6th June 2024
ISIN: GB00B2823H99
JPJ:ETX
Pipeline update and final results for the year ended 31 January 2024
London, UK, 6 June 2024 – e-therapeutics plc, a company integrating computational power and biological data to discover life-transforming RNAi medicines, today announced its audited results for the year ended 31 January 2024 and provided an update on recent pipeline progress.
“The 2023/24 financial year was an important time for e-therapeutics, marking the beginning of a period of effective execution in advancing our therapeutic pipeline. During the year we delivered solid pipeline progress, generating positive preclinical proof-of-concept data for four GalOmic™ RNAi assets discovered in-house.” commented Ali Mortazavi, Chief Executive Officer
“I am pleased to say we have continued on this impressive trajectory during the first months of the new financial year, progression of ETX-258 through proof-of-concept studies in heart failure, and the addition of a new MASH program, ETX-394. The promising datasets we are generating on our pipeline programs provide the ultimate validation for our innovative AI-enhanced approach to the R&D process and showcase the strength of our enabling platforms HepNet™ and GalOmic™.”
Recent pipeline progress
- IND-enabling studies initiated on ETX-312 for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), with an IND submission anticipated during 2025
- ETX-258 for the treatment of heart failure progressing through proof-of-concept studies
- New program added to our pipeline: ETX-394 for the treatment of MASH. ETX-394 targets different disease biology to ETX-312, silencing another novel and differentiated target gene. Preclinical proof-of-concept studies are underway.
FY2023/24 operational highlights
- Completed positive preclinical proof-of-concept data packages for four GalOmic™ assets
- Selected two assets for progression towards the clinic: ETX-312 for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and ETX-407 for dry age-related macular degeneration
- Expansion of data on metabolic dysfunction and associated fatty liver disease through strategic collaboration with Arcturis Data (Arcturis) to integrate Arcturis’ high quality, clinically rich real-world evidence (RWE) patient data within HepNet™
- Generation of a wealth of in-house experimental data significantly expanding the proprietary datasets that feed into HepNet™
- Advanced projects developing and implementing large language models (LLMs) across ETX processes and systems, further enhancing computational capabilities
- Continued to leverage our HepNet™ computational platform, including network analytics, a hepatocyte-specific knowledge graph, and predictive short interfering RNA (siRNA) construct design capabilities to rapidly develop life-transforming RNAi therapies
- Last near-term milestone successfully achieved in collaboration with iTeos Therapeutics in immuno-oncology, resulting in an additional payment to the Company and further validating its computational approach to identifying novel targets
- Sustained intellectual property (IP) activity with priority patent applications filed on nine further inventions, and international patent applications filed for eight inventions arising from the Company’s proprietary GalNAc-siRNA technology, GalOmic™
- Continued investment in leading industry talent, including new hires on the East Coast of the USA, a major biotech hub
- Effective 20 September 2023, Timothy Bretherton assumed the role of Chief Financial Officer (CFO, non-Board)
Post period operational highlights
- Successful fundraise of £28.9 million announced in April 2024 by way of a subscription by funds managed by M&G Investment Management Limited and Richard Griffiths, both existing shareholders of the Company
- Completed cancellation of admission of our Ordinary Shares to trading on AIM as of 9 May 2024
- Strengthened the Board of Directors with the appointment of Lord David Prior as Chair, as of 23 May 2024
FY2023/24 financial highlights
- Cash and short-term investment bank deposits at 31 January 2024 of £20.7 million (2023: £31.7 million)
- Revenues of £0.3 million (2023: £0.5 million)
- R&D spend of £10.2 million (2023: £7.2 million)
- Operating loss of £13.8 million (2023: £10.2 million)
- Loss for the year of £11.2 million (2023: £8.3 million)
- £1.9 million R&D tax credit receivable (2023: £1.5 million)
Please find additional information in the e-therapeutics’ Annual Report and Accounts 2024, which includes the Notice of Annual General Meeting. This was published today on the Company’s website at www.etherapeutics.co.uk/investors/financials-company-documents/ and will be posted to shareholders next week.
The Annual General Meeting will be held at 12:30 p.m. on Tuesday, 16 July 2024, at the Company’s registered office at 4 Kingdom Street, Paddington, London W2 6BD.
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