This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR")

Trellus Health plc

("Trellus Health", the "Company" or the "Group")

Final Results

LONDON, U.K. AND NEW YORK, U.S. (10 May 2022): Trellus Health Plc (AIM: TRLS), which is commercialising a scientifically validated, resilience-based, connected health solution for chronic condition management, announces its inaugural audited final results for the year ended 31 December 2021, following its admission to trading on AIM on 28 May 2021. Comparative data is provided for the period ended 31 December 2020, unless otherwise indicated.

About Trellus Health

Trellus Health is the first digital health company focused on the intersection of chronic physical conditions and mental health. Trellus Health integrates its proprietary resilience-based methodology with the technology, tools and team to deliver a whole-person technology-enhanced experience that results in relieving disease burden and promoting individual health behaviors that enable thriving in the face of a chronic condition.

Through its TrellusElevate™ connected care platform and companion App, the Company addresses both clinical and behavioural health together, in context, to improve outcomes and reduce healthcare costs for patients, employers, and the healthcare system. The Company is initially focused on Inflammatory Bowel Disease ("IBD"), which includes the chronic incurable conditions of Crohn's Disease and ulcerative colitis, but considers its approach to have potential utility and demand across many chronic conditions, including Irritable Bowel Syndrome ("IBS").

Financial Highlights

·    Successful admission to AIM with fundraising of gross proceeds of c. $40.4m (£28.5m)

·    Approximately $4.3m capital investment in technology platform development to date

·    Net cash of $32.0m (31 December 2020: $3.7m) - above market expectations, reflecting effective cash management

·    Adjusted EBITDA* loss of $5.7m, in line with expectations (FY 2020: $0.8m loss)

* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items

Key Accomplishments

·    TrellusElevate^TM platform launched, along with companion App

·    Established organization, operations and licensed clinical team - licensed in NY, NJ and CT and credentialed in Mount Sinai Clinical Integrated Network

·    First Business-to-Business ("B2B") demonstration contract with Mount Sinai Health System

·    Managed Services Organization agreement with Connected Health Medicine PC, a Professional Corporation that provides multidisciplinary patient care services via telehealth

·    Evaluated condition expansion opportunities beyond IBD with targeted expansion to address IBS - 30m US patients / $61bn annual healthcare spend

Post-period end

·    Launch of Direct-to-Consumer ("DTC") offering

·    Evolution to a new service delivery model utilizing an integrated resilience team, to address certain regulatory challenges, costs and delays associated with establishing licensed clinical care management operations. This new delivery model will support the broader, more efficient and profitable scaling of both DTC and BTB value propositions across all 50 US states and will enable Trellus Health to move more rapidly into other chronic conditions

Commenting on recent developments and outlook, Julian Baines, Non-executive Chairman of Trellus, said:

"I am very proud that the team have delivered against our key milestones set out at the time of our Admission to AIM, particularly during very challenging market conditions, and to do so whilst maintaining tight control over cash. The evolution of strategy, to offer a new service delivery model, gives us much greater scope to scale the business more profitably over the longer term. With improved digitization and automation, we not only expand our customer base beyond B2B customers to individual patients directly via our DTC offering, reaching more US states more quickly, but also accelerate our expansion into other chronic diseases such as IBS, which impacts a much larger healthcare population in the US.

"We expect our expanded B2B and DTC strategy to deliver a significant number of patients added in Q4 2022, with further regional and national multi-year contracts with payers, such as regional and national health plans, employers, health systems, GI provider networks, and pharmaceutical companies, from 2023 onwards."

A copy of the investor presentation is available here: https://trellushealth.com/investors/annual-interim-reports/

The Company will also host a live online presentation at 5.30pm BST on 12 May 2022 through the digital platform Investor Meet Company. Investors can sign up for free via:

https://www.investormeetcompany.com/trellus-health-plc/register-investor

A recording of the presentation and responses to the Q&A sessions will also be available afterwards.

