ANGLE plc

("ANGLE" or "the Company")

Interim Results for the six months ended 30 June 2024

LARGE PHARMA STRATEGY IMPLEMENTED SUCCESSFULLY

Three Large Pharma contracts secured each with substantial revenue potential

Strategic decision post period end to focus resources on pharma services

ANGLE plc (AIM: AGL OTCQX: ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, today announces unaudited interim results for the six months ended 30 June 2024.

Financial Highlights

·    Revenues for the half-year of £1.0 million (H1 2023: £1.2 million)

-  sold order book of up to £1.9 million at period end

·    Business re-shaped and streamlined with major focus on large pharma

-  cost savings of c. £8 million by end of 2024 (as previously announced)

-  focus on large pharma contracts delivered three relationships with potential to deliver long-term large-scale revenues

-  other large pharma relationships under development

·    Loss for the half-year reduced by 21% at £7.7 million, or 2.89 pence per share (H1 2023: loss £9.8 million, or 3.77 pence per share)

·    Fundraise completed in June 2024 raising £9.3 million (gross) to capitalise on the Company's position to develop the current three large pharma opportunities towards large scale commercialisation along with other large pharma and corporate opportunities under discussion

·    Cash and cash equivalents at 30 June 2024 of £17.9 million (31 December 2023: £16.2 million). R&D Tax Credits due at 30 June 2024 of £2.1 million (31 December 2023: £1.5 million)

Operational Highlights

Pharma Services

·      Pharma services business refocused on large pharma, with the deployment of the Parsortix technology to deliver key pharma objectives for targeted cancer drugs and improved clinical trial efficiencies

·      Three agreements signed with two large pharma customers, Eisai and AstraZeneca

-  pilot study for HER2 assay for Eisai as first step towards a companion diagnostic for their HER2 antibody drug conjugate (ADC) under development; progressing as planned with the HER2 assay working well to assess breast cancer HER2 status

-  development of a DNA damage response (DDR) assay for AstraZeneca with the potential for deployment in multiple AstraZeneca DDR drug trials; showing encouraging results and moving to the next stage of testing on patient samples

-  development of an Androgen Receptor (AR) assay for AstraZeneca with the potential for deployment in multiple prostate cancer clinical trials; development progressing well. Testing on patient samples will commence shortly with the aim to move the assay into the clinical lab so that it is available for AstraZeneca clinical trials early in 2025

·      Significant increase in number of prospective customers since completion of successful fundraise in June 2024, with discussions progressing with multiple additional large pharma companies

Product sales

·    Product sales have been impacted by the 29 April 2024 announcement by the US Food and Drug Administration (FDA) to regulate laboratory developed tests (LDTs), the initial reaction was muted but has recently led to clinical laboratories cancelling or pausing their new LDT development programmes. In addition, the global slowdown in research funding has worsened and has continued to delay customers' commitment to new contracts

·    The market is expecting both the LDT and research funding conditions to improve but timescales are unclear. In the meantime, ANGLE intends to support and grow its translational and research use products customers to ensure third party development of uses of the Parsortix system by leading researchers continues and the body of evidence builds, but will prioritise its investment towards the growth of our successful large pharma strategy

Content (applications)

·    Good progress made in clinical studies:

- INFORM study on track with 419 patients recruited and 4,459 blood samples collected as of 30 June 2024, building a liquid biopsy biobank in four major cancer types for assay development and validation

- recruitment in ovarian and prostate cancer studies completed and Parsortix cell harvest stored for future molecular analysis

- biobank of samples to be used to provide data to drive pharma sales

·    Ongoing development of molecular assay for dual analysis of CTCs and ctDNA from a single blood sample:

- research study results have shown that clinically relevant DNA variants were identified in CTCs that were absent in plasma ctDNA in the same blood sample

- dual analysis of CTC-DNA and ctDNA has potential to expand clinically relevant information driving improved targeted treatment selection

·    Four peer-reviewed scientific papers were published in H1 2024 bringing the total number of peer-reviewed publications at period end to 96 from 41 independent international research centres. As announced today the number of publications has now reached 100, spanning a decade of research and the evolution of CTC analysis from simple enumeration for prognosis to highly sensitive next generation sequencing for molecular analysis of cancer

