REG - Immupharma PLC - Final Results
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RNS Number : 1148J Immupharma PLC 19 May 2025
RNS: | 19(th) May 2025
ImmuPharma PLC
("ImmuPharma" or the "Company")
FINAL RESULTS
for the twelve months ended 31 December 2024
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug
discovery and development company, is pleased to announce its Final Results
for the twelve months ended 31 December 2024 (the "Period").
Key Highlights (including post Period review)
Financials
· Loss for the Period of £2.5m (2023: £2.9m)
· Research and development expenses of £1.2m (2023: £2.0m)
· Administrative expenses of £1.0m (2023: £1.0m)
· Share based expense of £0.09m (2023: £0.14m)
· Cash balance of £0.2m at 31 December 2024 (31 December 2023:
£0.2m)
· Lanstead derivative financial asset of £0.2m (2023: £0.6m)
· Basic and diluted loss per share of 0.60p (2023: 0.81p)
· Incanthera financial asset: shares of £nil (2023: £0.6m) - warrants
of £nil (2023: £1)
· On 13 February 2025 a £2.91 million fundraise completed, comprising:
o Oversubscribed equity fundraise of £1.034m; plus
o £1.85m subscription through Lanstead Capital
Portfolio
P140 technology platform
· In January 2025, innovative groundbreaking advancements announced in
our preclinical research program focused on P140 and the pathogenesis of
autoimmune diseases. These findings pave the way for earlier and more accurate
diagnostics; identifying patients most likely to respond to P140 therapy; and
improved monitoring of the patient's response to treatment with P140
· In March 2025 a significant milestone announced in evidencing for the
first time key hypotheses in the unique mechanism of action ("MOA") of our
P140 autoimmune technology platform. Importantly, these new discoveries
highlight that: P140 has a unique MOA, P140 is non‐immunosuppressive, and
P140 is effective and safe
· These findings allow ImmuPharma to further expand its intellectual
property portfolio, with additional new patents, strengthening the commercial
viability of the P140 technology platform
Partnering opportunities
· Based on recent progress and insights into the P140's MOA and
autoimmune disease, active discussions continue with a number of global
commercial partners
Preclinical Portfolio
· The core anti-infective program with antifungal (BioAMB) and
antibacterial (BioCIN) candidates are progressing through pre-clinical studies
Incanthera
· As confirmed on 1 April 2025, the warrants of 7,272,740 held in
Incanthera, have been further extended to 30 September 2025, alongside a
profit share agreement, if the warrant shares are exercised
Commenting on the statement and outlook Tim McCarthy, CEO and Chairman, said:
"We have made significant scientific progress over 2024 and into 2025, most
importantly, announcing innovative groundbreaking advancements in our
preclinical research program focused on P140 and the pathogenesis of
autoimmune diseases. Ths paves the way for earlier and more accurate
diagnostics; identifying patients most likely to respond to P140 therapy; and
improved monitoring of the patient's response to treatment with P140.
In addition, we also announced a significant milestone in evidencing for the
first time, key hypotheses in the unique mechanism of action ("MOA") of our
P140 autoimmune technology platform. These new discoveries highlight that:
P140 has a unique MOA, P140 is non‐immunosuppressive, and P140 is effective
and safe.
As a Board, we remain focused on bringing our two key late-stage clinical
assets, P140 for SLE and CIDP, closer to the market, and securing additional
partnering deals for P140 as well as our earlier stage assets, specifically
within our anti-infectives program.
In closing, we would like to thank our shareholders for their support as well
as our staff, corporate and scientific advisers and our partners including
CNRS and Avion."
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For further information please contact:
ImmuPharma PLC (www.immupharma.co.uk)
Tim McCarthy, Chief Executive Officer and Chairman
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD) +44 (0) 203 368 8974
Neil Baldwin
Stanford Capital Partners (Joint Broker) +44 (0) 203 650 3650
Patrick Claridge, Bob Pountney
SI Capital (Joint Broker) +44 (0) 1483 413500
Nick Emerson
A copy of the interim report is available on the Company's website
www.immupharma.co.uk
A copy of the interim report is available on the Company's website
www.immupharma.co.uk
Chairman's Report
The year 2024 was a period of further progress for ImmuPharma as we continued
to focus on progressing our late-stage pipeline assets specifically, within
our P140 autoimmune technology platform. This positive progress, I am pleased
to say, has continued into the first period of 2025.