About Trellus Health plc (www.trellushealth.com)

Trellus Health (LSE: TRLS) is the first digital health company focused on the intersection of chronic physical conditions and mental health. Trellus Health integrates its proprietary resilience-based methodology with the technology, tools and team to deliver a whole-person technology-enhanced experience that results in relieving disease burden and promoting individual health behaviors that enable thriving in the face of a chronic condition. Through its TrellusElevate™ connected care platform and companion App, the company addresses both clinical and behavioral health together, in context, to improve outcomes and reduce healthcare costs for patients, employers, and the healthcare system.

The Company is initially focused on Inflammatory bowel disease ("IBD"), which includes the chronic incurable conditions of Crohn's Disease and ulcerative colitis, but considers its approach to have potential utility and demand across many chronic conditions, including Irritable Bowel Syndrome ("IBS").

The TrellusElevate™ platform is the Company's proprietary connected health platform that incorporates the GRITT™ methodology and learnings on resilience from clinical research and practice conducted at the Mount Sinai IBD Center for more than five years. This proprietary, resilience-driven methodology has been scientifically validated to demonstrate meaningful improvements in patient outcomes, 71% reduction in Emergency Department (A&E) visits, and 94% reduction in unplanned hospitalisations, which the directors of the Company believe indicates the potential for significant cost savings for healthcare payers. IBD patients treated using the methodology also experienced a 49% reduction in required opioid use and a 73% reduction in corticosteroid use 12 months following program completion (source:  https://www.sciencedirect.com/science/article/pii/S1542356521012258).

The Company was founded by Mount Sinai faculty members Dr. Marla C. Dubinsky, MD and Dr. Laurie Keefer, PhD, both with decades of combined experience in IBD and psychogastroenterology, respectively. Trellus Health's patent-pending GRITT™ resilience assessment and personalized treatment methodology was developed and validated at the Mount Sinai Health System to build resilience and wellness for improved outcomes at lower cost.

Shares in Trellus Health were admitted to trading on AIM in May 2021, under the ticker TRLS. For more information on Trellus Health, visit:  www.trellushealth.com

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

CHAIRMAN'S STATEMENT

I am delighted to provide shareholders with our first full year report following our successful admission to AIM in May 2021, which has provided the ongoing funding necessary to invest in our technology platform development and execute our commercialisation strategy.

Our aim is to commercialise digital chronic condition management solutions for individual patients, employers and health plans, using our proprietary technology platform, TrellusElevate™, in combination with a scientifically validated, resilience-based methodology based on more than five years of clinical research and practice conducted on hundreds of patients at the Mount Sinai IBD Center, in New York. We believe our solution can be used across many chronic conditions to deliver meaningfully improved healthcare outcomes as well as reducing expensive, unplanned care, such as emergency department visits and hospitalisations.

I am very pleased that during the last financial year we have expanded the scope of our commercialization strategy beyond our original intentions when we received material funding on admission to AIM. We believe this will allow us to scale the business more quickly, accelerating customer acquisition and revenue growth by combining our Business-to-Business ("B2B") approach and newly launched Direct-to-Consumer ("DTC") offering, but also accelerating our expansion into additional chronic diseases. It is particularly noteworthy that this expansion has been done alongside very careful cash management, and therefore delivered without increasing our cash burn forecasts. As a result, we maintained a very healthy cash balance of $32m at the year end, providing us with a significant cash runway as we move towards commercial success.

Board Changes

At the end of the year Niyum Gandhi stood down as Non-executive Director to take on his new role as Chief Financial Officer and Treasurer at Mass General Brigham (Boston, MA). We are incredibly grateful to Niyum Gandhi for his contribution to the Company and the insights that he provided us during his time as Chief Population Health Officer at the Mount Sinai Health System. We are in the advanced stages of appointing an appropriate replacement as Non-executive Director and will update shareholders in due course.

Post-period end we also announced the appointment of Richard Evans as Interim Chief Financial Officer, replacing Salim Hamir who had been fulfilling the role on a part-time basis and who continues as Company Secretary. As we advance commercially, we expect to recruit a permanent Chief Financial Officer.

