Half-year Results
H1 2025 results show cash position of £279k after £869k fundraising; operating loss of £738k; advancing MASH and animal health programs.
- Cash and cash equivalents £279,445 (prior £278,682)
- Net equity/(liabilities) (£303,003) (prior (£403,008))
- Operating loss (£737,618) (prior (£524,259))
- Equity fundraising (net) £868,698
- Administrative expenses £982,725 (prior £1,316,368)
- Loss per share (0.192p) (prior (0.165p))
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Genflow (LSE: GENF) (OTCQB:GENFF) is pleased to announce its half year results for the six-month period ended 30 June 2025.
Chairman's Statement
It is my pleasure to update shareholders of Genflow Biosciences Plc ("Genflow" or the "Company") on our performance during the first six months of 2025.
As of 30 June 2025, Genflow has made important progress across its programs in both human health and animal health, advancing our mission to extend healthspan through our proprietary SIRT6 centenarian-based gene therapies. These two dimensions of our pipeline are deeply complementary: our human programs target age-related diseases with high unmet need, while our veterinary initiatives allow us to generate translational data, demonstrate safety and feasibility, and explore commercial opportunities in the growing companion animal health sector.
Human Health Pipeline
In human health, our pipeline spans MASH ("Metabolic Dysfunction-Associated Steatohepatitis"), sarcopenia, Werner Syndrome, and exploratory programs in ophthalmology. Collectively, these programs highlight the versatility of SIRT6 centenarian in addressing fundamental mechanisms of aging across multiple systems.
The most notable development has been in MASH. Recent approvals of two new therapies including GLP-1 agonists have provided effective therapies for patients in the earlier stages of disease (approximately two-thirds of the population). However, there remains a profound unmet need in advanced MASH with fibrosis, where therapeutic options are extremely limited. In response, Genflow has repositioned GF-1002 to target this high-need population (around one-third of patients). With its antifibrotic properties and potential to prevent progression to liver cancer, GF-1002 is uniquely suited to address this stage of disease. While the patient population is smaller, the commercial opportunity is significant, given the lack of alternatives beyond liver transplantation.
In parallel, we are expanding into ophthalmology, where SIRT6-based therapies hold promise in corneal pathologies and glaucoma. Current glaucoma treatments focus primarily on reducing intraocular pressure, yet do not prevent degeneration of the optic nerve. Preclinical findings suggest that SIRT6 overexpression can protect retinal ganglion cells and preserve optic nerve integrity, opening the door to a paradigm shift in treatment - from symptom management to true neuroprotection. With the global glaucoma market valued at nearly USD 9 billion and projected to reach USD 12-14 billion by the early 2030s, this represents a compelling long-term growth opportunity for Genflow.
Animal Health Pipeline
Complementing our human health programs, we are pioneering applications of SIRT6 in veterinary medicine. During the period, we initiated a Healthspan and sarcopenia clinical trial in dogs with our partner, the independent CRO Syngene. This comparative, randomized study involves 28 beagle dogs aged 10 years and older, testing GF-1004, our naked DNA construct, in an aging canine population.
Early studies have already confirmed the safety and ease of administration of GF-1004, providing confidence in broader applicability. The trial is expected to deliver initial efficacy data within five months, with endpoints focused on muscle function and healthspan indicators. At the same time, we have initiated confidential discussions with several leading animal health companies under confidential disclosure agreements, underscoring industry interest in innovative approaches to age-related decline in companion animals.
Strategic Integration of Human and Animal Health
Our programs in human health and animal health are mutually reinforcing. The veterinary studies provide a real-world proof-of-concept environment to evaluate SIRT6-based therapies in aging populations, while our human programs extend the platform into areas of high unmet need such as MASH, sarcopenia, Werner Syndrome, and ophthalmology. Together, they expand the reach of our SIRT6 platform and strengthen Genflow's leadership in healthspan science.
Financial Overview
As of 30 June 2025, the Group had cash reserves of £279,445 (31 December 2024: £278,682) which has been derived from equity fundraising of £868,698 (net of expenses) during H1 2025. The Company remains debt free.
