 12 August 2025 the company raised further funds of £1,913 in the form of B3 shares.
On 12 August 2025 the company raised further funds of £2,200,000 in the form of a convertible loan note.
On 27 August 2025 the company raised further funds of £4,592 in the form of ordinary shares.
The Parent Company has an exclusive license for the development of the intellectual property owned by 2692372 Ontario Inc.
Consultancy fees of £165,869 (2023: £425,183) were invoiced by DT Drug Discovery Consulting Inc. Patrick Gunning is a shareholder of DT Drug Discovery Consulting Inc. At the year end there was a balance of £nil (2023: £4,072) owed by DT Drug Discovery Consulting Inc.
CRO fees of £1,414,133 (2023: £4,318,326) were invoiced by Dalriada Drug Discovery Inc. Patrick Gunning is a director and shareholder of Dalriada Drug Discovery Inc. At the year end there was a balance of £88,755 (2023: £287,605) owed to Dalriada Drug Discovery Inc.
Fees of £9,831(2023: £12,193) were invoiced from BioGeneration III Services BV. At the year end there was a balance of £994 (2023: £8,942 ) owed to BioGeneration III Services BV.
Fees of £11,890 (2023: £1,746) were invoiced from Wellington Partners Life Science. At the year end there was a balance of £178 (2023: ££Nil) owed to Wellington Partners Life Science.
Fees of £7,616 (2023: £7,363) were invoiced by Epidarex Capital Ltd (Epidarex Management Ltd). At the year end there was a balance of £697 (2023: £Nil) owed to Epidarex Capital (Epidarex Management Ltd).
Fees of £5,214,555 (2023: £9,221,243) were invoiced to Novartis Pharma AG in relation to collaboration and licence income. At the year end there was a balance of £nil (2023: £1,157,988) owed from Novartis Pharma AG, and included within creditors there was a balance of £nil (2023: £3,140,351) in relation to deferred collaboration income.