REG - Immupharma PLC - Final Results
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RNS Number : 7749F Immupharma PLC 27 May 2026
RNS: | 27(th) May 2026
ImmuPharma PLC
("ImmuPharma" or the "Company")
FINAL RESULTS
for the twelve months ended 31 December 2025
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 2025 (the "Period").
Key Highlights (including post Period review)
Financials
· Loss for the Period of £1.8m (2024: £2.5m)
· Research and development expenses of £1.3m (2024: £1.2m)
· Administrative expenses of £1.0m (2024: £1.0m)
· Share based expense of £0.1m (2024: £0.09m)
· Cash balance of £1.4m at 31 December 2025 (31 December 2024:
£0.2m)
· Lanstead derivative financial asset of £nil (2024: £0.2m)
· Basic and diluted loss per share of 0.37p (2024: 0.60p)
· On 7 April 2026, a £6.47 million fundraise at 6p was completed,
comprising:
o £6m subscription through Lanstead Capital; plus
o WRAP Retail Offer of £0.47m
Portfolio
P140 technology platform
· Continued progress with the Company's P140 autoimmune technology
platform, which remains ImmuPharma's lead asset and core value driver
· As highlighted in the patent application submission in September
2025, P140 is being developed alongside the Type M companion diagnostic
platform, designed to identify "super-responder" patients and enable a
precision medicine approach in autoimmune diseases
· The recent P140 scientific update in April 2026, further
strengthened the program's foundations, highlighting the first Combined Search
and Examination Report for the UK patent application, supported by new study
data
· A scientific manuscript is now in preparation for submission to a
peer-reviewed journal
· These developments enhance the credibility and long-term
commercial potential of P140
Kapiglucagon
· Kapiglucagon has been accelerated as a key earlier-stage
strategic asset in the Company's portfolio, expanding ImmuPharma's
peptide-based innovation into metabolic disease and Type 1 diabetes
· Kapiglucagon is a proprietary glucagon prodrug designed to
overcome the formulation instability of native glucagon, with potential
application in dual-hormone artificial pancreas systems and other
glucagon-based therapeutic applications
· The Company has initiated IND-enabling activities for
Kapiglucagon, including preparation for a pre-IND meeting with the FDA and
evaluation of a 505(b)(2) regulatory pathway, subject to FDA confirmation
Partnering opportunities
· Active discussions continue with a number of potential global
commercial partners for P140, with the Company focused on completing a
value-enhancing licensing transaction in 2026
· Kapiglucagon also represents a potential future partnering
opportunity, supported by its proprietary position, 100% ImmuPharma ownership
and strategic flexibility across development, partnering and commercialisation
pathways
Management and Board updates
· Dr Sébastien Goudreau promoted into the position of Chief
Scientific Officer
· Dr Laura Mauran-Ambrosino promoted to Head of Research and
Development, of the Group
· Ketan Patel appointed as an independent Non-Executive Director,
to the Board
Commenting on the statement and outlook Tim McCarthy, CEO and Chairman, said:
"ImmuPharma is entering a pivotal phase, focused on securing a commercial
partnership for P140 in 2026 while continuing to develop its broader
portfolio, with a key focus on fast tracking Kapiglucgaon over the next two
years. The Board remains confident in the underlying science and long-term
potential of the Company's assets, while recognising that near-term progress,
is closely linked to achieving key strategic milestones.
On behalf of the Board, I would like to extend our sincere thanks to our
shareholders for their continued support and confidence. We also recognise the
contributions of our partners, advisors, and employees, whose efforts are
fundamental to our progress."
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
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For further information please contact:
ImmuPharma PLC (www.immupharma.co.uk (http://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 (tel:0113%20370%208974)
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 (http://www.immupharma.co.uk) .
A copy of the final report is available on the Company's website
www.immupharma.co.uk (http://www.immupharma.co.uk) .
Chairman's Report
2025 has been a year of continued strategic focus, scientific progress, and
disciplined financial management as we advance our mission to develop
innovative therapies for unmet medical needs in autoimmune diseases.
Throughout 2025, the Group has remained firmly focused on progressing its lead
asset, P140, alongside strengthening its broader pipeline and reinforcing its
partnerships. Our strategy continues to centre on creating long-term
shareholder value through the development of novel peptide-based therapeutics,
leveraging our proprietary technology platform and scientific expertise.
