Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K/A |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 to the Report on Form 6-K for the month of September 2022, originally filed with the U.S. Securities and Exchange Commission on September 14, 2022 (the “Form 6-K”), is being filed solely for the purposes of updating Exhibit 99.1 to include iXBRL tagging information. |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-37652 |
Entity Registrant Name | Midatech Pharma PLC |
Entity Central Index Key | 0001643918 |
Entity Address, Address Line One | 1 Caspian Point |
Entity Address, Address Line Two | Caspian Way |
Entity Address, City or Town | Cardiff |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | CF10 4DQ |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||
Revenue | $ 468 | $ 401 |
Other income | 16 | 31 |
Research and development costs | (2,413) | (2,010) |
Administrative costs | (1,849) | (1,656) |
Loss from operations | (3,778) | (3,234) |
Finance income | 404 | |
Finance expense | (24) | (156) |
Loss before tax | (3,398) | (3,390) |
Taxation | 337 | 236 |
Loss for the period attributable to the owners of the parent | (3,061) | (3,154) |
Items that will or may be reclassified subsequently to profit or loss: | ||
Total other comprehensive gain net of tax | ||
Total comprehensive loss attributable to the owners of the parent | $ (3,061) | $ (3,154) |
Loss per share | ||
Basic and diluted loss per ordinary share - pence | $ (3) | $ (5) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Property, plant and equipment | $ 993 | $ 1,152 |
Total Non-Current Assets | 993 | 1,152 |
Current assets | ||
Trade and other receivables | 1,243 | 1,034 |
Taxation | 1,023 | 670 |
Cash and cash equivalents | 6,423 | 10,057 |
Total Current Assets | 8,689 | 11,761 |
Total assets | 9,682 | 12,913 |
Non-current liabilities | ||
Borrowings | 546 | 620 |
Total Non-Current Liabilities | 546 | 620 |
Current liabilities | ||
Trade and other payables | 1,280 | 1,092 |
Borrowings | 167 | 146 |
Provisions | 43 | 50 |
Derivative financial liability | 155 | 553 |
Total current Liabilities | 1,645 | 1,841 |
Total liabilities | 2,191 | 2,461 |
Issued capital and reserves attributable to owners of the parent | ||
Share capital | 1,098 | 1,098 |
Share premium | 83,434 | 83,434 |
Merger reserve | 53,003 | 53,003 |
Warrant reserve | 720 | 720 |
Accumulated deficit | (130,764) | (127,803) |
Total equity | 7,491 | 10,452 |
Total equity and liabilities | $ 9,682 | $ 12,913 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Loss for the period | $ (3,061) | $ (3,154) |
Adjustments for: | ||
Depreciation of property, plant and equipment | 96 | 117 |
Depreciation of right of use asset | 86 | 62 |
(Profit)/Loss on disposal of fixed assets | 2 | (42) |
Finance income | (404) | |
Finance expense | 24 | 156 |
Share-based payment expense/(credit) | 100 | 37 |
Taxation | (337) | (236) |
Foreign exchange (gains)/losses | (3) | |
Cash flows from operating activities before changes in working capital | (3,494) | (3,063) |
Increase in trade and other receivables | (224) | (859) |
Increase in trade and other payables | 187 | 814 |
Decrease in provisions | (8) | |
Cash used in operations | (3,539) | (3,108) |
Taxes payments | ||
Net cash used in operating activities | (3,539) | (3,108) |
Investing activities | ||
Purchases of property, plant and equipment | (33) | (189) |
Proceeds from disposal of fixed assets | 9 | 42 |
Interest received | 7 | |
Net cash used in investing activities | (17) | (147) |
Financing activities | ||
Interest paid | (5) | (11) |
Amounts paid on lease liabilities | (73) | (47) |
Repayment of Government loan | (104) | |
Share issues including warrants, net of costs | 81 | |
Net cash used in financing activities | (78) | (81) |
Net decrease in cash and cash equivalents | (3,634) | (3,336) |
Cash and cash equivalents at beginning of period | 10,057 | 7,546 |
Exchange (losses)/gains on cash and cash equivalents | (6) | |
Cash and cash equivalents at end of period | $ 6,423 | $ 4,204 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands | Share Capital [Member] | Share premium [member] | Merger reserve [member] | Warrant reserve [member] | Foreign Exchange Reserve [Member] | Retained earnings [member] | Total |
At 1 January 2021 at Dec. 31, 2020 | $ 1,063 | $ 74,364 | $ 53,003 | $ 720 | $ (122,432) | $ 6,718 | |
IfrsStatementLineItems [Line Items] | |||||||
Loss for the period | (3,154) | (3,154) | |||||
Total comprehensive loss | (3,154) | (3,154) | |||||
Transactions with owners: | |||||||
