RNS:
RELEASE | 9 September 2024
ImmuPharma PLC
("ImmuPharma" or the
"Company")
INTERIM RESULTS
for the six months ended 30 June 2024
ImmuPharma PLC
(LSE:IMM), ("ImmuPharma" or the "Company"), the
specialist drug discovery and development company, is pleased to
announce its interim results for the six months ended 30 June 2024
(the "Period").
Key
Highlights (including post Period review)
Financials
·
Loss for the Period of £0.4m (30 June
2023: £0.8m)
·
Research and development expenses
of £0.5m (30 June 2023: £0.8m)
·
Administrative expenses of £0.3m (30 June 2023:
£0.4m)
·
Share based expense of £0.03m (30 June 2023:
£0.1m)
·
Cash balance of £1.1m as at 30 June
2024 (30 June 2023: £0.2m)
·
Derivative financial asset of £0.5m as at 30 June
2024 (30 June 2023: £0.3m)
·
Basic and diluted loss per share of 0.09p (30 June
2023: 0.25p)
Portfolio
P140
technology platform
· New insights into
P140's mechanism of action ("MOA") confirms its position as the
only non-immunosuppressing therapy in clinical development in the
industry for autoimmune diseases
· P140's MOA
support its potential not only for SLE sufferers, but for patients
suffering from a multitude of autoimmune diseases that are caused
by the same underlying immune system malfunction
· In April 2024,
the Company announced that it has initiated a new
intellectual property strategy to significantly enhance the patent
life and commercial value for its P140 technology
platform
SLE
(Lupus)
· A Phase 3
dose-range study of P140 continues preparation in collaboration
with Simbec-Orion, the designated Contract Research Organisation
("CRO")
· The new
international SLE Phase 3 dose-range study design and protocol is
substantially different from the previous Phase 3 clinical trial
completed by ImmuPharma in 2018
· The monthly dose
level administered by subcutaneous injection will be significantly
higher
CIDP
· A Phase 2/3
adaptive clinical study of P140 in CIDP is planned following
positive guidance from a Pre-Investigational New Drug (PIND)
meeting with the FDA last year
· An IND
application is now close to submission to the FDA, incorporating
all guidance points
· Simbec-Orion, has
been appointed as the CRO for this program
Preclinical
Portfolio
· The core
anti-infective program with antifungal (BioAMB) and antibacterial
(BioCIN) candidates are progressing through pre-clinical
studies
· The
non-core anticancer collaboration with Orano SA is ongoing
Incanthera
· On 3 June 2024
ImmuPharma divested its investment in shares in Incanthera.
All of the 9,904,319 shares held at the year-end were sold at 15p
per share realising gross proceeds of £1.5 million.
· Announced today:
As confirmed by a separate announcement issued
today, the warrants of 7,272,740 held in Incanthera
have been extended to 31 March 2025. See separate
announcement for full details of the transaction.
Commenting on
the statement and outlook Tim McCarthy, CEO and Chairman,
said:
"We remain
committed as a Board, on the development of P140 in SLE and CIDP,
our two key late-stage clinical assets, together with securing
additional partnering for P140. We have made significant scientific
progress over the last period, including refinement of the
protocols for the SLE and CIDP studies and new insights into the
MOA of P140, and as a result, we have a high level of confidence of
the success of these new studies.
We will also
continue to concentrate on securing further commercial and
partnering deals, on which we have made significant progress over
the last 6 months.
On
an operational level, we have continued our focus on tight cost
controls and maximising the use of outsourcing to keep our
committed overhead costs to the minimum. This is illustrated very
clearly in the reduction of our operating loss for the period to
£0.4m down from £0.8m for the same period last year. We have also
strengthened the balance sheet and extended our cash runway by
successfully selling our shareholding in Incanthera, whilst still
retaining a further 7.3 million warrants.
We look
forward to providing further updates on the progress of our
pipeline and commercial deals throughout the remaining period of
2024 and moving into 2025.
In closing, we
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."
