30 September 2025

Solvonis Therapeutics PLC

Unaudited interim results for the six months to 30 June 2025

Solvonis Therapeutics Plc (the "Company" or "Solvonis"), an innovative biotechnology company focused on co-developing therapeutics for mental health disorders, announces its unaudited interim results for the six months to 30 June 2025.

Chairman's Statement

The first half of 2025 has been a period of significant progress for Solvonis. Most notably, we completed the acquisition of Awakn Life Sciences, a transformational step that broadened our pipeline, strengthened our team, and accelerated our strategy to become a leading CNS-focused biopharmaceutical platform.

Alongside this, we advanced our R&D programmes across addiction, neuropsychiatry, and neurology. Highlights included the continued progression of SVN-001 in Alcohol Use Disorder, preparations for the next clinical stage of SVN-002 in the US, and the advancement of our AI-discovered preclinical candidate, SVN-SDN-014, which is targeted for PTSD. Together, these programmes represent a balanced portfolio spanning late-, mid- and early-stage development.

Our focus remains firmly on executing this strategy: delivering clinical and regulatory milestones across our lead programmes, strengthening our discovery engine, and positioning Solvonis as a credible partner of choice for large pharma in CNS disorders. With the Awakn integration well underway and our discovery platform gaining momentum, the Board believes the Company is well placed to deliver material value for patients and shareholders alike.

Key Financial Indicators

·    Cash and cash equivalents at period end were £1,719,000 (H1 2024: £27,000)

·    Loss before taxation for the period was £1,621,000 (H1 2024: £469,000)

·    The Group held net assets at period-end of £6,935,000 (31 December 2024: £3,084,000)

·    The Group held total assets at period-end of £9,545,000 (31 December 2024: £3,203,000)

Risk factors

The principal risks facing the Group remain broadly consistent with those set out in our 2024 Annual Report. While certain risk factors have evolved following the acquisition of Awakn Life Sciences, there have been no material changes. Shareholders are directed to the risk disclosures contained in the prospectus published in May 2025, which provides an updated overview of the Group's risk profile.

On behalf of the Board,

Dennis Purcell

Chairman

Solvonis Therapeutics plc

Enquiries:

Solvonis Therapeutics plc
Anthony Tennyson, CEO & Executive Director
anthony@solvonis.com

Singer Capital Markets (Corporate Broker)
Phil Davies
+44 (0) 20 7496 3000

About Solvonis Therapeutics plc

Solvonis Therapeutics plc (LSE: SVNS) is a clinical-stage biopharmaceutical company developing novel medicines for addiction and mental health disorders. Headquartered in London and listed on the main market of the London Stock Exchange, Solvonis is advancing a differentiated pipeline of repurposed and novel compounds targeting high-burden neuropsychiatric conditions with significant unmet need.

The Company's lead programmes address Alcohol Use Disorder (AUD) and Post-Traumatic Stress Disorder (PTSD), conditions affecting over 80 million people across the UK, US, and EU4. Its lead asset, SVN-001, is currently in Phase 3 for severe AUD in Europe and the UK. SVN-002 is preparing for a Phase 2b trial in the US targeting moderate to severe AUD. Solvonis also has a preclinical PTSD programme leveraging novel serotonin-dopamine modulators designed to enhance pro-social behaviour and long-term outcomes.

In addition, Solvonis is advancing an AI-supported discovery platform built on a proprietary CNS compound library, with initial focus on depression and stimulant use disorders. This initiative expands the Company's R&D pipeline into earlier-stage innovation while maintaining strategic focus on comorbid and underserved neuropsychiatric conditions.

With a capital-efficient model, dual development strategy, and near-term partnering opportunities, Solvonis is positioned to generate value through innovation in neuropsychiatry.

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SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The notes from an integral part of the Condensed Consolidated Interim Financial Statements

SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The notes from an integral part of the Condensed Consolidated Interim Financial Statements.

