REG - Incanthera PLC - Half-year Report

RNS Number : 1085L Incanthera PLC 11 December 2025 11 December 2025Incanthera plc("Incanthera", the "Company" or "Group")HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025Incanthera plc, the company focused on innovative technologies in dermatology and oncology, presents its interim results for the six months ended 30 September 2025.Highlights· Launch of Skin+Cell via Direct To Consumer (DTC) route through dedicated website.· Investment in establishment of DTC infrastructure and promotional activities.· Proactive discussions and activities directed at additional routes to market.Simon Ward, CEO, commented:"This period has seen the launch of our Skin+CELL skincare range launched globally via our dedicated Direct To Consumer ("DTC") website www.skinandcell.com. Establishing any new brand into a marketplace takes time, however, since launch, we have seen steady increases month on month, in traction across social media, hits to our website and conversion to sales. This is recognised in the positive feedback we have received from all users of the product range, unanimous in its praise on the dramatic effects on their skin, across all demographics.We have previously advised that we are actively exploring additional routes to market, alongside the DTC route. Discussions are progressing with a number of parties on potential collaborations and deals.We look forward to updating the market further on these activities."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.For further information please contact:Incanthera plcwww.incanthera.comTim McCarthy, Chairmantim.mccarthy@incanthera.comSimon Ward, Chief Executive Officersimon.ward@incanthera.comSuzanne Brocks, Head of Communicationssuzanne.brocks@incanthera.com+44 (0) 7831 675747+44 (0) 7747 625506+44 (0) 7776 234600Aquis Exchange Corporate Adviser: Cairn Financial Advisers LLPJo Turner / Liam Murray / Ed Downes+44 (0) 20 7213 0880Broker: Stanford Capital Partners LtdPatrick Claridge / Bob Pountney+44 (0) 20 3650 3650/51Notes to EditorsAbout Incanthera plcIncanthera is a specialist company focused on innovative technologies in dermatology and oncology. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading specialists and academic institutions as well as its in-house development team.The Company originated from the Institute of Cancer Therapeutics ("ICT") at the University of Bradford. Incanthera's strategy is to develop each candidate in its portfolio from initial acquisition or discovery to securing its future through commercially valuable partnerships at the earliest opportunity in its development pathway.For more information on the Company please visit: www.incanthera.com@incantheraplcAbout Skin + CELLSkin + CELL is Incanthera's luxury skincare brand utilising our ground-breaking formulation and delivery expertise, to bring scientifically proven formulations to cosmetics. Skin + CELL's complementary range of products are based on advanced, clinically designed, formulation concentrates which combine leading edge pharmaceutical enhancement technology with selected prestige cosmetic ingredients to give an effective product which gives a silky emollience in use and leaves the skin visibly radiant, energised and protected.Incanthera's new bioactive skincare technology has been developed by our in-house experts who have previously formulated topical products for some of the world's leading skincare and pharmaceutical companies. The formulations fortify otherwise depleted physiological pathways to improve the skin's performance, ability to self-repair and to address previously unmet cosmetic conditions in skin health.Skin + CELL's luxury skincare current range extends across face, body, hand, face serum and eye cream, and will also include bioactive SPF concentrations and further derivatives of vitamins in the future.Forward looking statement disclaimerCertain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.Incanthera plcHALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025CEO's ReportThis period has seen the launch of our Skin+CELL skincare range launched globally via our dedicated Direct To Consumer ("DTC") website www.skinandcell.com and through social media platforms of Instagram, FaceBook and TikTok.Skin+CELL is a unique product. It is a luxury skincare range, which has been created by scientific experts in formulation and delivery technologies and is uniquely capable of effecting cellular repair. The products are aesthetically stunning in look and feel and have demonstrated proven results backed by our own and independent scientific research. That effect is recognised in the positive feedback we have received from all users of the product range, unanimous in its praise on the dramatic effects on their skin, across all demographics.Establishing any new brand into a marketplace takes time, however, we have seen good initial traction across social media and positive feedback through our website from those consumers who have purchased Skin+CELL with immediate revenues recorded in the six weeks from our August