Arecor Therapeutics (AREC) H1 2026 earnings summary

Executive summary

• Focused on advancing proprietary ultra-concentrated, ultra-rapid-acting insulins (AT278, AT290) for diabetes and developing an oral GLP-1 peptide platform for obesity and metabolic diseases.

• Strategic partnering discussions with multiple insulin pump companies are at term sheet stage, aiming to bring the insulin-AID combination to market.

• Co-development partnership for AT278 with Sequel Med Tech continues, with positive FDA interactions on Phase 2 study design.

• Announced a proposed £5.13 million fundraising to strengthen the balance sheet and support critical R&D activities.

Financial highlights

• Revenue for 1H 2026 was £0.2 million, down from £1.0 million in 1H 2025 (restated), reflecting reduced partner and royalty revenue.

• R&D expenses increased to £1.9 million (1H 2025: £1.3 million), driven by higher insulin manufacturing spend.

• Loss after tax widened to £3.0 million (1H 2025: £2.5 million).

• Cash, cash equivalents, and short-term investments totaled £3.2 million at 30 June 2026 (1H 2025: £1.9 million).

• FY 2026 revenue expected to be around £0.3 million, with a projected loss after tax of £5.5 million.

Outlook and guidance

• Revenues for FY 2026 expected to be around £0.3 million, with a loss after tax of £5.5 million.

• Existing cash resources expected to fund operations through April 2027, conditional on successful capital raise.

• Focus remains on executing strategic partnerships and advancing Phase 2 clinical studies for insulin candidates.