Full Year Results
Lord (Paul)
“Sensyne has made significant commercial and technological progress in the past 12 months, despite a number of challenges and the dramatic changes triggered by COVID-19. I am particularly proud of how the Company has developed solutions to some of the challenges that have arisen during the course of the pandemic. Sensyne’s achievements over the past year highlight the dedication and proficiency of our employees who are committed to supporting the Company’s mission to improve patient care and accelerate pharmaceutical research.
Recent developments have underlined the growth potential that our model can deliver as healthcare moves towards wider adoption of Clinical AI and remote patient monitoring. We look forward to the future with confidence.”
OPERATING HIGHLIGHTS
- Signed agreements with Cognizant and Agorai as partners for the launch and sale of digital health software products in the US
- Signed first major pharmaceutical collaboration agreement for £5 million with Bayer to accelerate the development of new treatments for stroke and cardiovascular disease using Clinical AI and entered an additional partnership with Bayer on new
UK AI ‘LifeHub’ for data-driven drug discovery, disease detection and diagnosis
- Signed research collaboration with Roche to apply AI for clinical trial design
- Signed collaboration with Alexion to study the prevalence and outcomes of patients in disease areas of interest to Alexion
- Launched ‘SENSE™’, a clinical algorithm engine, created in partnership with Microsoft, and signed an agreement with
Chelsea & Westminster Hospital NHS Foundation Trust to help provide more personalised care for patients with COVID-19
- Launched COVID-19 web-based CVm-Health™ ‘Good Neighbour’ app in the
UK and in the US with support from Microsoft and Cognizant
- Entered into the LAB10x partnership with Evotec,
Oxford University Innovation ,Oxford Sciences Innovation and theUniversity of Oxford to accelerate the commercialisation of next generation digital therapeutics and data-driven drug discovery
POST-PERIOD EVENTS HIGHLIGHTS
- Launched BPm-Health™ remote monitoring system in the
UK for the management of blood pressure in pregnancy in response to COVID-19 pandemic
- Announced the development of DBm-Health™, a new software product for people with or at risk of diabetes
- Supplied GDm-Health™,
CVm-Health andBPm-Health products for free to theNHS during COVID-19 pandemic
- Entered into a formal research agreement with the
UK Medicines and Healthcare products Regulatory Agency (MHRA) to contribute to the development of methods to validate software algorithms used in digital health
FINANCIAL HIGHLIGHTS
- Total revenues of £2.1m for the year to
30 April 2020 (2019: £0.1m) - Research and development expenditure of £11.4m (2019: £9.51m)
- Adjusted operating loss from continuing operations of £16.0m (2019: £11.5m)
- Adjusted cash used in operations of £13.5m (2019: £9.8m)
- Cash and cash equivalents of £31.7m at
30 April 2020 (2019: £49.3m) - Adjusted loss per share of £0.12 (2019: £0.10)
- Operating loss of £22.4 (2019: £19.0m)
Analyst and Investor Briefing
A replay of today's webcast of the meeting and the presentation slides will be available on the investor section of
-ENDS-
For more information please contact:
+44 (0) 330 058 1845 | |
Lord (Paul) | |
| + 44 (0) 20 7418 8900 |
Dr | |
Liberum (Joint Broker) | + 44 (0) 20 3100 2000 |
Bidhi Bhoma | |
+44 (0) 77 0286 8207 | |
CSCSensynehealth@consilium-comms.com |
About
For more information, please visit: www.sensynehealth.com
Chairman’s Statement
I am pleased to deliver the Chairman’s statement for Sensyne following a year of good progress across both of our divisions. We are proud to report a resilient, growing business at a time of global uncertainty and are humbled by and grateful for the hard work of all our staff and partners.
Sensyne’s unique model
Sensyne is a Clinical AI company with two interlocking divisions; Discovery Sciences and Software Products.
The first division focuses on harnessing the value of
Currently late phase drug development is guided by controlled clinical trials focused on the recruitment of selected patients. This is very expensive and takes years. It is not sustainable.
Simplifying therapeutic developments will be inextricably linked to understanding how more comprehensive real-world healthcare data can be used to accelerate the development of new medicines through the application of data science and machine learning. This is Sensyne’s strength.
