The ValiRx Plc (LON: VAL) share price rallied 10.8% after releasing its half-yearly report for the six months ended 30 June 2023. The company highlighted that it launched its wholly-owned subsidiary, Inaphaea BioLabs Limited (Inaphaea). The new subsidiary made its first sale after the period ended.
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The life science company also noted that it acquired the scientific assets of Imagen Therapeutics Limited. The firm also signed a collaboration service agreement for Inaphaea with Physiomics PLC, OncoBone Limited, and Agility Life Sciences Limited post-period.
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Valirx also expanded its evaluation agreement with the University of Barcelona to enable the study of a second KRAS project and to establish standard terms for future agreements. As for its finances, the company’s research and development cost £207,721 compared to £200,531 in H1 2022.
The company’s administrative expenses increased to £925,866 from last year’s £611,370. The company also registered a share-based payment charge of £17,733, marking a significant decline from last year’s £261,052 figure.
Valirx also revealed that its total comprehensive loss for the period was £1,035,424, a slight increase from the £992,481 recorded in H1 2022. The company reported a loss before income taxation of £1,152,325 from £1,074,784 last year.
The firm noted that its expenses in H1 2023 also included one-off costs associated with the set-up of Inaphaea and the acquisition of Imagen assets. These costs will not be present in the second half, which should improve the company’s finances.
Valirx reported a loss per share from continuing operations of 1.03p compared to a 1.53p loss reported last year. The company had cash and cash equivalents of £891,246 as of 30 June 2023, compared to £97,699 in a similar period last year.
The company reported receiving an FY22 research and development tax credit of £192,671, which improved from the £133,413 R&D tax credit recorded in 2021.
Valirx share price.
The Valirx share price rallied 10.82% to trade at 6.76p from Wednesday’s closing price of 6.10p.
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