Announcement • Jul 22
C4X Discovery Holdings Limited Announces Board Changes C4X Discovery Holdings Limited provides an update on the business following its delisting from AIM earlier in the year. At the same time, the company appointed two new Non-Executive Board members: Harmesh Suniara, who joins from Lombard Odier 1798 Volantis, a great supporter of business; and Richard Jones, a respected finance operator within the industry. Each bring unique and important skills which will broaden and enhance the Board’s guidance and strategic direction to drive a successful future for the Company. The company also announced the resignation of Simon Harford after three years on the Board and thank him for his support and counsel during this time.Richard Jones is an experienced healthcare and life sciences Director. He was most recently CFO of Medica Group, a PE backed international tele-medicine business which was taken private in a £270m deal by IK partners from the UK main market; and is currently SID and Chair of the Audit Committee at Alliance Pharma PLC, an AIM listed consumer healthcare company. Richard previously gained extensive experience in the healthcare sector as CFO at UK AIM Listed companies Mereo BioPharma Group PLC and Shield Therapeutics PLC. At Mereo, he had a leading role in the merger with US listed OncoMed Pharmaceuticals Inc. and its subsequent dual listing on Nasdaq in 2019. At Shield, he established the finance operations and guided the company through several private financing rounds and its 2016 IPO. Prior to his CFO roles, Richard held senior investment banking positions at Investec and Brewin Dolphin Securities, where he advised healthcare clients on a wide range of transactions and fundraisings including IPOs, M&A and fundraisings. Richard qualified as a Chartered Accountant with PwC. Harmesh Suniara has over 15 years' experience of working in investment management, with a particular focus on UK small and mid-cap equities including the technology and life sciences sectors. He brings a wealth of expertise in active engagement with companies that Lombard Odier has invested in. He has worked as a Portfolio Manager at Lombard Odier 1798 Volantis since 2017, and prior to this he was an Investment Manager at Henderson Volantis Capital and Gartmore Investment Management. Harmesh graduated in Physics from the University of Cambridge. Lombard Odier 1798 Volantis is a major shareholder in C4X Discovery. Announcement • Mar 28
C4X Discovery Holdings plc Proposes Voluntary Delisting C4X Discovery Holdings plc announced the proposed cancellation of admission of its Ordinary Shares to trading on AIM ("Cancellation") and re-registration as a private limited company ("Re-registration"). A circular ("Circular") will be sent to Shareholders on 27 March 2024, setting out the background to and reasons for the proposed Cancellation and the Re-registration. The Company is seeking Shareholder approval for the Cancellation, Re-registration and adoption of the New Articles at a general meeting, which has been convened for 11.00 a.m. on 15 April 2024 at the offices of Panmure Gordon (UK) Limited, 40 Gracechurch Street, London EC3V 0BT ("General Meeting"). If the Cancellation Resolution is passed at the General Meeting, it is anticipated that the Cancellation will become effective at 7.00 a.m. on 26 April 2024. The Cancellation Resolution is conditional, pursuant to Rule 41 of the AIM Rules, upon the approval of Shareholders holding not less than 75% of the votes cast by Shareholders (whether present in person or by proxy) at the General Meeting, notice of which is set out in the Circular. The Company has received irrevocable undertakings from Richard Griffiths, Polar Capital LLP and the Directors, and a non-binding letter of intent from Lombard Odier as set out below, representing approximately 57.0% of the Company's issued share capital, to vote in favour of the Resolutions. Dr Clive Dix, CEO of C4X Discovery, said:"We have not taken this decision lightly, however, following an extensive review and deliberation to ascertain the most effective way to maximise Shareholder value in the longer term and increase the potential for the long-term success of the Company, the Board has unanimously concluded that it is in the best interests of the Company and our Shareholders to delist from AIM and re-register as a private limited company. Despite delivering on our strategy including three major deals with leading pharmaceutical companies demonstrating our scientific expertise and deal making capabilities, the recent downturn in the financial markets has adversely impacted our share price, and with it, our