4basebio Plc - Final Results and Notice of AGM
("4basebio", the "Company" or the “Group”)
Final Results and Notice of AGM
The Board of 4basebio plc is pleased to report the results for the financial year ended
The annual report and accounts together with a notice of the Company’s annual general meeting, which is to be held on
The annual general meeting will be followed by a presentation from the Company through the
Highlights
-- Revenue Growth: The Group doubled its revenues from DNA sales against
the previous year, with overall revenues of £933k.
-- Product Supply for clinical trial purposes:4basebio supplied opDNA™ to
its client HelixNano Technologies Inc. for the manufacture of an mRNA
vaccine product for use in a first in human trial; the Group also
commenced supply of HQ and GMP grade synthetic DNA into a tier one
pharma company’s vaccine program.
-- MHRA regulatory approval to manufacture GMP: The Group received its GMP
manufacturing licence from the UK regulator, the Medicines and
Healthcare products Regulatory Agency.
-- Expanded Intellectual Property: The Group continues to develop its
technology platform with the intellectual property portfolio now
comprising 29 patent families, reinforcing its leading position in
synthetic DNA.
-- Successful Equity Raise: The £40 million primary equity investment which
concluded in November 2024 underpins the Group’s continued growth plans.
-- Strategic Advisory Board :The Group formed a Strategic Advisory Board
during the year to support the board in developing the strategic
direction of the business.
Overview
4basebio’s objective is to displace incumbent plasmid DNA with its synthetic DNA for large scale manufacture of DNA for clinical and commercial use. Its products offer its customers application specific product and performance benefits addressing critical customer needs in the cell & gene therapy and vaccine markets. This also includes much quicker manufacturing turnaround times relative to plasmid DNA.
4basebio also continues to invest in research and development activities to further develop its platforms and expand its product offering, particularly focussed on different nucleic acid modalities. Consequently, the Group continues to file significant numbers of patents each year.
Dr
We are delighted to have supplied product during the year for our client HelixNano to progress its mRNA vaccine programme, as well as the supply of DNA for a tier one pharma vaccine programme. We anticipate continued commercial success and strong revenue growth in the year ahead.”
For further enquiries, please contact:
4basebio PLC
+44 (0)1223 967 943
Dr. Heikki Lanckriet , CEO
Nominated Adviser
Cairn Financial Advisers LLP +44 (0)20 7213 0880
Jo Tuner / Sandy Jamieson / Ed Downes
Joint Broker
RBC Capital Markets +44 (0)20 7653 4000
Matthew Coakes / Sandrine Cailleteau / Kathryn Deegan
Joint Broker
Cavendish Capital Markets Limited +44 (0)20 7220 0500
Geoff Nash / Nigel Birks
Chairman’s statement
Performance
The 2024 financial year has been another strong year for 4basebio with a doubling of its DNA revenues over the period, continued expansion of its customer base and further development of its DNA platform.
Another key milestone during the year was the equity investment of £40 million from Elevage Medical Technologies and M&G Investments into the Company, first announced in
The Company is delighted to welcome these highly regarded investors to the share register. With this funding, the Group expects to be able to rapidly scale its commercial and operational capabilities.
Following the investment, 4basebio moved quickly to strengthen its commercial team, which included the recruitment of four staff based in the
The Board was also restructured to offer representation to 4basebio’s two major shareholder groups, Elevage /
The synthetic DNA business continued to make excellent progress during 2024. A significant achievement was the supply of 4basebio opDNA™ product for use in a first-in-human mRNA vaccine trial by HelixNano Technologies in
The Group is delighted that following the year end the 4basebio also received its GMP manufacturing licence from the
We expect the Group’s commercial development to accelerate further with this recent announcement as customers can be confident that 4basebio can now support their programmes through each phase of their clinical development.
Alongside DNA, 4basebio also continues to invest into its Hermes® non-viral delivery system. Optimising the platform for vaccine applications continued to be funded by a grant from the
Finally, in
Overall, the Group continues to make excellent progress and the Board believes the Group is well placed to grow 2025 revenues strongly and to continue innovating and providing new solutions to its clients. The Group will continue to be loss making in 2025 as it continues to invest in its technology and people and will draw on cash balances to fund those losses.
Strategy
4basebio’s strategy remains focussed on becoming the global leader in DNA for cell & gene therapies and vaccine applications. Its synthetic DNA products offer speed, safety, and application-specific benefits. The 4basebio platform can be tailored to diverse applications from mRNA and gene editing to AAV and DNA vaccines.
The Group’s application validation teams work with clients during their journey with 4basebio to demonstrate the benefits and advantages of its DNA, recognising the different characteristics of synthetic DNA relative to plasmid DNA may mean that customer processes may not be optimised for synthetic DNA.
Through this collaborative approach, 4basebio’s objective is to become a strategic partner for its clients as they progress from early stage research through to pre-clinical, clinical and commercial stages. As clients progress through these stages, both the quantity and quality of DNA required increases, with customer revenues expected to increase significantly over time.
Share Price
The share price opened the year at
At year end, approximately 73% of the Company’s shares were closely held between the Company’s largest shareholders and Board Directors. The Board has limited visibility on holdings below the reporting threshold of 3% as holdings in the Company are typically held in nominee accounts. The Board believes that a significant portion of the remaining shares is owned by long term shareholders.
Environmental, Social and Governance
In 2024, the Company engaged with
This engagement reflects the Group’s proactive approach to ESG and its commitment to continuous improvement in these areas. The insights derived from
People and Culture
The Group has continued to strengthen its teams across all disciplines and remains science led with over 80% of its workforce holding scientific degrees. The team has expanded geographically with staff now in the
The Group maintains a relatively flat organisational structure and strives to maintain an open, informal and supportive culture. There is an emphasis on staff welfare and development with resultant strong staff retention.
