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Microsaic Systems plc Interim Results

27/09/2021 7:00am

UK Regulatory (RNS & others)


Microsaic Systems (LSE:MSYS)
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RNS Number : 9697M

Microsaic Systems plc

27 September 2021

27 September 2021

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

Interim Results for the six months ended 30 June 2021

Microsaic Systems plc (AIM: MSYS), the developer of point of need mass spectrometry ("MS") instruments and analytical solutions, is pleased to announce its unaudited interim results for the six months ended 30 June 2021. A strategic change of business model early in 2021 has resulted in a recovery of revenues, increasing to GBP499k in H1 2021, significantly above H1 2020 and that of H1 2019, a pre-pandemic benchmark.

Highlights

   --    Unaudited r evenues of GBP499k : 

o 594% increase on H1 2020 (GBP72k) and 52% improvement compared to H1 2019 (GBP328k)

o Strongest adjusted EBITDA performance since the Company was admitted to AIM

-- January: transformative placing which raised gross proceeds of GBP5.5m, board changes and strategic shift away from independent development to a commercial strategy with external partners

-- March: commercial agreement with DeepVerge plc ("DeepVerge"; AIM: DVRG), facilitating international deployment of Microsaic's products and services in applications such as water monitoring of chemicals and pathogens, and in support of DeepVerge's rapidly growing Labskin division

-- May: collaboration with Swansea University to combine real-time monitoring of environmental water using AI in determining the link between environmental chemical pollution and human health

-- May: Heads of Terms ("HoT") with a Chinese distributor for the distribution of Microsaic's technology as part of a medically licenced bed-side solution for therapeutic drug monitoring ("TDM") in China.

-- June: initial shipments to a newly signed Chinese partner to secure medical licence for China to deliver real-time TDM with future recurring revenue opportunities (including service and reagent consumables) expected in 2022

   --    June: increased orders through DeepVerge sales channel under the framework agreement 

-- Five key commercial hires focusing on environmental detection of water contamination and human health markets, delivering real-time on-site monitoring and data analytics with connected Internet of Things ("IoT"), AI and support services

Post Period Events

-- July: First real-time monitoring demonstration of on-line production of biotherapeutic drugs such as vaccines and anti-cancer treatments using Process Analytical Technology within a Microsaic micro-engineered MS solution

-- August: Heads of Terms ("HoT") signed for production of unique point-of-care hospital bedside diagnostic unit with manufacturing partner to support the distribution of Microsaic's micro-engineered MS technology providing additional support for medical device licence in China

-- August: The launch of a miniaturised mass spectrometer platform, achieving triple quadrupole ("Triple Quad") limits of detection for real-time monitoring and identification of organic chemicals in water and soil, a first for MS technology delivering regulatory-grade testing methods in the field

-- September: Signing of a full agreement with a Chinese partner Jiangsu Henzhihe Technologies Co. Ltd ("HZH"), providing a forward manufacturing and service support centre for distributors in China. HZH will initially support the Chinese distributor (RNS 4th May 2021) for point of need TDM, and securing a medical licence to ship products in China into this (and other) markets globally

Ongoing commercial developments

-- Disruptive low-cost and mobile system to detect organic chemicals in water and wastewater adapted for in-field deployment

-- Detection of volatile contaminants in water, with product demonstration expected in H2 of this year. This significantly expands the reach of applications with mobile capability for environmental regulatory authorities

-- Multiple collaboration projects, including in-surgery cancer diagnostics, with the aim to secure commercial supply agreements with the potential to revolutionise operating theatre surgical oncology interventions

Outlook

-- The Board anticipates the sales momentum of H1 to continue in H2 based on its sales pipeline. Potential collaborations and trials with DeepVerge may lead to significant opportunities in environmental water detection

-- During the second half of 2021 the Board expects full agreements to be signed with its Chinese Partners for the assembly, distribution and servicing of its product in China, ahead of achieving a medical device licence in China for therapeutic drug monitoring in 2022

-- Furthermore, in H2 , Microsaic intends to appoint a contract research organisation ("CRO") to undertake cell line work in bioreactors before placing its bioprocessing technology and services with end-user biopharma for beta trials, ahead of expected commercialisation in 2022

-- The Company expects to launch a new detection platform in H2, targeting a wider range of chemical contaminants in water. This will further augment the combined chemical/pathogen detection capabilities between DeepVerge and Microsaic

Glenn Tracey, CEO of Microsaic Systems plc, commented:

" I am thrilled to report this transformational performance for the first half of 2021, following the effects the COVID-19 lockdown had on our customers, suppliers and employees throughout 2020 and the operational and financial strain this placed on the Company. The new commercial strategy of collaborating, partnering and revenue sharing is moving the Company away from equipment-only sales. Microsaic is now focused on offering integrated real-time data analytics with AI alongside our mass spectrometry hardware, providing complete, value-adding solutions such as in-field environmental testing and on-site human diagnostics. The change in strategy and business model has already opened up new market opportunities and applications for our differentiated technology solutions, and demonstrated solid evidence of sales growth which is expected to continue into H2.

I am also delighted to have signed our partners HZH, which represents a major expansion of our global footprint as we continue to bring on point of need technical solutions in the near term."

 
 Enquiries: 
 Microsaic Systems plc 
  Glenn Tracey, CEO                                     +44 (0)1483 
  Bevan Metcalf, FD                                      751 577 
  Singer Capital Markets (Nominated Adviser & Joint 
   Broker)                                               +44 (0)20 7496 
   Aubrey Powell / Tom Salvesen / George Tzimas           3000 
 Turner Pope Investments (TPI) Limited (Joint 
  Broker)                                               +44 (0)20 3657 
  Andy Thacker / James Pope                              0050 
 
 

About Microsaic Systems

Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested GBP30m (before the last fundraising) over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology purpose built for "Industry 4.0" which enables analytical detection and characterisation at the point-of-need, whether within a human health environment, conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection and monitoring of data at any step in the process workflow.

Microsaic's products and solutions are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing and point-of-need applications.

