Interim report
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RNS Number : 7679SFutura Medical PLC01 September 2026 1 September 2026 Futura Medical plc ("Futura" or the "Group") Unaudited interim results for the six months ended 30 June 2026 Futura Medical (AIM: FUM), the consumer healthcare Group behind Eroxon® and that specialises in thedevelopment and global commercialisation of innovative and clinically proven sexual health products, announcesits unaudited results for the six months ended 30 June 2026 ("HY26"). Operational and strategic overview: · In relation to Eroxon®o Grant of China patent on 30 December 2025o Grant of US continuation patent on 17 March 2026o Conclusion of commercial relationship with Haleon in June and receipt of the agreedsettlement payment in August (post period end)o Appointment of Market Performance Group ('MPG') as the new US commercial partner forEroxon® from 1 September 2026, following a two-month transition period from Haleon,providing a clear route to rebuilding momentum in one of the world's largest erectiledysfunction marketso Negotiations advanced in China in relation to both domestic and cross-border opportunities;additionally, new partners identified and discussions advanced in important new marketsincluding Korea, Taiwan and Turkeyo Finalised plans to consolidate production of Eroxon® (and Eroxon® Intense & WSD4000 atappropriate times) into one global strategic supplier · In relation to Eroxon® Intenseo Home User Test ('HUT') on 223 male subjects aged 18-59 completed; study showed highefficacy levels supporting commercial decision to launcho EU market launch clearance received, with FDA clearance expected in Q4 2026o Technical operations commenced to support production in Q1 2027· In relation to WSD4000o Positive results from an Early Feasibility Study ('EFS'), HUT and Placebo studies. The HUTdemonstrated that WSD4000 markedly improved sexual function from using the product. 80%of women said the gel improved their overall sexual experienceo Specialised agency analysis confirmed valuable consumer segments to target with positioningand productso Early-stage discussions commenced with potential commercial partners in USA, APAC, EMEAand LATAM with initial interest expressed Financial overview: · Revenue of £1.62 million (HY25: £1.00 million), including £1.40 million recognised in relationto the settlement with Haleon announced in June 2026. · Underlying revenue of £0.21 million principally comprised royalty income from US sales ofEroxon®, with partners in the EU and other markets continuing to sell through existinginventory during the period.· Gross profit of £1.62 million (HY25: £0.24 million), reflecting the recognition of the Haleonsettlement as revenue and the limited cost of goods associated with underlying revenueduring the period.· Operating loss of £1.20 million (HY25: £6.72 million). The prior period included £4.05 millionof exceptional costs; excluding these costs, the HY25 operating loss was £2.67 million. · Continued reduction in the Group's core cost base, with pre-exceptional administrativeexpenses reducing by 17% to £2.19 million (HY25: £2.64 million), while maintaininginvestment in research and development of £0.73 million (HY25: £0.76 million).· Loss before tax of £1.18 million (HY25: £6.69 million). · Adjusted operating loss1 before share-based payments £0.82 million (HY25: £6.05 million)· Cash and cash equivalents of £1.24 million at 30 June 2026 (30 June 2025: £3.69 million),with an unaudited cash balance of £1.06 million at 31 July 2026. 1 Adjusted operating (loss)/profit represents reported operating (loss)/profit excluding non-cash share-based payment charges. Alex Duggan, CEO of Futura, commented:
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"The first half of 2026 has been a period of significant strategic progress for Futura as we continued to execute ourstrategy, strengthen our portfolio and enhance the value of our key assets. We have evolved our commercialmodel and repositioned the US Eroxon® opportunity, advanced Eroxon® Intense, generated encouraging datafrom our WSD4000 programme, strengthened our intellectual property position, consolidated our supply chain intoa strategic global source, and reduced our underlying operating cost base significantly. Together, these milestoneshave strengthened the foundations of the business and reinforce our confidence in the opportunities across bothmale and female