ImmuPharma plc        

 

Chairman's Statement

 

Chairman's Report

 

During the first half of 2026, ImmuPharma continued to make progress with its P140 autoimmune technology platform, which remains the Company's lead asset and a core value driver.

 

In March 2026, the Company provided a positive update on the intellectual property position surrounding P140 following receipt of the first Combined Search and Examination Report ("CSER") relating to the UK patent application filed in August 2025. The response represented an important milestone in the examination process.

 

During the 12-month priority period, ImmuPharma continued the experimental program supporting the P140 and Type M precision medicine approach and generated additional data that were subsequently incorporated into the international Patent Cooperation Treaty ("PCT") application filed in August 2026. The PCT filing represents the next stage in the Company's strategy to seek international patent protection for the intellectual property arising from its work on P140 and Type M.

 

The Type M approach is intended to identify a biologically defined patient population in which the underlying immune dysfunction may be responsive to P140, supporting a precision medicine strategy for the development of P140 across autoimmune diseases.

 

The additional experimental work has also contributed to the Company's broader understanding of the biological framework underlying P140 and autoimmune disease.

 

In June 2026, the Company noted early-stage research published by the University of Murcia in the scientific journal Autophagy relating to P140 and its potential application in glioblastoma. The findings provide further scientific evidence relating to P140 outside its original autoimmune setting, while the Company's primary development focus for P140 remains autoimmune disease.

 

Post period end, further peer-reviewed research from CNRS and the University of Strasbourg reported P140 activity in a preclinical model of metabolic dysfunction-associated steatohepatitis ("MASH"), providing additional evidence of P140 biological activity outside its original lupus setting.

 

The Company continues to engage with Avion Pharmaceuticals, its US licensing partner for P140. Recent discussions have been constructive, with Avion supportive of the recent scientific and intellectual property progress across the P140 program

Commercial partnering remained a key focus throughout the period. Discussions are advancing with the objective of securing a value-enhancing commercial deal for P140 in 2026.

 

P140 - World's first immunormalizer

 

P140 (Lupuzor™, forigerimod) is a first-in-class peptide therapeutic candidate being developed for autoimmune and inflammatory diseases. ImmuPharma uses the term "immunormalizer" to describe P140's proposed therapeutic profile: rather than broadly suppressing or modulating immune activity, P140 is designed to act on disease-driving immune dysfunction and restore a more physiological immune balance while preserving normal immune function.

 

This differentiated approach is intended to address pathological immune biology further upstream in the disease process rather than focusing primarily on downstream inflammatory mechanisms. The Company's development strategy combines:

 

·      normalization of disease-associated immune dysfunction while preserving normal immune function;

·      identification and enrichment of patients through the Type M precision medicine approach; and

·      the potential to achieve deeper and more durable disease control through a more pathology-selective therapeutic approach.

 

Across clinical studies conducted to date, P140 has demonstrated a favourable safety and tolerability profile.

 

A new therapeutic paradigm

 

Many current treatments for autoimmune disease act on immune mechanisms that participate in both pathological and normal immune function. Their therapeutic effect therefore depends on modulating or partially suppressing these pathways while retaining sufficient normal immune activity.

 

ImmuPharma's strategy is different: to act further upstream on disease-associated immune dysfunction and restore immune homeostasis, while combining this therapeutic approach with patient selection based on underlying immune biology.

 

The Company believes this combination of immune normalization and precision patient selection represents a differentiated approach to the treatment of autoimmune disease.

 

Type M & Diagnostic

 

P140 is being developed alongside ImmuPharma's Type M precision medicine approach. Type M is intended to identify a biologically defined patient population with an immune profile associated with an increased likelihood or magnitude of response to P140.

 

The Type M strategy is designed to:

 

·      enrich clinical development for patients most likely to derive substantial benefit from P140;

·      support more targeted and efficient clinical development; and

·      enable treatment strategies based increasingly on underlying disease biology rather than conventional disease classification alone.

 

Kapiglucagon

 

ImmuPharma is developing Kapiglucagon, a proprietary glucagon prodrug designed to overcome the physicochemical and formulation limitations of native glucagon. The Company believes that these properties could enable the use of glucagon in dual-hormone artificial pancreas systems and other applications requiring a stable aqueous glucagon formulation.

