for the Period Ended 31 December 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2024
Principal activities of the company
Additional information
Results and dividends No ordinary dividends were paid (2023 - £nil). The director does not recommend payment of a final dividend (2023 - £nil). Director The director who held office during the year and up to the date of signature of the financial statements was as follows: Dr V K Garg Research and development The company's activities allow it to claim a research and development credit under current HMRC legislation. Auditor In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting. Statement of disclosure to auditor So far as the director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information. Going concern The company incurred a loss of £3,967,577 (2023 - £6,880,051) during the year. At 31 December 2024, the company had net current liabilities of £10,613,175 (2023 - £9,238,945). The company is reliant on the ongoing support of its ultimate parent company, Altimmune, Inc., to meet its liabilities as they fall due and confirmation has been received from Altimmune, Inc. of this support to the period ending 30 September 2026. The director has made detailed enquiries, including confirmation of the strong liquidity position announced by Altimmune, Inc. and review of the latest financial results released on 12 August 2025. After making these detailed enquiries, the director is confident that Altimmune, Inc. has sufficient resources to enable it to provide financial support. The director has reviewed the company's financial position in relation to the cost-of-living crisis and geopolitical events and their effect on the ability of the business to continue. Taking into account the letter of support from Altimmune, Inc., for the period to 30 September 2026 and the availability of working capital, the director has concluded that the company will be able to continue to meet its financial obligations as they fall due for the period to 30 September 2026. Consequently, these financial statements have been prepared on the basis that the company is a going concern. Small companies exemption The company has taken advantage of the small companies' exemption available under section 414B and 415A of the Companies Act 2006 and has not prepared a Strategic Report nor given certain disclosures in the Director's report from which it is exempt.
Directors
The director shown below has held office during the whole of the period from
1 January 2024
to
31 December 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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| Profit(or loss) before tax: |
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| Profit(or loss) for the financial year: |
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As at
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| Debtors: | 3 |
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| Cash at bank and in hand: |
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| Prepayments and accrued income: |
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| Creditors: amounts falling due within one year: | 4 |
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| Net current assets (liabilities): |
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| Total assets less current liabilities: |
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| Profit and loss account: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2024
Basis of measurement and preparation
Other accounting policies
for the Period Ended 31 December 2024
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for the Period Ended 31 December 2024
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| Total |
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| Debtors due after more than one year: |
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for the Period Ended 31 December 2024
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| Total |
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