Biotech Breakthroughs in 2024

Peter Kemp

Welcome to The Annual Report Podcast brought to you by Flint Digital. This podcast has been created using artificial intelligence. Its purpose is to give you, the listener, an additional way of understanding key themes within annual reports. My name is Peter Kemp and I'm joined as always by my co-host Louisa Lally. Today we're going to take a deep dive into Roquefort Therapeutics 2024 Report which is available to download at roquefort p-l-c dot com. So let's kick things off with what I think is seriously interesting—their midkine mRNA therapy. Now, I know, "midkine mRNA" sounds like one of those terms scientists just whip up to confuse folks like me. But basically, it's a kind of next-gen medicine targeting liver cancer. And get this, they've been running tests using these fancy lipid nanoparticles to deliver their stuff. The results sound pretty groundbreaking.

Louisa Lally

They are indeed, PK. What's fascinating about midkine is its role in liver cancer progression and its connection to how resistant the disease is to treatment. Roquefort's development combines mRNA technology with these lipid nanoparticles to deliver targeted therapy directly to the tumor. It's not just about killing cancer cells; it's also about doing it safely and efficiently. These results showed reduced functional midkine in validated liver cancer models—certainly a promising milestone.

Peter Kemp

See, that's what I mean! Amazing stuff. But Louisa, can you shed light on that other breakthrough they announced—the Mesodermal Killer cell therapy? 'Cause, I gotta say, just the name alone sounds like it's straight out of a sci-fi movie

Louisa Lally

It does, doesn't it? But it's very real and potentially transformative. The MK cell therapy involves using a unique population of natural killer cells. These cells target cancer directly and also enhance the body's natural immune response. What's really significant here is the breadth of the patent coverage—Roquefort Therapeutics now holds patents for this therapy across 39 countries, including the UK and Japan. That level of protection could place them at the forefront globally in oncology breakthroughs.

Peter Kemp

Whoa, wait wait wait. So, they can basically own the rights to this killer cell therapy in most of the world? That’s… immense.

Louisa Lally

Yes, it gives them a strategic advantage, particularly for partnerships or future commercialization. And in a competitive field like cancer research, having that many patents is a strong position to negotiate—whether it's with investors or pharmaceutical companies.

Peter Kemp

Now, okay, this might sound all business and sciencey, but speaking as someone who's been through cancer, it's biotech advances like these that give us all hope. Like, even if one treatment doesn't work, knowing the science world is charging ahead with these breakthroughs is incredible isn't it?

Louisa Lally

That’s a powerful reminder, PK. These developments are ultimately about people—patients and families desperate for new options and hope. And companies like Roquefort are racing to provide exactly that.

Peter Kemp

Absolutely. Alright, I feel inspired, hopeful, and, honestly, a little nerdy after talking about all this innovation! But hold that thought—there’s more happening with Roquefort's story. Stick with us as we dive into the financial side of things

Peter Kemp

Alright, so let’s move from the inspiring world of breakthrough therapies to the boardroom, yeah? Roquefort's financials have been making just as much noise as their life-saving innovations. Get this—they reported a reduced annual loss of just under one million pounds. I mean, that’s gotta be tough to pull off in the biotech world, especially while forging ahead with cutting-edge research, right?

Louisa Lally

It certainly is, PK. The biotech sector is notorious for its high costs during the preclinical and development stages. But Roquefort managed to significantly cut down on expenses—particularly through measures like restructuring their board and implementing cost-cutting strategies. That focus on efficiency helped shore up their cash position, ensuring working capital into 2026.

Peter Kemp

Yeah, and on top of that, they’ve been shaking things up on the strategy front. Like, the sale of Lyramid. Louisa, break it down for me—a sale like that, what’s the real impact here?

Louisa Lally

Sure. So, Lyramid was their subsidiary tied to the Midkine intellectual property. Earlier this year, Roquefort inked a deal to sell it to Pleiades Pharma for over ten million dollars. Now, that amount includes a mix of Pleiades equity and potential cash payments, which positions Roquefort as a significant stakeholder in their buyer’s future success. Strategically, it’s a very savvy move—it provides immediate financial stability while retaining an indirect interest in the development of those assets.

