Full Year Results 2023


C4X Discovery Holdings plc

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

Evolution of strategy as immuno-inflammation company to deliver greater value to shareholders

14 December 2023 – C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its full year audited results for the year ended 31 July 2023.

 Dr Clive Dix, CEO of C4X Discovery, said: “This year has seen C4XD evolve significantly to build on its proven strengths and expertise and focus on immuno-inflammation. The licensing of our NRF-2 programme to AstraZeneca reinforced our confidence in our ability to discover high value new small molecule drugs in the space and the strategic divestment of our Orexin-1 programme further streamlined our portfolio and provided further resources to pursue this more defined path to value. The market potential in immuno-inflammation is large and growing, reflecting the need for better treatments. With a robust balance sheet, focused strategy and streamlined portfolio, we believe we are strongly positioned in immuno-inflammation and excited about the future.”

 

Operational highlights (including post-period events)

  • New strategic focus as an immuno-inflammation company.
  • C4XD signed an exclusive worldwide licensing agreement with AstraZeneca in November 2022, worth up to $402 million, for its NRF2 Activator programme.
  • α4β7 integrin inhibitor programme for inflammatory bowel disease (“IBD”) delivered compounds showing improved activity at a lower dose compared to example competitor compounds in a pharmacodynamic model after oral dosing.
  • C4XD internal portfolio expanded in inflammatory diseases and new programmes identified progressing towards Lead Optimisation and beyond.
  • Launch of PatientSeek, C4XD’s precision medicine platform for optimised patient selection.
  • Indivior acquired C4XD’s oral Orexin-1 receptor antagonist, C4X_3256 (INDV-2000), for substance use disorder under an asset purchase agreement for £15.95 million (recognised post period).
  • Sanofi is progressing C4XD’s IL-17A inhibitor programme for inflammatory diseases towards the next milestone.
  • MALT-1 inhibitor programme moving forward to identification of candidate shortlist molecules as partnering process initiated.
  • Executive changes: Clive Dix’s appointed at interim Executive Chairman & CEO as Eva-Lotta Allan steps down as Chair and Dr Nick Ray appointed as Chief Scientific Officer.

Financial highlights

  • Revenue of £1.7 million (2022: £2.7m).
  • Total loss after tax of £11.1 million or 4.42 pence per share (2022: £8.2m or 3.57 pence per share).
  • R&D expenses increased by 16% to £10.9 million (2022: £9.4m), reflecting focused investment in key Drug Discovery programmes.
  • Net assets of £6.5 million (2022: £11.8m).
  • Net cash as at 31 July 2023: £4.2 million (31 July 2022: £5.1m).
  • Post-period, payment of £15.95 million received from Indivior for the outright acquisition of Orexin-1 Receptor Antagonist Programme.

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 plc

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