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KAPIGLUCAGON: EXECUTION HAS STARTED. THE OPPORTUNITY IS REAL.

ImmuPharma has formally initiated IND-enabling activities for Kapiglucagon and appointed tranScrip — a specialist pharmaceutical regulatory consultancy — to develop the regulatory strategy, prepare the FDA pre-IND meeting briefing package and begin IND planning. Management committed to a two-year accelerated development plan. The work order with tranScrip is signed and underway. Fast, disciplined execution against a public commitment.

THE HUGE PROBLEM KAPIGLUCAGON SOLVES — AND WHY IT MATTERS FOR SHAREHOLDERS

Native glucagon is inherently unstable in liquid form. It aggregates, clogs pump delivery systems and degrades before it can work properly. That problem has held back dual-hormone artificial pancreas systems for years. Kapiglucagon is a proprietary water-soluble glucagon prodrug designed to maintain high stability in aqueous solution and convert to native glucagon in the body after administration. Dr Goudreau designed the molecule himself in 2017. His words at the March 2026 investor presentation: "There's no doubt we have the best product" and "we know it works."

A $13.6 BILLION MARKET WITH A MONOPOLY POSITION

The global insulin pump market is forecast to reach $13.6 billion by 2035. Management's own internal forecast is $3 billion in US and Europe cartridge sales 10 years post-approval — based on market share assumptions of 34% US and 17% Europe, with a development success probability of 85%. The company's own investment proposition describes Kapiglucagon as offering a licensee "a monopoly in the bi-hormonal pump market segment." Management has also indicated that partnership discussions with leading bi-hormonal pump players are already underway.

WHY THE FDA PATHWAY MATTERS

The 505(b)(2) route could allow ImmuPharma to rely partly on existing FDA data for native glucagon — potentially delivering a materially faster and lower-cost development programme than a full NDA. A Patent Term Extension could extend protection to 2043. The pre-IND meeting with the FDA, now being prepared by tranScrip, is intended to seek alignment on the pathway and define the scope of CMC, preclinical and clinical work required before first-in-human studies.

TWO ASSETS MOVING. ONE VALUATION THAT REFLECTS NEITHER.

P140 remains the primary value driver. But yesterday's update confirms ImmuPharma is executing on exactly what the recent financing was intended to fund — two assets, two development pathways, two substantial partnering opportunities. Against a $360 billion autoimmune market for P140 and a $13.6 billion insulin pump market for Kapiglucagon, the current market capitalisation remains one of the most compelling disconnects on AIM today so, in my opinion, Immupharma is extremely undervalued.

This is not intended as investment advice. All the best to all LTHs!

New Scientist, 28 April 2026. Columnist Michael Le Page. Headline: "We may finally have a cure for many different autoimmune conditions."

That headline matters enormously for ImmuPharma shareholders. Here is exactly why.

THE SCIENTIFIC WORLD JUST CONFIRMED WHAT P140 HAS ALWAYS BEEN BUILT ON

The breakthrough generating global headlines is CAR-T therapy — delivering remarkable remissions across lupus, scleroderma and myositis. Patients free of symptoms for five years with zero medication. The scientific and medical world is now united on one conclusion: autoimmune diseases can be beaten with precision targeting, not broad immune suppression.

That is the exact scientific thesis P140 has been built on from day one.

WHY THIS CREATES A MASSIVE COMMERCIAL OPPORTUNITY FOR P140

CAR-T is extraordinary science. It is also a very complex, hospital-based, individually manufactured procedure requiring chemotherapy pre-conditioning — powerful for the most severe refractory cases, inaccessible for the vast majority of the hundreds of millions of autoimmune patients worldwide.

P140 is the precision answer for that entire global patient population. A peptide-based therapy with a clean, established safety profile. A companion diagnostic identifying Type M immune disorder patients before a single dose is administered. Scalable. Accessible. Rebalancing the immune system at the root cause across up to 50 autoimmune diseases. Patent filed September 2025 with potential 20-year exclusivity to 2045. Therapeutic market forecast at $360 billion by 2030.

CAR-T and P140 together cover the full spectrum of the autoimmune epidemic — making P140 more strategically valuable to big pharma today than at any previous point in the company's history.

THE COMMERCIAL TIMING IS EXTRAORDINARY

Every major pharmaceutical company watching CAR-T results is simultaneously facing the largest patent cliff in industry history — Benlysta, Taltz, Cosentyx, Keytruda and Opdivo all losing exclusivity between 2025 and 2029. The urgency to secure next-generation precision autoimmune platforms has never been greater.

ImmuPharma is in active partnering discussions under signed CDAs right now. Eleven comparable autoimmune platform deals averaging $1 billion each in the past two years. A peer-reviewed manuscript on P140's mechanism in preparation for publication imminently. A supportive UK patent examination report already received. PCT protection in key commercial territories planned.