In January 2025, we announced innovative groundbreaking advancements in our
preclinical research program focused on P140 and the pathogenesis of
autoimmune diseases. This new discovery, conducted by the Company's R&D
subsidiary ImmuPharma Biotech, has yielded data that provides novel insights
into autoimmune disease mechanisms. Importantly for our autoimmune therapy
P140, these findings pave the way for earlier and more accurate diagnostics;
identifying patients most likely to respond to P140 therapy; and improved
monitoring of the patient's response to treatment with P140
In March 2025, we announced a significant milestone in evidencing for the
first time key hypotheses in the unique mechanism of action ("MOA") of our
P140 autoimmune technology platform. Importantly, these new discoveries
highlight that: P140 has a unique MOA, P140 is non‐immunosuppressive, and
P140 is effective and safe.
The favourable impact of P140 on immune system homeostasis also supports P140
as a new potential standard of care for patients suffering from a multitude of
autoimmune diseases, that are caused by the same underlying malfunction. This
also agrees with many preclinical animal models of autoimmune diseases where
P140 has clearly demonstrated efficacy.
Based on this recent progress and insights into P140's MOA and autoimmune
disease, the Company is actively in discussions with a number of potential
global commercial partners.
P140 - SLE New dose strategy, study design and MOA clarity
There are an estimated 1.5 million people suffering from SLE in the US
(source: Lupus Foundation of America), and an estimated 5 million globally.
The prevalence in China may be 3-4 times that seen in the US. Current
'standard of care' treatments, including steroids and immunosuppressants, can
potentially have either serious side effects for patients or limited efficacy,
with over 60 per cent of patients not adequately treated.
ImmuPharma believes P140 has the potential to be a novel specific drug therapy
for the treatment of SLE by specifically restoring an imbalanced immune system
and halting disease progression in many autoimmune diseases, of which SLE is a
well-known example.
The P140 program was re-examined in 2021/22, and the Board decided that it
required a completely different approach. The result of this was to redesign
all future clinical studies creating a superior product offering and target
product profile. The three pillars of strength and confidence in our new
program are dose, design and MOA.
After three FDA guidance meetings in previous years, further human and animal
pharmacokinetics studies and reconciliation with efficacy demonstrated in the
animal models, it was concluded that the previous dose used in clinical
studies was significantly too low. The new dose will be up to 20 times
higher than the 200 micrograms used previously.
We expect no adverse events that could lead to product label warnings seen
with all other approved drugs and standard of care. In addition, a key
objective will be to taper the use of steroids which are currently the
standard of care.
The lack of immunosuppression is explained by our refined MOA. All other
molecules currently in development possess varying degrees of
immunosuppression, which give rise to side effects and limit the dose that can
be used to achieve efficacy.
The use of oral steroids in most SLE patients as standard of care (SoC)
therapy is contrary to the action of P140 and will modify the efficacy of most
drugs being tested. Therefore, because P140 restores the immune system to
normal, there should be no need for steroid use. Consequently patients will
have their oral steroid therapy adjusted down. Downward adjustment or
'titration' by the study physician, should be easier in the P140 treated group
than the placebo group and as such will allow even greater delineation of
benefit from P140.
New MOA evidence highlight:
· P140 has a unique MOA: The results provide direct evidence for
the first time of a major key hypothesis of the unique MOA of P140.
· P140 is non-immunosuppressive: Unlike the most advanced therapies
currently available for the treatment of autoimmune diseases, these findings
indicate that P140 does not reduce or block the body's ability to mount a
specific immune response.
· P140 Immune Signature: These findings confirm P140's potential as
a safe and effective treatment for patients suffering from systemic lupus
erythematosus (SLE).
These discoveries result from a new preclinical study designed by ImmuPharma
Biotech's team and conducted at a world leading Laboratory in the USA. While
detailed data will be released in due course, these findings allow ImmuPharma
to further expand its intellectual property portfolio, with additional new
patents, strengthening the commercial viability of the P140 technology
platform.