The Board would like to thank all staff for their commitment and dedication over the past year which has been instrumental in 4basebio’s continued progress.
Chairman
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 December
2024
[in £‘000] 2024 2023
Revenues 933 506
Cost of goods sold (303) (166)
Gross profit 630 340
Administration expenses (13,866) (8,813)
Other operating expenses (114) (85)
Other operating income 1,308 506
Loss from operations (12,042) (8,052)
Finance income 140 0
Finance expense (752) (302)
Financial result (612) (302)
Loss before tax (12,654) (8,354)
Income tax income 321 689
Loss for the year (12,333) (7,665)
Loss per share
-- Basic and diluted (in £/share) (0.94) (0.62)
Items that may be reclassified to the income statement in
subsequent periods
Exchange differences on translation of foreign operations (313) (172)
Total comprehensive income (12,646) (7,837)
Consolidated statement of financial position
[in £’000] 2024 2023 Assets Intangible assets 3,480 2,669 Property, plant and equipment 4,326 4,197 Other non-current assets 33 34 Non-current assets 7,839 6,900 Inventories 374 332 Trade receivables 283 107 Other current assets 1,627 1,514 Cash and cash equivalents 34,604 3,069 Current assets 36,888 5,022 Total assets 44,727 11,922 Liabilities Financial liabilities (188) (392) Trade payables (1,694) (694) Other current liabilities (1,383) (1,191) Current liabilities (3,265) (2,277) Financial liabilities (15,028) (10,065) Other liabilities (54) (72) Non-current liabilities (15,082) (10,137) Total liabilities (18,347) (12,414) Net (liabilities) / assets 26,380 (492) Share capital 13,772 11,132 Share premium 37,250 706 Merger reserve 688 688 Capital reserve 13,864 13,530 Foreign exchange reserve (471) (158) Profit and loss reserve (38,723) (26,390) Total Equity 26,380 (492)
Consolidated statement of changes in equity
for the year ended
Share Share Merger Capital Foreign Profit and
[in £‘000] capital premium reserve reserve exchange loss reserve Total equity
reserve
Balance at 1 11,132 706 688 13,530 (158) (26,390) (492)
January 2024
Loss for the - - - - - (12,333) (12,333)
year
Shares
issued in 2,640 36,544 - - - - 39,184
period
Foreign
Exchange
difference
arising on - - - - (313) - (313)
translation
of 4basebio
S.L.U.
Share based - - - 334 - - 334
payments
Balance at
31 December 13,772 37,250 688 13,864 (471) (38,723) 26,380
2024
Share Share Merger Capital Foreign Profit and
[in £‘000] capital premium reserve reserve exchange loss reserve Total equity
reserve
Balance at 1 11,130 706 688 13,307 14 (18,725) 7,120
January 2023
Loss for the - - - - - (7,665) (7,665)
year
Shares
issued in 2 - - - - - 2
period
Foreign
Exchange
difference
arising on - - - - (172) - (172)
translation
of 4basebio
S.L.U.
Share based - - - 223 - - 223
payments
Balance at
31 December 11,132 706 688 13,530 (158) (26,390) (492)
2023
Consolidated statement of cash flows
for the year ended
[in £’000] 2024 2023 Net loss for the period (12,333) (7,665) Adjustments to reconcile net loss for the period to net cashflows Income taxes (321) (689) Interest income (140) 0 Interest expense 752 302 Depreciation of property, plant and equipment 800 676 Amortisation and impairment of intangible assets 4 133 33 Other non-cash items 11 (375) 220 Working capital changes: (Increase)/decrease in trade receivables and other current (76) (109) assets Increase/(decrease) in trade payables and other current 748 695 liabilities (Increase)/decrease in inventories (49) (202) Tax receipt 117 561 Net Cash flows from operating activities (10,744) (6,178) Investments in property, plant and equipment (697) (871) Investments in capitalised development and intangible (874) (619) assets Cash flows from investing activities (1,571) (1,490) Net receipt/(payment) of loans 4,812 6,584 Shares issued 39,184 2 Interest received 72 0 Interest paid (86) (67) Capital lease payments (115) (94) Cash flows from financing activities 43,867 6,425 Net change in cash and cash equivalents 31,552 (1,243) Exchange differences (17) (39) Cash and cash equivalents at the beginning of the period 3,069 4,351 Cash and cash equivalents at the end of the period 34,604 3,069
Notes to the financial statements
1. General
The Company is domiciled in
The Company trades on London Stock Exchange’s AIM market. The international securities number (ISIN) number for its AIM traded shares is GB00BMCLYF79; its ticker symbol is 4bb.l.
The consolidated financial statements of
2. Basis of preparation
The consolidated financial statements of 4basebio
The consolidated financial statements comprise the results of
The above summary has been extracted from the report and financial statements and, accordingly, references to notes and page numbers may be incorrect. Shareholders are advised to read the full version of the report and financial statements which will be available from the Company’s website shortly.
3. Earnings per share
2024 2023
Numerator[in £‘000]
Result for the period (12,333) (7,665)
Denominator[number of shares]
Weighted average number of registered shares in
circulation (ordinary shares) for calculating the 13,116,570 12,319.270
undiluted earnings per share
Basic and diluted earnings per share (£) (0.94) (0.62)
The calculation of the basic and diluted earnings per share for continuing operations was based on the weighted average number of shares as determined above. The numerator is defined as result after tax from continuing operations. The average number of share options outstanding during the period was 404,973 (2023: 653,771) which have not been included in the calculation of the diluted Earnings per share because they would be anti-dilutive since the business is loss making.
4. Approval of the financial statements
The financial statements were approved by the Board of directors and authorised for issue on