Market Abuse
Regulation (MAR) Disclosure
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS
AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
|
For further information
please contact:
|
ImmuPharma PLC
(www.immupharma.co.uk)
|
+ 44 (0) 2072 062650
|
|
Tim McCarthy, Chief Executive Officer and
Chairman
|
|
|
Lisa Baderoon, Head of Investor
Relations
|
+ 44 (0) 7721 413496
|
|
SPARK Advisory
Partners Limited (NOMAD)
Neil Baldwin
Stanford
Capital Partners (Joint Broker)
Patrick Claridge, Bob Pountney
SI Capital
(Joint Broker)
Nick Emerson
|
+44 (0) 203
368
8974
+44 (0) 203 815 8880
+44 (0) 1483 413500
|
|
A copy of the interim report is available on the
Company's website www.immupharma.co.uk
ImmuPharma
plc
INTERIM
RESULTS
FOR THE SIX MONTH PERIOD
ENDED 30 JUNE 2024
ImmuPharma
plc
Chairman's Statement
Chairman's Report
The first part of 2024 has been a period of
progress for ImmuPharma, with our late-stage pipeline assets,
specifically within our P140 autoimmune technology platform, where
we have gained new insights into the MOA which is strengthening
our discussions with potential partners.
There has also been continuing significant
attention to tight financial management and stability over the
period, which is highlighted in the key financial highlights. But
in summary, this is reflected in the
operating loss for the period reducing to £0.4m down from £0.8m for
the previous period.
P140 / SLE
& CIDP
Preparation for a new international,
dose-range, Phase 3 study in systemic lupus erythematosus ("SLE")
is underway with Simbec-Orion, our appointed Contract Research
Organisation ("CRO").
There are a number of significant
improvements in the new Phase 3 study design compared to the one
completed by ImmuPharma in 2018. Of particular note are dose levels
of P140, administered through subcutaneous injection, which will be
significantly higher.
Our second major clinical study addresses
chronic idiopathic demyelinating polyneuropathy ("CIDP"), a high
medical need autoimmune disease. The Company received positive
feedback from the Food and Drug Administration (FDA) at a
Pre-Investigational New Drug Application (pre-IND) meeting for a
late-stage Phase 2/3 adaptive clinical program. CIDP is a rare
disease and qualifies as an orphan indication.
An IND application is now being prepared for
submission to the FDA, incorporating all guidance points and
Simbec-Orion has been appointed as the CRO for this
program.
New insights into P140's mechanism of action
("MOA") explain why it is the only non-immunosuppressing therapy in
clinical development in the industry for autoimmune diseases.
P140's MOA supports its potential as a therapy for patients
suffering from a multitude of autoimmune diseases that are caused
by the same underlying malfunction. This agrees with preclinical
animal models where P140 has demonstrated efficacy in several
autoimmune diseases, for example, asthma (acute and chronic), gout,
periodontitis, IBD and Sjogren's disease.
Centre National
de la Recherche Scientifique (CNRS)
ImmuPharma continues to have important
collaboration arrangements with the Centre National de la Recherche
Scientifique ("CNRS"), the French National Council for Scientific
Research and the largest basic research organisation in
Europe.
Anti-Infection
Anti-infection (antifungal and antibacterial) was
chosen as a core therapy focus because of the continual emergence
and threat of new and drug-resistant fungi and bacteria.
The innovative peptide technology at ImmuPharma
Biotech has been a huge success and very recently has given rise to
two novel development programs, out of which we have identified two
core programs, in pre-clinical development: BioAMB and BioCin,
which we believe have the best commercial opportunity and speed to
market. The new entities include BioAMB (a new antifungal based on
amphotericin-B) and BioCIN (a new antibacterial based on
vancomycin) and will be fully patent protected.
Interest in
Incanthera Plc
On 3rd June 2024 the Company sold
its investment in shares in Incanthera plc. All of the 9,904,319
shares held at the year end were sold at 15p per share realising
gross proceeds of £1.5 million. ImmuPharma continues to hold
7,272,740 warrants in Incanthera plc. As of 6 September 2024, the
warrants have been extended to 31 March 2025. See announcement
issued on 9 September 2024 for further information.
Current
Activities and Outlook
We remain committed as a Board, on the
development of P140 in SLE and CIDP, our two key late-stage
clinical assets, together with securing additional partnering for
P140. We have made significant scientific progress over the last
period, including refinement of the protocols for the SLE and CIDP
studies and new insights into the MOA of P140, and as a result, we
have a high level of confidence of the success of these new
studies.
We will also continue to concentrate on
securing further commercial and partnering deals, on which we have
made significant progress over the last 6 months.
On an operational level, we have
continued our focus on tight cost controls and maximising the use
of outsourcing to keep our committed overhead costs to the minimum.