Outlook

Our progress and achievements for the year, as well as more detail on our expanded strategy, are covered in the Chief Executive Officer's Review below.

I am very proud that the team have delivered against our key milestones set out at the time of our Admission to AIM, particularly during very challenging market conditions, and to do so whilst maintaining tight control over cash. The evolution of strategy gives us much greater scope to scale the business more profitably over the longer term. With improved digitization and automation, we expand our customer base beyond B2B customers to individual patients directly via our DTC offering, reaching more patients, in more US states, more quickly. In addition, it accelerates our expansion into other chronic diseases such as IBS, which impacts a much larger healthcare population in the US, around 30 million people.

We expect our expanded B2B and DTC strategy to deliver a significant number of additional patients in Q4 2022, with further multi-year contracts with payers, such as regional and national health plans, employers, health systems, GI provider networks, and pharmaceutical companies, from 2023 onwards.

We look forward to updating our shareholders as we make further progress in commercialization, and I thank you again for your continued support.

Julian Baines, MBE

Non-Executive Chairman

10 May 2022

CHIEF EXECUTIVE OFFICER'S REVIEW

2021 was an exciting and progressive year for Trellus Health which saw a number of major milestones achieved for the business: we completed our successful IPO on AIM in May; we launched our TrellusElevate™ Platform and App; and we established our clinical operations with the vision of digitizing and rapidly scaling the Trellus Method of Resilience Assessment, personalized care management and remote patient monitoring for all patients living with IBD.

We accomplished a tremendous amount over the financial year to December from both a technology and operational perspective:

-     We now have an established organization, operations and a clinical team licensed in New York, New Jersey and Connecticut and credentialed in the Mount Sinai Clinical Integrated Network;

-     We secured out First B2B demonstration contract with Mount Sinai Health System, one of the largest self-insured employers in New York State; and

-     We signed a Managed Services Organization agreement with Connected Health Medicine PC, a Professional Corporation that provides multidisciplinary patient care services via telehealth.

In addition, post the year end, we commenced implementation of a DTC business model, allowing us to begin managing patients directly. Following the launch of our DTC offering alongside our original B2B strategy, we have now evolved to a more scalable service delivery model utilizing an integrated resilience team. This is better suited to accelerating patient roll-out, enables swifter expansion into other relevant conditions, and is expected to enhance profitability by reducing significantly the amount of variable cost (personnel) needed to support greater numbers of individuals using the Trellus platform.

Furthermore, we have begun to enrol IBD patients and generate initial revenues, and continue to build up important data whilst assessing the feasibility, engagement and satisfaction of our digital chronic condition management solution in real-life settings.

The evolution of a more scalable service delivery model in context

Our initial strategy was to deliver the Trellus Methodology via the TrellusElevate™ platform with remote access to a licensed multidisciplinary care team targeting B2B payers (i.e. regional and national health plans, employers, health systems, GI provider networks, and pharmaceutical companies).

As we announced in our December trading update, we experienced a protracted B2B contracting process with longer lead times and processes to negotiate and conclude than originally anticipated. We also met challenges due to the complexity and timescales associated with the differing state-by-state licensure requirements, and credentialing of licensed healthcare providers (the process whereby a licensed care provider's qualifications and licensure are verified as accurate and in good standing prior to being approved to perform professional medical services for a health plan, hospital or health system), especially with Medicare and Medicaid facing significant credentialing backlogs due to COVID.

It was clear that, while the clinical need that we are addressing was not going away, if anything it's only getting worse, the challenges associated with licensing and credentialing of healthcare providers required an evolution of our delivery model to accelerate customer acquisition. 

It was within this context that we launched our DTC offering in Q1 2022, allowing us to engage patients more proactively outside of B2B contracts, and to gain valuable real-world evidence on the health and economic outcomes of the Trellus Method. It has also allowed us to commence evaluation of alternative service delivery models which avoid regulatory challenges, costs and delays.  The new service delivery model will underpin both our DTC and BTB value propositions, and we still expect to convert B2B opportunities from both our existing pipeline and other prospects in due course.

