18 December 2024

Incanthera plc

("Incanthera", the "Company" or "Group")

Half-yearly results for the six months ended 30 September 2024

Incanthera plc, the company focused on innovative technologies in dermatology and oncology, presents its interim results for the six months ended 30 September 2024.

The period under review saw enormous progression for the Company as we geared up operationally and corporately towards the launch of our luxury skincare range Skin + CELL.

With the support of both existing and new shareholders, we raised a total of £3.4 million in the period under review through an equity fundraise in June 2024 for £2.6 million and various warrant exercises through the period of £0.8 million.

This was invested into inventory across all five products in our Skin + CELL range, held with Frike Group, our contract manufacturer based in Zurich, Switzerland, ready for launch.

Following the period end, the Company announced on 26 November 2024 that it had received unsupported allegations from a third party, concerning a potential patent infringement in relation to the formulation of the Skin + Cell range of products. The Company considers the unsupported allegations to be without merit and is resolute in its commitment to a conclusion.

The Board of the Company remains confident for the future launch of its products and will continue to update the market, at its earliest opportunity.

For further information please contact:

Notes to Editors

About Incanthera plc

Incanthera is a specialist company focused on innovative technologies in dermatology and oncology. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading specialists and academic institutions as well as its in-house development team.

The Company originated from the Institute of Cancer Therapeutics ("ICT") at the University of Bradford.  Incanthera's strategy is to develop each candidate in its portfolio from initial acquisition or discovery to securing its future through commercially valuable partnerships at the earliest opportunity in its development pathway.

For more information on the Company please visit: www.incanthera.com

@incantheraplc

About Skin + CELL

Skin + CELL is Incanthera's luxury skincare brand utilising our ground-breaking formulation and delivery expertise, to bring scientifically proven formulations to cosmetics. Skin + CELL's complementary range of products are based on advanced, clinically designed, formulation concentrates which combine leading edge pharmaceutical enhancement technology with selected prestige cosmetic ingredients to give an effective product which gives a silky emollience in use and leaves the skin visibly radiant, energised and protected.

Incanthera's new bioactive skincare technology has been developed by our in-house experts who have previously formulated topical products for some of the world's leading skincare and pharmaceutical companies. The formulations fortify otherwise depleted physiological pathways to improve the skin's performance, ability to self-repair and to address previously unmet cosmetic conditions in skin health.

Skin + CELL's luxury skincare current range extends across face, body, hand, face serum and eye cream, and will also include bioactive SPF concentrations and further derivatives of vitamins in the future 

Incanthera plc

HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2024 - unaudited

Consolidated Statement of Financial Position

as at 30 September 2024 - unaudited

Consolidated Statement of Changes in Equity

for the six months ended 30 September 2024 - unaudited

The registered number of Incanthera plc is 11026926.

Consolidated Statement of Cash Flows

for the six months ended 30 September 2024 - unaudited

1. GENERAL INFORMATION

Incanthera plc ('the Company') is a public limited company incorporated in England and Wales and was admitted to trading on the AQSE Growth Market, under the symbol INC on 28 February 2020. The Company trades on the Apex segment.

The address of its registered office is 76 King Street, Manchester, England, M2 4NH and the registered company number is 11026926. The principal activity of the Company is clinical stage drug development.

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The consolidated financial statements have been prepared in accordance with UK adopted International Financial Accounting Standards ('IFRS'), IFRIC interpretations and the Companies Act 2006 applicable to companies operating under IFRS.

The consolidated financial statements are presented in Sterling (£) and rounded to the nearest £'000. This is the predominant functional currency of the Group and is the currency of the primary economic environment in which it operates.

The consolidated financial statements have not been reviewed by the Group's auditors.

3. LOSS PER SHARE

Basic loss per share is calculated by dividing the loss for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period. 

For diluted loss per share, the loss for the period attributable to equity holders and the weighted average number of ordinary shares outstanding during the period is adjusted to assume conversion of all dilutive potential ordinary shares. As the effect of the share options would be to reduce the loss per share, the diluted loss per share is the same as the basic loss per share.

The calculation of the Group's basic and diluted loss per share is based on the following data:

4. SHARE-BASED PAYMENTS

As at the end of the current period, the reconciliation of share option scheme movements is as follows:

During the six month period ended 30 September 2024, a share-based payment charge of £41,126 (2023: £27,763) was expensed to the consolidated Statement of Comprehensive Income.

The fair values of the options granted have been calculated using a Black-Scholes model.

5. ISSUED CAPITAL AND RESERVES

Ordinary shares

New shares were issued during six-month period ended 30 September 2024 in relation to a placing agreement and the exercise of warrants.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.