The Condensed Consolidated Interim Financial Statements were approved and authorised by the Board of Directors on 29 September 2025.

Dennis Purcell - Chairman

SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASHFLOWS

SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.         GENERAL INFORMATION

Solvonis Therapeutics Plc ("the Company" or "Solvonis") was incorporated in England and Wales as a limited company on 18 May 2017 under the name Graft Polymer (UK) Plc and was re-registered as a public limited company on 1 July 2021. On 10 January 2025 the Company changed its name to Solvonis Therapeutics Plc. The Company is domiciled in England and Wales with its registered office at Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. The Company's registered number is 10776788.

The principal activities of the Company and all of its subsidiaries collectively referred to as "the Group" are the development of intellectual property related to the treatment of mental health and substance use disorders, and co-developing therapeutics for mental health disorders.

The condensed consolidated interim financial statements ("interim financial statements") were approved for issue by the Board of Directors on 13 September 2025.

2.         ACCOUNTING POLICIES

IAS 8 requires that management shall use its judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity.

3.         BASIS OF PREPARATION

The interim financial statements of Solvonis Therapeutics Plc for the six-month period ended 30 June 2025 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2024, which was prepared in accordance with UK adopted International Accounting Standards (IFRS) and the Companies Act 2006, and any public announcements made by Solvonis during the interim reporting period and since.

These interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2024 prepared under IFRS have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498(2) of the Companies Act 2006.

The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates.  The presentational currency of the Group is Pounds Sterling as this is the currency in which equity fundraising has been facilitated. The functional and presentational currency of the Company is Pounds Sterling. The subsidiary functional currencies are both the Euro and the Canadian dollar depending on which jurisdiction the respective companies are domiciled in. The interim financial statements have been rounded to the nearest £'000.

The interim financial statements have not been audited.

The business is not considered to be seasonal in nature.

3.1       GOING CONCERN

These interim financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. 

As disclosed in the interim financial statements, the consolidated entity incurred a net loss before taxation for the period ended 30 June 2025 from continuing operations of approximately £1,621,000 (30 June 2024: approximately £673,000) and had net cash inflows of approximately £966,000 for the period ended 30 June 2025 (30 June 2024: outflows of approximately £128,000). As at period end, the consolidated entity had net current assets of approximately £927,000 (30 June 2024: net current liabilities of approximately £413,000) and had cash and cash equivalents equal to approximately £1,719,000 (30 June 2024: approximately £27,000). 

In the Group's last annual report the Group's auditors noted that there was a material uncertainty relating to going concern due to an uncertainty over a potential fundraise. Since this material uncertainty was raised over going concern the Company has successfully completed two separate fundraising rounds (with one occurring post period end) which has significantly improved the liquidity of the Group.

As a result, the Directors have assessed that the Group now has sufficient working capital to execute its operations over the next 12 months. Accordingly, the Directors believe that the Group will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the interim financial statements. 

3.2       PRINCIPAL RISK AND UNCERTAINTIES

The principal risks and uncertainties of the Group have changed materially since the publication of the Group's last annual report primarily due to the acquisition of the Awakn group. A new risk assessment was performed alongside the prospectus that was published on 21 May 2025, and the key risks are highlighted below:

Financial

-     Both the Company and Awakn have been historically loss making, and it is anticipated that the Enlarged Group will continue to incur losses for the foreseeable future. This is typical for pre-revenue Companies however it places a reliance on the Group to source capital through equity or debt sources.

Operational

-    Positive results from early-stage clinical studies (in particular, Awakn's clinical activities in relation to AWKN-001) are not necessarily predictive of the results of later clinical studies and there is a risk that product candidates will not be capable of being successfully commercialised

-     Clinical trials are inherently complex and unpredictable, there is no guarantee of successful outcomes, and, in certain cases, such trials could be terminated or suspended by regulatory authorities. These risks are deemed by the Directors to be within the normal risk appetite of the Group and are comfortable that the risks are properly mitigated where required.

