FINANCIAL REVIEW
Imugene Limited and its subsidiaries (the Group) reported a loss for the period ended 31 December 2023 of $68,714,834 (31 December 2022: $17,392,700). This increased loss compared to the comparative period islargely driven by the increase in clinical trial and research activities undertaken by the Group.Following a successful capital raising through a placement and Share Purchase Plan, the Group’s net assetsincreased to $194,831,156 (30 June 2023: $189,626,002). As at 31 December 2023, the Group had cash reservesof $139,392,025 (30 June 2023: $153,150,662).On 16 August 2023, the Group announced that it has entered into an agreement with Precision Biosciences, Inc.(NASDAQ GS: DTIL) of North Carolina, USA, to acquire a worldwide exclusive license to Precision’s azer-celallogeneic CD19 CAR T cell therapy program. Given the nature of the acquisition, it has been concluded that thisis an asset acquisition, and the assets acquired included property, plant and equipment, intangible assets, otherfinancial liabilities and other current assets totalling US$21,300,000.Maybe they're a bunch of cake-eaters living it up at our expense, but it also looks like they've invested a pretty dollar in clinical trials.
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