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Registered number: 13355116 WILD BIOSCIENCE LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
WILD BIOSCIENCE LTD REGISTERED NUMBER: 13355116 BALANCE SHEET AS AT 30 APRIL 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 2,540,378 |  | 3,026,802
|  |  | 2,540,378 |  | 3,026,802
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 983,802 |  | 1,069,216 |
Cash at bank and in hand | 7 | 6,636,918 |  | 2,215,627 |
|  | 7,620,720 |  | 3,284,843 |
Creditors: amounts falling due within one year | 8 | (631,413) |  | (229,936) |
Net current assets |  |  | 6,989,307 |  | 3,054,907
Total assets less current liabilities |  |  | 9,529,685 |  | 6,081,709
Creditors: amounts falling due after more than one year | 9 |  | (7,423,500) |  | -
Provisions for liabilities |  |  |  |  |
Other provisions | 11 | (68,000) |  | (68,000) |
|  |  | (68,000) |  | (68,000)
Net assets |  |  | 2,038,185 |  | 6,013,709
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 217 |  | 217
Share premium account |  |  | 11,984,890 |  | 11,999,890
Profit and loss account |  |  | (9,946,922) |  | (5,986,398)
|  |  | 2,038,185 |  | 6,013,709
Page 1
WILD BIOSCIENCE LTD REGISTERED NUMBER: 13355116 BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Ross-William Hendron
Director
Date: 26 March 2026
The notes on pages 4 to 13 form part of these financial statements. Page 2
WILD BIOSCIENCE LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2024 | 217 | 11,999,890 | (5,986,398) | 6,013,709
Loss for the year | - | - | (4,474,246) | (4,474,246)
Fundraising costs | - | (15,000) | - | (15,000)
Share based payment charge | - | - | 513,722 | 513,722
At 30 April 2025 | 217 | 11,984,890 | (9,946,922) | 2,038,185
| The notes on pages 4 to 13 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 217 | 11,999,890 | (2,707,283) | 9,292,824
Loss for the year | - | - | (3,588,859) | (3,588,859)
Share based payment charge | - | - | 309,744 | 309,744
At 30 April 2024 | 217 | 11,999,890 | (5,986,398) | 6,013,709
| The notes on pages 4 to 13 form part of these financial statements.
Page 3
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The Company is a private company limited by shares which was incorporated under the Companies Act 2006 in the United Kingdom. It is registered in England and the address of its registered office is 115K Olympic Avenue, Milton Park, Milton, Abingdon OX14 4SA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 4
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 5
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 6
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 10% |
|  |  |  | Laboratory equipment | - | 20% |
|  |  |  | Office and IT equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. Page 7
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The key judgements made in applying accounting policies are as follows: Share based payments Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
4. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,457,199 | 1,046,591
| Social security costs | 158,524 | 114,135
| Cost of defined contribution scheme | 38,883 | 24,201
|  | 1,654,606 | 1,184,927
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Validation | 8 | 6
|  | Operations | 2 | 4
|  | Plant Care | 3 | 2
|  | Design | 4 | 5
|  | Engineering | 4 | 3
|  | Management & Executive Management | 6 | 1
|  |  | 27 | 21
Page 8
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Office and IT equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 May 2024 (as restated) | 1,499,145 | 2,124,605 | 132,582 | 3,756,332
| Additions | 27,935 | 108,772 | 10,610 | 147,317
| Disposals | - | (3,000) | - | (3,000)
| At 30 April 2025 | 1,527,080 | 2,230,377 | 143,192 | 3,900,649
| Depreciation |  |  |  |
| At 1 May 2024 (as restated) | 163,489 | 508,020 | 58,021 | 729,530
| Charge for the year | 154,355 | 435,993 | 41,493 | 631,841
| Disposals | - | (1,100) | - | (1,100)
| At 30 April 2025 | 317,844 | 942,913 | 99,514 | 1,360,271
| Net book value |  |  |  |
| At 30 April 2025 | 1,209,236 | 1,287,464 | 43,678 | 2,540,378
| At 30 April 2024 | 1,335,656 | 1,616,585 | 74,561 | 3,026,802
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 18,000 | 18,000
| Other debtors | 768,497 | 970,894
| Prepayments and accrued income | 197,305 | 80,322
|  | 983,802 | 1,069,216
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 6,636,918 | 2,215,627
Page 9
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 213,733 | 90,912
