According to AIM rules, companies must publish their annual results within six months. Those which don’t have their shares suspended from trading until the accounts are signed off and published.
Amphion said the reason for the delay is continuing work with the auditors in relation to its going concern status.
The company is “highly cash constrained” and its US$30mln or so of debts significantly exceed its assets, which were recently valued at around US$8.3mln.
The directors still believe that the company remains a going concern based on its investments and the future prospect of those investee companies.
They also note “ongoing discussions” with creditors for the potential restructuring of its debt as well as possible opportunities to raise additional funds.
Amphion shares Motif Bio’s troubles
Motif, which has seen its share price slide by 90% so far in 2019, has been encouraged by US regulators to carry out a further trial on iclaprim to allay fears over possible liver toxicity.
Amphion currently has a 2.9% stake in Motif, although it once owned more than a third of the stock.
Shares were down 11.4% to 0.16p in late-afternoon trading.