Centre National de la Recherche Scientifique (CNRS)
ImmuPharma continues to have important collaboration arrangements with the
Centre National de la Recherche Scientifique ("CNRS"), the French National
Council for Scientific Research and the largest basic research organisation in
Europe. This is where P140 platform was invented by Prof. Sylviane Muller,
Emeritus Research Director at the CNRS. Through this partnership, the CNRS
will be entitled to receive from ImmuPharma low double-digit royalty payments
of funds received by ImmuPharma from Avion through the Licence and Development
Agreement and through further commercialisation deals for territories outside
of the US.
Pipeline Overview
ImmuPharma is a biopharmaceutical company that specialises in the usage and
development of biopolymers, specifically peptides.
Our research strategy is based on two strategic axes: research based on
external collaboration aimed at discovering new active ingredients, which has
led to the development of our most advanced project in terms of clinical
development: P140, an active peptide against autoimmune diseases including SLE
and internal research based on the use of molecular programming technologies,
which has notably led to the development of the BioAMB (antifungal) and BioCIN
(antibacterial) projects.
This research, for original biopolymer-based active compounds, has led us to
collaborate with the world-renowned Centre National de la Recherche
Scientifique, (CNRS) in France. This collaboration enables us to access
innovative research with substantial embedded value and to work with many
leading scientists and clinicians.
ImmuPharma has exclusive rights to all of its intellectual property assets.
Since a major Board and management restructuring in 2021, the team has
refocused its key pipeline portfolio to maximise long-term shareholder value.
Our late-stage to preclinical pipeline is focused on two core therapeutic
areas; autoimmunity and anti-infectives.
Autoimmunity
P140 is a peptide discovered by Professor Sylviane Muller and licensed to the
Company by our long standing collaboration partner, the CNRS. Due to its
"restorative" action on the immune system, P140 is a technology platform that
can be applied across many autoimmune diseases. The Company is currently in
clinical development of P140 for the treatment of SLE and CIDP with a view to
expanding the clinical program into other selected autoimmune diseases
P140 for SLE
P140 is a peptide technology platform that targets autoimmune diseases such as
SLE. Like all autoimmune diseases there is currently no cure against SLE.
There are 2 approved monoclonal antibody treatments that are prescribed for
SLE patients but most cases are treated with steroids. Overall, the treatments
are mainly immunosuppressants which can have significant side effects.
· P140 has the potential to be a new standard of care therapy for
the treatment of SLE.
· P140 has a unique MOA: Recent results provide direct evidence for
the first time of a major key hypothesis of the unique MOA of P140.
· P140 is extremely safe, well-tolerated and patient friendly, and
potentially can be self-administered through a subcutaneous injection, twice
monthly for SLE.
P140 for CIDP
P140 shows compelling pre-clinical data in Chronic Inflammatory Demyelinating
Polyneuropathy ("CIDP"), a progressive inflammatory condition of the nerves.
P140's efficacy has been proven in early pre-clinical models of CIDP.
Applications for full FDA IND and orphan drug designation will be submitted in
due course.
P140 offers the potential to:
· reduce the frequency of CIDP disease flares
· reduce the need for hospital Intravenous Immunoglobulin Therapy
(IVIg) therapy
· convenience of a simple auto-injection twice monthly by patient
at home
· reduce costs for patient and healthcare system
P140 - Other indications
A number of additional autoimmune-related indications have already been
identified in pre-clinical studies for the P140 platform. They all share the
same common cause at the mechanistic level of the cell. Pre-clinical studies
have confirmed P140 activity in asthma (acute and chronic), gout,
periodontitis and IBD. There have been no new significant drug classes
addressing these indications for many years.
What next?...
ImmuPharma has built up invaluable scientific knowledge by developing a
peptide compound which can potentially treat a range of autoimmune diseases.
Building on this experience, we are developing a new active peptide, targeting
specific autoimmune pathologies. This new research programme is perfectly
aligned with our strategic priorities. It's a very exciting project that
should create further opportunities for the Company.
P140 for CIDP (continued)
Anti-Infection
Anti-infectives were chosen as a core therapy focus because of the
ever-looming threat of new and resistant organisms, with few significant new
products or even classes having been discovered or developed now for many
years.