sexual health." Contacts: Futura Medical plc Alex DugganChief Executive OfficerAngela HildrethFinance Director and COO investor.relations@futuramedical.com+44 (0)1483 685 670www.futuramedical.com Panmure LiberumNominated Adviserand Broker Emma Earl, Will Goode, MarkRogers (Corporate Finance) +44 (0)20 3100 2000 Turner PopeInvestments (TPI)Ltd - Broker Guy McDougall, Andrew Thacker +44 (0) 20 3657 0050 Alma StrategicCommunications Rebecca Sanders-Hewett, SamModlin, Sarah Peters +44 (0)20 3405 0205futura@almastrategic.com Notes to Editors: Futura Medical plc (AIM: FUM) is the developer of innovative, consumer-focused, sexual health products, including lead product Eroxon® and development projects WSD4000 and Eroxon® Intense. Our core strength lies in ourresearch, development, regulatory and business development expertise in developing innovative, clinically proven,insight-led and effective products to support our customers in the growing sexual health market. Sexual health issues are prevalent globally in both men and women. Erectile Dysfunction ("ED") impacts 1 in 5men globally across all adult age brackets, with approximately half of all men over 40 experiencing ED and 25% ofall new diagnoses being in men under 40. 60% of women experience at least one symptom of impaired sexualresponse or function in a twelve month period, with only one in four women seeking professional help andremaining chronically underserved. Eroxon®, Futura's clinically proven lead product, has been developed for the treatment of ED. The highlydifferentiated product, which is the only topical gel treatment for ED available over the counter and helps men getan erection fast, addresses significant unmet needs in the ED market. Multiple license or distribution partnershipsare in place for Eroxon®, across major consumer markets. WSD4000 is a project name for our development female sexual health portfolio, starting with the creation of arange of topical gels under our unique platform technology, specifically designed to treat symptoms of sexualdysfunction in women. There is currently no known regulatory approved OTC treatment available for impairedsexual response and function in women. WSD4000 has the potential to be an effective, breakthrough treatment forthe common symptoms associated with impaired sexual response and function, such as lack of desire, impairedarousal, lubrication, ability to orgasm and overall sexual satisfaction. Chief Executive Officer's Review The first half of 2026 has been a period of significant strategic progress for Futura as we continued to evolve thebusiness, strengthen our intellectual property portfolio and advance our development pipeline. While we remainfocused on unlocking the full commercial potential of Eroxon®, we have also taken important steps to broaden thevalue of our sexual health platform and create additional opportunities for long-term shareholder value creation. Financial overview Group performance during the period reflected the continued focus on reducing the Group's core cost base andpreserving cash resources, while continuing to advance key development programmes. Revenue for the period was £1.6 million (HY25: £1.0 million), of which £1.4 million related to the settlementreached with Haleon during the period. Underlying revenue of £0.2 million principally comprised royalty incomefrom US sales of Eroxon®, with partners in the EU and other markets continuing to sell through existing inventoryduring the period. Consequently, there were limited product sales by the Group and associated cost of goods soldduring the period. Gross profit for the period was £1.6 million (HY25: £0.2 million). The operating loss for the period reduced to £1.2 million (HY25: £6.7 million). The HY26 result includes £1.4million of revenue arising from the Haleon settlement, while the prior period operating loss included £4.05 million ofexceptional costs. Excluding the exceptional costs, the HY25 operating loss was £2.67 million. The Group continued to realise the benefits of the cost reduction and efficiency measures implemented across thebusiness, with pre-exceptional administrative expenses reducing to £2.2 million (HY25: £2.6 million), whilemaintaining investment in research and development at £0.7 million (HY25: £0.8 million). Cash and cash equivalents at 30 June 2026 were £1.2 million (31 December 2025: £3.4 million). As at 31 July2026, the Group's unaudited cash balance was £1.06 million.