Sensyne acts as a docking station between the
Our second division focuses on software products to enable remote monitoring and management of patients who would otherwise need to attend hospital clinics. Although the obvious clinical and financial benefits of such an approach have been discussed for years, uptake has been very patchy around the world. COVID-19 has changed everything. A concept which had been hovering in the shadows suddenly gained irreversible traction as fears of viral infection took hold and fuelled a rapid focus on implementing remote monitoring and management of patients. The magnitude of the impact is exemplified by the fact that within a fortnight or so of national lockdown, 90% of GP consultations in the English
Sensyne has played its part and supported the shift to remote patient monitoring by providing a selection of products to our
Consequently, Sensyne is seeing increasing demand for its technology and expertise as individuals, healthcare systems and the biopharmaceutical industry adapt and make plans for a rapidly digitising healthcare future. This is reflected in the signing of a number of important collaborations over the past year with international companies including Bayer and Roche in
Board and governance
The Board has made progress in corporate governance.
Our people
Effective and appropriate composition and management are at the core of Sensyne. Over the past year the Group has strengthened its senior management team and has grown the total headcount in an increasingly competitive market.
We continue to recruit the best talent and the quality of our staff is a reflection of our superior business model and the inspiring nature of the business. Our employees are highly qualified and suited to bring positive insights and add value to the work we do. Since the year end, we have appointed
Outlook
From its inception, Sensyne has been an innovator, bringing together the private and public sector by ethically commercialising clinical data to improve patient outcomes. The Group has successfully imparted its vision of promoting responsible use of machine learning and AI to the pharmaceutical and healthcare industry, the government and the public.
The Group continues to be well positioned for growth in the
We are committed to continuing to create value for our stakeholders through a business model aimed at improving patient outcomes.
Sir
Independent Non-Executive Chairman
Chief Executive Officer’s Statement
Our second year as a public company, despite making significant commercial and technological progress, has been marked by a number of negative events that had a significant effect on the Group. As Founder, CEO and a major shareholder, I have felt those effects deeply together with other shareholders. The first was the decline and then collapse of the
Although the WIM issue, which acted as a drag on our share price for several months was not of our making, the second negative event was. In
One of the issues raised by some of our shareholders and advisors was the need to replace our CFO and this was implemented in
In
This period also coincided with the emergence of the global COVID-19 pandemic and the subsequent lock-down, which placed new challenges on the Group and its management team; both in adapting our business practices to the new restrictions and in responding to the crisis and rapidly developing solutions to mitigate the effects of the virus.
It required the Group to monitor and respond to the rapidly changing global situation caused by COVID-19, including guidance and policy changes implemented by governments around the world. The COVID-19 pandemic has had a major impact on
Revenues of £2.1 million (2019: £0.1 million), largely driven by momentum in the second half of the year from our pharmaceutical R&D contracts, delivered a gross profit of £1.2 million (2019: £nil) based upon the analysis of anonymised patient data from the SRAs we have with three
Continued investment in R&D, particularly in the development of software applications for remote patient monitoring and the development of our data analysis capabilities using AI and machine learning and the growth in our workforce to 135 people, delivered a net cash position of £31.7 million (2019: £49.3 million) at the year end.
In autumn 2019 Sensyne re-organised its business into two operating divisions, Discovery Sciences (DS) and Software Products (SP), to improve customer focus. The DS division focuses on providing services and products to pharmaceutical clients and the SP division focuses on providing services and products to healthcare providers such as the
Discovery Sciences activities
Over the year, the DS division has grown to a team of more than 35 scientists with backgrounds in machine learning, bioinformatics and epidemiology, working closely with clinicians and biologists, to build a highly skilled interdisciplinary team.
In response to COVID-19, working in close co-operation with clinicians at Chelsea and
During the year we signed commercial research agreements with Bayer, Roche and Alexion validating the effectiveness for the global bio pharmaceutical industry of Sensyne’s unique partnership model with the UK’s
We established LAB10X, a joint venture with
Our work for pharmaceutical companies depends upon our ability to access anonymised patient data via SRAs with
The projects with our existing SRA partners Oxford University Hospitals, Chelsea and Westminster and South Warwickshire
Since the year end and despite the challenges mentioned above, recent developments which have underlined the benefits to the
Existing SRA agreements that the Group entered into in 2019 with
Software Products activities
The complementary side to our work for pharmaceutical companies is our focus on developing and supplying software applications for patient monitoring, particularly in remote situations. The Group has seen an acceleration in the adoption of tools by the
The anonymised data sets generated by these products have in turn increased significantly. Sensyne expects that the recent growth in remote patient monitoring will be maintained post the pandemic and the Group is well placed to grow its business in this area in the future.