This is illustrated very clearly in the reduction of our operating
loss for the period to £0.4m down from £0.8m for the same period
last year. We have also strengthened the balance sheet and extended
our cash runway by successfully selling our shareholding in
Incanthera, whilst still retaining a further 7.3 million
warrants.
We look forward to providing further updates on
the progress of our pipeline and commercial deals throughout the
remaining period of 2024 and moving into 2025.
In closing, we 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.
Tim
McCarthy
Chairman & CEO
6th September 2024
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024
|
|
Note
|
Unaudited
6 months ended
30 June 2024
|
|
Audited Year ended 31 December
2023
|
|
Unaudited 6 months
ended
30 June 2023
|
|
|
|
£
|
|
£
|
|
£
|
|
Continuing
operations
|
|
|
|
|
|
|
|
Revenue
|
|
-
|
|
-
|
|
69,959
|
|
Research and development expenses
|
|
(473,521)
|
|
(2,022,305)
|
|
(828,767)
|
|
Administrative expenses
|
|
(258,023)
|
|
(1,020,345)
|
|
(412,277)
|
|
Share based expense
|
|
(32,683)
|
|
(140,238)
|
|
(127,327)
|
|
Other operating income
|
|
-
|
|
119,881
|
|
-
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(764,227)
|
|
(3,063,007)
|
|
(1,298,412)
|
|
|
|
|
|
|
|
|
|
Finance costs
|
6
|
(3,150)
|
|
(358,915)
|
|
(931)
|
|
Finance income
|
|
172,610
|
|
3,025
|
|
162,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
taxation
|
|
(594,767)
|
|
(3,418,897)
|
|
(1,137,057)
|
|
|
|
|
|
|
|
|
|
Tax
|
|
206,915
|
|
497,102
|
|
289,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the
period
|
|
(387,852)
|
|
(2,921,795)
|
|
(847,366)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Equity holders of the parent company
|
|
(387,852)
|
|
(2,921,795)
|
|
(847,366)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
2
|
(0.09)p
|
|
(0.81)p
|
|
(0.25)p
|
|
|
|
|
|
|
|
|
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
|
|
Unaudited
6 months ended
30 June
2024
|
|
Audited Year
ended 31 December
2023
|
|
Unaudited 6 months
ended
30 June
2023
|
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
Loss for the
financial period
|
(387,852)
|
|
(2,921,795)
|
|
(847,366)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
Items that will not be reclassified subsequently
to profit or loss:
|
|
|
|
|
|
|
Fair value gain/(loss) on investment
|
730,266
|
|
(44,569)
|
|
(54,474)
|
|
Fair value gain/(loss) on warrants
|
1,240,831
|
|
(1,228)
|
|
7,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total items that will not be reclassified
subsequently to profit or loss
|
1,971,097
|
|
(45,797)
|
|
(47,053)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to
profit or loss:
|
|
|
|
|
|
|
Exchange differences on translation of foreign
operations
|
19,008
|
|
857
|
|
(18,897)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total items that may be reclassified
subsequently to profit or loss
|
19,008
|
|
857
|
|
(18,897)
|
|
|
|
|
|
|
|
|
Other comprehensive gain/(loss) for the
period
|
1,990,105
|
|
(44,940)
|
|
(65,950)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive gain/(loss) for the
period
|
1,602,253
|
|
(2,966,735)
|
|
(913,316)
|
|
|
|
|
|
|
|
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE 2024
|
|
Note
|
Unaudited
6 months ended
30 June
2024
|
|
Audited Year
ended 31 December 2023
|
|
Unaudited 6 months
ended
30 June
2023
|
|
|
|
|
£
|
|
£
|
|
£
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
460,182
|
|
447,571
|
|
463,207
|
|
|
Property, plant and equipment
Financial
asset
|
|
87,580
1,240,826
|
|
102,075
643,782
|
|
332,992
642,526
|
|
|
Derivative financial asset
|
4
|
83,561
|
|
184,784
|
|
36,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
1,872,149
|
|
1,378,212
|
|
1,475,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
348,718
|
|
476,780
|
|
705,867
|
|
|
Cash and cash equivalents
|
|
1,084,440
|
|
432,797
|
|
210,584
|
|
|
Current tax asset
|
|
345,942
|
|
208,481
|
|
624,429
|
|
|
Derivative financial asset
|
4
|
411,414
|
|
234,141
|
|
272,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
2,190,514
|
|
1,343,199
|
|
1,813,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
(1,371,438)
|
|
(1,665,122)
|
|
(1,551,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
(1,371,438)
|
|
(1,665,122)
|
|
(1,551,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current
assets
|
|
819,076
|
|
(321,923)
|
|
262,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
2,691,225
|
|
1,056,289
|
|
1,737,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Ordinary shares
|
5
|
29,813,018
|
|
29,813,018
|
|
28,982,676
|
|
|
Share premium
|
|
29,317,444
|
|
29,317,444
|
|
28,788,377
|
|
|
Merger reserve
|
|
106,148
|
|
106,148
|
|
106,148
|
|
|
Other reserves
|
|
5,954,282
|
|
5,902,591
|
|
5,869,926
|
|
|
Retained earnings
|
|
(62,499,667)
|
|
(64,082,912)
|
|
(62,009,739)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
2,691,225
|
|
1,056,289
|
|
1,737,388
|
|
|
|
|
|
|
|
|
|
|
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
|
|
|
Ordinary
shares
£
|
|
Share premium
£
|
|
Merger
Reserve
£
|
|
Other
reserves
-
Acquisition
Reserve
£
|
|
Other
reserves -
Translation
Reserve
£
|
|
Other reserves -Share based
payment reserve
£
|
|
Other reserves - Warrant
reserve
£
|
|
Retained
Earning
£s
|
|
Total
Equity
£
|
|
|
At 1 January 2023
|
28,982,676
|
|
28,788,377
|
|
106,148
|
|
(3,541,203)
|
|
(1,265,553)
|
|
8,849,893
|
|
1,718,359
|
|
(61,115,320)
|
|
2,523,377
|
|
|
Loss for the financial
period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(847,366)
|
|
(1,663,788)
|
|
|
Exchange differences
|
-
|
|
-
|
|
-
|
|
-
|
|
(18,897)
-
|
|
-
|
|
-
|
|
-
|
|
(18,897)
|
|
|
Share based payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
127,327
|
|
-
|
|
-
|
|
127,327
|
|
|
Fair value loss on
investments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(54,475)
|
|
(54,475)
|
|
|
Fair value gain on warrants
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,421
|
|
7,421
|
|
|
At 30 June 2023 unaudited
|
28,982,676
|
|
28,788,377
|
|
106,148
|
|
(3,541,203)
|
|
(1,284,450)
|
|
8,977,220
|
|
1,718,359
|
|
(62,009,739)
|
|
1,737,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
28,982,676
|
|
28,788,377
|
|
106,148
|
|
(3,541,203)
|
|
(1,265,553)
|
|
8,849,893
|
|
1,718,359
|
|
(61,115,320)
|
|
2,523,377
|
|
|
Loss for the financial
year
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
(3,807,431)
|
|
(2,921,795)
|
|
|
Exchange differences
|
-
|
|
|
|
-
|
|
-
|
|
857
|
|
-
|
|
-
|
|
-
|
|
857
|
|
|
Share based payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
140,238
|
|
-
|
|
-
|
|
140,238
|
|
|
New issue of equity
capital
|
830,342
|
|
782,842
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,613,184
|
|
|
Cost of new issue of equity
capital
|
-
|
|
(253,775))
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(253,775)
|
|
|
Fair value loss on investments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(44,569)
|
|
(44,569)
|
|
|
Fair value loss on
warrants
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,228)
|
|
(1,228)
|
|
|
At 31 December 2023 & 1 January
2024 audited
|
29,813,018
|
|
29,317,444
|
|
106,148
|
|
(3,541,203)
|
|
(1,264,696)
|
|
8,990,131
|
|
1,718,359
|
|
(64,082,912)
|
|
1,056,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial
period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(387,852)
|
|
(387,852)
|
|
|
Exchange differences
|
-
|
|
-
|
|
-
|
|
-
|
|
19,008
|
|
-
|
|
|
|
-
|
|
19,008
|
|
|
Share based payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32,683
|
|
-
|
|
-
|
|
32,683
|
|
|
Fair value loss on
investments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
730,266
|
|
730,266
|
|
|
Fair value gain on warrants
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,240,831
|
|
1,240,831
|
|
|
At
30 June 2024 unaudited
|
29,813,018
|
|
29,317,444
|
|
106,148
|
|
(3,541,203)
|
|
(1,245,688)
|
|
9,022,814
|
|
1,718,359
|
|
(62,499,667)
|
|
2,691,225
|
ImmuPharma plc
CONSOLIDATED STATEMENT OF
CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
|
|
Note
|
Unaudited
6 months ended
30 June
2024
|
|
Audited Year
ended 31 December 2023
|
|
Unaudited 6 months
ended
30 June
2023
|
|
|
|
|
£
|
|
£
|
|
£
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Cash used in operations
