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REG - Immupharma PLC - Interim Results

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RNS Number : 1221U  Immupharma PLC  06 August 2025

 

RNS: RELEASE | 6th August 2025

 

 

ImmuPharma PLC

("ImmuPharma", the "Group" or the "Company")

 

INTERIM RESULTS

for the six months ended 30 June 2025

 

 

ImmuPharma PLC (LSE:IMM), ("ImmuPharma", the Group or the "Company"), the
specialist drug discovery and development company, is pleased to announce its
unaudited interim results for the six months ended 30 June 2025 (the
"Period").

 

Key Highlights (including post Period review)

 

Financials

 

For the period ended 30 June 2025, the Group reported a loss of £1.8 million,
compared to a loss of £0.4 million for the same period in 2024. This increase
is attributable to higher operational costs, in research and development,
which rose to £0.7 million from £0.5 million in the previous year.
Administrative expenses amounted to £0.4 million, a small increase from £0.3
million in 2024 and in addition to a loss on revaluation of the derivative
financial asset of £0.7 million compared to a gain of £0.2 million in the
same period for 2024. Share-based payments for the period were £0.05 million,
compared with £0.03 million in the prior period.

 

As at 30 June 2025, the Group held a cash balance of £0.4 million,
representing a decrease from £1.1 million at 30 June 2024. The derivative
financial asset was valued at £0.6 million, up from £0.5 million a year
earlier. The basic and diluted loss per share for the period was 0.38 pence,
compared to 0.09 pence in the previous year.

 

Portfolio

P140 technology platform

·      In January 2025, innovative groundbreaking advancements announced
in our preclinical research program focused on our P140 technology platform
and the pathogenesis (the process by which diseases develop) 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, is non‐immunosuppressive, and is
effective and safe

·      The favourable impact of P140 on immune system homeostasis
(creating a stable internal environment) 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 immune system malfunction.
This also agrees with many preclinical models of autoimmune diseases where
P140 has clearly demonstrated efficacy.

·      These findings will 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 potential 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 P140
technology platform and the pathogenesis of autoimmune diseases. This 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,  is non‐immunosuppressive, and 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
global partnering deals for P140 together with our earlier stage assets.

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 final report is available on the Company's website
 www.immupharma.co.uk

A copy of the final report is available on the Company's website
www.immupharma.co.uk

 

 

 

 

 

 

 

ImmuPharma plc

 

INTERIM RESULTS

 

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 

 

ImmuPharma plc

 

Chairman's Statement

 

Chairman's Report

 

The first part of 2025 has been a period of progress for ImmuPharma, with our
late-stage pipeline assets, specifically within our P140 autoimmune technology
platform, where we have gained new insights into the MOA strengthening our
discussions with potential partners.

 

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 relating to our P140 autoimmune technology platform.
Importantly, these new discoveries highlight that: P140 has a unique mechanism
of action ("MOA"), is non‐immunosuppressive, and 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 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 potential global
commercial partners.

 

P140 for Systemic Lupus Erythematosus ("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 safe, well-tolerated and patient friendly, and
potentially can be self-administered through a subcutaneous injection, twice
monthly for SLE.

 

P140 for Chronic Inflammatory Demyelinating Polyneuropathy ("CIDP")

 

P140 shows compelling data in another autoimmune disease, CIDP a progressive
inflammatory condition of the nerves.

 

P140's efficacy has been proven in early pre-clinical models of CIDP.

 

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 autoimmune 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.

 

Centre National de la Recherche Scientifique

 

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.

 

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.

 

Share issue

 

On 13 February 2025 the Company announced an equity fundraise of c.£2.91
million. The fundraise comprised  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 ("Issue Price") 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.