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Based on the Group's existing cash resources and without any additional funding, the Group is currently expectedto have sufficient cash to continue its operations until approximately October 2026. The Board is progressing funding initiatives and wider strategic options with the objective of strengthening theGroup's financial position and realising value from its assets. The Board is confident that the funding initiatives being progressed will strengthen the Group's near-term cashposition and extend its cash runway and that, together with the wider strategic options being pursued, theseprovide a credible pathway to addressing the Group's funding requirements. However, there can be no certainty asto the timing, terms, value or outcome of the funding initiatives nor the wider strategic initiatives. The Directors believe that it remains appropriate to prepare the financial information on a going concern basis.However, they acknowledge that material uncertainties exist which may cast significant doubt on the Group'sability to continue as a going concern. The financial information does not include any adjustments that would result if the going concern basis ofpreparation were no longer considered appropriate Further information in relation to going concern, including the assumptions and uncertainties considered by theDirectors, can be found in Note 3 of the unaudited consolidated financial information. Executing our Strategic Review A key focus during the period was the completion of the comprehensive strategic review initiated in 2025 followingmy appointment as CEO from August 2025. This review assessed the Group's positioning, operating model andfuture growth opportunities. As a result, as disclosed in our 2025 Full Year Results announcement on 29 April2026, we have refined our strategic vision and evolved from a business model centred primarily on research anddevelopment and out-licensing towards a hybrid R&D and commercial model. This approach is designed to giveFutura greater influence over product positioning, customer engagement and value creation across its portfolio,with the aim of providing higher and more sustainable net margins. The strategic review has also reinforced our belief in the strength of our broader pipeline. Alongside Eroxon®, wehave continued to progress both Eroxon® Intense and our WSD4000 female sexual health programme, each ofwhich addresses sizeable and underserved markets. Eroxon®: Strengthening the Commercial Proposition Eroxon® remains the cornerstone of our commercial strategy. Eroxon® is the first clinically proven topicaltreatment for erectile dysfunction to achieve over-the-counter status in major international markets. Additionally,Eroxon® is the only FDA-cleared and drug-free, clinically proven treatment for erectile dysfunction, a keydifferentiator compared to competitors. It is estimated that erectile dysfunction affects hundreds of millions of menglobally, with a significant proportion suffering from mild to moderate symptoms for which Eroxon® is specifically positioned. Within the US alone, it is estimated that 24.2% of US men have some form of erectile dysfunction1. Eroxon® Intense is a new formulation of Eroxon® which is designed to have a faster and stronger sensorial action.Marketing feedback with Eroxon® has shown that whilst the majority of men are satisfied with the effect of thecurrent product, a faster and stronger sensation emphasising a stronger onset of action would be beneficial. Wehave recently completed all technical and regulatory work required to support commercial launch under theCompany's existing CE certification in accordance with the EU Medical Device regulations (MDR2017/745)together with UKCA (UK Conformity Assessment) certification and expect to receive US FDA clearance in Q42026. During the period, we continued working with existing and potential commercial partners in order to expand furtherthe product's international footprint with Eroxon®. At the same time, we undertook a detailed assessment of thefactors influencing consumer adoption, including product positioning, usage patterns and marketingcommunications. These learnings have informed a more targeted approach aimed at improving marketpenetration, consumer engagement and repeat purchase. Eroxon® distributor sales into the market (in-market sales) provide management with a more accurate view of howEroxon® sales are performing than Futura's periodic sales to distributors (sales revenues). Over the four quartersto June 2026, the in-market sales across USA, Mexico, Europe and Middle East have begun to show greaterstability as the product moves out of its early launch phase. In March, we announced positive results from Home User Testing of both the current Eroxon® formulation andEroxon® Intense. The findings provided valuable consumer insights and increased our confidence in our revisedcommercial strategy, particularly our focus on men with mild-to-moderate erectile dysfunction and especially thoseup to around 60 years of age. The research also supports our ongoing work to optimise positioning across theportfolio and maximise consumer appeal. In June, we completed an important repositioning of our US commercial strategy for Eroxon®, agreeing the returnof full US commercial rights from Haleon and appointing MPG, a leading omnichannel commerce agency, as ournew US distribution partner. This transition is consistent with the conclusions of our strategic review and our movetowards a hybrid R&D and commercial model, allowing Futura to take a more active