06 June, 2024

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.