Interim Results for the six months ended 30 June 2026

Sep 15, 2026

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 2026 (the “Period”).

Key Highlights (including post Period review)

Financials

For the period ended 30 June 2026, the Group reported an operating loss of £1.1 million, compared to an operating loss of £1.2 million for the same period in 2025. R&D expenses amounted to £0.6 million compared to £0.7 million for 2025, with administrative expenses of £0.4 million in line with 2025. Share-based payments for the period were £0.04 million, compared with £0.05 million in the prior period.

The overall reported loss for the period was £4.7 million compared with a loss of £1.9 million for the same period in 2025. The increase is due to the Company completing a calculation of fair value of the derivative financial asset that resulted in a finance loss of £3,355,774 which was recorded in the income statement. The restatement to fair value is calculated at the end of each accounting period and will vary according to the Company’s share price performance, which as seen previously can result in either a finance gain or loss.

As at 30 June 2026, the Group held a cash balance of £0.7 million, representing a increase from £0.4 million at 30 June 2025. The derivative financial asset was valued at £2 million, up from £0.6 million a year earlier.

In March 2026, the Company announced an equity fundraising principally intended to support the accelerated development of Kapiglucagon while maintaining P140 as its principal development and partnering priority.

Following shareholder’s approval at a General Meeting on 7 April 2026, the Company completed a £6.0 million subscription with long-standing shareholder Lanstead Capital Investors L.P., together with approximately £0.47 million raised through a WRAP Retail Offer, resulting in aggregate gross fundraising proceeds of approximately £6.47 million.

The Lanstead subscription is subject to a 20-month Sharing Agreement under which the ultimate cash proceeds received by the Company may be higher or lower than the £6.0 million subscription amount depending upon ImmuPharma’s share price performance relative to the agreed benchmark price. At the time of the fundraising, the Directors stated that the new financing, together with existing funding, was expected to provide a cash runway to at least the second half of 2028, based on the assumptions set out in the fundraising announcement.

Portfolio

P140 technology platform

P140 remains the Company’s lead asset and a core value driver, with continued progress during the Period across its scientific, precision medicine and intellectual property strategy.
In March 2026, the Company received its first Combined Search and Examination Report (“CSER”) relating to the UK patent application filed in August 2025. The response represented an important milestone in the examination process.
During the 12-month priority period, ImmuPharma continued the experimental program supporting the P140 and Type M precision medicine approach and generated additional data supporting the scientific basis of the program.
Post period end, the Company filed an international Patent Cooperation Treaty (“PCT”) application relating to P140 and Type M. The additional experimental data generated during the priority period were incorporated into the PCT application. See separate announcement made today.
During the priority period, ImmuPharma generated additional experimental data supporting the Type M precision medicine approach and further characterising the biologically defined patient population associated with an increased likelihood or magnitude of response to P140.
In June 2026, the Company noted early-stage research published by the University of Murcia in Autophagy relating to P140 and its potential application in glioblastoma. The findings provide further scientific evidence relating to P140 outside its original autoimmune setting, while the Company’s primary development focus remains autoimmune disease.
Post period end, further peer-reviewed research from CNRS and the University of Strasbourg reported P140 activity in a preclinical model of metabolic dysfunction-associated steatohepatitis (“MASH”), providing additional evidence of P140 biological activity outside its original lupus setting. See separate announcement made today.

P140 partnering

The Company continues to engage with Avion Pharmaceuticals, its US licensing partner for P140. Recent discussions have been constructive, with Avion supportive of the recent scientific and intellectual property progress across the P140 program
Commercial partnering remained a key focus throughout the period. Discussions are advancing with the objective of securing a value-enhancing commercial deal for P140 in 2026.

Kapiglucagon

During the Period, ImmuPharma completed and approved the overall development plan for Kapiglucagon, establishing the regulatory, manufacturing, nonclinical and bioanalytical activities required to progress the asset towards clinical development.
During the Period and subsequently, the Kapiglucagon program moved from development planning into active execution, with regulatory, API manufacturing, drug product development and bioanalytical activities initiated.
Specialist development partners have been selected across these workstreams to support progression of the program towards IND-enabling development and first-in-human clinical studies.
The regulatory strategy for Kapiglucagon was further developed during the Period, including preparation for interaction with the US FDA to inform key elements of the IND-enabling program and subsequent clinical development.