Exercise of warrants on 16 February 2021 | 161 | 161 | |||||
Costs associated with share issue on 16 February 2021 | (10) | (10) | |||||
Share-based payment charge | 37 | 37 | |||||
Total contribution by and distributions to owners | 151 | 37 | 188 | ||||
At 30 June 2021 at Jun. 30, 2021 | 1,063 | 74,515 | 53,003 | 720 | (125,549) | 3,752 | |
At 1 January 2021 at Dec. 31, 2021 | 1,098 | 83,434 | 53,003 | 720 | (127,803) | 10,452 | |
IfrsStatementLineItems [Line Items] | |||||||
Loss for the period | (3,061) | (3,061) | |||||
Total comprehensive loss | (3,061) | (3,061) | |||||
Transactions with owners: | |||||||
Exercise of warrants on 16 February 2021 | |||||||
Shares issued on 3 May 2022 | |||||||
Share-based payment charge | 100 | 100 | |||||
Total contribution by and distributions to owners | 100 | 100 | |||||
At 30 June 2021 at Jun. 30, 2022 | $ 1,098 | $ 83,434 | $ 53,003 | $ 720 | $ (130,764) | $ 7,491 |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2022 | |
Basis Of Preparation | |
Basis of preparation | 1. Basis of preparation The unaudited interim consolidated financial information for the six months ended 30 June 2022 has been prepared following the recognition and measurement principles of the International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB), and as adopted by the UK and in accordance with International Accounting Standard 34 Interim Financial Reporting (‘IAS 34’). The interim consolidated financial information does not include all the information and disclosures required in the annual financial information and should be read in conjunction with the audited financial statements for the year ended 31 December 2021. The condensed interim financial information contained in this interim statement does not constitute statutory financial statements as defined by section 434(3) of the Companies Act 2006. The condensed interim financial information has not been audited. The comparative financial information for the six months ended 30 June 2021 and the year ended 31 December 2021 in this interim financial information does not constitute statutory accounts for that year. The statutory accounts for 31 December 2021 have been delivered to the UK Registrar of Companies. The auditor’s report on those accounts was unqualified and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The auditor’s report did draw attention to a material uncertainty related to going concern and the requirement, as of the date of the report, for additional funding to be raised by the Company by the first quarter of 2023. Midatech Pharma’s annual reports may be downloaded from the Company’s website at https://www.midatechpharma.com/investors/financial-reports-accounts or a copy may be obtained from 1 Caspian Point, Caspian Way, Cardiff CF10 4DQ. Going Concern Midatech has experienced net losses and significant cash outflows from cash used in operating activities over the past years as it has developed its portfolio. As at 30 June 2022 the Group had total equity of £7.49m 7,491 10,452 3,061 3,154 3,539 3,108 6,423 The Group’s future viability is dependent on its ability to raise cash from financing activities to finance its development plans until commercialisation, generate cash from operating activities and to successfully obtain regulatory approval to allow marketing of its development products. The group’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. The Directors have prepared cash flow forecasts and considered the cash flow requirement for the Company for the next three years including the period 12 months from the date of approval of this interim financial information. These forecasts show that further financing will be required during the first quarter of 2023 assuming, inter alia, that certain developments programs and other operating activities continue as currently planned. This requirement for additional financing in the short term represents a material uncertainty that may cast doubt upon the Group and Parent Company’s ability to continue as a going concern. The Directors are evaluating a number of near-term funding options potentially available to the Group, including fundraising and the partnering of assets and technologies of the Company. After considering the uncertainties, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing these financial statements. |
Finance income and expense
Finance income and expense | 6 Months Ended |
Jun. 30, 2022 | |