role in the strategicmanagement of the brand while leveraging MPG's extensive retail, eCommerce and consumer healthcareexpertise. We believe this structure provides greater commercial flexibility, improved insight into marketperformance and stronger long-term economics through enhanced participation in future sales growth, whileensuring continuity of supply and retailer relationships in one of the world's largest erectile dysfunction markets. Protecting and extending our intellectual property remains a strategic priority. During the period, we securedimportant patent milestones for Eroxon®, including patent protection in both the United States and China throughto 2040. These achievements strengthen the long-term value of our platform, enhance our competitive positionand provide greater certainty for current and future commercial partners. WSD4000: Advancing the development
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WSD4000 is the project name for the Company's female sexual health portfolio, starting with the creation of arange of topical gels under its unique platform technology designed to treat impaired sexual response or function(sexual dysfunction) in women. Currently, no known regulatory approved topical treatments for sexual dysfunctionin women are available over the counter in any major market, with the Company estimating that 60% of womenhave experienced at least one symptom of impaired sexual response and sexual function in the last 12 months, and that only 1 in 4 women seek professional help2. Therefore, WSD4000 has the potential to create effective,breakthrough treatments for the common symptoms associated with sexual dysfunction, such as lack of desire,impaired arousal, lubrication, orgasm and sexual satisfaction in various groups such as pre- and post-menopausalwomen. In January, we reported positive results from the Early Feasibility Study for WSD4000. The study demonstratedclear positive trends and provided evidence that the product has the potential to deliver meaningful improvementsin symptoms experienced by women. These findings supported our decision to continue advancing theprogramme. Further momentum was generated in June when we announced highly positive data from additional WSD4000studies. The Home User Test, which evaluated the product in 228 pre-, peri- and post-menopausal women overfour weeks, demonstrated strong levels of user satisfaction and meaningful improvements across multiple aspectsof sexual function, with 81% of participants reporting an improvement in overall sexual function and 78% reportinga more satisfying sexual experience. Improvements were observed across key measures including lubrication,genital sensation, arousal and orgasm, while the vast majority of participants responded positively to the product'ssensory characteristics. Overall, 68% of women rated the product 4 or 5 stars. We also reported positive resultsfrom a placebo-controlled crossover study of WSD4000 in 33 women, designed to support the optimisation of ourplanned pivotal clinical programme. The study demonstrated that WSD4000 was statistically superior to placeboacross key measures including arousal, genital sensation and lubrication at all measured time points, providingrobust evidence of the product's efficacy. Collectively, these results, from the HUT and Placebo studies, further strengthened our confidence in theprogramme and reinforced the significant commercial opportunity that exists within female sexual health, an areathat remains underserved despite substantial consumer need. Outlook We believe the commercial and development milestones achieved in recent months have strengthened thefoundations and reduced uncertainty surrounding the business. We are focused on supporting the commercialgrowth of Eroxon®, advancing Eroxon® Intense and progressing WSD4000 towards its next developmentmilestones. As I have previously stated, the question that remains central to our decision-making is: 'what will provide the bestoutcome and return for our shareholders?' This principle underpins the strategic decisions taken by themanagement team and the Board as we continue to assess the opportunities available to the Group. Alex Duggan Chief Executive Officer 1J Sex Med. 2024 Mar 28;21 (4) 296-303 2 Market Research conducted by IPSOS in the USA in 2024 amongst 1,003 women Consolidated Statement of Comprehensive Income For the six months ended 30 June 2026 Unaudited6 monthsended30 June 2026 Unaudited6 monthsended30 June 2025 Audited year ended31 December 2025 Notes £ £ £ Revenue 4 1,621,524 1,001,154 1,696,660 Cost of Goods (116) (758,036) (456,707) Gross profit 1,621,408 243,118 1,239,953 Research and development costs (729,856) (761,740) (1,868,014) Administrative expenses - Pre-exceptional costs (2,187,922) (2,642,533) (4,682,827) Administration expenses- Exceptional costs - (4,053,000) (4,053,000) Total administrative expenses (2,187,922) (6,695,533) (8,735,827) Other Operating Income 100,000 - 255,000 Operating (loss)/profit (1,196,369) (6,724,155) (9,108,888) Finance income 15,219 38,190 38,190
