Highlights:

  • ImmuPharma now expects P140 partnership deal completion to move into early 2026.
  • Financial position supported by R&D tax credits, warrants exercise, and Lanstead agreement.
  • Board continues to focus on identifying the most suitable partner for P140 development.

ImmuPharma PLC (LSE:IMM), a specialist drug discovery and development company, provided an update on its P140 partnership discussions. In a previous notification on 23 October 2025, the company indicated it had engaged with multiple potential partners, including several top ten global pharmaceutical companies, aiming to complete a deal by the end of 2025.

Based on current engagements, the Board now expects that the completion of any partnership agreement will extend beyond 2025, with the objective of finalizing a deal as soon as practicable in 2026.

Detailed Negotiations Underway

Potential partners have signed Confidential Disclosure Agreements, and discussions cover scientific, technical, and commercial aspects of P140. The Board’s stated objective is to identify the partner that aligns best with P140’s further development and commercialization, ensuring the most favorable outcome for shareholders.

Financial Position and Outlook

ImmuPharma’s financial position reflects recent R&D tax credits, the exercise of warrants (as notified on 11 and 17 September 2025), and additional receipts from the completed Lanstead Capital sharing agreement. These combined receipts totaled approximately GBP 2m, representing a 7% increase over the original GBP 1.875m subscription.

The current cash runway is expected to extend into Q4 2026. The company has confirmed that it does not intend to raise further funds and will seek to enhance its cash position through potential commercial partnerships.

Next Steps

Further updates will be provided to the market as progress is made in partnership discussions. The Board continues to prioritize identifying a partner for P140 that aligns with the company’s objectives and shareholder interests.

Share Price Snapshot

IMM was trading 12.91% lower at AUD 8.50 per share as of 24 November 2025.