Finance income and expense | 2. Finance income and expense Schedule of finance income Six months unaudited £’000 Six months unaudited £’000 Finance income Interest received on bank deposits 6 - Gain on equity settled derivative financial liability 398 - Total finance income 404 - The gain on the equity settled derivative financial liability in 2022 arose as a result of the reduction in the Midatech share price. Six months unaudited £’000 Six months unaudited £’000 Finance expense Interest expense on lease liabilities 24 13 Other loans - 9 Loss on equity settled derivative financial liability - 134 Total finance expense 24 156 The loss on the equity settled derivative financial liability in 2021 arose as a result of the increase in the Midatech share price. |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2022 | |
Taxation | 3. Taxation Income tax is recognised or provided at amounts expected to be recovered or to be paid using the tax rates and tax laws that have been enacted or substantively enacted at the Group Statement of Financial Position date. Research and development tax credits are recognised on an accruals basis and are included as an income tax credit under current assets. The research and development tax credit recognised is based on management’s estimate of the expected tax claim for the period and is recorded within taxation under the Small and Medium-sized Enterprise Scheme. Schedule of components of income tax expense (benefit) Six months unaudited £’000 Six months unaudited £’000 Income tax credit 337 236 |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2022 | |
Loss per share | 4. Loss per share Basic loss per share amounts are calculated by dividing the net loss for the period from continuing operations, attributable to ordinary equity holders of the parent company, by the weighted average number of ordinary shares outstanding during the period. As the Group made a loss for the period the diluted loss per share is equal to the basic loss per share. Schedule of loss per share Six months unaudited £’000 Six months unaudited £’000 Numerator Loss used in basic EPS and diluted EPS: (3,061 ) (3,154 ) Denominator Weighted average number of ordinary shares used in basic and diluted EPS: 98,476,551 63,296,377 Basic and diluted loss per share: (3 )p (5 )p The Group has made a loss in the current and previous years presented, and therefore the options and warrants are anti-dilutive. As a result, diluted earnings per share is presented on the same basis for all periods shown. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings | 5. Borrowings Schedule of borrowings As at 30 £’000 As at 31 £’000 Current Lease liabilities 167 146 Total 167 146 Non-current Lease liabilities 546 620 Total 546 620 Book values approximate to fair value at 30 June 2022 and 31 December 2021. Obligations under finance leases are secured by a fixed charge over the fixed assets to which they relate. |
Provision
Provision | 6 Months Ended |
Jun. 30, 2022 | |
Provision | |
Provision | 6. Provision Schedule of provisions As at 30 £’000 As at 31 £’000 Opening provision at 1 January 50 50 Provision released during the period (7 ) - 43 50 The provision relates to the ‘making good’ clause on the Cardiff office which was vacated during the fourth quarter of 2021. Management reached agreement with the landlord; this was settled in July 2022. The provision as at 31 December 2021 was managements best estimate. |
Derivative financial liability
Derivative financial liability – current | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Financial Liability Current | |
Derivative financial liability – current | 7. Derivative financial liability – current Schedule of derivative financial liability As at 30 £’000 As at 31 £’000 At 1 January 553 1,559 Transfer to share premium on exercise of warrants - (70 ) Gain recognised in finance income within the consolidated statement of comprehensive income (398 ) (936 ) 155 553 Equity settled derivative financial liability is a liability that is not to be settled for cash. On 16 February 2021 306,815 pre-existing warrants were exercised at $0.41. The gross proceeds received by the company was $126,561. The fair value of the warrants on the date of exercise was £70,339. May 2020 warrants In May 2020 the Company issued 9,545,456 2.05 2.0625 October 2019 warrants In October 2019 the Company issued 3,150,000 6.25 DARA warrants and share options The Group also assumed fully vested warrants and share options on the acquisition of DARA Biosciences, Inc. (which took place in 2015). The number of ordinary shares to be issued when exercised is fixed, however the exercise prices are denominated in US Dollars. The warrants are classified