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Registered number: 12420619 BROKEN STRING BIOSCIENCES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
BROKEN STRING BIOSCIENCES LIMITED REGISTERED NUMBER: 12420619 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 4 |  | 399,575 |  | 633,849
|  |  | 399,575 |  | 633,849
CURRENT ASSETS |  |  |  |  |
Stocks |  | 111,031 |  | 11,860 |
Debtors: amounts falling due within one year | 5 | 1,593,741 |  | 1,352,284 |
Cash at bank and in hand |  | 4,381,670 |  | 6,348,120 |
|  | 6,086,442 |  | 7,712,264 |
Creditors: amounts falling due within one year | 6 | (406,519) |  | (565,677) |
NET CURRENT ASSETS |  |  | 5,679,923 |  | 7,146,587
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,079,498 |  | 7,780,436
Creditors: amounts falling due after more than one year | 7 |  | (115,167) |  | (152,728)
NET ASSETS |  |  | 5,964,331 |  | 7,627,708
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 8 |  | 488 |  | 294
Share premium account |  |  | 20,579,232 |  | 15,828,101
Other reserves |  |  | 226,255 |  | 222,093
Profit and loss account |  |  | (14,841,644) |  | (8,422,780)
|  |  | 5,964,331 |  | 7,627,708
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BROKEN STRING BIOSCIENCES LIMITED REGISTERED NUMBER: 12420619 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 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 profit and loss account 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:
F M Dobbs
Director
Date: 8 August 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Broken String Biosciences Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Suite 7, Science Village, Chesterford Research Park, Little Chesterford, Saffron Walden, CB10 1XL. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 | GOING CONCERN
The directors have considered the going concern of the Company. As the Company is in the early commercialisation stage it has recorded a loss for the year. During this stage of its lifecycle, and in common with companies of a similar nature, the Company forecasts revenue growth in the short term, whilst continuing to incur significant costs in the performance of research and development to progress additional products and services to market. To date the Company has met its funding requirements primarily through equity. The Company has continued to successfully raise further equity funding with additional capital investment of £4.87m in October 2025. The Directors have reviewed the latest cash flow forecasts for the 12-month period following the date of signing the financial statements. The Company undertakes regular reviews of forecasts and projections to ensure it has adequate resources for its continuing operations. The directors' cash flow forecasts indicate that the Company will require additional funding in order to continue its operations and meet its liabilities as they fall due. While the Company's existing investors have expressed an intention to provide bridge financing of approximately £1.5m during 2026, no legally binding agreements have been entered into as at the date of approval of these financial statements. Based on the current cash flow forecasts, receipt of this funding is necessary for the Company to maintain adequate liquidity and continue as a going concern. Although the Company has a track record of successfully securing financing from existing and new investors, there can be no certainty regarding the nature, timing or amount of any future funding until formal agreements are executed. The directors therefore recognise that uncertainty exists regarding the successful completion, timing and amount of future funding. These events and conditions indicate the existence of a material uncertainty which may cast significant doubt upon the Company's ability to continue as a going concern. Nevertheless, having considered the forecasts and funding plans available, the directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and have therefore prepared the financial statements on the going concern basis. Page 3
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | 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, cash and cash equivalents and all other foreign exchange gains and losses are presented in the Profit and Loss Account within 'administration expenses'. Page 4
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover 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 turnover 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.
| 2.5 | 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 5
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | 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 | - | 5 years straight-line
|  |  |  | Plant and machinery | - | 3 and 5 years straight-line
|  |  |  | Office equipment | - | 3 years straight-line
|  |  |  | Computer equipment | - | 3 years straight-line
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.
| 2.6 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment.
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | 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. Page 6
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | 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.
| 2.13 | 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. Page 7
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | 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.
| 2.15 | STOCKS
Stocks represent raw materials and finished goods held at the end of the financial year. These are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 24 (2024 - 29).
