Interim Results to 31 October 2025

Shortwave Life Sciences Plc

30 January 2026

 

30 January 2026

SHORTWAVE LIFE SCIENCES PLC

("Shortwave" or "the Company")

Unaudited Interim Results for the Six Months Ended 31 October 2025

Shortwave Life Sciences Plc (AQSE: PSY) is pleased to present its unaudited interim results for the six month period ended 31 October 2025. Shortwave Life Sciences Plc is a life sciences company focused on the development of innovative therapies for mental health conditions, with an initial emphasis on eating disorders and anorexia nervosa. The Company's strategy combines early-stage drug development with disciplined capital and operational management to build long term value around clinically relevant intellectual property.

During the six month period ended 31 October 2025, the Company continued to focus on advancing its core assets while maintaining a streamlined operating structure. Activity during the period was centred on clinical preparation, intellectual property management, governance review and cost control, reflecting the Company's priority to preserve capital while progressing its drug development strategy in a challenging funding environment.

Throughout the period, the Company continued work on the development of its proprietary buccal film drug delivery platform and associated psilocybin based drug combination for the treatment of anorexia nervosa. Efforts were focused on consolidating existing preclinical data, advancing pharmacokinetic understanding and supporting ongoing profiling of the drug product in preparation for the design of future clinical studies.

Shortwave's buccal film delivery platform is designed to enable direct absorption of active pharmaceutical ingredients into systemic circulation, bypassing first pass metabolism. This approach is intended to provide more predictable pharmacokinetics, improved tolerability and enhanced patient compliance, particularly in vulnerable patient populations. During the period, no new preclinical trials were initiated, with the Company instead prioritising data analysis, product profiling and clinical planning activities required to support future subsequent regulatory and ethics engagement.

Board Appointments

During the period, the Company undertook a comprehensive business review to strengthen its strategic framework and ensure alignment between clinical priorities, capital planning and governance. As part of this process, the Board was reinforced with the appointment of Rolf Gerritsen as Executive Chairman and Stephen Molloy as a director with responsibility for developing the Company's Digital Asset Treasury strategy, as announced during the period. These appointments were intended to support execution of the Company's evolving dual track strategy.

Fundraising

In addition, during the period, the Company completed an interim private placement in June 2025 to settle outstanding liabilities, followed by a £250,000 placing in July 2025 at a premium to the prevailing market price. The July placing was oversubscribed and reflected investor support for the Company's revised strategic direction. The proceeds were allocated to fund the business review, support preparatory work relating to the Digital Asset Treasury strategy and preserve operational flexibility. The Company also issued equity to service providers in lieu of cash fees during the period, preserving working capital while aligning stakeholders with the long term success of the business.

Following completion of the business review, the Company announced the appointment of Archax Ltd during the period as its digital asset exchange, broker and custodian, as part of the planned implementation of its Digital Asset Treasury Management strategy. The onboarding process was completed during the period, with the Company preparing to seek shareholder approval to activate the treasury policy.

Financial Review

A pre-tax loss of £211,069 was reported, compared to a pre-tax loss of £114,859 in the prior period. The Company's cash position at the end of the period was £145,845. The unaudited interim results to 31 October 2025 have not been reviewed by the Company's auditor.

Stephen Murphy

Director

The Directors of the Company accept responsibility for the contents of this announcement.

 Enquiries:

Company:

Rolf Gerritsen: [phone]

Stephen Murphy: [phone] 

[e-mail]

https://shortwavelifesciences.com/ 

Corporate Adviser and Corporate Broker:

AlbR Capital Limited: + 44 (0) 20 7469 0930

SHORTWAVE LIFE SCIENCES PLC
Statement of Comprehensive Income
For the six months ended 31 October 2025
	6 Months ended	6 Months ended	Year ended
	31-Oct-25	31-Oct-24	30-Apr-25
	Unaudited	Unaudited	Audited
	£	£	£
Revenue	-	50,000	45,700
Cost of sales	-	(16,500)	(300)
Gross profit	-	33,500	45,400
Administrative expenses	(211,069)	(136,756)	(264,344)
Exceptional operating items
Share-based payments - share options	-	-	(50,867)
Operating loss	(211,069)	(103,256)	(269,811)
Fair value gains/(losses) on fixed asset investments	-	(11,603)	(11,603)
Impairment less on intangible assets	-	-	-
Profit/(Loss) on ordinary activities before taxation	(211,069)	(114,859)	(281,414)
Income tax	-	-	24,423
Total comprehensive profit/(loss) for the financial period	(211,069)	(114,859)	(256,991)
Basic profit/(loss) per share attributable to owners of the parent	(0.0005)	(0.0003)	(0.0007)
Weighted average number of shares	458,771,979	378,290,760	371,037,673