The innovative peptide technology at ImmuPharma Biotech has been a huge
success and has given rise to a number of novel development programs, out of
which we have identified two core programs, in pre-clinical development:
BioAMB and BioCin, which we believe have the best commercial opportunity and
speed to market. Despite the preclinical stage, these programs are based on
existing drugs that have been used for decades so the PK, efficacy and safety
of those drugs is well understood. They will also be patent protected.
BioAMB | for systemic fungal infections
BioAMB is a groundbreaking amphotericin-B variant that promises both
efficiency and safety.
Although AMB is highly effective, currently marketed AMB formulations may
cause serious kidney toxicity and other severe reactions. BioAMB is not a
typical reformulation but a Bio-drug entity which releases AMB as the active
agent.
BioAMB aims to:
· Significantly reduce toxicity and improve tolerance to
amphotericin-B therapy
· Use a simple injection vs IV infusion
· Improve the frequency & duration of therapy
· Provide a more powerful alternative to existing 1st line azole
antifungal therapy where there is increasing resistance.
BioCIN | for severe bacterial infections
BioCIN is an innovative vancomycin-based treatment for efficient, safe,
anti-infection treatment.
Vancomycin, a generic drug, is a last resort therapy for the treatment of
sepsis and lower respiratory tract, skin, and bone infections caused by
Gram-positive bacteria and the killer bug methicillin-resistant Staphylococcus
aureus (MRSA).
Marketed since 1954, it is poorly absorbed from the gut and currently requires
carefully controlled IV therapy over many hours.
BioCIN aims to:
· Significantly reduce toxicity and improve tolerance to vancomycin
therapy
· Use a simple injection &/or oral admin vs IV infusion
· Improve the frequency & duration of therapy
· Improve efficacy through improved tolerance
Interest in Incanthera Plc
On 3rd June 2024 the Company sold its investment in shares in Incanthera plc,
which trades on Aquis Stock Exchange ("AQSE") under the ticker (TIDM:INC). All
of the 9,904,319 shares were sold at 15p per share realising gross proceeds of
£1.5 million.
As at 31 December 2024, ImmuPharma held 7,272,740 warrants options in
Incanthera plc. The warrant options have an exercise price of 9.5p pence. As
announced in September 2024, the term of these Warrants had been extended by 6
months to 31 March 2025, being the same price at which new shares were issued
in the Placing accompanying Incanthera's listing in 2020.
More recently on 1 April 2025 ImmuPharma agreed with Incanthera to further
extend the exercise period in the Warrant Instrument, to 30 September 2025.
ImmuPharma shall pay Incanthera a profit share ("Profit Share") upon exercise
of the Warrants, equal to 30% of the difference between the Subscription Price
and the closing market price of Incanthera Shares on AQSE, on the day of
exercise of the Warrants or, if the Warrant Shares are contracted to be sold
within 10 days of exercise, then the Company shall pay to Incanthera a profit
share of 30% of the difference between the Subscription Price and the
contracted market sale price.
Other than the change in the expiry period to 30 September 2025 and the
introduction of the Profit Share mechanism, as detailed above, all other
provisions in the Warrant Instrument remain the same.
Current Activities and Outlook
We have made significant scientific progress over 2024 and into 2025, most
importantly, announcing innovative groundbreaking advancements on P140 and the
pathogenesis of autoimmune diseases. Importantly paving the way for earlier
and more accurate diagnostics; identifying patients most likely to respond to
P140 therapy; and improved monitoring of the patient's response to treatment
with P140
In addition, we also announced a significant milestone in evidencing for the
first time key hypotheses in the unique mechanism of action ("MOA") of our
P140 autoimmune technology platform. Importantly, these new discoveries
highlight that: P140 has a unique MOA, P140 is non‐immunosuppressive, and is
effective and safe.
As a Board, we remain focused on bringing P140 to the market, and securing
additional partnering deals for P140 as well as other assets within our
portfolio.
In closing, we would like to thank our shareholders for their support as well
as our staff, corporate and scientific advisers and our partners including
CNRS and Avion.
Tim McCarthy
Chairman & CEO
Financial Review
The financial results of the ImmuPharma Group in this report cover the year
ended 31 December 2024. The Group's principal activity is that of research and
development of novel drugs to treat serious medical conditions.
