ImmuPharma (IMM) H1 2024 earnings summary

Executive summary

• Operating loss reduced to £0.4m for H1 2024 from £0.8m in H1 2023, reflecting tight cost controls and increased financial stability.

• Cash balance increased to £1.1m as of 30 June 2024, up from £0.2m a year earlier, aided by the sale of Incanthera shares.

• Focus remains on advancing late-stage clinical assets P140 for SLE and CIDP, with significant progress in study protocols and mechanism of action insights.

Financial highlights

• Loss for the period was £0.4m, down from £0.8m in H1 2023; basic and diluted loss per share was 0.09p (H1 2023: 0.25p).

• Research and development expenses fell to £0.5m (H1 2023: £0.8m); administrative expenses were £0.3m (H1 2023: £0.4m).

• Cash and cash equivalents at period end were £1.1m, up from £0.2m in H1 2023.

• Proceeds of £1.5m realized from the sale of Incanthera shares in June 2024.

• Derivative financial asset valued at £0.5m as of 30 June 2024 (H1 2023: £0.3m).

Outlook and guidance

• High confidence expressed in the success of upcoming SLE and CIDP clinical studies, with further updates expected in late 2024 and into 2025.

• Continued focus on cost control, outsourcing, and securing additional commercial and partnering deals for P140.