ImmuPharma (IMM) H1 2026 earnings summary

Executive summary

• Reported an operating loss of £1.1 million for H1 2026, slightly improved from £1.2 million in H1 2025.

• Overall loss increased to £4.7 million from £1.9 million due to a £3.36 million finance loss on derivative financial asset revaluation.

• Raised £6.47 million in equity funding to support accelerated development of Kapiglucagon and maintain P140 as a priority.

• Cash runway expected to extend to at least H2 2028 following fundraising.

• Continued progress on P140 and Kapiglucagon development, with focus on scientific, regulatory, and commercial milestones.

Financial highlights

• Operating loss for H1 2026: £1.1 million (H1 2025: £1.2 million).

• R&D expenses: £0.6 million (H1 2025: £0.7 million); administrative expenses: £0.4 million.

• Net loss: £4.7 million (H1 2025: £1.9 million), mainly due to derivative financial asset fair value loss.

• Cash balance at 30 June 2026: £0.7 million (30 June 2025: £0.4 million).

• Derivative financial asset valued at £2 million, up from £0.6 million a year earlier.

Outlook and guidance

• Cash runway projected to last until at least H2 2028.

• Focus remains on advancing P140 and Kapiglucagon, with a goal to secure a commercial deal for P140 in 2026.

• Continued disciplined development expenditure and partnering strategy.