Arecor Therapeutics plc
("Arecor" or the "Company")

$0.5 Million Commercial Milestone Payment From Ligand Pharmaceuticals

Cambridge, UK, 26 March 2026: Arecor Therapeutics plc (AIM: AREC), a clinical stage biotech company developing superior therapeutics that can reduce treatment burden and improve outcomes for people living with diabetes, obesity and other cardiometabolic diseases, confirms that it has received its first milestone payment of $0.5 million from Ligand Pharmaceuticals Incorporated ('Ligand'), following the previously announced royalty financing agreement, the ('Agreement').

In September 2025, Arecor agreed to the sale of the global royalty rights related to AT220, an Arestat®-enhanced biosimilar product marketed by a global pharmaceutical company, and all potential milestone and technology access fees related to AT292 (licensed to Inhibrx, now Sanofi's Efdoralprin alfa) to Ligand. Arecor received an initial $7.0 million upfront cash payment, with an additional $4.0 million payable upon the achievement of certain commercial milestones related to AT220 and AT292.

Under the terms of the Agreement, the first commercial milestone has been achieved, resulting in a $0.5m payment to Arecor.  Arecor expects to receive a further $0.5 million in the second half of 2026. The remaining $3 million is contingent upon achievement of future commercial milestones related to AT220 and AT292, which remain on track. 

Sarah Howell, Chief Executive Officer of Arecor, said:

"The agreement with Ligand continues to generate non-dilutive funds which are being used to accelerate our lead programme, AT278. This is the only ultra-concentrated and ultra-rapid-acting insulin in development, in combination with Sequel Med Tech's innovative twiist^TM Automated Insulin Delivery (AID) system. Arecor and Sequel Med Tech are making great progress across all of the trial-enabling development activities for the Phase 2 AT278-AID clinical trial which is anticipated to commence in 2H 2026."

-ENDS-

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Notes to Editors

About Arecor

Arecor Therapeutics plc (AIM: AREC) is a clinical-stage biotech company developing superior therapeutics that can reduce treatment burden and improve outcomes for people living with diabetes, obesity and other cardiometabolic diseases.

Lead product, AT278, is the only ultra-concentrated (500U/mL) ultra-rapid-acting insulin in development. Arecor has signed an initial strategic partnership with Sequel Med Tech, a leading automated insulin delivery (AID) system company to co-develop AT278 in combination with Sequel's twiist™ AID system. Clinically de-risked, AT278 is designed to transform AID systems, addressing a multi-billion dollar diabetes market. Arecor is also developing a novel oral delivery platform for peptides with GLP-1 receptor agonists its first validation target.

The Company is listed on AIM (AIM: AREC) and is based in Cambridge, UK. For further details please see www.arecor.com.

Arecor® and Arestat® are registered trademarks of Arecor Limited.