 

Kapiglucagon uses a proprietary prodrug approach to improve the aqueous solubility and formulation stability of glucagon while retaining native glucagon as the pharmacologically active species. Following subcutaneous administration, the prodrug is designed to regenerate native glucagon in vivo.

 

This approach is intended to combine the pharmacological properties of native glucagon with a formulation more suitable for high-concentration aqueous presentation and potentially for use in advanced drug-delivery systems. Kapiglucagon is therefore being developed primarily as an enabling component for next-generation dual-hormone artificial pancreas technologies.

 

Kapiglucagon is a wholly proprietary ImmuPharma asset, with the associated intellectual property owned by the Company. The molecule was conceived and developed internally, building on ImmuPharma's expertise in peptide science and drug development. This ownership provides the Company with strategic flexibility across development, partnering and commercialisation.

 

During 2026, ImmuPharma has made significant progress in advancing Kapiglucagon towards clinical development, with the program moving from development planning into active regulatory, manufacturing and bioanalytical execution.

 

During the first half of 2026, the Company completed and approved the overall development plan for Kapiglucagon. The regulatory strategy includes planned interactions with the US FDA to obtain feedback on key elements of the proposed development program and support progression towards IND (Investigational New Drug) submission and first-in-human clinical development.

 

In parallel, regulatory, API manufacturing, drug product development and bioanalytical activities have been initiated. The Company has selected specialist development partners across these workstreams to support the IND-enabling program and progression towards first-in-human clinical development.

 

 

Anti-Infection

 

Anti-infective resistance continues to represent a significant global healthcare challenge, with an ongoing need for new therapeutic approaches against difficult-to-treat fungal and bacterial infections.

 

ImmuPharma Biotech's peptide technology has generated a number of novel development programs, from which two core preclinical programs have been prioritised: BioAMB, targeting fungal infections, and BioCIN, targeting bacterial infections.

 

Both programs build on established anti-infective pharmacology while applying ImmuPharma's proprietary technology with the objective of improving the pharmaceutical and therapeutic characteristics of the underlying agents. The programs remain in preclinical development and continue to be evaluated for their development, intellectual property and commercial potential.

 

 

 

Centre National de la Recherche Scientifique

 

ImmuPharma continues its scientific collaboration with the Centre National de la Recherche Scientifique ("CNRS") and associated academic research teams in support of its P140 research activities.

 

Share issue

 

In March 2026, the Company announced an equity fundraising principally intended to support the accelerated development of Kapiglucagon while maintaining P140 as its principal development and partnering priority.

 

Following shareholder approval at a General Meeting on 7 April 2026, the Company completed a £6.0 million subscription with long-standing shareholder Lanstead Capital Investors L.P., together with approximately £0.47 million raised through a WRAP Retail Offer, resulting in aggregate gross fundraising proceeds of approximately £6.47 million.

 

The Lanstead subscription is subject to a 20-month Sharing Agreement under which the ultimate cash proceeds received by the Company may be higher or lower than the £6.0 million subscription amount depending upon ImmuPharma's share price performance relative to the agreed benchmark price. At the time of the fundraising, the Directors stated that the new financing, together with existing funding, was expected to provide a cash runway to at least the second half of 2028, based on the assumptions set out in the fundraising announcement.

 

Current Activities and Outlook

 

The Board believes that progress during the first half of 2026, together with subsequent developments, has advanced both of the Company's principal development programs and established a clearer pathway for their continued progression.

 

For P140, the focus remains on maximising the value of the program through continued scientific and intellectual property development, refinement of the regulatory and clinical development strategy, and progression of discussions to secure a value-enhancing commercial deal in 2026.

 

For Kapiglucagon, the focus has moved from development planning into execution. Regulatory, API manufacturing, drug product and bioanalytical activities are now being progressed through a network of specialist development partners, with the objective of addressing key regulatory and technical requirements before advancing into the principal IND-enabling activities and first-in-human clinical development.

 

Following the 2026 financing, the Company believes it is positioned to continue advancing these two differentiated peptide development programs while maintaining a disciplined approach to development expenditure and partnering strategy.

 

The Company looks forward to reporting further progress across P140 and Kapiglucagon as their respective scientific, regulatory, development and commercial strategies advance.

 

In closing, we would like to thank our shareholders for their continued support, as well as our staff, corporate and scientific advisers and our partners, including CNRS and Avion.

 

Tim McCarthy                   

Chairman & CEO

 

15^th September 2026