THE BOTTOM LINE

The global scientific consensus just validated the precision autoimmune thesis at the highest level. The commercial urgency for big pharma to license exactly this kind of platform is at its absolute peak. ImmuPharma holds a first-in-class, patent-protected, companion-diagnostic-led precision autoimmune platform in active partnering discussions today — at a market capitalisation that has priced in none of it.

This is not intended as investment advice. All the best to all LTHs!

The P140 patent was filed in September 2025. Under UK patent law, that filing date establishes priority for the subject matter disclosed in the application. In practical terms, that means a scientific paper published after September 2025 should not count as prior art against what was already properly disclosed in that filing. That is exactly how a well-executed biotech patent strategy works. File first. Publish second. The sequence Dr Goudreau and his team have followed is precisely right and entirely standard across serious biotech and pharma development.

ImmuPharma has also confirmed that it intends to build on the UK filing through a PCT application, seeking protection in key commercial territories globally. The IP strategy is structured, sequenced correctly and advancing internationally.

The peer-reviewed manuscript is another major positive development, and Seb’s conviction on this was crystal clear at the 20 March presentation: “we are working on the publication right now” and “we plan to publish everything as soon as possible.” That is a CSO speaking with complete confidence about work his team has already been developing and refining for months since the September 2025 patent filing. The 27 March 2026 RNS then confirmed publicly that a manuscript covering the P140 technology platform, its mechanism of action and the recent supporting data is now in preparation for submission to a peer-reviewed journal. That sits alongside the supportive first UK CSER and the positive new study results that strengthened the patent package further.

Given the depth of work already completed since September, the manuscript appears to be well advanced. Peer review on a strong paper covering a significant scientific platform often runs over a period of months, so a mid-2026 publication window looks entirely realistic, with June-July a perfectly credible possibility.

If a deal has not already been signed by then, the publication itself could still be a very powerful standalone catalyst. Independent peer-reviewed confirmation of the Type M concept, the mechanism of action and the diagnostic-led positioning of P140 would further strengthen scientific credibility, enhance the value of the patent package and increase commercial visibility across the wider pharmaceutical market. With partnering discussions already active under signed confidentiality agreements, that kind of external validation would be highly supportive of both share price appreciation and negotiating leverage.

The stock is not the company, and the company is not the stock. In ImmuPharma’s case, the current share price is not reflecting the true value of the science, the IP and the commercial potential. That disconnect is exactly why the company looks so deeply undervalued to me.

This is not intended as investment advice. All the best to all LTHs!

Today's open letter from Tim is one of the clearest signals of conviction shareholders have seen for some time.

91.46% and 88.91%. An emphatic, overwhelming mandate from the investors who have studied this company most closely. When nearly nine in every ten votes back a strategy at that level, the market should pay very close attention.

On P140. The scientific foundation has been transformed since September 2025. Confirmed mechanism of action in human biology for the first time. Type M immune disorder identified as a specific targetable patient population. A companion diagnostic identifying super-responders before treatment begins. A supportive UK patent examination report. Positive new diagnostic study data. A peer-reviewed manuscript in preparation. Dr Sebastian Goudreau confirmed at the 20 March presentation that top pharma partners are "really impressed by the results" with "absolutely no issue" on the science. Multiple partners in active discussions under signed CDAs. A deal on track for 2026 — publicly committed to by the Board in regulatory announcements. First-in-class precision medicine platform. Up to 50 autoimmune diseases. Therapeutic market forecast at $360 billion by 2030. Eleven comparable deals averaging $1 billion each in the past two years. Potential 20-year commercial exclusivity to 2045.

On Kapiglucagon. The global insulin pump market stands at $5.8 billion today and is forecast to reach $13.6 billion by 2035 at 8% CAGR. Kapiglucagon, per the company's own investment proposition slide, offers a licensee "a monopoly in the bi-hormonal pump market segment." Management's internal forecast: $3 billion in US and Europe cartridge sales, 10 years post-approval, based on 34% US and 17% Europe market share assumptions, with a probability of development success of 85%. Dr Goudreau: "There's no doubt we have the best product" and "we know it works." Now funded into an accelerated two-year programme via FDA 505(b)(2). Partnership possible at any stage of that development.

Financial position: cash runway guided to at least H2 2028 on the company's stated assumptions. The balance sheet to negotiate from genuine strength and secure terms that truly reflect the value of what this portfolio represents.

A first-in-class precision medicine platform in P140 addressing a $360 billion autoimmune market, in active partnering discussions with top global pharmaceutical companies under signed CDAs. A proprietary, patented and highly differentiated asset in Kapiglucagon with a monopoly position in a $13.6 billion insulin pump market and management's own forecast of $3 billion in cartridge sales 10 years post-approval. A balance sheet secured to H2 2028. At this valuation, the market is yet to price in any of it — and that makes this one of the most compelling opportunities on AIM today.

This is not intended as investment advice. Please DYOR. GLA to all LTH.

