Financial Performance - The Company reported a loss attributable to shareholders of approximately US$2.62 million for the six months ended 30 June 2024, a significant reduction from approximately US$12.20 million for the same period in 2023[12]. - Revenue decreased by 29.41% to US$0.12 million compared to US$0.17 million in the previous year[12]. - The Group recorded a capital deficiency of approximately US$4.07 million as of 30 June 2024, primarily due to the loss attributable to shareholders[6]. - Plethora recorded an operating loss of approximately GBP 210,000 (or approximately US$266,000) for the six months ended 30 June 2024, compared to an operating loss of approximately GBP 345,000 (or approximately US$426,000) for the same period in 2023[16]. - The company reported a loss for the period of US$2,621,000 for the six months ended June 30, 2024, compared to a loss of US$12,199,000 for the same period in 2023[52]. - The total comprehensive loss for the period was US$2,609,000 for the six months ended June 30, 2024, indicating a continued trend of financial losses[51]. - The Group's loss before tax for the six months ended June 30, 2024, was $2,621,000[80]. - The Group reported a loss attributable to shareholders of US$2,621,000 for the six months ended 30 June 2024, compared to a loss of US$12,199,000 for the same period in 2023[99]. - The total segment loss for the Biopharma segment was $655,000, while the Corporate Investment segment reported a loss of $1,902, leading to a total loss of $2,557,000 for the Group[80]. Revenue and Income - Revenue for the six months ended June 30, 2024, was reported at US$126,000, a decrease of 32.9% compared to US$188,000 for the same period in 2023[72]. - Royalty income for the period was US$80,000, slightly down from US$82,000 in the previous year, representing a decrease of 2.4%[72]. - Income generated from the Deep Longevity segment was US$43,000 from implementation services, up from US$42,000, while subscription and support services generated no income compared to US$11,000 in 2023[72]. - The geographical breakdown of revenue showed that Europe contributed $86,000, the US $12,000, and Asia Pacific $25,000 for the Biopharma segment in the first half of 2024[85]. Assets and Liabilities - The Group's liabilities included trade payables and other payables of approximately US$3.16 million, long-term and short-term lease liabilities of approximately US$0.97 million, and long-term shareholder's loans of US$0.72 million[16]. - The Group's assets included cash and bank balances of approximately US$0.28 million and property, plant, and equipment of approximately US$0.41 million[16]. - As of June 30, 2024, the net current liabilities increased to US$2,830,000 from US$796,000 as of December 31, 2023, indicating a significant rise in short-term financial obligations[47]. - The net liabilities increased to US$4,074,000 as of June 30, 2024, up from US$1,551,000 at the end of 2023, showing a worsening financial position[48]. - The equity attributable to shareholders decreased to US$228,000 as of June 30, 2024, with accumulated losses rising to US$309,060,000 from US$306,439,000[51]. Research and Development - The Company is evaluating two proposals from clinical research organizations for Phase 3 clinical studies of Fortacin™ in the US[8]. - R&D expenditure decreased by 23.19% to US$0.53 million from US$0.69 million in the previous year[12]. - The main objective for Senstend™ in the PRC is to submit the NDA to NMPA by the end of 2024, with approval expected 12 months thereafter[18]. - Wanbang Biopharmaceutical will cover all costs of clinical trials and associated regulatory submission costs for Senstend™[22]. Corporate Developments - The Group has out-licensed the rights of Fortacin™ to Kobayashi Pharmaceutical Co., Ltd. for Japan as of 26 July 2024[9]. - A manufacturing and supply agreement was signed with Genetic S.p.A. for Senstend™ to be supplied to Wanbang Biopharmaceutical for the Chinese market[9]. - The signing of the manufacturing and supply agreement for Senstend™ is expected to facilitate the NDA registration process with the NMPA[18]. - The company announced a licensing agreement with Kobayashi Pharmaceutical Co., Ltd. for the commercialization of FortacinTM in Japan, with potential payments of up to US$1.55 million and a double-digit percentage royalty[170]. - The company entered into a manufacturing and supply agreement with Wanbang Biopharmaceutical for the production of Senstend™ in the PRC, with an initial term of five years[171]. Cash Flow and Financing - Net cash used in operating activities was US$2,555,000 for the first half of 2024, slightly higher than US$2,367,000 in the prior year[54]. - The company generated net cash of US$216,000 from investing activities, a decrease from US$830,000 in the same period last year[56]. - Net cash generated from financing activities was US$509,000, down from US$5,757,000 in the previous year, primarily due to a decrease in net proceeds from rights issues[56]. - The Company entered into a loan agreement with Galloway for a total loan facility of US$2,000,000 at an interest rate of 8% per annum, with US$720,000 drawn down as of June 30, 2024, and an additional US$655,000 drawn post the interim period[58]. - Material uncertainty exists regarding the Group's ability to continue as a going concern, dependent on successful drawdown of the Galloway Loan, completion of fundraising by a subsidiary, and effective cost control measures[59]. Shareholder Information - The company has resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[32]. - The basic loss per share for the six months ended 30 June 2024 was 1.148 US cents, a decrease from 5.501 US cents in the prior year[99]. - The total number of outstanding options as of 30 June 2024 was 6,729,723, with a weighted average exercise price of HK$2.287[155]. - The total number of issued shares as of June 30, 2024, was 228,392,286 shares[191]. - The company has not granted any options to directors, chief executives, or substantial shareholders during the reporting period[161]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance as outlined in the CG Code[177]. - The Company has complied with the Code Provisions set out in the CG Code for the six months ended 30 June 2024[179]. - The Board consists of six Directors, including one Executive Director (CEO), two Non-Executive Directors, and three Independent Non-Executive Directors[179]. - The Audit Committee, Remuneration Committee, and Nomination Committee assist the Board in overseeing management and business performance[179]. - The Board is responsible for evaluating and determining the nature and extent of risks acceptable to achieve the Group's strategic objectives, maintaining an effective risk management and internal control system[199].
励晶太平洋(00575) - 2024 - 中期财报