equity settled derivative financial liabilities and accounted for in the same way as those detailed above. The financial liability is valued using the Black-Scholes option pricing model. The exercise price of the warrants and options is $61.03 and $95.17 respectively. The following table details the outstanding warrants as at 30 June 2022, 31 December 2021 and also the movement in the period: Schedule of warrants outstanding At 1 Lapsed Exercised At 31 Lapsed Exercised At 30 June May 2020 grant 7,045,456 – (306,815) 6,738,641 – – 6,738,641 October 2019 grant 3,150,000 – – 3,150,000 – – 3,150,000 DARA Warrants 4,624 (544) – 4,080 – – 4,080 DARA Options 2,835 – – 2,835 (13) – 2,822 Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The fair value of the Group’s derivative financial liability is measured at fair value on a recurring basis. The following table gives information about how the fair value of this financial liability is determined. Schedule of consolidated financial assets and liabilities at fair value Financial Fair value as at 30 June 2022 Fair value as 2021 Fair value Valuation Significant unobservable input(s) Relationship of unobservable Equity settled financial derivative liability – May 2020 Warrants £146,000 £467,000 Level 3 Monte Carlo simulation model Volatility rate of 105% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 3.39 years determined using the remaining life of the share options. The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Equity settled financial derivative liability – October 2019 Warrants £9,000 £86,000 Level 3 Monte Carlo simulation model Volatility rate of 108.5% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 3.00 years determined using the remaining life of the share options. The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Equity settled financial derivative liability – DARA Bioscience warrants and options – – Level 3 Black-Scholes option pricing model Volatility rate of 108.5%% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 0.4 years determined using the remaining life of the share options The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Total £155,000 £553,000 Changing the unobservable risk free rate input to the valuation model by 10% higher while all other variables were held constant, would not impact the carrying amount of shares (2021: nil). There were no transfers between Level 1 and 2 in the period. The financial liability measured at fair value on Level 3 fair value measurement represents consideration relating to warrants issued in May 2020 and October 2019 as part of Registered Direct offerings and also a business combination. |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2022 | |
Share capital | 8. Share capital Schedule of detailed information about share capital Authorised, allotted and As at 30 June Number As at 30 June £ As at 31 Number As at 31 £ Ordinary shares of 98,493,413 98,493 98,468,387 98,468 Deferred shares of £1 each 1,000,001 1,000,001 1,000,001 1,000,001 Total 1,098,494 1,098,469 Ordinary and deferred shares were recorded as equity. Schedule Of Ordinary and Deferred Shares 2022 Ordinary Number Deferred Number Share £ Total £’000 At 1 January 2022 98,468,387 1,000,001 106,517 22 March 2022 Exercise of warrants 26 – 10.000 – 3 May 2022 Share issue to SIPP trustee* 25,000 – 0.001 – At 30 June 2022 (unaudited) 98,493,413 1,000,001 106,517 2021 At 1 January 2021 63,073,852 1,000,001 96,426 19 February 2021 Exercise of warrants 306,815 – 0.298 91 6 July 2021 Placing 35,087,720 – 0.285 10,000 At 31 December 2021 98,468,387 1,000,001 106,517 * Share issued to Midatech Pharma Plc employee benefit trust |
Related party transaction
Related party transaction | 6 Months Ended |
Jun. 30, 2022 | |
Related party transaction | 9. Related party transaction The Directors consider there to be no related party transactions during the periods reported other than Directors Remuneration. |
Contingent liabilities
Contingent liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Contingent liabilities | 10. Contingent liabilities The Group had no contingent liabilities as at 30 June 2022 (30 June 2021: Nil). |
Finance income and expense (Tab
Finance income and expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of finance income | Schedule of finance income Six months unaudited £’000 Six months unaudited £’000 Finance income Interest received on bank deposits 6 - Gain on equity settled derivative financial liability 398 - Total finance income 404 - The gain on the equity settled derivative financial liability in 2022 arose as a result of the reduction in the Midatech share price. Six months unaudited £’000 Six months unaudited £’000 Finance expense Interest expense on lease liabilities 24 13 Other loans - 9 Loss on equity settled derivative financial liability - 134 Total finance expense 24 156 |