Outlook

·    Encouraging momentum with growing pipeline of large pharma and corporate opportunities to build future large-scale revenue opportunities 

·    All three large pharma agreements with Eisai and AstraZeneca are progressing well and, if successful, have the potential to lead to substantially larger contracts for deployment in clinical trials

·    Fourth agreement signed with Recursion Pharmaceuticals in H2, 2024 for a fully funded pilot study with the potential to flow into their partnerships with multiple large pharma companies

·    As exemplified by the second agreement with AstraZeneca, large pharma customers provide significant opportunity to cross-sell within each organisation, leading to execution of new agreements in a relatively short timeframe

·    Agreement with NuProbe signed in H2, 2024 securing an option to an exclusive global licence (outside of China) for their pan-cancer next generation sequencing (NGS) panel. This is by far the best performing panel tested by the Company to date, enabling low-cost and highly sensitive and specific detection of 6,500 DNA mutations in 61 clinically relevant genes. This test enables dual analysis of CTCs and ctDNA from a single blood sample and is expected to open up a broad range of pharma services opportunities

·    Despite the recent unexpected constraints on product sales, revenues for H2 are expected to double compared to H1 with the full year revenue expected to be between £3.0 million and £3.7 million, materially lower than previously anticipated  

·    In the medium term with the strategic focus on pharma services, the Company is anticipated to be in a stronger cash generative position supported by multiple large pharma relationships advancing to the next contractual phase coupled with a substantially lower cost base

·    Prioritising investment towards growth of the large pharma strategy and reducing investment in the products side is intended to maximise ANGLE's commercial opportunity and is now anticipated to deliver cashflow positive trading in the second half of 2026; and the Company is funded to execute on this plan

ANGLE Chief Executive, Andrew Newland, commented:

"Having identified a key unmet demand for CTC analysis to support drug discovery and development progressing through to companion diagnostics, ANGLE has proactively re-shaped its business, focusing its best-in-class liquid biopsy solution to meet large pharma business needs. This, together with cost-cutting and the recent successful fundraise, has put ANGLE in a position to deliver future growth through the adoption of the Parsortix system and assays for pharma drug trials across multiple cancer types leading to companion diagnostics.

By securing large pharma services contracts, the Company does not need to fund all assay development, regulatory and business development costs on its own. The Company's validated, regulatory approved, product-based solution and ISO accreditation has been key to attracting pharma customers.

Although product sales headwinds and its impact on our market expectations are disappointing, I am pleased that the Company's targeted large pharma services strategy has resulted in three new contracts with two large pharma customers, Eisai and AstraZeneca, and a fourth contract with Recursion, which may progress through to large pharma application. We look forward to managing the transition to large pharma focus and building on this commercial momentum further in the second half of the year and into 2025."

For further information:

For Frequently Used Terms, please see the Company's website on https://angleplc.com/investor-relations/glossary/

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain. 

These Interim Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development activities, commercialisation strategies, the uncertainties related to clinical study outcomes and regulatory clearance, obtaining reimbursement and payor coverage, acceptance into national guidelines and the acceptance of the Group's products and services by customers.

CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT

Introduction

The Company is at the forefront of the liquid biopsy revolution in cancer, with unique and innovative CTC solutions that have the potential to transform cancer care. With an increasing range of pharma services contracts, the Company is well-positioned for strong growth.

Overview of Financial Results

Revenue for H1 2024 of £1.0 million (H1 2023: £1.2 million) reflects a challenging market environment for product sales. With the large pharma strategy now in place, revenues are expected to be driven by this in future periods. Gross margins in the period averaged 59% (H1 2023: 62%) reflecting the product-service mix.

Pharma services revenues in the period increased to £0.5 million (H1 2023: £0.4 million). The sold order book for future pharma services and corporate partnerships revenues, increased to £1.9 million at period end.

As previously announced, management has identified cost reductions expected to result in cash savings of c. £8 million in the period to 31 December 2024, as the US clinical laboratory was closed, and non-critical R&D and other activities are deferred or reduced. This has resulted in reduced operating costs for the period of £8.9 million (H1 2023: £11.4 million). The loss for the period reduced by 21% to £7.7 million (H1 2023: loss £9.8 million).