launch to the end of September reporting period.We have also seen recent (post balance sheet) sales volumes increasing due to sales and promotions, including a B3Face cream discount and a Black Friday event. This is also influenced by increased traction across social media, hits to our website and subsequent conversion to sales.We have looked at the specific data, which is an invaluable asset, owned by us, to understand from where hits to our site are directed, which product is most popular and location/demographic of the purchaser. The data shows that our most successful marketing is via Instagram and our most successful product is B3 Face.As well as analysing the data from the website, we are collating feedback from consumers on our launch and subsequent roll out. Our next steps are to enhance and amplify the DTC global roll out and look further to brand expansion and innovation.Scientific research published in June demonstrates Skin+CELL's unique capabilities, providing independent proof of our technology and firmly underlining the repairing, restoring and positive protective effects of our formulation to bring a unique new approach to skincare, including valuable UV protection data.Skincare that is scientifically proven to reach below the dermal layer to the cellular structure, to effect real change in restoration and repair truly is skincare for everyone.We have previously advised that we are actively exploring additional routes to market, alongside the DTC route. Discussions are progressing with a number of parties on potential collaborations and deals.We look forward to updating the market further on these activities.Dr Simon WardChief Executive Officer11 December 2025Incanthera plcHALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025Consolidated Statement of Comprehensive Incomefor the six months ended 30 September 2025 - unauditedSix months ended 30 September 2025Six months ended 30 September 2024Year ended 31 March 2025UnauditedUnauditedAuditedNotes£'000£'000£'000Revenue6--Cost of Sales(1)--Gross Profit5--Direct Costs(90)--Operating expensesOperating expenses(760)(654)(1,783)Share based compensation4(43)(41)(214)Total operating expenses(893)(695)(1,997)Operating loss(888)(695)(1,997)Loss on ordinary activities before taxation(888)(695)(1,997)Other Income-75-Taxation---Loss and total comprehensive expense attributable to equity holders of the parent for the year(888)(620)(1,997)Loss per share attributable to equity holders of the parent (pence)Basic loss per share(0.69)(0.57)(1.77)Diluted loss per share(0.69)(0.57)(1.77)Consolidated Statement of Financial Positionas at 30 September 2025 - unauditedGroupGroupGroupAs atAs atAs at30 September 202530 September 202431 March 2025UnauditedUnauditedAuditedNotes£'000£'000£'000ASSETSNon-current assetsProperty, plant and equipment333Intangible assets7577Investments in subsidiary undertaking---Total non-current assets106010Current assetsTrade and other receivables59552741Inventory and WIP8681,236869Current tax receivable1--Cash and cash equivalents2151,05880Total current assets1,6792,3461,690Total assets1,6892,4061,700LIABILITIES AND EQUITYCurrent liabilitiesTrade and other payables933505547Total current liabilities933505547Non-current LiabilitiesConvertible loan---Total Liabilities933505547EquityOrdinary shares52,7582,3382,427Share premium9,0208,5058,903Reorganisation reserve2,7152,7152,715Currency Translation reserve-(2)-Warrant reserve1,3211,1851,294Other reserves---Share based compensation407360391Retained deficit(15,465)(13,200)(14,577)Total equity attributable to equity holders of the parent7561,9011,153Total liabilities and equity 1,6892,4061,700Consolidated Statement of Changes in Equityfor the six months ended 30 September 2025 - unauditedShare capitalShare premiumMerger reserveWarrant reserveShare based compensationCurrency translation reserveAccumulated lossesTotal£'000£'000£'000£'000£'000£'000£'000£'000Balance at 1 April 20252,4278,9032,7151,294391-(14,577)1,153Total comprehensive expense for the period------(888)(888)Transactions with ownersShare issue - investment July 2025331117-----448Share-based compensation - share options---2716--43Total transactions with owners331117-2716--491Balance at 30 September 20252,7589,0202,7151,321407-(15,465)756Share capitalShare premiumMerger reserveWarrant reserveShare based compensationCurrency translation reserveAccumulated lossesTotal£'000£'000£'000£'000£'000£'000£'000£'000Balance at 1 April 20241,8425,9542,7151,185319-(12,580)(565)Total comprehensive expense for the period-----(2)(620)(622)Transactions with ownersShare issue - warrant exercise148584-----732Share issue - cash3481,967-----2,315Share-based compensation - share options----41--41Total transactions with owners4962,551--41--3,088Balance at 30 September 20242,3388,5052,7151,185360(2)(13,200)1,901Share capitalShare premiumMerger reserveWarrant reserveShare based compensationCurrency translation reserveAccumulated lossesTotal£'000£'000£'000£'000£'000£'000£'000£'000Balance at 1 April 20241,8425,9542,7151,185319-(12,580)(565)Total comprehensive expense for