CEO Statement

Performance

Revenues were GBP499k for the period , an impressive 594 per cent. increase over H1 2020 (GBP72k) and 52 per cent. over H1 2019 (GBP328k). After a transformative placing , raising gross proceeds of GBP5. 5m , and board changes, the Company immediately implemented changes to its market and business strategy.

Market Strategy

The Company has focused on two key markets, reflecting its commitment to solving real world problems affecting our Health and Environment using our unique screening and monitoring platforms, incorporating MS detection technology, software, and services to end users.

Human Health

Microsaic's products and services span several markets, characterising the evolution of human health from drug discovery, through to manufacturing, quality control and therapeutic monitoring.

Bioprocessing and manufacturing

The Company has identified a significant market for in-situ analysis of small and large molecules, particularly in upstream bioprocessing. Applications identified to date include monitoring the quality of incoming feedstocks, and identification of target proteins (biologic drugs) and their metabolites. The Board believes that Microsaic's technology, integrated into existing workflows, will provide customers with significant cost savings, but more importantly will provide additional data not usually seen by traditional optical and assay-based methods during the bio-manufacturing process. Such an approach could greatly assist biologics manufacturers to meet increasing demands from regulators to provide more data, sooner, in the development, scale-up and manufacturing processes.

Microsaic announced on 2 July, that it had interfaced its micro-engineered and fully portable MS detector with a bioreactor and autosampler, coupled with process control software, to provide continuous, real-time analysis of the biomanufacturing process, including the provision of additional data analytics for quality monitoring and assurance.

Biopharmaceuticals is a well-established and rapidly growing sector (currently valued at circa $200 billion (1) ), which faces significant challenges around process robustness. This is particularly apparent within upstream processing, which relies on fundamental biology and carries inherent product variability risks. Point-of-need MS would provide timely and critical safety and quality assurance, as adverse effects would be identified earlier in the process and mitigated upstream.

The analytical instrumentation market in upstream bioprocessing alone was projected to be worth circa $390 million in 2020 (2) . The Company believes that its compact, easy-to-use, MS technology is well-positioned to access a share of this market, working with bioprocessing instrument providers and end-users in biopharmaceutical manufacturing alike.

Additionally, Microsaic's technology has been interfaced with more traditional pharmaceutical manufacturing, with accounts such as Merck, Corning and Samsung.

Therapeutic Drug Monitoring - China Opportunity

In May, Microsaic announced the signing of non-binding HoT with a Chinese partner (the "Partner"). The HoT describe the in-principle agreement for the parties to collaborate to supply and market Microsaic's micro-engineered MS technology for use within a point of care medical device monitoring system for hospital diagnostics in the Chinese market. In 2019, there were 33,000 hospitals registered in China, with 7.9 million beds(3) .

Under the HoT, the first application will be in monitoring psychiatric therapeutic drugs, with further monitoring applications to follow. Subject to completion of a final agreement with the Partner, Microsaic expects to generate two streams of revenue, from both the initial sale of monitoring systems and the subsequent recurring revenue-share from the supply of reagents and consumables used for monitoring.

Both parties will negotiate and agree the terms of the proposed assembly and sale of the monitoring equipment. The Company anticipates that the requisite medical device licence will be secured during 2022, although Microsaic's technology is expected to have production capability in China later this year, which will be in support of product testing and validation for Chinese regulatory approval.

In August, HoT were signed with a manufacturing partner, to support the production and distribution of Microsaic's micro-engineered MS technology and support the medical device licence referred to above in China.

Microsaic will seek similar applications in healthcare markets across North America and Europe.

Environmental Health

In May, Microsaic announced a collaboration with Swansea University Medical School, utilising Microsaic's miniature mass spectrometry equipment, to develop a monitoring platform capable of measuring per- and polyfluoroalkyl substances ("PFAS", also known as 'forever chemicals') at source and within a laboratory setting. Solidifying the link between environmental and human health, this will be used to establish the health impacts of the broader range of PFAS pollutants. The detection platform will combine environmental sample preparation and epigenetic approaches with Microsaic's miniature mass spectrometer. Through partnership with stakeholders in the environmental sector, this collaboration is designed to better inform pollution remediation, improve management processes for reduced emission and promote safer handling of PFAS chemicals.

PFAS are pollutants of increasing concern, known as 'forever chemicals' given their environmental persistence following use as protective, non-stick, and fire-retardant coatings within electronics, textiles, cleaning agents and cookware. There is a shortage of environmental testing globally yet initial human epigenetic studies show reproductive, developmental, liver, kidney and immunological effects(5,6,7) from skin contact or contaminated food or water, meaning there is an increasing need to monitor these pollutants. Furthermore, given there are conflicting, unresolved and unclear accounts of the epigenetic mechanisms of specific PFAS (e.g. DNA methylation with PFOS and PFOA)(7,8) , questions remain as to how epigenetic changes occur across the chemical range and for mixtures of PFAS pollutants.

Environmental pollution has been strongly linked to adverse human health outcomes, prompting growing research activity to determine how this leads to disease. Given the breadth of chemicals used in everyday life and their resistance to environmental breakdown, the risk of pollution following release via production, use, residues in goods, ineffective wastewater remediation, and/or leachate from landfill is significant.

In August this year, Microsaic launched a miniaturised mass spectrometer platform, providing fully integrated front-end solutions, and using AI software upgrades from DeepVerge, to achieve triple quad limits of detection for real-time monitoring and identification of organic chemicals in water and soil. Triple Quad limits of detection mean increased sensitivity and specificity, which allows detection and quantification at lower limits than conventional single quad mass spectroscopy.

In collaboration with DeepVerge's environmental division, which has implemented real-time services for the automated detection and identification of metals and pathogens, Microsaic now augments this offering with automated real-time detection and expert analysis of dangerous organic chemicals in water and soil.

The detection capability for a variety of contaminants and toxic "bad actors" adds:

-- Organic chemical expertise and detection of Chemicals of Emerging Concern ("CECs"), currently unregulated and unmeasured, with the European Chemical Agency in 2020 identifying 290 chemical candidates for regulatory action by the European Commission(4)

-- Significant augmentation to the revenue channels of both Microsaic and DeepVerge without re-engineering their business infrastructure

-- Screening - project deployment (e.g. site remediation, clean up, chronic or acute spills), mobile laboratory/van etc.