**Today’s P140 update materially elevates the programme at exactly the right time.**

**The signal from this RNS is clear: P140 is gaining momentum across every major driver of value at once — patent, supporting data, diagnostic precision, scientific maturity, precision positioning, publication and partner engagement. This is the kind of integrated progress that enhances strategic appeal and materially improves the platform ahead of a licensing outcome.**

**1. Patent progress**

The first UK patent examination report is a consequential advance for the programme. Management described the response as supportive and in line with expectations, and the RNS itself calls it an important positive milestone. That carries real weight because robust IP sits at the heart of long-term value in any serious biotech platform. A constructive first examination outcome reinforces the proprietary position, validates the filing strategy and adds further substance to the commercial case around P140.

**2. New supporting data**

The new study adds meaningful firepower to the package. It was designed to pressure-test the diagnostic and increase the statistical strength of the supporting dataset, and the company reported that the results were positive and supportive of the patent application. That is an excellent outcome. It adds fresh confirmation, greater statistical weight and another layer of evidence directly supporting both the patent and the broader P140 platform.

**3. Diagnostic strength**

The diagnostic is increasingly emerging as one of the crown jewels of the P140 story. The latest work was aimed directly at sharpening its precision, reproducibility and evidential weight, and that is exactly what makes this update so important. The diagnostic sits at the centre of the precision-treatment model: it supports patient identification, treatment selection and the wider platform logic. As that package becomes more refined and more reliable, P140 becomes more targeted, more distinctive and more valuable.

**4. Scientific depth**

The overall scientific package is taking on greater breadth, clarity and authority. The biology, the diagnostic signal, the supporting dataset and the patent strategy are all advancing in parallel, which gives the programme real depth. The additional evidence further strengthens the Type M precision-therapy thesis and underlines the relevance of the platform in a highly valuable autoimmune setting. This is the kind of scientific maturity that lifts a biotech asset from interesting to genuinely strategic.

*Not investment or financial advice; DYOR*

2/2

6. Type M / precision positioning

The update decisively reinforces P140’s position as a precision therapy for patients with Type M immune disorder. That is a highly attractive and strategically important place to be. It gives the programme a targeted, differentiated and scientifically advanced profile built around mechanism of action, diagnostic support and patient identification. The direction of travel is now unmistakable: P140 is being shaped into a precision autoimmune platform with real breadth, a clear scientific identity and significant strategic value. The company’s own wording in the update goes further, describing P140’s potential as a “first-in-class, disease-modifying approach across multiple autoimmune diseases.” That is a very powerful positioning statement.

7. Publication

The manuscript now being prepared reflects very high conviction from the scientific team. Bringing together the platform, mechanism of action and recent supporting data into a peer-reviewed scientific paper is a major step forward. It signals that the science is mature, coherent and compelling enough to be presented for wider scientific scrutiny. That matters enormously. Publication has the potential to materially increase scientific visibility, deepen credibility and broaden awareness of why P140 is differentiated. It also gives the market a much clearer view of the depth behind the programme and the value of the Type M precision approach. The update itself highlights that the manuscript will help the broader scientific community understand the “unique mechanism” of P140, which is exactly the kind of scientific recognition that can elevate the profile of an asset significantly.

8. Why this matters for negotiations

This is where the update becomes especially compelling. A more advanced patent position, richer supporting data, a more refined diagnostic package, greater scientific visibility and active partner engagement all enhance the quality and stature of the asset while discussions are ongoing. That increases leverage in real time. And with multiple counterparties already under confidentiality, each additional layer of progress makes P140 more attractive, more differentiated and more valuable. The stronger the package becomes, the stronger the company’s hand becomes. This is exactly the kind of progress that supports a more valuable licensing outcome, because the asset being presented to potential partners is becoming broader, more credible, more defensible and more strategically relevant with every step forward.

P140 is becoming more advanced, more valuable and more strategically important with every layer that is added.

Full credit to Sebastian and the scientific team. The progress on P140 and Kapiglucagon shows real scientific excellence, clear vision and first-class execution. What they are building across both programmes is highly impressive and increasingly valuable for the company.

Not investment or financial advice; DYOR

The Lanstead raise was a very smart and value-enhancing strategic move, and today’s P140 RNS makes that even clearer. Management have been consistent that P140 remains the “absolute focus” and the “core value driver”, and today they again confirmed they remain focused on completing a value-enhancing licensing deal in 2026. What today’s update confirms is that the asset is strengthening on every front that matters in a live partnering process: patent progress, new supportive data, and scientific publication in preparation.

The company has now confirmed a supportive first Combined Search and Examination Report on the UK P140 patent filing, positive new study data designed to stress test the diagnostic and strengthen the statistical significance of the supporting dataset, and a scientific manuscript in preparation covering the P140 platform, mechanism of action and recent supporting data. That is exactly the kind of progress that improves the quality of the package while negotiations are active.