Income Statement and Statement of Comprehensive Income
The operating loss for the year ended 31 December 2024 was £2.7 million,
reduced from £3.1 million for the year ended 31 December 2023. The research
and development expenditure was £1.2 million, down from £2.0 million in
2023. Administrative expenses were £1.0 million (2023: £1.0 million).
Finance income has increased from £3k in 2023 to £45k in 2024. Finance costs
amounted to £149k, down from £359k in 2023, caused largely by the
comparative fair value calculations on the Lanstead derivative financial
asset. The loss after tax for the year was £2.5 million, a decrease from
£2.9 million in 2023.
The amounts recognised directly in the Statement of Comprehensive Income
include the total fair value gain of £655k (2023: fair value loss of £46k)
which comprises the following components: fair value gain on disposal of
shares held in Incanthera plc of £730k (2023: fair value loss of £45k) and
fair value loss on Incanthera's warrants of £75k (2023: fair value loss of
£1k). Total comprehensive loss for the year was £1.7 million, a decrease
from £3.0 million in 2023.
Statement of Financial Position
The Group cash and cash equivalents at 31 December 2024 amounted to £0.2
million (2023: £0.2 million). Trade and other payables decreased to £1.5
million (2023: £1.7 million) The total value of the financial asset equated
to £nil, comprising of shares in Incanthera of £nil (2023: £0.6 million)
and warrants in Incanthera of £nil (2023: £1). At 31 December 2024 the
Lanstead derivative financial asset amounted to £0.2 million (2023: £0.6
million). The decrease was a result of the fair value calculation performed at
year end, reflecting the completion of two out of three sharing agreements in
the period offset by amounts received and losses recognised, further details
can be seen in note 15.
Results
The Group recorded a loss for the year of £2.5 million (2023: £2.9 million).
Basic and diluted loss per share was 0.60p (2023:0.81p). In accordance with
the Group's loss making position, no dividend is proposed.
Total Voting Rights & Warrants
The Company had a total of 701,422,198 (2023:701,422,198) shares in issue at
31 December 2024. The Company's issued share capital comprised 416,437,265
(2023: 416,437,265) Ordinary Shares with one voting right each and 284,984,933
(2023: 287,984,933) deferred shares with no rights to vote. Total warrants
outstanding equal: 101,042,908 (2023: 101,042,908).
Treasury Policy
The policy continues to be that surplus funds of the Group are held in
interest-bearing bank accounts on short or medium maturities, until
commitments to future expenditure are made, when adequate funds are released
to enable future expenditure to be incurred. The Group's Treasury Policy and
controls are straightforward and approved by the Board.
Financial Strategy
The overall strategy is to maintain a tight control over cash resources whilst
enabling continued progress of the Company's development assets.
On behalf of the Board
Tim McCarthy
Chairman & CEO
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Year ended Year ended
Notes 31 December 2024 31 December 2023
£ £
Continuing operations
Revenue -
-
Research and development expenses (1,161,545) (2,022,305)
Administrative expenses (1,031,188) (1,020,345)
Share based payment expense (87,707) (140,238)
Other operating income 8 9,231 119,881
Other operating expenses (404,095) -
Operating loss 5 (2,675,304) (3,063,007)
Finance costs 6 (149,242) (358,915)
Finance income 7 45,176 3,025
Loss before taxation (2,779,370) (3,418,897)
Tax 9 295,871 497,102
Loss for the year (2,483,499) (2,921,795)
Attributable to:
Equity holders of the parent company (2,483,499) (2,921,795)
Loss per ordinary share
Basic and diluted 10 (0.60)p (0.81)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Year Year
ended 31 December ended 31 December
2024 2023
Notes £ £
Loss for the financial period (2,483,499) (2,921,795)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value gain/(loss) on investment 13 730,269 (44,569)
Fair value loss on warrants owned 13 (75,001) (1,228)
Total items that will not be reclassified subsequently to profit or loss 655,268 (45,797)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 141,376 857
Total items that may be reclassified subsequently to profit or loss 141,376 857