future ability to raise funds in the public markets. The Board believes the current public market valuation does not reflect the underlying potential of our business or our achievements to date and that this is unlikely to change in the short-to-medium term. We believe that we can potentially access a larger quantum of future funding required to accelerate our strategy as a private company and therefore we believe that a cancellation of the Company's admission on AIM is in the best interest for Shareholders and for the future of our business as a whole". New Risk • Feb 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£6.0m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Revenue is less than US$5m (UK£1.7m revenue, or US$2.2m). Market cap is less than US$100m (UK£31.5m market cap, or US$39.8m). Announcement • Jan 18
C4X Discovery Holdings plc Announces Stepping Down of Mario Polywka as Non-Executive Director C4X Discovery Holdings plc announced that Mario Polywka, Non-Executive Director, has stepped down from the Board of Directors with immediate effect in order to focus on his recent appointment as Interim Chief Executive Officer of Evotec SE. The Company intends to appoint a replacement Non-Executive Director and a further announcement will be made in due course. Announcement • Dec 19
C4X Discovery Holdings plc, Annual General Meeting, Jan 23, 2024 C4X Discovery Holdings plc, Annual General Meeting, Jan 23, 2024, at 11:30 Coordinated Universal Time. Location: 40 Gracechurch Street, EC3V 0BT London United Kingdom Reported Earnings • Dec 15
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: UK£0.044 loss per share (further deteriorated from UK£0.036 loss in FY 2022). Revenue: UK£1.71m (down 37% from FY 2022). Net loss: UK£11.1m (loss widened 36% from FY 2022). Revenue missed analyst estimates by 82%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Life Sciences industry in the United Kingdom are expected to grow by 18%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Dec 07
C4X Discovery Holdings plc to Report Fiscal Year 2023 Results on Dec 14, 2023 C4X Discovery Holdings plc announced that they will report fiscal year 2023 results on Dec 14, 2023 New Risk • Nov 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended January 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported January 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (UK£13m net loss in 3 years). Market cap is less than US$100m (UK£35.0m market cap, or US$42.8m). New Risk • Oct 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£13m net loss in 3 years). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (UK£35.8m market cap, or US$43.4m). Announcement • Jun 20
C4X Discovery Holdings plc Announces Board Change C4X Discovery Holdings plc announced that Eva-Lotta Allan will step down as Chair after five years of service with immediate effect. Clive Dix will simultaneously become interim Executive Chair and a search will commence to find a new Chief Executive Officer. Clive Dix, who has held a variety of leadership roles at C4XD over the past nine years, will be interim Executive Chair until a new CEO is appointed in order to ensure a smooth transition, after which point it is expected that he will assume a Non-Executive Board role. Eva-Lotta became Chair in July 2018 and steps down now to focus on her portfolio of other Board director roles. The search will now be initiated to recruit a new CEO of C4XD, ideallywith strong leadership skills, an international network and IR experience in global public markets, and a track record of building a company with products that have entered clinical development. Reported Earnings • Apr 27
First half 2023 earnings released: UK£0.015 loss per share (vs UK£0.02 loss in 1H 2022) First half 2023 results: UK£0.015 loss per share (improved from UK£0.02 loss in 1H 2022). Revenue: UK£1.68m (up UK£1.61m from 1H 2022). Net loss: UK£3.88m (loss narrowed 14% from 1H 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Life Sciences industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 20
