Financial Performance - Net loss for the six months ended June 30, 2024, was £5,308,407 compared to a net income of £357,976 for the same period in 2023, indicating a significant shift in financial performance [11]. - For the six months ended June 30, 2024, the net loss was £5.3 million compared to a net income of £0.4 million for the same period in 2023 [27]. - The company reported a basic net loss per share of £0.08 for the six months ended June 30, 2024, compared to a basic net income per share of £0.12 for the same period in 2023 [11]. - The accumulated deficit increased from £38,837,290 as of December 31, 2023, to £44,145,697 as of June 30, 2024, reflecting a worsening financial position [10]. - The total shareholders' equity decreased from £2,685,230 as of December 31, 2023, to £2,004,187 as of June 30, 2024, a decline of approximately 25.4% [10]. Assets and Liabilities - Total current assets decreased from £5,700,927 as of December 31, 2023, to £3,952,319 as of June 30, 2024, representing a decline of approximately 30.6% [8]. - Total liabilities decreased from £6,246,434 as of December 31, 2023, to £4,867,208 as of June 30, 2024, a reduction of about 22.1% [10]. - Cash and cash equivalents decreased from £2,462,609 as of December 31, 2023, to £1,004,329 as of June 30, 2024, a decline of approximately 59.3% [8]. - As of June 30, 2024, cash and cash equivalents amounted to approximately £1.0 million, with working capital of £393,857 [27]. - Prepaid expenses and other current assets decreased to £1,687,869 as of June 30, 2024, from £2,194,725 as of December 31, 2023 [61]. - Accounts payable and accrued liabilities decreased to £3,211,690 as of June 30, 2024, from £4,431,840 as of December 31, 2023 [62]. Operating Expenses - Total operating expenses decreased from £7,762,970 for the six months ended June 30, 2023, to £5,496,407 for the same period in 2024, reflecting a reduction of about 29.1% [11]. - Research and development expenses for the six months ended June 30, 2024, were £2,238,234, down from £4,037,332 in the same period of 2023, a decrease of approximately 44.5% [11]. - Cash used in operating activities for the six months ended June 30, 2024, was £5.1 million, a decrease from £6.8 million in the prior year [27]. - The Company recorded operating lease expenses of £177,674 for both the six months ended June 30, 2024, and 2023 [65]. Shareholder Information - The number of weighted-average common shares outstanding increased from 3,030,825 for the six months ended June 30, 2023, to 64,905,328 for the same period in 2024, indicating a substantial increase in share issuance [11]. - The weighted average number of shares outstanding increased to 64,905,328 for the six months ended June 30, 2024, compared to 3,030,825 for the same period in 2023 [49]. - The Company issued 24,692 ordinary shares prior to the IPO, with a fair value of £3.8 million [75]. - The Company issued 23,950 ADSs representing 4,790,000 ordinary shares in a public offering, resulting in gross proceeds of $2.0 million before expenses [113]. - The Company changed its ADS ratio from one ADS representing one ordinary share to one ADS representing twenty ordinary shares on December 15, 2023 [87]. Future Outlook - The company expects to continue incurring significant losses in the foreseeable future as it develops its clinical products [26]. - The company plans to raise additional capital to address future liquidity needs, which may include equity raises or other financing options [28]. - The company has substantial doubt about its ability to continue as a going concern without adequate liquidity [29]. Capital and Financing Activities - The company raised £6.2 million ($8.0 million) in August 2024 through the issuance of ordinary shares and pre-funded warrants [27]. - The Company entered into a Securities Purchase Agreement on August 28, 2024, resulting in gross proceeds of $6.0 million from the sale of 53,558 ADSs [115]. - The Company received approximately £3.1 million from the exercise of Existing Warrants by holders in May 2024 [85]. - The Company has received approximately $1.1 million in cash receipts from the exercise of warrants as of November 21, 2024 [27]. - The Company recognized an incremental fair value of £248,659 for modified share options granted to five grantees in March 2024 [98]. Compensation and Management - TC Biopharm (Holdings) PLC granted a one-time bonus of $125,000 to CEO Bryan Kobel and CFO Martin Thorp [117]. - Compensation for Chairwoman Arlene Morris increased to $75,000 per year, effective Q3 2024 [117]. - Compensation for Chairman of the Audit Committee James Culverwell increased to $65,000 per year, effective Q3 2024 [117].
TC BioPharm(TCBP) - 2024 Q2 - Quarterly Report