Taxation (Tables)
Taxation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of components of income tax expense (benefit) | Schedule of components of income tax expense (benefit) Six months unaudited £’000 Six months unaudited £’000 Income tax credit 337 236 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of loss per share | Schedule of loss per share Six months unaudited £’000 Six months unaudited £’000 Numerator Loss used in basic EPS and diluted EPS: (3,061 ) (3,154 ) Denominator Weighted average number of ordinary shares used in basic and diluted EPS: 98,476,551 63,296,377 Basic and diluted loss per share: (3 )p (5 )p |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of borrowings | Schedule of borrowings As at 30 £’000 As at 31 £’000 Current Lease liabilities 167 146 Total 167 146 Non-current Lease liabilities 546 620 Total 546 620 |
Provision (Tables)
Provision (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Provision | |
Schedule of provisions | Schedule of provisions As at 30 £’000 As at 31 £’000 Opening provision at 1 January 50 50 Provision released during the period (7 ) - 43 50 |
Derivative financial liabilit_2
Derivative financial liability – current (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Financial Liability Current | |
Schedule of derivative financial liability | Schedule of derivative financial liability As at 30 £’000 As at 31 £’000 At 1 January 553 1,559 Transfer to share premium on exercise of warrants - (70 ) Gain recognised in finance income within the consolidated statement of comprehensive income (398 ) (936 ) 155 553 |
Schedule of warrants outstanding | Schedule of warrants outstanding At 1 Lapsed Exercised At 31 Lapsed Exercised At 30 June May 2020 grant 7,045,456 – (306,815) 6,738,641 – – 6,738,641 October 2019 grant 3,150,000 – – 3,150,000 – – 3,150,000 DARA Warrants 4,624 (544) – 4,080 – – 4,080 DARA Options 2,835 – – 2,835 (13) – 2,822 |
Schedule of consolidated financial assets and liabilities at fair value | Schedule of consolidated financial assets and liabilities at fair value Financial Fair value as at 30 June 2022 Fair value as 2021 Fair value Valuation Significant unobservable input(s) Relationship of unobservable Equity settled financial derivative liability – May 2020 Warrants £146,000 £467,000 Level 3 Monte Carlo simulation model Volatility rate of 105% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 3.39 years determined using the remaining life of the share options. The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Equity settled financial derivative liability – October 2019 Warrants £9,000 £86,000 Level 3 Monte Carlo simulation model Volatility rate of 108.5% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 3.00 years determined using the remaining life of the share options. The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Equity settled financial derivative liability – DARA Bioscience warrants and options – – Level 3 Black-Scholes option pricing model Volatility rate of 108.5%% determined using historical volatility of comparable companies. The higher the volatility the higher the fair value. Expected life between a range of 0.1 and 0.4 years determined using the remaining life of the share options The shorter the expected life the lower the fair value. Risk-free rate between a range of 1.68% determined using the expected life assumptions. The higher the risk-free rate the higher the fair value. Total £155,000 £553,000 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of detailed information about share capital | Schedule of detailed information about share capital Authorised, allotted and As at 30 June Number As at 30 June £ As at 31 Number As at 31 £ Ordinary shares of 98,493,413 98,493 98,468,387 98,468 Deferred shares of £1 each 1,000,001 1,000,001 1,000,001 1,000,001 Total 1,098,494 1,098,469 |
Schedule Of Ordinary and Deferred Shares | Schedule Of Ordinary and Deferred Shares 2022 Ordinary Number Deferred Number Share £ Total £’000 At 1 January 2022 98,468,387 1,000,001 106,517 22 March 2022 Exercise of warrants 26 – 10.000 – 3 May 2022 Share issue to SIPP trustee* 25,000 – 0.001 – At 30 June 2022 (unaudited) 98,493,413 1,000,001 106,517 2021 At 1 January 2021 63,073,852 1,000,001 96,426 19 February 2021 Exercise of warrants 306,815 – 0.298 91 6 July 2021 Placing 35,087,720 – 0.285 10,000 At 31 December 2021 98,468,387 1,000,001 106,517 * Share issued to Midatech Pharma Plc employee benefit trust |
