Hillstar Bio Appoints Maude Tessier, Ph.D., as Chief Operating Officer and Expands Leadership Team to Advance Pipeline of Precision Immunotherapies
Shiva Krupa, Ph.D., MBA, also joins as Vice President of Program Management
BOSTON, May 28, 2025 /PRNewswire/ -- Hillstar Bio, a leading biotechnology company focused on developing next-generation precision immunology therapies for autoimmune diseases, today announced the appointment of Maude Tessier, Ph.D., as Chief Operating Officer (COO), and Shiva Krupa, Ph.D., MBA, as Vice President of Program Management. These strategic hires further strengthen the company's leadership as it advances its pipeline and lead TRBV9 program for the treatment of axial spondyloarthritis (AxSpA) towards clinical entry in 2026. Lauren Mifflin, Ph.D., MBA, who has been serving as COO and is Principal of Company Creation at Frazier Life Sciences, will be transitioning to an advisory role with Hillstar Bio.
'We are excited to welcome Maude and Shiva to the team. Maude's proven leadership in company building as well as her track record with partnering and financing innovative biotech ventures, along with Shiva's deep experience driving complex R&D programs from discovery into clinical trials, will be invaluable as we advance our lead TRBV9 program to the clinic and expand our pipeline of novel precision immunotherapies,' said Robert Mabry, Ph.D., CEO of Hillstar Bio. 'Their expertise, combined with the strength of our existing team, further enables us to execute on our mission to transform autoimmune treatment by selectively targeting pathogenic immune cells, offering patients the potential for durable relief and immune reset.'
Maude brings over 18 years of biopharmaceutical experience with a multi-disciplinary background in company building, corporate strategy, fundraising, and business development to her role as COO. Previously, she served as Chief Business Officer (CBO) at Seismic Therapeutic, where she led financing, partnering and corporate strategy, including driving a $146M Series B financing. As CBO of Ikena Oncology, she built and managed business development, legal, and corporate strategy functions, in particular, leading a $1B+ strategic partnership with BMS and contributing to over $260M in capital raises. Maude's career also includes leadership roles at Merck & Co., Boston Children's Hospital, and Xanthus Pharmaceuticals. Maude holds a Ph.D. from the University of Toronto.
'I am thrilled to be joining Hillstar Bio at this exciting time in its evolution. Hillstar Bio's innovative approach is primed to reshape autoimmune treatment,' said Maude. 'I look forward to contributing my versatile business experience alongside this world-class team to deliver impactful therapies to patients.'
As Vice President of Project Management, Shiva brings over 18 years of experience as a leader in R&D strategy, portfolio management, and program management in biotech and pharmaceutical verticals. She has a proven track record of leading programs from discovery through pivotal trials, establishing program management principles, building and mentoring teams, and managing strategic partnerships. Krupa has held leadership positions at companies including Alltrna, Orna Therapeutics, AskBio, Homology Medicines, Biogen, and Novartis. She holds an MBA from the University of Massachusetts, Amherst and a Ph.D. in Molecular Biology from the Center for Cellular and Molecular Biology in Hyderabad, India.
'Hillstar Bio's vision of moving beyond symptom management to target the underlying causes of autoimmune diseases is truly inspiring. I am eager to contribute my program management expertise to ensure the efficient advancement of our pipeline, particularly our lead TRBV9 program focused on AxSpA, and help realize the opportunity for impact on patients' lives,' said Shiva.
Hillstar Bio is backed by an experienced investor syndicate, having recently closed a $67 million Series A financing round.
About Hillstar Bio
Hillstar Bio is ushering in a new era in autoimmune disease treatment through precision immunology. The company selectively targets and depletes pathogenic immune cells while sparing healthy ones, offering the potential for durable relief and immune reset for patients with autoimmune conditions. Unlike traditional therapies that broadly suppress the immune system, Hillstar Bio's targeted approach addresses specific disease mechanisms by eliminating the underlying source and reducing the risks associated with chronic broad immunosuppression. Backed by an experienced investor and shareholder syndicate spanning the US, Europe, and Asia, including Droia Ventures, Frazier Life Sciences, Novo Holdings A/S, LifeArc Ventures and Hummingbird Bioscience, Hillstar Bio is fully funded through early clinical studies to accelerate development of its TRBV9 program while expanding its pipeline of selective immune cell targeting therapies. To learn more visit www.hillstarbio.com and follow the company on LinkedIn.