Discussions continue with multiple potential partners, including under signed confidentiality agreements and cofirmation of a deal in 2026. That is a very powerful signal. Multiple signed CDAs with serious top pharma groups show the process is active, commercially meaningful. As more parties enter confidential review, the competitive tension around the asset strengthens, which can only improve ImmuPharma’s negotiating position and the potential value of any deal.

This is exactly why the raise was so well judged. It gives the company more strength in negotiations. ImmuPharma is not approaching potential partners as a business forced to sit still and wait for one outcome. It is continuing to improve the P140 package in real time while also funding a second high-value opportunity. That broadens optionality, reduces dependency on a single timeline and strengthens the company’s hand when discussing terms. A company with cash, active science, strengthening IP and another valuable asset in development is far harder to pressure into accepting weak terms.

Management also made clear in the presentation that there was “no need to raise money from a financial perspective at all” and that the purpose was “building the company.” That is exactly what this looks like. Kapiglucagon is being accelerated through a more efficient 505(b)(2) route, with quicker development, lower cost and clear partnership potential before launch. Against management’s own internal forecast of $3bn in US/Europe sales and a pump market they said was heading toward roughly $13.6bn by 2035, the amount raised is nothing compare to the scale of the opportunity.

That is how serious, valuable biotech companies are built — by strengthening the lead asset, improving leverage, and creating more than one route to substantial shareholder value.

We all know how sharply the share price can rise when the market starts pricing the facts properly.

Not investment or financial advice; DYOR

One point from the presentation deserves much more attention than it is getting: management laid out a Kapiglucagon valuation framework that is enormous, and even on the company’s own assumptions it points to a completely different share-price reality from where the stock trades today.

Let’s use the company’s own figures.

From the 23 March RNS, the fully enlarged share count after Admission will be:

623,911,379 shares

Now go back to the presentation. Management stated on the slide:

“Kapiglucagon internal forecast is $3bn (US/Europe) 10yrs post-approval.”

That number was not presented as an aggressive fantasy case. Quite the opposite. Management explained that it was built using standard assumptions on market growth, pricing and penetration, and even highlighted that the market-share assumptions were only around 34% in the US and 17% in Europe. They also pointed to the broader insulin pump market itself being forecast at around $13.6bn by 2035, which shows just how large the commercial backdrop already is before even getting into the next-generation bi-hormonal pump opportunity.

So what does the company’s own $3bn internal forecast mean on a per-share basis?

$3,000,000,000 / 623,911,379 = $4.81 per share

That is the first key number.

To be clear, $4.81 per share is not the share price. It is the amount of sales potential per share implied by management’s own Kapiglucagon conservative forecast.

But that is exactly why this becomes so interesting:

-If the company were ever valued at just 1x those sales, that would imply roughly:

$4.81 per share of equity value

- Using a rough USD/GBP conversion, that is around:

£3.60 per share = 360p per share.

And that is on a very plain 1x sales basis.

At 2x sales:

$9.62 per share = c.720p

At 3x sales:

$14.43 per share = c.1,080p

And that is before assigning any value at all to P140, which management repeatedly described as the absolute focus and core value driver of the company.

What makes this even more powerful is the route management laid out.

This is not being framed as a distant story that only matters if the product eventually reaches the market many years from now. Management explained that Kapiglucagon has an accelerated regulatory path through the US FDA 505(b)(2) route, which Sebastian described as a more efficient development and regulatory route, with quicker development and lower cost. They also made clear that there is partnership potential before commercial launch, and explicitly highlighted the possibility of a partnership deal at any time, particularly as the programme moves through its key development and regulatory milestones.

That matters enormously, because it means value does not need to wait until final commercialisation.

There are multiple opportunities for value recognition well before market launch.

Not investment or financial advice; DYOR. https://www.youtube.com/watch?v=JwoYoRUasbM&t=633s (slide-18:29)

Hi Alesia and others, thank you for your kind feedback. See below this morning post.

The 20 March presentation confirmed, in very clear terms, that P140 remains the core value of the company, the absolute focus of management, and the flagship asset on track for a licensing deal this year.

The most important and valuable point is that this was reinforced directly by Dr Sebastian Goudreau, Chief Scientific Officer, and this is where the presentation became especially powerful. His language and level of confidence on P140 was exceptionally strong. He described the results as “incredible”, referred to the human cell data as very exciting, and said the scientific discussions have been very positive. Most importantly, when asked directly about scientific pushback, he said that top pharma reviewing the data are “really impressed by the results”, that they are “really interested in the science”, and that there has been “absolutely no issue there.” That is a major statement.

It is also essential to understand what it means when management says that top pharma are signing CDAs. That is not a routine step. A top pharma group does not sign a CDA, commit senior scientific and business development resources, and enter a confidential review process unless it believes the underlying data is be highly valuable, commercially relevant and strategically important. In practice, once they sign that agreement and access the data, they are entering a process because they see real potential in what is being shown to them. Management confirmed that new top pharma are signing CDAs. That is a highly bullish signal: when multiple major players want access to the confidential data, competitive interest itself becomes a value driver.