The benefits of the new Trellus Health Service Delivery Model

We have invested approximately $4.3m of capital in our technology platform development to date and the evolution to a new service delivery model with increasing automation addresses the challenges associated with establishing our licensed clinical care management operation and expands our customer base beyond B2B to patients directly. We believe this new delivery model positions Trellus Health well for successful commercial roll-out and rapid upscaling of the business, providing the following benefits:

-     Avoids significant time delays associated with healthcare provider licensing and credentialing

-     Accelerates customer acquisition and delivery of revenue growth

-     Accelerates geographic expansion across 50 US states

-     Increases capacity through enhanced digitization and automation

-     Improves profitability by reducing incrementally increasing personnel costs

-     Accelerates expansion into opportunities beyond IBD

Following the launch of DTC, we are already in advanced discussions with numerous large pharmaceutical companies and patient advocacy groups to sponsor patient access to Trellus. We are also in advanced discussions with a large US gastroenterology association for distribution and promotion of Trellus to thousands of US GI physicians. This organization values the scientific rigor and reputation behind the Trellus Method, and also recognizes the significant unmet need for access to psychosocial support and patient education that are not delivered effectively in our traditional healthcare system.

Expansion beyond IBD - targeting IBS in H1 2023

In 2021, we initiated research into versioning TrellusElevate™ into IBS, another chronic GI condition that has significant similarities with IBD from a symptom burden and emotional perspective. The major difference from IBD is that IBS has a much higher population prevalence, impacting c. 10% of the US population (c. 30m patients for IBS compared to c. 3m for IBD). Whilst the annual healthcare spend on IBS is higher at c. $61 bn (IBD c $25 bn), this is significantly lower than IBD on a "per patient" basis. We expect to launch the Trellus Method for IBS in H1 2023.

We expect this versioning research and increasing platform automation will enable us to expand more easily into other high prevalence chronic conditions with a high degree of mental health burden, including autoimmune diseases, chronic kidney disease, heart disease and cancer to name a few.

Clinical Data Reinforce Economic and Health Outcomes of Resilience-Driven methodology

Clinical research conducted by Trellus Health co-founders Laurie Keefer, PhD, and Marla Dubinsky, MD, was published in November 2021 showing that the GRITT^TM methodology significantly reduced healthcare utilization and opioid use in IBD patients. Results showed a 71% reduction in Emergency Department visits (equivalent to A&E in the UK), and a 94% reduction in unplanned hospitalizations. Participants in the study also showed a 49% decrease in opioid use and a 73% reduction in corticosteroid use at 12 months following the study.

(Source:  https://www.sciencedirect.com/science/article/pii/S1542356521012258).

Income Statement

As the Company is in development phase, the only revenue it has generated through 31 December 2021 is from implementation services and has not yet started generating revenues from its operating activities. The main components of the Administrative expenses totalling US $5.7m (2020 - US $0.8m) were employee related costs of US $4.3m (2020 - US $0.5m) (excluding the share-based payment charge of US $0.14m (2020 - US $Nil), professional costs of US $1.3m (2020 - US $0.2m), other operating expenses totalling US $0.4m (2020 - US $0.04). Total depreciation and amortisation was US $0.03m.

Disclosed separately is the share-based payments charge of US $0.14m. The full benefit will be spread over the vesting periods, which is a weighted average of 2.3 years.

Statement of Financial Position and Cash Flow Statement

The principal asset of the Group is the exclusive licence acquired from Mount Sinai for the GRITT^TM technology and software development costs relating to the TrellusElevate^TM technology platform, purchased for US $0.5m and US $3.8m, respectively, together with related equipment. 

The net proceeds from the IPO were US $38.5m, after accounting for those IPO costs charged to the Income Statement, from which the total spend on operations and investing activities was US $8.5m (2020 - US £1.3m). Due to the depreciation in the value of sterling against the US dollar in the time from IPO to year end, and the substantial funds held in sterling at year end, a foreign exchange loss of US $1.6m decreased the year end cash balance to US $32m (2020 - US $3.7m). 