A fundraise was completed in June 2024 raising £9.3 million (gross), £8.6 million (net).  This funding is being deployed to support the Company's expansion of large pharma relationships with potential to deliver long-term large-scale revenues.

Cash and cash equivalents were £17.9 million at 30 June 2024 (31 December 2023: £16.2 million) with R&D Tax Credits due at 30 June 2024 of £2.1 million (31 December 2023: £1.5 million).

Executing business strategy to drive growth

Over time, the Board expects that the Parsortix-based CTC liquid biopsy solutions will become an integral part of pharma drug discovery and clinical development with the aim of widespread clinical use as companion diagnostics to support targeted cancer drugs to deliver personalised medicine.

The Company has taken the strategic decision post-period end to prioritise investment on its large pharma strategy and reduce costs in other areas, such as product-related activities, to substantially lower the ongoing cost base. While the first contract with a large pharma customer can take significant time to secure and the timing of the progression of a particular contract through the clinical trial process is uncertain, these contracts offer the potential for very large-scale long-term revenue. The Company is working towards securing numerous such large pharma contracts to drive the Company's progress towards profitability. Excellent progress has been made with the large pharma strategy during the period with three such agreements announced with two pharma customers, Eisai and AstraZeneca.

·    In January 2024, ANGLE announced an agreement with the global Japanese pharmaceutical company Eisai. Under the terms of the agreement worth an initial US $250,000, ANGLE is providing CTC analysis with its Portrait HER2 assay in a pilot study. The study drug is an antibody-drug conjugate (ADC) that is composed of Eisai's proprietary anticancer agent, eribulin, conjugated to an anti-HER2 antibody. It is expected to have anti-tumour effects on breast, lung and other solid tumours that express HER2. The study is in progress and the Company has received and processed blood samples identifying the expression of HER2 on CTCs. Success of the assay in this study has the potential to build through to larger revenues through inclusion in their Phase II and Phase III trials, with the ultimate goal of approval as a companion diagnostic.

·    In April 2024, ANGLE announced an agreement, worth an initial £150,000, with, AstraZeneca, for the development and validation of an assay based on the Company's existing pKAP1 DDR assay. Early proof of principle with AstraZeneca's test compounds has been achieved and the assay is now undergoing further refinement. If successful AstraZeneca could implement this assay in large-scale clinical studies to assess the efficacy of DDR therapeutics, and enable longitudinal, repeat monitoring of treatment response.

·    In May 2024, ANGLE announced a second services contract with AstraZeneca. Under the terms of this agreement, worth an initial £550,000, the Company is developing a CTC-based Androgen Receptor (AR) assay. There is wide applicability, both to AstraZeneca and other pharma customers, for an AR assay to measure protein expression, which can only be undertaken on intact cancer cells. A successful development phase, anticipated in Q1 2025, will demonstrate the importance of the Parsortix system in assessing the efficacy of AR-targeted prostate cancer therapeutics and offers the potential for long-term, ongoing revenues for the Company supporting prostate cancer clinical trials. The Androgen Receptor Inhibitor Market size was valued at US$ 10.3 billion in 2023 and is projected to reach US$ 12.5 billion by 2030.  

The Company continues to focus on delivering "content" through the development and validation of assays utilising CTCs. Good progress was made in developing bespoke imaging assays to investigate protein targets on the CTCs and in the development of molecular assays that will enable dual sequencing of CTC-DNA and ctDNA, from a single blood sample. Preliminary study results and subsequent validation by the Company, demonstrate that clinically relevant DNA variants were identified in CTCs that were not found in ctDNA from the same blood sample, potentially expanding the actionable information available to guide targeted treatment selection. This finding has been validated further by a third-party study in melanoma patients published by Hamburg-Eppendorf University in June 2024. The authors conclude that the integration of a multi-analyte approach to the patient care has the potential to further the delivery of personalised medicine. These findings are of high importance to ANGLE as they cannot be achieved without using the Parsortix system.