With the collaboration of our clinical partners, Sensyne has continued to develop the SYNE™ GDM/001 algorithm to identify mothers at risk of transitioning to medication therapy for diabetes during pregnancy.
The benefit to patients and real-world impact in using
In
The collaborations with Cognizant and Microsoft are delivering results as demonstrated by the rapid development of
Sensyne has continued to invest in its quality and regulatory system framework for digital health applications and Clinical AI to facilitate the development and launch of its clinically validated products and services in its two lead markets: the
Outlook
We are strengthening our Board, senior management team and corporate governance processes in light of the Board effectiveness review undertaken during the year. As such we have appointed
Sensyne’s progress over the past year has been delivered by a team of highly dedicated and skilled personnel who are committed to the Group’s mission to improve patient care and accelerate pharmaceutical research. I am very grateful to all of them for their hard work which has contributed to these results and the social impact they have delivered.
Notwithstanding the challenges of the past year, that we feel are now behind us, and the dramatic changes in healthcare caused by the COVID-19 pandemic, the unique business model that Sensyne is applying through its partnership with the
Chief Executive Officer
Chief Financial Officer’s Statement
Sensyne’s first full year as a public company has been a challenging one in unprecedented times but we have also achieved great progress.
Discovery Sciences
The signing of our first major pharmaceutical deal with Bayer, followed by further contracts with Roche and Alexion, gives significant validation to our model of being the trusted “docking station” between the
In the year to
Software Products
During the year, our
In
In the year to
COVID-19 impact
The use of remote monitoring within health systems has significantly increased during the COVID-19 pandemic as clinicians and payers have moved at pace to reduce physical contacts. As part of this effort, we decided to make our
Total R&D expenditure
Our expenditure rose to £11.4 million in the year (2019: £9.5 million), which primarily consists of employee and related costs.
Adjusted operating loss
Our adjusted operating loss was £16.0 million for the year (2019: £11.5 million). This was driven by our increased employee costs of £8.9 million (2019: £8.1 million), with the majority of other expenditure being employee-related items such as fees paid to recruiters and use of personnel supplied by external contractors. Our statutory operating loss of £22.5 million (2019: £19.0 million) includes non-cash items such as share-based payments of £0.2 million (2019: £0.8 million), and amortisation of our SRAs of £3.5 million (2019: £2.9 million). It also includes exceptional items, of which £1.4 million (2019: £nil) relates to litigation with the former CFO.
Adjusted loss per share
The adjusted loss per share was £0.12 (2019: £0.10), an increase of 20%, principally reflecting the increase in R&D expenditure. The statutory loss per share was £0.17 (2019: £0.16).
Adjusted cash used in operations
The adjusted cash used in the year was £13.5 million (2019: £9.8 million), which tracks the adjusted operating loss set out above and our management of working capital.
Cash at year end
Performance in the year resulted in a cash balance at year end of £31.7 million (2019: £49.3 million). At
Statement of financial position
Other than cash, the largest balance at year end is intangible assets of £14.9 million (2019: £18.1 million). The largest component is the carrying value of our SRAs, which is £12.7 million (2019: £16.2 million).
Outlook and going concern
We expect to perform in line with our expectations for the current financial year.
Although the Group has recognised revenue from commercial deals during the year, it is still largely reliant on cash balances to fund on-going operations.
The Group made adjusted operating losses before tax for the year ended
We have prepared cashflow forecasts for 19 months from the date of approval of these financial statements under two modelled scenarios, which we considered an appropriate approach to our assessment and are reasonably possible outcomes. We have prepared a base case which is our full budgeted growth forecast. The base case allows investment in the full range of planned market and product development activities, which includes opening a US office, to achieve our revenue targets over this forecast period. However, in order to fulfil our growth targets, we will require additional funding, which we believe would be available from raising new equity, debt facilities, partnerships, joint-ventures etc. Although we consider that there are strong grounds for believing that such funding could be secured, there can be no guarantee that would be the case. As such, a downside case financial forecast has been prepared.