Peter Kemp

Okay, wow. So, it’s not just "bye bye Lyramid," but more like "we’ll keep an eye on you and cash in later," huh? Smart.

Louisa Lally

Absolutely, PK. Those decisions are never easy. But in Roquefort's case, they appear calculated—focused on maintaining resources for their core mission, which is advancing their cutting-edge therapies. And there’s another strategic sale in motion involving their subsidiary Oncogeni, potentially adding another twelve million to their books. Moves like these show how their leadership is prioritizing long-term sustainability.

Peter Kemp

Yeah, I guess it’s one thing to make cuts, but it’s another thing to do it in a way that actually sets up the company for bigger wins, huh?

Louisa Lally

Exactly. It’s about being forward-thinking while weathering the challenges of today. And so far, they seem to be balancing that act quite well.

Peter Kemp

Alright, noted. So, financials solid, strategy on point. But what about the folks calling the shots? Stick around, because next, we’ll talk leadership—and it’s a shake-up worth noting!

Peter Kemp

Alright, so we’ve covered the financial metrics and strategy, but now let’s shift gears to the leadership behind Roquefort’s big moves. Leadership changes can be just as pivotal as a company’s bottom line, and this year brought some real shake-ups. Louisa, I know you've been tracking this—what’s the story?

Louisa Lally

Certainly, PK. Earlier this year, Roquefort said goodbye to both their CEO, Ajan Reginald, and non-executive director, Sir Martin Evans. In Ajan’s place, Dr. Darrin Disley stepped up as Interim Managing Director. Dr. Disley is known for his entrepreneurial flair, having raised over six hundred million dollars in funding throughout his career. This shift signals a recalibration that could affect not just how they operate, but how they approach growth and partnerships moving forward.

Peter Kemp

It sounds like a pretty bold move, right? I mean, coming into a leadership role when the company’s navigating sales, cutting-edge research, and cash flow all at once? That’s gotta be a lot of pressure.

Louisa Lally

It certainly is, PK. Dr. Disley’s transition comes at a pivotal moment. Effective leadership during times like these is about more than just keeping the ship steady—it’s about inspiring confidence internally and externally. It’s also about foresight—identifying both risks and opportunities in this highly competitive biotech landscape.

Peter Kemp

Speaking of risks, the biotech industry, man. I mean, we’re talking prolonged research, high spending, and the possibility that, after years of investment, the results… just don’t pan out. How does Roquefort manage staying afloat in all of this?

Louisa Lally

That’s the key challenge, PK. Biotech companies like Roquefort face regulatory hurdles, competition from other cutting-edge technologies, and the constant race for funding. It’s a bit like running a marathon while another company in the lane next to you is building a faster car. To mitigate these challenges, Roquefort has shown a willingness to adapt, like we discussed earlier with their strategic sales. But a lot also rests on leadership. Dr. Disley’s experience with scaling up companies could be the catalyst they need to balance risk-taking with calculated moves.

Peter Kemp

Yeah, you know… all of this reminds me of something David — our former Chairman —once said. He was reflecting on leaders generally. And, his point clicked with me. It’s not just about steering the strategy, but sparking an environment for innovation, right? Like, a leader who motivates a team to keep dreaming big.

Louisa Lally

That’s such a great insight. A well-led team is often more agile, more creative, and ready to tackle challenges head-on. Leadership is especially crucial when your mission involves advancing life-altering technologies. For Roquefort, it’s not just about the immediate gains—it’s about cultivating a culture that’s resilient and innovative, even under pressure.

Peter Kemp

Exactly. And you know what? That notion—of leaders enabling massive breakthroughs—it’s inspiring, isn't it? From all this chatter about science, sales, and stakeholders, we circle back to human stories. Innovation, inspired by leadership, is changing lives.

Louisa Lally

Absolutely, PK. And as we wrap up this episode, that’s the takeaway—it’s about people. From patients and scientists to leaders and investors, everyone plays a part in making innovation happen.

Peter Kemp

Couldn’t agree more. And on that note, that’s all from us on this episode of The Annual Report Podcast brought to you by Flint Digital. Thanks for staying with us through science, strategy, and some heartfelt bits along the way.

Louisa Lally

Yes, thank you for joining us! We hope you found it as insightful as we did. Until next time, take care.