| Other taxation and social security | 51,749 | 39,065
| Other creditors | 12,915 | 5,167
| Accruals and deferred income | 353,016 | 94,792
|  | 631,413 | 229,936
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Convertible loan notes | 7,423,500 | -
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 1-2 years |  |
| Convertible loan notes | 7,423,500 | -
|  | 7,423,500 | -
11. | Provisions
|  | Dilapidation provision
|  | £
| At 1 May 2024 (as restated) | 68,000
| At 30 April 2025 | 68,000
Page 10
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,044,444 (2024 - 1,044,400) Seed shares of £0.0001 each | 104 | 104
|  | 1,000,000 (2024 - 1,000,000) Ordinary shares of £0.0001 each | 100 | 100
|  | 128,981 (2024 - 130,000) A Ordinary shares of £0.0001 each | 13 | 13
|  |  | 217 | 217
13. | Share-based payments
| The Company operates an EMI share option scheme. A charge of £513,722 (2024: £309,744) has been recognised within the profit and loss account for the year ended 30 April 2025. 51,894 of the share options in issue have an exercise price of £0.6750. The remaining 123,650 have an exercise price of £0.0001 The share options are exercisable after a 4 year vesting period or on an exit event defined as; a business sale, a change of control, a compromise or arrangement, a compulsory share purchase, a listing, and the winding up of the Company.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 0.2038 | 171,923 | 0.2029 | 172,694
| Forfeited during the year | 0.2627 | (4,645) | 0.0001 | (771)
| Outstanding at the end of the year | 0.2022 | 167,278 | 0.2038 | 171,923
|  |  |  |  | 2025 | 2024
| Option pricing model used | Black Scholes | Black Scholes
| Weighted average share price (pence) | 12.1 | 12.1
| Exercise price (pence) | 0.2038 | 0.2029
| Weighted average contractual life (years) | 4 | 4
| Expected volatility | 48% | 48%
| Risk-free interest rate | 2.68% | 2.68%
Page 11
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Prior year adjustment
The Company has made the following adjustment in respect of the year ended 30 April 2024: A prior year adjustment has been made of £309,744 to increase administrative expenses and decrease the profit and loss reserve. The correction of the error relates to an incorrect accounting for share options issued in the year ended 30 April 2022. In addition to the above, there were other errors in respect of the year ended 30 April 2024, which had the impact of: A prior year adjustment has been made of to correctly account for the dilapidation provision which was previously capitalised. This resulted in a reduction in fixed assets of £79,000 a reduction in the dilapidation provision of £11,000 and an increase in administrative expenses of £68,000. A prior year adjustment has been made to correctly account for a missed accrual. This resulted in an increase in accrauls and administrative expenses of £25,991.
15. | Capital commitments
| At 30 April 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided for in these financial statements | 47,515 | -
|  | 47,515 | -
16. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £38,883 (2024: £24,201). Contributions totalling £12,915 (2024: £5,146) were payable to the fund at the balance sheet date and are included in creditors.
17. | Commitments under operating leases
| At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 276,185 | 277,241
| Later than 1 year and not later than 5 years | 253,778 | 644,499
|  | 529,963 | 921,740
18. | Related party transactions
| No related party transactions were noted in the year besides those to remunerate the directors.
Page 12
WILD BIOSCIENCE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
19. | Post balance sheet events
In October 2025, the Company issued 1,563,055 £0.001 Series A shares for a total consideration of £37,499,998. In addition, the convertible loan notes held converted into 405,615 £0.001 Series A shares for a total consideration of £7,785,050. An additional 1,590 £0.001 Series A shares were issued for a total consideration of £30,517. The Company also redesignated 39,840 £0.0001 Ordinary shares to 39,840 £0.0001 Seed shares.
20. | Auditors' information
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified.
| In their report, the auditor included the following Other Matters paragraph: The financial statements for the year to 30 April 2024 were unaudited.
The audit report was signed on 30 March 2026 by Sue Staunton MA FCA CF (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
Page 13