We have made meaningful progress in advancing P140 towards late-stage clinical
development readiness. Engagement with regulatory authorities and key
stakeholders has been constructive, and we remain committed to ensuring that
the next phase of development is robust, efficient, and aligned with
regulatory expectations.
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, led by Dr Sebastien Goudreau and Dr Laura
Mauran, 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
has the potential to demonstrate clinical efficacy and a beneficial safety
profile.
In September 2025, we announced the filing of a groundbreaking new patent
application for our lead asset P140, the world's first "Immunormalizer." The
patent application which provides the potential for 20 years of commercial
exclusivity, includes a novel diagnostic test and precision treatment
approach, identifying a subpopulation of patients with Type M immune
disorder that are P140 super-responders. This approach can be used to treat
up to 50 autoimmune diseases ("AutoIDs"), representing a major step forward in
precision medicine.
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 aligns 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 Group is in active discussions with a number of potential
commercial partners.
Management and Board updates
In conjunction with the filing of a groundbreaking new patent application for
its lead asset P140, and recognising the significance of this major step
forward, Dr Sébastien Goudreau was promoted into the position of Chief
Scientific Officer and Dr Laura Mauran-Ambrosino promoted to Head of Research
and Development, of the Group.
In October 2025, Ketan Patel, was appointed as an independent Non-Executive
Director, to the Board.
Mechanism of action and precision medicine approach
ImmuPharma believes P140 has the potential to offer a differentiated
therapeutic approach for the treatment of autoimmune diseases by restoring
immune homeostasis, rather than suppressing immune function. Over recent
years, the Group has undertaken a substantial re-evaluation of the P140
program, including its clinical development strategy and the underlying
scientific understanding of its mechanism of action. This work has led to a
refined development approach and has further strengthened confidence in the
broader potential of the P140 platform.
A major advance in 2025 was the filing of a new patent application for P140,
supporting a precision medicine approach to autoimmune disease. This
application covers both a novel diagnostic test and the therapeutic use of
P140 in patients identified as having Type M immune disorder, a newly
characterized sub-type of immune dysfunction.
This development represents an important step forward for the program. The
diagnostic approach is designed to identify those patients most likely to
respond to P140 therapy and to enable treatment response to be monitored more
effectively. In addition to its potential clinical benefit, this precision
approach may also improve the design and efficiency of future clinical trials
through enhanced patient selection, earlier indication of response, reduced
placebo effect and, potentially, smaller and faster studies.
The Group's recent preclinical work has also provided important supporting
evidence regarding the mechanism of action of P140. These findings reinforce
the view that P140 has a unique and differentiated profile and acts as a
first-in-class Immunormalizer by selectively restoring abnormal immune
activity towards its natural equilibrium. Unlike conventional
immunosuppressive or immunomodulatory approaches, P140 is not intended to
block or weaken the immune system, which may represent an important advantage
in autoimmune disease treatment.
These discoveries, generated by ImmuPharma Biotech and supported by externally
validated scientific data, further strengthen the Group's intellectual
property position and enhance the commercial attractiveness of P140. They also
support ongoing discussions with potential global partners as the Company
continues to advance P140 as both a therapeutic and diagnostic-led precision
medicine opportunity in autoimmune disease.
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 pioneering a new generation of precision therapies to address
major global health challenges, including autoimmune diseases
(https://www.immupharma.co.uk/science/autoimmunity/) , infectious diseases
(https://www.immupharma.co.uk/science/anti-infectives/) , and metabolic
disorders such as type 1 diabetes
(https://www.immupharma.co.uk/science/type-1-diabetes/) .
Our approach goes beyond symptom management - we aim to target the underlying
mechanisms of disease and unlock transformative therapeutic solutions.
Leveraging deep expertise in peptide science, we develop first-in-class
therapeutics and enabling technologies designed to reshape treatment
paradigms.
In parallel with our work in immunology and infectious diseases, ImmuPharma is
advancing Kapiglucagon
(https://www.immupharma.co.uk/science/type-1-diabetes/kapiglucagon/) , a
proprietary glucagon prodrug technology designed to enable next-generation
artificial pancreas systems for type 1 diabetes. By overcoming the
long-standing formulation limitations of native glucagon, Kapiglucagon has the
potential to support the development of dual-hormone automated insulin
delivery systems, bringing diabetes management closer to fully autonomous
glucose control. Through internally driven innovation and strategic
partnerships, ImmuPharma aims to deliver high-impact therapeutic assets
capable of transforming patient care while creating sustainable long-term
value.