The downside case is a projection of a severe but plausible scenario whereby the likelihood of securing additional funding becomes remote and management are required to deploy a programme of significant mitigating cost reductions and cash protection actions, within the control of the Board, commencing in
After due consideration, the Board has concluded that there is a reasonable expectation that the Group and Company have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of this report.
Please also see note 2 to these financial statements.
Interim Chief Financial Officer
Company Secretary
Consolidated Statement of Comprehensive Income | ||||
For the year ended | ||||
Year ended | Year ended | |||
Note | £000s | £000s | ||
Revenue | 2,050 | 136 | ||
Cost of sales | (893) | (172) | ||
Gross profit/(loss) | 1,157 | (36) | ||
Research and development expenses | (11,078) | (8,283) | ||
Sales and marketing expenses | (1,364) | (1,248) | ||
Other general and administration expenses | (9,754) | (6,099) | ||
Other general and administration expenses - exceptional items | 4 | (1,410) | (3,344) | |
Operating loss | (22,449) | (19,010) | ||
Finance costs | (347) | (233) | ||
Finance income | 254 | 256 | ||
Share of loss of investments accounted for using equity method | (89) | - | ||
Loss before taxation | (22,631) | (18,987) | ||
Income tax credit | 792 | 28 | ||
Loss for the year from continuing operations | (21,839) | (18,959) | ||
Loss for year from discontinued operations attributable to equity owners of the parent Company | - | (2,975) | ||
Loss and total comprehensive loss for the year attributable to equity holders of the parent Company | (21,839) | (21,934) | ||
Adjusted operating loss | ||||
Operating loss for the period from continuing operations | (22,449) | (19,010) | ||
Exceptional items | 4 | 1,410 | 3,344 | |
Amortisation of intangible assets | 5 | 4,214 | 3,106 | |
Depreciation of property, plant and equipment | 452 | 163 | ||
Depreciation of right of use asset | 132 | 91 | ||
Loss on disposal of property, plant and equipment | - | 21 | ||
Share-based payments | 235 | 772 | ||
Adjusted operating loss | (16,006) | (11,513) | ||
Earnings per share for loss attributable to the owners of the parent Company during the year | ||||
Basic and diluted loss per share – continuing operations (£) | 3 | (0.17) | (0.16) | |
Basic and diluted loss per share – discontinued operations (£) | 3 | - | (0.59) |
Consolidated Statement of Financial Position | ||||
As at | ||||
Note | £000s | £000s | ||
Non-current assets | ||||
Intangible assets | 5 | 14,901 | 18,068 | |
Property, plant and equipment | 1,421 | 757 | ||
Right of use assets | 1,618 | 1,724 | ||
Investments accounted for using equity method | 467 | - | ||
18,407 | 20,549 | |||
Current assets | ||||
Trade and other receivables | 3,049 | 784 | ||
Corporation tax credit for research and development | 820 | 208 | ||
Cash and cash equivalents | 31,657 | 49,252 | ||
35,526 | 50,244 | |||
Current liabilities | ||||
Trade and other payables | (7,535) | (3,368) | ||
Provisions | (397) | - | ||
Short term lease liability | (392) | (242) | ||
(8,324) | (3,610) | |||
Net current assets | 27,202 | 46,634 | ||
Total assets less current liabilities | 45,609 | 67,183 | ||
Non-current liabilities | ||||
Long term lease liability | (1,717) | (1,769) | ||
Provisions | (30) | - | ||
(1,747) | (1,769) | |||
Net assets | 43,862 | 65,414 | ||
Equity | ||||
Share capital | 12,857 | 12,857 | ||
Share premium account | 59,485 | 59,485 | ||
Other reserves | (86,643) | (86,930) | ||
Retained earnings | 56,163 | 80,002 | ||
Total equity | 43,862 | 65,414 |
Consolidated Statement of Cash Flows | ||||
For the year ended | ||||
Year ended | Year ended | |||
Note | £000s | £000s | ||
Cash used in operations | 6 | (14,907) | (13,123) | |
Finance income received | 254 | 256 | ||
Cash flows from continuing operating activities | (14,653) | (12,867) | ||
Cash flows from discontinued operating activities | - | (2,068) | ||
Total net cash outflow from operating activities | (14,653) | (14,935) | ||
Investing activities | ||||
Purchase of property, plant and equipment | (1,116) | (846) | ||
Purchase of other intangible assets | 5 | (1,047) | (1,460) | |
Investments accounted for using equity method | (556) | - | ||
