GALVANI BIOELECTRONICS LIMITED

• ⚠

  Material uncertainty over going concern

  The Company has recurring losses from operations and has limited financial resources and as such Directors are of the opinion that material uncertainty exists about the Company's ability to continue as a going concern.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. GALVANI BIOELECTRONICS LIMITED 2016-04-29 → present
2. GSK BIOELECTRONICS (NO.1) LIMITED 2016-02-03 → 2016-04-29

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

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 101 Reduced Disclosure Framework

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Company has recurring losses from operations and has limited financial resources and as such Directors are of the opinion that material uncertainty exists about the Company's ability to continue as a going concern.”

Group structure

1. GALVANI BIOELECTRONICS LIMITED · parent
   1. Galvani Bioelectronics Inc. 100% · Wilmington, Delaware, 19808 USA.

Significant events

• “In 2022, the Company introduced reliability improvements to its system, drawing on learnings from the first two implanted patients in clinical studies. Following receipt of regulatory approval of these improvements, a further four patients were implanted with the device system in 2023, thereby generating an initial cohort of implanted patients with five cumulative years of implant safety and reliability data. This data package was reviewed by the US Food and Drug Administration (FDA) during March 2024 with the agency endorsing expanded implantation in the study, providing mitigation towards the first risk. Patient recruitment went in line with overall Company plans in 2024 and a further ten patients were implanted bringing the total implanted patients in the ongoing clinical studies to sixteen without serious adverse events for the implantation and with now over ten years of cumulative implant safety and reliability data.”
• “The sixteen patients implanted by the end of 2024 and receiving splenic nerve stimulation delivered open-label effectiveness data, providing key mitigation towards the second risk.”
• “As at the date of signing the financial statements, following a read out the probability of success factor as disclosed in Note 14 has been determined to be 100%. This represents a non-adjusting post balance sheet event, and accordingly, no change has been made to the VAR provision.”

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

Filings

7

last 12 months

Capital events

4

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

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

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +4%

  £93,392,000 → £97,083,000

• Employees

  -4.3%

  23 → 22

• Operating profit

  +10.1%

  -£20,475,000 → -£18,416,000

• Profit before tax

  +9%

  -£19,624,000 → -£17,855,000

• Wages

  -21.6%

  £3,814,000 → £2,990,000

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