AMPHISTA THERAPEUTICS LIMITED

• ⚠

  Material uncertainty over going concern

  Based on cash flow forecasts prepared by the directors, the Group and the Company expect to continue to invest in research and development activities, and losses are therefore expected in the immediate future. Accordingly, the Group will require further funding from either new or existing investors to enable it to continue to trade and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Whilst the directors are confident that further funding will be received, its successful conclusion is based upon factors outside of the Group's control and therefore is inherently uncertain. In this regard a material uncertainty, which may cast significant doubt about the Group's and the Company's ability to continue as a going concern, is considered to be present. In the event that the Group is unable to raise further funds and/or secure further significant research and development programmes, the Group is forecasting to run out of funds towards the end of the going concern assessment period. The directors acknowledge that there are mitigating actions that they could take to extend the Group's cash availability, which include curbing and/or deferring development activities, as well as initiating a restructuring exercise. However, taking the above factors into account, the financial statements of the Group and the Company have been prepared on the basis that the Group and the Company are a going concern. The directors believe that the Group and the Company will obtain the further funding required and have therefore prepared the financial statements on a going concern basis, however the directors have concluded that the inherent uncertainty associated with the receipt of further funding, as described above, represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +216.9%

  £10,703,151 → £33,923,239

  highest in 4 filed years

• Cash

  -27.3%

  £42,207,352 → £30,667,197

• Net assets

  +61.2%

  -£32,438,791 → -£12,599,663

• Employees

  -12.5%

  64 → 56

• Operating profit

  +179.4%

  -£15,139,613 → £12,019,865

  highest in 4 filed years

• Profit before tax

  +252.1%

  -£13,050,457 → £19,846,037

  highest in 4 filed years

• Wages

  -2.6%

  £6,335,372 → £6,171,668

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

PEM Audit Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Based on cash flow forecasts prepared by the directors, the Group and the Company expect to continue to invest in research and development activities, and losses are therefore expected in the immediate future. Accordingly, the Group will require further funding from either new or existing investors to enable it to continue to trade and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Whilst the directors are confident that further funding will be received, its successful conclusion is based upon factors outside of the Group's control and therefore is inherently uncertain. In this regard a material uncertainty, which may cast significant doubt about the Group's and the Company's ability to continue as a going concern, is considered to be present. In the event that the Group is unable to raise further funds and/or secure further significant research and development programmes, the Group is forecasting to run out of funds towards the end of the going concern assessment period. The directors acknowledge that there are mitigating actions that they could take to extend the Group's cash availability, which include curbing and/or deferring development activities, as well as initiating a restructuring exercise. However, taking the above factors into account, the financial statements of the Group and the Company have been prepared on the basis that the Group and the Company are a going concern. The directors believe that the Group and the Company will obtain the further funding required and have therefore prepared the financial statements on a going concern basis, however the directors have concluded that the inherent uncertainty associated with the receipt of further funding, as described above, represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Group structure

1. AMPHISTA THERAPEUTICS LIMITED · parent
   1. Amphista Therapeutics Inc 100% · Delaware · development of targeted protein degradation ("TPD") innovative therapies

Significant events

• “In July 2025, Amphista met a milestone with its collaboration partner, Merck Healthcare KGaA which triggered a milestone payment to the Company.”
• “In September 2025, the Company replaced the Growth Shares held by employees with EMI share options and in October 2025, the growth shares of ex-employees were reissued to rectify historical paperwork.”
• “In October 2025, Tranche 3 of the Series B funding was received following the completion of several milestones.”
• “On 24 November 2025 the Company received formal notice from Merck terminating the existing research collaboration and license agreement. The termination will become effective 90 days from the date of the notice. This event occurred after the end of the reporting period and does not provide evidence of conditions that existed at the balance sheet date. Accordingly, it is treated as a non-adjusting event under FRS 102 Section 32. Management is assessing the potential impact on future operations and financial performance. No adjustments have been made to the financial statements for the year ended 31 December 2024 as a result of this event.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

13

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.