There were several other very bullish signals on P140.

Sebastian confirmed that the patent is on track. That matters enormously, because P140 is now being advanced not as a narrow legacy lupus asset, but as a much broader and more valuable autoimmune platform built around mechanism of action, dose enrichment, responder identification and diagnosis. That is a far bigger opportunity and exactly the type of platform large pharma can place significant strategic value on.

Sebastian also said they are “working on the publication right now” and plan to “publish everything as soon as possible.” That is extremely important. It strongly suggests that further scientific news on P140 may be approaching, which could add another major layer of external validation at exactly the right time.

Taken together, the P140 section was outstanding:

- it remains the core value driver

-the data are described by the CSO as “incredible”

- the human cell data are strong and exciting

- the scientific discussions are very positive

- top pharma are impressed by the results

- there has been “absolutely no issue” on the scientific side

- the patent is on track

- the publication will be announced in the coming days

Not investment ad

In the 20 March presentation, Kapiglucagon came through as an extremely valuable asset with the potential to create very significant shareholder value. It is a patented, protected internal asset that management know deeply, have already advanced substantially, and, in Sebastian’s own words, “we know it works.” That is a very powerful statement from Dr Sebastian Goudreau, Chief Scientific Officer, and it was backed up by the strength of his conviction throughout the presentation.

What makes Kapiglucagon so exciting is the size and quality of the opportunity. Sebastian made clear that the bi-hormonal pump system is really where the company can shine in the diabetes market, and then said even more forcefully: “for me, there’s no doubt we have the best product” and that they have “the best glucagon for the bi-hormonal pump.” Those are exceptionally strong words from the scientist leading the program. That places Kapiglucagon in a highly attractive strategic position in one of the most important growth areas in diabetes technology, with the potential to become an extremely profitable product worth billions to ImmuPharma.

The scientific logic is highly compelling. Kapiglucagon is being advanced as a stable, soluble glucagon prodrug that can deliver native glucagon in vivo, which is exactly the kind of profile the next generation of pump systems needs. That is why the commercial relevance is so obvious: this is a product aimed directly at a major unmet need in diabetes care and advanced delivery systems.

The route to value creation is also highly attractive. Sebastian said the company intends to use the US FDA 505(b)(2) pathway, which he described as a “more efficient development and regulatory route” allowing quicker development at lower cost. That is exactly the kind of structure shareholders want to see: a high-value asset, a clear commercial target, an accelerated regulatory route, and the ability to create major strategic value quickly. Just as importantly, management made clear that a licensing or partnership deal can be achieved before approval, which means shareholders do not need to wait for full commercialisation for the value to start being recognised.

Kapiglucagon therefore stands out as a highly differentiated, highly strategic and highly monetisable asset.

-It is patented and protected.

- Sebastian says “we know it works.”

-It is aimed at a major opportunity in the diabetes market through the bi-hormonal pump system.

- Sebatian also says there is “no doubt we have the best product.”

- It has a fast and efficient regulatory path.

-And the most important for us as investors is that has the potential to become a very substantial value creator for shareholders and a billion-scale product for ImmuPharma.

Not investment or financial advice; DYOR. https://www.youtube.com/watch?v=JwoYoRUasbM&t=633s

The 20 March presentation confirmed, in very clear terms, that P140 remains the core value of the company, the absolute focus of management, and the flagship asset on track for a licensing deal this year.

The most important and valuable point is that this was reinforced directly by Dr Sebastian Goudreau, Chief Scientific Officer, and this is where the presentation became especially powerful. His language and level of confidence on P140 was exceptionally strong. He described the results as “incredible”, referred to the human cell data as very exciting, and said the scientific discussions have been very positive. Most importantly, when asked directly about scientific pushback, he said that top pharma reviewing the data are “really impressed by the results”, that they are “really interested in the science”, and that there has been “absolutely no issue there.” That is a major statement.

It is also essential to understand what it means when management says that top pharma are signing CDAs. That is not a routine step. A top pharma group does not sign a CDA, commit senior scientific and business development resources, and enter a confidential review process unless it believes the underlying data is be highly valuable, commercially relevant and strategically important. In practice, once they sign that agreement and access the data, they are entering a process because they see real potential in what is being shown to them. Management confirmed that new top pharma are signing CDAs. That is a highly bullish signal: when multiple major players want access to the confidential data, competitive interest itself becomes a value driver.

There were several other very bullish signals on P140.

Sebastian confirmed that the patent is on track. That matters enormously, because P140 is now being advanced not as a narrow legacy lupus asset, but as a much broader and more valuable autoimmune platform built around mechanism of action, dose enrichment, responder identification and diagnosis. That is a far bigger opportunity and exactly the type of platform large pharma can place significant strategic value on.

