Full Year Results

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	[phone]

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

 

 

END