Maintained strong cash position and effective cash management

Despite the licensing and credentialing process delays experienced under our original B2B model, we have carefully managed cash within the business and maintained a healthy net cash position of $32m, providing sufficient cash resource for the business as we accelerate revenue generation. We have now started to implement and enrol patients in the Mount Sinai Health System programme and we expect to add a significant number of B2B and DTC patients by the end of the current year.

Outlook

2021 proved to be another difficult year for many people across the world, and I'm glad that against this background Trellus Health was able to build and launch its TrellusElevate™ platform, business and clinical operation. The remote-first structure of our business helped avoid problems with the pandemic and enabled us to recruit geographically dispersed talent amidst a challenging hiring environment.

If we've learned anything from the last three years of the COVID pandemic, it's that everyone could benefit from a resilience-driven connected health solution.

Our strategy for 2022 is to use our new service delivery model to offer the Trellus Method at scale across the US for IBD and to begin to expand into IBS and other chronic conditions that can benefit from a disease-agnostic approach to assessing and building resilience. We look forward to servicing many new patients, payers and industry partners in the years ahead.

Monique Fayad

Chief Executive Officer

10 May 2022

Consolidated Income Statement and Other Comprehensive Income

for the year ended 31 December 2021

The results reflected above relate to continuing operations. The comparative period reflect from the period of incorporation on 15 July 2020 to 31 December 2020.

Consolidated Statement of Financial Position

as at 31 December 2021

Consolidated Statement of Cash Flows

for the year ended 31 December 2021

The comparative period reflect from the period of incorporation on 15 July 2020 to 31 December 2020.

Consolidated Statement of Changes in Equity

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2021

1. General information and basis of presentation

Trellus Health plc is a public limited company incorporated in the United Kingdom (Registration Number 12743489), which is listed on the AIM market of the London Stock Exchange. The address of the registered office is Avon House, 19 Stanwell Road, Penarth, CF64 2EZ. The Company was incorporated as Trellus Health Limited on 15 July 2020 as a private company and on 28 May 2021 the Company was re-registered as a public company and changed its name to Trellus Health plc.

The principal activity of the Company is the delivery of resilience-driven care for complex chronic conditions.

The financial information within this preliminary announcement is extracted from the Group's consolidated financial statements for the year ended 31 December 2021, which were approved by the Board of Directors on 10 May 2022. This financial information does not constitute statutory accounts within the meaning of sections 434(3) and 435(3) of the Companies Act 2006 or contain sufficient information to comply with the disclosure requirements of UK adopted International Accounting Standards (IFRS).

The Group's consolidated financial statements for the year ended 31 December 2021 have been prepared in accordance with UK adopted International Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company's auditor, Crowe U.K. LLP, has given an unqualified report on the consolidated financial statements for the year ended 31 December 2021. The auditor's report did not include reference to any matters to which the auditor drew attention without qualifying its report and did not contain any statement under section 498 of the Companies Act 2006. The consolidated financial statements will be filed with the Registrar of Companies, subject to their approval by the Company's shareholders at the Company's next Annual General Meeting in June 2022.

Statutory accounts for the year to 31 December 2020 have been delivered to the Registrar of Companies.

Certain statements in this announcement constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, amongst other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast.

2. Significant accounting policies - Going concern

The Group is in the development phase of its business and has only generated revenues related to implementation services totalling $25,000. At 31 December 2021 the Group had available cash resources of $32m following its listing on AIM, a market operated by the London Stock Exchange on 28 May 2021. 

The Board has considered the impact of the ongoing COVID-19 pandemic. There has been minimal impact on the Company to date and the Board anticipates minimal on-going impact, due to the nature of the business.

The Directors have prepared cash flow forecasts for the Group for a review period of over 12 months from the date of approval of this historical financial information. These forecasts reflect an assessment of current and future market conditions and their impact on the Company's future cash flow performance.