-- Monitoring - site surveillance (e.g. waste water treatment plants, sites of special interest). Substantial value-add to customers, as the retrofit or standalone integration of our combined solutions, including high-tech hardware, software and AI, adds:

-- Unified data handling

-- Unified/integrated sampling strategies

-- Unified front-end to customers installations and collaborations

-- Powerful and accurate analysis of aggregated data with AI delivering the ability to detect an array of targets in a single platform and with predictive alert capability

The new portable Microsaic platform, with Triple Quad limits of detection is unique, bringing laboratory quality performance to the front-line, at a fraction of the cost and up to 90% smaller than traditional Triple Quad mass spectrometers, reducing workflows and allowing manual, or automated decision making in real-time.

Diversified Industries

Microsaic serves selected additional markets where there is a strong "real-world" problem to solve. Examples of markets where our technology is applied include food safety, food contamination and counterfeiting, agrichemical production and explosives detection.

Business Strategy

Following changes to the Board in January this year, Microsaic undertook an immediate strategic review of its markets, business model and operations. With the Company being ideally placed for front-line or on-line screening and monitoring, the Board recognised a clear advantage in combining Microsaic's unique chip-based detection technology with AI capabilities and application software, for multiple/key account installations where real-world problems needed immediate solutions. Such examples are real-time environmental monitoring, high-value manufacturing of therapeutics and real-time drug monitoring.

In March of this year, Microsaic signed a non-binding framework agreement with DeepVerge Plc. This agreement incorporated several facets:

   --    Utilising DeepVerge's global sales channel, particularly in environmental water monitoring 

-- Collaborating to combine both companies' technologies and integrating with software, to deliver systems that utilise the capabilities of Microsaic's environmental chemical detection with DeepVerge's environmental pathogen detection

-- Creating a joint facility at DeepVerge's site in York, to accelerate collaboration and acting as a customer demonstration facility

Microsaic had historically operated a capital sale model. This period has seen Microsaic transitioning to an annuity model, for its hardware, software and value-adding services.

Outlook

The Board anticipates the sales momentum of H1 to continue in H2 based on its sales pipeline. Potential collaborations and trials with DeepVerge may lead to significant opportunities in environmental water detection.

During the second half of 2021 the Board expects full agreements to be signed with its Chinese Partners for the assembly, distribution and servicing of its product in China, ahead of achieving a medical device licence in China for therapeutic drug monitoring in 2022.

Furthermore, in H2 , Microsaic intends to appoint a contract research organisation ("CRO") to undertake cell line work in bioreactors before placing its bioprocessing technology and services with end-user biopharma for beta trials, ahead of expected commercialisation in 2022.

The Company expects to launch a new detection platform in H2, targeting a wider range of chemical contaminants in water. This will further augment the combined chemical/pathogen detection capabilities between DeepVerge and Microsaic.

Glenn Tracey

CEO

27 September 2021

(1) 2020 Global Life Sciences Outlook(,) Deloitte

(2) Report on upstream bioprocessing analytical instrumentation, TDA consultants 2019

(3) China Hospital Industry Report, 2019-2025

   (4)   https://echa.europa.eu/-/nearly-300-chemicals-identified-as-candidates-for-regulatory-action 

(5) EPA, https://www.epa.gov/pfas/basic-information-pfas#difference

(6) Toxicology Department CRCE, PHE 2009 Version 1 , PFOS and PFOA: General Informatio n

(7) Kim, S,.Thapar, I., Brooks, B. W., Epigenetic changes by per- and polyfluoroalkyl substances (PFAS). 2021. Env. Pol. 279: p. 116929.

(8) Kingsley, S.L., Kelsey, K.T., Butler, R., Chen, A., Eliot, M.N., Romano, M.E., et al., 2017. Maternal serum PFOA concentration and DNA methylation in cord blood: a pilot study. Environ. Res. 158, 174e178. etc

Financial Review

Statement of Comprehensive Income:

In H1 2021, total revenues of GBP499,285 were 594 per cent. or GBP427,293 above H1 2020 (GBP71,992) showing a significant recovery from 2020 which was adversely affected by COVID-19.

Product revenues increased by GBP367,474 (H1 2020: Nil) while consumables and spares revenues increased by 79 per cent. and service and support income by 133 per cent.

Gross margin in H1 2021 was 34.3 per cent. This was below the margin achieved in H1 2020 (53.2 per cent.) due to the change in product mix with lower margins on product revenues.

Other operating income in H1 2021 of GBP47,033 represents furlough grant income for January 2021 and development income. Other operating income in H1 2020 was restated (see note 4) to include furlough grant income of GBP40,324 for the period April to June 2020.

Operating expenses of GBP1,216,702 are GBP308,286 lower than prior year (H1 2020 Restated: GBP1,524,988). Operating expenses in H1 2020 were restated to exclude the furlough grant income of GBP40,324 as mentioned above. The reduction in operating expenses included staff related costs which reduced by GBP81,731 and includes payroll (GBP56,688), travel (GBP51,835), and other staff costs (GBP6,308) but off-set by an increase in recruitment (GBP33,100). Other reductions included R&D contractors (GBP127,142), R&D materials and warranty (GBP65,275), premises (GBP25,567), and marketing and IP (GBP31,050). Other expenses increased by GBP22,479 which included an increase in exceptional costs relating to advisers and legal costs.

The loss from operations, before share-based payments ("SBP") of GBP998,316 is 31 per cent. lower than the loss recorded in H1 2020 (GBP1,446,369).

EBITDA Adjusted Loss is a key performance indicator of the Company's profitability. The EBITDA Adjusted Loss in H1 2021 was GBP838,804 compared with GBP1,300,902 in H1 2020, an improvement of GBP462,098. Note 7 details the difference between EBITDA Adjusted Loss and Comprehensive Loss for the period.