Commenting on the statement and outlook Tim McCarthy, CEO and Chairman, said:

“In the first half of 2026 and subsequently, we have completed additional studies to support the P140 and Type M precision medicine approach and generated additional data supporting the scientific basis of the program. These results have expanded the scientific package for the P140 patent application, which has now also been filed under the international Patent Cooperation Treaty.

In April, we completed a successful fundraising of £6.47 million and initiated the accelerated development programme of Kapiglucagon.

We remain focused on progressing our two key assets, P140 and Kapiglucagon, through their development programmes and in particular securing a value-enhancing commercial deal for P140 in 2026.

In closing, I 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.”

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Prodrug

What is a Prodrug?

A prodrug is a pharmacologically inactive or much less active compound that is converted inside the body (usually by metabolic enzymes) into the active drug that actually produces the therapeutic effect.

Lisa Baderoon

Non-Executive Director and Head of Investor Relations

Lisa has spent over 25 years working within the City of London being involved with a diverse portfolio of clients from a variety of sectors but with a leaning towards emerging, high growth businesses advising both private and public companies on their financial and corporate strategies aligned to stakeholder and investor interests, as well as a strong acumen in media communication. During this time, she has been involved in a multitude of client transactions spanning private fund raisings, Initial Public Offerings (IPOs), secondary high profile capital raisings and mergers and acquisitions both in the UK and internationally.

Lisa had a successful career spanning 20 years as a Partner at Buchanan Communications, one of the leading City financial public relations agencies. As one of the youngest Board members, she was involved in the successful five-year earnout, as part of Buchanan being acquired by the FTSE 100 rated WPP Plc in 1997.

Lisa founded Just B Communications Ltd in 2012 with the key objective of working with a more select number of clients and providing a greater degree of bespoke advisory services thus becoming more integral to the day to day corporate and strategic development for these businesses. She has successfully advised a number of public and private companies, at Board level, on corporate strategy, stakeholder and investor communications, capital raisings, dual listings, licensing and M&A. Media profiling, where required, has also played an important role in advisory activities.

Lisa was appointed Head of Investor Relations at ImmuPharma in 2012 and most recently appointed as a Non-Executive Director in July 2021.

Ketan Patel

Independent Non-Executive Director

Ketan is an experienced investment professional who brings extensive expertise in financial markets, with a particular focus on the UK healthcare and life science sectors. He has been a long-term investor in UK markets, working as both an analyst and Fund Manager, managing institutional, retail, and charity mandates. Ketan began his career at JP Morgan before moving to Insight Investment, where he served as a global Pharmaceutical and Healthcare analyst. He then spent over 20 years at EdenTree Investment Management, where he was responsible for UK equity and global equity income strategies, consistently delivering upper-quartile performance.

Ketan combines rigorous fundamental analysis with risk-focused investment strategies. He is also a published thought leader on sustainability and investment themes. Ketan is a CFA Charterholder and holds an MSc in Economic History from the London School of Economics, an MSc in Geography from King’s College London, and a BA (Hons) in History and Geography from Queen Mary University, London.

Dr Laurence Reilly MD, LLM

Senior Independent Non-Executive Director

Dr Laurence Reilly has been appointed as Senior independent Non-Executive Director and Chair of the Audit Committee. Dr Reilly brings extensive experience in managing late-stage clinical programs through to approval, in addition to commercial and business development experience.

He is currently Vice President of Research & Investments, working with Royalty Pharma, a New York based life science investment company focussing on acquisition of biopharmaceutical royalties and funding of innovation across the biopharmaceutical industry.

Through his consulting practice (Acumen Life Science Investment Consulting) Dr Reilly has provided strategic consulting and due-diligence services to biotech companies, life science venture capital and private equity clients. He also served as Chief Medical Officer for Cellectar Biosciences, New Jersey, a late-stage oncology biotech company. Prior to founding his consulting practice, Dr Reilly served as Chief Scientific Officer and Vice President at Avillion, a drug development company focused on the co-development and financing of drug candidates, where he was responsible for clinical and strategic oversight of co-development programs and partnering with both large pharma and biotech, including Pfizer, Merck KGaA and AstraZeneca. Dr. Reilly previously served as a Clinician – Clinical Development & Medical Oversight at Pfizer and at Lundbeck as Medical & Scientific Advisor.

