Immupharma plc AIM:IMM
- Incorporated
- United Kingdom
- Chief executive
- Tim McCarthy
- Employees
- 7
- Reports in
- GBP
- Companies House
- 03929567
Read straight from the annual reports
3.3p at close on 7 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
9 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
ImmuPharma plc, a London-based company developing medicines for autoimmune diseases such as lupus, had no revenue in 2025, as in 2024. Its loss after tax narrowed to £1.8m from £2.5m the year before. The smaller loss came mainly from two things outside day-to-day work: a gain of £368,140 on the value of a funding arrangement with investor Lanstead, and the absence of the previous year's £404,095 write-down of research assets. Research spending rose, while running costs held steady. Cash at the year end was £1.4m, up from £237k, with no borrowings. Shareholders put in £1.3m for new shares, and no dividend was paid. In April 2026 it agreed a further £6.0m share subscription with Lanstead. Management said it hopes to sign a commercial partner for its lead drug, P140, in 2026, though talks have taken longer than expected, and that its funding should last into 2027. The report warns of a material uncertainty over whether the company can keep going, because it depends on outside funding.
R&D expenditure increase
R&D expenses increased to £1.346m (2024: £1.162m), reflecting continued investment in development activities.
page 9Administrative expenses held stable
Administrative expenses remained stable at £1.0m (2024: £1.0m).
page 9ImmuPharma is entering a pivotal phase, focused on securing a commercial partnership for P140 in 2026 while continuing to develop its broader portfolio, with a key focus on fast tracking Kapiglucagon over the next two years.
page 8In April 2026, ImmuPharma completed an equity fundraising for additional working capital/pipeline (particularly Kapiglucagon): a £6.0m subscription with Lanstead Capital (100,000,000 new ordinary shares at issue price plus a new sharing agreement), and a WRAP retail offer raising gross proceeds of £468,746.82 via 7,812,447 new ordinary shares.
page 84No dividend was paid or proposed for 2025 (2024: none), consistent with the Group's loss-making, pre-revenue position.
page 9Directors prepared the accounts on a going concern basis but disclosed a material uncertainty: the Group generates no material cash revenue and is reliant on external financing (including variable Lanstead Sharing Agreement receipts and post-year-end equity fundraising); no further equity fundraising has been assumed beyond that. Auditor Crowe U.K. LLP (signed by John Charlton) gave an unmodified ('true and fair') opinion but included an emphasis of matter on valuation of the parent company's receivables/investments in subsidiaries (£55.4m investment, £1.5m receivables) and a material uncertainty related to going concern paragraph; the key audit matter was recoverability of investments in subsidiaries and intercompany receivables, with the value-in-use model's probability-of-success (63%) and 17.9% discount rate scrutinised. Group materiality was set at £130,000 (6% of loss before tax).
page 38- Drug Development - clinical trial failure would mean no revenue from the failed product; drug development and regulatory approval is complex and uncertain.p.18
- Failure to Protect Products - no assurance that ImmuPharma will develop patentable products or that patents will be sufficiently broad to exclude competitors.p.18
- Regulatory Framework - changes in government regulations/enforcement could impose more stringent requirements; non-compliance could lead to withdrawal of marketing authorisation or penalties.p.18
- Environmental Hazards - laws/regulations on environmental protection, hazardous materials and working conditions; risk of accidental contamination/injury.p.19
Read from C000656-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 31 May 2027