Statement of Financial Position
	As at	As at	As at
	31-Oct-25	31-Oct-24	30-Apr-25
	Unaudited	Unaudited	Audited
	£	£	£
Non-current Assets
Intangible assets	2,811,780	2,913,942	2,811,780
Investments	-	-	-
Total Non-current Assets	2,811,780	2,913,942	2,811,780
Current Assets
Cash and cash equivalents	145,845	29,998	2,912
Other receivables	44,770	12,915	23,795
Total Current Assets	190,615	42,913	26,707
Current Liabilities
Trade and other payables	102,998	101,494	98,812
Total Current Liabilities	102,998	101,494	98,812
Net Current Assets/(Liabilities)	87,617	(58,581)	(72,105)
Total Assets less Current Liabilities	2,899,397	2,855,361	2,739,675
Deferred Tax	318,907	343,300	318,907
Net Assets	2,580,490	2,512,031	2,420,768
Equity
Issued share capital	542,607	378,290	378,290
Share premium	4,485,068	4,278,594	4,278,594
Share options reserve	866,222	844,949	866,222
Retained earnings	(3,313,407)	(2,989,802)	(3,102,338)
Total Equity	2,580,490	2,512,031	2,420,768

Statement of Changes in Equity
	Share	Share	Share	Retained	Total
	capital	premium	options	Earnings	equity
			reserve
	£	£	£	£	£
Transactions with equity owners
At incorporation - issue of share capital
2 ordinary shares at £0.0001 each	4	-			4
Ordinary Shares issued	183,329	866,667			1,049,996
Less owed by shareholders	(6,666)	(93,334)			(100,000)
Transaction costs		(30,000)			(30,000)
Total comprehensive income
Total comprehensive income
for the period ended 31 October 2021				136,003	136,003
As at 31 October 2021	176,667	743,333	-	136,003	1,056,003
Transactions with equity owners
Ordinary Shares paid	6,666	93,334			100,000
Total comprehensive income
Total comprehensive income
for the 6 months ended 30 April 2022				(679,936)	(679,936)
As at 30 April 2022	183,333	836,667	-	(543,933)	476,067
Transactions with equity owners
Share-based payments	90,500	384,500			475,000
Ordinary Shares issued	16,200	793,800			810,000
Transaction costs		(29,600)			(29,600)
Share options/warrants issued		(304,535)	638,812		334,277
Total comprehensive income
Total comprehensive income
for the period ended 31 October 2022				(929,932)	(929,932)
As at 31 October 2022	290,033	1,680,832	638,812	(1,473,865)	1,135,812
Total comprehensive income
for the period ended 30 April 2023				(330,367)	(330,367)
As at 30 April 2023	290,033	1,680,832	638,812	(1,804,232)	805,445
Total comprehensive income
for the period ended 31 October 2023				(284,734)	(284,734)
As at 31 October 2023	290,033	1,680,832	638,812	(2,088,966)	520,711
Total comprehensive income
for the period ended 30 April 2024				(785,974)	(785,975)
Share-based payments	572	11,048	206,136		217,757
Ordinary Shares issued	87,685	2,586,714			2,674,399
As at 30 April 2024	378,290	4,278,594	844,948	(2,874,940)	2,626,892
Total comprehensive income
for the period ended 31 October 2024				(114,859)	(114,859
As at 31 October 2024	378,290	4,278,594	844,948	(2,989,799)	2,512,033
Total comprehensive income
for the period ended 30 April 2025	-	-	-	(142,132)	(142,132)
Share-based payments	-	-	50,867	-	50,867
Lapsed options	-	-	(29,593)	29,593	-
As at 30 April 2025	378,290	4,278,594	866,222	(3,102,338)	2,420,768
Total comprehensive income
for the period ended 31 October 2025	-	-	-	(211,069)	(211,069)
Ordinary Shares issued	164,317	206,474	-	-	370,791
As at 31 October 2025	542,607	4,485,068	866,222	(3,313,407)	2,580,490

