Management accounts for quarter ended 31 July 2024

Ananda Developments PLC

29 August 2024

 

ANANDA DEVELOPMENTS PLC

("Ananda" or the "Company")

Management accounts for the quarter ended 31 July 2024

Ananda Developments Plc (AQUIS: ANA), a life sciences company focused on the research and clinical development of CBD-based therapies for a range of complex inflammatory pain conditions, announces its unaudited Company management statements for the quarter ended 31 July 2024.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

To stay abreast of the latest developments at Ananda, we encourage you to follow our social media channels which are:  

·      Investor Hub: investors.anandadevelopments.com

·      Instagram: https://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=   

·      LinkedIn: https://www.linkedin.com/company/anadevelopments/   

·      Twitter: https://twitter.com/AnandaPlc

·      Investor Meet Company: https://www.investormeetcompany.com/ananda-developments-plc/register-investor

For further information, please contact:

Investor Hub Engage with us directly at Ananda Developments Investor Hub	Sign up at investors.anandadevelopments.com
ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Finance Director Jeremy Sturgess-Smith	[phone] [e-mail]
SP ANGEL CORPORATE FINANCE LLP Corporate Finance Richard Morrison Caroline Rowe	[phone]
Corporate Broking Abigail Wayne Rob Rees
Yellow Jersey PR Charles Goodwin Soraya Jackson	[phone]

Directors Statement

Introduction

Ananda Developments Plc ("the Company" or "Ananda") is a company quoted on the Aquis Stock Exchange ("AQSE") Growth Market.  The Company was incorporated on 19 January 2018 and its shares were admitted to trading on 4 July 2019.

Below is a summary of activities during the period in question and certain post-period events.

Activities during the period

During the period our work progressing the Phase II clinical trials investigating Chemotherapy Induced Peripheral Neuropathy and Endometriosis was focused mainly on preparing submissions to the ethics board at the MHRA in advance of dosing starting. Ethics is a key step towards dosing commencing in trial patients and for more information on what goes on in the lead up to the clinical trial, please read our blog, which we posted on our Hub here. We are currently finalising a number of other blogs that will form part of the same series on clinical trials and clinical development. Please make sure to sign up to our Hub so you don't miss any.

Also during the period, we announced the encouraging results of the  pre-clinical study we ran in partnership with Robert Gordon University. This trial investigated the use of MRX1, our patent pending CBD-based formulation, in mice with Heart Fibrosis with preserved Ejection Fraction ('HFpEF'). The full announcement can be found here.  In summary;

·    Administration of MRX1 has shown significant cardioprotective effects in a mouse study, demonstrating its potential as a treatment for patients with heart failure with preserved ejection fraction (HFpEF).

·    The research involved detailed assessments of cardiac function, plasma CBD levels, and molecular markers of heart failure, fibrosis, and inflammation.

·    MRX1 exhibited multiple traits which indicate an effectiveness in mitigating cardiac fibrosis and improving heart health.

·    These datas have been included in Ananda's International Patent Application for MRX1.

·    The data was presented on 25 June 2024for the first time at the 9th Federation of European Pharmacological Societies (EPHAR) conference in Athens.

·    The successful outcomes suggest MRX1 could be a valuable therapeutic option for HFpEF and other cardiac conditions and Ananda is currently investigating next steps on how to bring this promising treatment to clinical use.

Ananda also joined the Cannabinoid Research and Development Group, which is co-Chaired by Professor Trevor Jones and George Freeman MP. The group is developing and executing a strategy to establish the UK as a global leader in R&D in cannabinoid science by building a robust ecosystem - integrating universities, research institutions, investors, businesses, and the NHS, to advance the understanding of cannabis and its derivatives.

Lastly, the Company released its annual report and audited accounts to shareholders which is available for all to read here, the case study for CBD on pages 7&8 are particularly worthwhile reading. The Company then held its Annual General Meeting ('AGM') at which all resolutions were passed. We were delighted to have so many people in the room and online and following the proceedings of the AGM, I gave an update presentation to shareholders which can be viewed here.

As always, thank you very much to the entire Ananda team for their tireless efforts to drive the business forward and thanks also to all of our shareholders who have given us their trust and hard earned money. We are excited to deliver for you all.

Melissa Sturgess

Chief Executive Officer

Unaudited Statement of Comprehensive Income for the quarter ended 31 July 2024

		Note	31 July 2024
			£
Administrative expenses			(302,803)
Interest payable			(80,615)
Loss from operations			(383,418)
Taxation			-
Total loss for the period			(383,418)

Earnings per share
Basic and diluted earnings per share (pence)		2	(0.008p)

There was no other comprehensive income in the period.

The notes which follow form part of these management accounts.

Statement of Financial Position As at quarter ended 31 July 2024

		Note	31 July 2024
			£
Non-Current assets
Investments in subsidiaries			2,461,506
			2,461,506
Current assets
Trade and other receivables			1,889,482
			1,889,482
Current liabilities
Trade and other payables			2,943,003
			2,943,003
Non-Current liabilities
Convertible loan notes			685,005
Total assets less liabilities			722,980
Capital and reserves
Share capital			5,756,057
Share premium			5,328,996
Share option reserve			50,015
Retained earnings			(10,412,088)
Total equity and liabilities			722,980

The management accounts were approved and authorised for issue by the Board and were signed on its behalf by:

Melissa Sturgess

Chief Executive Officer

Statement of Changes in Equity for the quarter ended 31 July 2024

	Share Capital	Share Premium	Share Option Reserve	Retained Earnings	Total
	£	£	£	£	£
As at 30 April 2024	5,756,057	5,328,996	48,398	(10,028,670)	1,104,781
Loss for quarter ended 31 July 2024	-	-	-	(383,418)	(383,418)
Share Option Expense	-	-	1,617	-	1,617
Balance at 31 July 2024	5,756,057	5,328,996	50,015	(10,412,088)	722,980

The following describes the nature and purpose of each reserve within owners' equity:

Reserve	Description and purpose
Share capital	This represents the nominal value of shares issued.
Share premium	Amount subscribed for share capital in excess of nominal value.
Retained earnings	Cumulative net gains and losses recognised in the statement of comprehensive income.

The notes which follow form part of these management accounts.

Ananda Developments Plc is a public limited company limited by shares and was incorporated on 19 January 2018 with company number 13440398.  Its registered office is at 60 Gracechurch Street, London, EC3V 0HR.

The Company's shares are traded on the Aquis Stock Exchange Growth Market under symbol ANA and ISIN number GB00BDQPXQ60.

The information for period ended 31 July 2024 are unaudited.

Basis of preparation

These quarterly management accounts of Ananda have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

These management accounts are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of listed invests at fair value.

The management accounts are presented in Pounds Sterling, which is the Company's presentation and functional currency.

The preparation of the management accounts requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the management accounts are disclosed below.

Going Concern

Ananda Developments Plc has a bank account with Barclays Bank. For operational efficiency, it also banks through its subsidiary companies' bank accounts DJT Plants Ltd and MRX Global Limited.  As at 31 July 2024, the Group jointly held cash of £45,396.70. The Company continues to be funded via an unsecured loan facility from the Chairman, Charles Morgan.

For this reason, it continues to adopt the going concern basis in preparing the management accounts.

https://investors.anandadevelopments.com/link/7PRv7P

 

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