Autoimmunity
Autoimmune diseases represent one of the fastest-growing therapeutic areas
worldwide, affecting an estimated 3-10% of the global population. Despite this
high burden, current treatment strategies remain largely focused on symptom
management rather than addressing the root cause of disease. Autoimmune
diseases are complex, chronic, and costly. They often require lifelong care,
involve multiple medical specialties, and are associated with high indirect
healthcare costs and significant impacts on quality of life. Women are
disproportionately affected, and incidence rates are steadily increasing
across all regions.
P140 - World's first immunormalizer
P140 (Lupuzor™, forigerimod) is a first-in-class peptide-based therapy
designed to address the root cause of autoimmune and inflammatory diseases.
Unlike current therapies that aim to suppress or modulate immune activity,
P140 selectively restores immune balance without compromising healthy immune
function. By directly targeting key pathways involved in immune tolerance,
P140 represents a new therapeutic category: an immunormalizer.
The current standard of care in autoimmune disease primarily focuses on
controlling inflammation rather than addressing its root cause. ImmuPharma is
pioneering a new therapeutic paradigm through its proprietary platforms:
· Restoring immune tolerance instead of broad suppression
· Identifying and targeting the right patients through companion
diagnostics
· Building a precision medicine ecosystem that enables durable
remission and improved long-term outcomes
This differentiated strategy positions ImmuPharma at the intersection of
immunology, precision medicine, and peptide-based therapeutics, areas driving
the next wave of biomedical innovation.
A new therapeutic paradigm
Autoimmune diseases represent one of the fastest-growing therapeutic areas
worldwide, affecting an estimated 3-10% of the global population. Despite this
high burden, current treatment strategies remain largely focused on symptom
management rather than addressing the root cause of disease.
Autoimmune diseases are complex, chronic, and costly. They often require
lifelong care, involve multiple medical specialties, and are associated with
high indirect healthcare costs and significant impacts on quality of life.
Women are disproportionately affected, and incidence rates are steadily
increasing across all regions.
· Selective immune normalization rather than global suppression.
· Clinically validated safety profile with no observed toxicity in
human or animal studies.
· Applicable across a broad range of autoimmune conditions.
This unique mechanism aims to rebalance immune homeostasis, enabling patients
to achieve durable remission rather than temporary symptom control.
Type M & Diagnostic
P140 is being developed alongside ImmuPharma's Type M companion diagnostic
(https://www.immupharma.co.uk/science/autoimmunity/type-m-diagnostic/) , a
breakthrough tool that offers:
· Identification of "super-responder" patients (type M endotype),
· Personalized treatment strategies,
· Optimized efficacy and long-term disease control.
This combined approach represents a next-generation standard of care in
autoimmunity.
ImmuPharma is developing a next-generation companion diagnostic designed to
identify and monitor patients with a high level of precision.
Unlike conventional static autoantibody tests, this tool integrates
multi-layered diagnostic logic to guide both patient selection and treatment
adaptation.
This innovative approach enables accurate pre-treatment stratification and
in-treatment monitoring, addressing a critical unmet need in autoimmune
disease (https://www.immupharma.co.uk/science/autoimmunity/) management.
Through our research, ImmuPharma has discovered "Type M", a new immune
endotype that is present across most autoimmune diseases.
· Type M prevalence is estimated at up to 80% depending on the
indication, with an average of 50% across most prevalent diseases.
· A simple and rapid test allows for the identification of this
patient group.
· Type M patients are "super-responders" to P140
(https://www.immupharma.co.uk/science/autoimmunity/p140/) , making them a key
target population for curative therapies.
By uncovering this common endotype across diverse conditions, ImmuPharma aims
to unlock a unifying precision medicine approach for multiple autoimmune
indications.
While existing diagnostics rely on static autoantibody detection with limited
specificity, ImmuPharma's platform stands apart by offering:
· Reference-level diagnostic performance,
· Use of standard, scalable technologies,
· Direct support for personalized medicine strategies.
This multi-layered diagnostic logic enables clinicians to precisely stratify
patients before treatment and to monitor their biological response over time
P140 - Other indications
The autoimmune therapeutics market is projected to reach $250 billion by 2035
and continues to expand across multiple therapeutic areas:
· Dermatology (Psoriasis, Vitiligo, Alopecia): +78% growth in the
next decade
· Gastroenterology (Celiac Disease, Crohn's, Ulcerative Colitis):
+36% growth in the next decade
· Rheumatology (RA, Lupus, Psoriatic Arthritis): +43% growth in the
next decade
· Endocrinology (Type 1 Diabetes, Hashimoto's): stable growth in
the next decade
· Neurology (Multiple Sclerosis): +40% growth in the next decade
This broad and expanding market underscores the urgent need for innovative
therapies that go beyond temporary relief.
