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Clarify Pharma PLC - Full Year Results


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30/05/2023 07:00

Clarify Pharma PLC - Full Year Results
RNS Number : 9141A
Clarify Pharma PLC
30 May 2023
 

Press Release

30 May 2023

 

Clarify Pharma PLC

("Clarify Pharma" or "The Company")

 

Full Year Results

 

Clarify Pharma (AQSE: PSYC), an investment vehicle specialising in biotech and life sciences companies seeking to prove the safety and efficacy of psychedelic-based substances, announces its audited financial results for the twelve months ended 30 November 2022.

 

The Company is an Investment Company and has not divested any of its investments since IPO and continues to hold its one private investment: Beckley Psytech Ltd.

 

During the year the Company invested further into the sector by taking equity positions in two NASDAQ-listed companies; Atai Life Sciences (ATAI) and Compass Pathways (CMPS) which the Directors feel represent opportunities to increase the Company's exposure to the sector.

 

Outlook:

Whilst the psychedelic-focused biotech and life sciences sector has not generated attractive returns in the period, the Directors believe that the market fundamentals suggest the sector will develop significantly along with the regulatory environment.

Commenting on the results, Jonathan Bixby, Executive Director of Clarify Pharma, said: "Within the twelve months prior to 30 November 2022, Clarify Pharma increased exposure to the sector by investing in listed companies. We remain confident that our early-stage investment in Beckley Psytech Ltd will generate attractive returns. We look forward to the continued growth of confidence among investors in this nascent sector."

The directors of Clarify Pharma plc accept responsibility for this announcement.

The Company's audited financial results for the 12-month period to 30 November 2022 can be found at https://www.clarifypharma.com/investors

This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information please contact:

Clarify Pharma


Jon Bixby

Executive Chairman

via First Sentinel

First Sentinel


Corporate Adviser

Brian Stockbridge

+44 7876 888 011

 

 

About Clarify Pharma PLC:

 

Listed on the Aquis Stock Exchange in London, Clarify Pharma is an investment vehicle focusing on investing in biotech and life sciences companies seeking to prove the safety and efficacy of psychedelic based substances. The Company looks to identify investment opportunities in the life sciences sector within the UK, Canada and other growing markets, with the objective of generating long-term capital growth and building investments in an R&D pipeline of companies which are discovering, developing, or deploying safe and evidence-based psychedelic inspired medicines and experiential therapies that alleviate mental health problems and enhance wellbeing. The Company's Directors have an established track record, experience and networks in the psychedelic, cannabinoid and media industries, to drive value creation. www.clarifypharma.com

 

 

 

STATEMENT OF COMPREHENSIVE INCOME


Audited
Year ended
30 November
2022

Restated
Year ended
30 November
2021

 

 

£'000

£'000

Continuing Operations








Revenue

 

-

-





Administrative expenses


(914)

(1,293)

Capital loss on investments


(97)

-





Operating loss


(1,011)

(1,293)

 


 

 

Loss before taxation


(1,011)

(1,293)

 


 

 

Taxation


-

-



 

 

Loss after taxation


(1,011)

(1,293)

 


 

 

Other comprehensive income


5

24





Total comprehensive loss for the year attributable to shareholders from continuing operations


(1,006)

(1,269)

 


 

 

Basic earnings per share - pence


(0.34)

(0.59)




Dilutive earnings per share - pence

(0.34)

(0.59)

 

 

FINANCIAL STATEMENTS


Audited

Restated

 


As at
30 November 2022

As at
30 November 2021

 

 

£'000

£'000

NON-CURRENT ASSETS




Investments


946

528

TOTAL NON-CURRENT ASSETS


946

528

 


 

 

CURRENT ASSETS




Cash and cash equivalents


435

1,524

Trade and other receivables


90

508

TOTAL CURRENT ASSETS


525

2,032

TOTAL ASSETS


1,471

2,560

 


 

 

CURRENT LIABILITIES




Trade and other payables


62

147

TOTAL CURRENT LIABILITIES


62

147

TOTAL LIABILITIES


62

147

NET ASSETS


1,409

2,413

 




EQUITY

 

 

 

Share capital


297

297

Share premium


2,810

2,810

Share based payment reserve


575

575

Fair value reserve


2

-

Retained earnings


(2,275)

(1,269)

TOTAL EQUITY


1,409

2,413

 

Share Capital
£'000

Share Premium
£'000

Share based payment reserve
£'000

Fair value reserve
£'000

Retained Earnings
£'000

Total Equity
£'000

Balance at 30 November 2020

-

-

-

-

-

-

 

 

 

 

 

 

 

Loss for period

-

-

-

-

(1,293)

(1,293)

Other comprehensive income

-

-

-

-

24

24

Total comprehensive income for year

-

-

-

-

(1,269)

(1,269)

 







Transactions with owners







Ordinary shares issued

297

2,951

-

-

-

3,248

Broker warrants issued

-

61

575

-

-

636

Share Issue Costs

-

(202)

-

-

-

(202)

Transactions with owners

297

2,810

575

-

-

3,682

Balance at 30 November 2021

297

2,810

575

-

(1,269)

2,413

 







Loss for period

-

-

-

-

(1,011)

(1,011)

Other comprehensive income

-

-

-

-

5

5

Total comprehensive income for year

-

-

-

-

(1,006)

(1,006)

 







Transactions with owners







Fair value adjustment on investments

-

-

2

-

2

Transactions with owners

-

-

-

2

-

2

Balance at 30 November 2022

297

2,810

575

2

(2,275)

1,409

 


Audited
Year ended
30 November 2022

Restated
Year ended
30 November 2021

 

 

£'000

£'000

Cash flow from operating activities

 



 Loss for the financial year


(1,006)

(1,269)

Adjustments for:

 



Share based payments


-

636

Settlement of fees through issue of equity


204


Foreign exchange movements


(5)

(24)

Capital loss on investments


97

-

Changes in working capital:

 



(Increase) / decrease in trade and other receivables


166

(508)

Increase / (decrease) in trade and other payables


(37)

147

Net cash outflow from operating activities

 

(581)

(1,018)





Cash flows from investing activities

 



Investments - additions


(650)

(504)

Investments - disposals


142

-

Net cash flow from investing activities

 

(508)

(504)

 




Cash flows from financing activities

 



Proceeds from issue of shares


-

3,248

Share issue costs


-

(202)

Net cash flow from financing activities

 

-

3,046

 




Net increase in cash and cash equivalents

 

(1,089)

1,524

Cash and cash equivalents at beginning of the period


1,524

-

Cash and cash equivalents at end of the period

 

435

1,524

 

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