Administration expenses for 30 June 2025 totalled £982,725 (30 June 2024: £1,316,368), which primarily consisted of research and development costs of £665,862 (30 June 2024: £938,109), legal and professional fees totalling £156,094 (30 June 2024: £90,654) and Directors' fees of £55,272 (30 June 2024: £178,656).
Other Comprehensive Income was charged with a translation loss of £31,075 (30 June 2024: £8,652) upon converting the Subsidiary's results for the period to GBP.
Future
Looking ahead, 2026 is expected to be a pivotal year as we move closer to clinical readiness in late-stage MASH, advance our ophthalmology programs in cornea and glaucoma, and deliver first efficacy data from our canine trial. By integrating progress across both human and veterinary health, Genflow is building a comprehensive platform capable of delivering meaningful innovations in longevity and age-related disease.
The Company is also working hard to secure further non-dilutive funding and has received support from the Wallonia Region to advance GF-1002 through the next stage of development. We look forward to updating shareholders further when the grant process has been finalised and payment has been received.
On behalf of the Board, I would like to thank our shareholders, partners, and dedicated team for their continued support as we work to translate the science of SIRT6 into therapies that improve lives.
Tamara Joseph
Chairman
Consolidated Statement of Financial Position
As at 30 June 2025
| Note | Unaudited 30 June 2025 | Audited 31 December 2024 | Unaudited 30 June 2024 Restated | ||
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant & equipment | 1,528 | 2,067 | 3,456 | ||
| Total non-current assets | 1,528 | 2,067 | 3,456 | ||
| Current assets | |||||
| Trade and other receivables | 6 | 187,408 | 105,159 | 207,791 | |
| Cash and cash equivalents | 279,445 | 278,682 | 1,139,859 | ||
| Total current assets | 466,853 | 383,841 | 1,347,650 | ||
| Total assets | 468,381 | 385,908 | 1,351,106 | ||
| Current liabilities | |||||
| Trade and other payables | 7 | 771,384 | 788,916 | 718,983 | |
| Total current liabilities | 771,384 | 788,916 | 718,983 | ||
| Total liabilities | 771,384 | 788,916 | 718,983 | ||
| Net Assets/(Liabilities) | (303,003) | (403,008) | 632,123 | ||
| Equity | |||||
| Share capital | 8 | 136,064 | 104,912 | 104,912 | |
| Share premium | 8 | 5,667,921 | 4,830,375 | 4,837,340 | |
| Other reserves | 9 | 221,730 | 252,805 | 217,995 | |
| Retained earnings | (6,328,718) | (5,591,100) | (4,528,124) | ||
| Total equity | (303,003) | (403,008) | 632,123 | ||
| Eric Leire | |||||
| Chief Executive Officer | |||||
| Consolidated Statement of Comprehensive Income | |||||
| For The Six Months Ended 30 June 2025 | |||||
| Notes | Unaudited 6 Months ended 30 June 2025 | Audited 12 Months ended 31 December 2024 | Unaudited 6 Months ended 30 June 2024 | ||
| Other operating income | 245,107 | 320,471 | 792,109 | ||
| Administrative expenses | 4 | (982,725) | (1,907,706) | (1,316,368) | |
| Operating loss | (737,618) | (1,587,235) | (524,259) | ||
| Finance costs | - | - | - | ||
| Loss before tax | (737,618) | (1,587,235) | (524,259) | ||
| Tax expense | - | - | - | ||
| Loss for the period / year attributable to owners of the parent | (737,618) | (1,587,235) | (524,259) | ||
| Other Comprehensive loss: | |||||
| Items that could be reclassified to profit or loss | |||||
| Exchange differences on translation of foreign operations | (31,075) | 20,934 | (8,652) | ||
| Total comprehensive loss for the period / year attributable to owners of the parent | (768,693) | (1,566,301) | (532,911) | ||
| Loss per share (pence) from continuing operations attributable to owners of the Parent - Basic & Diluted | 5 | (0.192) | (0.475) | (0.165) | |
| Consolidated Statement of Cash Flows | |||||
| For The Six Months Ended 30 June 2025 | |||||
| Unaudited 6 Months ended 30 June 2025 | Audited 12 Months ended 31 December 2024 | Unaudited 6 Months ended 30 June 2024 | |||