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(Loss)/profit before tax (1,181,151) (6,685,965) (9,070,698) Taxation - 100,000 - Total comprehensive (loss)/profit for the period attributable to owners of the parent company (1,181,151) (6,585,965) (9,070,698) Basic (loss)/profit per share (pence) 5 (0.20) (2.17) (2.78) Diluted (loss)/profit per share (pence) 5 (0.20) (2.17) (2.78) Consolidated Statement of Financial Position As at 30 June 2026 Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025Notes £ £ £ Assets Non-current assets Property, plant and equipment 692,378 807,605 747,528 Total non-current assets 692,378 807,605 747,528 Current assets Inventories 79 33,710 260 Trade and other receivables 7 1,859,930 856,959 814,608 Current tax asset 355,000 100,000 255,000 Cash and cash equivalents 8 1,244,158 3,689,549 3,401,631 Total current assets 3,459,167 4,680,218 4,471,499 Liabilities Current liabilities Trade and other payables 9 (1,392,458) (1,589,394) (1,659,939) Provisions 10 (509,038) (509,038) (509,038) Total current liabilities (1,901,496) (2,098,432) (2,168,977) Net current assets 1,557,671 2,581,787 2,302,522 Non-current liabilities Contract liabilities (long-term) (244,851) (342,588) (244,851) Provisions - - - Total non-current liabilities (244,851) (342,588) (244,851) Total liabilities (2,146,347) (2,441,020) (2,413,828) Total net assets 2,005,198 3,046,803 2,805,199 Capital and reserves attributable to owners of the Parent Company Share capital 12 1,162,655 607,659 1,162,655 Share premium 72,845,717 71,269,186 72,845,717 Merger reserve 1,152,165 1,152,165 1,152,165 Warrant reserve 216,563 - 216,563 Retained losses (73,371,902) (69,982,207) (72,571,901) Total equity 2,005,198 3,046,803 2,805,199
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Consolidated Statement of Changes in Equity For the six months ended 30 June 2026 ShareCapital SharePremium MergerReserve WarrantReserve RetainedLosses TotalEquityNote £ £ £ £ £ £ At 1 January 2025- audited 607,407 71,235,261 1,152,165 - (64,032,002) 8,962,831 Totalcomprehensive lossfor the period - - - - (6,585,965) (6,585,965) Share-basedpayment - - - - 635,760 635,760 Shares issuedduring the period 252 33,925 - - - 34,177 Transactions withowners 252 33,925 - - 635,760 669,937 At 30 June 2025 -unaudited 607,659 71,269,186 1,152,165 - (69,982,207) 3,046,803 Totalcomprehensive lossfor the period - - - - (2,484,733) (2,484,733) Share-basedpayment - - - - (104,961) (104,961) Shares issuedduring the period 554,996 1,576,531 - - - 2,131,527 Warrants issued - - - 216,563 - 216,563 Transactions withowners 554,996 1,576,531 - 216,563 (104,961) 2,243,129 At 31 December2025 - audited 1,162,655 72,845,717 1,152,165 216,563 (72,571,901) 2,805,199 Totalcomprehensive lossfor the period - - - - (1,181,151) (1,181,151) Share-basedpayment 13 - - - - 381,148 381,148 Shares issuedduring the period - - - - - - Transactions withowners - - - - 381,148 381,148 At 30 June 2026 -unaudited 1,162,655 72,845,717 1,152,165 216,563 (73,371,902) 2,005,198 Consolidated Statement of Cash Flows For the six months ended 30 June 2026 Unaudited 6 months ended 30 June 2026 Unaudited 6 months ended 30 June 2025 Auditedyear ended 31 December 2025£ £ £ Cash flows from operating activities Loss before tax (1,181,151) (6,685,965) (9,070,697) Adjustments for:
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Depreciation 55,918 62,002 121,991 Profit on disposal of fixed assets - - 88 Finance income (15,219) (38,190) (38,190) Foreign exchange differences - - Provisions - Inventory write down - 490,000 490,000 Impairment losses - - 3,220,000 Taxation credit - - (255,000) Share-based payment charge 381,148 635,760 530,799 Cash flows used in operating activities before changes in working capital (759,304) (2,316,393) (5,001,010) Decrease in inventories (180) (67,804) (34,355) (Increase)/decrease in trade and other receivables (1,145,322) 1,591,506 1,633,857 Decrease in trade and other payables (267,481) (2,186,328) (2,213,520) Cash used in operations (2,172,287) (2,979,019) (5,615,027) Income tax received - - - Net cash used in operating activities (2,172,287) (2,979,019) (5,615,027) Cash flows from investing activities Purchase of plant and equipment - - - Interest received 15,219 38,190 38,190 Cash generated by investing activities 15,219 38,190 38,190 Cash flows from financing activities Issue of ordinary shares - 23,230 2,789,174 Expenses paid in connection with share issues - - (406,906) Cash generated by financing activities - 23,230 2,382,268 Decrease in cash and cash equivalents (2,157,068) (2,906,652) (3,194,570) Cash and cash equivalents at beginning of period 3,401,631 6,596,201 6,596,201 Net foreign exchange differences (405) - - Cash and cash equivalents at end of period 1,244,158 3,689,549 3,401,631 Notes to the Consolidated Interim Financial Statements For the six months ended 30 June 2026 1. Corporate information The interim condensed consolidated financial statements of Futura Medical plc and its subsidiaries(the "Group") for the six months ended 30 June 2026 were authorised for issue in accordance witha resolution of the Directors on 28 August 2026. Futura Medical plc (the "Company") is a publiclimited company incorporated and domiciled in the United Kingdom and whose shares are publiclytraded on the AIM Market of the London Stock Exchange. The registered office is located at SurreyTechnology Centre, 40 Occam Road, Guildford, Surrey, GU2 7YG. The Group is principally engaged in the development and sale of pharmaceutical and consumerhealthcare products. 2. Accounting policies The accounting policies applied in these interim financial statements are consistent with those ofthe annual financial statements for the year end 31 December 2025, as described in those financialstatements except for the new accounting policies described below. These condensed interim consolidated financial statements for the six months ended 30 June 2026and for the six months ended 30 June 2025 do not constitute statutory accounts within the meaningof section 434(3) of the Companies Act 2006 and are unaudited.