Sebastian also said they are “working on the publication right now” and plan to “publish everything as soon as possible.” That is extremely important. It strongly suggests that further scientific news on P140 may be approaching, which could add another major layer of external validation at exactly the right time.

Taken together, the P140 section was outstanding:

- it remains the core value driver

-the data are described by the CSO as “incredible”

- the human cell data are strong and exciting

- the scientific discussions are very positive

- top pharma are impressed by the results

- there has been “absolutely no issue” on the scientific side

- the patent is on track

- the publication will be announced in the coming days

Not investment advice; DYOR. https://www.youtube.com/watch?v=JwoYoRUasbM&t=633s

QuickWin, I think you are reading this the wrong way. In biotech, partnering is usually validation, not a weakness signal.

-The Avion framework is old, not recent

The Avion deal dates to November 2019. It gave Avion exclusive US commercial rights for Lupuzor P140, while ImmuPharma kept all rights outside the US. Avion also agreed to fund the optimised international Phase III up to 25 million dollars, with milestones up to 70 million dollars and tiered double digit royalties up to 17 percent on US sales. That is a serious commercial framework around the lead asset.

-If it is so good why does it need two parties

Because that is how high value biotech assets become medicines. Late stage trials, manufacturing scale up, regulatory execution and launch are expensive and specialised. Partnering accelerates timelines, de risks the programme and maximises value. The autoimmune therapeutics market is well over 100 billion dollars per year, and diagnostics is also multi billion.

-Competition does not stop deals, it drives them

Every company claims “best.” Big pharma pays for differentiated mechanism, safety, defensible IP and a credible development path because even a fraction of this market is enormous.

-The story has moved up a level since 2025

Since September 2025 the company has filed new patent protection around P140 as a first in class Immunormalizer with a Type M precision approach and diagnostic element, aiming at broad autoimmune indications. Management has said it is in detailed discussions with multiple potential partners, including top ten global pharma. That is exactly what serious diligence looks like.

-Why Avion should be excited too

Avion’s economics are tied to US success, so anything that increases the probability and speed of a successful programme increases the value of their US position. A high-quality global partner brings scale in trials, manufacturing, regulatory strategy and market access, which typically means cleaner data, faster timelines and a stronger label, all of which maximise the US commercial opportunity.

For shareholders, the same partnership de-risks funding and execution, supports stronger deal terms, and usually drives a re-rating as uncertainty drops. In short, the right global deal increases the size of the pie and the likelihood of getting to market, benefiting both Avion and shareholders.

In summary, the Avion deal funded progress and preserved ex-US upside. With the 2025 P140 patent and Type M positioning, the value case is way stronger, and serious partner interest is exactly what you’d expect.

The above is not investment or financial advice. Wishing all long-term holders the best, especially those who’ve kept a clear head through the volatility.

Nolupus,

Nobody here is “obscuring” biotech risk. Everyone knows a biotech or any other company in a different sector can go to zero so that's nothing new or to be concerned. Repeating that isn’t analysis – it’s a nonsense disclaimer.

What is analysis is looking at the public facts and asking whether this is one of the rare AIM situations where the upside asymmetry is genuinely abnormal.

1) This isn’t a generic biotech story – it’s a groundbreaking patented platform + precision diagnostic package

The company has publicly announced a new patent filing around P140 as a first-in-class “Immunormalizer”, including a Type-M precision diagnostic approach, with potential 20-year exclusivity, and management’s stated scope “up to 50” autoimmune diseases. They also cite the autoimmune therapeutics market as “over $100bn annually” and diagnostics “over $10bn”, with 400m+ patients.

You can disagree with the ambition, but you cannot pretend this is “just another AIM biotech” with a single undifferentiated asset.

2) This is not “strong buy crowd” noise – the company says top-ten pharma are engaged

ImmuPharma has publicly stated it has engaged potential partners ranging in size and scope, including top-ten global pharma, with multiple CDAs signed and detailed scientific/technical/commercial discussions ongoing, targeting completion as soon as practicable in 2026.

That is exactly the right direction of travel for a value-inflection asset.

3) The company has runway and has said no intention to raise

The CEO has publicly pointed to runway “well into Q4 2026” and “no intention at all” to raise cash via the market.

That matters because it removes the classic AIM biotech failure mode: forced dilution at the worst moment.

4) A serious US framework is already in place

The 2019 Avion agreement is far from “nothing”: it gives an exclusive US commercial position for Lupuzor/P140, a co-development path to registration, Avion funding the planned Phase III programme up to $25m, and a defined milestone/royalty structure. It’s not a guarantee, but it’s a meaningful, long-standing commercial foundation that materially strengthens the platform’s credibility and dealability.

5) Even the CEO has said this is rare at this market cap

Tim has said on record he “can’t actually think of any other small companies like ourselves” with the opportunities they have with P140, and that they are working “24/7” on deals, expecting something to come in 2026.

