Business
Restatement of Financial Statements
Cardiogeni PLC announced a restatement of its audited financial statements for the year ended March 31, 2025. The restatement involves a reclassification of £43,800 from Turnover to Other Operating Income, as rental income was deemed not part of principal business activities. Additionally, professional fees of £72,799 were reallocated from Cell Therapy Limited to Cardiogeni PLC. As a result, previously reported Turnover decreased from £7,794,587 to £7,750,787, while Other Operating Income increased from £56,808 to £100,608. Administrative Expenses increased from £(4,832,294) to £(4,905,093). Consequently, Operating Profit decreased from £3,019,101 to £2,946,302, and Profit Before Taxation and Profit After Taxation both decreased from £1,095,796 to £1,022,997. The board considers the impact of these adjustments non-material. Disclaimer*
About this update from Cardiogeni Plc
[{"type":"text","content":"\n\n \n24 October 2025\n \nCardiogeni PLC\n(\"Cardiogeni\" or the \"Company\")\nCardiogeni Announces Restatement of Financial Statements for the Year Ended 31 March 2025\nCardiogeni (AQSE: CGNI), the UK clinical stage biotechnology company founded in 2007 by Nobel Laureate Professor Sir Martin Evans to develop innovative heart failure medicines, announces that it has restated its audited financial statements for the year ended 31 March 2025, originally published on 30 September 2025.\nA copy of the restated annual report will be posted on the Company's website: https://www.cardiogeni.com\nThe restatement results from the reclassification of certain items within the income statement to ensure a more accurate presentation of the Company's financial performance and consistency with applicable accounting standards. These changes are non-material and have no significant impact on the Group's cash position or overall financial standing.\n \n1. Summary of Adjustments\n \n1.1. Reclassification of Rental Income\n \nAn amount of £43,800 previously recorded within Turnover (Revenue) has been reclassified to Other Operating Income. This relates to rental income received by the Company which, following review, has been deemed not to arise from its principal business activities. Accordingly, the Board determined that this income should be recorded under Other Operating Income instead of Turnover.\n \n1.2. Reallocation of Professional Fees\n \nProfessional fees amounting to £72,799, previously accounted for within the subsidiary Cell Therapy Limited, have been reallocated to Cardiogeni PLC. This adjustment aligns the presentation of costs with the entity incurring the expenditure.\n \n \n2. Effect of the Restatement\n \n\n\n\n\nFinancial Statement Item\n\n\nPreviously Reported (£)\n\n\nRestated (£)\n\n\nMovement (£)\n\n\n\n\n\n\nTurnover\n\n\n7,794,587\n\n\n7,750,787\n\n\n(43,800)\n\n\n\n\nOther Operating Income\n\n\n56,808\n\n\n100,608\n\n\n+43,800\n\n\n\n\nAdministrative Expenses\n\n\n(4,832,294)\n\n\n(4,905,093)\n\n\n(72,799)\n\n\n\n\nOperating Profit/(Loss)\n\n\n3,019,101\n\n\n2,946,302\n\n\n(72,799)\n\n\n\n\nProfit/(Loss) Before Taxation\n\n\n1,095,796\n\n\n1,022,997\n\n\n(72,799)\n\n\n\n\nProfit/(Loss) After Taxation\n\n\n1,095,796\n\n\n1,022,997\n\n\n(...