|
3
|
(1,085,950)
|
|
(2,320,679)
|
|
(990,977)
|
|
|
Tax received
|
|
210,000
|
|
958,258
|
|
338,992
|
|
|
Interest paid
|
|
(776)
|
|
(1,986)
|
|
(932)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
(876,726)
|
|
(1,364,407)
|
|
(652,917)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and
equipment
|
|
-
|
|
185,737
|
|
-
|
|
|
Proceeds from sale of investment
|
|
1,477,698
|
|
-
|
|
-
|
|
|
Interest received
|
|
1,844
|
|
3,025
|
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/generated from investing
activities
|
|
1,479,542
|
|
188,762
|
|
1,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
Decrease in bank overdraft
|
|
-
|
|
-
|
|
(109)
|
|
|
New loans/(loan repayments)
|
|
-
|
|
-
|
|
-
|
|
|
Settlements from Sharing Agreement
|
|
293,372
|
|
362,688
|
|
184,951
|
|
|
Gross proceeds from issue of new share
capital
|
|
-
|
|
1,480,683
|
|
-
|
|
|
Share capital issue costs
|
|
-
|
|
(121,275)
|
|
-
|
|
|
Funds deferred per Sharing Agreement
|
|
-
|
|
(1,000,000)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from financing
activities
|
|
293,372
|
|
722,096
|
|
184,842
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) in cash and cash
equivalents
|
|
896,188
|
|
(453,549)
|
|
(466,612)
|
|
|
Cash and cash equivalents at start of
period
|
|
208,481
|
|
667,813
|
|
667,813
|
|
|
Effects of exchange rates on cash and
cash equivalents
|
(20,229)
|
|
(5,783)
|
|
9,382
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
1,084,440
|
|
208,481
|
|
210,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR
THE PERIOD ENDED 30 JUNE 2024
1
ACCOUNTING POLICIES
Basis of
preparation
The interim financial information in this report has
been prepared using accounting policies consistent with IFRS as
adopted by the United Kingdom. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the UK Endorsement
Board. The financial information has been prepared on the basis of
IFRS expected to be adopted by the United Kingdom and applicable as
at 31 December 2023. The Group has chosen not to adopt IAS 34
"Interim Financial Statements" in preparing the interim financial
information.
The accounting policies applied are consistent with
those that were applied to the financial statements for the year
ended 31 December 2023.
Non-Statutory accounts
The financial information set out in this interim
report does not constitute the Group's statutory accounts, within
the meaning of Section 434 of the Companies Act 2006. The statutory
accounts for the year ended 31 December 2023 have been filed with
Registrar of Companies. The auditors reported on those accounts;
their report was unqualified, did not contain a statement under
either Section 498 (2) or Section 498 (3) of the Companies Act 2006
but did include emphasis of matter paragraph relating to the
carrying value of Parent Company's investment in subsidiaries and
receivables due from group undertakings, and a reference to which
the auditor drew attention by way of emphasis without qualifying
their report in respect of going concern.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR
THE PERIOD ENDED 30 JUNE 2024
(Continued)
2
LOSS PER SHARE
|
|
Unaudited
6 months ended
30 June
2024
|
|
Audited Year
ended 31 December 2023
|
|
Unaudited 6 months
ended
30 June
2023
|
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
Loss
|
|
|
|
|
|
|
Loss for the purposes of basic and diluted loss
per share being net loss attributable to equity
shareholders
|
(387,852)
|
|
(2,921,795)
|
|
(847,366)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares
|
|
|
|
|
|
|
Weighted average number of ordinary shares for
the purposes of basic loss per share
|
416,437,268
|
|
362,004,551
|
|
333,403,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per
share
|
(0.09)p
|
|
(0.81)p
|
|
(0.25)p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss
per share
|
(0.09)p
|
|
(0.81)p
|
|
(0.25)p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There is no difference between basic loss per
share and diluted loss per share as the share options and warrants
are anti-dilutive. Deferred shares are excluded from the loss per
share calculation as they have no attributable earnings.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR
THE PERIOD ENDED 30 JUNE 2024
(Continued)
|
3
|
CASH USED IN
OPERATIONS
|
|
|
|
|
|
Unaudited
6 months ended
30 June
2024
|
|
Audited Year
ended 31 December 2023
|
|
Unaudited 6 months
ended
30 June
2023
|
|
|
|
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(764,227)
|
|
(3,028,952)
|
|
(1,298,417)
|
|
|
|
Depreciation & amortisation
|
18,842
|
|
117,563
|
|
86,639
|
|
|
Share based payments
|
32,683
|
|
159,874
|
|
288,826
|
|
|
(Increase)/decrease in trade & other
receivables
|
|
(81,938)
|
|
(132,392)
|
|
17,716
|
|
|
|
(Decrease)/increase in trade & other
payables
|
|
(293,684)
|
|
(296,384)
|
|
99,858
|
|
|
|
Gain / (loss) on foreign exchange
|
|
2,374
|
|
(45,554)
|
|
3,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in
operations
|
|
(1,085,950)
|
|
(3,224,906)
|
|
(990,977)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
Derivative
Financial Asset
As part of the placement completed in March
2020, the Company issued 13,000,000 new ordinary shares to Lanstead
Capital Investors L.P. ("Lanstead") at a price of 10p per share for
an aggregate subscription price of £1.3m before expenses. In
December 2021, the Company issued 20,000,000 new ordinary shares
to Lanstead at a price of 11p per share to raise £2.2m before
expenses. In the placement completed in August 2022, the Company
issued 20,000,000 new ordinary shares to Lanstead at a price of 5p
per share to raise £1m gross. In the placement completed in August
2023, the Company issued 50,000,000 new ordinary shares to Lanstead
at a price of 2p per share to raise £1m gross. All Subscriptions
proceeds were pledged under the Sharing Agreement, under which
Lanstead made and will continue to make, subject to the terms and
conditions of that Sharing Agreement, monthly settlements to the
Company that are subject to adjustment upwards or downwards
depending on the Company's share price performance.
In December 2021 and August 2022, the Company
also issued 1,400,000 new ordinary shares consecutively and
4,750,000 in August 2023 to Lanstead as value payments in
connection with the Share Subscriptions and the Sharing Agreements.
The settlements from remaining agreements (December 2021, August
2022 and August 2023) will continue until 2025, completing in June
2024, October 2024 and October 2025 respectively.
At the end of the accounting period the amount
receivable has been adjusted to fair value based upon the share
price of the Company at that date. Any change in the fair value of
the derivative financial asset is reflected in the income
statement. As at 30 June 2024, the Company completed a calculation
of fair value of the derivative financial asset that resulted in a
finance gain of £170,766 (£142,439 loss at 30 June 2023), which was
recorded in the income statement. The restatement to fair value
will be calculated at the end of each accounting period during the
course of each Sharing Agreement and will vary according to the
Company's share price performance.
|
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR
THE PERIOD ENDED 30 JUNE 2024
(Continued)
5
Issued share capital
At 30 June 2024, the Company had no limit on
its authorised share capital.
|
Allotted,
called up and fully paid
|
30 June 2024
No.
|
31 December
2023 No.
|
30 June 2024
£
|
31
December
2023
£
|
|
At start of
year:
|
|
|
|
|
|
Ordinary shares of £0.01 each
|
416,437,265
|
333,403,115
|
4,164,374
|
3,334,031
|
|
Deferred shares of £0.09 each
|
284,984,933
|
284,984,933
|
25,648,644
|
25,648,644
|
|
Movements
during period:
|
|
|
|
|
|
Ordinary shares issued on 22 August
2023
|
-
|
76,500,000
|
-
|
765,000
|
|
Ordinary shares issued on 7
September
2023
|
-
|
6,534,150
|
-
|
65,343
|
|
At end of the
period
|
|
|
|
|
|
Ordinary shares of £0.01 each
|
416,437,265
|
416,437,265
|
4,164,374
|
4,164,374
|
|
Deferred shares of £0.09 each
|
284,984,933
|
284,984,933
|
25,648,644
|
25,648,644
|
6.
Subsequent events
On 6 September 2024, the 7,272,740 warrants
held in Incanthera Plc were extended from 6 September 2024 to 31
March 2025 for a consideration of £75,000.