That is not “proof”, but it is the public positioning and it is consistent with the partner-engagement disclosures above.

“Strong buy” is an opinion on risk/reward, and the public facts here are exactly why investors can rationally be bullish: patent-led platform expansion, stated partner engagement with major pharma, and runway that avoids forced dilution.

You still dodge the simplest question. Are you actually invested? NO!

This is not investment advice.

Nolupus – on your query “why no participation in the latest funding / why no warrants” (Alora = Avion parent)

1. Warrants facts

Alora holds 21,818,182 warrants (Dec 2021). Originally 11p, now 2p once triggers were met. The time trigger was reached on 12 Sep 2024 and they don’t expire until 23 Dec 2031. So yes, they’re exercisable and they’ve got years to act.

2. Non-exercise is usually timing, strategy and compliance, not sentiment:

i) a strategic partner can be restricted at times if they’re close to confidential programme, inside information and partnering discussions are ongoing;

ii) exercising a block that size during sensitive negotiations can spark rumours and volatility at exactly the wrong time;

iii) with a 2031 expiry there is no urgency.

3. “Why didn’t they participate in the latest funding?” is the wrong inference

A commercial partner is not obliged to subscribe to every fundraising, and as a strategic counterparty they may also be restricted from dealing at times if they are in possession of inside information. In any event, their potential upside is already substantial, via the US lupus position and a large, low-strike warrant exposure. Against that backdrop, it’s entirely rational to avoid creating market noise while the company works through a potentially game-changing partnership process following the new patent.

Bottom line: from an ImmuPharma investor perspective this is positive alignment, not a negative signal. Alora/Avion sit on a long-dated, in-the-money 2p option package and already hold the key US seat. If the new patent-led platform story converts into the right commercial deal, the upside can be translate in transformative returns for aligned stakeholders, including them.

Separate question for transparency to this board: are you actually invested? You tend to post most when the share price is down and you have been doing this for years. If you’re not a shareholder, what’s the real reason you’ve spent years on this thread?

The above is not to be constructed as investment advice. Always do your own research. All the best to the LTH! News are around the corner.

- Avion does NOT own part of ImmuPharma and does NOT own the P140 platform.

They only hold a licence for Lupuzor (P140 for lupus) in North America — that’s it.

Everything else remains with ImmuPharma.

- What Avion actually has (2019 deal)

• Exclusive rights to commercialise Lupuzor for lupus in the US/North America only

• Obligation to fund an optimised Phase III trial

• Milestone payments to ImmuPharma of up to $70m

– $5m on regulatory approval

– $65m linked to sales targets

• Double-digit royalties to ImmuPharma on US sales (up to 17%)

- So even in Avion’s own some territory for lupzor:

ImmuPharma still gets milestones + ongoing royalties. That is a licence, not ownership.

- Why the new patent change everything

The new P140 patent (plus Type-M diagnostic) goes far beyond lupus.

It potentially covers dozens of autoimmune indications (40–50+), plus patient stratification/diagnostics, the value of this has not been determined but it should be in the billions.

-Avion’s licence does NOT automatically include:

• Other autoimmune diseases (RA, MS, CIDP, etc.)

• Diagnostic IP

• Rest-of-world rights

Those stay with ImmuPharma.

-This massively strengthens ImmuPharma’s negotiating power because:

Avion must renegotiate if they want expanded US rights

Any new global partner must deal directly with ImmuPharma

The platform is now broader, de-risked, and wat more valuable

That’s why patents are being filed before Phase III — to lock in massive value.

-Market reality

US lupus market ≈ ~20–30% of global value

Rest of world + platform indications ≈ ~70–80%+

- And remember: this is no longer “just lupus”.

It’s a platform play across potentially 50+ autoimmune diseases.

- Comparable autoimmune licensing deals are already running into:

• $100m+ upfront

• $500m–$1bn+ total deal values

• Tiered royalties for IMM

ImmuPharma now sits in that privileged category.

- Bottom line

ImmuPharma retains ownership of the P140 platform and all underlying intellectual property. Avion holds a licence for Lupuzor (P140) in lupus within the United States only. That licence does not extend to the full platform, new patents, diagnostics, Type-M stratification, or other autoimmune indications.

-This creates multiple strategic options:

1. ImmuPharma can partner the Rest of World independently while maintaining the existing US lupus licence with Avion.

2. ImmuPharma can renegotiate the US terms with Avion if the value of the asset has materially increased due to the new patent filings and expanded platform data.

3. Avion could sublicense its US lupus rights to a larger global pharmaceutical partner, in coordination and with approval of ImmuPharma, allowing for a single integrated global development and commercialisation structure.

The above is not investment advice, do your own research.

This is exactly how small biotechs create multi-bag outcomes for shareholders.

Long-term h

I strongly disagree with the criticism aimed at Lisa Baderoon.

Lisa has been nothing short of highly professional, composed, and effective in her role as Head of Investor Relations at ImmuPharma — particularly at what is clearly a pivotal and transformational moment for the company.