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There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the "Equity Plan"). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3. Key Performance Indicators Three months ended 31 March Nine months ended 31 March 2025 2024 2025 2024 Revenue Commercial % of total revenue 46.6% 50.9% 48.8% 44.6% Broadcasting % of total revenue 25.7% 27.4% 26.7% 35.3% Matchday % of total revenue 27.7% 21.7% 24.5% 20.1% 2024/25 Season 2023/24 Season 2024/25 Season 2023/24 Season Home Matches Played PL 5 4 15 14 UEFA competitions 2 - 5 3 Domestic Cups 2 1 4 3 Away Matches Played PL 5 5 14 15 UEFA competitions 2 - 5 3 Domestic Cups 1 3 2 3 Other Employee benefit expenses % of revenue 44.4% 66.7% 46.6% 53.2% CONSOLIDATED STATEMENT OF PROFIT OR LOSS (unaudited; in £ thousands, except per share and shares outstanding data) Three months ended31 March Nine months ended31 March 2025 2024 2025 2024 Revenue from contracts with customers 160,564 136,693 502,329 519,545 Operating expenses (162,128 ) (203,732 ) (544,206 ) (587,155 ) Profit on disposal of intangible assets 2,271 790 38,662 30,670 Operating profit/(loss) 707 (66,249 ) (3,215 ) (36,940 ) Finance costs (13,783 ) (18,377 ) (44,749 ) (53,720 ) Finance income 10,019 1,057 12,018 1,506 Net finance costs (3,764 ) (17,320 ) (32,731 ) (52,214 ) Loss before income tax (3,057 ) (83,569 ) (35,946 ) (89,154 ) Income tax credit 347 12,069 6,820 12,271 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Basic earnings per share: Basic loss per share (pence) (1.57 ) (43.12 ) (17.09 ) (46.87 ) Weighted average number of ordinary shares used as the denominator in calculating basic loss per share (thousands) 172,353 165,823 170,459 164,040 Diluted earnings per share: Diluted loss per share (pence) (1) (1.57 ) (43.12 ) (17.09 ) (46.87 ) Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (thousands) (1) 172,353 165,823 170,459 164,040 (1) For the three and nine months ended 31 March 2025 and the three and nine months ended 31 March 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands) As of 31 March2025 30 June2024 31 March2024 ASSETS Non-current assets Property, plant and equipment 280,008 256,118 254,908 Right-of-use assets 7,394 8,195 7,913 Investment properties 19,503 19,713 19,783 Intangible assets 942,507 837,564 877,283 Deferred tax assets 25,336 17,607 11,010 Trade receivables 47,679 27,930 24,694 Derivative financial instruments 191 380 667 1,322,618 1,167,507 1,196,258 Current assets Inventories 12,003 3,543 3,757 Prepayments 19,460 18,759 17,235 Contract assets – accrued revenue 40,882 39,778 53,887 Trade receivables 123,122 36,999 37,673 Other receivables 1,696 2,735 1,835 Derivative financial instruments 21 1,917 1,539 Cash and cash equivalents 73,211 73,549 66,994 270,395 177,280 182,920 Total assets 1,593,013 1,344,787 1,379,178 CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands) As of 31 March2025 30 June2024 31 March2024 EQUITY AND LIABILITIES Equity Share capital 56 55 55 Share premium 307,345 227,361 227,361 Treasury shares (21,305) (21,305) (21,305) Merger reserve 249,030 249,030 249,030 Hedging reserve (550) (1,000) (308) Accumulated losses (337,161) (309,251) (271,628) 197,415 144,890 183,205 Non-current liabilities Contract liabilities - deferred revenue 6,234 5,347 6,834 Trade and other payables 181,866 175,894 188,581 Borrowings 500,883 511,047 511,296 Lease liabilities 7,752 7,707 7,603 Derivative financial instruments 3,272 4,911 3,648 700,007 704,906 717,962 Current liabilities Contract liabilities - deferred revenue 171,472 198,628 102,643 Trade and other payables 298,435 249,030 218,042 Income tax liabilities 1,022 427 851 Borrowings 212,318 35,574 142,960 Lease liabilities 836 934 730 Derivative financial instruments 4,333 2,603 1,830 Provisions 7,175 7,795 10,955 695,591 494,991 478,011 Total equity and liabilities 1,593,013 1,344,787 1,379,178 CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands) Three months ended31 March Nine months ended31 March 2025 2024 2025 2024 Cash flows from operating activities Cash generated from/(used in) operations (see supplemental Note 4) 34,767 (2,584 ) 2,168 (14,725 ) Interest paid (12,952 ) (13,082 ) (31,723 ) (31,838 ) Interest received 667 281 2,423 853 Tax (paid)/refunded (165 ) 268 (464 ) 5,524 Net cash inflow/(outflow) from operating activities 22,317 (15,117 ) (27,596 ) (40,186 ) Cash flows from investing activities Payments for property, plant and