NUNTIUS THERAPEUTICS LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13130725

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		78,232		99,222

			78,232		99,222
CURRENT ASSETS
Debtors	5	300,757		290,617
Cash at bank and in hand		229,312		454,805

		530,069		745,422
Creditors: Amounts Falling Due Within One Year	6	(70,944 )		(100,419 )

NET CURRENT ASSETS (LIABILITIES)			459,125		645,003

TOTAL ASSETS LESS CURRENT LIABILITIES			537,357		744,225

Creditors: Amounts Falling Due After More Than One Year	7		-		(7,469 )

NET ASSETS			537,357		736,756

CAPITAL AND RESERVES
Called up share capital	8		40,474		33,826
Share premium account			4,006,875		3,348,648
Profit and Loss Account			(3,509,992 )		(2,645,718 )

SHAREHOLDERS' FUNDS			537,357		736,756

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NUNTIUS THERAPEUTICS LIMITED

Balance Sheet (continued)

As At 31 December 2024

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Benita Nagel

Director

28th January 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

NUNTIUS THERAPEUTICS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13130725 . The registered office is Unit 013 Westbourne Studios, 242 Acklam Road, London, W10 5JJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis.

The Company incurred a loss during the year of £864,274 (2023: £977,759) following extensive investment in the company's research and development activities. The company's losses have to date been funded by the company's parent company, Nuntius Therapeutics Inc. During the year a loan of £666,563 was converted to equity by the issue of new shares in the company to Nuntius Therapeutics Inc.

Nuntius Therapeutics Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.

The Directors having assessed the current financial position of Nuntius Therapeutics Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% Reducing Balance basis
Fixtures & Fittings	20% Reducing Balance basis
Computer Equipment	33% Straight Line basis

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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NUNTIUS THERAPEUTICS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Corporation tax credits are recognised as income in the period necessary to match them with the related costs they are intended to incentivise and when all relevant qualyfing conditions have been met.

2.7. Share Based Payments

The Company reflects the economic cost of awarding share options to employees by recording an expense in the Profit and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award. The expense is recognised in the Profit and Loss Account on a straight line basis over the vesting period.

The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2023: 9)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	140,924	1,723	11,522	154,169
Additions	182	250	1,084	1,516

As at 31 December 2024	141,106	1,973	12,606	155,685

Depreciation
As at 1 January 2024	46,896	522	7,529	54,947
Provided during the period	18,814	246	3,446	22,506

As at 31 December 2024	65,710	768	10,975	77,453

Net Book Value
As at 31 December 2024	75,396	1,205	1,631	78,232

As at 1 January 2024	94,028	1,201	3,993	99,222

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	15,505	13,450
Other debtors	16,059	16,059
Corporation tax recoverable assets	248,640	249,680
VAT	10,271	11,428
Amounts owed by group undertakings	10,282	-

	300,757	290,617

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NUNTIUS THERAPEUTICS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	31,675	81,003
Other taxes and social security	18,052	18,928
Accruals and deferred income	21,082	353
Directors' loan accounts	135	135

	70,944	100,419

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Amounts owed to group undertakings	-	7,469

8. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
4,047,448 Ordinary Shares of £ 0.010 each	40,474	33,826


Shares issued during the period:	£
664,875 Ordinary Shares of £ 0.010 each	6,648

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	22,176	8,379

	22,176	8,379

10. Ultimate Controlling Party

The company's immediate and ultimate parent undertaking is NUNTIUS THERAPEUTICS INC., a company incorporated in the United States of America.

The directors consider there to be no ultimate controlling party.

11. Share Based Payment

The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors. At the date of the financial statements a total of 135,000 options had been granted over common stock in the parent company at an average exercise price of $0.02. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 106,872 options had vested.

As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period.

No share based payment charge has been recognised in the year as any such expense would not be material to the financial statements.

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