The installed base of Parsortix systems stands at over 260 with 224,000 cumulative samples processed of as of 30 June 2024. The reduction in the installed base from 290 at 31 December 2023 reflects the closure of the US facilities and a reduction in paid-for KOL activities.

Outlook

ANGLE is successfully building strong relationships with large pharma offering the potential for substantial long-term growth as we can help large pharma address some of their critical issues including identifying patients that will respond to new classes of drugs such as ADCs (antibody drug conjugates) and DDR (DNA damage response) inhibitors. Year to date the Company has already secured four such pharma service agreements. 

CTCs are a unique liquid biopsy analyte that provide intact living cancer cells from a blood sample. The Company's ability to evaluate these intact cancer cells has been instrumental in securing large pharma customers. Strong sustained revenue growth is expected over the long term as CTCs, either alone or in combination with ctDNA, become routinely incorporated into clinical studies and eventually become fully incorporated into the cancer care pathway.

Services contracts with large pharma offer the potential for substantial expansion of the Company's assay portfolio, with development funded by the customer. The assays developed by the Company provide our pharma services customers with the ability to undertake repeatable, longitudinal assessment of drug efficacy. Furthermore, these assays have the potential to be provided as a service to other companies with drugs targeting the same biomarker or molecular pathway.

Success in any of these programmes has the potential to yield significant benefits to pharma in clinical trials, regulatory clearance, pricing and competitive positioning of their drugs.  ANGLE is working to secure multiple contracts of a similar structure with large pharma to maximise the number of major revenue opportunities. Prioritising investment towards growth of the large pharma strategy and reducing investment in the products side is intended to maximise ANGLE's commercial opportunity and is now anticipated to deliver cashflow positive trading in the second half of 2026; and the Company is funded to execute on this plan.

Operational Update

Commercial strategy

ANGLE's vision is to secure widespread adoption of the Parsortix system by providing circulating tumour cells (CTCs) as the "best sample" for analysis coupled with state-of-the-art molecular and imaging assays to provide high-throughput, low cost, highly sensitive, downstream analysis.

ANGLE sells the Parsortix system to laboratories investigating CTCs and this has successfully driven a wide body of evidence in the form of peer-reviewed publications.

The primary commercialisation route for the Parsortix system is through long-term relationships with large pharma who need liquid biopsy assays to support drug discovery and clinical development with a view to adoption as a companion diagnostic to support the prescription of their targeted cancer drugs.

ANGLE has established a GCLP-compliant laboratory in the UK, with the capability, capacity and required quality systems to provide pharma customers with assay services to support drug discovery and development. ANGLE's clinical laboratory processes patient samples and offer validated assays to support clinical decision making.

Parsortix content (applications)

ANGLE has launched multiple downstream assays available to customers as a service from our GCLP-compliant laboratory. These include:

·       Portrait Flex assay, designed to allow the detection of CTCs regardless of EMT status. Combining the use of the Parsortix system and the Portrait Flex assay allows for testing that is specific to customer needs and can enhance their clinical study evaluations.

·       DNA Damage Response (DDR) assays were developed to identify two DNA damage markers, phosphorylated histone variant H2AX (γH2AX) and phosphorylated KRAB-associated protein 1 (pKAP1) on CTCs enriched using the Parsortix system. The increasing investigation of DDR/PARP inhibitors, alone and in combination with chemotherapy or immunotherapy, broadens the utility of γH2AX and pKAP1 assays as indicators of DNA damage and clinical effectiveness. The assays make longitudinal, repeatable monitoring of treatment response possible for pharma trials.

·       The Portrait PD-L1 assay was developed to allow the detection of CTCs and determine their PD-L1 status, which may enable better identification of suitable candidates for immunotherapy studies and provide longitudinal monitoring of patient response to therapy.

ANGLE has also started work with encouraging results on the application of AI in cell image analysis (both immunofluorescence and FISH). This has the potential to automate the labour element of microscopic analysis of the CTCs ensuring consistency and reducing costs for high volume adoption. 

Pharma services

The pharma services business utilising the Parsortix system offers the potential for substantial revenues in the large cancer drug trials market followed by adoption as a companion diagnostic to support drug prescription. The use of CTC biomarkers in clinical trials is a rapidly growing field enabling longitudinal monitoring of genomic, transcriptomic, and proteomic changes.

