Company registration number SC648164 (Scotland)
OUTRUN THERAPEUTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
OUTRUN THERAPEUTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OUTRUN THERAPEUTICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,924
51,320
Tangible assets
4
147,365
166,932
183,289
218,252
Current assets
Debtors
5
342,427
669,799
Cash at bank and in hand
805,480
2,939,127
1,147,907
3,608,926
Creditors: amounts falling due within one year
6
(390,939)
(421,019)
Net current assets
756,968
3,187,907
Total assets less current liabilities
940,257
3,406,159
Creditors: amounts falling due after more than one year
7
(9,092,730)
(6,887,659)
Net liabilities
(8,152,473)
(3,481,500)
Capital and reserves
Called up share capital
566
566
Share premium account
3,999,600
3,999,600
Equity reserve
433,652
357,859
Profit and loss reserves
(12,586,291)
(7,839,525)
Total equity
(8,152,473)
(3,481,500)
OUTRUN THERAPEUTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 August 2026 and are signed on its behalf by:
Anthony Johnson
Director
Company registration number SC648164 (Scotland)
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Outrun Therapeutics Limited is a private company limited by shares incorporated in Scotland. The registered office is Errol Road, Invergowrie, Dundee, Scotland, DD2 5DA. The company registration number is SC648164.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patent
7 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
7 years
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.8
Taxation

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

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Foreign exchange

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
12
9
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
3
Intangible fixed assets
Patent
£
Cost
At 1 January 2025 and 31 December 2025
107,864
Amortisation and impairment
At 1 January 2025
56,544
Amortisation charged for the year
15,396
At 31 December 2025
71,940
Carrying amount
At 31 December 2025
35,924
At 31 December 2024
51,320
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
257,907
Additions
19,484
At 31 December 2025
277,391
Depreciation and impairment
At 1 January 2025
90,975
Depreciation charged in the year
39,051
At 31 December 2025
130,026
Carrying amount
At 31 December 2025
147,365
At 31 December 2024
166,932
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
272,300
593,880
Other debtors
70,127
75,919
342,427
669,799
OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
221,906
306,701
Taxation and social security
142,613
98,757
Other creditors
26,420
15,561
390,939
421,019
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Convertible loans
9,092,730
6,887,659
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Amounts advanced
3.75
-
4,284
4,284
-
4,284
4,284
9
Convertible loan notes

18 month convertible loan notes were issued on 31st August 2023. Interest accrues on the principal amount of £4,000,000 at 8% per annum, payable daily. The period until maturity was extended by a further 12 months on 12th October 2023. The debt is convertible into share capital in Outrun Therapeutics Limited.

15 month convertible loan notes were issued on 12th November 2024. Interest accrues on the principal amount of £2,600,000 at 8% per annum, payable daily. The debt is convertible into share capital in Outrun Therapeutics Limited.

10 month convertible loan notes were issued on 9th May 2025. Interest accrues on the principal amount of £1,400,000 at 8% per annum, payable daily. The debt is convertible into share capital in Outrun Therapeutics Limited.

All convertible loan notes mature on 20th February 2026.

OUTRUN THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
10
Post balance sheet events

Issue of share capital

On 19th February 2026, 11,508 ordinary shares of £0.001 each were issued resulting in an increase to nominal share capital of £11.51. These shares were issued as a result of the exercise of a share option scheme.

On 20th February 2026, 12,544,352 preference shares of £0.001 each were issued resulting in an increase to nominal preference share capital of £12,544.36. These shares were issued on the conversion of convertible loan notes.

11
Share-based payments

The company operates an equity-settled share option scheme for certain employees and directors. Movements in share options are not recognised in the financial statements as the amounts are truly immaterial in the opinion of those charged with governance. The omission of the share movements does not influence the economic decisions of the stakeholders using these financial statements.

Share-options at the beginning of the period:

27,043 share options granted at an exercise price of £0.001 each.

Movements to share-options in the period:

15,535 share options lapsed during the period at an exercise price of £0.001 each.

6,278 share options were granted in the period at an exercise price of £0.001 each.

Share-options at the end of the period:

17,786 share options remain granted at an exercise price of £0.001 each at the balance sheet date.

Post balance sheet movements:

On 19th February 2026, 11,508 share options were exercised at an exercise price of £0.001 each. The share options were converted to ordinary share capital on this date.

2025-12-31 2025-01-01 false false false 14 August 2026 CCH Software CCH Accounts Production 2026.200 No description of principal activity Satpal Virdee Jeffrey Moore Christopher Roberts Anthony Johnson Bauke Anninga Carolyn Porter SC648164 2025-01-01 2025-12-31 SC648164 2025-12-31 SC648164 2024-12-31 SC648164 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-12-31 SC648164 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 SC648164 core:WithinOneYear 2025-12-31 SC648164 core:WithinOneYear 2024-12-31 SC648164 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 SC648164 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC648164 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 SC648164 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC648164 core:ShareCapital 2025-12-31 SC648164 core:ShareCapital 2024-12-31 SC648164 core:SharePremium 2025-12-31 SC648164 core:SharePremium 2024-12-31 SC648164 core:OtherReservesSubtotal 2025-12-31 SC648164 core:OtherReservesSubtotal 2024-12-31 SC648164 core:RetainedEarningsAccumulatedLosses 2025-12-31 SC648164 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC648164 bus:Director4 2025-01-01 2025-12-31 SC648164 core:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 SC648164 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 SC648164 core:PlantMachinery 2025-01-01 2025-12-31 SC648164 2024-01-01 2024-12-31 SC648164 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 SC648164 core:OtherPropertyPlantEquipment 2024-12-31 SC648164 core:OtherPropertyPlantEquipment 2025-12-31 SC648164 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 SC648164 core:OtherPropertyPlantEquipment 2024-12-31 SC648164 core:CurrentFinancialInstruments 2025-12-31 SC648164 core:CurrentFinancialInstruments 2024-12-31 SC648164 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC648164 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC648164 bus:FRS102 2025-01-01 2025-12-31 SC648164 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 SC648164 bus:Director1 2025-01-01 2025-12-31 SC648164 bus:Director2 2025-01-01 2025-12-31 SC648164 bus:Director3 2025-01-01 2025-12-31 SC648164 bus:Director5 2025-01-01 2025-12-31 SC648164 bus:Director6 2025-01-01 2025-12-31 SC648164 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP