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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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