Dr Reilly earned his medical degree from the University of Liverpool Medical School, U.K., and practiced as Neurosurgery Resident at Queen Elizabeth University Hospital in Birmingham. Dr Reilly also holds a Masters Degree in Law from De Montfort University, U.K.

Dr Tim Franklin PhD, MBA

Chief Operating Officer

Tim has 38 years’ experience in the biopharmaceutical industry. He worked in clinical research, sales & marketing, and global strategic marketing for Warner Lambert, Wellcome and SmithKline Beecham. He later moved to the capital markets where he became a top-ranked pharmaceuticals analyst at Dresdner Kleinwort investment bank. He applied his experience to stock selection at hedge funds and advised several small biotechnology companies on corporate and commercial strategy and access to capital. He holds a BSc in Medicinal Chemistry and a PhD in Pharmacology from Loughborough University and an MBA from Warwick Business School.

Dr Laura Mauran-Ambrosino Ph.D.

Head of R&D

Born in Montpellier, France, Dr. Mauran-Ambrosino obtained her PhD in Chemistry from the Université de Bordeaux as a CIFRE fellow under the co-supervision of Dr. Goudreau. She then conducted postdoctoral research in cell biology at the Centre Hospitalier Universitaire (CHU) Pellegrin in Bordeaux.

In 2018, she joined Ureka, where she established both the Biology and Analytical Chemistry departments. In 2021, she became Chief Scientific Officer of Ureka Pharma. Since 2025, Dr. Mauran-Ambrosino has served as Head of R&D of the ImmuPharma Group.

Dr. Mauran-Ambrosino was a key contributor to the development of several programs, including BioAMB, BioCIN, the P140 companion diagnostic, and Kapiglucagon.

Ashley Clarke ACA

Chief Financial Officer & Company Secretary

Ashley brings over a decade of experience in the financial sector. She began her career at a Big Four accounting firm and later advanced her professional expertise by earning her ACA qualification with a respected local firm.

Her professional journey is rooted in auditing, where she developed expertise working with a diverse portfolio of audit and non-audit clients across various industries. Ashley’s experience spans from supporting SMEs to managing large international group consolidations, giving her a comprehensive understanding of financial management across different business scales.

Ashley has been closely involved with the company’s accounts for several years via outsourced accountants, providing her with deep familiarity with its operations. Now, as Group CFO and Company Secretary, she is poised to leverage her extensive knowledge to drive strategic financial growth and ensure robust fiscal management.

Dr Sébastien R. Goudreau Ph.D.

Chief Scientific Officer

Born in Sherbrooke, Québec, Canada, Dr. Sébastien Goudreau obtained his PhD in Chemistry from the Université de Montréal as an NSERC fellow before conducting postdoctoral research at ETH Zürich as an FRQNT fellow. He later returned to Canada, where he co-founded FindMolecule Inc. and worked in the pharmaceutical industry.

Dr. Goudreau joined ImmuPharma in 2014 as Research Director and established the Ureka research laboratories in Bordeaux. Following the merger of ELRO and Ureka in 2019, he became Chief Scientific Officer of Ureka Pharma. In 2021, he was appointed Chief Executive Officer of ImmuPharma Biotech, and since 2025 he has served as Chief Scientific Officer of the ImmuPharma Group.

Dr. Goudreau and his team are credited with the discovery and development of several innovative programs, including BioAMB, BioCIN, the P140 companion diagnostic, and Kapiglucagon.

Tim McCarthy FCCA, MBA

Chief Executive Officer

Tim has 45 years’ international senior level business experience in high growth biotech, healthcare and technology companies. Tim was formerly Chairman of Incanthera plc and 4basebio plc and CEO and CFO of a number of UK public listed and private companies including, Alizyme plc and Peptide Therapeutics Group plc, and has a core understanding of AIM and its regulatory processes. Co-founding a number of healthcare and biotechnology companies, he has helped raise substantial amounts of equity capital and also advised and worked at Board level for a diverse range of companies internationally, in areas such as business strategy, mergers & acquisitions, due diligence and licensing.