Anyone who has engaged with her properly knows this:

• She is accessible and responsive

• She communicates clearly within regulatory limits

• She does not mislead or over-promise

• She protects shareholder value

• She understands capital markets, biotech dynamics, and AIM rules

• She does her job with consistency, integrity, and patience

That is exactly what good Investor Relations looks like.

Let’s be very clear about something that seems to be lost on some people:

Investor Relations is not there to satisfy impatient bulletin-board speculation, nor to drip-feed sensitive information to short-term traders looking for a quick flip.

Investor Relations is there to:

– Protect live negotiations

– Respect NDAs

– Coordinate with legal, scientific, and commercial teams

– Ensure announcements are accurate, defensible, and value-accretive

– Communicate only when disclosure is legally and strategically appropriate

That is not “poor IR”.

That is proper governance.

We are at a moment where ImmuPharma is:

• Locking down IP and patents

• Positioning a platform, not just a single asset

• Engaging in complex pharma-level discussions

• Structuring deals that could define the company for years, not days

This is execution mode, not promotion mode.

Negotiations at this level involve:

• IP scope and protection

• Territory carve-outs

• Commercial modelling

• Regulatory pathways

• Trial design strategy

• Manufacturing scalability

• Milestone structures

• Long-term value optimisation

Anyone expecting running commentary during this phase simply does not understand biotech deal-making.

Lisa’s role right now is crucial — keeping communication disciplined, calm, and compliant while the company positions itself for outcomes that genuinely matter. That takes experience, restraint, and confidence.

Frankly, the fact that she hasn’t been rattled by noise, pressure, or online agitation is a credit to her professionalism.

ImmuPharma has funding in place, active science, advancing IP, and multiple strategic paths open. Silence at moments like this is often strength, not weakness.

Abuse or criticism directed at Lisa for doing her job properly is misplaced and unfair.

Long-term investors understand this phase.

Serious investors respect it.

And when news comes, it will come properly, through the right channel, at the right time — not leaked to satisfy short-term impatience.

Lisa deserves credit, not criticism, for helping steer the company responsibly through what could be a genuinely transformational chapter.

I’m comfortable waiting — because this is exactly how value is built. I'm all in and trusting our management!

This

Https://www.youtube.com/watch?v=glgh9epfOzA.

MASSIVE-PHARMA INTEREST IS REAL

“Very pleasantly surprised at the level of interest… including some top-10 global pharma companies, household names we all know.”

Blue-chip names are already engaged — hard third-party validation that boosts leverage and supports premium terms.

THE TECH IS THE MAGNET

“It always will come back to the technology… They’re looking for something different and we have something different… subject to the new patent with new commercial life.”

Demand is for differentiated science with fresh patent life — the setup that attracts bigger cheques.

PLATFORM, NOT ONE-AND-DONE

“A groundbreaking technology… broadening out across all autoimmune areas, not just one.”

This can span many majors (lupus, rheumatoid arthritis, multiple sclerosis, IBD, etc.). Each is a multi-billion-per-year market; one deal can open several revenue lines over time.

WHY THE DATE MOVED: QUALITY DEMAND

“We underestimated the amount of interest… it multiplies the interactions… It is good news because the reason we’re not going to complete a deal by year-end is… such a high level of interest.”

Delay is volume/quality-driven — more bidders, deeper diligence, stronger terms.

DON’T RUSH A GREAT DEAL

“If we’d pushed to get it done next month… we probably wouldn’t have got the best shape of deal… Not a good place to be when others sense you’re under pressure.”

Removing deadline pressure increases bargaining power — better economics and counterparties.

DEEP, SERIOUS DILIGENCE

“Discussions… very involved… very complicated science… They get the new mechanism… they get that it’s broad.”

Advanced scientific and commercial reviews are active — the phase that typically precedes term sheets.

OPTIONAL PATHS TO SIGNING

“Could be a couple of partners with different focus… could be one partner to do the whole lot.”

Single-global or multi-partner optionality heightens competition and improves pricing.

HIGH CONFIDENCE ON A DEAL

“Very confident. This is not about confidence of getting a deal; it’s about the timing.”

Direction unchanged — timing reflects big-company processes, not lost momentum.

WHAT THE DEAL LIKELY LOOKS LIKE

“A licence deal… licence/access fee, milestones (development and sales) and royalties on sales.”

Classic big-pharma structure: upfront cash, milestone stack, royalty tail — potentially transformational vs today’s size.

TEAM INTENSITY

“The team is in a good mood… very busy.”

Board and team are working flat-out; cadence matches the interest level.

KEY TAKEAWAYS

Multiple top-10s in the mix; validation is real.

Unique mechanism + fresh patent life = premium-term magnet.

Platform potential across several multi-billion indications.

Delay driven by high-quality demand and diligence depth — positioning for a stronger deal, not a weaker one.

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