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The Group's financial information for the year ended 31 December 2025 has been extracted fromthe financial statements of the statutory accounts ("Annual Report") of Futura Medical plc, whichwere prepared by the Directors in accordance with UK-adopted International accounting standards("IFRS") in conformity with the requirements of the Companies Act 2006 that were applicable for theyear ended 31 December 2025 and does not constitute the full statutory accounts for that period.The Annual Report for 2025 has been filed with the Registrar of Companies. The IndependentAuditor's Report on those financial statements was unqualified and did not contain a statementunder Section 498 (2) or (3) of the Companies Act 2006; though it did include a reference to amatter to which the Independent Auditor drew attention by way of emphasis without qualifying theirreport in relation to going concern. It does not comply with IAS 34 Interim financial reporting, as ispermissible under the rules of AIM. New Accounting Policies During the prior period, the Group introduced new accounting policies in accordance with IFRS toenhance the presentation of exceptional items. The Group separately presents exceptional items, being material income or expenses arising fromevents or transactions that are unusual in nature or infrequent in occurrence. These items arerecognised in accordance with IFRS and disclosed to provide users with a clearer understanding ofthe underlying operating performance. The adoption of this presentation has no impact oncomparative figures. 3. Estimates and judgements The preparation of the interim condensed consolidated financial statements in conformity with IFRSrequires management to make certain estimates, assumptions and judgements that affect theapplication of accounting policies and the reported amounts of assets and liabilities and thereported amounts of income and expenses in the period. Critical accounting estimates, assumptions and judgements are continually evaluated by theDirectors based on available information and experience. As the use of estimates is inherent infinancial reporting, actual results could differ from these estimates. Going concern The Group incurred a loss before tax of £1.18 million for the six months ended 30 June 2026 and hadcash and cash equivalents of £1.24 million at that date. The Directors have prepared cash flow forecasts covering a period of at least 12 months from the dateof approval of these condensed interim financial statements. In preparing these forecasts, theDirectors have considered the Group's current cash position, expected revenues and operatingexpenditure, committed expenditure and the costs associated with progressing the Group's existingassets and maintaining its ongoing operational, regulatory and other obligations. Based on the Group's existing cash resources and without any additional funding, the Group iscurrently expected to have sufficient cash to continue its operations until approximately October 2026.The Group will therefore require additional funding in the near term in order to continue to meet itsobligations as they fall due and to continue its operations throughout the going concern assessmentperiod. The Board is actively progressing funding initiatives and wider strategic options with the objective ofstrengthening the Group's financial position and realising value from its assets. The Directors have also considered downside scenarios and the mitigating actions available to theGroup. The Board continues to closely manage the Group's cash resources and expenditure and willtake such actions as it considers appropriate in light of the Group's cash position and the progress ofthe funding and wider strategic options being pursued. The Board is confident that the funding initiatives being progressed will strengthen the Group's near-term cash position and extend its cash runway and that, together with the wider strategic options beingpursued, these provide a credible pathway to addressing the Group's funding requirements. However,there can be no certainty as to the timing, terms, value or outcome of the funding initiatives nor thewider strategic initiatives, nor that sufficient cash resources will ultimately be available throughout thegoing concern assessment period. Accordingly, notwithstanding the progress being made in relation to near-term funding, the Group willrequire further cash resources during the going concern assessment period. The requirement for suchadditional cash resources, together with the uncertainty over the timing and outcome of the widerstrategic initiatives being pursued by the Board, represents material uncertainties that may castsignificant doubt on the Group's ability to continue as a going concern. Despite these material uncertainties, having considered the Group's current financial position, cashflow forecasts, available mitigating actions, the progress made in relation to near-term funding and thewider strategic initiatives being pursued, the Directors have a reasonable expectation that the Groupwill have access to sufficient cash resources to continue in operational existence for the foreseeablefuture. Accordingly, the Directors consider it appropriate to prepare the condensed interim financialstatements on a going concern basis.
