ANGLE : Annual Report December 2022

Transforming cancer care with the first FDA cleared medical device for the capture and harvest of circulating tumor cells

Annual Report and Financial Statements 31 December 2022

Introduction

We are ANGLE plc

WHO WE ARE

ANGLE plc is a world-leading liquid biopsy company that has developed the revolutionary Parsortix® PC1 Clinical System, the first ever FDA cleared* platform for harvesting CTCs (intact cancer cells) from a metastatic breast cancer patient's blood for subsequent analysis.

Our purpose

To revolutionise cancer diagnosis and treatment

Mission

To enable personalised cancer care by providing intact cancer cells as the best sample for a complete picture of the patient's cancer from a simple blood test

By enabling repeat liquid biopsies to assess cancer status, ANGLE's Parsortix® system has the potential to deliver profound improvements in clinical and health economic outcomes in the diagnosis and treatment of cancer.

Visit our website for more information at: www.angleplc.com

@parsortix

ANGLEplc

angleplcParsortix

The Annual Report and Financial Statements may contain forward- looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development activities, commercialisation strategies, the uncertainties related to clinical study outcomes and regulatory clearance, obtaining reimbursement and payor coverage, acceptance into national guidelines and the acceptance of the Group's products by customers.

Vision

To make precision medicine a reality

• Any reference to regulatory authorisations such as FDA clearance, CE marking or UK MHRA registration of the Parsortix® PC1 Clinical System shall be read in conjunction with the full intended use of the product:
  The Parsortix® PC1 Clinical System is an in vitro diagnostic device intended to enrich circulating tumor cells (CTCs) from peripheral blood collected in K2EDTA tubes from patients diagnosed with metastatic breast cancer. The system employs a microfluidic chamber (a Parsortix cell separation cassette) to capture cells of a certain size and deformability from the population of cells present in blood. The cells retained in the cassette are harvested by the Parsortix PC1 Clinical System for use in subsequent downstream assays. The end user is responsible for the validation of any downstream assay. The standalone device, as indicated, does not identify, enumerate or characterize CTCs and cannot be used to make any diagnostic/prognostic claims for CTCs, including monitoring indications or as an aid in any disease management and/or treatment decisions.
  Any other product or services offered are for research use only and not for use in diagnostic procedures.

Strategic Report

ANGLE plc Annual Report and Financial Statements 2022

01

Strategic Report

Overview	02
Chairman's Statement	04
Chief Executive's Statement	06
Business Strategy	10
Market Opportunity	14
Strategy	15
Strategic Aims in Action	16
Key Performance Indicators	30
Principal Risks and Uncertainties	33
Corporate Responsibility Report	42
Financial Review	50

Governance

Board of Directors	52
Scientific Advisory Board	54
Directors' Report	56
Corporate Governance Report	59
Remuneration Report	67

Financial Statements

Independent Auditors' Report	71
Consolidated Statement of Comprehensive Income	77
Consolidated Statement of Financial Position	78
Consolidated Statement of Cash Flows	79
Consolidated Statement of Changes in Equity	80
Notes to the Consolidated Financial Statements	81
Company Statement of Financial Position	106
Company Statement of Cash Flows	107
Company Statement of Changes in Equity	108
Notes to the Company Financial Statements	109

Notice of Annual General Meeting

Notice of Annual General Meeting	112
General Information for Shareholders in	118
respect of the Annual General Meeting

Additional Information

Cancer, Liquid Biopsy, CTCs and the Parsortix system	119
Explanation of Frequently Used Terms	131
Company Information	140

02	Strategic Report
ANGLE plc Annual Report and Financial Statements 2022

OVERVIEW

ANGLE plc content highlights

04

Chairman's Statement

Hear from our Chairman on how the ground-breaking FDA product clearance for the Parsortix PC1 Clinical System in metastatic breast cancer heralds a new era for personalised cancer care.

The Group promotes a values-based corporate culture. ISO 15189* (quality) accreditation received in the year.

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Corporate Responsibility Report

Read more on how ANGLE

is committed to adopting best practice with respect to its impact on society and the environment.

* The ANGLE US laboratory ISO 15189 accreditation is specific for the CTC Pap Stain Assay.

77

Financial Statements

Consolidated Statement of Comprehensive Income	77
Consolidated Statement of Financial Position	78
Consolidated Statement of Cash Flows	79
Consolidated Statement of Changes in Equity	80

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Read more on pages 42 to 49

Read more in the Financial Review on pages 50 and 51

Strategic Report

ANGLE plc Annual Report and Financial Statements 2022

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Corporate Governance Report

The Board is committed to high standards of corporate governance and adheres to the QCA Corporate Governance Code.

Read more on pages 59 to 66

03

Strategy
15Products	16
Services	18
Strategic partnerships	19
Assay development: imaging solutions	20
Assay development: molecular solutions	22
Clinical validity studies: ovarian cancer	24
Clinical studies: prostate cancer	26
Translational research	28

119

Learn more about cancer, liquid biopsy, CTCs and the Parsortix system

Cancer diagnostics: The challenge	120
Liquid biopsy: At a glance	121
Liquid biopsy: Which sample?	122
Parsortix system: The solution	124
Parsortix system: How it works	126
Parsortix system: FDA clearance	128
Parsortix system: The potential	130