 

Current Activities and Outlook

 

In recent years, throughout the development of our clinical program, our
primary focus in R&D has been to maximize the chances of success in
clinical trials by gaining a deeper understanding of the MOA of P140 and the
pathogenesis of autoimmune diseases. We firmly believe that the fastest path
to market lies in the execution of well-designed clinical trials; o to achieve
positive results and ultimately ensure that all individuals suffering from
autoimmune diseases have the opportunity to benefit from our unique drug,
P140.

 

Significant scientific progress has been achieved 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 relating to  our P140 autoimmune technology
platform. Importantly, these new discoveries highlight that: P140 has a unique
MOA, is non‐immunosuppressive, and is effective and safe.

 

We will continue throughout 2025 to strengthen our intellectual property
position in P140 and to move towards completing new global commercial deals.

At an operational level, we have maintained a strong focus on rigorous cost
control measures and strategic outsourcing to minimise fixed overheads, while
advancing our research and development efforts. These initiatives are aligned
with our preparation for upcoming patent filings this year.s. Furthermore, we
strengthened the balance sheet and extended our cash runway through the
successful completion of an oversubscribed placing in February 2025.

We look forward to providing further updates on the progress of our pipeline
and commercial deals throughout the remaining period of 2025.

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

 

6th August 2025

 

ImmuPharma plc

 

CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2025

 

                                              Unaudited          Audited Year ended 31 December 2024      Unaudited 6 months ended

                                              6 months ended                                              30 June 2024

                                              30 June 2025

                                       Note
                                              £                  £                                        £
 Continuing operations
 Research and development expenses            (690,021)          (1,161,545)                              (473,521)
 Administrative expenses                      (490,676)          (1,031,188)                              (258,023)
 Share based expense                          (55,023)           (87,707)                                 (32,683)
 Other operating income                       5,889              9,231                                    -
 Other operating expenses                     -                  (404,095)                                -

                                              (1,229,831)        (2,675,304)                              (764,227)

 Operating loss

 Finance costs                                (743,435)          (149,242)                                (3,150)
 Finance income                               23,988             45,176                                   172,610

 Loss before taxation                         (1,949,279)        (2,779,370)                              (594,767)

 Tax                                          110,403            295,871                                  206,915

 Loss for the period                          (1,838,875)        (2,483,499)                              (387,852)

 Attributable to:
 Equity holders of the parent company         (1,838,875)        (2,483,499)                              (387,852)

 Loss per ordinary share

 Basic and diluted                     2      (0.38)p            (0.60)p                                  (0.09)p

ImmuPharma plc

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2025

 

 

                                                                           Unaudited          Audited Year                   Unaudited 6 months ended

                                                                           6 months ended      ended 31 December 2024        30 June

                                                                           30 June                                           2024

                                                                           2025
                                                                           £                  £                              £

 Loss for the financial period                                             (1,838,875)        (2,921,795)                    (387,852)

 Other comprehensive income
 Items that will not be reclassified subsequently to profit or loss:

 Fair value gain/(loss) on investment                                      -                  (44,569)                       730,266
 Fair value gain/(loss) on warrants                                        -                  (1,228)                        1,240,831

 Total items that will not be reclassified subsequently to profit or loss  -                  (45,797)                       1,971,097

 Items that may be reclassified subsequently to profit or loss:

 Exchange differences on translation of foreign operations                 (35,147)           857                            19,008

 Total items that may be reclassified subsequently to profit or loss       (35,147)           857                            19,008

 Other comprehensive gain/(loss) for the period

                                                                           (35,147)           (44,940)                       1,990,105

 Total comprehensive gain/(loss) for the period                            (1,874,022)        (2,966,735)                    1,602,253

ImmuPharma plc

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
                                                                                                                                             Note  Unaudited           Audited Year                 Unaudited 6 months ended

                                                                                                                                                   6 months ended      ended 31 December 2024       30 June

                                                                                                                                                   30 June                                          2024

                                                                                                                                                   2025
                                                                                                                                                   £                   £                            £
 Non-current assets
 Intangible assets                                                                                                                                 5,003               9,822                        460,182
 Property, plant and equipment                                                                                                                     74,284              82,321                       87,580