CTCs are increasingly being recognised for the additional and complementary information they can provide, with multi-analyte assessment having the potential to unlock the full clinical capabilities of liquid biopsy. A recent high impact review article summarising the evidence from across two decades concludes that 'CTCs represent a transformative biomarker in precision oncology, offering extraordinary opportunities to translate scientific discoveries into tangible improvements in patient care'¹.

The Company has focused its business development on large pharma customers where there is a large unmet market and no funding constraints. This resulted in the announcement of three service agreements, with two large pharma customers, Eisai and AstraZeneca in the six months ending 30 June 2024.

Post period end, the Company has signed an agreement with Recursion Pharmaceuticals. Recursion is a clinical-stage biotechnology company leveraging technology, including machine learning and AI, to industrialise drug discovery. Under the terms of the agreement, ANGLE will undertake a pilot study, fully funded by Recursion, with the potential for larger follow-on contracts in the event of a successful pilot study. Recursion has partnerships with multiple leading large pharma companies and has five research programmes in clinical development, two in preclinical development and twelve in early discovery.

The Company has developed bespoke assays for all its existing pharma customers, targeting pathways which are undergoing significant commercial growth. This offers considerable potential for further business both with existing customers across their oncology pipeline and with other pharma companies developing oncology therapeutics targeting the same or similar biomarkers.

Corporate partnerships

Medical diagnostic and precision medicine companies

ANGLE is proactively engaging with a range of large medical diagnostic and precision medicine companies with a view to working with them to port existing tissue-based assays to a liquid biopsy format.  Similar to large pharma contracts, this has the potential to deliver substantial services revenues followed by larger scale sales once the customer implements the solution. From the customer's perspective a liquid biopsy offering will enable them to move from one time use tests to repeat longitudinal monitoring of patient status delivering repeat revenue potential from the same patient.

BioView

ANGLE continues to progress its collaboration with BioView to develop a CTC HER2 (human epidermal growth factor receptor 2) assay kit for breast cancer using a combination of ANGLE's Parsortix system and BioView's automated microscopy systems and software.

The HER2 assay kit aims to detect and assess the HER2 expression and/or gene amplification in CTCs and is another significant development for the Company. The changing market dynamics of the HER2 breast cancer marketplace, with the introduction of new drugs targeting tumours with low HER2 expression, have provided a major commercial opportunity to develop a quantitative CTC-based HER2 assay kit, to assess HER2 protein expression and/or gene amplification levels by analysing fluorescence intensities. Unlike current standard of care tests developed for use with tissue samples, a CTC HER2 assay kit could be used for longitudinal monitoring of HER2 status throughout disease progression, thereby ensuring the patient receives the most appropriate targeted treatment at every stage.

Given the significant third-party interest in a new assay kit for quantitative HER2 analysis based on CTCs, the agreement allows for the inclusion of third parties in this project and its funding at the commercialisation stage after assay development is complete.

Development of cutting-edge molecular solutions

Post period end, the Company signed an agreement with NuProbe, a cutting-edge genomics and molecular diagnostics company, for the use of their proprietary pan-cancer next generation sequencing (NGS) panel. The agreement grants ANGLE an option to take an exclusive global license (outside of China) to the NGS panel for the analysis of CTCs and the dual analysis of CTCs and ctDNA. 

The NGS panel, which has been validated on the Illumina sequencers, enables highly sensitive and specific detection of over 6,500 DNA mutations in 61 clinically relevant genes and been found to be the highest performing multi-gene assay of those evaluated by the Company. These genes include those with matched targeted therapies currently selected using assays which use tumour tissue or circulating tumour DNA (ctDNA) and aligns with many key drug targets under development by large pharma. This agreement will help accelerate the Company's ability to commercialise its first pan-cancer multi-analyte molecular sequencing assay which will provide pharma services customers with unparalleled and repeatable insights across many cancer types.

Using the NuProbe NGS panel, ANGLE has developed a sample-to-answer workflow for dual analysis of CTC-DNA and ctDNA from a single blood sample for comprehensive molecular analysis. CTCs and ctDNA provide additional and complementary information which has the potential to expand clinically actionable information, for personalised therapy, when the two are analysed together.

