DUNAD THERAPEUTICS LTD.

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1.3 to the financial statements which indicates that a material uncertainty relating to going concern exists due to the group and parent company's additional investor funding commitments being dependent on the continued success of the lead program. Whilst the directors are confident based on current and historic development performance and levels of investor funding, as stated in note 1.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

  -43.5%

  £9,221,243 → £5,214,555

  lowest in 3 filed years

• Cash

  -19.5%

  £12,647,994 → £10,181,189

  lowest in 4 filed years

• Net assets

  -15.7%

  £11,964,851 → £10,087,693

• Employees

  +7.7%

  26 → 28

  highest in 4 filed years

• Operating profit

  -21.8%

  -£10,884,441 → -£13,259,982

  lowest in 3 filed years

• Profit before tax

  -23.2%

  -£10,463,204 → -£12,887,249

  lowest in 3 filed years

• Wages

  +15.9%

  £5,232,229 → £6,064,868

  highest in 3 filed years

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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. DUNAD THERAPEUTICS LTD. 2020-08-14 → present
2. WARHEAD LTD 2020-04-02 → 2020-08-14

Accounting basis

FRS 102 §1A

Reporting scope

Consolidated group

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Moore Kingston Smith LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1.3 to the financial statements which indicates that a material uncertainty relating to going concern exists due to the group and parent company's additional investor funding commitments being dependent on the continued success of the lead program. Whilst the directors are confident based on current and historic development performance and levels of investor funding, as stated in note 1.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. DUNAD THERAPEUTICS LTD. · parent
   1. Dunad Therapeutics US, Inc. 1% · USA · Research and experimental development on biotechnology
   2. 2740376 Ontario Inc. 1% · Canada · Holding company
   3. 2752591 Ontario Inc. 1% · Canada · Holding company
   4. 2692372 Ontario Inc. 1% · Canada · Holding company

Significant events

• “Subsequent to the year end, in August 2025, the Company successfully completed a further round of funding from some of its existing investors in the form of a convertible loan note, committing up to £6.0 million of further investment. Of this balance, £2.2 million was received on 12 August 2025.”

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

Filings

13

last 12 months

Capital events

10

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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