Basis of preparation (Details N
Basis of preparation (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis Of Preparation | ||||
Total equity | $ 7,491 | $ 3,752 | $ 10,452 | $ 6,718 |
Loss for the period | 3,061 | 3,154 | ||
Net cash used in operating activities | 3,539 | 3,108 | ||
Cash and cash equivalents | $ 6,423 | $ 4,204 | $ 10,057 | $ 7,546 |
Finance income and expense (Det
Finance income and expense (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Finance income | ||
Interest received on bank deposits | $ 6 | |
Gain on equity settled derivative financial liability | 398 | |
Total finance income | 404 | |
Finance expense | ||
Interest expense on lease liabilities | 24 | 13 |
Other loans | 9 | |
Loss on equity settled derivative financial liability | 134 | |
Total finance expense | $ 24 | $ 156 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income tax credit | $ 337 | $ 236 |
Loss per share (Details)
Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator | ||
Loss used in basic EPS and diluted EPS: | $ (3,061) | $ (3,154) |
Denominator | ||
Weighted average number of ordinary shares used in basic and diluted EPS: | 98,476,551 | 63,296,377 |
Basic and diluted loss per share: | $ (3) | $ (5) |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total | $ 167 | $ 146 |
Total | 546 | 620 |
Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 167 | 146 |
Total | $ 546 | $ 620 |
Provision (Details)
Provision (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Provision | ||
Provisions at beginning | $ 50 | $ 50 |
Provision released during the period | (7) | |
Provisions at ending | $ 43 | $ 50 |
Derivative financial liabilit_3
Derivative financial liability - current (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Financial Liability Current | ||
Derivative financial liability - current at beginning | $ 553 | $ 1,559 |
Transfer to share premium on exercise of warrants | (70) | |
Gain recognised in finance income within the consolidated statement of comprehensive income | (398) | (936) |
Derivative financial liability - current at ending | $ 155 | $ 553 |
Derivative financial liabilit_4
Derivative financial liability - current (Details 1) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Warrants [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares outstanding, at beginning | 6,738,641 | 7,045,456 |
Shares lapsed | ||
Shares exercised | (306,815) | |
Number of shares outstanding, at ending | 6,738,641 | 6,738,641 |
Warrant One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares outstanding, at beginning | 3,150,000 | 3,150,000 |
Shares lapsed | ||
Shares exercised | ||
Number of shares outstanding, at ending | 3,150,000 | 3,150,000 |
D A R A Warrant [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares outstanding, at beginning | 4,080 | 4,624 |
Shares lapsed | (544) | |
Shares exercised | ||
Number of shares outstanding, at ending | 4,080 | 4,080 |
D A R A Options [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares outstanding, at beginning | 2,835 | 2,835 |
Shares lapsed | (13) | |
Shares exercised | ||
Number of shares outstanding, at ending | 2,822 | 2,835 |
Derivative financial liabilit_5
Derivative financial liability - current (Details 2) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Equity settled derivative financial liability | $ 155 | $ 553 | $ 1,559 |
Level 3 of fair value hierarchy [member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity settled derivative financial liability | 155 | 553 | |
Level 3 of fair value hierarchy [member] | Monte Carlo Simulation Model [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity settled derivative financial liability | $ 146 | 467 | |
Valuation technique (s) and key input(s) | Monte Carlo simulation model | ||
Significant unobservable input(s) | Volatility rate of 105% determined using historical volatility of comparable companies. | ||
Relationship of unobservable inputs to fair value | The higher the volatility the higher the fair value. | ||
Description of inputs used in fair value measurement | Expected life between a range of 0.1 and 3.39 years determined using the remaining life of the share options. | ||
Description of reasons for fair value measurement assets | The shorter the expected life the lower the fair value. | ||