Cash outflow from continuing investing activities | (2,719) | (2,306) | ||
Cash flows from discontinued investing activities | - | 149 | ||
Net cash outflow from investing activities | (2,719) | (2,157) | ||
Financing activities | ||||
Proceeds from the issue of share capital | - | 64,778 | ||
Financing and share issue costs | - | (2,934) | ||
Payments against lease liability | (267) | (20) | ||
Net cash (outflow)/inflow from financing activities | (267) | 61,824 | ||
Net (decrease)/increase in cash and cash equivalents | (17,639) | 44,732 | ||
Cash and cash equivalents at the start of the year | 49,252 | 4,541 | ||
Effect of foreign exchange rate change | 44 | (21) | ||
Cash and cash equivalents at the end of the year | 31,657 | 49,252 | ||
Consolidated statement of changes in equity
For the year ended | |||||
Share capital | Share premium | Other reserves | Retained earnings/(accumulated losses) | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
At | 109,900 | - | (69,850) | (27,835) | 12,215 |
Loss and total comprehensive loss for the year | - | - | - | (21,934) | (21,934) |
Exchange difference on translation of foreign operations | - | - | (21) | - | (21) |
Issue of share capital | 35,214 | 59,485 | (17,831) | - | 76,868 |
Capital reduction | (129,771) | - | - | 129,771 | - |
Capital repayment | (2,486) | - | - | - | (2,486) |
Share-based payment charge | - | - | 772 | - | 772 |
At | 12,857 | 59,485 | (86,930) | 80,002 | 65,414 |
Loss and total comprehensive loss for the year | - | - | - | (21,839) | (21,839) |
Exchange difference on translation of foreign operations | - | - | 52 | - | 52 |
Share-based payment charge | - | - | 235 | - | 235 |
At | 12,857 | 59,485 | (86,643) | 58,163 | 43,862 |
Notes to the Accounts
Year ended
1. Basis of Preparation
The financial information in this preliminary announcement has been extracted from the Group audited financial statements for the year ended
The auditors have reported on the Group's financial statements for the year ended
The Group's financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRSs') and IFRS Interpretations Committee ('IFRS IC') as adopted and endorsed by the
The same accounting policies, presentation and computation methods are followed in this preliminary announcement as in the preparation of the Group financial statements. The accounting policies have been applied consistently by the Group year-on-year.
2. Going concern
Although the Group has recognised revenue from commercial deals during the year, it is still largely reliant on cash balances to fund on-going operations.
The Group made adjusted operating losses before tax for the year ended
In assessing the appropriateness of the going concern assumption, the Board has considered the availability of funding alongside the possible cash requirements of the Group and Company, taking into account the unprecedented circumstances caused by the COVID-19 pandemic.
We have prepared cashflow forecasts for 19 months from the date of approval of these financial statements under two modelled scenarios, which we considered an appropriate approach to our assessment and are reasonably possible outcomes.
We have prepared a base case which is our full budgeted growth forecast. The base case allows investment in the full range of planned market and product development activities, which includes opening a US office, to achieve our revenue targets over this forecast period. However, in order to fulfil our growth targets, we will require additional funding, which we believe would be available from raising new equity, debt facilities, partnerships, joint-ventures etc . Although we consider that there are strong grounds for believing that such funding could be secured, there can be no guarantee that would be the case. As such, a downside case financial forecast has been prepared.
The downside case is a projection of a severe but plausible scenario whereby the likelihood of securing additional funding becomes remote and management are required to deploy a programme of significant mitigating cost reductions and cash protection actions, within the control of the Board, commencing in
After due consideration, the Board has concluded that there is a reasonable expectation that the Group and Company have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of this report.