| Cash flows used in operating activities: | |||||
| Loss after taxation | (737,618) | (1,587,235) | (524,259) | ||
| Adjustments for: | |||||
| Depreciation & amortisation | 597 | 1,179 | 605 | ||
| Share based payments | - | - | 1,741 | ||
| (Increase)/decrease in trade and other receivables | (82,249) | 264,524 | 168,964 | ||
| Increase/(decrease) in trade and other payables | (17,532) | 239,259 | 154,185 | ||
| Net cash outflow from operating activities | (836,802) | (1,082,273) | (198,764) | ||
| Cash flow used in investing activities: | |||||
| Purchase of property, plant & equipment | - | - | (743) | ||
| Net cash used in investing activities | - | - | (743) | ||
| Cash flow from financing activities: | |||||
| Proceeds from issue of shares net of issue costs | 868,698 | 656,635 | 663,600 | ||
| Net cash generated from financing activities | 868,698 | 656,635 | 663,600 | ||
| Net increase/(decrease) in cash and cash equivalents | 31,896 | (425,638) | 464,093 | ||
| Cash and cash equivalents at beginning of period / year | 278,682 | 683,974 | 683,974 | ||
| FX on cash | (31,133) | 20,346 | (8,208) | ||
| Cash and cash equivalents at end of period | 279,445 | 278,682 | 1,139,859 | ||
| Consolidated Statement of Changes In Equity | |||||
| For The Six Months Ended 30 June 2025 | |||||
| Share capital | Share premium | Other reserves | Retained earnings/loss | Total | |
| Unaudited- 30 June 2025 | |||||
| At 1 January 2025 | 104,912 | 4,830,375 | 252,805 | (5,591,100) | (403,008) |
| Loss of the period | - | - | - | (737,618) | (737,618) |
| Exchange differences on translation of foreign operations | - | - | (31,075) | - | (31,075) |
| Total comprehensive loss for the period | - | - | (31,075) | (737,618) | (768,693) |
| Transactions with owners | |||||
| Issue of ordinary shares | 31,152 | 902,932 | - | - | 934,084 |
| Cost of capital - share issue costs | - | (65,386) | - | - | (65,386) |
| Total Transactions with owners | 31,152 | 837,546 | - | - | 868,698 |
| At 30 June 2025 (unaudited) | 136,064 | 5,667,921 | 221,730 | (6,328,718) | (303,003) |
| Unaudited- 30 June 2024 | |||||
| At 1 January 2024 - Restated | 87,752 | 4,190,900 | 224,906 | (4,003,865) | 499,693 |
| Loss of the period | - | - | - | (524,259) | (524,259) |
| Exchange differences on translation of foreign operations | - | - | (8,652) | - | (8,652) |
| Total comprehensive loss for the period | - | - | (8,652) | (524,259) | (532,911) |
| Transactions with owners | |||||
| Issue of ordinary shares | 17,160 | 697,840 | - | - | 715,000 |
| Cost of capital - share issue costs | - | (51,400) | - | - | (51,400) |
| Share based payments | - | - | 1,741 | - | 1,741 |
| Total Transactions with owners | 17,160 | 646,440 | 1,741 | - | 665,341 |
| At 30 June 2024 (unaudited) | 104,912 | 4,837,340 | 217,995 | (4,528,124) | 632,123 |
| Audited- 31 December 2024 | |||||
| At 1 January 2024 - Restated | 87,752 | 4,190,900 | 224,906 | (4,003,865) | 499,693 |
| Loss for the year | - | - | - | (1,587,235) | (1,587,235) |
| Other comprehensive income | |||||
| Exchange differences on translating foreign operations | - | - | 20,934 | - | 20,934 |
| Total comprehensive loss for the period | - | - | 20,934 | (1,587,235) | (1,566,301) |
| Transactions with owners | |||||
| Issue of ordinary shares | 17,160 | 697,840 | - | - | 715,000 |
| Cost of capital - share issue costs | - | (58,365) | - | - | (58,365) |
| Options granted during the year | - | - | 6,965 | - | 6,965 |
| Total Transactions with owners | 17,160 | 639,475 | 6,965 | - | 663,600 |
| At 31 December 2024 (audited) | 104,912 | 4,830,375 | 252,805 | (5,591,100) | (403,008) |
Reporting Entity
Genflow Biosciences Plc (the "Company") is a company domiciled in the United Kingdom. The consolidated interim financial information as at, and for the six months ended, 30 June 2025 comprise the results of the Company and its subsidiaries (together referred to as the "Group").
