ImmuPharma final results 2025 – better funded, still loss-making, and very much a biotech waiting for a deal
ImmuPharma’s 2025 final results show a company that has bought itself more time and sharpened its story, but it is still a classic development-stage biotech. There is no revenue, it remains loss-making, and the near-term investment case still hinges on one big outcome – landing a commercial partnership for P140.
The good news is that the numbers improved. The bad news is that the business still needs external funding and scientific progress to turn into commercial progress. That is the crux of this update.
ImmuPharma 2025 results at a glance – the key numbers retail investors should know
| Metric | 2025 | 2024 |
|---|---|---|
| Loss for the year | £1.8 million | £2.5 million |
| Operating loss | £2.5 million | £2.7 million |
| Research and development expenses | £1.3 million | £1.2 million |
| Administrative expenses | £1.0 million | £1.0 million |
| Cash at year end | £1.4 million | £0.2 million |
| Basic and diluted loss per share | 0.37p | 0.60p |
| Ordinary shares in issue | 502,723,932 | 416,437,265 |
| Warrants outstanding | 98,042,350 | 101,042,908 |
There is one awkward wrinkle in the RNS. The summary and detailed income statement show a loss for the year of £1,807,661, but one section in the financial review says the Group recorded a loss of £2.1 million. Based on the audited statement, £1.8 million looks to be the figure investors should focus on.
P140 progress in autoimmune disease – why this remains the core value driver
P140 is still the main event here. ImmuPharma describes it as a first-in-class peptide therapy and the “world’s first immunormalizer”, meaning it is intended to restore immune balance rather than suppress the immune system in a broad-brush way.
That matters because current autoimmune treatments often work by damping down immune activity generally, which can bring safety and tolerability trade-offs. ImmuPharma is trying to position P140 as something more targeted and potentially more attractive to partners.
The big scientific development in 2025 was the new patent filing around P140 and the Type M companion diagnostic. A companion diagnostic is a test designed to identify which patients are most likely to respond to a treatment. In plain English, ImmuPharma wants to find the patients it thinks will be “super-responders” and build a precision medicine strategy around them.
From an investor perspective, that is potentially smart. Better patient selection could improve trial design, reduce placebo noise, shorten studies and strengthen a commercial pitch. The company also says the September 2025 patent filing could provide 20 years of commercial exclusivity, which is exactly the kind of language prospective pharma partners like to hear.
Still, it is important not to get carried away. This remains a story built on patents, preclinical data, scientific manuscripts in preparation and ongoing discussions. No licensing deal has been signed yet, and no fresh late-stage clinical data was disclosed in this RNS.
Kapiglucagon acceleration – a second shot on goal in type 1 diabetes
The other notable shift is that Kapiglucagon has been pushed forward as a more prominent asset. This is a proprietary glucagon prodrug aimed at overcoming the instability of native glucagon, with potential use in dual-hormone artificial pancreas systems for type 1 diabetes.
If P140 is the lead value driver, Kapiglucagon is becoming the backup plan with real strategic interest. That is positive because single-asset biotech stories are fragile. A second credible programme gives the company more optionality in development, partnering and fundraising.
The company says it has started IND-enabling activities. That is biotech shorthand for the package of work needed before asking regulators for permission to begin clinical trials in the US. It is also preparing for a pre-IND meeting with the FDA and evaluating a 505(b)(2) pathway, which is a US regulatory route that can sometimes allow faster development by relying partly on existing data for related drugs. Importantly, that pathway is still subject to FDA confirmation.
That last point is key. Kapiglucagon is promising, but still early. It adds excitement, not certainty.
£6.47 million fundraise changes the short-term picture – but dilution is the price
Balance sheet strength is where this RNS genuinely improves. Cash at 31 December 2025 was £1.4 million, up from just £0.2 million a year earlier. Then, after the period end, ImmuPharma completed a £6.47 million fundraise on 7 April 2026 at 6p per share.
- £6.0 million came via a Lanstead Capital subscription
- £468,746.82 came through the WRAP Retail Offer
- 100,000,000 new ordinary shares were issued to Lanstead
- 7,812,447 new ordinary shares were issued via WRAP
The company says this provides sufficient runway into 2027. For existing shareholders, that is reassuring on survival. For returns, though, it comes with dilution. The ordinary share count had already risen to 502,723,932 by year end from 416,437,265, and the April 2026 placing added more shares again.
That is the trade-off. The business is better funded, but each raise spreads future upside across a larger base of shares. In biotech, that is normal – but it still matters.
Cash burn, audit wording and what investors should not ignore
ImmuPharma used £2.7 million in operations in 2025, up from £2.0 million in 2024 on the cash flow measure labelled cash used in operations. Net cash used in operating activities was £2.4 million. So while the headline loss improved, the business is still consuming cash and will need milestones to avoid coming back to the market again later on.
There is also an audit point worth reading properly. The auditors gave an unqualified opinion, which is good, but included an emphasis of matter paragraph in respect of going concern. That is not the same as a qualification, but it is a reminder that funding risk is still part of the story.
The company has improved net assets to £686,862 from net liabilities of £542,859 a year earlier, which is a solid step forward. Trade and other payables also fell to £1.2 million from £1.5 million. So the direction of travel is better, even if the balance sheet is not exactly bulletproof.
Commercial partnership for P140 in 2026 – the real catalyst that could rerate the shares
The company says active discussions continue with a number of potential global commercial partners for P140, and it is focused on completing a value-enhancing licensing transaction in 2026. That is the line that matters most.
If a deal lands, the market is likely to care far more about upfront cash, milestones and external validation than about a £1.8 million annual loss. If no deal lands, investors may start asking harder questions about timing, leverage and whether more equity dilution is coming.
That makes 2026 a pivotal year. Management knows it, and the RNS says as much.
My take on ImmuPharma’s final results – improving foundations, but proof is still missing
My view is that this is a better set of results than the raw headline might suggest. The company has tightened up the financial position, built out the P140 scientific and patent narrative, and given Kapiglucagon a more meaningful strategic role.
On the positive side, the loss narrowed to £1.8 million, cash improved, the April 2026 fundraise gives breathing room, and the pipeline story is broader than it was. On the negative side, there is still no revenue, no disclosed partner deal, continued dilution, and a business model that depends heavily on external validation.
So this is not yet an execution story. It is still a credibility story. ImmuPharma appears to be getting its ducks in a row, but investors will want to see those ducks turn into a signed P140 licensing deal or clear regulatory progress on Kapiglucagon.
Until then, the science may be getting stronger, but the investment case remains high risk and milestone-driven. That can work brilliantly in biotech. It can also test patience. Right now, ImmuPharma sits squarely in that gap.