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The condensed interim financial statements do not include any adjustments that would result if theGroup were unable to continue as a going concern. Share-based payments The Group operates equity-settled share-based payment arrangements for certain employees andDirectors. During the period, awards were granted under the Company's one-year Special Long-Term Incentive Plan ("Special LTIP"). The fair value of the Special LTIP awards was determined at the grant date using a Monte Carlovaluation methodology, reflecting the market-based performance conditions attaching to the awards.The valuation requires the use of assumptions and estimates, including expected share pricevolatility, the risk-free interest rate and expected dividend yield. The share-based payment expense recognised during the period comprises the charge in respectof the Special LTIP together with charges relating to awards granted in prior periods whichcontinued to vest during the period. 4. Segment reporting The Group is focused on the development and commercialisation of Eroxon® and thereforeoperates as one segment. The Group derives revenue from the transfer of goods and services overtime and at a point in time in the following geographical split: Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025 £ £ £ EU and UK - 504,293 885,233 USA 1,614,614 468,621 735,848 Rest of world 6,910 28,240 75,579 1,621,524 1,001,154 1,696,660 Revenue recognised in the USA during the six months ended 30 June 2026 includes £1.4 million arising fromthe settlement agreement with Haleon announced on 29 June 2026. The settlement brought to a conclusioncertain outstanding commercial matters relating to the previous US licensing arrangements with Haleon andhas been recognised as revenue during the period. Excluding the amount recognised in respect of the Haleon settlement, underlying revenue for the six months ended 30 June 2026 was £0.21 million, principally comprising royalty income from US sales of Eroxon®.Revenue from the EU and UK was nil during the period as commercial partners continued to sell throughinventory purchased in prior periods. The Group's revenue recognised at a point in time and over time was as follows: Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025 £ £ £ Revenue recognised at a point in time 1,621,524 1,001,154 1,598,923 Revenue recognised over time - - 97,737 1,621,524 1,001,154 1,696,660 5. Profit/loss per share (pence) The Group reports basic and diluted earnings per common share. Basic earnings per share iscalculated by dividing the profit attributable to common shareholders of the Company by the weightedaverage number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the profit/(loss) attributable to commonshareholders by the weighted average number of common shares outstanding, taking into account theeffects of all potential dilutive common shares, including share options and the issue of shares underthe long-term incentive share option scheme to the extent that they are deemed to be issued for noconsideration in accordance with IAS 33. Where a loss is attributable to equity holders of the Group, the calculation of the fully diluted loss pershare is identical to that used for calculating the basic loss per share. The exercise of share options, orthe issue of shares under the long-term incentive share options scheme, would have the effect ofreducing the loss per share and is therefore anti-dilutive under the terms of IAS 33 'Earnings perShare'.