The SBP charge in H1 of GBP1,110,038 (2020: GBP31,418) is significantly above the prior year. During the period 750 million options/warrants awarded to Directors and a consultant vested within 30 days of their grant after meeting the performance criterion leading to a charge of GBP1,125,283. Options awarded to staff vest over two years and incurred a SBP charge of GBP114,774. These charges were partly off-set by the cancelation of existing options of GBP130,019.

The comprehensive loss of GBP2,106,925 is 42.4 per cent. higher than H1 2020 (GBP1,479,949) with the reduction in the loss from operations being off-set by the increase in the SBP charge. The basic loss per share of 0.042p is significantly below last year (H1 2020: 0.32p per share) due to the issue of 5.62 billion ordinary shares at the time of the fundraise in February 2021.

Statement of Financial Position:

Total non-current assets of GBP204,976 are GBP42,336 below the December balance. This was mainly due to a reduction of in the right of use assets of GBP34,367, representing the depreciation charge in the period.

Total current assets of GBP5,603,025 are GBP4,243,928 above the December balance. This is mainly due to a higher cash balance at the period end of GBP4,483,252 (up GBP4,086,183) following the GBP5.5 million (before expenses) fundraise in February 2021. Inventories of GBP377,156 are GBP192,433 below the December level due to the higher revenues in H1 2021. Trade receivables of GBP348,722 are GBP240,193 above the December balance mainly due to higher revenues in June 2021. Other receivables of GBP206,304 are GBP82,919 above December due mainly to the higher level of prepayments. The corporation tax receivable of GBP218,568 was outstanding at 30 June 2021 and received in August 2021 post period end.

Total assets of GBP5,808,001 are GBP4,201,592 above December (GBP1,606,409), mainly due to the higher cash balance as explained above.

Total equity of GBP5,449,233 is GBP4,206,253 above December 2020 (GBP1,242,980). The main movements during the period were the net proceeds from the fundraise of GBP5,083,140, shares issued in exchange for services of GBP120,000 plus the SBP charge share of GBP1,110,038 off-set by the comprehensive loss of GBP2,106,925.

Current liabilities of GBP261,489 are GBP23,192 above the December 2020 balance. Trade and other payables of GBP245,346 increased by GBP59,419 (see note 14), partly off-set by the lease liability which reduced by GBP36,227 to GBP16,143.

Total non-current liabilities of GBP97,279 are GBP27,853 below December 2020. Provisions decreased by GBP26,756 due to a lower warranty provision.

Statement of Cash Flows:

Cash used in operations in H1 2021 of GBP924,994 is GBP395,796 lower than H1 2020, mainly due to the reduction in the comprehensive loss after the adjustment for non-cash items.

The net cash used in operating activities of GBP924,994 was only GBP74,211 below H1 2020 as the corporation tax receivable (GBP218,568) was not received by the period end whereas in H1 2020 it was received in May 2020.

Net cash used in investing activities in H1 2021 of GBP50,832 (H1 2020: GBP36,245) increased by GBP14,587 over last year. The main movements were an increase in the purchases of property, plant and equipment of GBP893, off-set by a decrease in the purchases of intangibles of GBP4,053 and lower interest income, of GBP17,747.

Net cash from financing activities amounted to GBP5,062,009 which includes net cash raised from the fundraising of GBP5,083,140, furlough grant income of GBP17,748, off-set by payments for lease commitments of GBP38,879.

The net increase in cash at the period end was GBP4,086,183 giving a closing cash balance of GBP4,483,252 at 30 June 2021.

Going Concern:

Following the successful fundraise in February 2021 and having considered the plans and prospects of the business, the Board of Directors believes that the Company has enough cash to cover its anticipated working capital requirements for the next 12 months. Therefore, the Directors have adopted the going concern basis of reporting in preparing the financial statements.

Bevan Metcalf

Finance Director and Company Secretary

27 September 2021

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHSED 30 JUNE 2021

 
                                                Notes       6 months       6 months         Year to 
                                                          to 30 June     to 30 June     31 December 
                                                                2021           2020            2020 
                                                           Unaudited      Unaudited         Audited 
                                                                           RESTATED 
                                                                 GBP            GBP             GBP 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Revenue                                            5        499,285         71,992         198,258 
 Cost of sales                                             (327,932)       (33,697)        (98,348) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Gross profit                                                171,353         38,295          99,910 
 Other operating income                                       47,033         40,324          96,626 
 Research and development expenses                         (312,755)      (498,817)       (777,597) 
 Professional fees - Corporate transactions                 (65,789)       (39,036)       (149,364) 
 Other operating expenses                                  (838,158)      (987,135)     (1,801,321) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Total operating expenses                                (1,216,702)    (1,524,988)     (2,728,282) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Loss from operations before share-based 
  payments                                                 (998,316)    (1,446,369)     (2,531,746) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Share-based payments                                    (1,110,038)       (31,418)        (52,241) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Loss from operations after share-based 
  payments                                               (2,108,354)    (1,477,787)     (2,583,987) 
 Financial cost                                              (1,554)        (5,664)        (10,775) 
 Finance income                                                2,983          4,359           4,393 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Loss before tax                                         (2,106,925)    (1,479,092)     (2,590,369) 
 Tax on loss on ordinary activities                                -          (857)         217,711 
--------------------------------------------  -------  -------------  -------------  -------------- 
 Total comprehensive loss for the 
  period                                                 (2,106,925)    (1,479,949)     (2,372,658) 
--------------------------------------------  -------  -------------  -------------  -------------- 
 
 Loss per share attributable to 
  the equity holders of the Company 
 Basic and diluted loss per ordinary 
  share                                             6       (0.042)p        (0.32)p         (0.52)p 
--------------------------------------------  -------  -------------  -------------  -------------- 
 

STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT 30 JUNE 2021

 
                                               30 June        30 June    31 December 
                                                  2021           2020           2020 
                                  Notes      Unaudited      Unaudited        Audited 
                                                   GBP            GBP            GBP 
-------------------------------  ------  -------------  -------------  ------------- 
 ASSETS 
 Non-current assets 
 Intangible assets                              77,294         94,110         83,763 
 Property, plant and equipment                 112,645        122,870        114,145 
 Right of use assets                            15,037        112,760         49,404 
 Total non-current assets                      204,976        329,740        247,312 
-------------------------------  ------  -------------  -------------  ------------- 
 Current assets 
 Inventories                          9        377,156        565,114        569,589 
 Trade and other receivables         10        524,049        303,510        173,871 
 Corporation tax receivable                    218,568              -        218,568 
 Cash and cash equivalents                   4,483,252      1,534,563        397,069 
 Total current assets                        5,603,025      2,403,187      1,359,097 
-------------------------------  ------  -------------  -------------  ------------- 
 TOTAL ASSETS                                5,808,001      2,732,927      1,606,409 
-------------------------------  ------  -------------  -------------  ------------- 
 EQUITY AND LIABILITIES 
 Equity 
 Share capital                       11      1,702,913      1,140,913      1,140,913 
 Share premium                       12     28,006,018     24,867,886     24,867,886 
 Share-based payment reserve         13      2,743,064        438,509        324,264 
 Retained losses                          (27,002,762)   (24,332,442)   (25,090,083) 
 Total Equity                                5,449,233      2,114,866      1,242,980 
-------------------------------  ------  -------------  -------------  ------------- 
 Current liabilities 
 Trade and other payables            14        245,346        339,743        185,927 
 Lease liability                                16,143              -         52,370 
 Total current liabilities                     261,489        339,743        238,297 
-------------------------------  ------  -------------  -------------  ------------- 
 Non-current liabilities 
 Provisions                          15         97,279        159,030        124,035 
 Lease Liability                                     -        119,288          1,097 
 Total non-current liabilities                  97,279        278,318        125,132 
-------------------------------  ------  -------------  -------------  ------------- 
 Total liabilities                             358,768        618,061        363,429 
-------------------------------  ------  -------------  -------------  ------------- 
 TOTAL EQUITY AND LIABILITIES                5,808,001      2,732,927      1,606,409 
-------------------------------  ------  -------------  -------------  ------------- 
 

STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

AS AT 30 JUNE 2021

 
                                                                                    Share 
                                                                                   based- 
                                           Share                Share             payment              Retained              Total 
                        Notes            capital              premium             reserve                Losses             equity 
                                             GBP                  GBP                 GBP                   GBP                GBP 
---------------------  ------  -----------------  -------------------  ------------------  --------------------  ----------------- 
 
 At 1 January 2020                     1,140,913           24,867,886             412,539          (22,857,941)          3,563,397 
 Total comprehensive 
  loss for 
  the period                                   -                    -                   -           (1,479,949)        (1,479,949) 
 Transactions with 
 owners: 
 Transfer in respect 
  of lapsed 
  share options                                -                    -             (5,448)                 5,448                  - 
 Share-based 
  payments-share 
  options                                      -                    -              31,418                     -             31,418 
 At 30 June 2020 
  (unaudited)                          1,140,913           24,867,886             438,509          (24,332,442)          2,114,866 
---------------------  ------  -----------------  -------------------  ------------------  --------------------  ----------------- 
 
 At 1 January 2020                     1,140,913           24,867,886             412,539          (22,857,941)          3,563,397 
 Total comprehensive 
  loss for 
  the year                                     -                    -                   -           (2,372,658)        (2,372,658) 
 Transactions with 
 owners: 
 Transfer in respect 
  of lapsed/forfeited 
  share options                                -                    -           (140,516)               140,516                  - 
 Share-based 
  payments-share 
  options                                      -                    -              52,241                     -             52,241 
 At 31 December 2020 
  (audited)                            1,140,913           24,867,886             324,264          (25,090,083)          1,242,980 
---------------------  ------  -----------------  -------------------  ------------------  --------------------  ----------------- 
 
 At 1 January 2021                     1,140,913           24,867,886             324,264          (25,090,083)          1,242,980 
 Total comprehensive 
  loss for 
  the period                                   -                    -                   -           (2,106,925)        (2,106,925) 
 Transactions with 
 owners: 
 Shares issued          11/12            562,000            5,058,000                   -                     -          5,620,000 
 Share issue costs      11/12                  -          (1,919,868)           1,503,008                     -          (416,860) 
 Transfer in respect 
  of 
  cancelled/forfeited 
  share options                                -                    -           (194,246)               194,246                  - 
 Share based 
  payments-share 
  options                                      -                    -           1,110,038                     -          1,110,038 
 At 30 June 2021 
  (unaudited)                          1,702,913           28,006,018           2,743,064          (27,002,762)          5,449,233 
---------------------  ------  -----------------  -------------------  ------------------  --------------------  ----------------- 
 

STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHSED 30 JUNE 2021

 
                                                       6 months              6 months        Year to 
                                                          to 30            to 30 June    31 December 
                                                      June 2021                  2020           2020 
                                           Notes      Unaudited             Unaudited        Audited 
                                                            GBP                   GBP            GBP 
                                                   ------------  --------------------  ------------- 
 Total comprehensive loss for the 
  period                                            (2,106,925)           (1,479,949)    (2,372,658) 
 Amortisation of intangible assets                       20,133                20,818         40,767 
 Depreciation of right of use assets                     34,367                45,156         87,237 
 Depreciation of property, plant 
  and equipment                                          39,222                40,457         80,034 
 Transfer of property, plant and                         23,867                     -              - 
  equipment to cost of goods 
 Profit on disposal of right of use 
  assets                                                      -                     -        (1,426) 
 Decrease in provision for warranty                    (26,756)               (2,071)       (12,713) 
 (Decrease)/Increase in provision 
  for expected credit losses                           (18,532)                 8,059         64,281 
 Provision for redundancy                                     -                24,353              - 
 Share-based payments                                 1,110,038                31,418         52,241 
 (Decrease)/Increase in inventory 
  provision                                            (10,442)                     -         17,650 
 Tax on loss on ordinary activities                           -                   857      (217,711) 
 Interest on lease liability                              1,554                 5,492          9,041 
 Interest received                                      (2,983)               (4,359)        (4,393) 
 Fees shares issued                                      47,664                     -              - 
 Accrued furlough income                                      -                     -       (17,748) 
 Decrease/(Increase) in inventories                     202,883             (178,873)      (200,998) 
 (Increase)/Decrease in trade and 
  other receivables                                   (298,503)               118,672        209,838 
 Increase/(Decrease) in trade and 
  other payables                                         59,419                49,180      (104,636) 
                                                   ------------  --------------------  ------------- 
 Cash used in operations                              (924,994)           (1,320,790)    (2,371,194) 
 Corporation tax received                                     -        321,585               321,584 
 Net cash used in operating activities                (924,994)             (999,205)    (2,049,610) 
-------------------------------------------------  ------------  --------------------  ------------- 
 Cash flows from investing activities 
 Purchases of intangible assets                        (13,664)              (17,717)       (27,319) 
 Purchases of property, plant and 
  equipment                                            (39,493)              (38,600)       (69,452) 
 Interest received                                        2,325                20,072         20,106 
 Net cash used in investing activities                 (50,832)              (36,245)       (76,665) 
-------------------------------------------------  ------------  --------------------  ------------- 
 Cash flows from financing activities 
 Proceeds from share issues                           5,500,000                     -              - 
 Share issue costs                                    (416,860)                     -              - 
 Furlough grant income received                          17,748                     -              - 
 Payments relating to lease commitments                (38,879)              (50,745)       (97,414) 
 Net cash from/(used in) financing 
  activities                                          5,062,009              (50,745)       (97,414) 
-------------------------------------------------  ------------  --------------------  ------------- 
 Net increase/(decrease) in cash 
  and cash equivalents                                4,086,183           (1,086,195)    (2,223,689) 
 Cash and cash equivalents at beginning 
  of the year                                           397,069             2,620,758      2,620,758 
 Cash and cash equivalents at the 
  end of the period                                   4,483,252             1,534,563        397,069 
-------------------------------------------------  ------------  --------------------  ------------- 
 

NOTES TO THE INTERIM FINANCIAL INFORMATION (UNAUDITED)

1. Nature of Operations

Microsaic Systems plc (the "Company") is registered in England and Wales. The Company's registered office is GMS House, Boundary Road, Woking, GU21 5BX. The Company has no subsidiaries, so the financial information relates to the Company only. Microsaic is a high technology company developing compact, chip-based mass spectrometers that are designed to improve the efficiency of pharmaceutical R&D.

2. General Information

The interim financial information has been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The accounting policies, methods of computation and presentation used in the preparation of the interim financial information are the same as those used in the Company's audited financial statements for the year ended 31 December 2020.

The interim financial information in this statement does not constitute full statutory accounts as defined by Section 434 of the Companies Act 2006 and has not been audited.

The interim financial information for the six months to 30 June 2021 has been prepared using extracts from the financial statements prepared for the year ended 31 December 2020. Those financial statements have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified.

3. Basis of preparation

The financial statements are presented in GB Pounds Sterling. The financial information has been prepared on the historical cost basis, except where financial instruments are required to be carried at fair value under IFRS. The financial information has been prepared on a going concern basis.

4. Restated figures for H1 2020

The COVID-19 furlough grant from the Government was reported as a reduction in employment costs at 30 June 2020. At 31 December 2020 the furlough grant was treated as other operating income. Therefore, to be consistent with the treatment adopted at the year end the figures for the 6 months to 30 June 2020 have been restated. Other operating income has been restated from nil to GBP40,324 and operating expenses has been increased by GBP40,324 to GBP1,524,988. In addition, at 31 December 2020 professional fees related to one-off corporate transactions were shown separately on the face of the statement of comprehensive income. For consistency purposes this treatment has been adopted for the 6 months ended 30 June 2020 and GBP39,036 has been shown separately on the face of the statement of comprehensive income.

5. Revenues

Throughout H1 2021, the Company operated in one business segment, that of research, development and commercialisation of mass spectrometry instruments. The attribution of revenue is based on the country or group of countries to where the goods are shipped. Our largest customer represented 33.9% of total revenue in H1 2021 (H1 2020: 54.5%) and our second largest customer represented 15.5% of total revenue (H1 2020: 13.1%).

The geographical analysis of revenues (by location of shipment) was as follows:

 
                     6 months      6 months        Year to 
                   to 30 June    to 30 June    31 December 
                         2021          2020           2020 
                    Unaudited     Unaudited        Audited 
                          GBP           GBP            GBP 
---------------  ------------  ------------  ------------- 
 UK                   220,192             -          2,225 
 Japan                      -         8,756          8,756 
 USA                  130,960        38,796         41,346 
 Europe                42,057        21,335         57,280 
 China                106,076             -            126 
 South Korea                -             -         83,397 
 Rest of World              -         3,105          5,128 
---------------  ------------  ------------  ------------- 
                      499,285        71,992        198,258 
---------------  ------------  ------------  ------------- 
 
 
 Revenue by Product Group: 
 Product/Unit                  367,474        -    83,397 
 Consumables and spares        119,641   66,766   105,135 
 Service and support income     12,170    5,226     9,726 
                               499,285   71,992   198,258 
----------------------------  --------  -------  -------- 
 

6. Loss per share

 
                                               6 months       6 months               Year to 
                                             to 30 June     to 30 June                    31 
                                                   2021           2020              December 
                                              Unaudited      Unaudited                  2020 
                                                                                     Audited 
 -------------------------------------  ---------------  -------------  -------------------- 
 Comprehensive loss attributable 
  to equity shareholders (GBP)              (2,106,925)    (1,479,949)           (2,372,658) 
 Weighted average number of ordinary 
 0.01p (2020: 0.25p) shares for 
 the purpose of basic and diluted 
 loss per share                           4,989,624,815    456,365,146           456,365,146 
 Basic and diluted loss per ordinary 
 share                                         (0.042)p        (0.32)p               (0.52)p 
--------------------------------------  ---------------  -------------  -------------------- 
 
 

The basic loss per share of 0.042p is significantly below last year (H1 2020: 0.32p per share) mainly due to the issue of 5.62 billion shares at the time of the fundraise in February 2021.

