Phelix Research and Development
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Addr888 and Reglstered Office:
37 Langton Street, Chelsea, London, SW10 OJL
Charlty No:
1156666
Company Limited by Guaranteo No:
08820009

Phellx Research and Developmenl la company Ilmlted by guarantse)
Flnanclal Statements
For the Year Ended 31 Do¢ember 2024
Contents
Page
Legal and Administrative Information
Report of thé Trustee8
Report of the Independent Examln6r
ststement of FSnanclal Actlvllles
Balance Sheet
Notes fomiing part of the financSal slalemenls
9-11

Ph•lix Re80arch and Dévelopment (a company Ilmltod by guarantee)
al and admlnistrative Informatlon
Reference and admlnlstratlve detalls
Charity number..
1156666
Company number..
08820009
Registered Office and
principal operallonal
address..
37 Langton Street, Chelsea, London, SW10 OJL
Dlrectors and trusteas
Trustees..
Mr Francois-xavier Louvet
Dr Louis Charles Teulieres
Indopend•nt Ex8mln•r
Alpha Accountants (London) Ltd, 585A Fulham Road, London, SW6 SUA

PheSlx R88earch and Development la Company limlted by guarantee)
The Trustees present their report 109ether with the financial statements for th8 year ended 31 December
2024.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects as slal8d in ils Articles of Association 8re:
'To protect and promote the health of the public in particular by research into the n8lure , cases, diagnosis,
prevention, treatment and cure of chronic infection diseases, including the development of findings of
research into practical applications for the prevention, Irealmenl and cure of chronic infection diseases
and in furtherance of that primary obj8¢tive, lo support Informallon and raise public understanding of such
matters, and to support the research on bacteriophages for bacterial Infections In a ¢hroni¢ phase and lo
develop Iherapeulic programs based on baclerioph8ges."
Phelix Research & Development (Phelix R&D) is a medical research charity. The charity works hand in
hand with Phelix France, registered in France as an 'Associalion d'lnlérél General,.
Ils 188m is 8 strong Co-partnership of healthcar6 professionals {practitioners, immunologists and university
researchers. amongst them Leicester University) and volunte8rs, working logelher to reach the charity's
key objectives.
The overall aim is lo develop phage-based diagnostic and tr8atmenl of Lyme disease. To4at8, wè havé
developed a novel phage-based diagnostic method largeling Lyme Borrelia strains. This novel diagnostic
method showed higher sensitivity compared lo the current diagnostic methods. With further development,
our phage-based method Could have the power lo distinguish between active and non-active Lyme
infection and offer a promise of early Lyme diagnostics.
In addition lo our pioneer work in Lyme diagnostlcs, We have also developed our plpellnes of
melhodologles in isolation and idenlificalion of phages that specifically infect Lyme Borrelia strains, and
we are Currently actively screening for phages. Once we identify phages, we w511 lesl lh8 efficacy of these
phage8 in killing Borrelia strain, and dev&lop them towards Iherapeulics.
Activlty update
Phelix R&D AcllvSty Sn 2024..
RedLab sold 1,377 tests In 2024 versus 1,292 lesls sold in 2023, They have managed lo slabillse the
sharp decline of 26¥0 Yoy observed in 2023 versus 2022.
The annual income from the sale of the phage-based lesl was É56,363.40 for the year 2024.. invoices 20
10 23 for RedLab. The payment of the 2¢/0 ioyallies lo the University of Leicester was E9,688.321Sncluding
VAT of É1,614.721. Invoice number 2230138497 from the University of Leicesler.
Phelix R&D negolialed with the University of Leicester lo reduce ils contribution lo the research. The
Charity contributed lo the funding in 2024, amounting lo £41,421.09, using a pro rala basis, while the
amount paid by the charity lo the university (based on involc6s1 was £45,447.99 {Invoice number
2230133598 and number 22301363041, noting that these two invoices cove¥ funding from 1st December
2023 until 16th May 2025. On th81 point, the original agreement slated that the Charity would financ8 th8
research al the University of Leicesler, initially for a period from September 1, 2023, to March 31, 2024- it
was subsequently amended lo run from September 1, 2023, to May 15, 2025.
Schedule of the new fundlng, hence the pro rata tempofls cost for 2024..
Total 8mount Payable lo Leice81er'.
taff costs
onsumable8
otal
£64,895.57
£26.000.00
£90.895.57
Payment Schedule
Date of Payment
On slgnature of contract
1st of Decembgr 2023
1st of June 2024
1st of December 2024
Amount
£26,447.97
£26,447.97
£18,999.82
18,999.81
The Charity paid those amounts, not on the dates specified on the schedule. bul more on when we had
the funds in our bank accounts las agreed with the University of Leicesler)
The research primarily focused on understanding why the traditional Borrelia strain {BB31) is less
prevalent in Europe Ih8n in the US.
We have noticed that in late Lyme infection cas8s195Yo of the lesls sold), patients do not show any further
infection with Borrelia burgdorferi sensu lato, while still showing positive tests for Borrelia Myamotoi.

