Company Number: 12766216

Analysis Date: 2025-07-29 16:43 UTC

1. Credit Opinion: CONDITIONAL APPROVAL
   GlycoScoreDX Limited is an early-stage private limited company operating in biotechnology and healthcare diagnostics, with a focus on prostate cancer detection. The company shows modest current assets relative to current liabilities and shareholders’ funds. Despite a positive net current asset position (£145,922) and equity of similar magnitude, there is evidence of ongoing losses reflected by negative profit and loss reserves (£615,190 deficit). The directors note material uncertainties about going concern, indicating risk in the near term. Credit approval should be conditional on continued monitoring of cash flow and operational progress, with possible requirement for personal or third-party guarantees or limits on facility size.

2. Financial Strength:
   The balance sheet reflects a small company with £169k in current assets (mostly cash £155k), current liabilities of £23k, and shareholder equity of approximately £145k. Share capital is nominal (£13,990), with a significant share premium account (£747k) that buffers accumulated losses. The company’s net assets have decreased from £199k in 2023 to £146k in 2024, mainly due to increased creditors and losses. The absence of fixed assets suggests little capital investment; the business is likely relying on intangible assets such as intellectual property and R&D. The company is within the "Small" account category, with relatively low staff numbers (3-4 employees). Overall, the balance sheet is fragile but not insolvent.

3. Cash Flow Assessment:
   Cash balances have decreased from £193k in 2023 to £156k in 2024, reflecting cash burn typical of a development-stage biotech firm. Debtors are low and stable, indicating limited credit risk from customers. Current liabilities have increased significantly, especially trade creditors (£20,914 vs. £36 prior year), suggesting the company is extending payment terms or deferring expenses. Net current assets remain positive, but the reduction from prior year signals tightening liquidity. The company’s ability to meet short-term obligations appears adequate but will depend on continued funding or revenue generation. There is no indication of bank borrowings or overdrafts; working capital is self-funded currently.

4. Monitoring Points:

• Track cash burn rate monthly to ensure liquidity remains sufficient for R&D and operations.
• Monitor trade creditor levels and payment terms to avoid supplier disputes or enforced credit limits.
• Review progress on commercialization milestones and revenue growth to assess improvement in profitability.
• Watch for changes in director or ownership structure that might impact governance or financial support.
• Ensure timely filing of accounts and confirmation statements to avoid compliance risks.
• Evaluate any government grants or funding support impacting cash flow and going concern status.