Full Year Results


C4X Discovery Holdings plc

(“C4XD”, “C4X Discovery” or the “Company”)

Building on our partnered portfolio

AstraZeneca agreement showcases depth of C4XD scientific expertise and early-stage revenue-generating partnering strategy

15 December 2022 – C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its full year audited results for the year ended 31 July 2022.

Dr Clive Dix, CEO of C4X Discovery, said: This third agreement across our partnered programmes with truly world-renowned industry leader, AstraZeneca, brings the total potential value of our deals to $1.2 billion, and our ambitious strategy and vision is now validated and visible.  With our partnered programmes making good progress, we now look to advance the lead programmes in our portfolio to a partnerable stage and transition our early-stage programmes into the next phase where we will be able to provide more detail on the targets and our ambitions for the portfolio.  C4XD is in its strongest position ever, with supportive investors and a reputation for unique expertise in Drug Discovery, attracting world-class partners in the pharmaceutical industry.”

Operational Highlights (including post-period events)

  • Post-period: Exclusive worldwide licensing agreement with AstraZeneca in November 2022 for C4XD’s NRF2 Activator programme worth up to $402 million including:
    • Pre-clinical milestone payments worth up to $16 million including $2 million upfront, ahead of the first clinical trial
    • In addition, a further $385.8 million in potential development, regulatory and commercialisation milestones, and the potential for tiered single-digit royalties
  • Progression of Indivior’s Phase 1 with C4X_3256 (INDV-2000) oral Orexin-1 receptor antagonist for the treatment of addiction with commencement of the multiple ascending dose (MAD) study in Q3 2022, under the out-licensing agreement worth up to $294 million, entered into in March 2018
  • Achievement of first milestone payment of €3 million from Sanofi under the out-licensing agreement worth up to a total of €414 million for its IL-17A inhibitor programme, entered into in April 2021
  • Significant progress in the MALT-1 inhibitor programme for haematological and solid tumours with compounds that match the leading clinical candidate in terms of in vitro and in vivo profile and transitioning of two chemical series into Lead Optimisation
  • Significantly more potent compounds in the lead series of the α4β7 integrin programme in a human whole blood assay than representative compounds from the leading clinical programme. Progression of C4XD compounds into pharmacodynamic models via oral route of administration
  • Commencement of six early-stage programmes (three oncology, three inflammation-immunology) into the Hit Identification phase, with one programme transitioned into the Hit-to-Lead phase
  • Research project agreement with HitGen, a Shanghai listed, world leader in DNA-encoded libraries to identify novel, small molecule hits against an inflammatory target
  • Appointment of Bhavna Hunjan as Chief Business Officer and Executive Director and Dr Mario Polywka as Non-Executive Director

Financial Highlights

  • Revenue of £2.7 million (2021: £5.6m)
  • Total loss after tax of £8.2 million or 3.57 pence per share (2021: £3.8m or 1.96 pence per share)
  • R&D expenses increased by 14% to £9.4 million (2021: £8.3m), reflecting focused investment in key Drug Discovery programmes
  • Net assets of £11.8 million (2021: £19.3m)
  • Net cash as at 31 July 2022: £5.1 million (31 July 2021: £17.1m)
  • Post-period, successful £5.7 million investor-led fundraise (before expenses) with a total of 22,781,200 Placing Shares issued to institutional shareholders
  • Post-period, £2.1 million R&D tax credit received

Analyst Webcast Today

Dr Clive Dix, Chief Executive Officer, and members of the management team will host a live webcast for analysts at 9:30am GMT today to discuss the results. The webcast can be accessed online at:

https://www.lsegissuerservices.com/spark/C4xDiscoveryHolding/events/add39e84-79c5-41b8-a497-f14f787e5d1d

A copy of the final results presentation will be released later this morning on the Company website at www.c4xdiscovery.com.

C4X Discovery Holdings

Mo Noonan, Communications+44 (0)7876 444 977

Panmure Gordon (UK) Limited (NOMAD and Broker) +44 (0)20 7886 2500

Freddy Crossley, Emma Earl (Corporate Finance)
Rupert Dearden (Corporate Broking)

Consilium Strategic Communications

Mary-Jane Elliott, Chris Gardner, Matthew Neal +44 (0)203 709 5700

C4X Discovery (“C4XD”) is a pioneering Drug Discovery company combining scientific expertise with cutting-edge Drug Discovery technologies to efficiently deliver world leading medicines, which are developed by our partners for the benefit of patients. We have a highly valuable and differentiated approach to Drug Discovery through our enhanced DNA-based target identification and candidate molecule design capabilities, generating small molecule drug candidates across multiple disease areas including inflammation, oncology, neurodegeneration and addictive disorders. Our commercially attractive portfolio ranges from early-stage novel target opportunities to late-stage Drug Discovery programmes ready for out-licensing to partners and we have three commercially partnered programmes with one candidate in clinical development.

We collaborate with leading pharmaceutical and life sciences companies to enrich our expertise and take our assets through pre-clinical and clinical development. Through early-stage revenue-generating licensing deals, we realise returns from our high value pre-clinical assets which are reinvested to maximise the value of our Drug Discovery portfolio.  For further information see www.c4xdiscovery.com