Shares of Manchester-based drug discovery company C4X Discovery Holdings plc fell as much as 10% after it published results for the year ended July 31, 2023, showing its loss after tax widened to £11.1 million or 4.42p per share as revenue fell to £1.7 million from £2.7 million.

C4X shares are now down about 54% in 2023, cutting its stock market value to around £21 million.

In August, C4X Discovery announced that Indivior would acquire the proprietary rights to C4XD’s oral Orexin-1 receptor antagonist C4X_3256 (INDV-2000) for substance use disorder for £15.95 million.

In its results, C4X Discovery said it has a new strategic focus as an immuno-inflammation company.

In November 2022, C4XD signed an exclusive worldwide licensing agreement with AstraZeneca worth up to $402 million for its NRF2 Activator programme.

C4X Discovery executive chairman & CEO Clive Dix said in his outlook and summary: “We have made excellent progress this year, including partnering our NRF2 programme with AstraZeneca, and continuing key studies to advance our internal portfolio.

“The decision to focus on immuno-inflammatory diseases sets a defined path forward, allowing us to take our portfolio further into the development pathway.

“This, we believe, will allow us to garner greater value for our programmes as we extend the partnering timeline with the potential of including clinical data where suitable.

“With a newly focused immuno-inflammation strategy, a robust balance sheet and streamlined portfolio, C4XD is in a strong position, and we are excited for our future.”