 Financial                                                                                                                                         -                   -                            1,240,826
 asset
 Derivative financial asset                                                                                                                  4     -                   -                            83,561

 Total non-current assets                                                                                                                          79,287              92,143                       1,872,149

 Current assets
 Trade and other receivables                                                                                                                       155,365             253,964                      348,718
 Cash and cash equivalents                                                                                                                         396,648             236,902                      1,084,440
 Current tax asset                                                                                                                                 358,750             239,483                      345,942
 Derivative financial asset                                                                                                                  4     590,729             154,519                      411,414

 Total current assets                                                                                                                              1,501,492           884,868                      2,190,514

 Current liabilities
 Trade and other payables                                                                                                                          (1,244,080)         (1,519,870)                  (1,371,438)

 Total current liabilities                                                                                                                         (1,244,080)         (1,519,870)                  (1,371,438)

 Net current assets                                                                                                                                257,412             (635,002)                    819,076

 Net assets                                                                                                                                        336,699             (542,859)                    2,691,225

 EQUITY
 Ordinary shares                                                                                                                             5     30,645,884          29,813,018                   29,813,018
 Share premium                                                                                                                                     31,183,135          29,317,444                   29,317,444
 Merger reserve                                                                                                                                    106,148             106,148                      106,148
 Other reserves                                                                                                                                    6,151,550           6,131,674                    5,954,282
 Retained earnings                                                                                                                                 (67,750,018)        (65,911,143)                 (62,499,667)

 Total equity                                                                                                                                      336,699             (542,859)                    2,691,225

ImmuPharma plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
                                                       Ordinary shares                                                                                                                                  Other reserves -Share based payment reserve                                                               Total

                                                       £                                                                                                                                                £                                                                                                         Equity

                                                                                                                                                                                                                                                                                                                  £

                                                                                                                              Other              Other                                                                                                   Other reserves - Warrant reserve

                                                                                                                               reserves -        reserves -                                                                                              £

                                                                              Share premium                     Merger        Acquisition        Translation                                                                                                                                    Retained

                                                                                           £                    Reserve       Reserve            Reserve                                                                                                                                        Earning

                                                                                                                £             £                  £                                                                                                                                              £s
     At 1 January 2024                                     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 period                     -                      -                                 -             -                  -                                                      -                                                -                                      (387,852)         (387,852)
     Exchange differences

                                                       -                      -                                 -             -                  19,008                                                 -                                                                                       -                 19,008
     Share based payments                              -                      -                                 -             -                  -                                                      32,683                                           -                                      -                         32,683
     Fair value loss on investments                    -                      -                                 -             -                  -                                                      -                                                -                                      730,266           730,266
     Fair value gain on warrants                       -                      -                                 -             -                  -                                                      -                                                -                                      1,240,831         1,240,831
     At 30 June 2024 unaudited                         29,813,018             29,317,444                        106,148       (3,541,203)        (1,245,688)                                            9,022,814                                        1,718,359                              (62,499,667)      2,691,225

     At 1 January 2024                                     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                              -                                                        -             -                                        141,376                          -                                                -                                      -                 141,376

     Share based payments                              -                      -                                 -             -                  -                                                      87,707                                           -                                      -                 87,707
     Fair value gain on investments                    -                      -                                 -             -                  -                                                      -                                                -                                      730,269           730,269
     Fair value loss on warrants                       -                      -                                 -             -                  -                                                      -                                                -                                      (75,001)          (75,001)
     At 31 December 2024 & 1 January 2025 audited          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)

     Loss for the financial period                     -                      -                                 -             -                  -                                                      -                                                -                                      (1,838,875)       (1,838,875)
     Exchange differences