C4x Discovery Holdings plc Provides an Update on Its Malt-1Inhibitor Programme C4X Discovery Holdings plc provides an update on its MALT-1inhibitor programme. Over-expression or over-activation of MALT-1 has been observed in a range of lymphomas and leukemias such as MALT lymphoma, diffuse large B-cell lymphoma and chronic lymphocytic leukemia, suggesting that targeting of MALT-1 is a viable therapeutic strategy for treating haematological cancers. Building on promising in vitro, in vivo and pharmacokinetic data, C4XD has now successfully demonstrated anti-cancer activity for one of its lead molecules in a preclinical xenograft study. Following oral dosing at 30mg/kg, significant tumour growth inhibition was observed. This result is comparable to data obtained from Johnson & Johnson's clinical compound JNJ-67856633 which is now in a Phase I clinical trial. The C4XD MALT-1 inhibitor programme has now advanced into the preclinical candidate selection phase. MALT-1 is one of the key regulators of B-cell receptor (BCR) and T-cell receptor (TCR) signalling. Mutations that lead to constitutive activation of MALT-1 are associated with aggressive forms of non-Hodgkin B-cell lymphoma and inhibition of MALT-1 has potential therapeutic applicability as a mono therapy for MALT-1-driven cancers and in combination with BTK inhibitors across multiple haematological indications, as well as broader potential in solid tumours and inflammation. Announcement • Jan 10
C4X Discovery Holdings plc Appoints Nick Ray as Chief Scientific Officer C4X Discovery Holdings plc announced the appointment of Nick Ray, PhD, as Chief Scientific Officer with immediate effect. Nick, a medicinal chemist by training who joined C4XD in 2016, is currently Senior Vice President Drug Discovery, leading the medicinal chemistry, structural analysis and computational chemistry/cheminformatics teams. Nick will continue to work closely with Clare Murray PhD, SVP Drug Discovery, to advance the C4XD Drug Discovery portfolio from target selection through to pre-clinical candidate generation and partnering, and with CTO, Charles Blundell PhD, to continue development of company's conformational analysis technology, 4Sight. Nick has more than 30 years' experience leading key programmes at large multi-national companies including Rhône-Poulenc, Celltech and Argenta/Charles River, in the therapeutic areas of oncology, respiratory diseases, inflammation, CNS, pain and metabolic diseases. Eight of these programmes have progressed into the clinic to date. As head of the chemistry department at Charles River's Harlow U.K. site, Nick was responsible for more than 70 chemists, fostering both the importance of strong medicinal and synthetic chemistry skills and championing professional development for his team, winning the Royal Society of Chemistry Retrosynthesis competition in 2015. He is a named inventor on over 75 patents and patent applications and has published 21 papers and presentation abstracts. Nick holds a PhD in organic chemistry from the University of Birmingham, UK. Announcement • Dec 20
C4X Discovery Holdings plc, Annual General Meeting, Jan 24, 2023 C4X Discovery Holdings plc, Annual General Meeting, Jan 24, 2023, at 11:00 Coordinated Universal Time. Location: Panmure Gordon,40 Gracechurch Street, EC3V 0BT London United Kingdom Price Target Changed • Nov 16
Price target decreased to UK£0.47 Down from UK£0.52, the current price target is provided by 1 analyst. New target price is 138% above last closing price of UK£0.20. Stock is down 53% over the past year. The company posted a net loss per share of UK£0.02 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Non-Executive Chairman of the Board Allan Coulter was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target increased to UK£0.52 Up from UK£0.32, the current price target is provided by 1 analyst. New target price is 57% above last closing price of UK£0.33. Stock is down 20% over the past year. The company posted a net loss per share of UK£0.02 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Non-Executive Chairman of the Board Allan Coulter was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 15
Price target increased to UK£0.52 Up from UK£0.32, the current price target is provided by 1 analyst. New target price is 25% above last closing price of UK£0.41. Stock is up 177% over the past year. Is New 90 Day High Low • Mar 01
New 90-day high: UK£0.39 The company is up 100% from its price of UK£0.20 on 01 December 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Life Sciences industry, which is up 26% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: UK£0.36 The company is up 76% from its price of UK£0.20 on 05 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Life Sciences industry, which is up 32% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: UK£0.33 The company is up 100% from its price of UK£0.17 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Life Sciences industry, which is up 30% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: UK£0.24 The company is up 30% from its price of UK£0.18 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Life Sciences industry, which is up 19% over the same period. 