Phelix Research and Devolopmont (a company Ilmlted by guarantee)
The University of Leicester continued to develop new primers for Bartonella strains.
Phelix R&D worked in partnership with the University of Leicester lo publish a research paper titled
'Successful diagnosis and treatment of Borrelia miyamotoi in a patient with joint and muscle pains,
MEICFS
and
cognitive
htl s'.Ildrive.
dysfunction
following
lick
bites..
00
le.comlfileld11V
rmWF3v
case
ucnF 976NJPoEIIBlview
report
To date, Phelix R&D in collaboration wlh the University of Leicest8r has published four articles in
professional scientific reviews.
Phelix R&D and Red Lab allended the ILDS conference in San Antonia in November 2024. They
presented Phelix R&D's research lo medical professlonals and a panel of university researchers.
PubllG beneflt
The trustees can confirm that they have complled wlth th6 duly In Secllon 17 of the Charllles Act 201110
have due regard lo public benefit guidance published by the Charities Commission. Significant activities
that we undertook during the year that demonslrale publlc benefit are sel out above.
FINANCIAL REVIEW
Flnanclal posltlon
During the year, the charity received income tolalling £47,314 and inctsrred expenditure of £79,863, giving
a nel daficil position of £32.549.
Phelix R&D recognlsed income of £45,001 from RedLab Belgium from the commerclalisatSon of the Phage
based lesl for the year 2023.
Rosorvos poll¢y
Whilst the trustees are aware of the n6ed to build reserves for a sustainable future. This is not considered
necessary al this Ilme due to the support of the trustees.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng document
The charlly Is governed by Ils Memorandum and Artlcles of Assoclatlon and conslllules a company Ilmlled
by guarantee, as defined by the Companies Act 2016.
Recrultmont and appolntm6nt of now trustees
Trustees are appointed or removèd or retire by r8solullon of the trusl8es 8t board meeting or the Annual
General M8eting.
Organlsatlonal structure
The Board of Truslees administers the company. The Board meets quarterly.
Inductlon and tralnlng of new tru8tèO8
Trustèes are fully briefed on Ihelr legal obligations under charity and company law. Trustees are also
urged lo make use of the training and advice available on the Charity Commisslon website.
Rlsk managemènt
The Iruslees have a duty lo idenltfy and review the risks lo which the charity is exposed and to ensure
appropriate controls are in place to provide reasonable assurance against fraud and error.
Indèpendent Examlnor
Alpha Accountants {London) Ltd offer themselves for appolntmenl as independent examlner In
accordance with Section 492 of The Companies Act 2006.
o/i-XaF/gt LoHve
FrJn(ois-Xa
r LoLivel ISop.30, 2025 11'.10..29 GMT+ii
Mr Francois-xavier Louvel
ON BEHALF OF THE TRUSTEES

Phellx Research and Development la company Ilmlted by guarante81
Independent Examiner's Report to the trustee
I report to the chanly trustees on my examination of the accounts of the Company for the year ended 31
December 2024.
Rosponslbllltles and basls of report
As the charity's Irusleès of the Company (and also ils directors for the purposes of company lawl you are
responsible for the preparation of th6 accounts in accordance with the requirements of the Companies
Act 20061'lhe 2006 Acl'l.
Havlng satlsfled myself that the accounts of the Company are not requlred lo be audited under Part 16
of the 2006 Act and are eligible for independent examination, l T8POrt in respect of my examinallon of
your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act'l. In
carrying out my 8xamination I have follow&d the Dire¢lions given by the Charity Commission under
Section 14515) Ib) of the 2011 Act.
Independent examlner's statsment
I have completed my examination. I confirm that no matters have come to my atlenllon In
connection with the examination giving me cause lo believe..
accounting records were not kept in resp8Ct of the Company as required by Sèction 386 of the
2006 Act., or
the accounts do not accord with those records., or
the accounts do not comply with the accounting requirements of Sectlon 396 of the 2006 Act other
than any requirement that tha accounts give a true and fair view which is not a maller considered
as part of an independent examination., or
the accounts have not been prepared Sn accordance wllh th8 methods and prlncSples of the
Slalemenl of Recommended Practice for accounting and reporting by charities (applicable to
charities preparing their accounls in accordance with the Financial Reportlng Standard applicable
in the UK and Republi¢ of Ireland IFRS 10211.
I have no concems and have come across no other matters in conneclSon with the examination to which
attention should be drawn In Ihls report In order lo enable a proper underslandlng of the accounts lo be
reached.
Haralambos Hambi (Senior statutory audllor)
for and on behalf of Alpha Accounlanls (London) Limited, Slalulory AudSlor
585A Fulham Road
London
SW6 SUA
Dale 30