equipment (16,856 ) (3,109 ) (34,091 ) (14,949 ) Payments for intangible assets (36,063 ) (18,453 ) (239,720 ) (186,395 ) Proceeds from sale of intangible assets 4,803 2,684 44,141 36,266 Net cash outflow from investing activities (48,116 ) (18,878 ) (229,670 ) (165,078 ) Cash flows from financing activities Proceeds from issue of shares - 158,542 79,985 158,542 Proceeds from borrowings 30,000 - 230,000 160,000 Repayment of borrowings (30,000 ) (120,000 ) (50,000 ) (120,000 ) Principal elements of lease payments (102 ) (180 ) (293 ) (680 ) Net cash (outflow)/inflow from financing activities (102 ) 38,362 259,692 197,862 Effects of exchange rate movements on cash and cash equivalents 3,570 (182 ) (2,764 ) (1,623 ) Net (decrease)/increase in cash and cash equivalents (22,331 ) 4,185 (338 ) (9,025 ) Cash and cash equivalents at beginning of period 95,542 62,809 73,549 76,019 Cash and cash equivalents at end of period 73,211 66,994 73,211 66,994 SUPPLEMENTAL NOTES 1 General information Manchester United plc (the "Company") and its subsidiaries (together the "Group") is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands. 2 Reconciliation of loss for the period to adjusted EBITDA Three months ended31 March Nine months ended31 March 2025£'000 2024£'000 2025£'000 2024£'000 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Adjustments: Income tax credit (347 ) (12,069 ) (6,820 ) (12,271 ) Net finance costs 3,764 17,320 32,731 52,214 Profit on disposal of intangible assets (2,271 ) (790 ) (38,662 ) (30,670 ) Exceptional items 2,658 30,340 25,833 39,935 Amortization 45,867 46,262 148,560 143,602 Depreciation 4,254 4,144 12,803 12,399 Adjusted EBITDA 51,215 13,707 145,319 128,326 3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share Three months ended31 March Nine months ended31 March 2025£'000 2024£'000 2025£'000 2024£'000 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Adjustments: Exceptional items 2,658 30,340 25,833 39,935 Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings (7,285 ) 2,641 (8,033 ) 3,062 Fair value movement on embedded foreign exchange derivatives 348 (777 ) 2,079 8,332 Income tax credit (347 ) (12,069 ) (6,820 ) (12,271 ) Adjusted loss before income tax (7,336 ) (51,365 ) (16,067 ) (37,825 ) Adjusted income tax credit (using a normalized tax rate of 21% (2024: 21%)) 1,834 10,787 4,017 7,943 Adjusted loss for the period (i.e. adjusted net loss) (5,502 ) (40,578 ) (12,050 ) (29,882 ) Adjusted basic loss per share: Adjusted loss per share (pence) (3.19 ) (24.47 ) (7.07 ) (18.22 ) Weighted average number of ordinary shares used as the denominator in calculating adjusted basic loss per share (thousands) 172,353 165,823 170,459 164,040 Adjusted diluted loss per share: Adjusted diluted loss per share (pence) (1) (3.19 ) (24.47 ) (7.07 ) (18.22 ) Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted loss per share (thousands) (1) 172,353 165,823 170,459 164,040 (1) For the three and nine months ended 31 March 2025 and the three and nine months ended 31 March 2024, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded. 4 Cash generated from operations Three months ended31 March Nine months ended31 March 2025£'000 2024£'000 2025£'000 2024£'000 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Income tax credit (347 ) (12,069 ) (6,820 ) (12,271 ) Loss before income tax (3,057 ) (83,569 ) (35,946 ) (89,154 ) Adjustments for: Depreciation 4,254 4,144 12,803 12,399 Amortization 45,867 46,262 148,560 143,602 Profit on disposal of intangible assets (2,271 ) (790 ) (38,662 ) (30,670 ) Net finance costs 3,764 17,320 32,731 52,214 Non-cash employee benefit expense – equity-settled share-based payments 419 431 1,216 1,907 Foreign exchange losses on operating activities 2,883 411 2,731 888 Reclassified from hedging reserve (1,067 ) 2 1,876 - Changes in working capital: Inventories 1,420 267 (8,460 ) (592 ) Prepayments 7,806 9,522 (1,607 ) (1,311 ) Contract assets – accrued revenue 18,965 7,932 (1,104 ) (10,555 ) Trade receivables (38,112 ) 41,849 (87,355 ) (2,506 ) Other receivables 326 230 1,039 8,093 Contract liabilities – deferred revenue 7,836 (48,225 ) (26,269 ) (66,806 ) Trade and other payables (13,876 ) 1,980 1,044 (29,859 ) Provisions (390 ) (350 ) (429 ) (2,375 ) Cash generated from/(used in) operations 34,767 (2,584 ) 2,168 (14,725 ) View source version on Contacts Investors: Roger BellChief Financial Media: Toby CraigChief Communications Sign in to access your portfolio