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Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025 £ £ £ Total comprehensive income attributable to theowners of the company (1,181,154) (6,585,965) (9,070,698) Weighted average number of shares 581,327,755 303,820,626 325,965,606 Basic profit/(loss) per share (pence) (0.20) (2.17) (2.78) 6. Plant and equipment ComputerEquipment Furniture& Fittings Total Cost £ £ £ At 1 January 2025 4,456,072 70,775 4,526,847 Additions - - - Disposals - (88) (88) Balance at 31 December 2025 (audited) 4,456,072 70,687 4,526,759 Additions - 768 768 Disposals - - - Impairment of assets under construction - - - Balance at 30 June 2026 (unaudited) 4,456,072 71,455 44,527,527 Depreciation At 1 January 2025 372,840 64,400 437,240 Eliminated on disposals - - - Impairment 3,220,000 - 3,220,000 Charge for year 120,263 1,728 121,991 Balance at 31 December 2025 (audited) 3,713,103 66,128 3,779,231 Eliminated on disposals - - - Charge for year 55,176 741.90 55,918 Balance at 30 June 2026 (unaudited) 3,768,279 66,870 3,835,149 Net book value At 30 June 2026 687,793 4,585 692,378 At 31 December 2025 742,969 4,559 747,528 7. Trade and other receivables Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025 £ £ £ Amounts receivable within one year: Trade receivables 1,433,117 507,969 323,597 Other receivables 7,588 121,237 - Financial assets 1,440,705 629,206 323,597 Prepayments and accrued income 342,365 227,753 430,8791 VAT receivable 73,860 - 60,132 1,856,930 856,959 914,608 Trade and other receivables do not contain any impaired assets. The Group does not hold anycollateral as security and the maximum exposure to credit risk at the Consolidated Statement ofFinancial Position date is the fair value of each class of receivable. 8. Cash and cash equivalents Unaudited 30 June 2026 Unaudited 30 June 2025 Audited31 December 2025 £ £ £ Cash at bank and in hand 1,244,158 3,689,549 3,401,631 1,244,158 3,689,549 3,401,631
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9. Trade and other payables Unaudited30 June 2026 Unaudited30 June 2025 Audited31 December2025£ £ £ Trade payables 592,904 796,351 562,114 Social security and other taxes 49,089 65,517 74,267 Contract liability 97,737 440,325 97,737 Accrued expenses 652,728 630,089 925,821 1,392,458 1,931,982 1,659,939 10. Provisions At 30 June 2026, the Group recognised provisions of £509,038 (31 December 2025: £509,038),principally relating to contractual minimum order commitments, with no movement in the provisionduring the period. 11. Related party transactions Related parties, as defined by IAS 24 'Related Party Disclosures', are the wholly owned subsidiarycompanies: Futura Medical Developments Limited and Futura Consumer Healthcare Limited and theBoard. Transactions between the Company and the wholly owned subsidiary companies have beeneliminated on consolidation and are not disclosed 12. Share capital Authorised 30 June 2026 30 June 2025 31December2025 30 June 2026 30June 2025 31December2025Number Number Number £ £ £ Ordinary shares of 0.2pence each 500,000,000 500,000,000 500,000,000 1,000,000 1,000,000 1,000,000 Allotted, called upand fully paid 30 June 2026 30 June 2025 31December2025 30 June 2026 30June 2025 31December2025Number Number Number £ £ £ Ordinary shares of 0.2pence each 581,327,755 303,829,684 581,327,755 1,162,655 607,659 1,162,655 The number of issued ordinary shares as at 1 January 2026 was 581,327,755 and no shares wereissued during the period ending 30 June 2026 13. Share-based payments The Group operates equity-settled share-based payment arrangements for certain employees andDirectors. On 15 January 2026, the Company granted 58,806,047 options under a one-year Special Long-TermIncentive Plan ("Special LTIP"). The Special LTIP was introduced as a one-year incentive arrangementin place of cash bonus arrangements for the relevant participants. The options have an exercise price of 0.2 pence per share and are subject to share price performanceconditions measured over the one-year performance period ending 31 December 2026. One-third ofthe options are eligible to vest on achievement of a 2 pence share price threshold, two-thirds onachievement of a 3 pence share price threshold and 100% on achievement of a 4 pence share pricethreshold, subject to the detailed terms and conditions of the Special LTIP. The fair value of the Special LTIP awards was determined at the grant date in accordance with IFRS2 Share-based Payment using a Monte Carlo valuation methodology, reflecting the market-basedperformance conditions attaching to the awards.
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The total share-based payment charge recognised during the six months ended 30 June 2026 was£381,148 (six months ended 30 June 2025: £635,760; year ended 31 December 2025: £530,799). Thecharge is non-cash and comprises the charge arising in respect of the Special LTIP together withcharges relating to share-based awards granted in prior periods which continued to vest during theperiod. 14. Post -period balance sheet events Following the period end, the Company received correspondence from a former adviser in relation toamounts it alleges are payable under a historic advisory agreement in connection with the terminationof the Company's agreement with Haleon. The Company disputes the basis and quantum of the amounts asserted and has taken external legaladvice. Having considered that advice, together with credits arising from amounts previously paid tothe adviser, the Board does not currently expect the matter to result in a material cash outflow for theGroup. Discussions remain ongoing. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END