The Company is engaging with Illumina and approaching large pharma to expedite the adoption of this combined molecular profiling approach. This is supported by increasing recognition that a multi-analyte approach will be critical to unlock the full potential of liquid biopsies.

Clinical studies

ANGLE is conducting clinical studies to generate patient data demonstrating the value of Parsortix CTC analysis and has established a substantial biobank of clinical samples for this purpose. The aim is to generate data in four major cancer types, breast, prostate, ovarian and lung, which globally account for 40% of solid cancer cases, to support sales to large pharma.

INFORM is ANGLE's largest study, targeting enrolment of up to 1,000 patients with advanced stage cancer over a five-year period in four different cancer types (breast, prostate, ovarian and lung), involving six NHS Trusts. Up to 1,000 patients will have blood drawn across multiple time points (up to six) during their diagnosis, treatment, and follow-up. As of 30 June 2024, 419 patients had been enrolled into the INFORM study, with a total of 1,528 blood draws performed and 4,459 tubes of blood received for either storage or processing using the Parsortix system. Cells harvested by the system are being evaluated using various immunofluorescence and/or molecular assays or being stored for future molecular analysis.

The objectives of this study are to evaluate and characterise cells harvested from cancer patients using multiple downstream techniques (such as imaging, protein analyses, fluorescent in-situ hybridization (FISH), PCR and NGS) and to evaluate changes in CTCs and other rare cells in cancer patient blood samples over the course of their treatment.

Prostate and ovarian cancer studies

Recruitment of participants for the Company's prostate cancer study (DOMINO) and ovarian cancer study (EMBER2) has completed. DOMINO resulted in the collection of >400 blood samples from 100 prostate cancer patients whilst EMBER2 collected >1,400 blood samples from 400 ovarian cancer patients. The blood tubes drawn from each patient have been processed using the Parsortix system and the cell harvest stored for future molecular analysis. 

Peer-reviewed publications

The medical devices industry is evidence led, and in addition to the clinical studies and regulatory studies described previously, peer-reviewed publications from independent research groups are a key performance metric. There were 96 peer-reviewed publications from 41 independent cancer centres as of 30 June 2024 with 4 new publications announced during the reporting period. Key studies in 2024 have demonstrated the Parsortix system's efficacy across various cancer types, including lung, ovarian and melanoma. Researchers have highlighted the system's ability to provide real-time insights into tumor dynamics and genetic heterogeneity, which are crucial for personalised medicine. Moreover, publications have explored the integration of the Parsortix system with downstream molecular analysis techniques such as quantitative PCR and next-generation sequencing (NGS). These integrations have enabled detailed characterisation of CTCs at a molecular level, enabling real-time assessment of clinically relevant biomarkers.

Andrew D W Newland

Chief Executive

25 September 2024

1. Reduzzi C. et al. Unveiling the impact of circulating tumor cells: Two decades of discovery and clinical advancements in solid tumors. Critical Reviews in Oncology/Hematology, (2024) Volume 203, 10.1016/j.critrevonc.2024.104483

ANGLE plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2024

All activity arose from continuing operations

ANGLE PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

ANGLE plc

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2024

ANGLE plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2024

ANGLE plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

FOR THE SIX MONTHS ENDED 30 JUNE 2024

ANGLE plc

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2024

1       Basis of preparation and accounting policies

This Condensed Interim Financial Information is the unaudited interim consolidated financial information (the "Condensed Interim Financial Information") of ANGLE plc, a company incorporated and domiciled in Great Britain and its subsidiaries (together referred to as the "Group") for the six month period ended 30 June 2024 (the "interim period").

The Condensed Interim Financial Information should be read in conjunction with the Financial Statements of the Group for the year ended 31 December 2023, which have been prepared in accordance with UK-adopted international accounting standards. New and revised accounting standards and interpretations that became effective in the period did not have or are not expected to have a significant impact on the Group. Where necessary, comparative information has been reclassified or expanded from the previously reported Condensed Interim Financial Information to take into account any presentational changes which were made in the Annual Report and Financial Statements to 31 December 2023 and which may be made in the Annual Report and Financial Statements to 31 December 2024.