Phellx Research and Developmont la ¢ompany Ilmlted by guarant&g1
Statement of Financial Activities for the year ended 31 December 2024
Notes Unreslricled
Funds
Reslricled Total funds Total funds
Funds Year ended Year ended
31 December 31 December
2024
2023
Income and expendlture
Incoming resources
Donations and legacies
Research
47,314
47,314
45,001
Total incoming resources
47,314
47,314
45,045
R•sour¢es expend&d
Direct charitabl& expendllure
78,663
78,663
41,390
Totsl resources expended
78,683
78,663
41.390
N81 movement in funds
(31,349}
(31,349)
3,655
Balances brought forward
al 1 January 2024
(344,104)
(344,104) 1347,7591
Balances c8rried lorw8rd
8131 December 2024
(375,453)
(375,4531 1344,104)
The accounting policies and notes on pages 9 to 11 form part of these financial slalemenls
Ther8 were no recognised galns or losses other Ihan those Shown In the Statement of Flnan¢lal
Activities for the period.

Phellx Research and Development la ¢ompany Ilmited by guarantee)
Balance Sheet for the year ended 31 December 2024
Notes
2024
2023
FIXED ASSETS
CURRENT ASSETS
Debtors
Cash al bank and in hand
6,564
8,753
20,963
4,579
18,766
47.612
25,542
66,378
CREDITORS
Amounts falling due
within one year
29,913
38,570
NET CURRENT ASSETS
14,3711
27,808
Total assets less current liabilities
993
36.561
CREDITORS.. Amounts falling du6
after more than one year
377,646
380,665
NET ASSETS
(375,453)
{344,1041
FUNDS
Unre51ricled in¢ome funds
General funds
Designated funds
10
1375,4531
1344.1041
TOTAL FUNDS
1375,4531
1344,1041
The company was entitled to exemption from audll undèr $477 of the Companies Act 2006 relating to
small ¢ompanies.
The members have not requlred the company to obtain an audlt In accordance wllh sectlon 476 of the
Companies Act 2006.
The directors 8oknowledge their responsibilities for ¢omplying with the requirements of the Companies
Act with respect lo accounting records and the preparation of ac¢ounl$.
These accounts have been prepared In accordance wllh the provlslons applicable lo Small companies
subject lo the small companies regime and in accordance with FRS102 SORP.
Mr Francois-Xavi8r Louvet
FrJiiFois.Xo
ier Lovvel (Sep 30, 2025 11',LQ.'29 GMT+ii
The notes on pag8s 9 10 11 form part of these financial slalemenls.