3. Loss per share | |||||||||||
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. | |||||||||||
Group | 2020 | 2019 | |||||||||
Weighted average number of shares in issue for the purpose of basic and adjusted loss per share | 128,571,514 | 118,398,830 | |||||||||
Loss attributable to equity owners of the parent Company- continuing operations (£'000) | (21,839) | (18,959) | |||||||||
Basic loss per share – continuing operations (£) | (0.17) | (0.16) | |||||||||
Adjusting items including exceptional items, amortisation and depreciation attributable to continuing operations (£’000) | 5,833 | 7,446 | |||||||||
Adjusted loss attributable to equity owners of the parent Company – continuing operations (£’000) | (16,006) | (11,513) | |||||||||
Adjusted Basic loss per share – continuing operations (£) | (0.12) | (0.10) | |||||||||
Loss attributable to the discontinued operations (£’000) | - | (2,975) | |||||||||
Basic loss per share – discontinued operations (£) | - | (0.03) | |||||||||
Adjusting items including exceptional items, amortisation and depreciation attributable to discontinued operations (£’000) | - | 2,500 | |||||||||
Adjusted loss attributable to the discontinued operations (£’000) | - | (475) | |||||||||
Adjusted Basic loss per share – discontinued operations (£) | - | - | |||||||||
As net losses were recorded in the years ended | |||||||||||
4. Exceptional items | |||||||||||
Group | |||||||||||
Exceptional costs are analysed as follows: | |||||||||||
2020 | 2019 | ||||||||||
£’000 | £’000 | ||||||||||
Professional fees incurred following departure of former CFO | 1,410 | - | |||||||||
Transaction costs | - | 2,652 | |||||||||
Consortium for national data strategy | - | 692 | |||||||||
1,410 | 3,344 |
During the year a legal claim was made by the former CFO,
In the prior period transaction costs totalling £5,540,000 were incurred in respect to the application made to the
Consortium for national data strategy costs relate to professional fees incurred.
5. Intangible assets | |||||
Group | Software licences | Other licences | Development costs | Patents and trademarks | Total |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||
At | 120 | 5,092 | 453 | 12 | 5,677 |
Additions | 4 | 15,090 | 1,191 | 175 | 16,460 |
At | 124 | 20,182 | 1,644 | 187 | 22,137 |
Additions | - | - | 943 | 104 | 1,047 |
At | 124 | 20,182 | 2,587 | 291 | 23,184 |
Accumulated amortisation | |||||
At | 31 | 932 | - | - | 963 |
Amortisation for the year | 26 | 2,901 | 139 | 40 | 3,106 |
At | 57 | 3,833 | 139 | 40 | 4,069 |
Amortisation for the year | 24 | 3,537 | 606 | 47 | 4,214 |
At | 81 | 7,370 | 745 | 87 | 8,283 |
Net book value | |||||
At | 89 | 4,160 | 453 | 12 | 4,714 |
At | 67 | 16,349 | 1,505 | 147 | 18,068 |
At | 67 | 12,812 | 1,842 | 204 | 14,901 |
Other licences are rights to commercialise digital health products and capitalised SRAs. The Group has capitalised four SRAs, with remaining useful economic lives of eight years and three months; three years and three months; three years and three months; and two years and one month. The £15,000,000 addition in the prior year was acquired through the issue of shares. At the year end, the four SRAs have carrying amounts of £4,125,000, £3,250,000, £3,250,000 and £2,083,000 respectively. | ||||||
The development costs are capitalised research and development costs in relation to our Digital Health Operating System to support our | ||||||
Patents and trademarks are capitalised legal and application costs for various registrations that the business obtains to protect its intellectual property. Amortisation is charged once the application is granted and secured. There were no indications for impairment during the 2020 and 2019 financial year. | ||||||
6. Notes to the Cash Flow Statement | |||
Group reconciliation of loss before income tax to cash used in operations | |||
2020 | 2019 | ||
£’000 | £’000 | ||
Loss before income tax | (22,631) | (18,987) | |
Adjustments for: | |||
Finance costs | 347 | 233 | |
Finance income | (254) | (256) | |
Amortisation of intangible assets | 4,214 | 3,106 | |
Depreciation of property, plant and equipment | 452 | 163 | |
Depreciation of right of use assets | 132 | 91 | |
Loss on disposal of property, plant and equipment | - | 21 | |
Share of loss in investments accounted for using equity method | 89 | - | |
Share based payments | 235 | 772 | |
Increase in trade and other receivables | (2,085) | (434) | |
Increase in trade and other payables | 4,167 | 2,168 | |
Increase in provisions | 427 | - | |
Cash used in operations | (14,907) | (13,123) |
Adjusted cash used in operations is £13,497,000 (2019: £9,779,000), being cash used in operations less exceptional items. IPO costs are included within exceptional items in the 2019 financial year.
7. Subsequent events | ||||||
In | ||||||
On |
Source:
2020 GlobeNewswire, Inc., source