ImmuPharma (AIM:IMM), the specialist drug discovery and development company, reported a loss for the period of £1.8m for the year ended 31 December 2025, down from £2.5m in 2024.
Research and development spend was £1.3m (2024: £1.2m), administrative expenses were £1m (2024: £1m), and basic and diluted loss per share narrowed to 0.37p (2024: 0.60p).
"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 Kapiglucagon over the next two years," said Tim McCarthy, CEO and Chairman.
The company said its lead asset P140 remains the core value driver, noting a September 2025 patent application covering a Type M companion diagnostic, a Combined Search and Examination Report in April 2026 and a manuscript in preparation.
Kapiglucagon has been accelerated as an earlier-stage strategic asset, and the company has initiated IND-enabling activities, including preparation for a pre-IND meeting with the FDA and evaluation of a 505(b)(2) pathway, subject to FDA confirmation.
ImmuPharma said it is in active discussions with potential global commercial partners to complete a value-enhancing licensing transaction for P140 in 2026 and noted executive promotions and the appointment of Ketan Patel as an independent non-executive director.
The group finished the period with £1.4m of cash, a Lanstead derivative financial asset of nil (2024: £0.2m) and reported share-based expense of £0.1m (2024: £0.09m).