The consolidated financial statements of the Group as at, and for the year ended, 31 December 2024 are available upon request from the Company's registered office at 6 Heddon Street, London, W1B 4BT or at genflowbio.com.
BASIS OF PREPARATION
The financial information of the Group for the 6 months ended 30 June 2025 was approved and authorised for issue by the Board of the Company on 29 September 2025. The interim results have not been audited. This financial information has been prepared in accordance with the accounting policies that are expected to be applied in the Report and Accounts of the Company for the year ended 31 December 2025 and are consistent with the recognition and measurement requirements of IFRS as adopted by the United Kingdom. The comparative information for the full year ended 31 December 2024 is not the Group's full annual accounts for that period but has been derived from the annual financial statements for that period.
The consolidated financial information incorporates the results of the Group as at 30 June 2025. The corresponding amounts are for the year ended 31 December 2024 and for the 6-month period ended 30 June 2024.
The Group financial information is presented in Pound Sterling and values are rounded to the nearest pound.
The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2025 and will be adopted in the 2025 annual financial statements.
A number of new standards and amendments became effective on 1 January 2025 and have been adopted by the Group. None of these standards have materially affected the Group.
GOING CONCERN
The preparation of financial information requires an assessment on the validity of the going concern assumption. The Company successfully raised £0.9 million (before expenses) through the allotment and issue of new ordinary shares during the period. Further funding will be required by the Company in order to execute the Group's research and development strategy and to continue to meet its financial commitments. The Company has various funding options currently available to it and is assessing their terms in order to select the option which is most favourable to the Company and its shareholders. At 30 June 2025, the Group is in a net liability position totalling £303,003.
EXPENSES BY NATURE
| Unaudited 6 Months ended 30 June 2025 £ | Audited Year ended 31 December 2024 £ | Unaudited 6 Months ended 30 June 2024 £ | |
|---|---|---|---|
| Directors' fees | 55,272 | 325,793 | 178,656 |
| Directors' pensions | - | 1,306 | 713 |
| Directors' social security contributions | 27,059 | 19,653 | 5,069 |
| Fees payable to the Company's auditors for the audit of the Parent Company and group financial statements | - | 57,500 | 5,000 |
| Professional, legal and consulting fees | 156,094 | 188,522 | 90,654 |
| PR and marketing | 40,779 | 97,049 | 48,535 |
| Accounting related services | 14,713 | 6,551 | 3,780 |
| Insurance | 10,829 | 22,347 | 19,595 |
| Office and administrative expenses | 5,027 | 16,310 | 10,777 |
| IT and software services | 2,385 | 7,893 | 7,377 |
| Travel and entertainment | 2,038 | 6,403 | 927 |
| Research and development costs | 665,862 | 1,151,461 | 938,109 |
| Share based payments | - | - | 1,741 |
| Finance costs | 51 | - | - |
| Depreciation | 597 | 5,714 | 610 |
| Other expenses | 2,019 | 1,204 | 4,825 |
| Total administrative expenses | 982,725 | 1,907,706 | 1,316,368 |
| 5. LOSS PER SHARE | |||
| Unaudited 6 Months ended 30 June 2025 £ | Audited Year ended 31 December 2024 £ | Unaudited 6 Months ended 30 June 2024 £ | |
| Net loss for the year from continued operations attributable to equity shareholders | 737,618 | 1,587,235 | 524,259 |
| Weighted average number of shares for the period/year | 384,282,436 | 334,460,024 | 318,085,714 |
| Basic loss per share for continued operations (expressed in pence) | (0.192) | (0.475) | (0.165) |
| 6. TRADE AND OTHER RECEIVABLES | |||
| Unaudited 6 Months ended 30 June 2025 £ | Audited Year ended 31 December 2024 £ | Unaudited 6 Months ended 30 June 2024 £ | |
| VAT receivable | 65,606 | 31,757 | 46,011 |
| Prepayments | 38,708 | 68,653 | 158,748 |
| Other receivables | 83,094 | 4,749 | 3,032 |
| 187,408 | 105,159 | 207,791 | |
Trade and other receivables are all due within one year. The fair value of all receivables is the same as their carrying values stated above. These assets, excluding prepayments, are the only form of financial asset within the Group, together with cash and cash equivalents. There are no trade receivables therefore an aging analysis has not been provided.