Description of inputs used in fair value measurement assets | Risk-free rate between a range of 1.68% determined using the expected life assumptions. | ||
Description of reasons for fair value measurement | The higher the risk-free rate the higher the fair value. | ||
Level 3 of fair value hierarchy [member] | Monte Carlo Simulation Model One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity settled derivative financial liability | $ 9 | 86 | |
Valuation technique (s) and key input(s) | Monte Carlo simulation model | ||
Significant unobservable input(s) | Volatility rate of 108.5% determined using historical volatility of comparable companies. | ||
Relationship of unobservable inputs to fair value | The higher the volatility the higher the fair value. | ||
Description of inputs used in fair value measurement | Expected life between a range of 0.1 and 3.00 years determined using the remaining life of the share options. | ||
Description of reasons for fair value measurement assets | The shorter the expected life the lower the fair value. | ||
Description of inputs used in fair value measurement assets | Risk-free rate between a range of 1.68% determined using the expected life assumptions. | ||
Description of reasons for fair value measurement | The higher the risk-free rate the higher the fair value. | ||
Level 3 of fair value hierarchy [member] | Black Scholes Option Pricing Model [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity settled derivative financial liability | |||
Valuation technique (s) and key input(s) | Black-Scholes option pricing model | ||
Significant unobservable input(s) | Volatility rate of 108.5%% determined using historical volatility of comparable companies. | ||
Relationship of unobservable inputs to fair value | The higher the volatility the higher the fair value. | ||
Description of inputs used in fair value measurement | Expected life between a range of 0.1 and 0.4 years determined using the remaining life of the share options | ||
Description of reasons for fair value measurement assets | The shorter the expected life the lower the fair value. | ||
Description of inputs used in fair value measurement assets | Risk-free rate between a range of 1.68% determined using the expected life assumptions. | ||
Description of reasons for fair value measurement | The higher the risk-free rate the higher the fair value. |
Derivative financial liabilit_6
Derivative financial liability – current (Details Narrative) - Warrants [Member] - $ / shares | 1 Months Ended | ||
May 31, 2020 | Oct. 30, 2019 | Oct. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Number of warrants issued | 9,545,456 | 3,150,000 | |
Share Price | $ 6.25 | ||
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Share Price | $ 2.05 | ||
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Share Price | $ 2.0625 |
Share capital (Details)
Share capital (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Issued capital | $ 1,098,000 | $ 1,098,000 |
Issued Capitals | $ 1,098,494 | $ 1,098,469 |
Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of authorised shares | 98,493,413 | 98,468,387 |
Issued capital | $ 98,493 | $ 98,468 |
Deferred Shares [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of authorised shares | 1,000,001 | 1,000,001 |
Issued capital | $ 1,000,001 | $ 1,000,001 |
Share capital (Details 1)
Share capital (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | |||
Number of amount issued for consideraton at beginning | $ 106,517 | $ 96,426 | |
Exercise of warrants total consideration | 91 | ||
Share issue to SIPP trustee total consideration | [1] | ||
Shares issued for placing, consideration | 10,000 | ||
Number of amount issued for consideraton at end | $ 106,517 | $ 106,517 | |
Ordinary shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares issued for consideraton at beginning | 98,468,387 | 63,073,852 | |
Exercise of warrants | 26 | 306,815 | |
Exercise of warrants, share price | $ 10 | $ 0.298 | |
Share issue to SIPP trustee | [1] | 25,000 | |
Shares issued for placing | 35,087,720 | ||
ShareIssue for SIPP trustee, share price | [1] | $ 0.001 | |
Shares issued for placing, share price | $ 0.285 | ||
Number of shares issued for consideraton at end | 98,493,413 | 98,468,387 | |
Deferred Shares [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares issued for consideraton at beginning | 1,000,001 | 1,000,001 | |
Exercise of warrants | |||
Share issue to SIPP trustee | [1] | ||
Shares issued for placing | |||
Number of shares issued for consideraton at end | 1,000,001 | 1,000,001 | |
[1]Share issued to Midatech Pharma Plc employee benefit trust |