OPYL LIMITED 28 April 2022
Opyl Appendix 4C - Quarter (Q2) ending 31 March 2022
Opin delivers: revenue, recruitment outcomes and volunteered patient data ahead of plan
Melbourne, Australia - Opyl Limited (ASX:OPL) today released its Appendix 4C quarterly cash flow statement for the three month period ending 31 March 2022 (Q3 FY 2022).
Highlights
• $383K in cash received from customers during the period, up 68% on prior quarter
• All Opin projects to date recruiting patients ahead of plan, saving customers time and money
• Strong APAC sales pipeline
• Receipt of $361k R&D tax refund
• Closing cash balance of $1.328M
"This is our most successful quarter to date, both in sales and patient recruitment outcomes" said Opyl CEO Michelle Gallaher. "Every clinical trial recruitment project to date has been delivered ahead of time and on, or under, budget. Our customers are very happy, and our patient database is expanding fast, and that's attracting an unprecedented number of new business enquiries delivering a strong sales pipeline and welcome growth pressure on the Opyl team to focus on Opin".
Opin's recruitment success track record to date has predominantly been in neurology, orthopaedics, oncology, and nutrition sciences as we expand into multi-city and multi-country studies across languages other than English (Spanish).
The Opin patient database grew significantly in the quarter, with a 698% increase in the number of patient registration each week since January 2022, and climbing steadily week on week, with a parallel drop of 86% in the cost per acquisition per patient. The growth in the patient database is a major asset and an advantage in swiftly matching eligible patients to clinical trials, giving customers a quick start on recruitment and offering patients improved equity and access to clinical trials.
Financials
Opyl closed Q3 FY 2022 with $1.328M in cash, with receipts from customers for the quarter of $383K up 68% from $228K in the previous quarter.
Trade and other receivables decreased in the quarter to circa $189K, from a balance of $534k in the previous quarter. This decrease in receivables reflects the cash benefit of the conversion of contracts indicated in the Q2 2022 update. The majority of the $189k receivables will be expected to be received in Q4 2022.
Net inflow from operating activities of $99K is a positive movement of $607K from the previous quarter principally due to the receipt of the R&D refund $361K and an increase in receipts from customers as outlined above of $383K.
In accordance with Listing Rule 4.7C.1, a summary of the net cash operating outflows for the quarter ended 31 March 2022 is as follows:
$'000 | |
Research and development | $ 109 |
Advertising and marketing | $ 24 |
Staff Costs | $ 287 |
Administration and corporate costs | $ 225 |
As stated at item 1.2 (e) of the Appendix 4C, staff costs for the quarter of $287K, include $44K for Director Fees, which is in line with expectations.
In reference to item 1.2.(f), administration and corporate costs have decreased by $5K. The reduction relates to seasonal costs such as periodic compliance costs which include ASX fees, general businesses expenditure, and ongoing accounting and tax support.
As noted in the Q1 FY 2022 quarterly activity report, from 1 July, research and development expenditure on in-house software and Opin platform related expenditure is now classed as operating activities in line with recommended financial reporting standards. This change in reporting policy has resulted in an increase of $28K compared to the prior Quarter to cash outflows from operating activities, an amount that would previously have been reported under investing activities. This will also match Research and Development tax refunds reported under operating activities against the expenditure on which the assessment is based.
Research and development
During the quarter, the company continued to invest in building new Opin features, improving functionality and the user experience for both patients and researchers with an upgraded user interface due for release mid-year.
"Our experience to date confirms the value of continuing to enhance the user experience and release new features, increasing the value for patients using the platform, which in turn leads to higher patient registrations and volunteered data, a critical success factor for swiftly matching eligible patients to appropriate trials," said Gallaher.
Trial Key, the company's clinical trial protocol design and prediction platform continued in development, supported by the addition of in-house data science expertise and part funded with grant resources. Several key technology elements within the Trial Key platform that have been prioritised for development, are those associated with clinical trial recruitment prediction, lending a competitive edge for Opin, improving patient recruitment outcomes for customers and internal operational efficiencies for the Opin team.
In accordance with Listing Rule 4.7B, Opyl advises that it made related party payments of $41K to Advantage Data for ongoing R&D activities related to developing Opin and Trial Key, the company's two clinical trial efficiency platforms. The company continues to leverage the AI and data science expertise of the company's executive director Damon Rasheed.
Opyl CEO, Michelle Gallaher will host an Opin (clinical trial recruitment platform) update for shareholders. Pre-registration is required. Details of the webinar are:
Date: Wednesday 4 May 2022
Time: 9.30am Australian Eastern Standard Time
Registration via Webinar Ninjahttps://Opyl.webinarninja.com/live-webinars/10044700/register
The Board has authorised this announcement for release to the ASX
-ENDS-
For media enquiries: Laura Blue For investor enquiries:www.opyl.ai
+61 416 699 925info@opyl.aiOpyl is a new generation Australian digital health company that applies artificial intelligence to improving clinical trials. Our platforms make clinical trials more efficient and easier to access, giving patients more options and saving medical researchers time and money.
Our key offering for biopharma, medtech, government and healthcare organisations:
• clinical trial recruitment solutions
• clinical trial predictive analytics and protocol design
• deep social media insights and analysis
Follow Opyl on Twitter (@Opylai), LinkedIn and Facebook
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
Opyl Limited
ABN
71 063 144 865
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| 383 (109) (24) (287) (225) - 361 | 747 (256) (79) (990) (742) (19) 361 |
99 | (978) |
2.
Cash flows from investing activities
2.1
Payments to acquire:
(a) entities
(b) businesses
(c) property, plant and equipment
(d) investments
(9)
(10)
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
(e)intellectual property (amount is paid to a related party for in-house software development) (f) other non-current assets
| ||
(9) | (10) |
| |
- | - |
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Opyl LLtd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 02:23:02 UTC.