TRADE AND OTHER PAYABLES
| Unaudited 6 Months ended 30 June 2025 £ | Audited Year ended 31 December 2024 £ | Unaudited 6 Months ended 30 June 2024 - Restated £ | |
|---|---|---|---|
| Trade payables | 573,297 | 368,897 | 668,443 |
| Accruals | 12,646 | 72,302 | 32,841 |
| Other payables | 185,441 | 347,717 | 17,699 |
| 771,384 | 788,916 | 718,983 |
All trade and other payables are due for payment within twelve months. Trade payables are settled within normal commercial terms, usually between 30-60 days.
Share capital AND SHARE PREMIUM
| Company | Number of shares | Ordinary shares £ | Share premium £ | Total £ |
|---|---|---|---|---|
| Issued and fully paid | ||||
| At 1 January 2024 | 292,506,618 | 87,752 | 4,190,900 | 4,278,652 |
| Issue of new shares - 9 April 2024 | 57,200,000 | 17,160 | 697,840 | 715,000 |
| Cost of Capital - 9 April 2024 | - | - | (58,365) | (58,365) |
| At 30 December 2024 | 349,706,618 | 104,912 | 4,830,375 | 4,935,287 |
| At 1 January 2025 | 349,706,618 | 104,912 | 4,830,375 | 4,935,287 |
| Issue of new shares | 103,841,324 | 31,152 | 902,932 | 934,084 |
| Cost of Capital | - | - | (65,386) | (65,386) |
| At 30 June 2025 | 453,547,942 | 136,064 | 5,667,921 | 5,803,985 |
On 10 April 2025, the Company issued and allotted 41,341,324 new Ordinary Shares at a price of 0.0105 pence per share for gross proceeds of £434,084 (excluding expenses).
On 15 May 2025, the Company issued and allotted 62,500,000 new Ordinary Shares at a price of 0.008 pence per share for gross proceeds of £500,000 (excluding expenses).
Share WARRANT reserve
The balance held in the share options reserve relates to the fair value of the share warrants that have been charged to the profit or loss since adoption of IFRS 2 'Share-based payment'.
Warrants:
At 30 June 2025, 90,360,000 warrants over shares were exercisable (31 December 2024: 27,860,000 warrants over shares were exercisable).
62,500,000 warrants were granted during the year (31 December 2024: 27,860,000) pursuant to the terms of a placing of shares.
During the period ended 30 June 2025, no warrants were exercised (year ended 31 December 2024: No warrants were exercised) and no warrants expired in the period (year ended 31 December 2024: No warrants expired).
£Nil was charge to loss for the year in respect of outstanding warrants (2024: Nil).
COMMITMENTS
The commitments stated in the Group's Annual Financial Statements for the year ended 31 December 2024 remain in place.
EVENTS AFTER THE REPORTING DATE
There were no events after the reporting period.
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