                                                       -                      -                                 -             -                  (35,147)                                               -                                                                                       -                 (35,147)
     Share based payments                              -                      -                                 -             -                  -                                                      55,023                                           -                                      -                         55,023
     New issue of equity capital                       832,867                2,159,133                         -             -                  -                                                      -                                                -                                      -                 2,992,000
     Cost of new issue of equity capital               -                      (293,442)                         -             -                  -                                                      -                                                -                                      -                 (293,442)

     At 30 June 2025 unaudited                         30,645,884             31,183,135                        106,148       (3,541,203)        (1,158,467)                                            9,132,861                                        1,718,359                              (67,750,018)      336,699

ImmuPharma plc

 

CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2025

 

                                                         Note                                    Unaudited               Audited Year                                  Unaudited

                                                                                                 6 months ended          ended 31 December 2023                        6 months ended

                                                                                                 30 June                                                               30 June

                                                                                                 2024                                                                  2024
                                                                                                 £                       £                                             £
 Cash flows from operating activities
 Cash used in operations                                 3                                       (1,004,244)             (2,043,512)                                   (1,085,950)
                                                                                                 -                                        278,661                      210,000

 Tax received
 Interest paid                                                                                   (891)                            (4,253)                              (776)

                                                                                                 (1,005,135)             (1,769,105)                                   (876,726)

 Net cash used in operating activities

 Investing activities
 Purchase of property, plant and equipment                                                       -                                (1,652)                              -
 Proceeds from sale of investment                                                                -                       1,364,050                                     1,477,698
 Purchase of investment                                                                          -                       (75,000)                                      -
 Grants received                                                                                 5,889                   -                                             -
 Interest received                                                                               2,109                         6,237                                   1,844

 Net cash (used in)/generated from investing activities                                          7,998                        1,293,635                                1,479,542

 Financing activities
 Settlements from Sharing Agreement                                                              399,177                 502,001                                       293,372
 Interest paid                                                                                   -                       (1,984)                                       -
 Issue of ordinary share capital                                                                 2,992,000               -                                             -
 Transaction costs on issue of share capital                                                     (328,692)               -                                             -
 Funds deferred per sharing agreement                                                            (1,875,000)             -                                             -

 Net cash generated from financing activities                                                    1,187,485               500,017                                       293,372

 Net increase in cash and cash equivalents                                                       190,348                 24,547                                        896,188

 Cash and cash equivalents at start of period                                                    236,901                 208,481                                       208,481

 Effects of exchange rates on cash and                                                                 (30,601)          3,873                                         (20,229)

 cash equivalents

                                                                                                                         236,901

 Cash and cash equivalents at end of period                                                      396,648                                                               1,084,440

ImmuPharma plc

 
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2025

 

1          ACCOUNTING POLICIES

 

Basis of preparation

 

The interim financial information in this report has been prepared using
accounting policies consistent with IFRS as adopted by the United Kingdom.
IFRS is subject to amendment and interpretation by the International
Accounting Standards Board (IASB) and the IFRS Interpretations Committee and
there is an ongoing process of review and endorsement by the UK Endorsement
Board. The financial information has been prepared on the basis of IFRS
expected to be adopted by the United Kingdom and applicable as at 31 December
2024. The Group has chosen not to adopt IAS 34 "Interim Financial Statements"
in preparing the interim financial information.

 

The accounting policies applied are consistent with those that were applied to
the financial statements for the year ended 31 December 2024.

 

             Non-Statutory accounts

 

The financial information set out in this interim report does not constitute
the Group's statutory accounts, within the meaning of Section 434 of the
Companies Act 2006. The statutory accounts for the year ended 31 December 2024
have been filed with the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified, did not contain a statement
under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 but
did include 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.