Potential ordinary shares are not treated as dilutive as the Company is loss making, therefore the weighted average number of ordinary shares for the purposes of the basic and diluted loss per share are the same.

7. EBITDA Adjusted Loss

A key indicator of performance for the Company in 2021 is EBITDA Adjusted Loss (Loss of earnings before interest, tax, depreciation, amortisation and other items such as share-based payments and exceptional one-off expenditure). Detailed below is the EBITDA Adjusted Loss for the period:

 
                                          6 months      6 months       Year to 
                                        to 30 June    to 30 June   31 December 
                                              2021          2020          2020 
                                         Unaudited     Unaudited     Unaudited 
                                                        RESTATED 
                                               GBP           GBP           GBP 
------------------------------------  ------------  ------------  ------------ 
 Comprehensive loss for period         (2,106,925)   (1,479,949)   (2,372,658) 
 Adjust for: 
 Tax on loss on ordinary activities              -           857     (217,711) 
 Depreciation of property, plant 
  and equipment                             39,222        40,457        80,034 
 Depreciation of right of use 
  assets                                    34,368        45,156        87,237 
 Amortisation of Intangibles                20,133        20,818        40,767 
 Net finance cost                          (1,429)         1,305         6,382 
 Share-based payments                    1,110,038        31,418        52,241 
 Exceptional costs                          65,789        39,036       149,364 
------------------------------------  ------------  ------------  ------------ 
 EBITDA Adjusted Loss                    (838,804)   (1,300,902)   (2,174,344) 
------------------------------------  ------------  ------------  ------------ 
 

8. Employees and employment related costs

 
                                      6 months      6 months        Year to 
                                    to 30 June    to 30 June    31 December 
                                          2021          2020           2020 
                                     Unaudited     Unaudited        Audited 
 Staff Numbers                                      RESTATED 
                                  ------------  ------------  ------------- 
 Directors                                   4             5              5 
 Other staff                                17            22             21 
 Average Headcount                          21            27             26 
--------------------------------  ------------  ------------  ------------- 
                                           GBP           GBP            GBP 
--------------------------------  ------------  ------------  ------------- 
 Employment costs (including 
  Directors) 
 Wages and salaries                    590,195       627,586      1,081,201 
 Social security costs                  67,452        58,224        121,141 
 Termination payments                        -        24,353         58,283 
 Pension costs                          80,296        86,769        153,476 
 Employment related share-based 
  payments                           1,110,038        31,418         52,241 
--------------------------------  ------------  ------------  ------------- 
                                     1,847,981       828,350      1,466,342 
--------------------------------  ------------  ------------  ------------- 
 
 

The 6 months to 30 June 2020 figures have been restated to reflect the furlough grant income (GBP40,324) as other operating income rather than a reduction in employment costs. This treatment is consistent with the audited figures for the year ended 31 December 2020.

9. Inventories

 
                                                        30 June     30 June                31 December 
                                                           2021        2020                       2020 
                                                      Unaudited   Unaudited                    Audited 
                                                            GBP         GBP                        GBP 
---------------------------  ----------------------------------  ----------  ------------------------- 
 Raw materials                                          235,904     268,292                    262,506 
 Work in progress                                             -       7,616                          - 
 Finished goods                                         188,413     329,160                    364,687 
--------------------------- 
 Subtotal                                               424,317     605,068                    627,193 
---------------------------  ----------------------------------  ----------  ------------------------- 
 Provision for inventories                             (47,161)    (39,954)                   (57,604) 
 Total                                                  377,156     565,114                    569,589 
---------------------------  ----------------------------------  ----------  ------------------------- 
 

Inventories reduced significantly from the balance at the 30 June 2020 and 31 December 2020 due to a recovery in sales during H1 2021.

 
10. Trade and other receivables 
                                    30 June    30 June         31 December 
                                       2021       2020                2020 
                                  Unaudited  Unaudited             Audited 
                                        GBP        GBP                 GBP 
--------------------------------  ---------  ---------  ------------------ 
Amounts falling due within one 
 year 
Trade receivables                   348,722     94,490            108,529 
Provision for expected credit 
 losses                            (30,977)   (12,365)       (68,587) 
 Other receivables                 206,304     209,681               123,385 
 Other taxes                              -     11,704                10,544 
                                    524,049    303,510               173,871 
--------------------------------  ---------  ---------  -------------------- 
 
 

Trade receivables are significantly above both 30 June 2020 and 31 December 2020 as a result of higher sales in H1 2021 and particularly in June 2021. The overdue balance at 30 June 2021 relates to the same customer outstanding at the 31 December 2020. The reduction in the balance for this customer from GBP68,174 to GBP27,000 reflects the recovery of one of the units sold and a part write-off of the outstanding balance.

11. Share capital

 
                                                            31 December 
                              30 June 2021    30 June 2020         2020 
                                 Unaudited       Unaudited      Audited 
                                       GBP             GBP          GBP 
----------------------------  ------------  --------------  ----------- 
Allotted, issued and fully 
 paid Ordinary shares 
of 0.01p each (2020: 0.25p 
 each): 
Opening balance                  1,140,913       1,140,913    1,140,913 
Shares issued in the period        562,000               -            - 
----------------------------  ------------  --------------  ----------- 
Closing balance                  1,702,913       1,140,913    1,140,913 
----------------------------  ------------  --------------  ----------- 
 
 

On 5 February 2021 the Company undertook a share reorganisation reducing the nominal value of ordinary shares from 0.25p to 0.01p per share. Part of the share reorganisation involved the creation of deferred shares with a nominal value of 0.24p per share. Each deferred share will have very limited rights and will effectively be valueless. Also, on 5 February 2021 5,620,000,000 ordinary shares were issued for cash and services. The nominal value of these shares amounted to GBP562,000. The nominal value of the ordinary shares is GBP607,637. Deferred shares of 456,365,146 have a nominal value of GBP1,095,276. The number of ordinary shares in issue at the period end is 6,076,365,146 (2020: 456,365,146).