Legal

-     A core asset of the Enlarged Group is its portfolio of intellectual property rights. A failure to protect those intellectual property rights and its portfolio of intellectual property rights, more generally, may have an adverse impact on the financial condition of the Enlarged Group

3.3       CRITICAL ACCOUNTING ESTIMATES

The preparation of these interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period.

In preparing these interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were similar to those that applied to the financial statements for the period ended 31 December 2024 (unless specifically detailed below) with the nature and amounts of such estimates have not changed significantly during the interim period. New critical accounting estimates considered by management for the interim period were:

Acquisition of Awakn Life Sciences - (Note 11)

During the period the Company completed the acquisition of the Awakn Life Sciences Group ("Awakn") as detailed in Note 11. The Board have formulated the opinion that this does not constitute a reverse takeover, nor does is it a business combination as Awakn does not satisfy the elements required to constitute a business under IFRS 3.

Recoverability of investments in subsidiary & intangible assets

During the period the Company acquired the Awakn Life Sciences Group ("Awakn") and has subsequently recorded an intangible asset in relation to the acquisition. As this acquisition has occurred within 5 weeks of the end of the period the Directors do not believe the assets to be impaired however will continue to monitor for indicators of impairment.

Share based payments - (Note 9)

The Group issues options and warrants to its employees, directors, investors and advisors. These are valued in accordance with IFRS 2 "Share-based payments". In calculating the related charge on issuing shares and warrants the Group will use a variety of estimates and judgements in respect of inputs used including share price volatility, risk free rate, and expected life. Changes to these inputs may impact the related charge. In the period the Group did not perform any new valuations but released expenses to the statement of other comprehensive income from valuations in prior periods.

4.         EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share is calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares in issue during the period.

Share options and warrants could potentially dilute basic earnings per share in the future. These were not included in the calculation and no diluted earnings per share presented as the Group is loss making and additional equity instruments are anti-dilutive for the periods presented.

5.         INTANGIBLE ASSETS

6.         INVESTMENTS

Company subsidiary undertakings

The Group owned interests in the following subsidiary undertakings, which are included in the financial statements:

7.         LOAN NOTE

8.         SHARE CAPITAL

Issued and fully paid ordinary shares with a nominal value of £0.001 (2024: £0.001)

9.         SHARE BASED PAYMENT RESERVE

Warrants

The following table lists the Black Scholes inputs to the model used for valuation of the warrants:

Options

10.       ASSET ACQUISITION

Acquisition of awakn life sciences group

On 27 May 2025, Solvonis acquired 100% of the common shares of Awakn Life Sciences Corp ("Awakn"), restricted share units of Awakn and deferred share units of Awakn pursuant to a plan of arrangement under section 288 of the Business Corporations Act (British Columbia).

In accounting for the acquisition, the directors must ascertain whether Awakn satisfies the criteria to be classified as a business. Under IFRS 3, a business must have three elements: inputs, processes and outputs to constitute a business combination.

At acquisition Awakn and all of its subsidiaries ("collectively referred to as the "Group") were largely inactive with only a small number of underlying assets. Whilst entities within the Group did hold patents any exploitation of these patents had been halted and there the Group did not satisfy the 3 elements above to be considered a business.

Therefore, the Directors conclusion was that the transactions were asset acquisitions and not business combinations.

The details of Solvonis' acquisition of the Awakn Group are as follows:

11.       RELATED PARTY TRANSACTIONS

Payments to Directors

In the period Directors accrued fees as per below which were outstanding at period end:

12.       EVENTS SUBSEQUENT TO PERIOD END

Equity fundraise and placing

On 10 July 2025, Solvonis Therapeutics completed an equity fundraise raising £1 million through the issue of 333,333,334 ordinary shares at a placing price of £0.003.

Exercise of warrants

On 18 July 2025, 20,000,000 warrants with an exercise price of £0.001 were exercised resulting in the issue of 20,000,000 ordinary shares.