Statement of Cash Flows
	6 Months ended	6 Months ended	Year ended
	31-Oct-25	31-Oct-24	30-Apr-25
	Unaudited	Unaudited	Audited
	£	£	£
Cash flows from operating activities
Loss before tax	(211,069)	(114,859)	(256,991)
Adjusted for:
Fair value (gain) / loss on investments	-	44,807	11,603
Amortisation of intangible assets	-	-	94,004
Impairment of intangible assets	-	-	-
Disposal of intangible assets	-	-	(175)
Disposal of investment	-	-	12,603
Share-based payments	-	-	50,867
(Increase) / Decrease in trade and other receivables	(20,975)	3,710	(7,169)
Increase / (Decrease) in trade and other payables	4,185	24,040	21,359
Tax Credit	-	-	(24,423)
Net cash used in operating activities	(227,859)	(42,302)	(98,322)
Cash flows from investing activities
Purchase of investments	-	-	-
Cash arising on acquisition	-	-	-
Proceeds from sale of intangible assets	-	-	8,333
Proceeds from sale of investments	-	-	20,601
Net cash used in investing activities	-	-	28,934
Cash flows from financing activities
Proceeds from the issue of shares	370,792	-	-
Net cash generated from financing activities	370,792	-	-
Net increase in cash and cash equivalents	142.933	(42,302)	(69,388)
Cash and cash equivalents at beginning of the period	2,912	72,300	72,300
Cash and cash equivalents at end of year	145,845	29,998	2,912

1.        GENERAL INFORMATION

The Company was incorporated on 22 April 2021 in England and Wales with Registered Number 13351629 under the Companies Act 2006. The principal activity of the business will be to identify, fund and build future leaders in psychedelic science and healthcare, with a focus in UK and Europe.

The registered address of the Company is 124 City Road, London, EC1V 2NX, United Kingdom.

2.        BASIS OF PREPARATION

These condensed interim financial statements for the period ended 31 October 2025 have been prepared in accordance with the AQSE rules for Companies.  As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2025, which have been prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS).

The directors are satisfied that, at the time of approving the condensed interim financial statements, it is appropriate to adopt a going concern basis of accounting and in accordance with the recognition and measurement principles of UK-adopted International Financial Reporting Standards (IFRS) adopted for use in the United Kingdom ("IFRS").

In reaching this conclusion the directors have prepared a cashflow forecast which indicates that additional funds will be required during the year to continue to operate as per the forecast.  There are ongoing activities to raise the necessary funds but in the absence of the required funding being in place this condition indicates the existence of a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern.

The interim financial information set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006.  Statutory financial statements for the year ended 30 April 2025 were approved by the Board of Directors on 30 October 2025 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.

3.      BASIS FOR CONSOLIDATION

The unaudited, condensed interim financial statements for the period ended 31 October 2025 as well as the audited annual financial statements for the period ended 30 April 2025 both reflect the consolidation of the Company's subsidiary Shortwave Pharma which was acquired on November 7, 2023. The comparative figures for the period ended 31 October 2023 do not include the financial results and balances of Shortwave Pharma.

4.        EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares ("WANS") outstanding in the period. Diluted loss per share has not been calculated as the options and warrants have no dilutive effect given the loss arising in the period.

5.            SHARE CAPITAL AND RESERVES

Following issuance of deferred shares upon the meeting of the conditionality assigned to Shortwave Pharma's patent, the total number of shares for the period ended 31 October 2025 is 458,771,979.

 Share options and broker warrants

 On 23 May 2022, the Company granted 31,835,832 share options to 10 of its directors, consultants, and advisors. The options lapse on 9 June 2024. 15,917,916 share options are exercisable at a strike price of 5p, 7,958,958 are exercisable at a strike price of 6p and 7,958,958 are exercisable at 8p.

 On 23 May 2022, the Company granted 14,501,667 warrants to its brokers at a strike price of 5p. The options lapse on 9 June 2027.

 

END