Other comprehensive loss for the period
796,644 (44,940)
Total comprehensive loss for the period (1,686,855) (2,966,735)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024 31 December 2023
Notes £ £
Non-current assets
Intangible assets 11 9,822 447,571
Property, plant, and equipment 12 82,321 102,075
Derivative financial asset 13 - 184,784
Financial assets 13 - 643,782
Total non-current assets 92,143 1,378,212
Current assets
Trade and other receivables 16 253,964 467,780
Derivative financial asset 15 154,519 432,797
Cash and cash equivalents 17 236,902 208,481
Current tax asset 9 239,483 234,141
Total current assets 884,868 1,343,199
Current liabilities
Trade and other payables 18 (1,519,870) (1,665,122)
Total current liabilities (1,519,870) (1,665,122)
Net current liabilities (635,002) (321,923)
Net (liabilities)/assets (542,859) 1,056,289
EQUITY
Ordinary shares 19 29,813,018 29,813,018
Share premium 29,317,444 29,317,444
Merger reserve 106,148 106,148
Other reserves 6,131,674 5,902,591
Retained earnings (65,911,143) (64,082,912)
Total (deficit)/equity (542,859) 1,056,289
The financial statements were approved by the Board of Directors and
authorised for issue on 16 May 2025
They were signed on its behalf by:
Tim
McCarthy
Tim Franklin
Director
Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Other reserves - Share based payment reserve
Other reserves - Acquisition reserve Other reserves - Translation reserve Other reserves - Warrant reserve
Share capital Share premium Merger reserve Retained earnings
Total equity
£ £ £ £ £ £ £ £ £
At 1 January 2023 28,982,676 28,788,377 106,148 (3,541,203) (1,265,553) 8,849,893 1,718,359 (61,115,320) 2,523,377
Loss for the financial year - - - - - - - (2,921,795) (2,921,795)
Exchange differences on translation
of foreign operations - - - - 857 - - - 857
Transactions with owners:
Share based payments - - - - - 140,238 - - 140,238
New issue of equity capital 830,342 782,842 - - - - - - 1,613,184
Costs of new issue of equity capital - (253,775) - - - - - - (253,775)
Fair value loss on investments - - - - - - - (44,569) (44,569)
Fair value loss on share warrants - - - - - - - (1,228) (1,228)
At 31 December 2023 29,813,018 29,317,444 106,148 (3,541,203) (1,264,696) 8,990,131 1,718,359 (64,082,912) 1,056,289
Loss for the financial year - - - - - - - (2,483,499) (2,483,499)
Exchange differences on translation
of foreign operations (OCI) - - - - 141,376 - - - 141,376
Transactions with owners:
Share based payments - - - - - 87,707 - - 87,707
Fair value gain on investments (OCI) - - - - - - - 730,269 730,269
Fair value loss on share warrants (OCI) - - - - - - - (75,001) (75,001)
At 31 December 2024 29,813,018 29,317,444 106,148 (3,541,203) (1,123,320) 9,077,838 1,718,359 (65,911,143) (542,859)
Equity holders of the parent company 29,813,018 29,317,444 106,148 (3,541,203) (1,123,320) 9,077,838 1,718,359 (65,911,143) (542,859)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Notes Year ended Year ended
31 December 2024 31 December
2023
£ £
Cash flows from operating activities
Cash used in operations 21 (2,043,513) (2,320,679)
Tax received 278,661 958,258
Interest paid 6 (4,253) (1,986)
Net cash used in operating activities (1,769,105) (1,364,407)
Investing activities
Purchase of property, plant, and equipment (1,652) -
Proceeds from sale of property, plant, and equipment
- 185,737
Proceeds from sale of investment 1,364,050 -
Purchase of investment (75,000) -
Interest received 7 6,237 3,025
Net cash generated from investing activities 1,293,635 188,762
Financing activities
Settlements from Sharing Agreement 502,001 362,688
Gross proceeds from issue of new share capital - 1,480,683
Interest paid (1,984) -
Share capital issue costs - (121,275)
Funds deferred per Sharing Agreement - (1,000,000)
Net cash generated from financing activities 500,017 722,096
Net increase/(decrease) in cash and cash equivalents 24,547 (453,549)
Cash and cash equivalents at beginning of year 17 208,481 667,813
Effects of exchange rates on cash and cash equivalents 3,873 (5,783)
Cash and cash equivalents at end of year 17 236,901 208,481
1 BASIS OF PREPARATION
The financial information set out in this announcement does not comprise the
Group's statutory accounts as defined in section 434 of the Companies Act 2006
for the year ended 31 December 2024 or 31 December 2023.