The accounting policies used in the preparation of the Condensed Interim Financial Information for the six months ended 30 June 2024 are in accordance with UK-adopted accounting standards and are consistent with those which will be adopted in the Financial Statements for the year ended 31 December 2024. While the Condensed Interim Financial Information has been prepared in accordance with the recognition and measurement criteria of UK-adopted international accounting standards, these Financial Statements do not contain sufficient information to comply with UK-adopted international accounting standards.

This Condensed Interim Financial Information does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006 and is unaudited and has not been reviewed. The comparative information for the six months ended 30 June 2023 is also unaudited. The comparative figures for the year ended 31 December 2023 have been extracted from the Group Financial Statements as filed with the Registrar of Companies. The report of the auditors on those Financial Statements was unqualified and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.

The Condensed Interim Financial Information was approved by the Board and authorised for issue on 25 September 2024. 

Going concern

The Financial Information has been prepared on a going concern basis which assumes that the Group will be able to continue its operations for the foreseeable future.

The Directors have considered the uncertainties, risks and potential impact on the business associated with potential negative trading scenarios. In these circumstances discretionary expenditure within the business provides flexibility to scale back operations to address adverse events if required.

The Directors have prepared and reviewed the financial projections for a period in excess of 12 months from the date of approval of this Condensed Interim Financial Information with discretionary expenditure carefully controlled in line with available resources, as certain projects may be deferred until additional resources are available. Based on the level of existing cash and expected R&D tax credits, the projected income and expenditure (the quantum and timing of some of which is at the Group's discretion), the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in business for the foreseeable future. Accordingly, the going concern basis has been used in preparing the Financial Statements.

         Critical accounting estimates and judgements

         The preparation of the Condensed Interim Financial Information requires the use of estimates, assumptions and judgements that affect the reported amounts of assets and liabilities at the date of the Financial Information and the reported amounts of revenues and expenses during the reporting period. Although these estimates, assumptions and judgements are based on the Directors' best knowledge of the amounts, events or actions, and are believed to be reasonable, actual results ultimately may differ from those estimates.

         The estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities relate to share-based payments.

2       Tax

The Group undertakes research and development activities. In the UK these activities qualify for tax relief resulting in research and development tax credits.

3       Earnings/(loss) per share

          The basic and diluted earnings/(loss) per share is calculated by dividing the after tax loss for the period attributable to the owners of the parent of £7.7 million (six months to 30 June 2023: loss £9.8 million, year ended 31 December 2023: loss £20.1 million) by the weighted average number of shares in the period.

          In accordance with IAS 33 Earnings per share 1) the "basic" weighted average number of Ordinary shares calculation excludes shares held by the Employee Share Ownership Trust (ESOT) as these are treated as treasury shares and 2) the "diluted" weighted average number of Ordinary shares calculation considers potentially dilutive Ordinary shares from instruments that could be converted. Share options are potentially dilutive where the exercise price is less than the average market price during the period. Due to the losses in the periods, share options are non-dilutive for the respective periods as adding them would have the effect of reducing the loss per share and therefore the diluted loss per share is equal to the basic loss per share.

          The basic and diluted earnings/(loss) per share are based on 267,032,826 weighted average Ordinary £0.10 shares (six months to 30 June 2023: 260,467,288; year ended 31 December 2023: 260,467,288).

4       Share capital

The Company has one class of Ordinary shares which carry no right to fixed income and at 30 June 2024 had 322,641,668 Ordinary shares of £0.10 each allotted, called up and fully paid.

During the period the Company issued 62,061,121 new Ordinary shares with a nominal value of £0.10 at an issue price of £0.15 per share in a placing of shares realising gross proceeds of £9.3 million. Associated costs of £0.7 million were incurred. Shares were admitted to trading on AIM in June 2024.

Shareholder communications

This announcement is being sent to all shareholders on the register at 25 September 2024. Copies of this announcement are posted on the Company's website www.angleplc.com and are available from the Company's registered office: 10 Nugent Road, Surrey Research Park, Guildford, Surrey, GU2 7AF.