 

 

ImmuPharma plc

 
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2025
(Continued)

 

 

2              LOSS PER SHARE

 

 

                                                                                Unaudited          Audited Year                 Unaudited 6 months ended

                                                                                6 months ended     ended 31 December 2024       30 June

                                                                                30 June                                         2024

                                                                                2025
                                                                                £                  £                            £

 Loss
 Loss for the purposes of basic and diluted loss per share being net loss       (1,838,875)        (2,483,499)                  (387,852)
 attributable to equity shareholders

 Number of shares
 Weighted average number of ordinary shares for the purposes of basic loss per  479,827,673        416,437,268                  416,437,268
 share

                                                                                (0.38)p            (0.60)p                      (0.09)p

 Basic loss per share

 Diluted loss per share                                                         (0.38)p            (0.60)p                      (0.09)p

There is no difference between basic loss per share and diluted loss per share
as the share options and warrants are anti-dilutive. Deferred shares are
excluded from the loss per share calculation as they have no attributable
earnings.

 

 

ImmuPharma plc

 
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2025

 

(Continued)

 

 3                  CASH USED IN OPERATIONS
                                                                             Unaudited             Audited Year                  Unaudited

                                                                             6 months ended        ended 31 December 2024        6 months ended

                                                                             30 June                                             30 June

                                                                             2025                                                2024
                                                                             £                     £                             £

    Loss for the period                                                      (1,838,875)           (2,483,499)                   (764,227)
    Depreciation & amortisation                                              28,522                63,880                                  86,639
    Impairment of intangible assets                                          -                     404,095
    Loss on sale of fixed assets                                             -                     3,293
    Share based payments                                                     55,023                87,707                               288,826
    Loss/(gain) on derivatives                                               742,544               (38,939)
    (Increase)/decrease in trade & other receivables                         98,599                213,816                       (81,938)
    (Decrease) in trade & other payables                                     (110,154)             (145,253)                     (293,684)
    Gain on foreign exchange                                                 21,879                147,258                       2,374

    Cash used in operations                                                  (1,004,244)           (2,043,513)                   (1,085,950)

 

 

 

 4    Derivative Financial Asset

      In the placement completed in February 2025, the Company issued 50,000,000 new

    ordinary shares to Lanstead Capital Investors L.P. ("Lanstead") at a price of
      3.75p per share to raise £1.875m gross. All Subscription proceeds were
      pledged under the Sharing Agreement, under which Lanstead made and will
      continue to make, subject to the terms and conditions of that Sharing
      Agreement, monthly settlements to the Company that are subject to adjustment
      upwards or downwards depending on the Company's share price performance.

      The Company also issued 3,500,000 new ordinary shares consecutively to
      Lanstead as value payments in connection with the Share Subscription and the
      Sharing Agreement. The settlements from the remaining Sharing Agreements will
      continue until November 2025.

      At the end of the accounting period the amount receivable has been adjusted to
      fair value based upon the share price of the Company at that date. Any change
      in the fair value of the derivative financial asset is reflected in the income
      statement. As at 30 June 2025, the Company completed a calculation of fair
      value of the derivative financial asset that resulted in a finance loss of
      £742,544 which was recorded in the income statement.  The restatement to
      fair value will be calculated at the end of each accounting period during the
      course of the Sharing Agreement and will vary according to the Company's share
      price performance.

 

 

 

ImmuPharma plc

 
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2025

 

(Continued)

 

 

5              Issued share capital

 

At 30 June 2025, the Company had no limit on its authorised share capital.

 

 Allotted, called up and fully paid          30 June 2025 No.  31 December 2024 No.  30 June 2025 £   31 December

                                                                                                      2024 £
 At start of year:
 Ordinary shares of £0.01 each               416,437,265       416,437,265           4,164,374        4,164,374
 Deferred shares of £0.09 each               284,984,933       284,984,933           25,648,644       25,648,644
 Movements during period:
 Ordinary shares issued on 13 February 2025  83,286,667        -                     832,867          -
 At end of the period
 Ordinary shares of £0.01 each               499,723,932       416,437,265           4,997,239        4,164,374
 Deferred shares of £0.09 each               284,984,933       284,984,933           25,648,644       25,648,644

 

 

 

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