Phellx Research and Development la company Ilmited by guarante&l
Notes lo the accounls for the year ended 31 December 2024
Statutory Infomiatlon
Phelix Research and Development is a registèred charity and private company limited by guarantee
having no share capital. Member have agreed lo contribute £10 in the event of winding up.
The company is incorporated in the United Kingdom and ils registered office Is 37 Langton Street,
Chelsea, London, SW10 OJL.
The nature of the company's operations and principal activities is disclosed within the Report of th&
Trustees.
The financial statements are presented in Sterling 1£), the companls functional currency, and rounded to
the nearest pound.
Accountlng poll¢l8s
The financial slalemenls hav8 been prepared in a¢cordanc6 wllh applicable United Kingdom accounting
standards and follow the recommendations in the Statement of Recommended Practice.. Accounting and
R6POrting by Charities SORP {FRS1021. They have been prepared under th8 hlslorical cost convention.
The principal accounting policies of the company have remained unchanged from the previous y8ar and
are $8t out below.
(a} IncomSng rosources
All income is recognised in the Slalement of Financial Activities once the charity has enlillemenl to the
funds, it is probab18 th81 the income will be received and the amount can be measured reli8bly.
(b) Resource5 expended
Liabili118s are recognised as resources expended as soon as there is 8 legal or conslrucllve oblig811on
commilling the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has
been classified under headings that aggregate all costs relating lo the category.
Charitable expenditure comprises the costs incurred in the delivery of ils activities and services.
Governance costs Include those 8ssoclated wSlh meeting the conslllullonal and slalulory requirem8nls
of Ihe charily and include the audit fee and costs linked to the strategic management of the charlty,
(cl Intanglble assets
In&￿gIbl¢ ilSl>cls acquired 5¢paralely from a business are capilalised ut cost.
Subsequent to initial recognition, inlangible assets are slated at cost Icss accumulated amortisalion and
accumulated impairment. Inlan¥ible assets are amortised on a straight linc basis over their eslimalcd
useful life. ThL carrying value of intangiblL assLls is reviLwLd for impairniLnt if events or changes in
circumstance5 indicaie the carrying value Inay nol be recoverable.
The useful economiL lives of intangible ass¢ls are as follows:
Patents and license- Over l O years
(d) Forolgn currencl•s
Transactions in foreign currencies are translated al the exchange rale ruling at the date of the Iransaclion.
Monetary assets and liabilities in foreign currencies are translated al the rate of exchange ruling al the
balance sheet dale. All other exchange differences are d&all with in the slalemenl of financial aclivilies.
{e) Preparatlon of accounts on a golng concern
After careful consideration of the charity's current financial situation, with due regard lo ongoing support
of the Trustee, the Trustees have a reasonable expectation that the charity has adequate resources to
conllnue in operation for the foreseeable future. Accordingly, they continue lo adopt the going concern
basis in preparing the accounts and there are no material uncertainties about the Charity's ability to
continue.
(fj Publ1¢ beneflt
The charity is a public b&nefit entity.

Phelix Research and Development la company Ilmltod by guarantee)
Notes lo the accounts for the year ended 31 December 2024
3. Charltable Actlvltles Cost
Direct
Costs (see
Note 4)
support
cosls
Total
2024
Total
2023
Research
78,521
142
78,663
41,390
4. Dlrect Costs of charltsblo actlvltles
2024
F888 lo Leicester Universlty
Legal and professional fees
Governance costs
Foreign currency (gainy Ioss
Website Maintenance
Depreciation
72,481
750
2,016
13)
1,088
2,189
36,741
218
948
413
720
2,189
78,521
41,229
5. Intanglblo assots
Patent
and
Llcenses
Cosl
Al 31 December 2023 and 2024
21,887
21,887
DepreGlatlon
Al 1 January 2024
Charge for the ye8r
13,134
2,189
13,134
2,189
Al 31 December 2024
15,323
15,323
Net book value
Al 31 December 2024
6,564
6,564
Not book valuo
At 31 December 2023
8,753
8,753
Capltal ¢ommltmonts
There were no capital commStments aulhorlsed or contracted for al the balance sheet dale.
6. Dobtors
2024
Trade Debtors
Accrued income
Other Debtors
11,857
7,412
1,694
18,766
20,963
18,766
The above amounts are due within one year of the balance sheet dale.
Other Debtors was short-lerm borrowing made to Phelix France.

Phèllx Rèsèar¢h and Development {a company Ilmited by guarant86)
Notes to the accounts lor the year ended 31 De¢ember 2024
7. Creditors.. amounts falling due wlthln one year
2024
2023
Trade Creditors
Accruals and deferred income
1,080
28,833
38,570
29,913
38.570
8. Credltors: amount falllng dug after more than one yoor
2024
2023
Loan from trusl6e
Other loan
311,305
66,341
311,305
69,360
377.646
380,665
The loan from trustee has a lemi of slx years and provides funding facilities lo th8 charity to Undertake
Its research work. The loan is interest fr•8 and will only be repayable after the charity se¢ur8s sufficient
independent funding.
The additional loan has a term of four years and also provides funding faGilities lo the charity lo carry
out Ils research work. The loan Is Interest free and will only be repayable if revenue Is generated from
li¢enslng Ils patent.
9. R•laled Partlos Transactlon
There were no related paty transactions for Ihe year &nded 31 December 2024 that requlre dlsclosure,
olher than th8 loan from trustee a8 dSsclosed in note 8 and nole 6.
10. Unre8trl¢tod and deslgnoted funds
other
Totsl
Designated Unre$lricled Unrestricted
fund
funds
Balances brought forward
al 1 January 2024
(344,1041 1344,104)
ID8ficitllSurplus in the year
(31,349) 131,549}
Balances cairied forward
al 31 December 2024
1375,4531 {375,4531
li