the period------(1,997)(1,997)Transactions with ownersShare issue - in lieu of creditors89291-----380Share issue - warrant exercise148551-----699Share issue - investment Jun 243481,999-----2,347Warrant extension fee received---75---75Share-based compensation - share options-108-3472--214Total transactions with owners5852,949-10975--3,715Balance at 31 March 20252,4278,9032,7151,294391-(14,577)1,153The registered number of Incanthera plc is 11026926.Consolidated Statement of Cash Flowsfor the six months ended 30 September 2025 - unauditedGroupGroupGroupSix months ended30 September 2025Six months ended30 September 2024Year ended31 March 2025UnauditedUnauditedAudited£'000£'000£'000Cash flows from operating activitiesLoss before taxation(888)(620)(1,997)Depreciation and amortisation-158Currency Translation difference- (2)-Share based compensation4341214(845)(580)(1,725)Changes in working capital(Increase)/decrease in trade and other receivables146(8)(697)(Increase)/decrease in inventories and WIP1(1,236)(869)Increase/(decrease) in trade and other payables386(226)196Creditor SwapCash used in operations533(1,470)(1,370)Taxation received(1)--Net cash used in operating activities(313)(2,050)(3,095)Cash flows (used in)/generated from investing activitiesAcquisition of tangible fixed assets--(7)Net cash (used in)/generated from investing activities--(7)Cash flows from financing activitiesProceeds from warrant extension--75Proceeds from issue of shares5803,3423,342Issue costs(132)(295)(296)Net cash generated from financing activities4483,0473,121Movements in cash and cash equivalents in the period13599719Cash and cash equivalents at start of period806161Cash and cash equivalents at end of period2151,058801. GENERAL INFORMATIONIncanthera plc ('the Company') is a public limited company incorporated in England and Wales and was admitted to trading on the AQSE Growth Market, under the symbol INC on 28 February 2020. The Company trades on the Apex segment.The address of its registered office is c/o Gateley plc, Ship Canal House, 98 King Street, Manchester, England, M2 4WU and the registered company number is 11026926. The principal activity of the Company is clinical stage drug development.2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIESBasis of preparationThe consolidated financial statements have been prepared in accordance with UK adopted International Financial Accounting Standards ('IFRS'), IFRIC interpretations and the Companies Act 2006 applicable to companies operating under IFRS.The consolidated financial statements are presented in Sterling (£) and rounded to the nearest £'000. This is the predominant functional currency of the Group and is the currency of the primary economic environment in which it operates.The consolidated financial statements have not been reviewed by the Group's auditors.3. LOSS PER SHAREBasic loss per share is calculated by dividing the loss for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period. For diluted loss per share, the loss for the period attributable to equity holders and the weighted average number of ordinary shares outstanding during the period is adjusted to assume conversion of all dilutive potential ordinary shares. As the effect of the share options would be to reduce the loss per share, the diluted loss per share is the same as the basic loss per share.The calculation of the Group's basic and diluted loss per share is based on the following data:Six months ended30 September 2025Six months ended30 September 2024Year ended31 March 2025£'000£'000£'000UnauditedunauditedAuditedLoss for the period attributable to equity holders for basic loss and adjusted for the effects of dilution(888)(620)(1,997)As at30 September 2025As at30 September 2024As at31 March 2024NumberNumberNumberUnauditedUnauditedAuditedWeighted average number of ordinary shares129,166,801108,378,872112,595,162Weighted average number of ordinary shares adjusted for the effects of dilution129,166,801108,378,872112,595,162PencePencePenceLoss per share - basic and diluted(0.69)(0.57)(1.77)4. SHARE-BASED PAYMENTSAs at the end of the current period, the reconciliation of share option scheme movements is as follows: As at 30 September 2025NumberWAEPPenceOutstanding at 1 April 20258,975,00010.77Granted during the period--Exercised during the period--Lapsed/cancelled during the period--Outstanding at 30 September 20258,975,00010.77During the six month period ended 30 September 2025, a share-based payment charge of £43,073 (2024: £41,126) was expensed to the consolidated Statement of Comprehensive Income.The fair values of the options granted have been calculated using a Black-Scholes model.5. ISSUED CAPITAL AND RESERVESOrdinary shares CompanyNumber of SharesShare Capital (£'000)At 31 March 2025121,366,6452,427Issued on placing16,571,429331At 30 September 2025137,938,0742,758New shares were issued during six-month period ended 30 September 2025 in relation to a placing agreement.This information is provided by RNS, the news service of the London Stock Exchange. 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