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 Group.
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.
BioAMB | for systemic fungal infections
BioAMB is a next-generation amphotericin-B (AMB) variant designed to overcome
the major safety and tolerability limitations of conventional AMB therapies.
Unlike typical reformulations, BioAMB is a novel bio-drug entity that releases
AMB as the active agent, combining high efficacy with improved patient safety
and ease of use.
Invasive fungal infections are a significant threat for immunocompromised
patients, and resistance to azoles - a first-line antifungal class - is
steadily increasing.
Amphotericin-B remains one of the few effective therapies for life-threatening
infections, including aspergillosis.
However, current AMB formulations are associated with severe toxicity that
limits their use and tolerability.
BioAMB aims to change this landscape by delivering the proven efficacy of AMB
with a dramatically improved safety profile, enabling broader and earlier use
in critical care.
Key Advantages of BioAMB:
· Reduced kidney toxicity and improved patient tolerance
· Simple injection instead of intravenous infusion
· Optimized frequency and duration of therapy
BioCIN | for severe bacterial infections
BioCIN is a next-generation vancomycin-based therapy designed to transform the
treatment of life-threatening Gram-positive infections, including those caused
by methicillin-resistant Staphylococcus aureus (MRSA) - one of the deadliest
bacterial threats in hospital settings.
Unlike conventional vancomycin, which requires prolonged IV infusions and is
associated with notable toxicity, BioCIN offers a new formulation enabling
easier administration, better tolerance, and potentially improved outcomes.
Vancomycin remains a last-resort antibiotic for severe MRSA infections -
including sepsis, lower respiratory tract infections, osteomyelitis, and
complicated skin infections.
However, current administration methods are complex, resource-intensive, and
poorly tolerated, limiting access to the therapy for many patients.
BioCIN aims to overcome these barriers, enabling earlier use, safer treatment,
and broader patient reach - a major step forward in the fight against
resistant bacterial infections.
Key Advantages of BioCIN:
· Reduced toxicity and improved tolerability compared to standard
vancomycin
· Simple injection or oral administration - eliminating prolonged
IV infusion
· Optimized treatment frequency and duration
· Enhanced efficacy through improved patient compliance and drug
exposure
Current Activities and Outlook
During the period, ImmuPharma has made significant progress in advancing its
lead asset, P140, while strengthening its strategic and financial position.
The Company has continued to build scientific validation around P140's unique
mechanism of action, reinforcing its potential as a differentiated treatment
platform for autoimmune diseases.
A key priority has been progressing discussions with potential pharmaceutical
partners. Engagement with multiple global organisations remains ongoing,
although timelines for concluding a partnership have extended into 2026,
reflecting the complexity and scale of such transactions.
The Company has also taken steps to broaden its pipeline, including
advancement of its Type 1 Diabetes-focused programme, Kapiglucagon, which
offers additional medium-term value potential.
Financially, ImmuPharma has improved its funding position through successful
capital raises, providing sufficient runway to support operations and
strategic objectives into 2027.
Overall, ImmuPharma is entering a pivotal phase, focused on securing a
commercial partnership for P140 in 2026 while continuing to develop its
broader portfolio, with a key focus on fast tracking Kapiglucgaon over the
next two years. The Board remains confident in the underlying science and
long-term potential of the Company's assets, while recognising that near-term
progress, is closely linked to achieving key strategic milestones.
As a Board, we remain focused on bringing P140 to the market and securing
additional partnering deals for P140 as well as Kapiglucagon and other earlier
stage assets within our portfolio.
On behalf of the Board, I would like to extend our sincere thanks to our
shareholders for their continued support and confidence. We also recognise the
contributions of our partners, advisors, and employees, whose efforts are
fundamental to our progress.
Tim McCarthy
Chairman & CEO
Financial Review
The financial results of the ImmuPharma Group in this report cover the year
ended 31 December 2025. 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 2025 was £2.5 million, a
reduction from £2.7 million for the year ended 31 December 2024. Research and
development expenditure increased to £1.3 million (2024: £1.2 million),
reflecting continued investment in development activities, while
administrative expenses remained stable at £1.0 million (2024: £1.0
million).