12. Share Premium

 
                                               30 June      30 June  31 December 
                                                  2021         2020         2020 
                                             Unaudited    Unaudited      Audited 
                                                   GBP          GBP          GBP 
-------------------------------------  ---------------  -----------  ----------- 
Opening balance                             24,867,886   24,867,886   24,867,886 
 Shares issued in the period                 5,058,000            -            - 
 Share issue costs - Cash                    (416,860)            -            - 
 Share issue costs - Broker Warrants       (1,503,008)            -            - 
-------------------------------------  ---------------  -----------  ----------- 
 Closing balance                            28,006,018   24,867,886   24,867,886 
-------------------------------------  ---------------  -----------  ----------- 
 
 

The fundraising on 5 February 2021 raised a total of GBP5.5 million (before expenses) at a placing price of 0.1p per share. The placing raised GBP5 million and the broker warrant GBP0.5 million, before expenses. The share premium on the fundraising was the placing price of 0.1p per share less the nominal value of 0.01p per share multiplied by the number of shares issued. The cash costs amounted to GBP416,860 including broker commissions and fees, legal fees etc. In addition, 997,000,000 broker warrants were issued to Turner Pope Investments (TPI) Ltd at a fair value of GBP1,503,008.

13. Share-based Payments Reserve

 
                                  Options    Warrants   Total (Unaudited) 
                                      GBP         GBP                 GBP 
-----------------------------  ----------  ----------  ------------------ 
 Balance at 1 January 2021        324,264           -             324,264 
 Broker Warrants issued                 -   1,503,008           1,503,008 
 Share-based payments charge    1,110,038           -           1,110,038 
 Forfeited/Cancelled options    (194,246)           -           (194,246) 
 Balance at 30 June 2021        1,240,056   1,503,008           2,743,064 
-----------------------------  ----------  ----------  ------------------ 
 

14. Trade and other payables

 
                                           30 June     30 June          31 
                                              2021        2020    December 
                                                                      2020 
                                         Unaudited   Unaudited     Audited 
                                               GBP         GBP         GBP 
--------------------------------------  ----------  ----------  ---------- 
 Amounts falling due within one year: 
 Trade payables                             80,692     141,930      63,034 
 Other taxes and social security            37,558      31,960      29,174 
 Other payables                             31,231      13,491      11,278 
 Accruals and deferred income               95,865     152,362      82,441 
--------------------------------------  ----------  ----------  ---------- 
                                           245,346     339,743     185,927 
--------------------------------------  ----------  ----------  ---------- 
 

Total trade and other payables at 30 June 2021 are GBP94,397 below 30 June 2020, but GBP59,419 above 31 December 2020 balance. Other payables at 30 June 2021 included VAT of GBP15,976.

15. Provisions

 
                                    Dilapidations   Warranty   Total unaudited 
                                              GBP        GBP               GBP 
---------------------------------  --------------  ---------  ---------------- 
 Balance at 1 January 2021                 75,779     48,256           124,035 
 Charges against provisions                     -          -                 - 
 Provided for/(Reduction) during 
  the period                                    -   (26,756)          (26,756) 
 Balance at 30 June 2021                   75,779     21,500            97,279 
---------------------------------  --------------  ---------  ---------------- 
 

The dilapidations provision remains unchanged from 31 December 2020 balance. The warranty provision methodology was updated to more closely reflect those MS products under warranty and takes into account the Company's historically low incidence of warranty claims.

16. Share options

The Company operates an Enterprise Management Incentive ("EMI") scheme and an Unapproved Share Option scheme as a means of encouraging ownership and aligning interests of staff and shareholders. The table below shows the number of options outstanding and exercisable at 30 June 2021 and the weighted average exercise price.

 
                            6 months to 30 June       6 months to 30                     Year to 31 December 
                                    2021               June 2020                                        2020 
                                  Unaudited            Unaudited                                     Audited 
                        Number of         Weighted       Number      Weighted           Number      Weighted 
                         options           average     of options     average       of options       average 
                                           exercise                   exercise                      exercise 
                                           price                      price                            price 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
          Outstanding 
     at the beginning 
          of the year        17,475,000        5.1p     18,644,000        5.2p      18,644,000          5.2p 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
       Granted during 
           the period     1,125,000,000        0.1p              -           -               -             - 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
  Forfeited/Cancelled 
    during the period      (17,475,000)        5.1p      (240,000)       10.8p     (1,169,000)          6.0p 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
     Exercised during 
           the period                 -           -              -           -               -             - 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
          Outstanding 
        at period end     1,125,000,000        0.1p     18,404,000        5.1p      17,475,000          5.1p 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
          Exercisable 
        at period end       750,000,000        0.1p      2,804,000       13.3p       4,375,000          9.8p 
                       ----------------  ----------  -------------  ----------  --------------  ------------ 
 
 

Options amounting to 1.125 billion ordinary shares were awarded to Directors, staff and a consultant on 5 February 2021, at the time of the fundraising. Staff and Directors agreed to cancel existing options prior to the award of new options as these options were all out-of-the-money. The new options granted are exercisable at the placing price of 0.1p for five years from the 5 February 2021. 750 million options granted to Directors and a consultant vested during the period as the performance criterion that the Company's ordinary shares traded at a VWAP at or above a 50 per cent. premium to the placing price for 20 consecutive business days, was achieved. The staff options are exercisable two years from the date of grant as long as the optionee is still an employee of the Company.

17. Warrants

Broker warrants to subscribe for up to 997,000,000 ordinary shares, which represented 20 per cent of the placing shares, were granted to Turner Pope Investments (TPI) Ltd as part of the fundraising on 5 February 2021. The broker warrants are capable of exercise for a period of two years from 5 February 2021. The fair market value of the warrants was calculated at GBP1,503,008.

18. Commitments

As at 30 June 2021, purchase commitments with our manufacturing supplier for mass spectrometry materials, parts and components contracted for but not included in the financial statements amounted to GBP367,173 (31 December 2020: GBP426,595).

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