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Cardiogeni PLC announced on 24 October 2025 that it has restated its audited financial statements for the year ended 31 March 2025, originally published on 30 September 2025. The restatement involved reclassifying £43,800 of rental income from Turnover to Other Operating Income and reallocating £72,799 in professional fees from its subsidiary, Cell Therapy Limited, to Cardiogeni PLC. These adjustments resulted in Turnover decreasing by £43,800, Other Operating Income increasing by £43,800, and both Operating Profit and Profit After Taxation decreasing by £72,799.
| Date | 24 Oct 2025 |
| Time | 07:00:12 |
| Category | Miscellaneous |
| ID | 6584E |
24 October 2025
Cardiogeni PLC
("Cardiogeni" or the "Company")
Cardiogeni Announces Restatement of Financial Statements for the Year Ended 31 March 2025
Cardiogeni (AQSE: CGNI), the UK clinical stage biotechnology company founded in 2007 by Nobel Laureate Professor Sir Martin Evans to develop innovative heart failure medicines, announces that it has restated its audited financial statements for the year ended 31 March 2025, originally published on 30 September 2025.
A copy of the restated annual report will be posted on the Company's website: https://www.cardiogeni.com
The restatement results from the reclassification of certain items within the income statement to ensure a more accurate presentation of the Company's financial performance and consistency with applicable accounting standards. These changes are non-material and have no significant impact on the Group's cash position or overall financial standing.
1. Summary of Adjustments
1.1. Reclassification of Rental Income
An amount of £43,800 previously recorded within Turnover (Revenue) has been reclassified to Other Operating Income. This relates to rental income received by the Company which, following review, has been deemed not to arise from its principal business activities. Accordingly, the Board determined that this income should be recorded under Other Operating Income instead of Turnover.
1.2. Reallocation of Professional Fees
Professional fees amounting to £72,799, previously accounted for within the subsidiary Cell Therapy Limited, have been reallocated to Cardiogeni PLC. This adjustment aligns the presentation of costs with the entity incurring the expenditure.
2. Effect of the Restatement
|
Financial Statement Item |
Previously Reported (£) |
Restated (£) |
Movement (£) |
|
Turnover |
7,794,587 |
7,750,787 |
(43,800) |
|
Other Operating Income |
56,808 |
100,608 |
+43,800 |
|
Administrative Expenses |
(4,832,294) |
(4,905,093) |
(72,799) |
|
Operating Profit/(Loss) |
3,019,101 |
2,946,302 |
(72,799) |
|
Profit/(Loss) Before Taxation |
1,095,796 |
1,022,997 |
(72,799) |
|
Profit/(Loss) After Taxation |
1,095,796 |
1,022,997 |
(72,799) |
These amendments have resulted in a modest reduction in reported operating profit and profit after tax. The Board considers the overall impact of these adjustments to be not material to the Company's financial position, performance, or cash flows.
3. Board Commentary
The Board has undertaken these adjustments following an internal accounting review to ensure the financial statements present a true and fair view of the Company's performance and remain consistent with applicable accounting standards.
4. Updated Financial Summary
|
Item |
Filed Accounts (£) |
Revised Accounts (£) |
Difference
(£) |
|
Consolidated Profit and Loss Account Differences (As at 31 March 2025) |
|
|
|
|
TURNOVER |
7,794,587 |
7,750,787 |
43,800 |
|
Administrative expenses |
(4,832,294) |
(4,905,093) |
(72,799) |
|
Other operating income |
56,808 |
100,608 |
43,800 |
|
OPERATING PROFIT/(LOSS) |
3,019,101 |
2,946,302 |
72,799 |
|
PROFIT/(LOSS) BEFORE TAXATION |
1,095,796 |
1,022,997 |
72,799 |
|
PROFIT/(LOSS) AFTER TAXATION |
1,095,796 |
1,022,997 |
72,799 |
|
Profit/(loss) attributable to Owners of the parent |
1,096,758 |
1,023,959 |
72,799 |
|
Consolidated Balance Sheet Differences (As at 31 March 2025) |
|
|
|
|
Debtors (Current Assets) |
347,746 |
274,947 |
72,799 |
|
NET CURRENT ASSETS (LIABILITIES) |
(129,957) |
(202,757) |
(72,799) |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
901,536 |
828,736 |
72,799 |
|
NET ASSETS/(LIABILITIES) |
833,336 |
760,536 |
72,799 |
|
Profit and Loss Account (Reserves) |
(5,965,658) |
(6,038,458) |
(72,799) |
|
Equity attributable to owners of the parent |
837,039 |
764,239 |
72,799 |
|
TOTAL EQUITY |
833,336 |
760,536 |
72,799 |
|
Company Balance Sheet Differences (As at 31 March 2025) |
|
|
|
|
Debtors (Current Assets) |
2,477,618 |
2,404,818 |
72,799 |
|
NET CURRENT ASSETS (LIABILITIES) |
2,247,432 |
2,174,632 |
72,799 |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,457,269 |
6,384,469 |
72,799 |
|
NET ASSETS |
6,457,269 |
6,384,469 |
72,799 |
|
Profit and Loss Account (Reserves) |
(345,429) |
(418,229) |
(72,799) |
|
SHAREHOLDERS' FUNDS |
6,457,269 |
6,384,469 |
72,799 |
END
About Cardiogeni
Founded by Nobel Laureate, Professor Sir Martin Evans, the Cardiogeni Group is developing a new class of life-saving cellular medicines. The Group's platform technology enables the creation of unique (living) cells that are engineered with a specific therapeutic function.
The Group's lead product, CLXR-001, is a patented engineered cellular medicine to treat heart failure patients which is administered during coronary artery bypass grafting surgery. The Group's novel epigenetic cellular reprogramming technology was developed in-house by Professor Sir Martin Evans and the platform along with the pipeline of medicines in development are protected by a portfolio of ~100 international patents and trademarks.
CLXR-001 targets heart failure which will affect 1 in 4 people in their lifetime and is not reversible or curable. CLXR-001 consists of a novel allogeneic (off-the-shelf) cell type, iMP cells, engineered for cardiac regeneration whose mechanism of action is to regenerate damaged heart tissue and restoration of improved heart function improving both the life expectancy and quality of life of patients.
CLXR-001 targets the cardiac market niche of CABG surgery with ~400,000 patients per year in the US alone. The Group's two follow-on products target larger cardiac market segments of stent treatment (over two million patients per year) and myocardial infarction (heart attack, over one million patients per year). Each of the products has the potential to become a first or best-in-class blockbuster ($1B in annual sales) medicine
CLXR-001 has successfully completed an EU Phase II investigator sponsored clinical trial in which patients showed a statistically significant (P<0.05) improvement in all end-point targets including heart function, reduction in heart scarring and an improvement in quality of life.
CLXR-001 has received regulatory approval to begin a randomized controlled trial from the national regulatory authority of a European Union member country and this trial has begun dosing patients with interim data expected to read-out within 18 months.
The Company's admission document is available to view on its website: www.cardiogeni.com
The Directors of Cardiogeni accept responsibility for this announcement.
For further information please contact:
|
Cardiogeni PLC |
|
|
Darrin Disley, Executive Chairman Ajan Reginald, Executive Officer |
Via First Sentinel |
|
First Sentinel Corporate Finance Limited, Corporate Adviser |
|
|
Brian Stockbridge |
+44 (0) 7858 888007 |
|
SP Angel Corporate Finance LLP, Corporate Broker |
|
|
David Hignell Vadim Alexandre Devik Mehta |
+44 20 3470 0470 |