The forecasts have been sensitised for additional costs which may be incurred in the review period. In the sensitised scenario, the forecasts indicate the Company would still have sufficient cash to continue as a going concern.

Having considered the points above, the Directors remain confident in the long-term future prospects for the Group, and their ability to continue as a going concern for the foreseeable future. They therefore adopt the going concern basis in preparing the historical financial information of the Group.

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, this announcement does not itself contain sufficient information to comply with IFRSs. The Company will publish its full annual report containing financial statements for the year ended 31 December 2021 before the end of May 2022, together with a notice to shareholders of the Company's Annual General Meeting ("AGM") which will be available on the Company's website at www.trellushealth.com and at the Company's registered office at Avon House, 19 Stanwell Road Penarth CF64 2EZ. The AGM will be held in June 2022, with further information to be notified at the time of the availability of the full annual report.

3. Tax expenses

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:

The Finance Act 2015 which was substantively enacted in 2015 included legislation to reduce the main rate of UK corporation tax to 19% from 1 April 2017 and the Finance Act 2016 which was substantively enacted in 2016 included legislation to reduce the main rate of UK corporation tax to 17% from 1 April 2020. On 18 November 2019, the government pledged to put the planned corporation tax reduction from 19% to 17% on hold. This was substantively enacted on 17 March 2020.

The unrecognised deferred tax relates to two elements: the unrecognised deferred tax arising on share-based payments of US $139,000 and unrecognised deferred tax on taxable losses of US $10 million, based on total taxable losses carried forward of US $1.4 million. No deferred tax asset is recognised for these losses due to early stage in the development of the Group's activities. The losses do not expire but can only be used against trading profits from the same trade

4. Loss per share

The Company has one category of potential ordinary share, being share options . The potential shares were not dilutive in the period as the Group made a loss per share in line with IAS 33.  

5. Property, Plant and equipment

All assets are equipments

6. Intangible assets

7. Share capital

The Company was incorporated with 62,000,000 ordinary shares of £0.0001 each issued at nominal value. On 20 August 2020, a further 27,999,999 A Shares of £0.0001 each and 1 Golden Share of £0.0001 were issued at $5m.

On 5 March 2021, 225,000 ordinary shares of £0.0001 each where issued at nominal value.

In order for the Company to comply with the share capital requirements of the Companies Act to re-register as a public limited company, the Directors and the shareholders resolved on 6 May 2021 to approve the issue of bonus shares to the holders of the ordinary shares, the A Shares and the Golden Share of £0.0001 each, in each case on the basis of five additional shares for every one share held by the shareholders on 6 May 2021 (the "Bonus Issue").  Following the Bonus Issue, the issued share capital of the Company consisted of 541,350,000 shares, comprising 373,350,000 ordinary shares, 167,999,994 A Shares, and 6 Golden Shares. As a result of the Bonus Issue, the Company's share premium account increased by £45,112.50 which, when capitalised and added to the existing share capital, gave a total nominal value of £54,135.

Following the Bonus Issue, the Company resolved to re-register as a plc on 6 May 2021. On 24 May 2021, the 6 Golden Shares and the 167,999,994 A Shares were converted into ordinary shares, on a one-for-one basis, resulting in a share capital of 541,350,000 ordinary shares of £0.0001 each ("Conversion").

The 541,350,000 ordinary shares of £0.0001 each were then consolidated into 90,225,000 ordinary shares of £0.0006 each ("Ordinary Shares") on 24 May 2021.

On 28 May 2021 pursuant to the Company's shares being admitted to AIM, a market operated by the London Stock Exchange, 71,250,000 new Ordinary Shares were issued at an issue price of £0.40 per share raising gross proceeds of £28,500,000.

On 20 December 2021 33,333 Ordinary Shares were issued on exercise of options at the exercise price of £0.15 per share.

8. Events after the reporting date

There have been no events subsequent to the period end that require disclosure in these financial statements.

9. Dividends

There were no dividends paid or proposed by the Company in either year.