Finance income increased significantly from £45k in 2024 to £374k in 2025,
while finance costs decreased to £12k (2024: £149k), primarily due to
favourable fair value movements on the Lanstead derivative financial asset.
The loss after tax reduced to £1.8 million (2024: £2.5 million), with the
improvement driven both by the favourable finance movements and the absence of
the prior year impairment of intangible assets, which had increased losses in
2024. Total comprehensive loss for the year was £1.7 million, broadly in line
with the prior year.
Statement of Financial Position
The Group's cash and cash equivalents at 31 December 2025 amounted to £1.4
million (2024: £0.2 million), reflecting funds raised during the year through
equity issuance. Trade and other payables decreased to £1.2 million (2024:
£1.5 million), primarily due to the settlement of trade creditors during the
period.
At 31 December 2025, the Lanstead derivative financial asset amounted to £nil
(2024: £0.2 million), following the completion of the remaining sharing
agreements during the year. The decrease reflects the year-end fair value
assessment, taking into account amounts received and gains recognised. Further
details are provided in Note 15.
Results
The Group recorded a loss for the year of £2.1 million (2024: £2.5 million).
Basic and diluted loss per share was 0.37p (2024:0.60p). In accordance with
the Group's loss making position, no dividend is proposed.
Total Voting Rights & Warrants
The Company had a total of 787,708,865 (2024: 701,422,198) shares in issue at
31 December 2025. The Company's issued share capital comprised 502,723,932
(2024: 416,437,265) Ordinary Shares with one voting right each and 284,984,933
(2024: 284,984,933) deferred shares with no rights to vote. Total warrants
outstanding equal: 98,042,350 (2024: 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.
Tim McCarthy
Director
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended Year ended
31 December 2025 31 December 2024
£ £
Continuing operations
Revenue -
-
Research and development expenses (1,346,214) (1,161,545)
Administrative expenses (1,088,609) (1,031,188)
Share based payment expense (107,896) (87,707)
Other operating income 8,563 9,231
Other operating expenses - (404,095)
Operating loss (2,534,156) (2,675,304)
Finance costs (11,857) (149,242)
Finance income 373,853 45,176
Loss before taxation (2,172,160) (2,779,370)
Tax 364,499 295,871
Loss for the year (1,807,661) (2,483,499)
Attributable to:
Equity holders of the parent company (1,807,661) (2,483,499)
Loss per ordinary share
Basic and diluted (0.37)p (0.60)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Year Year
ended 31 December ended 31 December
2025 2024
£ £
Loss for the financial period (1,807,661) (2,483,499)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value gain/(loss) on investment - 730,269
Fair value loss on warrants owned - (75,001)
Total items that will not be reclassified subsequently to profit or loss - 655,268
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 20,566 141,376
Total items that may be reclassified subsequently to profit or loss 20,566 141,376
Other comprehensive income for the period
20,566 796,644
Total comprehensive loss for the period (1,787,095) (1,686,855)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025 31 December 2024
£ £
Non-current assets
Intangible assets - 9,822
Property, plant, and equipment 64,528 82,321
Total non-current assets 64,528 92,143
Current assets
Trade and other receivables 167,312 253,964
Derivative financial asset - 154,519
Cash and cash equivalents 1,352,249 236,902
Current tax asset 294,932 239,483
Total current assets 1,814,493 884,868
Current liabilities
Trade and other payables (1,192,159) (1,519,870)
Total current liabilities (1,192,159) (1,519,870)
Net current assets/(liabilities) 622,334 (635,002)
Net assets/(liabilities) 686,862 (542,859)
EQUITY
Ordinary shares 30,675,884 29,813,018
Share premium 31,363,498 29,317,444
Merger reserve 106,148 106,148
Other reserves 6,260,136 6,131,674
Retained earnings (67,718,804) (65,911,143)
Total Equity/(deficit) 686,862 (542,859)
The financial statements were approved by the Board of Directors and
authorised for issue on 26 May 2026
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 2025
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 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 on translation
of foreign operations (OCI) - - - - 141,376 - - - 141,376
Fair value gain on investments (OCI) - - - - - - - 730,269 730,269
Fair value loss on share warrants (OCI) - - - - - - - (75,001) (75,001)
Transactions with owners:
Share based payments - - - - - 87,707 - - 87,707
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)
Loss for the financial year - - - - - - - (1,807,661) (1,807,661)
Exchange differences on translation