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BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | TANGIBLE FIXED ASSETS
|  | Leasehold improvements | Plant and machinery | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| COST |  |  |  |  |
| At 1 January 2025 | 74,735 | 821,057 | 38,597 | 81,842 | 1,016,231
| Additions | - | 27,414 | 2,658 | 9,489 | 39,561
| Disposals | - | (14,458) | (5,374) | (2,013) | (21,845)
| At 31 December 2025 | 74,735 | 834,013 | 35,881 | 89,318 | 1,033,947
| DEPRECIATION |  |  |  |  |
| At 1 January 2025 | 23,644 | 299,497 | 17,348 | 41,893 | 382,382
| Charge for the year | 15,162 | 214,823 | 10,694 | 22,346 | 263,025
| Disposals | - | (6,766) | (3,582) | (687) | (11,035)
| At 31 December 2025 | 38,806 | 507,554 | 24,460 | 63,552 | 634,372
| NET BOOK VALUE |  |  |  |  |
| At 31 December 2025 | 35,929 | 326,459 | 11,421 | 25,766 | 399,575
| At 31 December 2024 | 51,091 | 521,560 | 21,249 | 39,949 | 633,849
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BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 168,451 | 32,052
| Other debtors | 1,025,532 | 971,073
| Prepayments and accrued income | 399,758 | 349,159
|  | 1,593,741 | 1,352,284
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 55,483 | 229,328
| Obligations under finance lease and hire purchase contracts | 37,562 | 51,006
| Other creditors | 13,590 | 9,770
| Accruals and deferred income | 299,884 | 275,573
|  | 406,519 | 565,677
| Other creditors include contributions of £3,337 (2024 - £5,371) payable to the Company's defined contribution pension scheme at the balance sheet date.
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 115,167 | 152,728
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BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,092,916 (2024 - 1,087,841) Ordinary shares of £0.0001 each | 109.29 | 108.78
|  | 498,196 (2024 - 498,196) Series Seed shares of £0.0001 each | 49.82 | 49.82
|  | 1,356,801 (2023 - 1,356,801) Series A shares of £0.0001 each | 135.68 | 135.68
|  | 1,934,523 (2024 - NIL) Series A1 shares of £0.0001 each | 193.45 | -
|  |  | 488.24 | 294.28
On 6 February 2025, the Company issued 105 Ordinary shares of £0.0001 each at a price per share of £1.52. Between 28 June and 3 July 2025, the Company issued 2,573 Ordinary shares of £0.0001 each at a price per share of £1.52. On 18 July 2025, the Company issued 2,397 Ordinary shares of £0.0001 each at par. On 31 October 2025, the Company issued 1,934,523 Series A1 shares of £0.0001 each at a price per share of £2.52. Page 11
BROKEN STRING BIOSCIENCES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | SHARE-BASED PAYMENTS
|  | Number | Number
| Outstanding at the beginning of the year | 314,115 | 63,339
| Granted during the year | 112,980 | 297,240
| Forfeited during the year | (124,389) | (45,580)
| Exercised during the year | (5,075) | (884)
| OUTSTANDING AT THE END OF THE YEAR | 297,631 | 314,115
|  |  |  |  | 2025 | 2024
| Weighted average remaining contractual life, years | 8.42 | 9.11
| Weighted average share price (£) | 1.37 | 2.25
| Exercise price (£) | 1.24 | 1.52
| Expected volatility | 79.58% | 79.58%
| Expected option life, years | 10 | 3
| Risk-free interest rate | 4.24 - 4.50% | 4.72%
10. | AUDITORS' INFORMATION
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
| In their report, the auditors emphasised the following matter without qualifying their report: We draw attention to note 2.2 in the financial statements, which indicates that the Company has incurred a loss for the period of £6,422,667 and is expecting future losses. Current cash at bank and in hand is insufficient to fund all of the forecast research activities, and therefore additional funding will be required by the Company within the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The audit report was signed on 10 August 2026 by James Burrett (Senior Statutory Auditor) on behalf of PEM Audit Limited.
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