The financial information has been extracted from the statutory accounts for
the years ended 31 December 2024 and 31 December 2023. The auditors reported
on those accounts; their reports were unqualified and did not contain a
statement under either Section 498(2) or Section 498(3) of the Companies Act
2006 in respect of the years ended 31 December 2024 and 31 December 2023. For
the year ended 31 December 2024 and 31 December 2023 it did include an
emphasis of matter paragraph relating to the carrying value of Parent
Company's investment in subsidiaries and receivables due from group
undertakings, and a reference to which the auditor drew attention by way of
emphasis without qualifying their report in respect of going concern.
The Group's statutory accounts for the year ended 31 December 2023 have been
delivered to the Registrar of Companies, whereas those for the year ended 31
December 2024 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
The accounting policies are consistent with those applied in the preparation
of the statutory accounts for the year ended 31 December 2023 and interim
results for the period ended 30 June 2024, which have been prepared in
accordance with International Financial Reporting Standards ('IFRS').
The financial information is for the year ended 31 December 2024 and the
comparatives are for the year ended 31 December 2023.
The Group's statutory accounts incorporate the financial statements of
ImmuPharma plc and other entities controlled by the company ("the
subsidiaries"). The control principle in IFRS 10 sets out the following three
elements of control: power over the investee; exposure, or rights, to variable
returns from involvement with the investee; and. the ability to use power over
the investee to affect the amount of those returns. The financial statements
of these other entities cease to be included in the Group financial statements
from the date that control ceases.
2 LOSS PER SHARE
- Group Year ended 31 December 2024 Year ended
31 December 2023
£ £
Loss
Loss for the purposes of basic loss per share being net loss after tax (2,483,499) (2,921,795)
attributable to equity shareholders
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings
per share
416,437,268 362,004,551
Basic loss per share (0.60)p (0.81)p
Diluted loss per share (0.60)p (0.81)p
The Group has granted share options in respect of equity shares to be issued,
the details of which are disclosed in note 20.
There is no difference between basic loss per share and diluted loss per share
as the share options and warrants are anti-dilutive.
3. CASH USED IN OPERATIONS
Group Group Company Company
31 December 2024 31 December 2023 31 December 2024 31 December 2023
£ £ £ £
Loss for the financial year (2,483,499) (2,921,795) (1,276,552) (2,319,248)
Depreciation and amortisation 63,880 37,607 667 3,050
Impairment of intangible assets 404,095 - - -
Loss on sale of fixed assets 3,293 94,882 3,293 -
Share-based payments 87,707 140,238 87,707 112,676
(Gain)/loss on derivatives (38,939) - (38,939) 354,573
Taxation charge (295,871) - (88,735) -
Decrease in trade and other receivables 213,816 255,803
(12,803) 183,155
(Decrease)/increase in trade and other payables (145,253) 213,798
87,069 339,174
147,258 (141,212)
Gain/(loss) on foreign exchange 44,232 319,015
Cash used in operations (2,043,513) (2,320,679) (1,193,701) (1,007,605)
4. POST BALANCE SHEET EVENTS
On 13 February 2025 the Company announced an equity fundraise of c.£2.91
million. The Fundraise comprised of an oversubscribed placing to raise
gross proceeds of £1.034 million through the issue of 27,586,667 new ordinary
shares of 1 pence each in the Company with institutional and other investors
at a price of 3.75 pence per Ordinary Share and a £1.875 million subscription
sharing agreement with the then 6.5% shareholder Lanstead Capital Investors
L.P ("Lanstead") through the issue of 50,000,000 new Ordinary Shares at the
Issue Price.
5. ANNUAL REPORT
The annual report for the year ended 31 December 2024 will be posted to
shareholders shortly and will be made available on the Company's website
www.immupharma.co.uk (http://www.immupharma.co.uk/) .
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