of foreign operations (OCI) - - - - 20,566 - - - 20,566
Transactions with owners:
Share based payments - - - - - 107,896 - - 107,896
New issue of equity capital 862,866 2,279,134 - - - - - - 3,142,000
Costs of new issue of equity capital - (233,080) - - - - - - (233,080)
At 31 December 2025 30,675,884 31,363,498 106,148 (3,541,203) (1,102,754) 9,185,734 1,718,359 (67,718,804) 686,862
Equity holders of the parent company 30,675,884 31,363,498 106,148 (3,541,203) (1,102,754) 9,185,734 1,718,359 (67,718,804) 686,862
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Year ended Year ended
31 December 2025 31 December
2024
£ £
Cash flows from operating activities
Cash used in operations (2,678,221) (2,063,413)
Tax 314,540 290,982
Interest paid (8,696) 7,362
Net cash used in operating activities (2,372,377) (1,765,069)
Investing activities
Proceeds from sale of investment - 1,374,050
Purchase of property, plant and equipment (1,652)
Government grants received 8,563
Interest received 5,713 6,237
Net cash generated from investing activities 12,624 1,380,287
Financing activities
Settlements from Sharing Agreement 2,397,659 502,001
Gross proceeds from issue of new share capital 3,142,000 -
Share capital issue costs (233,080) -
Funds deferred per Sharing Agreement (1,875,000) -
Net cash generated from financing activities 3,431,579 502,001
Net increase in cash and cash equivalents 1,071,826 119,551
Cash and cash equivalents at beginning of year 236,902 208,481
Effects of exchange rates on cash and cash equivalents 43,521 (91,130)
Cash and cash equivalents at end of year 1,352,249 236,902
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 2025 or 31 December 2024.
The financial information has been extracted from the statutory accounts for
the years ended 31 December 2025 and 31 December 2024. 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 2025 and 31 December 2024. For
the year ended 31 December 2025 and 31 December 2024 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 2024 have been
delivered to the Registrar of Companies, whereas those for the year ended 31
December 2025 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 2024 and interim
results for the period ended 30 June 2025, which have been prepared in
accordance with International Financial Reporting Standards ('IFRS').
The financial information is for the year ended 31 December 2025 and the
comparatives are for the year ended 31 December 2024.
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 2025 Year ended
31 December 2024
£ £
Loss
Loss for the purposes of basic loss per share being net loss after tax (1,807,661) (2,483,499)
attributable to equity shareholders
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings
per share
490,588,005 416,437,268
Basic loss per share (0.37)p (0.60)p
Diluted loss per share (0.37)p (0.60)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.
30 CASH USED IN OPERATIONS
Group Group Company Company
31 December 2025 31 December 2024 31 December 2025 31 December 2024
£ £ £ £
Loss for the year (1,807,661) (2,483,499) (1,103,445) (1,276,552)
Depreciation and amortisation 35,296 63,880 997 667
Impairment of intangible assets - 404,095 - -
Loss on sale of fixed assets - 3,293 - 3,293
Share-based payments 107,896 87,707 107,896 87,707
Government grants received (8,563) - - -
Decrease/(increase) in trade and other receivables 86,652 213,816
(2,763) (12,803)
(Decrease)/increase in trade and other payables (327,711) (145,253)
(95,547) 87,069
Taxation charge (364,499) (295,871) (84,353) (88,735)
Gain on derivatives (361,998) (38,939) (361,998) (38,939)
(37,633) 147,258
Gain/(loss) on foreign exchange - 44,232
Cash used in operations (2,678,221) (2,043,513) (1,539,213) (1,193,701)
4 POST BALANCE SHEET EVENTS
In April 2026, ImmuPharma plc completed an equity fundraising to provide
additional working capital, support the continued development of its pipeline,
particularly Kappiglucagon, and for general corporate purposes.
The fundraising comprised of a £6.0 million subscription with Lanstead
Capital through the issue of 100,000,000 new ordinary shares at the issue
price, together with the entry into a sharing agreement with Lanstead; and a
retail offer via the Winterflood Retail Access Platform ("WRAP"). The WRAP
Retail Offer was undertaken to provide existing shareholders and new investors
in the United Kingdom with the opportunity to participate in the fundraising
at the issue price. Under the WRAP Retail Offer, the Company raised gross
proceeds of £468,746.82 and issued 7,812,447 new ordinary shares.
5. ANNUAL REPORT
The annual report for the year ended 31 December 2025 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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. END FR ZZGZKNVMGVZM
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