ReNeuron Group shares were down 1.7% to 27.5p in early afternoon trading on Monday after the firm announced a revenue for the term of £403,000 linked to research and collaboration activities and royalty income in FY 2022 from £257,000 in FY 2021.
The company highlighted a loss for the year of £9.7 million compared to £11.3 million the year before, reflecting lower costs.
ReNeuron also noted reduced costs in the term of £11.6 million against £13.2 million, driven by lower research and development spending as a result of a decision to curtail clinical development activities.
The firm reported an increase in net cash used in operating activities of £7.4 million compared to £6.1 million, with the last year benefiting from the receipt of two research and development tax credits linked to FY 2019 and 2020.
The group mentioned cash, cash equivalents and bank deposits at 31 March 2022 of £14.5 million from £22.2 million in the previous year, providing a cash runway until at last mid-2023.
“During the period tough decisions have been taken, the business model re-focussed and the Board and Management team strengthened in line with our future goals,” said ReNeuron chairman Iain Ross.
“Personally, I have been most impressed with the competence, resilience and determination of the ReNeuron team and look forward to driving the business forward, executing a realistic plan and achieving meaningful milestones over the next 12 months.”