Financial Performance - The company reported a loss attributable to shareholders of approximately $2,620,000 for the six months ended June 30, 2024, primarily due to operational and R&D expenses of about $2,610,000[1]. - Capital loss recorded by the group was approximately $4,070,000, mainly driven by the loss attributable to shareholders[1]. - Revenue for the six months ended June 30, 2024, was $123,000, a decrease of 29% compared to $173,000 in the same period of 2023[4]. - Operating loss for the period was $2,557,000, significantly improved from an operating loss of $15,063,000 in the previous year[4]. - The company reported a total comprehensive loss of $2,609,000 for the period, compared to $12,134,000 in the same period of 2023[5]. - The company reported a net loss attributable to shareholders of $(2,621,000) for the six months ended June 30, 2024, compared to $(12,199,000) for the same period in 2023[26]. - The basic loss per share for the six months ended June 30, 2024, was $(1.148), compared to $(5.501) for the same period in 2023[26]. - For the six months ended June 30, 2024, the company reported a significant reduction in loss attributable to shareholders to approximately $2.62 million, compared to $12.20 million for the same period in 2023, representing a decrease of 78.52%[33]. - Total revenue for the six months ended June 30, 2024, was $0.12 million, a decrease of 29.41% from $0.17 million in the same period of 2023[33]. - The company recorded an operating loss of approximately $2.56 million for the six months ended June 30, 2024, compared to an operating loss of $30.38 million for the same period in 2023[33]. Assets and Liabilities - The net cash and bank balances decreased to $280,000 from $2,097,000 as of December 31, 2023[6]. - As of June 30, 2024, the company's current liabilities and total liabilities were approximately $2,830,000 and $4,074,000, respectively[10]. - The company’s net asset value per share was reported at -$1.78, compared to -$0.68 in the previous year[8]. - The company’s capital deficit increased from approximately $1.55 million as of December 31, 2023, to approximately $4.07 million as of June 30, 2024, primarily due to the loss attributable to shareholders[35]. - The company’s total liabilities include approximately $3.16 million in trade payables and other payables, and approximately $970,000 in lease liabilities[35]. - Trade payables amounted to $13,000 as of June 30, 2024, compared to $102,000 as of December 31, 2023[28]. - The total liabilities, including lease liabilities, were $4,346,000 as of December 31, 2023[18]. - The total assets classified as held for sale amounted to $2,794,000 as of December 31, 2023[18]. Revenue Generation - Revenue from patent licensing was $80,000, a slight decrease from $82,000 in the previous year[13]. - The company generated $123,000 in revenue from external customers in the biopharmaceutical segment for the six months ended June 30, 2024[15]. - Revenue from external customers in the biopharmaceutical segment was $173,000 for the six months ended June 30, 2023[17]. Research and Development - Fortacin™ is undergoing evaluation for a Phase III clinical study in the U.S. with two renowned clinical research institutions[2]. - The company has licensed Fortacin™ to Kobayashi Pharmaceutical Co., Ltd. in Japan and signed a manufacturing and supply agreement with Genetic S.p.A. for Senstend™ in China[2]. - Research and development expenses related to the Fortacin™ approval process in the U.S. amounted to approximately £144,000 (or about $183,000) for the six months ended June 30, 2024[36]. - The company anticipates submitting a new drug application for Senstend™ to the National Medical Products Administration in China by the end of 2024, with a potential payment of $5,000,000 upon approval[1]. Future Plans and Outlook - The company plans to implement cost control measures and timely collection of receivables to improve cash flow[11]. - The company is considering fundraising arrangements to meet its funding needs[11]. - There is significant uncertainty regarding the company's ability to continue as a going concern, dependent on successful loan extraction and fundraising efforts[11]. - The company maintains an optimistic outlook for the second half of 2024, focusing on submitting a new drug application for Senstend™ in China and starting Phase III studies in the U.S.[49]. Corporate Governance and Management - The company has adhered to corporate governance codes and maintains high standards of corporate governance[60]. - The company has appointed a new auditor, Lo & Co., effective June 21, 2023, following the resignation of its previous auditor[63]. - The company appointed RSM Hong Kong as the new auditor effective from June 21, 2023, to fill the vacancy left by the resignation of Hong Kong Lee & Associates[64]. - The company has a total of 17 employees and 2 consultants as of June 30, 2024, down from 20 employees and 1 consultant six months prior[59]. Dividends and Securities - The company did not declare or pay any interim dividends for the six months ended June 30, 2024[24]. - The company has not repurchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2024[65]. - The company has not declared an interim dividend for the six months ending June 30, 2024[48]. Strategic Partnerships and Agreements - The company has established a manufacturing and supply agreement with Jiangsu Wanbang Pharmaceutical for the production and supply of Senstend™ in China, with an initial term of five years[31]. - Jiangsu Wanbang Pharmaceutical will pay the company $5 million upon receiving import approval for Senstend™ and an additional $2 million after the first commercial sale in China[37]. - The company anticipates milestone payments of up to $25 million based on net sales achieved by Jiangsu Wanbang Pharmaceutical[38]. - The company has licensed Fortacin™ to Kobayashi Pharmaceutical Co., Ltd. in Japan, receiving a signing fee of $500,000[41]. Risk Management - The company emphasizes the importance of risk management related to its interests in Plethora and Deep Longevity[54]. - The capital debt ratio is considered meaningless due to capital losses as of June 30, 2024[53]. - There are no significant contingent liabilities as of June 30, 2024[55]. Other Information - The interim report for the six months ending June 30, 2024, will be available by the end of September 2024[67]. - The company did not make any significant acquisitions or disposals of subsidiaries in the six months ending June 30, 2024[57]. - Deep Longevity plans to launch the SenoClock® platform in China, India, and Australia in Q3 2024, aiming to increase revenue and visibility[42]. - The company is in discussions with major insurance companies and a Fortune 500 consumer health company for pilot studies, which could lead to significant revenue opportunities[43]. - The company is updating its blood age algorithm to meet stricter clinical guidelines, leveraging large language models for enhanced personalization[44].
励晶太平洋(00575) - 2024 - 中期业绩